ResMed Inc. (RMD) Earnings Call Transcript & Summary

Let's invite the panelists onto the program, and let's get the panel going.

That's good. I'll ask the panelists to hop on, and you guys can just go ahead and get -- hit the off mute button unless you've got a screaming baby or a loud barking dog. One of the things that's become so endearing during the COVID era is that where in the past, you would have been horrified to have your kids make noise during a video call, now it makes you seem so human, right? It's almost like you want to train the kids to come over. And I tell people, if you suspect you're about to get fired on Zoom, make sure your little 3-year-old runs over, and you'll probably save your job. So it's really changed quite a bit. Listen, the topic of our panel here is about leading courageously in this very uncertain era that we're going through. The way we'll do it, as we discussed, we're going to let each of you just take a couple of minutes, a little intro. You've all got spectacularly interesting background. Maybe you can talk about your company, your interest, your belief. And then what we're going to do is we're going to talk about what it means to lead courageously, right? What does that even mean? Does that mean standing up to authority? Does that mean staying true to your belief? Does that mean telling the truth? I'll be asking each of you to help me with maybe some insights that we can share with the participants here around your definition of courageous. And there'll be some questions here. And as they pop up, I'll make sure I pluck out only the really difficult questions for you guys and leave the easy ones out. So what we'll do is we'll -- let's start with Hector. Maybe, Hector, you can tell us a little bit about yourself, and then we'll move on to the other side.

Absolutely. Can you guys give me?

We can. You sound great.

Perfect. All right. So I'm Hector Aguilar. I'm the President of Technology at Okta. That means that I run the teams that develop the software, the after service, the team that keeps the service running, the technical operations team. And I also run business technology and enablement, which are basically the teams that are running all of the code, connecting everything together to run the Okta business and provisioning the hardware and the networking so that the rest can do their work. And for those of you who do not know, Okta is an identity service. We basically provide identity for the enterprise, both for people that are trying to connect their employees to applications that they need to do their work, like Zoom, like Slack, e-mail and whatever cloud application you want to use, on-premise applications as well. And we also have an API product so that for people that want to, let's say, use an identity system or to sell their product and connect to customers, we also do that as well. So that's me and that's Okta. And I'm happy to be here.

Welcome to the panel, and it will be so interesting to get some of your perspective, and particularly, given the obvious prominence of cloud identity today, right?

Exactly.

I mean you guys were invented to help us work our way through the kinds of situations we're going through now. So welcome and thank you. Why don't we go next to Todd? Todd, why don't you tell us a little bit about yourself, your background and the work, and we'll be very eager to hear.

Yes. Thank you very much, and thanks for the opportunity to speak today. I'm Todd Friedman. I'm the Chief Information Security Officer for ResMed. And we're a health tech company. We're located -- headquartered in San Diego. We do business in hundreds of countries around the world. And our core business for many years was being a physical medical device company. And we make CPAP machines and ventilators. And over the last decade, we've become a health care informatics company and really a health tech company. So we've got 2 core businesses, which is these medical devices and the SaaS solutions for out-of-hospital care, and a smaller part of our business is ventilators. And so as you can imagine, this crisis has been transformative for so many companies, the ability to really test how quickly you can respond to situations. And for us, we got a pretty early notice of what was going on because we do have a manufacturing center and a company in China, and we were in Wuhan providing ventilators to people. And we've got a great photograph of one of our people in a hazmat suit training doctors how to use the ventilators, which is just amazing. And out of every crisis comes many good things, of course, but for us, it's -- we've always -- we pride ourselves and it's our purpose to help improve patients' lives and to help improve our customers' businesses. But the ability to actually give life and to sustain life has been incredible. And it's something that really resonated through the company. So as we've gone through a lot of challenges, we've kind of got that in our core. We've also got a lot of notoriety, which is unusual. I benefited from being under the radar to a certain degree. Most people don't know who ResMed is, and suddenly, a lot of people know who ResMed is. So I'm not excited about a bigger target on our back. But there's a lot of opportunity there, too, to celebrate the controls that we do have in place and the program that we have for security.

Well, we are excited to have you here. We appreciate the work you and your company are doing. Keep up the good work. Saving lives seems like a pretty good reason to go to work each day. So we do appreciate it. Thanks for joining.

Thank you.

