James Reinhart: Hey Dana. On the buyer spend, I mean we continue to see very strong revenue per buyer metrics. I mean they were all-time highs in 2023. And we expect them to continue to be strong. So, I think our ability to drive share of wallet revenue per buyer growth, I think it continues to be – we feel very good about. I think as far as like the sort of nuance in the consumer environment, I don’t think there is any sector in the consumer world that’s immune to the sort of effects of compounded inflation and interest rates, whether you are a wealthier consumer who is dealing with higher borrowing costs or a more budget consumer that’s dealing with food inflation, I think it’s kind of hitting everyone. And again, I think part of why we feel good about where we are headed in 2024 is despite that environment still being able to grow the underlying growth rate to be in the teens as well as 600 bps of margin expansion, it feels like a really great place for our business to live in 2024, given the environment.
And on the promotional side, as I have said earlier with Ed, I mean I do think that the environment has gotten better, but I still think you may have a positive tailwind from the promotional environment with a bit of a headwind in the consumer discretionary work. And so I think net of it, that’s probably, cancel [ph] each other.
Dana Telsey: Got it. And then in Europe, is the shift to consignment in Europe? Any differences that you are noticing or insights taking away that would make it be accelerate or be faster or slower than what you may have originally expected?
James Reinhart: I mean I think that the consumer, the seller in the countries that we operate in Europe, I think has been looking for a scaled convenient solution like this for some time. And so I think the customer reception has been positive. But it is a transformation of the business and how shoppers are browsing and the number of items that they are buying in their orders. But so far, as we said, sell-through rates have been strong, and I think consumers are really liking that fresh products, differentiated products to the owned business that we had had more of earlier in the year.
Dana Telsey: Thank you.
Operator: Thank you. There are no further questions at this time. I will now hand the call back to James Reinhart, for the closing remarks.
James Reinhart: Well, thank you everyone for joining us for our earnings call and guidance for the year. Very excited about the year ahead, incredibly proud of the work in 2023 that we did to drive growth and expand margins. And we expect more of the same, as we head into 2024. So, we will see you next time. Thanks.
Operator: Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.
