Transcripts For BLOOMBERG Bloomberg West 20160310

Donald trump is making overtures to the Republican Leadership as he consolidates his frontrunner status. He had a conciliatory discussion with House Speaker paul ryan. Putting trump ahead in the key races in florida and ohio. Does any headlines from bloomberg news. Bloomberg markets today, closed for lunch but heres how they were trading in the morning session. The composite down about 1 . We are leading up to that decision in shanghai. I am back in half an hour. Time now for bloomberg west. Coming up, square beats big time on revenue. The company is still losing money. Amazon goes to hollywood. We step on the set to take a closer look at the companys plans. China announcing the biggest vc cash pile in the world. How it plans to invest in that country. First, square posting sales growth despite increasing competition from paypal, apple just to name a few. Revenue rising 49 in squares First Quarter as a public company, but profitability may be the real concern. Squares net loss widened to more than 80 million. Youre looking to the ceo for a convincing argument that square cant sustain this growth and continued to make money, perhaps even branch out. Joining me now to discuss is payments veteran, a former these executive, now ceo of the mobile banking startup chime. Chris, i am going to start with you. You are very optimistic about square in general. What do you think about sales growth here combined with the lack of profitability . Chris they had a huge quarter. 50 to the corner, 60 for the full year. They are clearly firing on all cylinders on that front. They are expanding into other categories. There Square Capital division is something investors are really looking at. Have announced that they have offered loans to hundreds of thousands of merchants 70,000 merchants and about 400,000 of loans in just the first year. That is an exciting crosssale opportunity for them. Emily i heard a lot of people very optimistic about the future of Square Capital. How big do you think Square Capital can be . Paul i think it kind of has to be. The payments side of the business, as your guest well those, coming from a very competitive business of payments himself, it is becoming increasingly competitive. Then vote, paypal, square. If you watch some of the key metrics at square, like the amount of money it gets on a per transaction basis, that has been in decline since before the Company Became public. It is not just square, it is across the industry. The way you support yourself in terms of maintaining margins is you have to offer these type of back end merchant services. Emily how much does it matter that square isnt profitable and margins are growing despite the strong growth . Chris i think this is a growth company, and what is exciting about the company, in my mind, is that they design beautiful products. If you look at the Customer Satisfaction rates among their merchants, it is unheard of in payments and banking except for maybe chime. But in general, the big processors in this area are not loved. It really gives them an opportunity to expand into other areas. It bodes very well for them to do things like caviar. Emily caviar is the Delivery Services they are offering to merchants . Chris run by my friend, who is an amazing entrepreneur. I dont think that is the whole story. I think the more exciting story is the Square Capital side of the business and how that precedes overtime. Emily square has been focusing on small and medium businesses, but what happens once they start branching out to larger businesses . Does that change the story . Paul for sure. Back to where the companys revenues come from, analysts are talking about what the impact will be coming going from being focus very much on small and medium business, to focusing, or at least trying to focus more on larger business where the take rate declined. I think most people are looking at the starbucks deal, because like most large companies, they cant get the same percentage of the overall transactions to flow back to them as revenues. Emily we have been listening to jack dorsey on the earnings call. Take a look at what he said about their contact list. Mr. Dorsey we are seeing Strong Demand for our contact chip and reader. We have been shipping the readers since december. It is also for sale online and in apple stores around the country. Emily how strong is squares Product Pipeline . Paul i think it is great. It is amazing for the ecosystem. It will accelerate payments, because if you look across merchant locations, the actual places you can use your apple pay or android pay are quite limited. To add that to the 2 million plus merchants they use is a Great Development overall for consumers. Emily it was interesting early this year when we were seeing a lot of market volatility, with twitter and square specifically, we saw a rise and fall together even though they are completely different businesses, yet run by the same person. Recently, we have seen square outpaced twitter. How much do you think him being ceo of one is affecting the other and vice versa . Paul i think it is a hairball. I wish you would stop and focus on a single company, because i dont think it does either company any favors. Jack is a prodigious and talented guy and it is great he has been able to scale himself across two companies. Over time, this has to go away. It becomes collateral damage, where if there is a problem with one, it just reflected into the other companys stock. I think he will have to make that change. Whether it is this year or next, i dont see how it can continue . Emily you are ceo of