please answer the following chart/questions using the case study provided

Notes: HD = Harley-Davidsorc "m-c = motorcycle; HDMC = Harley-Oavidson Motor Company, the main subsidary of Harlay. Davidson inc. Source Harigy-Dividson, inc investor Meeting, February 28, 2017. 2. Financial Analysis (Andrew) a. Relevant numbers and/or ratios- what numbers should the organization crunch that are of most importance to the arganization's growth and profitobility? TABLE 4 Harky-Davidron's dealembip network, 2006-17 facilities. Dealers were obliged to carry a foll tine of Hurley products and accessories and to offer services that extended beyond service, repair and financing to inclade tes ride facilities, rider instruction dasses, motorcycle fental, consulting for customias. ton, inurance services, and vacation packages. Over 900 , of Iturley dealerships in the besind skalenhipa. ments Groop estahlished a meticuloun set of performance sandands and guidelines for deakrs that conered ewry aspect of managing the shomposm and interacting Other Products and Services Sales of parts, accessories, "general merchandise" (clothing and collectibles), and financial services represented 32% of Harley's total revenue in 2017 (Table 5) - much higher than for other motorcycle companies. Clothing sales included not just traditional riding apparel but also a wide ringe of men's, women's, and children's leisure apparel The "general merchandising" basiness included licensing of the Harley-Davidson name and trademarks to third-party manufactures of clothing giftware, fewelry. toys, and other products. Licensing revenues were $35.5 million in 2017, down from $46.5 million in 2015 . To expand sales of licensed prodicts, Harley operied "nontraditional" dealerships: retail outlets selling clothing, accessories, and giftware but not motorcycles. Manufacturing Since the 1981 buyout, Harley-Davidion had been upgrading its manufacturing operations through new plant and equipment, astotation, enterprise fesource planning tocal qualisy managemernt, IIT scheduling. CAD/CAM, and participative dectaicon-making Despite the constant development of its manufacturing facilities and operationul capahidies, Harley' low production volume relative to Honda and the other Japariene comyponents. operations engine manufactare in Milwaukre, Waconsin and assembly in Youk. macho cycles, typically with V-twin, large displacement engines and an upright riding position. Their design reflected the dominance of styling over either comfort or speed. For the urban males (and some females), the cruiser motorcycle, while a practical mode of transportation, was primarily a statement of style. The cruiser segment was dominated by Harley and most of its competitors in this segment had imitated the main features of the traditional Harley design. - Touring motorcycles. These included cruisers especially equipped for longer-distance riding and bikes especially designed for comfort over long distances (including the Honda Goldwing and the bigger BMWs). These tourers featured luxuries such as audio systems, two-way intercoms, and heaters. While Harley was segment leader, Honda and BMW had engineered their motorcycles for greater smoothness and comfort over long distances through the use of multi-cylinder, shaft-drive engines and advanced suspension systems. - Performance motorcycles: These were based on racing bikes, with hightechnology, high-revving engines offering speed, acceleration, race-track styling, and minimal concessions to rider comfort. The segment was the most important in the European and Asia-Pacific markets, representing 62% and 65% of total heavyweight bike sales, respectively. It was dominated by Japanese motorcycle companies, with a strong representation of European specialists, such as Ducati and Triumph. Harley had competed in this segment during 1993-2010 through Buell Motorcycles. Unlike its Japanese competitors, Harley was highly market focused: its Harley's models were concentrated on the "super-heavyweight" segment (over 850cc) and within this on cruiser and touring motorcycles. If the appeal of the Harley motorcycle was the image it conveyed and the lifestyle it represented, the company's challenge was to ensure that the experience matched the image. Harley's involvement in its consumers' riding experience was through the Harley Owners' Group (HOG), which organized social and charity events. Employees, from the CEO down, were encouraged to take an active role in attending HOG shows, rallies, and rides. "The feeling of being out there on a Harley-Davidson motorcycle links us like no other experience can. It's made HOG like no other organization in the world ... more family reunion than organized meeting." Customer loyalty led to their continuing reinvesting in Harley products: Harley-branded accessories and apparel, customizing their bikes, and eventually trading them in for a new (typically more expensive) model. About half of bike sales were to repeat customers. Financial success