McKesson Corporation (MCK) Earnings Call Transcript & Summary

Next up, we have Nancy Flores. Nancy is new in town. She's the EVP and CIO and CTO of McKesson Corporation. McKesson's got an amazing innovation story. Nancy, great to see you. Can't hear you.

How are you, Hunter? Nice to see you.

Awesome. Always good to see you.

Now you have an interesting story about arriving in Dallas, like about several months ago and seeing Dallas or not seeing Dallas.

Yes. I love COVID Dallas. I say I love -- I showed up 6 weeks before COVID happened in the country, shut down Europe, shut down and so -- but so far, it's been a great 10 months. And COVID Dallas is great. So can't wait to see and meet a lot more people once we get past this.

Well, I know my friends at the Dallas-Fort Worth SIM chapter were wanting to hear from you, requested to hear from you, and they were really wanting to welcome you to the whole Dallas-Fort Worth area.

Thank you. I'm excited to meet them.

Hopefully, in person soon. We'll make that happen. Hey, when you think about your journey, tell us a little bit about your background, whatever you want to share with us in terms of -- we're big on career and leadership here and providing inspiration or thought leadership on how one develops such a brilliant career. You've got a great career set.

No, yes. Well, thank you. I think hindsight's always 20/20. I go back to 2 fundamental principles that actually my father taught me. Two things is he was -- his family -- I'm half Mexican, so an immigrant from Mexico. But if you work hard, there will always be opportunity. And if you focus on education and learning, I mean that's something that nobody can ever take away from you.

I lost you there. Are you there?

I'm back. Yes, I don't know what the -- so those are 2 basic principles. But throughout my career, 30-plus years in the industry, started as a statistician. And 2 things that kind of drove me and advanced my career was just curiosity and always taking on the hard challenges. And so spent 22 years at Abbott, health care company in Chicago, and had the opportunity to really learn and grow in the tech space as the company grew and launched one of its largest blockbuster drugs in the industry, HUMIRA. We went through a number of acquisitions and learned a lot about how to apply technology with a lot of constraints where you had short periods of time to bring businesses together, break businesses apart. And then the opportunity to move into industrial manufacturing for Johnson Controls, and learned a lot about how IT and OT come together, and that's been an exciting space and then arriving here at McKesson, really, which is probably so grateful as our industry is changing, as IT and OT become more mature, as cybersecurity becomes more prominent. The role of the CIO has evolved. It's no longer very specific to the enterprise. Technology's connected. The core infrastructure is now strategic. And so coming in as a CIO and a CTO to bring all that together is really exciting. But when you look at the progression of my career, it's really been taking opportunities that have been challenging and tough. And it's been building strong teams to help achieve those outcomes and really great mentors and leaders that have helped me along the way.

How do you choose the right mentor or leader?

I tend to like mentors and leaders that think differently, that will challenge me. And the most important thing is that will call me out when I need to be called out on. It's great to always collaborate. It's great to have peers to call upon. But the most effective leaders and mentors for me has been when there's a leader that really challenges my thinking and really asking you the questions: Is that really the right thing to do? Or is there something else going on there, so.

Great stuff. McKesson's an amazing company. It's a -- I think it's a Fortune 6, 7, 8, right? And over 280 years old. And so you know a lot about innovation and M&A and growing and staying together and being vital. And what was it about the short- and long-term goals in this role and the mission at McKesson that brought you to McKesson?

Oh, yes. It's a great company. And as I learned about it, I was in the health care industry for many years, and you viewed McKesson -- it's kind of a silent giant, but they, over the course of health care, over the course of -- as industry has changed, they've been able to pivot, use technology, use operational excellence to really pivot and go after certain markets. I think what attracted me the most as I came into this role -- could not have predicted COVID, but as you looked at their business strategies, every business strategy in health care that we're going after is shaped by technology and data. So coming in supporting technology, when you have a large company, you have the challenge of the old technology that's supported and still supports 90% of how the company operates. You have critical business strategies that are key to it being successful going forward. So that's the exciting thing that drew me to this role is, how you bring that together and how you accelerate those future strategies.

When it comes to your work, what is your why?

Why? I guess -- making a difference. I love -- I left the health care industry for a couple of years, but I do love being in a company that makes a difference in terms of health care. I'd love to help my organization remove barriers, help them understand where they need to go. But my why is really -- I love to be in the health care space. And being part of this mission right now is terrific.