a payment company, what do you think . Chris he invented square, he invented twitter. Square is a multibillion dollar market cap and twitter is just an amazing product. I would give him a little time to get both of these businesses back on track. I think it will be tough longterm, but he has a Blue Bottle Coffee between the two offices. Emily thank you so much for joining us. I will be speaking to jack dorsey right after the show today, so i will bring you this thoughts tomorrow. Staying with earnings, shares at box are surging afterhours because of some better than expected guidance from the company. Projections for the Current Quarter and fullyear both suggesting that the company will lose less money than analysts had been predicting. Box helps analysts sync files. Meantime, the eu may be gearing up for an investigation of googles android operating system, yet another obstacle in europe. Companies complaining about google have been asked to prepare a nonconfidential version of documents that can be shown to the search giant which could signal a rerun of the probe into googles shopping service. It could result in hefty fines or even force google to change business practices. Coming up, amazon announced plans to build its own Delivery Network and leased 20 planes. Emily intel is setting its sights on 3d sports broadcasting, acquiring replay technologies, specializing in 3d experiences. The companies have worked together before, specifically during the nba allstar weekend. Heres a look at how the Technology Actually works. When intel demoed its new technologies, they used Replay Technology to show exactly what it could do. Intel said that buying the israeli startup was a natural next step as it moves into the arena of socalled immersive sports. It is a bit of a mashup between what you see in the matrix films and professional sports. It allows fans to get up close and personal to the action, whether they are in the arena or watching from the comfort of the living room. They create 3d pixels of the entire surface area, enabling it to build up the scene in real time. Replay has raised more than 20 million so far. It will allow them to build on the existing business. Emily joining the ranks of fedex and ups, amazon has been taking strides to build out its Delivery Network, announcing plans to lease 20 boeing 767 aircrafts and taking the plunge into the air freight and shipping space. Here to discuss the obligations are editoratlarge cory johnson, Paul Kedrosky still with us, and Jonathan Kessler from a company that deals with trucking with just six. Corey, what do you make from this move from amazon . Cory the mechanics of the deal are very interesting. A 57year program where they are taking 20 planes. They also get the option of buying 19. 9 of this company at a fixed price as of february 9, which is nine dollars six to seven cents per share. So, amazon has a chance to acquire some of this business at a decent rice. Amazon able to buy 20 of that business at a share price far below what was agreed to just last night. The companies saying they reached the deal overnight. Amazon has shown ambition to expanding into delivery for lots of different ways since they made the decision to start paying state and local sales taxes. They change their approach to distribution, getting closer to distribution centers, major cities, but also recognizing the dollar amounts that amazon has had to put up to our shipping has been massive. A 2. 6 billion years ago to 11. 5 billion last year. They are spending vast fortunes with fedexcup ups, now they get a chance to compete. Emily i am getting like five amazon box is a day because i never go to the store anymore. The delivery industry is still fairly fractured. Can you lay out how it works for us and where amazon could fit in here . Jonathan the first thing you need to do is look at what they are trying to achieve. They have definite differences in the way they have to conduct Business Today compared with last year or the year before. You are wondering what they are doing, but i really think, in this case, they are trying to solve their own problems. The problem is that they have to get goods to people and consumers quicker than ever before. Emily how big a threat do you think amazon actually poses to fedex, ups, dhl, the u. S. Postal service . Paul please, take out the u. S. Postal service. No, i dont think it does. It is easy to get negative and say this is obviously a shot directly at ups or fedex. While amazon is a material component, by no means, it is not over i think the deeper issue here is that we have a company that feels like it has unique needs. It has the unique needs that it has to get stuff overnight or even sameday delivery, large packages, and do it in a way that fedex and ups were set up to do it as conveniently as amazon would like. I think this is really about solving a unique logistics problem that amazon has created for itself by its amazon prime program. This is really the flip side of the remarkable success of amazon prime and you are seeing in action what the company has to do to meet its obligations through that program. Emily jonathan, when you echo that . Jonathan absolutely. You have a fixed amount of infrastructure out there that is trying to solve increasingly difficult problems in logistics space. There are so many providers out there. With respect to cargomatic, 90 of the Trucking Companies out there are six trucks or less. How do you get them to Work Together . You have to use technology or go in there and change the way business is done in general. Amazon are trying to solve their own problems, and they are