involved Harley's repositioning from blue-collar youngsters to middle-aged and upper-income buyers, many of whom had never ridden a motorcycle before. Harley's core demographic was Caucasian males aged 35 and over. The average age of Harley's customers was about 50. Harley's core customer base was narrow and it was aging, hence the priority given to widening the brands appeal. In his final letter to shareholders, retiring CEO Keith Wandell reported success in expanding Harley's customer base. Between 2012 and 2014 , Harley had grown its sales to "outreach customers": young adults, women, African Americans, and Hispanics. In addition, its international sales had grown to 36% of tal retail sales." The Products Broadening Harley's market appeal had major implications for product policy and design. Ever since its disastrous foray into small bikes during the AMF years, Harley had recognized that its competitive advantage lay with super-heavyweight bikes. Here it stuck resolutely to the classic styling that had characterized Harleys since the company's early years. At the heart of the Harley motorcycle was the air-cooled V-twin engine that had been Harley's distinctive feature since 1909. Harley's frames, handlebars, fucl tanks, and seats also reflected traditional designs. Harley's commitment to traditional design features may be seen as making a virtue out of necessity. Its smaller corporate size and inability to share R \& D across cars and bikes (unlike Honda and BMW) limited its ability to invest in technology and new products. As a result, Harley lagged far behind its competitors in the development and application of automotive technologies: not only did its motorcycles look old-style, much of their technology was old-style. Among the 238 us patents awarded to Harley during 20002016, a large proportion related to the design of peripheral items: saddlebag Harley-Davidson, Ine, was far from being the world's biggest motorcycle manufacturer. In 2017 , it sold 241,498 bikes; Honda sold 11.2 million. In relation to the world market for motorcycles of about 132 million bikes - of which Asia accounted for over 80% Harley's market share was about 0.25%. Yet, Harley-Davidson was also one of the world's most famous motorcycle companies. On Interbrand's ranking of the world's most valuable brands, it placed =77 in 2017 with a brand value of $5.7 billion. In 2018 , the company would celebrate its 115 birthday. On Labor Day weekend, tens of thousands of Harley riders would descend on Milwaukee WI for five days of festivities. As one enthusiast explained: It ain't a motorcycle-It's a way of life! Harley-Davidson was also the world's most financially successful motorcycle company. Since its listing on the NYSE in 1986 , its revenues had grown 11 -fold, it had earned an average return on equity of 27%, and average annual return to shareholders was 12.8%. However, since 2008, Harley had experienced headwinds. The financial crisis of 2008-09 had hit it hard and, despite a strong recovery, sales revenues and profits had declined after 2014. The decline in sales continued in 2018 - exacerbated by the trade war initiated by the Trump administration. The European Union had targeted HarleyDavidson with 25% additional tariff on imports of US-made motorcycles. However, CEO Matt Levatich's biggest concern was the longer term outlook for the market for its bikes. Was America's long-running love affair with Harley-Davidson's heavyweight motorcycles cooling' And, if it was, would international markets take up the slack? These concerns were fueled by demographic trends. Harley's core market was the baby-boomer generation-and this cohort was moving toward retirement homes rather than outdoor sports. Would the next cohort Generation X, Y, and the millennials - have the same affinity for the motorcycles and the cultural values that Harley-Davidson represented? The evidence pointed to worrying problems for the entire US motorcycle market. Among the youngest age group - the under-18s-motorcycle ownership was declining sharply. This case was prepared by Robert M. Grant. 92019 Robert M. Grant Matt Levatich and Harley's Ten-Year Strategy In May 2015, when Matt Levatich succeeded Keith Wandell as CEO, Harley was facing declining revenues as it faced a shrinking US motorcycle market, intensifying international competition, and a rising us dollar. Of particular concern was a decline in motorcycle ownership among younger Americans. To address these challenges, in February 2017, Levatich and his team announced a 10-year development strategy for the company. The key theme of the strategy was "Building the Next Generation of Harley. Davidson Riders Globally. Table 1 summarizes the key components of the strategy. The Heavyweight Motorcycle Market Until the financial crisis of 2008-09, the heavyweight segment had been the most rapidly growing part of the world motorcycle market: sales trebled between 1990 and 2008. However, during 2008-10, sales dropped sharply in North America