Twitter Adds Banks to IPO: Bloomberg West (10/01)

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Oct. 1 (Bloomberg) -- Full episode of "Bloomberg West." Guests: Engine co-founder Michael McGeary, Foundry Group's Brad Feld, Mary Schiavo, a former U.S. Transportation Department inspector general, and YP CEO David Krantz. (Source: Bloomberg)

? live from pier three in "bloomberg west san francisco, welcome to the late edition of "bloomberg west." we are -- welcome to the late addition of "bloomberg west." we are looking at the future of business.

Twitter ads to more banks to its ipo.

Both boutique firms instead of wall street powerhouses, this is the same way they are expected to make their secret financial documents public.

Less than 24 hours after the government shutdown began, ripple effect were already being felt through the industry.

We have a look at the fallout.

A special advisory panel told the faa that airline passengers should be able to use their gadgets through takeoff and landing.

How long before you get to stop powering down?

First, to the lead, twitter is turning to two boutique investment banks.

People with knowledge of the process say that they are adding code advisers to the group of underwriters.

Bloomberg news has reported that goldman sachs is leading the offering, best known for its annual sun valley conference attended by jack dorsey.

This comes the same week that twitter is expected to make its secret ipo public, putting it on track to make its debut this month.

Jack broke this story for us.

First, why add these banks instead of some of the other options?

They have all the big ones that you would expect already.

The boutique banks come in handy when you want specific types of relationships with specific types of investors.

We know that there will be a lot of demand for twitter shares in the ipo, but i think what they are looking for is long-term investors.

Big banks who are not going to try to dump their shares in the first day of training.

Is allen company the kind of bank that you see him at ucla facebook filing, the zynga company -- filing?

Allen and company was on facebook, not code advisers.

You see them forming these relationships, known for their annual summer gathering of media moguls, they have done a good job of fostering a lot of relationships with our players.

What is the latest on timing?

When is the f1 going to come?

This week, this week, this week.

We think it is going to happen sometime this week, we do not know what day or what time, but we are on edge.

If it happens this week they have 21 days before what?

Tell me how the process will unfold.

Under the new jobs act, it mandates that you are allowed to have a confidential filing, but when it is available in public you have to give 21 calendar days to potential investment -- potential investors.

This is before the roadshow yet go -- roadshow?

Yes.

And ipo is actually four or five weeks out before the specific date of filing.

That is right.

Keep working the phones, doug, we all appreciate it.

Thank you.

Another story we are following today, the government shutdown is sending ripples throughout the u.s. economy and the technology industry is no different.

Many government websites and twitter accounts are down, but one of the biggest areas of concern is how big a hit that technology companies that rely on government spending could take a hit.

Cory johnson is in the newsroom with more.

Specifically, cory, what companies are we talking about and how big of a hit could this be?

The most important part of the federal government engaged with federal technology is the panda cam.

Without that, what with the government the?

The national zoo is showing us live pictures of pandas.

Look, look at how cute that is.

Come on.

How could those cruel people in congress shut down the panda -- no, it is not cute what is going on.

It is so important to so much american business.

It is not about panda cam and websites.

Indeed, companies large and small will be impacted by this in big and little ways.

Late payments for microsoft, google, cisco, that is a big deal.

Patents and trademarks, disputes over patents and trademarks, only to those offices will be kept open during the shutdown.

Small businesses are tremendously affected because the payments delayed only by like 21 days, that could be a difference between survival and helping the government with the projects that they have been contracted to cover.

What about security?

I bring this up because we have been talking about it for the last three months related to the edward snowden saga, but apparently the nsa is still open for business, right?

The government contractors that are supplying stuff for the military will get the benefit of that.

We are showing you a chart of government suppliers.

These are technology service companies where you might six -- might expect them to be on that list, but hewlett-packard, harris corporation, ibm, dell, $1.1 billion.

You are looking at really big spending for non--- security projects that will be shut down.

Cory, we were just talking about twitter earlier with.

We have heard from our sources that a shutdown is not going to slow down twitter.

What is your take, even if they do not want it to be slowed down , could it potentially see some delays?

We know that the fcc is not going to look at new filings for ipl.

In the world of ipo, twitter is certainly a big deal and will get a lot of attention.

We will be covering it at nausea him, i am sure, but the alley bob spinoff is also something that may not be covered.

