Doug Anmuth: Hey, this is Dave on for Doug. Thanks for taking the questions. I have two. So, the first one, I’m curious to hear your thoughts on why you’re seeing accelerating dynamics, and if that’s profit across all advertisers and why specifically in Developed Europe and Rest of World? And what makes Americas different? And I have a follow-up.
Robin Harries: Yes. Thanks for the question. So, we saw that big advertisers, a bit softer at the beginning of Q1. So, but went back to more healthy levels in Americas and remained softer in Developed Europe and Rest of the World. So, the reasons, yes, so I think we, I mean, we expect more branded traffic and higher conversions will be appreciated by our partners over time. We see at the moment in Americas, there might be more heated competition on our platforms, so which leads to better bidding dynamics. And yes, so this is at the moment on a healthy level in Americas and it’s increasing in Developed Europe and the rest of the world. So, but it’s still softer compared to last year.
Doug Anmuth: So, I guess related to that, and you kind of put it through the top line already, but what do you think is needed for advertisers to react or appreciate the higher quality and better converting traffic that you’re sending right now?
Johannes Thomas: I think here the most important or one of the important factors in our engagement with advertisers and they are very engaged, yes, big ones, small ones, medium-sized suppliers. There’s very active discussions. What they certainly want is traffic that’s incremental. So, if we compete in Google and buy the same traffic and it’s not incremental for them, it’s not that attractive. And if we look at the recent years, our share of performance marketing has been bigger. And now leaning back into brand, we expect them to see more incrementality. If that comes and we are showing that by much higher conversion rates already, our branded traffic converts much better. So along with product improvements, conversion rates are up.
And I think that is an aspect that in the next review they will hopefully see that our traffic is more incremental. And then on a relative basis to other channels, you become more attractive. And that’s a matter of how quickly does this materialize. We have seen the year started much softer and over the course of the quarter numbers have normalized and as Robin said in Americas very healthy and Europe and Rest of the World a bit softer, but overall at good levels.
Operator: With no further questions, this concludes our Q&A session. I will now turn the conference back over to Johannes for closing remarks.
Johannes Thomas: We are committed to delivering sustainable growth and creating long-term value for our shareholders. The success of the company will be driven by our continuous transformation in marketing and innovation in our core product. I’d like to thank everyone for participating in our earnings call. We appreciate your time and your ongoing interest in our company. We look forward to updating you on our progress and results in the next call. Thank you, and have a great day.
Operator: This concludes today’s conference call. You may now disconnect.
