Raphael Stevens

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    StubHub eyes summer IPO, seeks $16.5 billion valuation

    StubHub is eyeing a summer initial public offering.
    The online ticketing service has been working with JPMorgan and Goldman Sachs over the past two years on the IPO.

    StubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.
    The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.

    The company has been working with JPMorgan and Goldman Sachs over the past two years on the IPO. The Information was the first to report the news.
    StubHub has been a longtime player in the ticketing industry since its launch in 2000. It was purchased by eBay for $310 million in 2007, but reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo.
    Online ticketing rival SeatGeek has also reportedly been evaluating a potential IPO this year. If StubHub does enter the public market, it will trade alongside competitors Vivid Seats and Live Nation. Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just under $24 billion, according to FactSet.
    The live events marketplace has bloomed in the wake of the Covid-19 pandemic, as people have gravitated toward out-of-home entertainment and experiences. Record-breaking concert ticket sales, such as those seen for Taylor Swift’s Eras Tour and Beyoncé’s Renaissance Tour, have fueled revenues for ticketing companies across the board.
    StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.

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    Nike CEO says focus on its own website and stores went too far as it embraces wholesale retailers again

    Nike CEO John Donahoe acknowledged that the brand went too far when it iced out wholesalers in favor of its own stores and website.
    “We’ve corrected that. We’re investing heavily with our retail partners,” Donahoe said in an interview with CNBC.
    The sneaker giant has been working to drive direct sales but has recently renewed partnerships with wholesalers like Macy’s and DSW.

    Illuminated trademark of the American athletic footwear and apparel corporation Nike, Inc. seen on the Nike Store window in Antwerp, Belgium. (Photo by Karol Serewis/SOPA Images/LightRocket via Getty Images)
    Karol Serewis | Lightrocket | Getty Images

    Nike CEO John Donahoe acknowledged Friday that the company moved too far away from wholesale partners like Macy’s and DSW in its quest to become a retailer that primarily sells merchandise to shoppers through its own stores and website. 
    “We recognize that in our movement toward digital, we had over-rotated away from wholesale a little more than we intended,” Donahoe told CNBC’s Sara Eisen from Paris. “We’ve corrected that. We’re investing heavily with our retail partners. They were all here over the last couple of days; they’re very excited about the innovation pipeline.” 

    Over the past several years, Nike has worked to transform its business from a brand that primarily sold its sneakers and clothes in department stores and specialty athletic shops to one that does the bulk of its sales direct to consumers. 
    The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection. Over the last four years, Donahoe said Nike tripled its mobile and digital business from about 10% of overall sales to 30%.
    However, it’s a tough strategy to pull off and one that can pressure margins in the short term. Shifting to a direct model is capital-intensive and saddled Nike with the headaches of returns and owned inventory, which had typically fallen on wholesale partners.
    On top of that, department stores and specialty shops are massive customer acquisition engines. Without them, brands have to spend more on marketing, which has become more expensive and challenging to do online. 

    Some analysts have said Nike’s decision to shun wholesale partners was a mistake. They argued it set the company back and is part of the reason why it fell behind on innovation and products. It also had a negative impact on Foot Locker, which has long relied on Nike to drive sales and now doesn’t receive the same assortment of products that it once did. 

    In its push toward a direct model, Nike temporarily cut ties with retailers like Macy’s and DSW, but it restored those partnerships last year as it began to shift its tone on wholesalers. 
    The change comes at a difficult time for Nike, which has faced criticism over its product assortment and losing market share to upstarts like On Running and Hoka. In December, it announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It also cut its sales guidance as it warned of softer demand in the quarters ahead. 
    Two months later, Nike said it was shedding 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women’s category and the Jordan brand.
    During Friday’s interview, Donahoe reiterated that consumers today “want to get what they want, when they want it, how they want it” — a refrain he has used over the past year when discussing Nike’s shifting sales strategy. 
    “There’s not digital shoppers versus physical retail shoppers. There’s not shoppers who only shop in mono-brand stores versus multibrand shoppers,” Donahoe said. “Consumers want to get what they want across multiple channels. … The consumer will have a choice to come to Nike directly digitally, to come to a Nike door or to go to one of our wholesale [partners].” 

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    Nike CEO blames remote work for innovation slowdown, saying it’s hard to build disruptive products on Zoom

    Nike CEO John Donahoe blamed remote work for the company’s innovation slowdown and dearth of fresh products.
    Donahoe said the Nike employees worked from home for 2.5 years and “it’s really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom.”
    The company is in a bit of a rough spot and has been criticized for falling behind on innovation and ceding market share to upstarts like On Running and Hoka.

