I think that’s the right strategy for the company, as it relates to the guidance and what we’re seeing on weddings. I think that we continue to see a big opportunity to take share. We see a lot of momentum in the initiatives that we have underway with our brand, the highest searches that we’ve seen such strong media impressions as well as the strong results that we’ve seen across showrooms and fine jewelry. So I think we’re really looking at this across a broader time period. How do we take share and continuing to grow the brand for the long-term? And then as it relates to how we’re thinking about marketing, I think Jeff put it really well that we really are driving marketing efficiencies and operating in a very nimble way. And we’re continuing to also invest in the brand.
And I think we punch above our weight as it relates to social and a lot of the campaigns that we’re doing. And I think as we see success there, we’re going to continue to invest.
Oliver Chen: Thank you. Best regards.
Operator: Thank you. One moment for our next question and our next question will come from the line of Matthew Boss from J.P. Morgan. Your line is open.
Amanda Douglas: Great, thanks. It’s Amanda Douglas on for Matt. To start, Beth, could you speak to how you’ve seen the consumer purchase decision cycle trend to start the year in 1Q to-date, may be relative to 4Q and then are there any notable shifts by category or price point you’ve observed? And then just multi-year, what do you see as the bridge from this year’s 8% revenue growth guidance at the midpoint to your high 20s to low 30s, longer term target?
Beth Gerstein: Great. So I would say, we’re continuing to see a volatile environment overall, and I wouldn’t say that we’re seeing anything that’s markedly different in Q1 relative to Q4. We’re just really coming off of a very strong comp overall. I think Jeff mentioned in terms of price points, seeing increased demand in aggregate under that $10,000 price point. So that’s one observation that we have overall with the consumer today. And Jeff, maybe you can comment on the multi-year and the bridge.
Jeff Kuo: Yes. In terms of the multi-year, one thing that we had mentioned and we’re using in our planning is really thinking about four year CAGR as the appropriate way to look at the longer term trend line, given some of the volatility in recent years and our guidance for the quarter and the year incorporates a strong multi-year CAGR there. And so that’s how we’re thinking about modeling. It’s reflective of how we believe that we are poised to gain share in a variety of different environments. And that’s how we’ve thought about planning out the long-term and how that ties to our long-term growth algorithm that we’ve talked about previously.
Amanda Douglas: That’s helpful. Thanks. And then just to follow up on gross margin, with 2022’s gross margin finishing at 53.3%, could you just rank what you see as the remaining gross margin drivers from here to achieving your longer term mid-50s target?
Jeff Kuo: Sure, I’m glad to talk through that. So I think the opportunities that we see to expand gross margin are similar to those that we €“ that have allowed us to get here. I think underlying it is the strong premium brand that we have and the resonance that we have with our customer base that allows us to have a strong gross margin, our differentiated proprietary products. And then operationally what we do is, we’ll work through our price optimization engine and that allows us to dynamically manage to optimize both for revenue and gross margins procurement efficiencies. And then also we talked about potential opportunity in high margin fine jewelry. And so I think the combination of these things really is similar to how we’ve gotten here to where we are now and we see room to continue to press towards our long-term target at the mid-50s% gross margin.