Jay, why don't you tell us a little bit about your fine work? And it's funny, you and I were last together, I guess, in February at RSA. It seems like 2 minutes and also 10 years ago, right? A lot has happened in just a few days. Welcome to...

Crazy, Ed, yes. Thanks so much, Ed. Great to see you again. And Hunter, thanks for facilitating this. So Jay Kaplan, the CEO and Co-Founder of Synack. We are a company that has reinvented the penetration testing space. We've been at it about 8 years thus far, and it's been really exciting to see just how much the enterprises adopted and embraced this model. We've really moved companies away from this whole notion of let's come in once a year and do an assessment of our security posture or in applications vulnerabilities to a cadence where we're testing all the time, 365 days a year, not with just one individual but typically with 100 of the top security researchers around the world. Our network has grown drastically over the years. We're in the thousands of security researchers, connecting them in a safe and trusted way to our enterprise customers. And we're really pleased to be working with a lot of companies through this crisis, not only as their perimeter has extended, as Brent was mentioning before, outside of the firewall, but companies like pharmaceuticals and government agencies who are really at the frontlines of this crisis and who need to protect these assets, get them online quickly. And we're very well equipped to helping them make sure that there are not vulnerabilities sitting out there in the wild and ultimately causing big data breaches. So it's really exciting to be a big part of this effort, helping these companies stay secure and really looking forward to this panel and talking more about what we're seeing through the many companies that we work with today.

That's great. And the work you guys do is so important given the changes in architecture. I mean the visibility to vulnerabilities from an Internet vantage point, I can't think of anything that would be more valuable to companies that are trying to figure out the implication of change. I really appreciate the great work that you do. Well, welcome to the panel.

Thanks, Ed.

And certainly, last but not least, Vijaya, the only reason you're last here is alphabetically. Your last name came in fourth. But I think in terms of interest, we're so pleased to have you part of our panel. Tell us a little bit about the fine work that you do and a little bit about your background.

Thank you, Ed, and thank you, Hunter, for the opportunity to be here. This is my first time on HMG, so very excited to be part of the panel and to meet all of you. I am -- I work for Airbnb. I've been there for about 9 months now. And I have a dual role at Airbnb. First is as a Chief Security Officer and responsible for all of the traditional information security of our data assets, users, all of that. And the second is as head of engineering and data science for trust and safety, building all of the technology, machine learning models and data science and platforms and frameworks necessary to detect and mitigate any kind of risk and fraud and bad activity on the platform and thereby just kind of build the confidence and trust for our guests and hosts that are using the platform. So it's a very interesting role in a very interesting company, obviously, create interesting times for us as well.

Well, we're all rooting for the hospitality industry to come back very quickly. I suspect it will. And I think Airbnb is very lucky to have someone with your background helping to stave off cyber attacks. So good luck with that.

Now we're going to go all the way back to Hector. And I want to ask Hector this question about courage during a situation like this. And it's going to be the same question for each of you on this round. Hector, has there been a time during this -- maybe the last 2 months or so when you felt or seen or observed or experienced someone exhibiting some courage in what they were doing? It might have been standing up for a thing they believe in or it might have been telling the truth where maybe that might not have been the message that people necessarily want to hear or doing something creative and innovative that maybe hadn't been tried but is necessary. I'll let you fill in the blanks on what your definition might be, but have you seen some of that? And maybe you can share a little bit about either what you've seen or done personally.

It sounds terrible that I'm talking about our CEO because it's going to look like I'm kind of trying to be nice. But actually, I believe our CEO did amazingly well during our -- the COVID times because during -- when you have a period of such uncertainty, I think a lot of people were very nervous with what was happening. And I think our CEO and the executive team at Okta made a very courageous decision to just close the offices as soon as we could and basically get everybody ready to start working from home. And we have because kind of the engineering team, the technology team -- and I can talk a little bit about kind of how we already had kind of a culture of working from home. We were already working on dynamic work. But I think it took a lot of courage to say, "We don't know exactly what the future is going to bring, but right now, your safety and your health is the most important thing. So we're going to close the offices. You guys should go, work from home, get your work from home setup ready, and then we'll see how we deal with this crisis." And I think in these times, it's just so important to be, first of all, very open and very flexible. But also it's incredibly important to be clear because when you have so much uncertainty, it's just important to basically have something that you can hold on to and say, okay, at least I know that this is how we're going to work now. And it's very clear to me, and I know what to do, and I'm just going to go ahead and execute. I think that was very, very important.

