E-Business in Telecommunications: The Impact of the Internet on the Communications Industry April...

E-Business in Telecommunications:The Impact of the Internet on the Communications Industry

April 13, 2000

2Notice: PricewaterhouseCoopers Proprietary Information. Not for use/disclosure outside PwC except under written agreement. DRAFT - For Discussion Purposes OnlyE-BizTelecom021100, 04/10/23

Contents

• Introduction - impact of the Internet on the communications industry

• Household Market

• Corporate Market


37%

17%

12%

6% 6% 5%

0%

10%

20%

30%

40%

E-Business Revenues by Industry- 2003 Projections -

Source: Business Week

Computing & Electronics Travel Energy

Financial Services Retail Telecomms

E-BusinessMarket Size $410B $67B $170B $80B $108B $15B

Percent of Total

Industry Revenues

Despite playing a leading role in providing services for the Internet, the telecom industry lags other segments in generating revenues through E-Business initiatives

Introduction


PwC uses a 4-box model to explore the implications of the Internet within the telecom industry

Deg

ree

of

chan

ge

to b

usi

nes

s m

od

el

Role of E-Business

Box 3:Box 3:IndustryIndustry

TransformationTransformation

Box 4:Box 4:ConvergenceConvergence

Enabler Transformer

PwC’s 4-Box Model

S E CBox 1: Channel EnhancementBox 1: Channel Enhancement

S E CBox 2: Value Chain IntegrationBox 2: Value Chain Integration

Enabler

Enhancing current channels and adding new channels to market

Connections with trading partners and process changes across the value chain

Transformer

Restructuring the value chain to create ‘many-to-many’ relationships, new value propositions & new business models

Companies entering new industry sectors and competing outside of their core business areas

4-Box Model


• E-procurement

• E-HR (salary/ benefits admin)

• Financial and sales management and reporting

• Bill presentment, review, payment

• Self-service inquiries

• Individual product sales

• Order entry and status

• Employee enrolment

• Performance monitoring

• Online account management

Cu

rren

t A

ctiv

itie

s

• Electronic catalogues

• Account profiles

• Account access

• Web-based CRM

• Integrated order provisioning

• Real-time cross-selling

• Virtual reps

• Product info/training

• Real-time inventory and transactions

• Network performance

• Integrated purchaser/ vendor

• Network activation

• Capacity provisioning

Pla

nn

ed A

ctiv

itie

s

Source: PwC Survey of Telecom E-Business Plans

Box 1:

Channel Enhancement

Box 2:

Value ChainIntegration

Our recent survey of telecom companies in the US and Europe revealed that E-Business investments are focused almost entirely on channel enhancement and value chain integration activities

E-Business as an enabler


• Personalization and recommendations across broad service set (wholesale and retail)

• Price buyer services• Personal router

management• Traffic geolocation

mapping• Network E-products• Multi-provider tracking• Billing aggregator• Total network inventory

analysis and marketplace (public, competitor, corporate)

• 3G wireless infocom applications

• Home network services provision

• Household services management

• Integrated infocom services provision

• Personal infocom services management

• Applications and coms service hosting and provision

Sources: PwC Survey of Telecom E-Business Plans, PwC Telecommunications Industry Visioning, internal review of E-Business activities across industries

Box 3:

IndustryTransformation

Box 4:

Convergence

We anticipate significantly more Box 3 and Box 4 activities as the industry transforms through the adoption of current and future E-Business applications

E-Business as a transformer


The impact of the Internet should be analyzed by market segment, given fundamental and increasing differences among the household, corporate and mobile segments

Mass Market Corporate Mobile

Products Skills ProcessesGeographic Scope

Competitors Network Key Success Factors

Value Chains Branding / Bundling Valuation Metrics

• The skills and products needed to serve business customers are now very different from those needed to effectively serve the mass market

• The introduction of new services (advanced data services in business markets, mobility, Internet access, etc) in both markets has resulted in differing end-user requirements for both groups

• The geographic focus of the market segments differ - mass markets are more local, corporations are more global

• In addition, the operational demands associated with effectively serving customers with complex product requirements are very different

Today we will focus on the Mass Market and Corporate Market

Impact by market segment


Mass Market

CorporateCu

sto

mer

seg

men

ts

source of demand for telecom

products/services enabler transformer of business

models

The Internet as a ...