and Europe. Despite a subsequent recovery, the us market continued to contract during 2015-17. In North America, Harley was the leader in heavyweight bikes, with over half the market (Table 2). Overseas, Harley had been unable to replicate this market dominance, despite strong sales in a few markets: it was heavyweight market leader in Japan, Australia, and Brazil. In Europe, Harley's market share lagged those of Honda, BMW, Suzuki, and Triumph. TABLEA1 Selected ltems from 2008200920102011201220132014201520162017 Income statement items Statement of the Current Strategy (Jen Will do this section and will update with current strategy of today) Growth and Expansion Plans: Statement of the Current Problem(s) or Challenge(s) (Jen will do this section and update with current problems) Causes of the Problem(s) or Challenge(s): Matt Analysis of the Problem(s) or Challenge(s): Matt 1. Relevant concepts, theories, analysis techniques a. External Analysis i. General Environment - PESTEL Analysis ii. Industry Environment - Porter's Five-Forces Analysis iil. Competitive Enviranment - Structure, Conduct, Performance Analysis b. Internal Analysis - Analysis of Resources and Copabilities (VRIO Analysis) c. Task Environment - SWOT Analysis, Key Success Factors From Birth to Maturity, 1903-81 Harley-Davidson, Inc. was founded in 1903 by William Harley and the three Davidson brothers: William, Arthur, and Walter. In 1909. Harley introduced its two-cylinder, V-twin engine with its deep, rumbling sound: this engine type would be the characteristic feature of Harley-Davidson motorcycles for the next 110 years. At that time, there were about 150 US motorcycle producers in the United States; by 1953. Harley-Davidson was the sole survivor. After the Second World War, the demand for motorcycles boomed. This encouraged a flood of imports: first the British (BSA, Triumph, and Norton) and then the Japanese (led by Honda). Following Harley's acquisition by the leisure conglomerate AMF in 1969 , sales declined and financial losses mounted. Rebirth, 1981-2008 In 1981, Harley's senior managers led a leveraged buyout of the company. Despite a perilous financial condition, the management team embarked upon rebuilding production methods and working practices, Managers visited Japanese automobile plants and introduced their own version of Toyota's just-in-time (IIT) system called "MAN" (materials-as-needed). Harley's manufacturing plants adopted collaborative processes of quality management. The 1986 initial public offering of Harley-Davidson's shares fueled investment in new models, plants, and dealerships. Harley's share of the market for heavyweight motorcycles (over 500cc ) grew steadily. Harley's biggest challenge was satisfying the surging demand for its products. Between 1996 and 2003, it dramatically increased its production capacity. In 2006, Harley's sales reached a peak of 362,000 motorcycles, a 10-fold increase on 1986 . Figure 1 shows Harley's growth in output. The financial crisis of 2008 put an abrupt end to growth After decades of customer waiting lists and a shortage of production capacity, Harley faced plummeting sales, excess inventory, and bad debts as customers defaulted on their loan repayments. In the shrinking motorcycle markets of North America and Europe, Harley-with the highest average retail price of any major manufacturer-suffered disproportionately. The credit crunch prevented Harley-Davidson Financial Services (HDFS) from securitizing its customer loans -it was obliged to retain them on its own books. When Keith Wandell took over as Harley's CEO in May 2009, his priorities were to restore funding for Harley's consumer lending, align production and employment with lower demand, and refocus on the core Harley-Davidson brand-which involved closing Buell Motorcycles and selling Italian subsidiary MV Agusta. 2 With its financial position sta. bilized, Wandell then sought to return Harley to its previous growth path. This involved: - Restructuring manufacturing operations including reducing capacity and increasing flexibility to allow a wider range of models to be produced and to match production to seasonal fluctuations in demand. - Expanding international sales-especially in the emerging markets of Asia and Latin America. In 2011, Harley opened an Asia-Pacific regional headquarters in Singapore, and an assembly plant in India, - Expanding the customer base. To reestablish growth in North America, Harley needed to broaden its customer base from its core demographic of white males of 45 years or more. Targeted groups included: women riders, "Harlistas" (Latino riders), "Iron Elite" (African-American nders), "Harley's Heroes' (military and veteran riden), and, most of all, younger riders through new models. During 2013, Harley launched its "Project Rushmore" motorcycles: a restyled range of touring motorcycles. They were followed by its "Street" models-lighter, sports motorcycles featuring new, liquid-cooled 500cc and 750cc engines. tha = noc walede Source: Comping whual iepoits Notes: HD = Harley-Davidsorc "m-c = motorcycle; HDMC = Harley-Oavidson Motor Company, the main subsidary of Harlay. Davidson inc. Source Harigy-Dividson, inc investor Meeting, February 28, 2017. 