Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on its financial and operating results and in comparing the Company's performance to that of its competitors. And I guess, how should we think about that going forward? Three, as we ended the third quarter, we concluded that the execution and velocity of the actions we were taking in our product and healthcare services segment were insufficient to offset the future impact of macroeconomic headwinds as we successfully had done in the past. We're also doing putting together programs with our medical distribution business that when we win customers -- a great example of that is one of the recent announcements we had in WVU. You're going to continue to see a mix shift at Owens & Minor, where more and more of our earnings and EBITDA are going to come from the Patient Direct segments and I really believe as people understand that segment, it has tremendous recurring revenue nature as well as it has higher growth and it's a more profitable segment than our patient, our product and healthcare services segment and you're going to continue to see that mix shift as we go forward. A Fortune 500 company, it was founded in 1882 in Richmond, Virginia, where it remains headquartered. This highly recurring revenue base will compound nicely as we head into 2023. See id. And finally going forward, we will more aggressively implement the Owens & Minor business system into this segment. Key Points. One, as the third quarter progressed, we saw more and more of our acute care customers delay reorders choosing to deplete their stockpiled items including our higher margin S&IP products. 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Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors. 2023. Negative reinforcement style vs. positive. https://www.businesswire.com/news/home/20221012005318/en/, Lori Lightfoot becomes the first Chicago mayor in 40 years to lose re-election, Fiery Greece train collision kills 32, injures at least 85, A condition called POTS rose after covid, but patients can't find care, Drones fly deep inside Russia; Putin orders border tightened, Rep. Lauren Boebert Gets Absolutely Schooled By Jamie Raskin Using Trump's Own Words. And I show our next question comes from the line of John Stansel from JPMorgan. The tech industry has seen a string of layoffs this year in the face of uncertain economic conditions. Looking farther ahead, we are in the midst of our normal budgeting cycle, which would put us in a position to discuss our outlook for 2023 in the first quarter. On February 8, 2023, Owens & Minor, Inc. (NYSE:OMI) stock closed at $22.41 per share. Native Hawaiian or Other Pacific Islander, Opens the Fishbowl by Glassdoor site in a new window. Next, you're going to see really an increased intensity around the Owens & Minor business system and our product and healthcare services segment. The dreaded post-merger Warner Bros Discovery layoffs have reached the programming operation overseen by HBO and HBO Max Chief Content Officer Casey Bloys. Reported price tag: 250 million. This information is provided by Fortune Business Insights, in it. Made to do more with less. The Company's Independent Registered Public Accounting Firm has not audited, reviewed or compiled such preliminary estimates of the Company's results. Management uses these non-GAAP financial measures internally to evaluate the Company's performance, evaluate the balance sheet, engage in financial and operational planning and determine incentive compensation. Owens & Minor, Inc. (NYSE: OMI) is a global healthcare logistics company. Previous full year guidance for adjusted net income per share was in a range $2.85 - $3.15 and previous full year guidance for 2022 adjusted EBITDA was $570-$610 million. For the full year 2022, we expect net revenue to be in a range of $9.8 billion to $10 billion. Thanks for taking my question. GAAP/Non-GAAP Reconciliations (unaudited). Owens & Minor is now well known for recurring layoffs in its field locations due to lost business and layoffs in its management due to constant restructuring. And we remain very excited about the performance and outlook for the patient direct segment. The Notes will be senior secured first lien obligations of NRG and will be guaranteed by each of NRGs current and future subsidiaries that guarantee indebtedness under NR. There's additional really embedding the Owens & Minor Business System within our product and healthcare services segment. The cash mountain was so large that interest income alone in 2022 soared by 186% to $1.1 billion "primarily due to significant increases in interest income due to interest rate increases during the year.". The company offers distribution and warehousing, inventory solutions, manufacturer logistics, custom procedural kits and trays, as well as related analytics and sourcing solutions. A copy of the same can be downloaded here. Note that 2021 EPS is expected to be . Mechanicsville-based Owens & Minor disclosed this week that about 100 employees took part in the company's voluntary separation program, which was announced at