We will explore three areas related to the impact of the Internet on the communications industry

• Services • Access• Applications

S E CSupplier Enterprise Customer

Exchanges

Auctions

Aggregators

SellersBuyers

• Telecom services• Professional services• Backbone capacity S E C

Supplier Enterprise CustomerToday’s Business

Focus

Tomorrow’s Business Focus


Corporate

• Services • Access• Applications

Cu

sto

mer

seg

men

ts



models


Mass Market


Sources: Census Bureau, Department of Commerce, FCC Industry Analysis Division, Paul Kagan Associates, CTIA, Simba, AOL Annual Reports, Lehman Brothers

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

Telephone Service Cable Service Cellular Service Internet Access Satellite Video

Monthly Spending per US Household on Telecom Services (1940-1998)

1996 Real $

Consumers have over the past 10 years increased their spending on telecommunications services as a percent of total household spending from 2.76% to 3.57%, belying the notion that telecommunications is a utility category

• Consumer spending on core telecommunications products has outstripped underlying economic growth by a factor of two, three and sometimes four

• Since 1978, spending on multi-channel television services has grown more than 14% per year, with cable penetration standing at over 66% in 2000

• Internet usage has increased from 20% of households in 1997 to 30% of households in 1999. This number is expected to double over the next 5 years, reaching over 60% by 2003

Consumer spending


In the future, traditional telecom services will become a smaller portion of overall service value; new services will be offered and could include retail transactions, entertainment, equipment leasing and billing

Network Connections (flat rate)

High Speed Access $70.00Mobility $65.00Unified Messaging $12.00

Digital Television Services

DBS Package $60.00VOD

Hong Kong Gangsters (Movie) $2.95Miss Internet Pageant (Event) $3.95European Cup Final (Sports) $7.95

Monthly Internet Services

Daily Customized News Service $5.00Appliance Monitoring $6.00Remote Security $15.00Publix Grocery Delivery Services $120.00Amazon.com Book of the Month $20.00

A Communications Solutions Provider Intermediary Plus Bill Summary

On-Net Purchasing

Victoria’s Secret $59.951-800 Flowers.com $49.99On-Line Mall $275.00

Equipment Leasing/Financing

HAN w/HCC $15.00Mobile Web Surfers (2) $10.00

Total - All Services $797.79

Where local and longdistance calling is free !!

Change in Components of Spend

• Since 1970, household spending on telecommunications as a percent of discretionary spending has tripled. New communications services will perpetuate this trend

• The total pool of value available to telecom service providers is not fixed, but expanding rapidly

• In the not-so-distant future, one-stop shops will supply all basic and advanced telecommunications, entertainment and online purchasing needs -- with one bill and one point of customer contact

• Conservative assumptions regarding the proportion of consumer spending moving to Web-enabled channels over the next five years generates the monthly bill to the left. This will double the growth rate of the traditional telecommunications industry, adding $50 billion annually to the new industry value chain in the U.S. alone


A variety of needs in the household market are increasing demand for bandwidth and driving the development of new applications that support the emergence of the home area network (HAN)

Home Area Network

LocalExchange

Telco

Fiber& Copper

LocalServer

Cable Company

Fiber & Coax

Digital Terrestrial TV

Telephone return path

Satellite to TVTelephone return

path

HCC TV

SmartDevice

Broadban

d Wireless.

Mobile

Terrestrial Wireless (Narrow &

Broadband)

Needs

• Sharing of:

– Peripherals: printers, scanners, cameras

– Internet access

– Files and application

– Multimedia and games

• High bandwidth for voice and video applications

• High speed access for telecommuting

• Automation of home devices such as environmental controls and security systems

Home Area Network


Increased demand for local bandwidth and exponential growth in Internet traffic is generating the development of multiple forms of broadband access and an increase in backbone capacity

Broadband technologies

0

2,000

4,000

6,000

8,000

10,000

12,000

1998 1999 2000 2001 2002 2003

Rev

enu

es (

Mil

lio

ns

U$S

)

xDSL

Cable Modem

Broadband Satellite

Broadband Wireless

Forecast of North American Residential Broadband Access

Source: 1999 Communications Industry Researchers, Inc

328%

83%

260%

113%

CAGR

• xDSL and cable modems are predicted to be the dominant forms of local broadband access