] Yes. Was there a little pushback in the beginning when the decision was made to bring everybody back to their home office? Was that something some folks had questioned?

Of course. I think there was a lot of discussion, especially in the eased up meetings because we didn't know. We were listening to everything that was happening. There was so much noise. And I think, again, bringing kind of the clarity about our priorities, which is, first, health and safety of our employees and then everything else. And then I think that having that kind of clarity helped us kind of make decisions based on that and making sure that everybody was safe. And that's the most important thing. It continues to be. But yes, of course, with very little information and things kind of escalated very quickly, things were moving incredibly fast.

] I think great leaders are focused on outcomes. And if it had turned out that there was a false alarm and everyone went home, well, then it's still a good outcome. And rather than worry about, well, did I -- my saving face, I've always admired people who decide, look, here's what's important and let's make sure we stick with that even in the face of some criticism. So that's a wonderful story. I hope people who are listening right now, who may be faced with similar types of problems, will focus on the outcome, make sure that you optimize to the most likely good outcome. That's a very good story. Thanks, Hector. Todd, how about -- I mean it's easy to get into stories of courage in your case, in your industry. But maybe amongst, say, the technical community, security community, have you seen some folks who -- or yourself who've been forced to do some things that require a little bit of courage? What's been your observation there? And what might you be able to share with us?

Yes. This has been an amazing leadership opportunity because if people were looking to leadership, they were looking to strength and direction. And one of the toughest things about leadership, I think, is change and change management. And this is an example where we talked about digital transformation and digital disruption for years, and it suddenly happened in a week. And so this could -- I don't think of a scenario I could have come up with where everybody had to move home for an indefinite time. But for some people, they're very comfortable with that. For IT, most IT people are very comfortable at home. They work home part of the time already. But some people didn't even have Internet access. Some people had never used Zoom before. It was very uncomfortable. And when you think about we're a pretty big company, 7,500 people, and there's -- it's so diverse in so many different ways, in so many different countries. And so having this -- maybe the inner strength to be able to try to create trust and sustain trust with the work -- with the staff has been really important. And there's been no shortage of tricks and things that have happened that come up like Zoom, having security problems, and not so much Zoom having security problems because I think they responded so well to it. I mean it's really almost a textbook example of how bad things can happen, even bad decisions can be made and how quickly you can pivot from that. But Zoom created some challenges for me because I had dozens of people asking me, "Should we be using Zoom?" And we had to do some things to make it more secure. But most importantly, we had to build a sense of trust that, yes, it's okay. Use your common sense. But when I think about courage, I think one of the most challenging things during the time of crisis is staying true to your purpose and your principles. And this is a time when there were so many competing objectives and so many convenient outcomes to a degree. Now our company was totally focused on shifting to creating ventilators and saving as many lives as we could. So I think we had an advantage there. But there was still -- there's always that balance of secure versus innovation versus agility versus speed. And I think it became a little more aggressive having to do that balance. And I know people aren't necessarily less secure at home, but they are more prone to doing insecure things if they're using the same computer all day long. I think we were fortunate in that we have planned for a lot of this in the -- over the last year or so, making some really good strategic investments with companies, Okta as a great example. We identified vulnerabilities, and we used tools to change that. But we've also had to try to create an environment where security is pushed down to everybody, where it's a shared responsibility. And this is another time where we can leverage this coronavirus to say, now that you're home, you can see how you are the perimeter. And so you can almost change the dialogue a little bit to be able to reinforce the fact that security is a shared responsibility that you have to use common sense and use the tools and don't go around security. We're here to help, and we're here to try to make sure that our patients and our stakeholders are all covered.

] Yes. Let's stab real quickly on the common sense point because I think that's related to courage. A lot of times, people like you and I, who are doing security, will see something that makes no sense in terms of business process but has an alternative that makes perfect sense. And like Zoom, as an example, like I blogged about this. People were staying off Zoom like to talk to their mother for something because they're worried about security vulnerabilities. And they'd ask me, "Are there vulnerabilities?" And I go, "Well, yes, but you can totally talk to your mom on Zoom. It really doesn't matter." Have you seen some of that where you've had to say, "Now hold on a minute here. We're going to do the common sense thing because we're in a situation that's tough. Let's use our heads." Have you seen some things like that?