Love it. And you're instrumental in helping us stage the -- our first-ever Women in Technology Summit recently. It was a brilliant summit, 400 people registered, 350 people showed up. When you think about women, what is the biggest barrier for women to see them leading into the C-suite, I guess, right?

It's interesting -- we've been talking a lot about it. I think there's 2 things that are coming out. There's been some recent studies that have shown it even through COVID, there has been a large exit of women in the C-suite. So there is still a disproportionate responsibility that women take on in terms of family and career. So that's one continued driver. But when I look at women's barriers, there's 2 things that I think make a difference. And one is our own internal abilities to have the courage to be who we are when we're the only one in the room or we're one of the few in the room. So I would encourage everyone to believe in themselves and have the confidence to show up as you are and to show up as authentically as you are because if you're already in the C-suite, if you're already a leader, chances are, your smarts, how you executed on what you do is what got you there. And that's all you need to do. I think the second thing is really a broader problem we as a community can solve. And it's really how do -- not just females, but males, support women. Some of the best mentors I've had and leaders have been male leaders that have helped me work through my own anxiety of wanting to do well in an environment where I was the only female and giving me the confidence that it's okay. You don't have to be better than them. You just have to be with them or it's okay to go home and take care of your family because that's a priority right now. So that would be how I look at that. And I think if you can just keep doing that, we will all move forward.

I totally agree with the courage idea. It's a thing we've been talking about now for 9 or 10 months here in the pandemic. When you think about it, the classic consulting phrase, what keeps you up at night?

Vaccine distribution. Actually, I have just -- I'm so humbled and grateful to walk into a company that has taken on that responsibility. I have a terrific organization, but what keeps me up at night is, we've had to scale significantly a pretty complex supply chain and distribution network. So operationalization of those systems and the cybersecurity threat. Those are both real and we talk about them every day. We have a lot of great partnership with the government. Some of our key partners, SAP, Salesforce, Oracle, NTT Data, they've been tremendous partners to rally around what keeps me up at night.

You really know in this environment who your partners are and who your vendors are, right?

Yes, yes. And I have to tell you what's been great to see around this is this common outcome. Everybody has come to the table, really ready to collaborate. And we've done some great things in a pretty short amount of time.

Awesome. Any final comments, on your leadership style, maybe?

I get asked that a lot. And I think I do my best to be supportive and a leader that assures as an organization we're focused, and we know where we're going. I would just tell you that my teams in the past have described me as a trainer. So if you're training for a marathon, there are some days you go out and you train, you love it, it's great. It's motivating. There are other days you want to go, you go out and you train and you're not always -- you don't want to train. And sometimes you have to coach them and you have to encourage them. But that tends to be my leadership style is, to drive clarity, focus and help my team achieve the outcome we're trying to -- our mission that we're trying to go after.

Excellent. Hey, Nancy. Thanks so much for coming on the Summit program. And you're going to stay with us for the next panel coming up here, right? Awesome. Great.

Yes. Right here in Dallas. Thank you.

Good to see you. Hey, next up -- helping me co-lead the panel is Patricia Connolly, the CEO and Founding Partner of SMC Squared. Patricia, great to see you.

Nice to see you, Hunter.

Looking forward to this panel very much. Why don't we introduce the panel. Do you want to introduce Mary, first off?

Sure. Mary Von Ahnen is joining us. She is representing Fossil right here from Dallas, Texas. And we have an incredible story with Mary.

Excellent. And I'll introduce Rusty Kennington. Almost everyone knows Rusty in the Texas area. Rusty's a great fan and a friend of HMG, and the CIO of The Henry Company; and John Repko, the EVP and CIO of AIG. Hey, welcome, everyone.

I'm here.

Pat, do you want to kind of kick it off?

Yes, absolutely. Welcome, everybody. Let's start with a little perspective building from our panelists on what they've experienced this year. Nancy, I'm going to come back to you, and thanks for all your comments. That was super interesting. Thinking about McKesson and what a tremendous story and journey that the company has been on this year, what have your business leaders changed in their view of technology through this pandemic?

I have to be the first one to answer. I think we all would agree that it's changed the perspective. Actually, I think there has been a different level of appreciation on the infrastructure and the technology required to run a business. I -- one of the things that we [indiscernible]. And we always make decisions -- as CIOs, we make decisions around constraints in funding and budget. And as we're going into planning for next year, it's a different attention, a different focus where the robustness of some of our systems is changing our discussions. They have a different appreciation. I think the second thing is our ability to pivot pretty quickly, they were quite impressed. And so I'm sure my peers would say the same thing.