    Nike President and CEO John Donahoe.
    Source: Nike

    Nike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it’s tough to be disruptive when people are working from home. 
    In an interview with CNBC’s Sara Eisen from Paris, Donahoe was asked about the company’s lack of fresh new products in its assortment, which had been a concern among investors. 

    “What’s been missing is the kind of bold, disruptive innovation that Nike’s known for and when we look back, the reasons are fairly straightforward,” said Donahoe.
    He pointed out that footwear factories in Vietnam were forced to shutter during the Covid-19 pandemic but said “even more importantly,” Nike’s employees worked from home for 2.5 years.
    “In hindsight, it turns out, it’s really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom,” Donahoe said. “Our teams came back together 18 months ago in person, and we recognize this. So we realigned our company, and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iterative innovation pipeline.” 

    Donahoe said Nike’s innovation pipeline “is as strong as ever,” and consumers can expect to start seeing new product drops each season, as well as the fresh storytelling the brand has long been known for. 
    The chief executive’s comments come at a tough time for the company. Some analysts and investors have criticized the sneaker giant for falling behind on innovation and losing market share to upstarts like On Running and Hoka, which have won over a new generation of runners and have grown rapidly in recent years. 

    In December, Nike announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It also cut its sales guidance as it warned of softer demand in the quarters ahead. 
    Two months later, it said it was shedding 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women’s category and the Jordan brand.
    Donahoe insisted Friday that Nike is still “gaining share” and remains a dominant force in running and all things sport. 
    “We’ve done more to advance running than any brand in the world over the last 50 years and we continue to lead with elite runners,” said Donahoe when asked about On Running and Hoka.  “Innovation has always been what’s marked Nike in running, as in other categories and so we’re not just going to copy what other people do, we’re gonna bring innovation.” More

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    90% of qualifying electric-vehicle buyers opt for $7,500 ‘new clean vehicle’ tax credit as upfront payment, Treasury says

    The Inflation Reduction Act turned a $7,500 tax credit for new electric vehicles into an upfront discount for buyers via an advance payment of their tax break.
    About 90% of qualifying consumers buying a new EV have opted to get their tax break as an advance payment, a Treasury Department official said. 
    Advance payments also allow consumers to get their full EV credit regardless of tax liability.

    Maskot | Maskot | Getty Images

    The bulk of Americans buying qualifying new electric vehicles are opting to receive an associated tax credit upfront from the car dealer instead of waiting until tax season, according to new Treasury Department data.  
    About 90% of consumers who qualify for a “new clean vehicle” tax credit — worth up to $7,500 — have requested their tax break be issued as an advance payment, according to a Treasury Department official speaking on background.

    “It means that it’s popular,” Ingrid Malmgren, policy director at nonprofit EV advocacy group Plug In America, said of the data.
    Advance payments are a new, optional financial mechanism created by the Inflation Reduction Act, which President Joe Biden signed in 2022. They allow dealers to give an upfront discount to qualifying buyers, delivered as a partial EV payment, down payment or cash payment to consumers. The IRS then reimburses the dealer.
    Not everyone will necessarily qualify for the full $7,500, depending on factors like the type of car that’s purchased.
    The advance-payment provision kicked in Jan. 1.
    Previously, all EV buyers had to wait until tax season the year after their purchase to claim related tax credits, meaning they may wait several months or longer.

    Because the clean vehicle credit is nonrefundable, households with low annual tax burdens may not be able to claim the tax break’s full value on their returns. But that’s not the case with advance payments: Eligible buyers get their full value regardless of tax liability.
    Advance payments are also available for purchases of used EVs. The previously owned clean vehicle credit is worth up to $4,000.
    The advance payments can help with affordability, Malmgren said. For example, the upfront cash means households may not need to source funds from elsewhere to cover a down payment, she said. It can also reduce the cost of monthly car payments and overall interest charges, she added.
    Car dealers have filed about 100,000 time-of-sale reports for new and used EVs to the IRS since Jan. 1, which signals that a consumer qualifies for a tax break, according to the Treasury official.
    The Treasury has issued more than $580 million in advance payments since Jan. 1, the official said.
    “Demand is high four months into implementation of this new provision with American consumers saving more than half a billion dollars,” Haris Talwar, a Treasury spokesperson, said in a written statement.