realizing that you have to be close to the problem in order to solve it. Emily i mentioned i get five boxes a day from amazon. Maybe it is like one toothbrush in a box, or this morning i ordered straws and they are coming tomorrow. How is this economical longterm . Cory amazon loses money on shipping, nearly 3 billion per year. They seem to hold their losses or their gains right around about 1 or 2 in either direction. They recognize that this is the way they are acquiring customers over the long term. This is a business, cross every different aspect, with the exception of amazon web services, driven toward topline growth. Shipping is the same way. Emily cory johnson, our editor at large. Jonathan kessler of cargomatic, Paul Kedrosky. Coming up, we will take a look at amazon studios. Plus, jeff bezoss new space startup is out with claims about how soon it will send humans to space. Emily in todays edition of out of this world, jeff bezoss private space startup blue origin expects to start test flights by next year and commercial flights as soon as 2018. In those commercial flights, bezos will offer six passengers at a time the experience of weightlessness in a suborbital spacecraft. Blue orbital has not yet started taking deposits and we dont know how much it will cost, but the amazon founder says thousands are interested. Bezos told reporters he never expected to have the resources to start a space company, but he won a Lottery Ticket called amazon. Com. Amazon studios is releasing the Second Season of a series bosh this week. Erik johnson went to the set and spoke with the actors involved. How was it to see an original show in action . Cory the Second Season logic tomorrow, so the bench watchers are ready. It is the guys that did the wire and deadwood. Those are some of my favorite shows ever. It really underscores how amazon, netflix, hulu, hbo, showtime are really changing the way hollywood works. Lapd, hollywood division. Cory it is the ultimate crossplatform move. Can a book series sell a video and can a video sell a book series . Even if you didnt think of the books, he would love this as a cop show. Cory amazon is releasing a second series of bosch. The socalled new media that people didnt know where it was going, amazon took that page and kind of ran with it. Cory Eric Overmyer has produced some of the biggest hits and he did not hesitate to work on bosch. There is more good tv and more bad tv. It is an exciting time to be a content provider or writer because you have places to go. Cory it is addressed and we have these sort of technological media plays making good content. What are those platforms to you . Eric the biggest change for me was the idea of bingewatching. We can design a whole season in a slightly different way. There is no overnight ratings, but what we have is, we can track in realtime on amazons homepage. They first released the pirate and i think we had 10,000 reviews or so. Getting a good reaction. Very positive feedback from amazon. Cory crime novel readers have a notoriously voracious appetite. The series has sold over 55 million books. Most of my books sold have been online books. Cory with 22 bosch novels in print, amazon has plenty to work with. Emily how has amazons entrance into the original content business on the heels of netflix changed hollywood . Cory hollywood used to have a season, pilot season. That is what everyone worked, were busy. Hollywood doesnt have seasons anymore because of netflix, hbo, showtime. Everyone is working in hollywood all the time. I dont know if you know this, but i own a camera truck in hollywood. I own a truck in hollywood. This thing is used all year around. It is busy year around. It shows you how hollywood is really changing because of all of these things. Amazon is just part of this. Amazon is spending 2. 6 billion on content this year. All of this spending by all of these companies is really changing the way things work. Emily we will be adding that to the cory johnson archives. I now know everything. Coming up, we are speaking to the top lawyer on the egov a major deadline for the government to respond to apples court filing. The interview is next. If you like bloomberg news, you can now listen on Bloomberg Radio at bloomberg. Com and serious xm. Hey hows it going, hotcakes . Hotcakes. This place has hotcakes. So why arent they selling like hotcakes . With comcast Business Internet and wifi pro, they could be. Just add a customized message to your wifi pro splash page and youll reach your customers where their eyes are already on their devices. Order up. Its more than just wifi, it can help grow your business. You dont see that every day. Introducing wifi pro, wifi that helps grow your business. Comcast business. Built for business. It is 12 30 p. M. In hong kong. North korea has released photos of kim jongun with Nuclear Scientist after claiming they developed warheads small enough to be delivered by ballistic missiles. They have also issued news threats saying it is a knowing all agreements with soul. It will liquidate all south korean assets and hit his neighbor with clinical, economic, and military weapons. Offered withill be lawmakers voting later this month. The new leader is unlikely to be she is constitutionally barred as her late husband and two sons are british. Negotiations to change or suspend the relevant clause came to nothing. Chinas Consumer Prices jumped the most since mid2014. Rose 2. 