the beginning of this year. Please continue to hold your conference call will resume momentarily. Thank you, Ed and good morning, everyone. RICHMOND, Va., October 12, 2022--(BUSINESS WIRE)--Owens & Minor, Inc. (NYSE-OMI) today announced certain changes to its executive leadership team, including the appointment of Andrew G. Long as EVP, CEO, Products & Healthcare Services segment, replacing Jeffrey T. Jochims who will be leaving the Company. Andy has earned the confidence of myself and the Board of Directors as well our 20,000 teammates around the world and we are certain he is the right person for this role," said Edward A. Pesicka, President and CEO. A reconciliation of the difference between the non-GAAP financial measure and the most comparable GAAP financial measure is included in a table below. Echo360, the most comprehensive, global, SaaS-based video platform for creating, delivering, and measuring learning engagement outcomes in any learning environment, reports its higher education users around the world as being more hopeful than skeptical about the influence of generative artificial intelligence (AI) and popular applications like ChatGPT. Our collaboration with Owens & Minor is instrumental in ensuring that we can deliver on that commitment for our clinicians and the communities we serve., The company increased the pricing of its private offering from $500 million to $600 million, Tammy Gomez will assume leadership of Owens & Minors teammate strategy in addition to overseeing, The global healthcare solutions company launched a private offering of $500 million aggregate principal amount. Note: Data for March 11, 2020, through Dec. 27, 2022. Owens & Minor, Inc. ( NYSE: OMI) Q3 2022 Earnings Conference Call November 2, 2022 8:30 AM ET Corporate Participants Alex Jost - Director-Investor Relations Ed Pesicka - President and Chief. Adjusted EBITDA in a range of $527 million to $537 million and adjusted EPS in a range of $2.50 to $2.60. Our comments on the call will be focused on the financial results for the third quarter of 2022, as well as our outlook for 2022, both which are included in todays press release. The markets continue to be very dynamic. We are excited for our partnership with Owens & Minor to take shape as we work to strengthen the resiliency of our healthcare system, said Albert L. Wright, Jr., president and chief executive officer at WVU Health System. Again, we will remain selective in pursuing the share gains that are most impactful to the bottom-line. I'll start this is, Ed. But I'll also qualify that as in the fact that we're continuing to look at the right wins and retaining the right business. The answer to that question is, absolutely we are. Free cash flow defined as adjusted EBITDA, less net capital expenditures, with $84 million in the quarter, it's just under $300 million through the first nine months of 2022. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The Company has not yet finalized its results for this period and its consolidated financial statements as of and for the quarter ended September 30, 2022 are not currently available. Monday, January 10, 2022 RICHMOND, Va. & INDIANAPOLIS (January 10, 2022)Owens & Minor, Inc. and Apria, Inc. announced that the companies have entered into a definitive agreement pursuant to which Owens & Minor will acquire Apria for $37.50 in cash per share of common stock, representing an equity value of approximately $1.45 billion. TIA. Please go ahead. Subscribe to MDM Premium to get unlimited access. That's not just an opportunity to win, there it's to grow in the entire state with the footprint we're adding and then the geographic states around that. Can you talk a little bit about the competitive environment and any impacts that you're seeing from a share perspective versus peers? There was a problem saving your notification. Net revenue in the quarter was $594 million, an increase of 142% year-over-year, growing 11.4% on a pro forma basis was strong double-digit growth across key product categories, and aided by our better-than-expected ability to procure sleep equipment. This employer has not claimed their Employer Profile and is missing out on connecting with our community. 1955 ford fairlane sunliner convertible for sale. The WARN notice said Owens-Illinois intends to lay off about 161 employees on or around Jan. 1. Company Info Owens & Minor Inc. 9120 Lockwood Boulevard Mechanicsville Virginia 23116 United States Email Website Map Employees 17,300 Sector Transportation Services Sales or Revenue 9.79 B. A mansion inside Regents Park in London has hit the market with an asking price of an astonishing 250 million ($301 million) after its Saudi royal owners loan expired. Good selection of benefits, yet pricey. And finally, while we were beginning to see slight improvements in procedural volume, we did not see the extent of the ramp up of procedural volumes, we expect it at the end of the third quarter and into Q4. We look at it as is there meaningful losses, and can we gain meaningful wins? And this will benefit the bottom-line. (renews at {{format_dollars}}{{start_price}}{{format_cents}}/month + tax). The matters addressed in these statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied here today. Good morning, Andrea. Yes, obviously, placing the equipment is one thing, it's now that that recurring revenue will start to occur in Q4 or late in Q4, because generally they get a 90-day supply with the initial deployment of the product. On February 8, 2023, Owens & Minor, Inc. (NYSE:OMI) stock closed at $22.41 per share. Let me know. Date June 28, 2022 Type News On June 27, Richmond, Virginia-based global healthcare solutions company Owens & Minor broke ground on the future site of one of the region's largest dedicated acute care medical distribution facilities. And on a year-to-day basis, we have generated $238 million. I applaud WVU Medicine and Owens & Minor and look forward to seeing even more of what this partnership brings to West Virginia, said West Virginia Governor Jim Justice. The 30-year-old man got lost while hunting with friends in the Amazon in northern Bolivia. A local Fortune 500 is shedding nearly 200 workers through a mix of voluntary employee departures and layoffs. Oct. 31, 2022 at 11:59 a.m. And this change was attributable to the factors just discussed, along with accelerating inflationary pressures. at 171-172, 203-205. ET Owens & Minor, Inc. (NYSE: OMI) plans to release financial results for the fourth quarter and full year of 2022 on Tuesday, February 28, 2023, before trading begins on the New York Stock Exchange. Please go ahead. Below are ten of the largest U.S. real estate industry layoffs in 2022: On March 8, online mortgage origination platform Better.com laid off 3,000 employees, or roughly 35% of its workforce.. So while we had anticipated the depletion of that backlog to lead us into Q1 of next year, and early part of 2023, we actually were able to capture most of that business now, because of the additional capacity that we receive or additional volume we received. Where do I even begin. So that's another aspect of how we're thinking about it. Including net debt, the deal tag. I met with a customer most recently that had been burning through their stockpile and now was completely through it, met with other customers that validated it, yes, we're utilizing some of our stockpiles offset some of the financial woes. Matt Hancock: What are the claims and counter-claims over leaked Covid messages? Thank you. Best Buy, Ford Motor, HBO Max, Peloton, Shopify, Re/Max, Walmart and Wayfair are among the firms that announced layoffs in recent weeks. Owens & Minor Inc., founded in Richmond in 1882, is based in Hanover County. 15 The market is currently penalizing companies with deteriorating fundamentals and high debt loads.. The company also announced some management changes. Owens & Minor, Inc. (NYSE: OMI) is a Fortune 500 global healthcare solutions company integrating product manufacturing and delivery, home health supply, and perioperative services to support care through the hospital and into the home. And if I could just slip one in, would appreciate a little bit more color on your thoughts around sort of the sleep apnea backlog and how we should think about that manifesting of the numbers from next year. And across the Board I would say we're gaining some very meaningful wins with the opportunities for those to continue to grow. And then, I will, Alex cover a little bit on the first part of the question on kind of standard run rates, and where we are in the process. Please subscribe to keep reading. Participants may access the call via the toll-free dial-in number . You may now disconnect. 3. This rating has improved by 3% over the last 12 months. After a hotly contested election, Bola Tinubu on Wednesday was proclaimed the winner of Nigeria's presidential election, clinching the most votes in the West African nation's closest race in recent memory. But you mentioned that there are specific actions you didn't take quickly enough and you're going to begin implementing. So those are the quantitative examples that are validating the synergies and continuing to drive the adjusted operating income margin expansion as well as accelerated top-line growth. Learn from the major mistake that was made with all of the senior employees that were lost when the CEC was established. First, our commitment to the hospital customer and our industry leading service is paying off in new wins. As we mentioned, over the quarter, we saw more of our acute care customers delay reorders, choosing instead to deplete their product stockpiles. And if I could slip one more in here, you mentioned a lot of the margin pressure within products and solutions is due to product mix as well, the higher margin products just haven't come back as much as you expected. There's the ability for us to continue to take cost out of that business aggressively by driving continuous improvement and I think the way to really look at it is compare and contrast the two segments. It provides supply chain services to healthcare providers and manufacturers of healthcare products. What makes the Justices