• xDSL is being driven largely by telco’s who can build on their existing networks to provide broadband service

• Cable modem’s are being deployed by cable operators over existing cable TV lines already deployed in millions of US households

• Satellite technology is less developed than xDSL and cable modems, and will therefore take longer to be deployed

- Satellite systems are well suited to provide service to developing regions because there is no need to deploy last mile infrastructure


New applications and household devices that will increase the convenience and comfort of the home user will result from the emergence of the Home Area Network and deployment of broadband access

LocalExchange

LocalServer

Broadband Satellite

HCC

Terrestrial Wireless (Narrow &

Broadband)

New Generation CPE• Control center for home

communications

High-speed Access

xDSLCable

Modems

E-Commerce/Home shopping

ServicesMonitoring / Home Automation

• Security• Electricity • Heating

Voice and video applications• Digital video networking • Video-on-demand• Interactive programming• Internet telephony• Videoconferencing• Internet radio• Distance learning

New Applications

Fiber-to-the-home

Home Area Network Applications


An intelligent interface will develop, combining content and transport

Communications Entertainment

Office FacilitiesManagement

Applets

Voice

DataVisual

Key Characteristics• Voice activated • Intelligent search

A Vision Of The Future Intelligent Interface

Facility (Home And/Or Office) Intelligent Interface

Source: Forrester Research, Telephony, PwC analysis

ElectricityHeatingSecurity

OFFICE FACITILITIES MANAGEMENT

ENTERTAINMENT

Electricity

Heating

Security

COMMUNICATIONS

Visual

Voice

Data

ILLUSTRATIVE

Home Area Network Applications


• Access network providers

• Capture content spending

• Capture on-net spending

• Enable new applications

• Support the HAN

• Establish net currency

Key Value Imperatives

There are a number of key value imperatives in the new household communications industry


Corporate

• Telecom services• Professional services• Backbone capacity

Cu

sto

mer

seg

men

ts



models


Mass Market


Growth of enterprise-wide applications

ERP (eg SAP, Oracle) Knowledge Management

(Lotus Notes) E-mail (MS Mail) Video Conferencing

Growth of enterprise-wide applications

ERP (eg SAP, Oracle) Knowledge Management

(Lotus Notes) E-mail (MS Mail) Video Conferencing

InternetworkingRevolution

Global Competition Privatisation and liberalisation Free trade (WTO, Single

market, NAFTA) Emerging markets competition Global manufacturing,

servicing and marketing trend Electronic channels to market

Global Competition Privatisation and liberalisation Free trade (WTO, Single

market, NAFTA) Emerging markets competition Global manufacturing,

servicing and marketing trend Electronic channels to market

Interoperability around Internet Technologies

TCP/IP HTTP HTML,XML, Java

Interoperability around Internet Technologies

TCP/IP HTTP HTML,XML, Java

“Death of distance” Optical fibre physical medium Transmission technologies

(SDH/Sonet) Packet switching (frame relay

ATM, IP) Telecom sector liberalisation

(CLECs, infrastructure)

“Death of distance” Optical fibre physical medium Transmission technologies

(SDH/Sonet) Packet switching (frame relay

ATM, IP) Telecom sector liberalisation

(CLECs, infrastructure)Telco opportunities

“The Global LAN”

Growth of E-business

Unbundling of the Corporation

Telco opportunities

“The Global LAN”

Growth of E-business

Unbundling of the Corporation

The internetworking revolution is transforming the corporation and creating new opportunities for telecom providers to service their emerging needs

The Internetworking Revolution


“The Global LAN”“The Global LAN”

Global Network

Desktop (LAN/WAN Integration) WAN Desktop (LAN/WAN Integration)

The global area network constitutes the virtual private network of the global enterprise, provided either end to end across owned facilities or through local service level agreements

The Global LAN


56,324

44,792

36,688

30,378

25,353

0

10,000

20,000

30,000

40,000

50,000

60,000

1998 1999 2000 2001 2002

US

$ bi

llion

US Managed Network Services Revenues: 1998 - 2002

• In market research undertaken by PwC in 1999; 40% of corporate customers had already established a global buying function for communications products, revealing the expectations of corporations to receive true global solutions, and not piece-meal national solutions