Yes. Coming off that comment about pivoting, I was wondering if you would share a little bit about what you've put in place that you might reflect on that's -- really works well. And also, if there are learnings from things that perhaps weren't such a good idea.

Oh, gosh. I would say -- and it is actually a reflection coming into this role where nobody could have predicted this pandemic. And as you drive digitization, a lot of the focus to scale is around building new capabilities. One of the things that I've learned from my past, it was critical for us to be able to scale fast, but what was even more critical was the depth of knowledge of some of our long-standing tech employees that not only had an appreciation for how the business ran, but they also knew some of the older and the newer technology that came together. So if there was a learning as you drive transformation, I've done a number of outsourcing managed services, building different capabilities. I think I've really learned to appreciate there are -- it's a critical balance between building new capabilities around digital. But those fundamental legacy capabilities that our quarter run 90% of the business. We operate on legacy technologies is probably one of the newer appreciations I have.

Excellent. So next up is John. Hey, John. John Repko from AIG. Good to see you, John. Any similar themes you were hearing here? Are you there?

Sorry about that. I tend to agree with Nancy. I think leadership across all our companies has a whole new appreciation for how complex our lives were and how dependent we were on that technology. So I've seen the same thing. And I would say one other thing that I've seen is, during these times of a pandemic, boy, we can make decisions quick. And it almost has me thinking about why we couldn't make decisions this quick outside of a C-19 situation. So I hope that one sticks.

Makes sense, right? Did you notice any change, John, in your leadership style?

I would tell you that when you're managing your entire workforce remotely during a pandemic, you figure out what's important real quick, and there's just no time for fluff. It's really just been focused on the mission, as Nancy says, and just heads down, and that's how we're surviving.

And then the scale that you're operating on, John, is pretty awesome, right? What, 60, 70, 80 countries global?

80 countries, yes.

Yes. How big -- how do you describe it publicly?

The more we get out of the United States, the more complex it is for us. It's interesting watching the different countries and the different regulators in insurance and how they're reacting to COVID and so forth. So it's fun for the whole family, Hunter, on a given day. It's complex.

Got it. Hey, John, great to see you. We'll circle back to you here in just a minute. Next up is Rusty Kennington. Rusty, my understanding is that you're in the middle of a shift in the middle of the year. You shifted roles, you shifted companies.

I did. Yes. I switched horses midstream against everyone else's advice, but it's been great. Kind of the tale of 2 companies in ways, very similar in terms of size. The previous company, we had already taken through a digital transformation, and I've got the ability to do that again here with Henry Company. I really like what Nancy said earlier, I totally agree. It's all about building a great team. So that's what I'm really excited about is doing that here.

Really comes down to people, doesn't it? In getting -- engaging people? Recently I was talking to a global CIO this morning and they're really concerned in this hybrid work environment how best to keep people engaged.

It's -- you're right. I think individually, we've all gotten used to the video calls. The odd thing for me is, the only person I've met in 3 dimensions is my boss, the CEO, because I interviewed with him before COVID. And so trying to really figure out what makes them all tick, we're in different states, some in Texas, some in Pennsylvania, some in California. So it's -- but it's something that I'm really, really focusing on, because like you said, that's where it all starts. That's where it all matters.

When you interviewed for this new role, they interviewed you, knowing you, you interviewed them in the fit, to make sure you got along with the CEO, the C-suite and the Board, how did that go down? What did that look like? And what are they expecting you to deliver in this new role?

It was a pretty intensive, series of interviews, one of which was a 6-hour interview that went all the way back to my childhood. I was sure they were going to come up with skeletons that, that was going to give me a no, but you can see how carefully the CEO crafted this leadership team. And then now being a part of it, in spite of the fact that he's the only one that I've met, the team just gets along just incredibly well. Everyone's authentic. It's really good. And so my mission now is to really establish credibility quickly and not kind of lay in track while the train's running, so that I can both really assess my team, add where I need to add, and I do need to add. But I can really leverage the talent that I've got, but then also show what the new mousetrap looks like, to leaders across our business.

Rusty, what do you do for inspiration or courage when you have to dig down deep and do something that you don't really want to do, but you know it has to be done because it's the right thing to do? Where do you get your courage from?