Maybe an acceleration. And again, I think there's an opportunity with this changing the way that we work and creating so much flexibility and creating almost a meritocracy. You get rid of so many of the barriers by working together. It makes no sense, right? You think that when people are together, you'd be more collaborative. But we've seen so much more collaboration in the use of tools and having to be a little bit more structured. But for me, it's an ongoing battle. It's not just tied to today. And that is can you just use the tools that have been tested and approved and that are managed. This desire to use another collaboration tool when we've already got 2 or 3 that are approved, I mean that never makes sense to me. And is it because you're more comfortable with Slack over Teams? Or it's -- that type of a question. Really -- I mean for me, this is biased. But I think that the most simple environment that we can have, the more secure it can be. And so for people that are trying to complicate it, the tools that will do the exact same thing in just a slightly different way, it's just -- it's a little mind-boggling.

] Yes. Makes sense. Now Jay, you are a CEO of a very cool company. I've seen you operate with your team, and you're amazing. I want to ask you a little bit about -- and it's related to this courage thing. We're all pretty upbeat. And I know you and a lot of the other folks on the panel are upbeat because we're technologists, and we're in an area that's done reasonably well through this situation. But let's face it. There's massive unemployment. Gosh only knows what's coming in terms of maybe inflation, maybe not, I don't know. Stimulus has hit, and now maybe we'll see some business now. But when you get with your team and they ask you, hey, Coach, what's coming? We're uncertain. We're nervous about the economy. What are you telling? Like what's been your advice when you've got a team that needs to stay focused, but then also, you can't gloss over the fact -- none of us can gloss over the fact that this is a very unusual time. And there's some economists who predict some pretty dire things coming. And as a CEO, I know you and your CFO have to watch that carefully. What's your advice for people? And how do you approach that with your own team?

Yes. Thanks for the sentiment. So I think first and foremost, what gives me some -- I guess just helps me sleep a little bit better at night is remembering the fact that our company has basically been built for this crisis. When we started the company 8 years ago, it was really built under the premise that there was not enough cybersecurity talent. We needed to tap the global supply, and we needed a safe and trusted mechanism to connect them for enterprise customers. Regardless of the fact that it is more of a crowdsource model, it is a very well-trusted model given the vetting that we have in place and the technology controls. And so with that said, when we started moving into this work from home environment, it made us realize pretty quickly, wow, we have a platform that facilitates connecting the security fabric to customers who traditionally would maybe have never thought about leveraging this type of talent remotely, but now here is a mechanism to be able to do that. So we've actually found a lot of new use cases for the platform that we've built even outside of just the traditional work that we do in the pen testing space. So with that said, answering your question, I think that obviously puts our employees at a bit of ease. And I think it really has enabled even our researchers globally to be more productive than ever. We've seen actually a 250% increase in the number of vulnerabilities found in our community. We've seen a 70% increase in the amount of activity since March on a year-over-year basis. And I think it's because people are spending more time at home. Maybe they are unemployed, security researchers. Maybe they just want to help or they're trying to earn a little extra income. But it's been exciting to just know that we have a company that has really been able to thrive through this crisis, and I'm sure we'll continue to thrive beyond. Fortunately as well, we have some exciting news that we'll announce next week, but we're in a really good financial position. I think to we timed bringing money into the company at just the right time. And so there's really no stress there. We haven't had to do any layoffs. We're in a really healthy place. And I think that gives our employees just a lot of comfort. To your earlier question, just kind of the theme of this discussion, I think I've been through now -- we facilitate about 5 different CISO panels or roundtables, where CISOs have been just talking about how their lives have changed through this crisis. And one of the things that I find incredibly interesting through these conversations is the realization that CISOs are probably the one role in these organizations that are thinking about crisis every single day. They're always thinking about that what-if scenario or how do I make sure that scenario doesn't happen. And they're kind of stepping outside of their normal tactical roles and helping these organizations thrive and create a new sense of normal. And I think that will continue to be a theme here, leaning on the CISO beyond just the security function and leaning on them for even just organizational management and other things in the company.

] Yes. It's a tough one. And I know you sell to every sector. And when you have a close friend that might be running a security team, like I have a good friend that I do business with, who's in the gaming industry. And we're talking tomorrow. And it's all about how does he deal with the businesses basically shut down. And it's kind of frightening, and they've got to make sure they stay protective of threat. But there are some industries that are pretty devastated. So I'm sure you must have some customers that are going -- have gone to hell and back. You hope they're coming back. But it's hard to minimize in some industries how tough it's been.