These problems and their salvation are not being discussed.

Not only are they not reviewing new ipos, there are over 500 in the pipeline.

Those are the ones that we know about.

The jobs act filings, two thirds of the ones since when the jobs act was passed, we do not know how many are effective, but they will stay under wraps.

Over time that is going to affect the investment banks hoping to get those offerings and the companies -- if twitter does indeed have momentum in the public market right now, a lot of companies wanted to follow in the wake of that and they will not get the opportunity of their ipo cannot get reviewed and they cannot get off the door.

The timeframe could push them back past december and who knows if the public markets will stay at this frothy level to generate a lot of ipo's september.

A lot of that is a great risk every day this shutdown continues.

Cory johnson, all right, thank you.

To help us better understand the impact of the shutdown, i want to bring in michael mcgeary, the caps on -- cofounder of the engine connecting tech startups with government officials.

As cory johnson mentioned, so many people, industries, companies affected.

One thing we have not touched on yet is immigration, which is very important to the tech hiring process.

Explain to me what exactly the impact of the shutdown is going to be there.

The impact on immigration, theoretically, should not be too massive.

You will see it more in tourism.

These programs themselves are funded.

However, because many -- because nonessential workers work on those each day, as buildings are shutdown where those are being processed, those will start to create a backlog.

Overall with immigration and a lot of other pieces in the system, the backlogs created are what is going to be detrimental.

Companies that want to hire foreign workers may face some delays?

They may.

It should matter less on existing and for employees who are already on payroll who have been accepted and have their visas and are already working, but we do not know what this looks like after a few days or a few weeks.

How does this affect not just the process that we have now, but moving forward?

What about the fcc?

The things that you see as your emergency services, those continue, but everything else is being dialed back.

Your nonessential programs, device applications, spectrum management, these kinds of things on a skeleton staff, these things are going to get act up as well.

Even if the shutdown is just a few days on the sec side, as those programs are self funded with accepted staff working on them, you will see that backlog.

Wax what do you see as the greatest short-term impact?

The greatest is the potential long-term impact.

What i mean by that is when you drop uncertainty onto the marketplace, businesses and the markets themselves get sort of irrational.

This is seen in most marketplaces.

Small businesses specifically need that certainty of knowing that if they have a government contract, they will be able to fund it.

So, the quicker that resolution is found, the better off start up businesses, technology businesses, and businesses across the border are.

Speaking of the initial public offerings in the pipeline , what do you see as the initial potential impact?

We are hearing that twitter itself will proceed as planned.

I think they have to go forward on that track.

They do not have a choice, is what you are saying?

X they do not.

They have to assume the government will begin functioning sooner rather than later.

With the backlog, what will that look like in a few days and weeks?

They have to be prepared for all eventualities.

I do not think that it stops the march towards a successful twitter ipo.

One thing that is not necessarily bad news is the patent trademark office.

As the last guest mentioned, some of those offices will be closed, but because the employees are funded outside the normal government wanting, or through this budget process, they will continue to operate.

I have a friend who is a patent examiner who is working today and she will work tomorrow.

That will continue.

The postal service will continue . we will continue to get the mail and all of that.

These are undead outside the general boundary of the year-to-year federal government.

Research and development, science, the national institute of health, these are organizations facing pretty much a full shutdown?

It really is much more than panda cam, unfortunately.

The u.s. geological service, their website is down.

That is something we worry about in california.

Earthquake country?

Earthquakes, we cannot go there?

There monitoring services will not be updated as regularly.

We will see how long this lasts.

Michael mcgeary, cofounder at engine, thank you so much for weighing in today at "bloomberg west." a new way for individuals to invest in startups, it is sort of controversial.

Find out why some venture capitalists aren't concerned, others excited, when "bloomberg west" returns.

Welcome back to "bloomberg west." the rules of engagement have changed, angels have launched angel syndicates, meaning wealthy individuals can now invest their money with angel investors and the angels can turn around and invest of the pooled money into startups.

They collect five percent of the rockets, investors keep 15%, and the individuals contributing to the pool get the rest.

Brett fell is the cofounder of the d.c. firm, and he joins me now from boulder, colorado.

You guys just started your own syndicate.

This is a bit controversial, you call it an experiment.

The first time you have done something of this nature.

Why do this?