To me, whether it's courage or not, I mean, Nancy's talked about what her father taught her, my father taught me, there was no break. Black and white, I've always known and taught my kids, between choosing the easy thing and the right thing, you always do the right thing. And so to me, it's black and white. I just do what I go for. I've been on this planet long enough to know that I'm not always right. I welcome the input. And so I give it everything I can and expect feedback and welcome feedback.

Excellent. Love it. Love it. Love it. We'll circle back to you here in just a minute. Hey, Mary, next up. You're next up. You were formerly the Senior Vice President and CIO of Fossil, right?

I was.

You ran into some challenges with the C-suite, probably the strategy, the business technology strategy and the road map. Well, kind of lay out the whole scenario for us.

Yes. My tenure as CIO there, we were facing really heavy sales losses. And of course, whenever there are sales losses, there's huge cost pressure. And I had inherited a really kludgy network of systems. So driving costs down was very difficult. We were fully outsourced as well. And we were chasing new business models. I mean, if you can believe it, this sounds so old school now, but Amazon had come in, in full force in a lot of the marketplaces that we were trying to keep up with, completely different technology play. And working with an outsourcer, there was bureaucracy. There were work orders to be filled out. There were estimates to be had, and it was hard to keep up.

So what was the solution?

I met Pat and Stephen actually through our colleague on my team, and they ran a company that helped with building a GIC. And so we got very intrigued with this idea of having a team in India that was our -- were our own employees. And I think our need for SMC Squared became really screamingly obvious as we tried to build this little team and treat them like an outsourcer. Couldn't be very far from the truth. So what we learned was that when you build your own team, you have to treat them as team members. The theme is I think all the panelists that I've heard so far is team and hanging together. And so we learned a new structure. We learned how to structure a GIC in India. We learned how to recruit for a GIC in India, which was completely different than all of the companies -- the countries that we had done business in, SMC Squared led us through that. I think one of the most valuable lessons we learned, which we would never have figured out, I think, on our own, if we've not had guidance, was the culture of India, what motivates workforces in India. And what motivates them is inclusion and just challenging work. And of course, having been used to working with our outsourcer, we just tasked out everything. We just gave them little pieces of work, and they did their best to the best of their ability. With our new GIC, we had to treat them as the really incredibly intelligent individuals they were and give them chunks of work that they could sink their teeth into. So that was a big change to us. Another thing that SMC Squared really helped us through was that we have been used to having on-site point people for our outsourcer. And all of a sudden, we had this team in India that we had to interface with directly. So getting the work done wasn't about telling somebody that was sitting in a cube from us that didn't even work for us. It was really about pulling the team together and accomplishing the mission and working out the architectural situations together. So we were very thrilled to have SMC Squared guide us. And the mission was very successful. I mean I would tell anyone who is considering this move, we saved roughly 30%. But the really greater value to us was the talent. Our -- an outsourcer had constant turnover. So we were always dealing with people who didn't really know our systems. We had very low turnover in our GIC. And the level of talent was equal to any of our several IT systems around the world.

Excellent. Thanks, Mary. Pat?

Yes, thanks, Mary. It was really an exciting journey to work with Fossil. And I'm really happy that we were able to help you, not only with your vision, but also executing on a strategy that was able to save you quite a bit in terms of costs, real costs, so. Thanks for your comments.

Excellent. Hey, Rusty, I understand you need to work with SMC Squared, too, as well on your former company.

Yes. We talked about the need for talent. They helped me for 3 years at Corsicana. And so I don't know how many hours or days I was employed at Henry before I gave Pat a call and then we launched a team to start working on this digital customer experience for us. That's why I bet my success on it. I want to do it again.

Great stuff. Hey, Nancy and John, thinking about this new environment we're in, right, it's going to be -- it's going to be for a while more, I think. It could be 6, 12 months more, unfortunately. Sorry to bring the obvious news. How to -- what's the best way to keep people engaged, particularly when you're dealing with a global organization or a large footprint in North America? Nancy, do you want to kind for dive through this, your magic formula?

