Nir Debbi: So basically on the new bookings and the pipeline development, we are very optimistic. We continue to see very solid build of the pipeline, and our signings to-date is significantly higher than what we had last year. So year-over-year we see a very significant growth, even higher than our revenue and GMV reported growth and this should fuel our growth into the future. We also start to see the contribution into the pipeline and also into the signed deal out of the APAC region where we started to invest late last year and earlier this year in Australia, Japan. So we do see that starting to contribute, and we do affect €“ and we do expect that to be significant part into our sales next year.
Unidentified Analyst: Perfect! That was great color there. And then one more if I may. How are the expansion trends progressing? Any notable changes in the cadence of geo or brand expansion? I’m just curious how merchants are approaching these efforts in this macro, maybe accelerating or decelerating? Thanks.
Nir Debbi: I think, and what we see much more with our success management team is, I would say discussions with our merchants on how can we grow the business in current regions or in new regions with minimum additional investment. So we are taking and we are doing more of discussions on growing your business with better usage of our smart insights based on our data models or how can I optimize my proposition versus product price versus returns we are offering to best-in-class shipping offering and we do see a lot of interest related to that. And as of any geographies, we can add without the significant investment where Global-e sees an opportunity for the merchant. So we have much more of those calls currently with our success management team.
Unidentified Analyst: Thank you very much.
Operator: Thank you. Our next question is from the line of James Faucette with Morgan Stanley. Please state your question.
James Faucette: Thanks very much. Just following up on the FX as we continue to try to sensitize ourselves there, how much of an incremental drag was FX on third quarter results versus when you had originally formulated that outlook? Ofer, any idea?
Ofer Koren: Versus the formulation, the additional drag was I think around 3% versus the formulation and we see it deepening into Q4.
James Faucette: Got it, got it. And then you know talking about margins in both near and medium term, how should we be thinking about the mix shift aspect, whether it be fulfillment or are we seeing other parts of the gross margin expanding independently and can you €“ if we are seeing kind of margins expand independent of mix, can you talk about what’s driving some of that contribution?
Ofer Koren: Regarding the margins, we have been able to gradually improve the margins over a long period of time, so it has been a very clear trend of improvement. However, as we previously said, you know we don’t expect to get 200 or 300 basis points every quarter. Over time we think that we can continue to expand the margins. In terms of the mix, service fees have been growing faster for several reasons. However, margins were improved on both revenue generation pillars. So we have been able over time to improve margins on the service fee side, but also on the fulfillment side.
James Faucette: Got it. And then in the medium term, and I’d appreciate you probably aren’t going to be expanding margins, a few hundred basis points per quarter, but how should we think about the appropriate rate of margin expansion, say on an annual basis, etcetera that you think you can bring to bear going forward?
Ofer Koren: I think that, you know it’s still early to put a number on next year. However, we do think that we can maintain the margins that we got to just last quarter, and again, and over time also see improvement, but you know we will guide on that coming into next year.
James Faucette: Great! Thank you.
Amir Schlachet: Thanks James.
