Why do they exclude ads from retail?

If you include ads in the core consumer business, you are unable to assess the health of the business, at its fundamentals. When you think about the core ecommerce, because the fulfilment network and those investments are so massive, there is a relentless focus on optimizing the opex/capex outlays associated with those operations. That includes those fulfilment centers, the staffing of those centers and the ultimate operation of the site, as a core business.

I think, within that third party, globally, it’s roughly 63% in 2021. How much of that do you think is FBA?

70% to 80%.

Is there a target or goal for a certain margin, excluding ads, for those established ecomm businesses?

Yes, absolutely. The reason you want that ex ads view, largely, is to maintain strong control over your operations costs, per unit, which excludes returns, importantly; it’s just all the units shipped.