Some of this might have changed with Viagogo because, from my understanding, that organization was more adept in performance marketing.

Exactly. StubHub today is not the StubHub of years ago. It's essentially Viagogo. Viagogo's management came in and took charge. Eric Baker and his management team from Viagogo are essentially the culture and strategy setters for StubHub today. So, it's a very different business than it was pre-merger.

How did you all plan for that in the event of the IPO? Now that you're post-IPO, what was the thinking on how it would play out?

Historically, StubHub has been a secondary ticket business. If you do the math, it's a $20 billion total addressable market (TAM) in North America. Let's say we capture 50% of the market with a 20% take rate. You're capped at a certain revenue no matter how big the market gets.