Danny Pfeiffer: Hi. This is Danny Pfeiffer on for Cory Carpenter. Thanks for the questions. On the first. Can you just talk about if there’s anything to call out in particular on what led to the sequential decline of marketplace gross margins in 3Q? And then on the second, is there any update on the Alibaba 1688 partnership and how that’s performing and maybe if you could size any current or potential revenue contribution? Thanks.
Randy Altschuler: Yes, thanks, thanks for the questions, Jim so I think a couple of things, one Alibaba relationship, so that you know we continue to that continue to evolve. I think we have just rolled out recently for that mobile. So that’s been a big change recently, we first rolled out, obviously we shared everything it was all laptop based, which is not really used very much in China. So the mobile has really helped. We started to – get orders are rolling out there. So, we do expect that to continue to be a bigger piece of the China business, but to be clear that’s very immaterial at this point in time. We don’t really have to see a lot of that in the next quarter, but we are making. We are making good progress there.
Jim Rallo: In terms of the gross margin. So, just to refresh that was up 70 basis points year-over-year. We do expect the gross margin sequentially for marketplace to grow from Q3 to Q4 and again if you look at the incremental gross margin, it was 34% in the third quarter. So, we feel, again, we feel good about existing 2024 with that 35% to 40%. But there’s going to be some slight variability, but there’s really nothing. Of note, why it may have declined sequentially.
Shawn Milne: Yes, I think also though, what we’ve said right. Gross margin is going to continue to increase, but it’s not going to increase in a straight line. So we’ll have better quarters and we’ll have slower growth quarters and so forth. So I think again we’re moving in the right direction. We feel solid about our guidance of 35% to 40% and we’re certainly well on our path to get there.
Danny Pfeiffer: Thanks.
Operator: Thank you. Our next question comes from Matt Hedberg with RBC. Your line is open.
Matt Hedberg: Great, guys, thanks for the question, maybe a high level question, either Randy or Jim. I think Randy on the call you noted you expect – robust growth in ’24 and obviously, you haven’t really given us a ton of parameters around that. But wondering if you could sort of outline for us. Key building blocks for next year’s growth, just so we can kind of make sure that we’re kind of thinking about the trajectory appropriately next year before the Q4 call.
Shawn Milne: Hi, Matt. It’s Shawn, I’ll take that. We’re not going to guide there obviously specifically today, but the building blocks are, as we called out before you should continue to expect to see strong robust, net active buyers being added every quarter. So you can build that into your model and we put a – we delivered over 4,000 this quarter and that did not have the impact of Teamspace. So, we’ll have to update you as we get into 2024 on that impact and then against that we’re seeing very stable marketplace revenue per active buyers. So as we called out on this call. You’re now going to see that marketplace revenue is converging with buyer growth in order growth. And I would think that that’s the kind of building blocks you should look into for 2024.
And then in supplier services. We expect to grow that in 2024 modestly, but we’ve put in investments this year to modernize the Thomas Ad platform we brought in a new Head of Sales and we’d expect some of these moves to bear some fruit next year and that’s a very high margin business.
Jim Rallo: Yes, I would just, I would add on that too, is the penetration of our top 200 accounts, we continue to see strong penetration on our top 200 accounts and really we’ve done a great job here Teamspace. Teamspace is our fastest adopted service or product that we’ve rolled out since the company has been founded. It’s unbelievable the adoption of that, especially with our top 200 accounts, we’re seeing great adoption throughout the organization a lot more engineers getting involved and frankly we feel real good about that and drive revenue next year.