We think that the phenomenon of angels and the dynamics around early stage investing our dynamic and exciting, it is what we spend a ton of our time doing.

When this "figured the best way to understand exactly how things were working was rather than the arise or observe was to actually participate, which is what we decided to do.

Any concern that crowd funding for these kinds of structures could impact your day job as a traditional vc or shake up the venture capital industry?

I have no idea what the prognostication of the next five or 10 years will be in terms of that dynamic.

I think we are already in a shift of the way that venture capital works.

Especially around the early- stage funding.

I was the cofounder of an accelerator called techstars.

It has had a significant impact, helping companies to get creative.

My partners are very involved in different types of early-stage investing activities.

There are lots of other people trying to hit it in.

In the last five or six years the amount of capital that is required to get a company up and running has decreased significantly.

So, i do not know what the future holds.

I know that it is exciting and fun and, frankly, great for entrepreneurs trying to create companies.

It certainly thinks -- seems that it will shake up the angel industry with people who have traditionally invested alongside each other now having to compete . how do you see that sort of competition shaking out?

The first thing i would challenge is that it is an industry.

I do not think it is an industry.

It is a chaotic phenomenon and that is the heart of the beauty of it.

Angel list and the brilliance of it is not trying to organize a phenomenon in a top-down way, but instead accelerate the network dynamics and network effects that we are already so used to with social networks.

It is another version of that same phenomenon.

For my frame of reference, and incredibly powerful one for entrepreneurs.

Another thing is historically angel investors have invested together.

Before i started doing venture investing, personally i made about 100 angel investments.

In that.

Of time where i was making angel investments, i rarely invested a lot.

Typically i would invest with 10, 15, 20 other angels in early-stage companies.

Sometimes we would work together and sometimes it would be disjointed.

That phenomenon is not a new thing, it has been going on for a long time.

This helps to amplify and coordinate, accelerate that behind the early-stage companies.

We were just looking at kevin rose at the top of this list.

$1.2 million worth of backwards day, at the top of the list as well, what do you make of these sort of more celebrity angels leading the pack here?

Is that fair?

I do not think that fair is the right question.

I think that the challenge that happens when one of the syndicates becomes very large, right?

Kevin is investing a syndicate of $1 million.

Most of the rounds he is doing our $1 million.

He is essentially acting as the only investor in that round across the syndicate.

That may or may not be what the entrepreneurs want.

That may be the choice they make in terms of deciding to accept an investment from a single firm or single group of angels.

Again, i think you will have probably a relatively small number of people with large syndicates.

The syndicate that we created is capped at $500,000. our idea is that we do not want to take full rounds.

We want to be actively engaged.

Our money is in it.

We have people who are a part of the syndicate, but we want to purchase with other angels in other rounds.

Quickly, your strategy is that it is more important to invest in the people at this stage, rather than the idea?

Explain what you mean by that.

I have long as a seed investor believed that the strategy should be people, people, people, idea.

I believe that the idea is literally the price of admission and everything at that page is about the people and whether or not you want to be involved as an investor with those entrepreneurs.

All right, brad, thank you for sharing your perspective on this touch of urschel issue with us here on bloomberg -- on "bloomberg west." we will be waiting to see how you do.

The grammys and vma's can step aside.

Now you can make your own music awards complete with all-star performances, that and more coming up on "bloomberg west." ? "bloomberg west welcome back to"bloomberg west," -- welcome back to "bloomberg west ." the youtube music awards are going to stream live, november 3, hosted by jason schwartzman, an actor.

The show will feature performances by lady gaga and eminem.

Jon erlichman has more.

What is you to thinking here?

Music is such an important part of the youtube strategy, and there are so many people searching youtube for all sorts of music.

Something from an old tv show or even an interesting new bit of music overall from a big artist or small artists.

Here is an opportunity for you to to basically put the flag in the ground to say that we are a great lace for music right place where there is a lot of music is every, and also to hedge, perhaps, because they have had a lot of dependence on the low -- vevo, there was some talk about maybe that partnership falling apart while back, this may be a way to hedge that.

What about the value of live events?

Is that important here?

Really important.

Think about the space jump, think about live streaming coach ella.

Live events get a lot of of five and when you see it on youtube, that is a big thing for them and expect to see more.

There are some reports lately of them making a bigger attempt to export.