Advanced Data

Advanced Voice

Total CAGR: 22%

Advanced Data

• ATM

• Frame Relay

• SMDS

• X.25

• Corporate Internet Access

Advanced Voice

• 800/900 Services

• VPN

• Dedicated Access

The creation of the global area network creates new opportunities for telecom providers in providing new services such as managed network services and network integration for advanced voice and data products

The Global LAN


The growth in E-Business will generate increased bandwidth demand and will provide new outsourcing opportunities in IT and communications services

$50$30 $80 $110$20

$110

$250

$500

$840

$1,330

0

200

400

600

800

1000

1200

1400

1600

1999 2000 2001 2002 2003

B-to-B

B-to-C

Growth in US E-commerce Transactions (Billions U$S)

Source: Forrester Research

Total CAGR:82%

• Both Business-to-Consumer and Business-to-Business commerce, will drive bandwidth demand

- the creation of vertical marketplaces and increased supply chain integration require infrastructure and will be a major driver of demand

• The economics of the global economy will drive corporations to use the Internet to improve efficiencies and focus on their core competencies

- will lead to increased outsourcing of non-strategic IT and communications activities (infrastructure, applications, network management, operations and IT support)

E-Commerce growth


As corporations increasingly outsource core IT, communications and operational activities to focus on their own core competencies, the internetworking providers will have to fundamentally change their business model from a network-centric focus, to a customer and solutions-centric focus

IT/(E)-Business Consulting

Systems Integration

Applications Hosting

Web Hosting

Network Management

Network Design and Integration

Pro

du

ct

De

ve

lop

me

nt

Ca

pa

cit

y P

rov

isio

nin

g

Se

rvic

e A

cti

va

tio

n

Se

rvic

e A

ss

ura

nc

e

Bil

lin

g

Cu

sto

me

r C

are

Sales

Marketing

Today’s Business Focus


Customer RelationshipManagement

Unbundling of the corporation


Billingand

(Customer Management)

Product and Content Providers

End-to-End Communications Service Providers

Business Customers

Application and Professional Services Provider

Customer ownership in the corporate market will shift from communications service providers to application and information service providers

On-Net (Corporate)Customer ownership


Customer and solution-centric companies are showing signs of success in the market when compared to network-centric service providers

• Customer-centric companies, like Level 3, were able to increase their stock price by 271% over the past two years

• Integrated telecom companies like Bell Atlantic and AT&T have only increased their stock by 29% and 16% respectively over the past two years

• Application service focused companies like Exodus Communications were rewarded by the market with an increase in stock price of 3,216% since March 1998

Level 3

AT&T

Bell Atlantic

Market success


IT/IS Consulting

IS/IT ConsultingIS/IT Consulting Systems Integration Systems IntegrationCorporate Network

Integration

Corporate Network

Integration

Managed Network Services


Basic Access and

Transport Services

Basic Access and

Transport Services

Network Infrastructure

Provision


Provision

IT Services Communications Services

Application Development

Systems Integration

Software Integration and Support

Hardware Integration and Support

IT Training and Education

Corporate Network

Management

Corporate Network

Management

Application Outsourcing Services

Business Process Outsourcing

Process Services

Network Consulting and Integration

IS Outsourcing

Desktop Management Services

Network Management

Managed Voice Services

Managed Data Service

Local Service

LD Service

Dedicated Access

Wireless

Private Circuits

Dark Fibre

“Right of Way”

Private Circuits

IRUs

The issue for operators is to decide where to play in the value chain


A number of players are currently addressing this opportunity ...

IS/IT ConsultingIS/IT Consulting Systems IntegrationSystems IntegrationManaged Network Services


Basic Access and Transport Services

Basic Access and Transport Services


Provision


Provision

Corporate Network

Integration

Corporate Network

Integration

Corporate and Network Management

Corporate and Network Management

Non coreNon core MidMid CoreCore CoreCore Non coreNon core Core Core CoreCore

Non coreNon core Non coreNon core CoreCore CoreCore CoreCoreNon coreNon core Non coreNon core

Non coreNon core MidMid CoreCore CoreCore MidMidCoreCore CoreCore

CoreCore CoreCore Non coreNon core Non coreNon core Non coreNon coreMidMid MidMid

MidMid CoreCoreNon coreNon core

CoreCore MidMid MidMid CoreCore Non coreNon core Non coreNon core Non coreNon core