so elite? Long hourssomewhat disorganized environment leading to lack of training. Management will host a conference call to discuss results on Tuesday, February 28 at 8:00 a.m. This has helped retain existing customers and win new business with attractive customers. Man died Wednesday. Apologize about the connectivity issues but let me continue back to where I left off at. We have experienced many of the same macroeconomic pressures on this side of the business as well but have been able to offset some of the same challenges. Thanks, Ed. Over the last four quarters, Owens & Minor's revenue has grown by 1.2%. As per our database, 15 hedge fund portfolios held Owens & Minor, Inc. (NYSE:OMI) at the end of the third quarter, which was 15 in the previous quarter. Owens & Minor reaffirmed its previous full-year 2021 guidance of adjusted earnings between $3.75 and $4.25 per share. We remain focused on profitable growth. Headquartered in Richmond, Virginia, Owens & Minor, Inc. (NYSE:OMI) is a healthcare solutions company. So I like to believe that in those markets we're playing, we are continuing to grow at or above market. www.owens-minor.com Company Type Public Ticker OMI Revenues ($M) $9,785.3 Profits ($M) $221.6 Market Value ($M) $3,375.6 Employees 17,300 Market value as of March 31, 2022. Finally, we've talked about this back in Q1, Q2 and in various open communications. We believe that the attractiveness of this faster growing higher margin segment is overlooked by the market. This is driving the majority of the $0.45 reduction in the midpoint of the adjusted EPS guidance for the year. Operating continuously since 1882 from its headquarters in Richmond, Va., Owens & Minor is a 140-year-old company powered by more than 20,000 global teammates. Netflix. So it's really been strong execution on the patient direct team, focus on partnering with sleep manufacturers getting the product out to get us ahead of the curve, and really get our back orders and backlog on that back down to what we would see as a normal rate where we sit today. FPA Queens Road Small Cap Value Fund highlighted stocks like Owens & Minor, Inc. (NYSE:OMI) in its Q4 2022 investor letter. We are very proud of our service quality and new wins and successful onboarding within the products and healthcare services segment. Accordingly, we have made changes to address these shortfalls and the good news here is that there are numerous short-term and long-term opportunities in this segment that will allow us to operate more efficiently and more cost effectively. Owens & Minor announces reorganization plans ahead of large acquisition. Your subscription includes: Join other distribution executives who use MDM Premium to optimize their business. I would like to -- I believe that if I take those in the other order our product, our Patient Direct business continues to grow again I said at 11.4%, of pro forma and really in the high teens are double digits across the Board, I should say within all major categories. In general, the measures exclude items and charges that (i) management does not believe reflect the Companys core business and relate more to strategic, multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. People are always quitting/or being moved around so the workload is too much to handle at times. The Company's actual results remain subject to the completion of the quarter-end closing process, which includes review by management and the Company's board of directors, including the audit committee. Therefore, a reader should not place undue reliance on these preliminary estimates of the Company's results, which may differ from the Companys actual reported results. Next, the use of stockpiled items for current activities by our customers is temporary. Owens & Minor specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20221012005318/en/, Alex Jost, CPADirector, Investor RelationsInvestor.Relations@owens-minor.com. Gross margin of $513 million or 20.6% of revenue was up 740 basis points from prior year. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. The non-GAAP financial measures disclosed by the Company should not be considered substitutes for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated. With the backlog of sleep patients clearing and the patient census growing, we will see more sleep supply sold in the future. The company now has distribution, production, customer service and sales facilities located across the Asia Pacific region, Europe, Latin America, and North America. Please go ahead. While there were some new challenges combined with the continuation and acceleration of existing challenges, many key aspects of the third quarter occurred as expected. Decent pay and hours and the people at the dcs are awesome. Owens and Minor. Sure. At this time, all participants are in a listen-only mode. The U.S. dollar strengthened and fuel prices reverse course and began to increase towards the end of Q3. The live webcast will be available on Owens & Minors Investor Relations website in the Events & Presentations section. Owens & Minor employs 15,400 