joining us, alex barinka and lucas shaw. lucas, i will start with you.do you make of the timing? why now? i know we were expecting this, but now we know. lucas: the timing is -- spotify has planned to go public either late in 2017 or early 2018. it really came down to when they could get their books in order. they felt they could close their books from an accounting perspective in just a couple weeks. financially, they have really never needed to go public just to raise money, which is why they are taking this unconventional path of a direct listing as opposed to a more traditional ipo. they were under pressure to do so as quick as possible to get out from underneath the terms of this convertible debt that they had raised. so, it was really just a matter of the fastest they could do it that they were comfortable with, they were going to, so now they are clearly comfortable. emily: alex, how is a direct listing different from a typical listing? alex: in a classic ipo, you hire bankers. they help you go out on a roadshow, craft a story, figure out what sor