Definitely. And I think some industries are obviously insulated. And I think there's still a little bit of an unknown as to how budgets are going to be impacted from a cybersecurity perspective. But I think we all recognize they're not -- that budgets are not just simply going away. They'll be a little bit more constrained, particularly in industries like retail and others that have been hard hit. But I think for the most part, we're seeing things operate business as usual, which is good for our business, of course.

] Well, if you guys are selling to my beloved New York Yankees, I hope you keep them safe. And I'm looking forward to getting them out in the field. They should be winning a pennant right now.

I agree. I agree. I'm a Yankees fan and has been since I was a little kid. So I'm there with you.

] Vijaya, you're in one of the industries that certainly has had some difficulty. We all know you're coming back. Everybody in this call is a fan of what you do, and they're lucky to have you there guiding through these tough times. What sort of messages do you see maybe in the trenches or from your senior executives or with you and your team that might help us understand how you show courage because I think at Airbnb, it really does require that you guys show some courage now. This is not the easiest time for the industry. How are you guys -- like what some guidance that you would give in general to people about managing through a tough time?

Yes, definitely. I think as you were saying, courage means different things to different people and also at different times. For us, in particular, 3 things stood out as we looked at past several weeks. First is making really fast decisions and making fast decisions in the time when we have very, very little information, right? So being comfortable with making decisions much beyond even the typical 80-20 rule or whatever else you may be thinking about. It's really little information. And also being comfortable that a lot of the decisions that you make may or may not be right at the end of the crisis, right? So you have to be courageous enough to continue to make those decisions very quickly. And the second thing is from a resiliency perspective, being adaptable and being willing to look at every part of your strategy and be willing to change almost anything, right? And as an example, we went from physical experiences to online experiences really quickly based on the trends and the changes we're seeing in industry and the changing business conditions. But the keyword there is being willing, right? It doesn't mean that you have to throw away everything and you have to change necessarily everything. But that mindset of I'm going to give this really critical eye when I look at everything and nothing is off the table. And that takes a lot of courage to actually do that. And the last thing I would say, the third thing from a courage standpoint is how we engage with our teams with compassion, with empathy and showing vulnerability, especially in the last couple of weeks as we went through our recent layoffs and letting go of some people. One of the things that -- as difficult as this is for any company, I feel like we -- our leadership team and the CEO handled it extremely well in terms of dealing with utmost compassion and empathy and showing vulnerability and dealing with humanity. So all of those things need a lot of courage. As I'm talking to my own teams in my day-to-day role, a lot of questions come up in terms of, hey, how do we know what we're doing is right? So the biggest thing that I tell people is, look, we don't know everything and we cannot predict. One of the things this crisis has done is it has leveled the playing field for everybody. We all have very little information. And we do the best we can. It doesn't mean we get it right. But we are going to be very open and honest about looking back at our results and our decisions to say what went well, what didn't go well and being very open and honest about it. So from -- for us, courage meant those 3 things. Really, to sum it up, faster decisions, being adaptable and willing to change anything and being open and honest and vulnerable in our engagement with our teams.

] That is really wonderful. I have a feeling Hunter is going to want to take that little clip and probably play it between sessions at one of the next conferences. That was really beautiful and really inspiring. I think that's great, great advice. Todd, I want to ask you. One of the questions that's popped in from the participants here is about attacks and whether they're going up or down. Jay had alluded to some pretty striking numbers there. You guys -- you were critical infrastructure. Now you're really critical infrastructure. I'm really curious, Todd, whether you guys are seeing -- are you seeing it go down, the same or up? Or what kind of trends both from like, say, probes coming from the outside, phishing attacks and all these different categories that we all tend to use to answer that question. But what are you seeing? What are you guys seeing in the trench?

We are seeing more activity. The fact is so many of our partners block things before they ever get to us. And I think that's a really positive part of the story, is the more that we can protect the end points and the environment, the less we're at risk of those phishing attacks.

] There's more pebbles hitting the armor, but the armor's still working.