3 from a year earlier. Food prices surging more than 7 . Declines to a record 48 straight month. The drop was less than in january. This earnings estimate hosting a profit of 911 million for the full year. It expects said demand to weekend in the retail space. It sees upward pressure. Before the results were released. Does of the headlines from bloomberg news. How the markets have been trading in the asiapacific today. Here is sherry. Sherry beginning on expectations the ecb will boost stimulus. We already had a rate cut, a surprise rate cut. Stocks up. 8 . Despite utilities theyre taking a hit as the Japanese Court order to Nuclear Reactors to be shut down. We also have data showing that the shank they shrank 3. 4 . Gaining. Be kospi is holding off on cutting rates and also even with the korean won strengthening for the first time in three days. The first game this week. It continues to lose ground. Down to 1. 1 in the morning session. So do stay with bloomberg television. Emily the clock is ticking and the apple fbi encryption battle as we approach the deadline for the government to address apples request for the government to drop the order. The apple attorney wrote in court filing that the order requires apple to build a backdoor to the iphone which apple says is too dangerous to build. Looking ahead to other key dates in this case by tuesday, march 15 apple must respond to the government response. A big showdown happens on tuesday, march 22. That is the showdown in Riverside California over whether apple must comply in the fbis request in the case of the San Bernardino shooter. Joining us, is someone decides with apple in this case, the head of Law Enforcement at yahoo . Yahoo has said it stands with apple, but i have spoken with the attorney general, and the department of justice is not budging. Should one company, typically apple, be able to suddenly encrypt their operating system and decide this issue for everyone . The question the Technology Committee is dealing with is whether the court, in this case, the Central District of california, can enter in order that has brought, sweeping ramifications for the rest of the Technology Community and the security of our users on the internet as a whole. It is not the apple has taken radical positions encrypting its products. We think that it is appropriate that we would side with them in this case and articulate our concerns that an order entered, conscripting any technology companys engineers to build an insecure product is fundamentally a bad idea. Emily the operating system emily the operating system didnt have as strong encryption. What are your positions on whether Tech Companies should be able to create warrant free spaces . Christopher i think it is a complex question. But, the encrypted devices in this case are not warrantfree spaces. A warrant still applies, but it depends whether the data is accessible to the government. It also depends on whether that will be accessible to hackers. We think that, fundamentally, the question of whether data should be encrypted is not one that can be dealt with with a court order that is interpreting a statute that is over 200 years old. Emily i got the better question is, should Tech Companies be able to create on hackable spaces, create devices where there is no way for a thirdparty to access that information, even in the event as something drastic as a terror attack . Christopher one thing to make clear is that yahoo has absolutely no sympathy for terrorists. Zero. But what we do care deeply about is the relationship of trust we have built with our users over 20 years. We are not new to this space. We care about protecting our users. The way in which we do that has evolved in 21 years. Technology is going to continue to evolve and Companies Like yahoo and apple are going to seek to build safer and more secure products for the benefit of its users and society at large. Emily it sounds like you think yes, it is a tech company, a tech company should be able to create devices, products that are un hackable . Christopher i think that there are trade offs that are going to be made here in this space. When we speak about security and on hackable devices, those are devices that are tech users and companies most sensitive and intimate details. The phone that we carry around in our pockets today is, in a real way, an extension of our memory. It captures our most intimate and private moments and thoughts. We think that protecting that is an important thing to do. While there will be exceptions and instances where the instant reaction is that it must be unlocked and made available to Law Enforcement, it is never just about that one particular case. This case isnt about unlocking a dead terrorists phone, it is about the security that all of us will enjoy an hour devices and communications in the years to come. Emily yahoo imitative icemaker, so how exactly would yahoo and yahoos date of the affected if the government prevails . Christopher at yahoo , we feel very strongly about this matter, which is why we joined in the amicus filing last week. There were Something Like 17 other briefs from a wide variety of security researchers, academics, and companies. What was reflected in yahoo s brief, and why other people echoed from independent points of view, is that if the government were to prevail in this case, and that was able to apply to compel engineers to build a fundamentally insecure product just because they are able to, that argument knows no bounds. While today, it is apple, tomorrow it might be yahoo that may be required to build yahoo mail, that hundreds of millions of people access every day, in a special way that a select number of them, determined by the u. S. Government, perhaps one day some Foreign Government would seek the same authority, that when they access their mail account, we