    Caveats to advance payments

    Of course, there are some caveats to the advance payments. For one, not all car dealers are participating.
    More than 13,000 dealers have so far registered with the IRS Energy Credits Online portal to facilitate these financial transfers to consumers. That number is up from more than 11,000 in early February.
    For context, there were 16,839 franchised retail car dealers in the U.S. during the first half of 2023, according to the National Automobile Dealers Association. There are also roughly 60,000 independent car dealers, though they largely sell used cars, according to a 2021 Cox Automotive estimate. Not all these franchises or independent dealers necessarily sell EVs.
    More from Personal Finance:3 signs it’s time to refinance your mortgageWhat Biden’s new student loan forgiveness plan means for your taxesWhy the Fed is in no rush to cut interest rates in 2024
    Additionally, not all EVs or consumers will qualify for a tax break.
    The Inflation Reduction Act has manufacturing requirements for new EVs — meant to encourage more domestic production — that temporarily limit the models that qualify for a full or partial tax credit.
    There are 36 new EV models currently available for a tax break in 2024, according to U.S. Energy Department data as of March 18.
    Manufacturers of those models include Acura, Audi, Cadillac, Chevrolet, Chrysler, Ford, Honda, Jeep, Lincoln, Nissan, Rivian, Tesla and Volkswagen. Some models qualify for half the tax credit — $3,750 — instead of the full $7,500.
    Cars and buyers must meet other requirements, too, which include income limits for households and thresholds on EV sticker prices.
    Buyers need to sign an affidavit at car dealerships affirming their annual income doesn’t exceed certain eligibility thresholds. Making an error would generally require consumers to repay the tax break to the IRS.

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    EU probe of weight loss and diabetes drugs like Wegovy, Ozempic finds no link to suicidal thoughts

    European Union drug regulators found no evidence that highly popular weight loss and diabetes drugs such as Wegovy and Ozempic are linked to an increased risk of suicidal thoughts and self-injury.
    The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, which have skyrocketed in demand over the last year.
    The review examined several drugs from Novo Nordisk, including Wegovy and Ozempic, but did not include Eli Lilly’s Zepbound and Mounjaro.

    Boxes of Wegovy made by Novo Nordisk are seen at a pharmacy in London, Britain March 8, 2024. 
    Hollie Adams | Reuters

    European Union drug regulators found no evidence that highly popular weight loss and diabetes drugs such as Wegovy and Ozempic are linked to an increased risk of suicidal thoughts and self-injury, the regulator said Friday. 
    The European Medicines Agency conducted a nine-month investigation into so-called GLP-1s, a blockbuster class of treatments that mimic a hormone produced in the gut to suppress a person’s appetite. Those drugs have skyrocketed in demand over the last year despite their hefty price tags and spotty insurance coverage.

    The review examined several drugs from Novo Nordisk, including Wegovy and Ozempic. It did not include Eli Lilly’s Zepbound and Mounjaro, two versions of the same drug sold for weight loss and diabetes. But the probe did include the active ingredient in an older diabetes treatment from Eli Lilly called Trulicity. 
    In a statement to CNBC, Novo Nordisk confirmed the findings of the EMA’s investigation and said it will continue to monitor reports of adverse reactions to its GLP-1s, including suicide and suicidal ideation.
    The agency’s verdict is the latest in a series of reassuring reports on suicide risk for GLP-1s. The U.S. Food and Drug Administration came to a similar conclusion in January but said agency officials couldn’t definitively rule out that a “small risk may exist.” 
    Clinical trials from Novo Nordisk and Eli Lilly have not demonstrated a link between GLP-1s and suicidal thoughts. Still, researchers and doctors have been on the lookout for any new unwanted side effects or added risks as thousands of new patients start taking the drugs. 
    The EMA first launched its investigation in July after the Icelandic Medicines Agency flagged three cases of suicidal thoughts and self-injury in patients taking drugs containing liraglutide and semaglutide, the active ingredients in the popular treatments.

    Semaglutide is the active ingredient used in Wegovy, Ozempic and Novo Nordisk’s diabetes pill Rybelsus. Liraglutide is the active ingredient in Novo Nordisk’s older weight loss drug Saxenda. The probe also included other active ingredients in older weight loss and diabetes drugs, including dulaglutide, exenatide and lixisenatide. 
    The EMA on Friday said it analyzed results from a large U.S. study and did not find a direct association between the use of semaglutide and suicidal thoughts. Results from another study conducted by the agency also did not support a link between GLP-1 drugs and the risk of suicidal thoughts. 
    Both the studies were based on electronic health records.
    If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 in the U.S. or the Samaritans in the U.K. at 116 123 for support and assistance from a trained counselor. More

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    JPMorgan Chase tops estimates on better-than-expected credit costs, trading revenue

    The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover last year of First Republic during the regional banking crisis.
    But in guidance for 2024, the bank said it expected net interest income of around $90 billion, which is essentially unchanged from previous wording.
    That appeared to disappoint investors, who expected JPMorgan to raise its guidance by $2 billion to $3 billion for the year; shares of JPM slipped 3.5% in premarket trading.

