In our industry note Good Morning Vietnam published June 8th we outlined that Vietnam Covid could be a risk. Today, Vietnam Covid is a reality and by utilizing Nike''s Manufacturing Map, we quantify Nike''s South Vietnam manufacturing exposure at 34% of total annual production. With the South Vietnamese factories in lockdown for two months at a min. (mid-July to mid-Sep), we reduce our FY22 revs by 5.7%. We maintain FY23 ests as the situation still ultimately appears temporary. What is Nike''s sourcing exposure to South Vietnam? In the latest Nike 10K released in July, it calls out that 51% and 30% of Nike''s global footwear and global apparel supply chain comes from Vietnam, respectively. We utilized Nike''s Manufacturing Map which is updated periodically to provide transparency on Nike''s supply chain. Vietnam is made of 58 provinces and five key municipalities like Hanoi and Ho Chi Minh. Most of the population is concentrated around Hanoi and Ho Chi Minh. We mapped out the addresses for the 119 Vietnamese factories utilized by Nike across its supply chain. We calculate that 37%, 18% and 18% of Nike''s footwear, apparel and accessory production, respectively comes from South Vietnamese provinces like Dong Nai. We show in fig 6 that 34% of Nike''s overall FY21 revenues stem from South Vietnam - the highest in our coverage universe. What is the financial impact to FY22 guidance? Adidas quantified the Vietnam impact at EUR c. 250m with the assumption that the lockdowns end in mid-August. We don''t know adidas'' precise exposure to South Vietnam but note adidas exposure to Vietnam (28%) is less than Nike. We take Nike''s 34% exposure to Vietnam and multiply that by 16.6% (2 months out of 12) to get a 5.7% hit to the top line. We assume the most impact will be in fiscal 2Q22 and 3Q22 and lower our bottom line estimates as well. We maintain our estimates for the out years assuming that this is a temporary impact that lasts a quarter to two. Are...