Exactly. But [ this is different for ] companies. I don't want to name any names here, but if you have a really good, aggressive e-mail security partner, they're going to keep a lot of that stuff from your door. And I think that's important. But that said, we are all on high alert and our operations team has probably never been leaning forward more than they are today because we know that we're at higher risk. We know that -- people are taking advantage of the COVID websites and just -- and curiosity of human. People's home networks are less secure. And so a lot of this is really about training people to be more alert to anomalies and unusual behavior. And if something doesn't feel right, go with it. It's probably not right. But again -- and we do as much as we can on the end points to protect the end point. But it still comes down to personal responsibility. And so we are definitely sending the message to be more hyper aware that the risks are higher today.

] Do you guys tend to worry as much about insider as outsider threats? Is insider something you spend a lot of time on?

It's something we think about, but not as much as external threats because...

] External.

Yes, we've had issues in the past. I don't want to name countries that might want to steal our intellectual property.

] I can't imagine -- I can't think of one.

We're doing business globally. You have to accept those risks and do whatever you can to mitigate and just make sure -- and I tell you like a broken record. But the people that handle that intellectual property and the sensitive information, they have to take extra steps to make sure that they're doing their part to not make mistakes. And most of our employees are great employees. So I'm not as concerned about that.

] Yes. Hector, kind of same question here. You see that a lot of your customers, are they -- do they seem more frenzied? And let me preface by saying I hear a lot of people talk about going on to "high alert." And I think that's right. Like there are things that you can do. It reminds me of when you watch TV and they say, "We're now deep cleaning the bathrooms." And you want to say, "Well, what were you doing before?" Just sort of a half cleaning. Now we're deep cleaning. But Hector, what's been your experience? Do you see that customers are a little bit more intense now?

We actually have seen about a 600% increase in phishing attacks.

] Wow. Did you say 600%?

600%, yes, basically 6x. Because the reality is that people know that you're going to be working from home in kind of, as Todd said, probably from networks that are not as secure as your corporate network. And so we definitely have seen a spike in that. But the other thing that was very interesting was that we saw an SMS multifactor authentication increasing dramatically. And our Okta Verify multifactor authentication solution, which is basically what -- it worked with [ port authentication ] and app, whatever. It's basically like a multifactor authentication for our users. That actually grew about 80%. And the reason is because our customers are setting up different policies so that if you're outside of the corporate network, you need to use multifactor authentication. And Okta Verify is kind of one of the most popular ones, but we saw a huge increase in SMS authentication, voice factor, Google Authenticator, Symantec VIP and even U2F key. And so part of what our customers are finding is very important, is to at least create policies so that you keep people being able to access the applications that they need but also you try to keep them secure. And I think multifactor authentication is super important right now because phishing attacks are definitely on the rise.

] Yes, that's interesting. That's a scary number.

Yes.

] So Vijaya, we got about a minute before we're going to turn it back to Hunter. I'll give you the last word here on -- are you guys seeing any uptick in the attacks aimed at the company?

Yes, definitely. Like everybody else here, we have seen increase in phishing and some targeted attacks there. But the other thing I would say is as the travel industry has slowed down and good users are not traveling, the interesting thing for us is fraudsters and people that are trying to scam and do commit fraud and risk on the platform, they're not going away. And that continues. So we really had to be extra vigilant in making sure we're not getting impacted negatively and remind our teams of our mission of keeping an eye on the bad activity and really focus on execution and continue to do better there. So those were the 2 main things saying, of course, everything else, Zoom security issues and whatnot, that we have deal with this as well as others.

] Well, that's wonderful. I appreciate the insight. And a lot of scary messages there. Hey, listen, on behalf of all the participants listening, I want to thank our great panel. I always learn something. Hunter, I bet you learned a couple of things too. It's a really sharp panel, and I appreciate you allowing me to participate here.

Ed, great job. You knocked it out of the park. Thank you so much, Vijaya. Thank you so much, Jay. Great to meet you. Really compelling company story. Really, we want to get to know you and your company better. Hector, you guys are an amazing tier. Really impressed with Todd and the team.

Thank you.

Stocks at all-time high. Keep going. Thanks for your support. And Todd, wow, what a great story. You guys are really welcome to come to any program, CIO Summit or CISO Summit going forward. We'd love to have you engage. You guys -- we're rolling out a marketplace here in a month -- actually 3, weeks. We'd love for you to all take a look at that. It'd be a great way to go to market for all of you, including yourself, Ed. Thanks, guys. Please stay with us, if you can, for the next...

Thank you.

Bye now.

Thank you very much.

] Great.