are required to deliver malware to them. That is the future that we are afraid maybe in view if the government prevails in this case. Emily you come at this from an interesting perspective because you used to work at the department of justice. Who do you think will ultimately prevail here . Christopher it is something that will ultimately prevail in this case. It hinges upon the facts, which is what makes it particularly troublesome. If this is a matter that is allowed to be decided by a magistrate judge in one district in the United States, then a future case will be brought under a different set of facts, and it will be decided on a casebycase basis. It is too early to say now who will prevail. The government will reply tomorrow for apples arguments. Apple is asked for the faxed to be developed. The concern is that this is dealt with in a way that is consistent and allows companies clarity and how they will operate, and the security of product. Emily what has been your communication with Marissa Mayer about this issue . Christopher marissa is very much aware of this and supportive of our efforts. Our chief Legal Counsel issued a memo on this. He wanted to be the person to speak to it, to make clear that this matter deeply to yahoo and to the future of security for our users and the internet in general. Emily you guys are dealing with a potential proxy fight, a sale of the company, a turnaround. How do you handle this as well . Are you worried this could become a distraction with all the other things that yahoo has to deal with . Christopher of all the various things that yahoo has to deal with, i am concerned about mine. I lead the team that provides the Legal Support is necessary to secure the data and online experiences of one billion users around the world. That is enough for me to worry about. When you talk about proxy fights, that has been laid out in our earnings call, and i leave it to marissa and can, and trust they have that under control. Emily you guys are dealing with a specific lawsuit, investigation over the firing of henrique decastro. Can you give us a status update on that . Christopher i couldnt speak to that in the least. I can say we do everything to keep his accounts and sure if one today . Emily senior legal director at yahoo , joining us from pc. Thank you so much. When we return, we dive into the world of venture funding. Are valuations too high . Is cash sitting on the sidelines . We will discuss. Emily now, for a check of investor mood in the Venture Capital world. Just as we thought investors might be pulling back, we learned that the biggest player in shared office space is aiming to raise 700 80 million at a 17 billion valuation. To help us digest these apparently diverging trends. Jonathan, at the moment, it seems like, first of all, vcs have raised a huge amount of money. Yet, they seem to have trouble spending it. Then you have companies that have no problem, but there are a lot of companies out there suffering. What do you see . What youre really seeing is a convergence in the value that is being created by these companies. When companies are creating value, they are having a much easier time continuing to raise money. Companies that maybe youre looking at more businesses, things in the Service Economy that are nice to have, those are coming under a little more pressure right now. The earlystage market is different than what youre seeing as a general pullback. Innovation at the earlystage level is really pretty much at a steady heartbeat up and down. Emily that is interesting, because i have talked to other vcs who havent been able to make an investment in six months, havent seen a single thing may have wanted to back. What are you hearing more or less of . You can talk to 10 different investors and you hear 10 different answers depending on who youre talking to. Earlystage versus these mega rounds. Uber, we work, other companies that are growing fast. Emily are you seeing things that excite you still . We are looking at Value Creation versus stock price appreciation, as may be more at play in the later stage rounds. Still a lot of of innovation in areas that have not become technologically enabled, things like health care, agriculture. There is even more innovation coming insecurity of the government side. There is plenty of innovation coming and we are excited about it. Emily u. K. Startups are also worried that they could see access to funding dry up, especially with an upcoming vote on britains proposed exit from the european union. We have been following that story. Here in london, the Brexit Debate is contributing to anxieties companies are already feeling about the headwinds coming from the u. S. We talked to one startup, a friend finder app, and they were in the middle of trying to raise a round of funding. They had a german investor who they thought was going to commit about 140,000. As soon as Prime Minister David Cameron announced the referendum for june, this german investor pulled out. That is something that is happening just because the vote is taking place. I think if the u. K. Actually does vote to leave the eu, then all bets are really going to be off. The startups here are really dependent on the eu for hiring and their Business Models are also extremely dependent on easy access to the european common market. If that goes way, they will be at a real disadvantage. We talked to transfer wise, one of the darling finTech Companies of the tech scene, they said that they would consider moving their headquarters outside of london. Back to you, emily. Emily jonathan, you guys invest in europe. If the u. K. Leaves the european