EQUANT


• Enter the human capital business

• End-to-end 100% ownership

• Own the desktop

• Be global

• Build Wholesale Business

Key Value Imperatives

Value Imperatives


Corporate

Cu

sto

mer

seg

men

ts S E CSupplier Enterprise Customer


products/services enablertransformer of business

models


S E CSupplier Enterprise Customer

Mass Market


Telco’s are pursuing a variety of E-Business initiatives in eMarketing, eSales and eCare to more effectively interact with the customers

E-Business Initiatives

PerformMarketing

DevelopProducts/Services

Sales Service Activation & Assurance

BillingCustomer Care

E- B

us

ine

ss

Ca

pa

bil

itie

s

Selected Customer Touchpoints

• Quickly test and deploy alternative pricing, terms, or product strategies in days rather than months

• Use agents to develop pricing or promotion response

• Customer segmentation capability

• Widespread access to real time service/product availability

• Push product information and tailored promotions to customers

• Extend brand • Provide rapid alerts to

changes in inventory, pricing and promotions

• Identify customers at risk of churn

• Develop customized products

• Integrate various products and services offerings

• Improve new product take rates, and bring products to market more quickly

• Simulate and rapidly test new product ideas through online research or direct customer inquiry

• Differentiate product offers

• Establish key customer focus groups to collaborate in product packaging

• Reduce cost of sales through electronic transactions

• Provide real time inventory of product availability

• Establish one touch and done customer product inquiry - order

• Synchronize demand forecasts with inventory

• Provide high value customers with tailored services

• Promote real time cross-selling and up-selling

• Enable the timely and accurate distribution of sales leads

• Create and manage price, terms, conditions, service level agreements and contracts

• Collect order information, and generate service order

• Provide on-line credit validation

• Reduce product delivery costs

• Enable customers of low value commodity products self activation of service

• Enable account management from sales through implementation among equipment, network facilities, suppliers and customers

• Collaborative management of network services and inventory management

• Communicate test and turn-up of service/service activation

• Automatically update resource loads, service and provisioning schedules, force management and provide updates to customer order tracking files

• Provide intelligent virtual service representative

• Allow widespread monitoring and management of customer

• Provide information and internet-based training on new products/services

• Improve timeliness and quality of service

• Monitor and track performance vs. SLAs

• Electronic billing, review and inquiry

• Electronic bill payment

eMarketing eSales eCare


By focusing on the customer rather than on the enterprise, the web provides a more efficient and effective medium for the delivery of telecom services

The Case for eCare

eMarketing

• Improved customer loyalty (win-back)

• Increased analysis of marketing program effectiveness

• Improved visibility to win-rate comparisons for different prospect types

• Extending the life of customer

eSales

• Increase cross/up selling

• Increase margin contribution

• Increase average order size

• Increase win/loss information

eCare

• Increased customer satisfaction

• Increased lead conversion rates

• Additional sales channels through live contacts and teleweb

Effectiveness

eMarketing

• Decreased customer churn

• Improved profitability comparisons for different prospect types

• Accurate profitability comparisons for orders from different channels

eSales

• Decrease lead turnaround time

• Increase margin contribution

• Decrease sales cycle

• Decrease promotion cost/discounts per order

• Decrease training time

• Decrease average time per sale

eCare

• Increased speed and accuracy of resolution

• Increased outbound call capacity

• Decreased cost per service customer

Efficiency

+


Customer Base/Needs

Product/Service Offering Economics Care Needs

The distinct character and needs of the each market suggests that the household market should focus on marketing and sales activities, whereas the corporate market should focus on customer care

• Over 15 million customers

• Bundling emphasis

• Standard service offerings

• Voice and simple data

• Very high volumes

• TBR < $100/ month

• Fixed pricing• Lower margin

services

• Routine interactions

• Simple inquiries

• Service availability

Customer Markets

ePrioritiesDegree of Loyalty

• Low• Customers

price sensitive

Market

Household

Corporate • Less than 1 million customers

• Solutions emphasis

• Customized service offerings

• Voice & data• Hosting

(web/applications)• Network

management• Negotiated pricing• Contracts, SLAs

master service agreements

• Very high volumes

• TBR < $100/ month

• Higher margin services

• Routine and complex interactions

• Service availability and SLA reporting

• Billing analysis

• Long-term relationships

eCare

eMarketing and eSales


Corporate

Cu

sto

mer

seg

men

ts

Exchanges

Auctions

Aggregators

SellersBuyers


products/services enablertransformer of business

models


Today’s Business Focus


Mass Market


New business models are already beginning to impact the way telecom services are packaged and marketed