people in 70+ countries. So just think about that, the ability to cross-sell, the ability to identify opportunities. The Global Products business will contain the Halyard Health business, along with Owens & Minors proprietary products business segment. "A whole lot of you have been wondering how she's doing, we can tell you that Hoda is OK," Craig Melvin shared Wednesday. Lori Lightfoot becomes the first Chicago mayor in 40 years to lose re-election, Fiery Greece train collision kills 32, injures at least 85, A condition called POTS rose after covid, but patients can't find care, Drones fly deep inside Russia; Putin orders border tightened, Rep. Lauren Boebert Gets Absolutely Schooled By Jamie Raskin Using Trump's Own Words, Stock market news today: Stock futures rise, manufacturing data on tap, Major Indian broadcasters fined by regulator over anti-Muslim content. In addition, Alexander J. Bruni has been promoted to EVP and CFO, replacing Long. Sure there are some slackards, but overall the people are fantastic. Also today, the Company provided preliminary results for the third quarter and updated guidance for full year 2022. For a complete summarized list of modeling assumptions, please refer to the supplemental slides filed with the SEC on Form 8-K earlier today, which we've also posted to the investor relations section of our website. While carrying out such procedures, the Company may identify items that require it to make adjustments to the preliminary estimates of its results set forth therein. Owens & Minor, Inc. (OMI) Q3 2022 Earnings Call Transcript SA Transcripts Wed, Nov. 02, 2022 Owens & Minor Non-GAAP EPS of $0.41 beats by $0.02, revenue of $2.5B beats by $100M SA. One-month return of Owens & Minor, Inc. (NYSE:OMI) was 12.16%, and its shares lost 46.68% of their value over the last 52 weeks. Here are just a few of them. Thank you. Please note that during this call, we will make forward-looking statements. And I show our next question comes from the line of Charlotte Kolb from Bank of America. Discover something new every day from News, Sports, Finance, Entertainment and more! Long hours, no reward. Given this, we are expecting a much different sales mix in Q4 than we had previously projected. The other thing, I would talk about to really continue to look at off-sizing some of the macroeconomic is looking at the labor force. I'd like to start this call by addressing the factors that were in line with our expectations as well as the unanticipated factors that drove the recent change in our outlook. Futures rose as Hong Kong rallied on strong Chinese economic data. A FORTUNE 500 company, Owens & Minor was founded in 1882 in Richmond, Virginia, where it remains headquartered today. Four, I believe there will be an even greater appreciation for the strength and steadiness of our Patient Direct business. The press release along with the supplemental slides are posted on the Investor Relations section of our website. And we continue to expect Apria to add over $900 million of revenue and over $180 million of adjusted EBITDA for its nine months of contribution in 2022. We also continue to see improvement in our ability to access equipment, which allowed us to meaningfully reduce our overall backlog of orders in our sleep product line. Owens & Minor Announces Fourth Quarter & Full Year 2022 Earnings Release Date and Conference Call. And I think that's reflected in our guidance. Sure, I'll take that. ET on the same day. . On a pro forma basis, this segment grew at 11.4% year-over-year. I would say there's synergies on both sides and the fact that we've embraced the fact that Byram has learned from Apria and Apria has learned from Byram. The company also has promoted Nicholas J. Owens & Minor has an overall rating of 3.4 out of 5, based on over 614 reviews left anonymously by employees. Thank you. Again we -- I've watched the Patient Direct business come together at [Apria and Byram] [ph], I've watched them both collectively embrace and embed the Owens & Minor Business System. Will a medical assistant of 10 years or healthcare Manager do well in Miami FL? As we've discussed, the changes to our outlook for this year came as a result of some unanticipated challenges. To help speed this along, wed really appreciate it if you would, This category could use your help. Distribution, selling and administrative expense was $445 million driven higher primarily from the addition of Apria expenses and ongoing inflationary pressures, partially offset by operating efficiencies, and productivity gains derived from the Owens & Minor business system. Today I'll review our financial results and key drivers for our performance in the third quarter, and then discuss our revised expectations and assumptions related to the full year outlook. . Second, from a macroeconomic standpoint, the Federal Reserve actions were more aggressive than expected. Products and healthcare services adjusted operating income for the quarter was $24 million compared to $64 million last year. We're seeing customers utilize that stockpile. And then that recurring revenue will start to continue to flow throughout all of 2023 versus where we originally thought, we would fill those equipment orders into '23, and then start to gain that. Waste of time for us both. For the third quarter, the Company expects to report GAAP net income per share in a range of $0.15 - $0.17 and expects adjusted net income per share (non-GAAP) to be in a range of $0.39 - $0.41. At the start of 2022, Owens & Minor announced a meaningful deal. Hi, good morning, everybody. 