Music, and more.

Emily?

Jon erlichman, senior correspondent in los angeles, thank you.

Travelers, listen up, could the faa be allowing travelers and passengers to use tablets and smartphones in-flight very soon yeah go they may not be on -- very soon?

They may not prove to be unsafe.

? ? you are watching "bloomberg west." we focus on technology and the future of business.

I am emily chang with your bloomberg top headlines.

A hit -- a long-term carriage agreement is trying to be hammered out.

People familiar with the talks on bloomberg, the terms for two new disney cable channels as well as the dish add hopping technology are the major sticking points.

Dish is currently in litigation over the ad skipper.

Videogame maker blizzard says that they will allow a shareholder vote on the plan to purchase eight ilion dollars in stock from contact -- controlling shareholders, vivendi.

But this would only go forward if the junction is successful.

Activision must allow shareholders to vote on the plan according to the judge.

Xp, which it sells handmade -- at sea, which is sells handmade goods, allows sellers -- etsy, which sells handmade goods, a new policy for expanding businesses, trying to ensure that goods sold on the site still meet the definition of handmade.

After a week of rumors, bloomberg has concerned that alan mulally is one of the names that the microsoft board discussed as a possible successor to steve balmer.

Sources say that the process is in the early stages but that the board has floated names like alan mulally and stephen you lop.

What do you think, michael?

Alan mulally is as impressive as they come and some of the jobs he has done are the biggest in corporate america, putting him at the front of any list that he might want to be a board member of.

Two weeks ago he said he had no intention of leaving ford and he promised that he would stay until the end of 2014, but his name has been out there and we know that it is not just out there in the blogosphere, but that they are actively considering him as well as paul merritt, the guy who put together am where, the giant company that he did in seattle after leaving microsoft.

Why would malawi be good for the turnaround of a struggling technology company?

Boeing, he is largely credited with putting together the ballot for boeing, the fight against airbus.

He is a guy actually born here in oakland, california, went to m.i.t., university of california, president in 2006, he was there for a long time and, as i mentioned, given all the credit overseeing the triple seven program at knowing and then he went to ford, a company in sorry straits in 2006, taking on a lot of debt, judging $23 billion in debt at ford before the crash of 2008, saying we might need this in case of a recession, look like a genius, one of the only automakers not to take tarp money, which led to a receipt -- led to a resurgence of the company.

He has spent most of his life living in the seattle puget sound area and he is seen as a real hero there.

It is a risk.

What does he stand to lose at ford if he leaves?

Not just breaking his word, but i looked at the ford proxy and apparently he has about 15 million stock options in ford, $260 million worth.

We do not know the cost basis, but $250 million in stock is a lot of money.

A big tax bill, but a lot of money.

We will be watching this ceo raise when it comes to microsoft.

Thank you.

Billionaire investor carl icahn is trying to talk apple ceo tim cook into a 150 billion dollars share buyback plan.

The pair met at dinner last night in his new york apartment.

Carl icahn has been talking about apple since august when he revealed he owned a $1 billion stake in the company.

She talked to icon last night and again this morning, joining us now from new york.

We are all dying to know how the dinner went.

He said that it went very well, they did meet, as you pointed out, in his apartment last night.

It was actually the first time the two of them had met face-to- face, something that carl icahn confirmed with me.

He told me that they had a nice dinner.

He is a very cordial guy.

I told him "i think it is a no- brainer on every metric to do a $150 billion buyback, it is basically cheap, so why not do it"? "tim and i agreed to meet again." this is what he is pushing for.

The company taking on more debt.

Historically, emily, we have not seen tech companies do this, they have been in more of a growth type mode and they do not tend to do this, however apple has gotten larger and larger over the years and carl icahn is thinking that maybe it is time to really take out the money and, hopefully, in his opinion, increase shareholder value.

He thinks it will go north of $600 million if he does this.

Talking about washington, he is quite concerned about this apparent dysfunction, specifically saying he is very concerned about the dysfunction in washington right now and it is the first time in a number of years that i am fully 100% hedged, it is bad for washington and bad for the country.

A key that he is 100% hedged, that is what might actually transpire.

As much as he is up, that cost him there, it is all the result of washington.

An interesting conversation with a lot of interesting things going on today.

Interestingly, president obama brought up apple when talking about the shutdown and likened the manned to affordable health care to demand for apple products.

