I do think though that like consumer sentiment is still quite negative. I still think people think interest rates can go higher. And so I do think you’re going to have a consumer that’s a little bit more cautious, at least for the time being and that’s why in our guidance and sort of how we’re operating the business, we don’t expect any sort of big inflection in consumer behavior. But we think we can continue to invest and grow the business under the conditions in which we find ourselves and have a lot of success kind of quarter-over-quarter.
Rick Patel: And can you also talk about the outlook for the Remix business? You touched on opportunities to implement thredUP U.S. best practices there. So which inning are you in, in terms of those improvements and when should we expect to see a more meaningful improvement in terms of the contribution of the margins?
James Reinhart: Yeah. I think it’s still relatively early on that transition. I mean I think 2022 was a difficult year in Europe and so we felt like it didn’t make sense to try to introduce some big large scale changes into the way Remix sort of processed and operated its P&L. I think we’re starting to make some of those changes slowly and I think you’ll see as we transition more of the business to consignment, that you’ll see some of those gross margins go up. But the business is executing very well to topline. It’s doing very well across its customer acquisition and retention metrics. And so we’re pleased with its progress and we will be patient to see some of these consignment mix transitions. But we’ll get there and — but we feel very optimistic about where that business is headed.
Rick Patel: Thank you. All the best this year.
James Reinhart: Thanks.
Operator: Your next question comes from Ashley Helgans from Jefferies.
Blake Anderson: It’s Blake on for Ashley. Thanks for taking our question. I wanted to talk about the pipeline for RaaS deals. It looks like you, I think, close to doubled your client count this past year. Just wondering if we could get an update on how those conversations are going, especially in a challenged macro? How is the competitive environment? And if you could comment on how much incremental should the RaaS business contribute to sales and EBITDA in 2023 versus 2022?
James Reinhart: Yeah. Sure, Blake. I mean, I think, yeah, we exited the year feeling very good about the total RaaS clients. I think there’s good momentum in the business, as you saw with the launches of J. Crew and Kate Spade, who are two of our best-selling brands on thredUP. And I think 2022 was a challenging year for retail. I expect 2023 will be also a challenging year. It certainly is right now, although, it may very well get better. But the pipeline feels solid. I think we’re taking the long view on how branded resale evolves in the ecosystem. But I think you continue to see us launch more brands, launch some big brands, small brands that I think are all sort of accretive to the bottomline. But we don’t break out 2023 over 2022 on an incrementality basis. But I think every brand partner that we bring on drives incremental demand and for the right partner drives incremental supply and I think both of those things are really positive for our business.
Blake Anderson: Got it. And then our follow-up is on just your marketing budget. I am wondering if you could comment on that for 2023. And then kind of post Apple IDFA change, if we could reassess and you could give us an update on just on your marketing strategy and the ways you’re now marketing to try to acquire customers? Thank you.