Yes. It's actually an ongoing discussion we have at the executive level in terms of return to work. One of the great cultures about McKesson is we have a process where we survey our employees. And our employees actually -- 90% of our employees respond and give us feedback. So some of the things we've done, we've tried to leverage the virtual landscape. But similar to -- I'm not sure -- I think somebody had mentioned it. Everybody is challenged with different anxiety personally, whether if they have children at home that have to -- they have to home school or they have parents or they have different risk spectrum. So we've actually implemented a policy called Flex Your Day. And so what we've tried to do is not only from a digital tools, we've given our team's flexibility to work in different ways. But we've also allowed our employees to do what's called Flex Your Day, where if you need to take time during the day out to get things done and then come back and work at a different time, it's something we're encouraging as a culture, and that's gone very well. We've also tried to socialize virtually. It gets very hard. I think all of us will share it gets hard to be on Zoom calls in very sequential manner. So we've done some things of having happy hours where we do trivia. We did a -- we played Jeopardy the other day. We did a Halloween musical to our organization, wishing them happy Halloween. And we try to do that and break up. We've done bingo. And so those are some things -- just to try to bring the concept of the water cooler back into the environment virtually, but it's not easy. It's not easy. So those are some things we've tried to do.

Excellent stuff. John, do you want to comment? I think you're on mute.

We've had great success with a global survey as well. But personally, with 5,000 IT people in 110 locations in 38 countries, during such a troubled time, I went back to an old-fashioned tool called the skip level. And I'm doing that 3 to 4 skip levels each and every week. I've done 90 so far. And this is just a constant 2-way communication from me to the levels of the organization. And it's -- while it's a little bit old-fashioned, it works really, really well. And I also keep in touch with the associates. 40 to 50 texts a week, just answering questions, pointing people in the right direction, even people bringing issues to me about so and so has an issue and they need some help.

Great stuff. Great stuff. No doubt, it takes a high, strong leadership style, more empathy, the whole IQ or EQ kind of equation?

Absolutely. To lead in a time like this, you really -- it really needs to -- you bring out your EQ. IT is a people business, it's people based. And a lot of people are stressed. So we used the word empathy earlier, but empathy needs to be part of our toolbox for sure.

Interesting times. Pat?

Yes. So I'd love to go around the panel, kind of pass the mic one more time and ask a couple of quick questions, just to get some kind of on the spot ideas and perspective. So what advice would you give the CIOs based on everything you've lived through this year? And have you found any silver linings you'd like to share. So Nancy, I'll start with you.

Boy, silver linings for this year. I think -- and actually, John said this, and it's -- don't settle. There's -- if you can get a rallying cry, around a common outcome, it's amazing I think that's the first thing. And the second thing is take care of your people. We are all moving in an environment where there's anxiety we may not see. We -- take care of your people, make sure they're getting their rest, they're taking their PTO, and they will do amazing things. But to me, that's the silver lining. It's amazing to be able to walk into a new company and see how quickly that team has been able to pivot and they've just done some things that are just incredible and so proud of them.

Love it. Thank you. Mary, how about you?

The silver lining in all this actually has become the patience that people have with each other. There's an expression, nothing unites like a common enemy. And I think we are all so aware of COVID, and it has become kind of our common enemy, and people are realizing how much anxiety everyone is under. And so the patience level, the Zoom calls and how frustrating they can get, the need to be on this kind of technology all of the time and not have the water cooler conversations, I've just seen such a warmth and such a different level of teamwork come through that's been really heartening to see.

That's wonderful. Thank you. John, any comments?

Sure. advice for CIOs, speed matters. So be collaborative, get input from others but make the calls. We have no time for anything other than making the calls and move forward. Silver lining, recruiting. C-19 has kind of opened up the world. In the past, we would force certain skill sets and certain technologies into certain cities. That's old fashioned. I think the new normal is going to be a hybrid environment, and CIOs can recruit from all over. So I'd take advantage of that immediately.

Very good. Thank you. And Rusty, you want to wrap it up for us?

Sure. I agree with everything you've heard. I think my advice would be really focus on taking care of your people. And I think I've learned to be more intentional about giving them the time and mood setting where they don't have to ask for the help. I think it's really wise to just assume you don't see everything that's going on. So I really like that. And in terms of silver lining, I think we've all seen what it's like, how much we can as teams, as companies, get done when you don't let unnecessary BS get in the way, when you have to. And I think we're going to continue to have to, long past COVID. So that would be my silver lining.

So and Pat, we have a few more minutes here, I'd like to do one more round of questions. Think about this. it's, again, a classic thing in innovation, you constrain resources, people begin to think creatively, and we find innovation, right? And John, agree with you 100%, speed is key. Given the crisis, the silver lining and how you lead into your organization, you have led your team and led into the C-suite and the line of business, other insights? Nancy, you want to go first?