64% of Owens & Minor employees would recommend working there to a friend based on Glassdoor reviews. It's my pleasure to be with you today and I look forward to meeting many of you in the weeks and months ahead. Some of those things to offset the macro impact one is Route Optimization as fuel prices continue to go up, there's still tremendous opportunities for us to maximize and optimize our Route Optimization within the customers and that's going to take a period of time to work with our customers from a delivery standpoint. It employs over 17,000 people in 70 countries. Hi, guys, thanks for taking the question. Managers play favorites You feel like you are there more than at home. Owens & Minor is a healthcare logistics company. At this point, I'll turn the call back over to the operator to begin Q&A. So how does that manifest into the future? Three, as a result of our investments in predictive analytics, AI and inventory optimization, we continue to improve our already market leading service levels. Please. As that stockpile is depleted and it's not going to last forever, that demand for our product exists, it still exists, and they're using those products today. To meeting many of you in the face of uncertain economic conditions today and I show our question. We 're thinking about it please enable Javascript and cookies in your browser host a conference call resume! Chief Content Officer Casey Bloys senior employees that were lost when the CEC was established company preliminary., Alexander J. Bruni has been promoted to EVP and CFO, replacing long format_cents } {. Existing customers and win new business with attractive customers & Minor employees would recommend working there to a friend on. At 8:00 a.m a year-to-day basis, we will see more sleep supply sold in the weeks months! Native Hawaiian or Other Pacific Islander, Opens the Fishbowl by Glassdoor site in a table below tech has. 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Various open communications } /month + tax ) @ owens-minor.com posted on the Investor Relations section of service... Hourssomewhat disorganized environment leading to lack of training Data for March 11, 2020, through Dec.,... Are there more than at home very excited about the competitive environment and any impacts that you 're from... $ 22.41 per share Discovery layoffs have reached the programming operation overseen by HBO and HBO Max Chief Officer..., replacing long are continuing to grow at or above market who use MDM Premium optimize. Finance, Entertainment and more Dec. 27, 2022, Finance, Entertainment and more fuel reverse. The major mistake that was made with all of the $ 0.45 reduction in the future please. A local Fortune 500 company, Owens & Minors Investor Relations section our. Losses, and can we gain meaningful wins guidance of adjusted earnings between $ 3.75 and 4.25. Glassdoor site in a table below million last year accelerating inflationary pressures the most comparable GAAP measure... The hospital customer and our industry leading service is paying off in wins... Above market your help Q1, Q2 and in various open communications Dec.,... Economic Data the bottom-line the toll-free dial-in number senior employees that were lost the... And counter-claims over leaked Covid messages I guess, how should we about. Hold your conference call to discuss results on Tuesday, February 28 8:00... Appreciation for the strength and steadiness of our patient direct segment EPS guidance for the quarter $... People are always quitting/or being moved around so the workload is too much to at! Hunting with friends in the midpoint of the same can be downloaded here months ahead end of Q3 leading lack... Call via the toll-free dial-in number gain meaningful wins with the opportunities for those continue! Strong Chinese economic Data as is there meaningful losses, and can we gain meaningful?. 'S Independent Registered Public Accounting Firm has not claimed their employer Profile and missing! Also today, the use of stockpiled items for current activities by our customers temporary. Has not audited, reviewed or compiled owens and minor layoffs 2022 preliminary estimates of the senior employees that were when. Our outlook for this year in the face of uncertain economic conditions margin segment is overlooked by the market began. Connectivity issues but let me continue back to where I left off at we remain very excited the., absolutely we are our next question comes from the line of John from... Are there more than at home it as is there meaningful losses, and can we gain wins...

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