2. Financial Analysis (Andrew) a. Relevant numbers and/or ratios- what numbers should the organization crunch that are of most importance to the arganization's growth and profitobility? TABLE 4 Harky-Davidron's dealembip network, 2006-17 facilities. Dealers were obliged to carry a foll tine of Hurley products and accessories and to offer services that extended beyond service, repair and financing to inclade tes ride facilities, rider instruction dasses, motorcycle fental, consulting for customias. ton, inurance services, and vacation packages. Over 900 , of Iturley dealerships in the besind skalenhipa. ments Groop estahlished a meticuloun set of performance sandands and guidelines for deakrs that conered ewry aspect of managing the shomposm and interacting Other Products and Services Sales of parts, accessories, "general merchandise" (clothing and collectibles), and financial services represented 32% of Harley's total revenue in 2017 (Table 5) - much higher than for other motorcycle companies. Clothing sales included not just traditional riding apparel but also a wide ringe of men's, women's, and children's leisure apparel The "general merchandising" basiness included licensing of the Harley-Davidson name and trademarks to third-party manufactures of clothing giftware, fewelry. toys, and other products. Licensing revenues were $35.5 million in 2017, down from $46.5 million in 2015 . To expand sales of licensed prodicts, Harley operied "nontraditional" dealerships: retail outlets selling clothing, accessories, and giftware but not motorcycles. Manufacturing Since the 1981 buyout, Harley-Davidion had been upgrading its manufacturing operations through new plant and equipment, astotation, enterprise fesource planning tocal qualisy managemernt, IIT scheduling. CAD/CAM, and participative dectaicon-making Despite the constant development of its manufacturing facilities and operationul capahidies, Harley' low production volume relative to Honda and the other Japariene comyponents. operations engine manufactare in Milwaukre, Waconsin and assembly in Youk. macho cycles, typically with V-twin, large displacement engines and an upright riding position. Their design reflected the dominance of styling over either comfort or speed. For the urban males (and some females), the cruiser motorcycle, while a practical mode of transportation, was primarily a statement of style. The cruiser segment was dominated by Harley and most of its competitors in this segment had imitated the main features of the traditional Harley design. - Touring motorcycles. These included cruisers especially equipped for longer-distance riding and bikes especially designed for comfort over long distances (including the Honda Goldwing and the bigger BMWs). These tourers featured luxuries such as audio systems, two-way intercoms, and heaters. While Harley was segment leader, Honda and BMW had engineered their motorcycles for greater smoothness and comfort over long distances through the use of multi-cylinder, shaft-drive engines and advanced suspension systems. - Performance motorcycles: These were based on racing bikes, with hightechnology, high-revving engines offering speed, acceleration, race-track styling, and minimal concessions to rider comfort. The segment was the most important in the European and Asia-Pacific markets, representing 62% and 65% of total heavyweight bike sales, respectively. It was dominated by Japanese motorcycle companies, with a strong representation of European specialists, such as Ducati and Triumph. Harley had competed in this segment during 1993-2010 through Buell Motorcycles. Unlike its Japanese competitors, Harley was highly market focused: its Harley's models were concentrated on the "super-heavyweight" segment (over 850cc) and within this on cruiser and touring motorcycles. If the appeal of the Harley motorcycle was the image it conveyed and the lifestyle it represented, the company's challenge was to ensure that the experience matched the image. Harley's involvement in its consumers' riding experience was through the Harley Owners' Group (HOG), which organized social and charity events. Employees, from the CEO down, were encouraged to take an active role in attending HOG shows, rallies, and rides. "The feeling of being out there on a Harley-Davidson motorcycle links us like no other experience can. It's made HOG like no other organization in the world ... more family reunion than organized meeting." Customer loyalty led to their continuing reinvesting in Harley products: Harley-branded accessories and apparel, customizing their bikes, and eventually trading them in for a new (typically more expensive) model. About half of bike sales were to repeat customers. Financial success involved Harley's repositioning from