Aggregators

ExchangesDemand Traditional Reverse

AuctionseRetailers

LD Beyond LD reseller

Supplydirectory

Definition

Exchanges provide a market mechanism for trading commodity assets online. They work effectively when there are multiple buyers and sellers, the asset is a defined and uniform good and there is market liquidity.

Traditional auctions are seller driven online auction for wide variety of products and quantities

Reverse auctions are buyer driven online auctions where there is one buyer and many suppliers

Supply aggregators - consolidate telecom and/or other services on a portal or other platform.

Demand aggregators consolidate the needs of fragmented markets to gain purchasing power with suppliers

eRetailers are facilities based service providers that use the Internet as a sales and delivery channel

V-o-IP LD providers

Unified Messaging

Free ISP’s

Web-based Competitive Segmentation

Introduction to Web-based business models

Resellers usually capture retail revenues, complete the entire transactions on their web site, and many times provide billing and customer care to the end-users

Directories act as “neutral navigators” allowing buyers to comparison shop, customize, evaluate and purchase products/services on the Web

RevenueModel

Advertising.

Retail revenues

Volume/ wholesale discounts

Transaction commissions

Advertising.

Commerce revenue.

Licensing fees

Advertising

Bounties/ commissions paid by service providers

Advertising

Transactions commissions

Advertising


Subscription fees

Advertising


Subscription fees

Markets Household

Wireless

Small Business

Household

Wireless

Small Business

Household

Wireless

Small Business

Large Business

Wholesale

Large Business

Wholesale

Small Business Large Business

Household

Wireless

Small Business


Most new telecom eMarketplace players fall in the Supply Aggregator category

Communications Industry Web-based Business Models

Aggregators


Auctions

eRetailers reseller

Supplydirectory

• 1stUp.com• Dialpad.com• Deltathree.com• eVoice• Fax Sav

(Mail.com)• Juno• Linx Comm.• Net2Phone.com• NetZero• OneBox.com• Phone.free.com• RocketTalk• Talk.com• ThinkLink• U-Reach.com• Z-Tel

• BuyTelco.com• CollegeClub.

com• Essential. com• Extant• MVX.com• ServiSense• Telegea.com• Telstreet.com• Universal

Access• Utility.com

• BizBuyer • BuyersZone• DealTime.com• Decide.com• Lowermybills.com• MyRatePlan.com• MySimon.com• OfficeClick.com• Onvia.com• Point.com• Reasonware.com• ShopNow.com• Simplexity.com• LetsTalk.com• Totally Wireless

(ePhones.com)

• Demandline. com

• Accompany. com

• Mercata.com

• Arbinet• Band-X• Enron• RateChange

• BandX• CommerceOne

• Bandwidth.com• Band-X• FreeMarkets• imandi.com• Killerbiz.com• Priceline.com

Web-based players


Emerging web-based business models will have varying impact on different sectors of the communications industry

• Local

• LD

• Wireless

• Internet Access

• Vertical Services

• BellSouth.com

Aggregators


AuctionseRetailers

reseller

Supply

directory

Co

ns

um

er

No

n-c

om

ple

x

Bu

sin

es

se

s

Communications Industry Web-based Business Models

• Local

• LD

• Wireless

• Internet Access

• Vertical Services

• BellSouth.com

Co

mp

lex

B

us

ine

ss

es

• Local

• LD

• Wireless

• Internet Access

• Wholesale

• BellSouth.com

LD coming

*

* Note: Harvey ball refers to Entertainment services, not Vertical services

Summary of impact


Telco’s should aggressively manage those business models that represent the most opportunity for growth and the largest threat of disintermediation such as supply aggregators, both resellers and directories

Fight Ignore Join Support CreateBuy Stake/ Acquire

Summary of Strategic Direction

Business Impact

High

Low

Summary of strategic alternatives

E-Business in Telecommunications: The Impact of the Internet on the Communications Industry April...

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