    Jamie Dimon, President and CEO of JPMorgan Chase, speaking on CNBC’s “Squawk Box” at the World Economic Forum Annual Meeting in Davos, Switzerland, on Jan. 17, 2024.
    Adam Galici | CNBC

    JPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.
    Here’s what the company reported compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv:

    Earnings: $4.44 per share, vs. $4.11 expected
    Revenue: $42.55 billion, vs. $41.85 billion expected

    The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover of First Republic during the regional banking crisis last year. Per-share earnings would’ve been 19 cents higher excluding a $725 million boost to the FDIC’s special assessment to cover the costs tied to last year’s bank failures.
    Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.
    JPMorgan posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts. The provision was 17% smaller than a year ago, as the firm released some reserves for loan losses, rather than building them as it did a year earlier.
    While trading revenue overall was down 5% from a year earlier, fixed income and equities results topped analysts’ expectations by more than $100 million each, coming in at $5.3 billion and $2.7 billion, respectively.
    But in guidance for 2024, the bank said it expected net interest income of around $90 billion, which is essentially unchanged from previous wording.

    That appeared to disappoint investors, who expected JPMorgan to raise its guidance by $2 billion to $3 billion for the year; shares of JPM slipped 3.5% in premarket trading.
    JPMorgan CEO Jamie Dimon called his company’s results “strong” across consumer and institutional areas, helped by a still-buoyant U.S. economy, though he struck a note of caution about the future.
    “Many economic indicators continue to be favorable,” Dimon said. “However, looking ahead, we remain alert to a number of significant uncertain forces” including overseas conflict and inflationary pressures.
    Though the biggest U.S. bank by assets has navigated the rate environment well since the Federal Reserve began raising rates two years ago, smaller peers have seen their profits squeezed.
    The industry has been forced to pay up for deposits as customers shift cash into higher-yielding instruments, squeezing margins. Concern is also mounting over rising losses from commercial loans, especially on office buildings and multifamily dwellings, and higher defaults on credit cards.
    Still, large banks are expected to outperform smaller ones this quarter.
    Shares of JPMorgan have jumped 15% this year, outperforming the 3.9% gain of the KBW Bank Index.
    Wells Fargo and Citigroup also report quarterly results Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.  
    This story is developing. Please check back for updates.

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    Citigroup tops estimates for first-quarter revenue on better-than-expected Wall Street results

    The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs.
    Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.

    Jane Fraser, CEO of Citi, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 1, 2023. 
    Patrick T. Fallon | AFP | Getty Images

    Citigroup on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected results in the bank’s investment banking and trading operations.
    Here’s how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:

    Earnings: $1.86 per share, adjusted, vs. $1.23 expected
    Revenue: $21.10 billion vs. $20.4 billion expected

    The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs. Adjusting for the impact of FDIC charges as well as restructuring and other costs, Citi earned $1.86 per share, according to LSEG calculations.
    Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.
    Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.
    Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.
    The bank also posted an 8% gain to $4.8 billion in revenue in its Services division, which includes businesses that cater to the banking needs of global corporations, thanks to rising deposits and fees.

    Shares of the bank climbed about 1% in premarket trading.
    Citigroup CEO Jane Fraser previously said her sweeping corporate overhaul would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.
    “Last month marked the end to the organizational simplification we announced in September,” Fraser said in the earnings release. “The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.
    Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. Now, analysts want to know if Citigroup can maintain its previous guidance for full-year revenue and expense targets.
    JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.
    This story is developing. Please check back for updates. More

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    NIL-era college athletes navigate new realm of financial literacy

    Name, image and likeness regulations are funneling more money into college athletes’ bank accounts — and making financial literacy more important.
    Athletes like Louisiana State University gymnast Olivia Dunne and University of Iowa women’s basketball star Caitlin Clark have NIL valuations over $3 million, according to college sports site On3.
    “All of the issues that pro athletes have dealt with for years are now going downstream,” said former NFL player and CNBC Global Financial Wellness Advisory Board member Brandon Copeland.