Yes. I think it's true, constraints drive innovation. And actually, as we drove the pivot for COVID, we had what I would call 3 chapters. The first chapter was, with many, many companies of just shifting to getting everybody to work remotely. And innovation came there, is where we had -- actually see customer services that had very special technology to manage some of the managed care for cancer patients. It was amazing how creative we got to get monitors to those individuals. The second chapter was about PPE. Everybody knows the country had a shortage in PPE and the ability to forecast exactly where they needed to go at a specific time was very hard to do. Overnight, we were able to apply a whole new allocation methodology so that every commercial rep that provided medical supplies could dynamically reallocate PPE within their territory in order to give it to a nursing home or a hospital in immediate need. And then the last one has been some of the amazing innovation. We have a lot of data around our supply chain. Our data and analytics team took the opportunity to start to get insights, to start to forecast what we started to see across supply chains, to help our business proactively anticipate demand shifts that we have never seen before because of COVID. So those are some things, just examples where -- what again, when you have a team and it's amazing to see what a crisis can make them do. But that innovation came out pretty clearly with the team.

It sounds exciting. What about the idea of inside of IT now, core competency around invention or innovation that's just core to everything you do?

It is actually -- it goes back to I think what Rusty and John has said is the sense of urgency moving past a lot of the bureaucracy. It's almost given the organization the confidence that they can do this. And when they partner with some key suppliers, we've had great support from Salesforce, from SAP, from NTT. It's amazing how that innovation line just starts. And I think that's one of the biggest silver linings coming out of COVID.

My good friend, Chris Gates, will be up on a later panel here said early on, let's just go lead boldly and be unapologetic and just make things happen. Right? Hey, Mary, thoughts when you look back at your time in our industry, anything you want to share?

One of the things that just even in my current life that's happened is that COVID has really empowered all levels of the organization. So just back to the theme of speed. People aren't as worried about having to get every single thing approved up the chain and down the chain in the papers and the Is dotted and Ts crossed. So I think that's been -- even in my experience now where I am, that's been really incredible. And I also think that the bureaucracy that exists in any big company has had to be shifted because we are in a need for speed. So some of the things that we used to think were so important have suddenly become not so important as we make decisions quickly and move ahead as fast as we can.

Excellent stuff. Rusty, you want to jump in?

Yes, sure. I think one of the things I really have chanted for a while now, and I think it's really a lot of people chanting, don't let perfect get in the way of progress. I think the ability to deal with ambiguity was there long before COVID. But I think we've broken a lot of chains and shackles elsewhere throughout the organization and some old thinking that you're -- it's okay to take some chances, to your point earlier, Hunter. And I think that's really the mission I'm on. I'm really one about looking forward. I don't necessarily put a whole lot into the history of why this program works that way, it doesn't matter. What we needed to do and let's move forward because you consume weeks and weeks just explaining the history and why something worked that way. So get out of the way of that, move forward and course correct as you need to.

Hey, Rusty, what does winning look like for you in this environment right now?

Skins on the wall for me. I mean it's making a difference. Right now, credibility is what I've got to build, and credibility is not something you talk to. It's something you show. And so differentiating our customer experience, differentiating the internal experience with data, all this transformation that we're embarking on right now. Nothing else matters.

Excellent stuff. Thanks, Rusty. Great to see it. John, what does winning look like for you in your current environment?

It's all about operations. I would say from the day we made the call on March 11th to go remote globally, we too had to blow up bureaucracy, just like one of the other panelists had mentioned. The IT team and the operations team just said, we're going to do this. We're going to do it in 1.5 weeks. There were many, many naysayers, many folks who just had to get out of the way, quite frankly, and we pulled it off. So winning is maintaining that operational excellence.

And how do you keep that edge now as we move into the hybrid environment and the sense of a crisis urgency has kind of alleviated a bit probably -- I would imagine. How do you keep that organization performing at that high level?

I think COVID's doing a great job of keeping us focused with this third chapter now, with the economic outcomes, there's plenty of challenges ahead, Hunter, that are going to keep us all focused.

Thanks, John. Great job. Hey, Nancy, final word?

I love Dallas.

Here we go.

Excited to be here. I think they also have some great tech talent, and I look forward to being part of the community.

Awesome. Great job. Nancy, Mary, Rusty, John, Pat, great job. Pat, thank you.

Yes. Thank you. This is very interesting. Appreciate everybody's comments.

Excellent. Guys, thanks again. Really appreciate it. Happy holidays. Looking forward to seeing you again in the new year.

Thank you, Hunter.

Super.

Bye, all.