blue-collar youngsters to middle-aged and upper-income buyers, many of whom had never ridden a motorcycle before. Harley's core demographic was Caucasian males aged 35 and over. The average age of Harley's customers was about 50. Harley's core customer base was narrow and it was aging, hence the priority given to widening the brands appeal. In his final letter to shareholders, retiring CEO Keith Wandell reported success in expanding Harley's customer base. Between 2012 and 2014 , Harley had grown its sales to "outreach customers": young adults, women, African Americans, and Hispanics. In addition, its international sales had grown to 36% of tal retail sales." The Products Broadening Harley's market appeal had major implications for product policy and design. Ever since its disastrous foray into small bikes during the AMF years, Harley had recognized that its competitive advantage lay with super-heavyweight bikes. Here it stuck resolutely to the classic styling that had characterized Harleys since the company's early years. At the heart of the Harley motorcycle was the air-cooled V-twin engine that had been Harley's distinctive feature since 1909. Harley's frames, handlebars, fucl tanks, and seats also reflected traditional designs. Harley's commitment to traditional design features may be seen as making a virtue out of necessity. Its smaller corporate size and inability to share R \& D across cars and bikes (unlike Honda and BMW) limited its ability to invest in technology and new products. As a result, Harley lagged far behind its competitors in the development and application of automotive technologies: not only did its motorcycles look old-style, much of their technology was old-style. Among the 238 us patents awarded to Harley during 20002016, a large proportion related to the design of peripheral items: saddlebag Harley-Davidson, Ine, was far from being the world's biggest motorcycle manufacturer. In 2017 , it sold 241,498 bikes; Honda sold 11.2 million. In relation to the world market for motorcycles of about 132 million bikes - of which Asia accounted for over 80% Harley's market share was about 0.25%. Yet, Harley-Davidson was also one of the world's most famous motorcycle companies. On Interbrand's ranking of the world's most valuable brands, it placed =77 in 2017 with a brand value of $5.7 billion. In 2018 , the company would celebrate its 115 birthday. On Labor Day weekend, tens of thousands of Harley riders would descend on Milwaukee WI for five days of festivities. As one enthusiast explained: It ain't a motorcycle-It's a way of life! Harley-Davidson was also the world's most financially successful motorcycle company. Since its listing on the NYSE in 1986 , its revenues had grown 11 -fold, it had earned an average return on equity of 27%, and average annual return to shareholders was 12.8%. However, since 2008, Harley had experienced headwinds. The financial crisis of 2008-09 had hit it hard and, despite a strong recovery, sales revenues and profits had declined after 2014. The decline in sales continued in 2018 - exacerbated by the trade war initiated by the Trump administration. The European Union had targeted HarleyDavidson with 25% additional tariff on imports of US-made motorcycles. However, CEO Matt Levatich's biggest concern was the longer term outlook for the market for its bikes. Was America's long-running love affair with Harley-Davidson's heavyweight motorcycles cooling' And, if it was, would international markets take up the slack? These concerns were fueled by demographic trends. Harley's core market was the baby-boomer generation-and this cohort was moving toward retirement homes rather than outdoor sports. Would the next cohort Generation X, Y, and the millennials - have the same affinity for the motorcycles and the cultural values that Harley-Davidson represented? The evidence pointed to worrying problems for the entire US motorcycle market. Among the youngest age group - the under-18s-motorcycle ownership was declining sharply. This case was prepared by Robert M. Grant. 92019 Robert M. Grant Matt Levatich and Harley's Ten-Year Strategy In May 2015, when Matt Levatich succeeded Keith Wandell as CEO, Harley was facing declining revenues as it faced a shrinking US motorcycle market, intensifying international competition, and a rising us dollar. Of particular concern was a decline in motorcycle ownership among younger Americans. To address these challenges, in February 2017, Levatich and his team announced a 10-year development strategy for the company. The key theme of the strategy was "Building the Next Generation of Harley. Davidson Riders Globally. Table 1 summarizes the key components of the strategy. The Heavyweight Motorcycle Market Until the financial crisis of 2008-09, the heavyweight segment had been the most rapidly growing part of the world motorcycle market: sales trebled between 1990 and 2008. However, during 2008-10, sales dropped sharply in North America and Europe. Despite a subsequent