    Caitlin Clark of the Iowa Hawkeyes waves to the crowd during senior day festivities after the match-up against the Ohio State Buckeyes at Carver-Hawkeye Arena on March 3, 2024 in Iowa City, Iowa.
    Matthew Holst | Getty Images Sport | Getty Images

    Three years after three little letters revolutionized collegiate sports, a billion-dollar industry is funneling more money into college athletes’ bank accounts — and financial literacy has never been more important.
    In 2021, college athletes in the NCAA gained the opportunity to benefit financially from their name, image and likeness — known as NIL regulations. That meant that they could get paid for signing autographs or posting on social media as brand ambassadors, among other things.

    Athletes like Louisiana State University gymnast Olivia Dunne and University of Iowa women’s basketball star Caitlin Clark have NIL valuations over $3 million, according to college sports site On3, which combines an athlete’s projected value to his or her roster and their licensing and sponsorship prospects to estimate an overall annual value.
    The NIL regulations have resulted in athletes younger than ever cashing in and saving up, creating a need for financial literacy specifically tailored to them.
    UCLA quarterback Chase Griffin has used the experience of securing NIL deals to learn valuable lessons about money.
    Griffin is a two-time winner of the National NIL Male Athlete of the Year award and has inked nearly 40 NIL deals, each ranging from four figures to nearly six figures, he said.

    Quarterback Chase Griffin #11 of the UCLA Bruins looks to pass the ball in the game against the Arizona Wildcats at the Rose Bowl on November 28, 2020 in Pasadena, California. 
    Jayne Kamin-oncea | Getty Images Sport | Getty Images

    He says his framework around money has come a long way since his freshman year of college, back when he received stipend money from the university.

    “With my stipend, that was the first time I had that much money in my bank account. What I found was that I wasn’t as good with financial literacy as I thought,” Griffin told CNBC. “I knew I was getting another stipend the next month, so I was spending my entire stipend. As I’ve gotten older, I look at money through the means of what it allows me to do.”
    Griffin is now saving his NIL money to buy a house after graduation. He’ll graduate from UCLA with a master’s degree in legal studies in June.
    The NIL era has allowed college athletes to save for the future and seek professional financial advice in a way many 18- to 22-year-olds can’t.
    NCAA athletes hire agents and financial advisors to help them negotiate NIL deals, ushering in new financial responsibilities.
    “Athletes are going pro earlier, which is great,” said former NFL player and CNBC Global Financial Wellness Advisory Board member Brandon Copeland. “All of the issues that pro athletes have dealt with for years are now going downstream.”

    Copeland is the CEO of Athletes.org, an organization that focuses on helping college athletes navigate this new world. Athletes.org works with NCAA athletes around the country to provide free, on-demand support for key decisions in their life such as finding a lawyer to review an NIL deal. It also provides a forum to discuss everything from negotiation tactics to mental health.
    “The first thing athletes should know is taxes are real,” Copeland told CNBC. “That number you see is not exactly what you’re going to get. Don’t go and spend it all in one place at one time.”
    Financial advisors also help to fill in those who need advice with what to do with their money.
    Morgan Stanley’s head of Global Sports and Entertainment, Sandra Richards, and her team work with several NCAA athletes. Richards said she works to make sure her advisors help their clients identify their financial goals from the beginning.
    “It’s forcing these young people to have the conversation about, what do I want this money to do for me,” Richards said. “What are we playing for, and why are you in this, and what do you want to do with this money? I’m optimistic about these young people. You have so much access to information and social media.”

    As part of its National Financial Literacy Month efforts, CNBC will be featuring stories throughout the month dedicated to helping people manage, grow and protect their money so they can truly live ambitiously.

    Social media is one of the biggest ways to reach NCAA athletes with critical financial information. Videos on Instagram, TikTok or YouTube, for example, can offer tips or insights, although it’s important to vet the quality and sources of that advice.
    Retired NFL player Carl Nassib uses his own social channels to gain knowledge about personal finance, adding that he wished NIL was around while he was in college. Nassib was a walk-on college football player at Penn State from 2011 to 2015, and once had to sell his books to pay for a broken pipe in his apartment.
    Nassib is excited about what higher levels of financial literacy will mean for college athletes of the present and future.
    “It would be nice if you get some athletes who are role models in financial wellness,” Nassib told CNBC. “I think the ripple effects of that will be extremely positive. I have been working with so many players in the NFL, trying to get them on a better path. If we can move that learning curve back four years, that’ll just be so special and so impactful.”

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