“With respect to your question on the outlook, merchandising as a percentage of growth bookings, we expect it to be more or less flat compared to last year for each of the quarters of 2024 and for the full year.”

In context

“ercentage of GBP? Thanks. Ewout Steenbergen: Yes, Kevin. Overall, how you should look at marketing and higher ROIs I think this is really where the company has such a specialized expertise, has such great algorithms that are continuously optimizing our incremental spend to make sure that the incremental ROIs are really the highest that are possible and doing that across all the different options we have how to allocate our dollars. So this could be the different forms of performance marketing channels, it could be with respect to merchandising, but it could also be with the social media channels where we are expanding our marketing spend as well. So clearly, the opportunity was there through our continuous optimization to ultimately achieve higher growth with higher ROIs at the same time. With respect to your question on the outlook, merchandising as a percentage of growth bookings, we expect it to be more or less flat compared to last year for each of the quarters of 2024 and for the full year. With respect to marketing, we expect marketing leverage to continue in the fourth quarter as a result of the continued growth of our direct channels. Kevin Kopelman: Great. Thanks so much. Operator: Next up, we'll hear from Eric Sheridan, Goldman Sachs. Eric Sheridan: Thanks so much for taking the question. I want to come back to the theme on fixed investments. You know, first, looking backwards, you know, maybe highlight some of where you've made investments around fixed costs and what you're most proud of in turning a return profile in those fixed investments that you're seeing an impact on the business today? And not about 2025, but just longer term, how do you think about coming out of that fixed investment cycle and how to think about the return profile or incremental margin that cou”