Steve jobs never would have given an activist investor face time.

He did not give hardly anybody face time.

Why is tim cook sitting down to dinner with him?

Is this a smart move?

It may be.

Think about some other tech ceo's who have done this lately.

Another one who comes to mind is reed hastings from netflix.

You could argue that that relationship has resulted in a better netflix and stock price.

Another company, not a tech one, spending about three years with carl icahn.

Simon befriended carl, had many a dinner at his home.

He has told me, carl did help the company.

He certainly did, shares went from $20 to $80 in that three years.

So, carl would make the point as well that an activist investor does not necessarily have to agitate.

There is often an opportunity to work with the company and when he told me about his investment in apple, he said that this is more along the lines of what he did with netflix.

This is a friendly situation, i believe in this company, i think it has a great opportunity and i am not going to get in and out, i am here for the long haul, so maybe it is in his interest to work with carl icahn on this one.

Interesting, "street smart acre," --," trish reagan, bringing us the inside of her conversation with carl icahn.

Win out how the e-commerce giant plans to use 70,000 new employees to meet seasonal demand, next on "bloomberg west ." you can also watch it streaming on your phone, tablet, and bloomberg.com.

? ? welcome back to "bloomberg west." i am emily chang.

You can catch our earlier addition at 1:00 p.m. eastern.

Amazon is going on a hiring spree for the holidays, lanning to bring on 70,000 full-time seasonal workers to meet demands.

They say that this is a 40% increase from last year, boosting their investment in warehouses as they try to make the operation faster and taking on competitors like ebay and walmart.

As you travel this holiday season there is a chance you may not have to shut down your gadgets for takeoff and landing.

A special panel has recommended allowing the use of electronic devices for reading, listening to music, or playing games.

E-mail, web browsing, texting, still not allowed.

Mary is a former inspector general the department of transportation.

Joining me now for -- by skype from charleston, south carolina.

We have been talking about this for years now.

How do you expect them to proceed?

Wax i think that what they will probably do is look to the airlines and allow the airline user discretion if the airplanes are wi-fi equipped, they have already had them certified to withstand the devices on the plan -- on the plane and in those cases they can allow the passengers to leave the electronics on, not communications electronics, but leave them on throughout flight, that is probably how they will handle it.

You do not think that there will be a standard?

It will be up to the airlines?

There probably would have been a standard, the problem is that knowing and honeywell came out with news that some of the old honeywell display screens, pilot display screens in the it are susceptible to electronic devices.

The faa says there are about 150 of those planes out there and they said you need to replace these screens.

The industry says there may be 600 out there.

For that reason the faa will have to delay this until these old screens are out of the passenger planes or say airline by airline if the air -- air plane is equipped for wi-fi and you have got rid of these old me -- old screens, you can do it.

I think they will start and eventually they will have a ruling that is not only airline wide and industrywide including a few more devices.

So, you know, why not allow data transmission?

Why not allow texting and browsing during takeoff and landing?

Because it is hard enough dealing with one federal agency, when you put in communications, phones, then you have to deal with the federal communications division.

They do not know anything about airplane safety and they do not want to, that is not their job, but the federal communications commission says that when a plane flies over and these passengers are locking onto one or another cell tower it might interfere with telephone communications because the fcc does not deal with plain safety, they have said no, that has the potential to disrupt communication and boeing, of course, says that it is possible, though it has never been documented, that passenger cell phone use could interfere with pilot communication.

As i understand it, the technology that are gadgets use is different than the technology that airplanes use in terms of radar and gps, right?

Exactly.

Our gadgets use certain dedicated frequencies and the airplanes, especially the new ones, the newer the better, they are shielded from this electronic communication interference.

They are setup for this because they are wi-fi equipped.

Older planes perhaps, but some of these reports of electronic interfering with cockpit communications date back to the 1950s and 1960s. you practically had to crank the telephone back then.

It is entirely different.

But the sec has not studied the issue.

A question about safety, i know that you said before that this is safe, but do we know for sure that this rule between and -- between devices, with the majority using them in flight, everyone in the air is using their devices, is there any safety risk?

It are we sure there is no safety risk?

There are three reasons we know there is not.

The airline has issued to the pilots right in the cockpit where the communications must occur they have issued them electronic data flight computers in the cockpit.