recovery, the us market continued to contract during 2015-17. In North America, Harley was the leader in heavyweight bikes, with over half the market (Table 2). Overseas, Harley had been unable to replicate this market dominance, despite strong sales in a few markets: it was heavyweight market leader in Japan, Australia, and Brazil. In Europe, Harley's market share lagged those of Honda, BMW, Suzuki, and Triumph. TABLEA1 Selected ltems from 2008200920102011201220132014201520162017 Income statement items Statement of the Current Strategy (Jen Will do this section and will update with current strategy of today) Growth and Expansion Plans: Statement of the Current Problem(s) or Challenge(s) (Jen will do this section and update with current problems) Causes of the Problem(s) or Challenge(s): Matt Analysis of the Problem(s) or Challenge(s): Matt 1. Relevant concepts, theories, analysis techniques a. External Analysis i. General Environment - PESTEL Analysis ii. Industry Environment - Porter's Five-Forces Analysis iil. Competitive Enviranment - Structure, Conduct, Performance Analysis b. Internal Analysis - Analysis of Resources and Copabilities (VRIO Analysis) c. Task Environment - SWOT Analysis, Key Success Factors From Birth to Maturity, 1903-81 Harley-Davidson, Inc. was founded in 1903 by William Harley and the three Davidson brothers: William, Arthur, and Walter. In 1909. Harley introduced its two-cylinder, V-twin engine with its deep, rumbling sound: this engine type would be the characteristic feature of Harley-Davidson motorcycles for the next 110 years. At that time, there were about 150 US motorcycle producers in the United States; by 1953. Harley-Davidson was the sole survivor. After the Second World War, the demand for motorcycles boomed. This encouraged a flood of imports: first the British (BSA, Triumph, and Norton) and then the Japanese (led by Honda). Following Harley's acquisition by the leisure conglomerate AMF in 1969 , sales declined and financial losses mounted. Rebirth, 1981-2008 In 1981, Harley's senior managers led a leveraged buyout of the company. Despite a perilous financial condition, the management team embarked upon rebuilding production methods and working practices, Managers visited Japanese automobile plants and introduced their own version of Toyota's just-in-time (IIT) system called "MAN" (materials-as-needed). Harley's manufacturing plants adopted collaborative processes of quality management. The 1986 initial public offering of Harley-Davidson's shares fueled investment in new models, plants, and dealerships. Harley's share of the market for heavyweight motorcycles (over 500cc ) grew steadily. Harley's biggest challenge was satisfying the surging demand for its products. Between 1996 and 2003, it dramatically increased its production capacity. In 2006, Harley's sales reached a peak of 362,000 motorcycles, a 10-fold increase on 1986 . Figure 1 shows Harley's growth in output. The financial crisis of 2008 put an abrupt end to growth After decades of customer waiting lists and a shortage of production capacity, Harley faced plummeting sales, excess inventory, and bad debts as customers defaulted on their loan repayments. In the shrinking motorcycle markets of North America and Europe, Harley-with the highest average retail price of any major manufacturer-suffered disproportionately. The credit crunch prevented Harley-Davidson Financial Services (HDFS) from securitizing its customer loans -it was obliged to retain them on its own books. When Keith Wandell took over as Harley's CEO in May 2009, his priorities were to restore funding for Harley's consumer lending, align production and employment with lower demand, and refocus on the core Harley-Davidson brand-which involved closing Buell Motorcycles and selling Italian subsidiary MV Agusta. 2 With its financial position sta. bilized, Wandell then sought to return Harley to its previous growth path. This involved: - Restructuring manufacturing operations including reducing capacity and increasing flexibility to allow a wider range of models to be produced and to match production to seasonal fluctuations in demand. - Expanding international sales-especially in the emerging markets of Asia and Latin America. In 2011, Harley opened an Asia-Pacific regional headquarters in Singapore, and an assembly plant in India, - Expanding the customer base. To reestablish growth in North America, Harley needed to broaden its customer base from its core demographic of white males of 45 years or more. Targeted groups included: women riders, "Harlistas" (Latino riders), "Iron Elite" (African-American nders), "Harley's Heroes' (military and veteran riden), and, most of all, younger riders through new models. During 2013, Harley launched its "Project Rushmore" motorcycles: a restyled range of touring motorcycles. They were followed by its "Street" models-lighter, sports motorcycles featuring new, liquid-cooled 500cc and 750cc engines. tha = noc walede Source: Comping whual iepoits