Kath McLay: Yes. I’ll just pick up from the Sam’s perspective. I think last year, we had a couple of big acquisitions around Super Bowl and then around July 4. And I think the marketing of those as well as offering with curbside and scan & go and convenience meant that we’re attracting a lot younger member base than what we’ve previously had. So, I think we’re really happy with the way the membership kind of composition is trending. And then if I just look at like the renewal rate, we’re not seeing an impact from the fee increase. Remember that this year, we did do an offset with Sam’s cash, and that’s pretty much what we’re seeing is it’s kind of neutralized any impact we could have expected to see to our renewal rate. But it’s also meant that those members because they get Sam’s cash available to them on the app, are becoming more digitally engaged with us.
So this whole kind of approach around driving convenience and digital engagement is working, and we’re seeing growth through the absolute membership numbers as well as staying strong in renewals.
Doug McMillon: If I could, I’d love to follow up on the e-commerce part of the U.S. You talked about margin drivers with advertising gave us some numbers there. Do we — can you tell us what 3P is now as a percentage of that e-commerce business or shipments or any insight there?
John Furner: That is something we haven’t disclosed. What we did say earlier, which is important, is the absolute number of items is now over $400 million. We have a really strong leader in the business who’s building capabilities. And we know that their seller demand sellers all across the market are looking for more ways to diversify their own business. So, this is a great time for us to make the improvements we’re making with things like sign up and the ability to list catalogs more easily, and that’s led to the item in SKU count growth.
Operator: At this time, we’ve reached the end of the question-and-answer session. I’ll turn the call over to Doug McMillon for closing remarks.
Doug McMillon: Thank you all for your interest in the Company. I think the three headlines are strong results, great team, bright future. On the results side, we have momentum. The fourth quarter was really good. We got the inventory into a good place. We’re on our front foot as we start the year. As it relates to having a great team, just look at what they did last year. When the world changed, they moved quickly at scale to deal with issues. They got them resolved. Q3 was better, Q4 even stronger. And as it relates to our future, we’re now positioned to serve the customer how they like to be served, stronger on convenience as well as being known for value. If they want to pick up, we can do that. If they want delivery, we can do that in various forms.
And obviously, we’ve got great stores and clubs. And then secondarily, the business model is changing. Some of the things we’ve been working on for these last few years are starting to scale, and we’re excited about that. So, as we begin the year, we’re going to stay focused on those things and drive them and have the best possible year. And we’ll talk about our guidance at the end of the year to see how we did. We’ll go draw the results, and that will be our focus. Thank you, all.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