Two, on private planes, there is no ban, you can without your ipad, your iphone, you can do whatever you want and they have not experienced communication failure.

Three, the airlines a few weeks ago started issuing these devices for people on the ground at the airport, the most critical part of flight, taxiing, take off, climbing, that is when 97% of the accidents happen, so we have already dispensed these gadgets to the people in the industry.

Right, but if everybody on airplanes everywhere turns their devices on, is that going to be ok?

At the same time?

Well, yes, studies have also shown that one third of all passengers never turn them off.

All right, mary, we will be anxiously avoiding new details on this and what the faa decides . mary skala, thank you for joining us today.

A company as old as the phonebook is beating tech heavyweights at the mobile game, next on "bloomberg west." you can watch us streaming on your phone, tablet, or bloomberg.com.

? ? "bloomberg west i am emily chang, this is," streaming on your -- i am emily chang, this is "bloomberg west." have you heard of ip?

Their mobile strategy has been paying off in big ways according to researchers, second only to google in u.s. mobile search ad revenue last year.

Our editor at large cory johnson is back with more.

Big numbers in the mobile advertising business, $350 million in advertising last year in mobile alone.

There is this company called facebook, there is a company called yelp, company called pandora, a company called yahoo!

, and you have done more revenue than all of those companies.

Five times what yahoo!

Did.

How did you do it?

Starts with scale.

We are already a $1 billion digital or folio so we started back in the 2000 time frame getting back to online with yellow pages.com and ap interactive.

We were building up that tradition through the business of yellow pages sales force with thousands of people in our organization selling.

Is the model, the turnaround model kind of like we know phonebooks are in decline but we are making a ton of money off of them, so let's reinvest this to launch something digital?

We have always been about small businesses helping to launch themselves.

Seriously, how does the business work?

We are a managed service getting on the internet, mobile, print, getting more customers.

What we have done is create extremely large mobile applications.

We are the top 15 in the android store, day number one in the apple store.

We have millions of mobile applications and an extended network of other players with online consumer traffic.

Is the key to your success the feet on the street, salespeople locking up dad salespeople knocking on the local doors for decades?

There are two keys and when you put them together, you can go and get hundreds of thousands of small business customers and then you can distribute those to millions of consumers, which led to millions of dollars.

You are so private, i think it is interesting all the attention that recently public start of have gotten, the terrible struggles of groupon to do something similar, you also saved a lot more success in that arena.

Have you seen the mistakes that they would make in the process?

We were quite quiet about delivering value for the sales force to be effective and great experiences for consumers.

The key part for us is the network, competition.

We deliver advertising to google . we are partners with many across the internet.

Knocking on doors, going to the dry cleaner, we will put your ad not just in wide p.com, but others.

We are the largest mobile ad network out there, which a lot of people are getting bombarded by all these companies, startups going after the local space.

I imagine it is hard to future salespeople motivated for a long time.

To really think about mobile with a strategy for sales.

Clearly it has to go on to a new legacy business.

Combined packages, print, digital, the interactive sizes back in 2008. it has been at the core of everything that we've done and what we train every salesperson to do.

Big numbers, thank you very much.

Thank you.

It is time for the b-1 where we focused on one number that tells a lot.

Cory, what do you have for us today?

21. starting, i have a lot of questions -- i read about this a lot today . of starting the moment that twitter makes its ipo following inherently public, the company has a way to lease 21 days from their roadshow, the marketing effort to try to convince rich people, investors, hedge funds, whatever, to buy the stock.

The roadshow could be as much as one day or a couple of weeks, they can then sell stocks to the public.

As we wait to see the twitter filing, the clock to the roadshow will start and the duration of the roadshow becomes a mystery.

But generally the roadshow is about two weeks, right?

That is generally whether they go to europe or not, the big difference.

What do you make of the timing?

Certainly faster than some of us thought.

At the same time it appears that we do not know everything.

It could move quickly, it will be a fun ride and we will be there, won't we?

Right.

Looking at the calendar, 21 days, plus two weeks for a roadshow, potentially five weeks, we are expecting as we reported -- occasion say that we are -- our vacations are not going to be helping, cory, unfortunately.

Thank you, guys, for watching this edition of the show.

We will see you back here tomorrow.

?

This text has been automatically generated. It may not be 100% accurate.

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