Blake Grayson: So right, 2022 marked I think, the ninth of the year, where we have had really consistent take rate trends. If you look at our take rate data from 2014 to 2022 over that 8-year period, I think we went up 4 years and we went down 4 years. So, it’s really been very consistently right around that 20% figure. Some years, it goes up a little bit, some years it goes down a little bit. But the real important thing to note about the take rate is that while it’s been really steady, and I said this I think on the €“ in the prepared remarks. We have made massive improvements for our platform, right. We are shipping new products. We are adding new features. We are innovating for customers. And we are effectively passing that surplus to them so they can create value and then grow spend with us and then spin our flywheel.
And I don’t think there is any reason why that historical range changes for the near future. And we continue to expect that we will make further improvements to the platform and the data marketplace. And the focus is always about grabbing share and thinking about margin dollars, not just margin percentage. And with respect on the JBP side, there are just a lot of facets that go into that. It’s not just like a rate conversation we don’t have. So, we are incentivizing data usage. We are incentivizing the omnichannel benefit that we have as a company. And so it’s really not any type of a drag because you look at our JBP as a percentage of our spend and it’s been growing pretty nicely. And we went through a little bit of that in our Investor Day presentation in late last year.
Jeff Green: I guess the only thing that I will add is, I just want to underline a couple of really important points here. First, our take rate has gone up 3 years of the last 6 years, and it’s gone down 3 years last 6 years, stayed pretty much the same the entire time for a publicly traded company. Important to note that during that time, of course we really shipped a lot of software. And what I have always been focused on, and we talked about this during the IPO roadshow. We wanted to make certain that we were adding to consumer surplus. I mean by consumer surplus, we mean our users so that we are giving them more and yet the price is essentially staying the same. I think we have done that over time, and that’s partly why our client retention rate has been so high and the satisfaction of our clients has been so high.
We expect to continue to add to that consumer surplus that we want to make certain that our clients want to say. We believe that, that is the definition of economic sustainability to provide more value than you extract and we have been doing that over time. There is always a desire to try to figure out what are all the drivers of the take rate and what makes it go up and down. There is a lot of complex things, whether it’s about channel mix, whether it’s about geographical mix, whether it’s about size of clients, there is a whole bunch of things, also the use of data. But I think the single biggest contributor in 2022 to any change in take rate was largely just the way the data marketplace changed. And I expect changes in 2023 to continue to affect that.
But we are always going to be looking for ways to keep that take rate essentially the same and increase the consumer surplus so that we spend the flywheel because at the end of the day, we are trying to grab land.
Dan Salmon: Thanks. Very helpful. Thank you guys.
Chris Toth: Holly, we can close the call.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation. Goodbye.