union, what impact with that have on the tech scene . Jonathan i think you have to look at what will be the impact of them departing. The Regulatory Regime changing. I cant imagine it would be a simpler one with more bilateral agreements. At the same time, there would be more sovereignty in the u. K. In theory. That is at the 30,000 foot level. At the grassroots, where earlystage investing is, innovation continues. We are just paying attention as an interested bystander. Emily when changes are you seeing in the european tax markets that are different than what were seeing here in the United States . Lizette i would like to point to something last year, in the most recent development, last year there was a huge spike in european seed funding for all these different startups. It was one of the highest years on record, which was a big boon to the ecosystem, which traditionally has struggled to get these very early stage rounds done. With the news today that there is this pullback, now some concerns, there are some questions about whether that earlystage funding will continue. That is what we are seeing. Emily lizette chapman, our Venture Capital reporter, thanks. Jonathan, we are going to go to another site the world after the break. Tomorrow on bloomberg, do not miss jeff daily at 7 a. M. New york time. More of bloomberg west next. Emily china is getting into the Venture Capital business in a big way, raising 231 billion in 2015 tom effectively tripling assets under management in just one year. What is the plan for this money . Who is managing it . How will it be spent . Peter is in tokyo. We were just talking about the u. S. Versus europe when it comes to Venture Capital. What are the trends in china . Peter china has been seeing a big rise in Venture Capital investments from the private sector. Last year, the amount of money going into startups more than doubled to about 37 billion. Id est certainly been investing a lot of money in startups. A lot of this followed on the alibaba ipo. A lot of the vcs saw an opportunity to invest in china. This is coming from local and Central Government agencies, and they are looking to put even more money into Venture Capital. The numbers are kind of staggering here. There are certainly some risks. I think that the reaction that we got was that it looks like this could be a big problem because there is so much money that could fly into the market. I think the Big Questions are going to be how quickly this money is invested and exactly how they invest the money in the market. Emily jonathan, have you felt more competition for deals in china . Jonathan we have, and that was before this new onslaught of capital came into the market. This is a real game changer. To put it in perspective, the amount that they brought in last year equals the total amount of money managed in the u. S. , in total. Emily what trend are you seeing on the startup scene there . We are dealing with a broader question about slowing Economic Growth in china, is it having an impact of optimism around startups . Jonathan optimism is definitely on the rise. Whether that is backed up with increased innovation, that is to be seen. Innovation is relatively steady. Adding a lot of dollars doesnt necessarily create innovation on the face of it. Emily peter, what are the big risks investors are worried about when it comes to chinese startups, specifically . Peter they will be worried if this money got deployed very quickly. It is a Staggering Amount of money, more than 300 billion. If Government Agencies try to push this out very fast, you can see it going into some terrible investments. China has tried to do this before, taking heavy investments in solar, for example. Sometimes, it doesnt turn out well when too much money is going into particular sectors. The other question is whether theyre are going to partner up with experience Venture Capitalists. You dont want government officials with very little experience in startups or the Technology Community picking investments. On the other hand, in the u. S. , there are a lot of Government Agencies. If you see this money going in with experienced Venture Capitalists, there is a better opportunity for some positive returns. Emily what are you bullish on and what are you staying away from when it comes to the kind of companies in china . Jonathan heavy machinery, even communications, business is like that we are staying away from. Areas that are interesting are more things around health care, things that play into the demographic of that country. The rising middle class, social media. Congee, the biggest exit of the year last year. Social media has been monetized very well due to Regulatory Regimes. Emily linkedin has found a way into china. It is a Small Business thereby growing. Do you think that other American Social Networks Like facebook and twitter have any chance . Jonathan i dont think they do at this point, but not because of the Regulatory Regime. There already are strong players in place. That market is pretty well saturated. You have near 100 smartphone to social Network Compliance already. Theres not a whole lot of room for a new player. Emily jonathan from bluerun ventures, peter, thank you both. Tomorrow, we will be diving deeper into the asian startup scene. We will speak to 500 startups founder dave mcclure about his new funds targeting vietnam. That does it for today. eeeeohmumohweh hush my darling. dont fear my darling. the lion sleeps tonight. hush my darling. man snoring dont fear my darling. the lion sleeps tonight. woman snoring take the roar out of snore. Yet another innovation only at a sleep number store