ResMed Inc. (RMD) Earnings Call Transcript & Summary

Next up, we have Tony Leng. Tony is going to lead -- thanks, guys. Tony Leng is going to lead what it takes to become boardroom ready, a hot topic for us here at HMG Strategy. Folks, you want to be part of this panel. This is an amazing panel. Tony, welcome. Take it away.

Thank you, Hunter, and thank you so much for the panelists who are joining me. I really appreciate that. What I want to do is have the panelists introduce themselves and then move quickly into the set of questions. And the way we're going to do it is this. The panelists are going to kind of tell you [indiscernible] and tell you which Boards they're on, and then we're going to start our questioning. So let's run through it. Colin, Jeanette, Daphne, David, if we can run through that order to what boards you're on. Thanks so much.

Great. Thank you, Tony, and hello, everyone. My name is Colin Black. I'm the Chief Operating Officer of CrowdStrike, Section 16 Officer and on the Board of CrowdStrike. So I'm an internal member of the Board.

Hi, everyone. Jeanette Horan, and I'm a former IBM executive, currently sit on the Boards of Nokia in Finland and Wolters Kluwer in the Netherlands.

Hey, everybody. My name is Daphne Jones. I am a retired Senior Vice President of GE Healthcare, and I sit on the Board of AMN Healthcare, Barnes Group and Masonite International. Good to be here.

Good morning. My name is Dave Pendarvis. I work for ResMed, a medical device company here in San Diego, and I'm the Chief Counsel and the Chief Administrative Officer there. So I get involved in Board work there, working with the ResMed Board, including Board searches. I'm also today on the Board of the WD-40 Company, which is based here in San Diego. And before that, I was on the Board of Sequenom, a molecular genetics company also based here in San Diego.

Great. Thank you all for that. Now the audience today are mostly technologists. So let me ask you this. Colin, what are the skill sets that people need today to be effective on Boards? In other words, kind of what do Boards want? Running in the same order, off you go.

Alrighty. So certainly, from my perspective, it really depends on the company and the position and the time of the company. So for example, CrowdStrike went through a recent IPO. What we need at that point is different to somebody, say, like a Nokia, which is in a state of steadiness, shall we say. So it really depends on the position of the company at the time. But I do think they need expertise. We're particularly -- right now, we see things like cyber is very high on the agenda with people and compliance out there. And -- but I think as a Board member, one of the things you need to be very focused on is what you can bring to that and playing your position on the Board, frankly.

Thanks. Jeanette?

So I would say that first and foremost, the role of the Board member is fiduciary responsibility. So they certainly start to start out with -- are looking for people who are seasoned business leaders. But then within each Board, the individual members are recruited for specific levels of expertise. And one of the things that we're finding today is that just about every technology is -- every company is a technology company, regardless of the business they're in. And I think that many of them are realizing they don't have a lot of technology expertise on the Board, so they're looking out for that. And while there is certainly the traditional technology requirements, I was on a 4-hour Audit Committee meeting this morning, I mean, had a lot of discussion about IT controls and cybersecurity and things like that. But they're also looking about how technology can be used to transform the business. And I think that really is one of the biggest things that companies are looking for, is that transformational expertise.

So you've got to be a technologist, but you need to be a leader and a business person at the same time?

Absolutely. Absolutely.

Daphne?

Yes. I would say what Jeanette -- hi, Jeanette. Good to see you again today. We were together yesterday. Yes, I think exactly right. Your business leaders, especially the CIOs today, we are no longer those partners that just kind of follow the business. We help co-create the business. So we understand manufacturing, we understand customer loyalty, and we understand talent. So understanding what it takes to make a business run is important. And of course, the digital aspect is really what kind of rounds it out. But you've got to have integrity. You have to understand about risks and controls and things like that, but you got to know the business.

So David, I mean, you believe strongly that you just have to be a technologist and nothing else, is that right?

[indiscernible] Good thing you were listening to the prep call, Tony. No, in fact, Tony encourages to be a little controversial, and so I'll be a little controversial and say, most Boards are not looking for a CIO as a Board member. And that skill set may not be the skill set to get you on a Board. What they're looking for instead is a strong business skill set, which you heard from everybody else, that has a technology mindset. So that technology expertise that you have in the audience is hugely valuable, but it's not enough. So ResMed, for example, has been on a digital transformation journey by embedding chips in our medical devices that communicate so that we've got tens of millions of devices every day that communicate back to a server that downloads into a patient engagement app. We're very much involved with technology and digital transformation. And when we went out to look for our Board searches over the last 5 years, we ended up with a woman who was engaged in consumer technology for digital consumer-based tech. We ended up with a guy who runs an IT company based in Europe. And we ended up with others who are very technologically savvy but bring more to the table. So those basic business skills. Also diversity in terms of geographic nature. We have Board members from Singapore, Board members from Europe. That knowledge of the business that says that this is not someone who's just a technology expert. Listen, we hire consultants when we need a technology consultant. But we want our well-rounded business people. The WD-40 Board is very, very geographically diverse, very much diverse in terms of consumer technology as well as the basic business skills. And that's what people are looking for, is that well-rounded individual who brings that something extra. So the CIO experience is the something extra, but it's got to be the cherry on top of the sundae.

Got it. So Jeanette, why did they hire you at Nokia and Wolters Kluwer? What did you bring to the table that was particular?

So for Nokia, I would say Nokia is actually going through a lot of transformation. I kind of smile when Colin say it's a steady state company. We've got a new Chairman and new CEO and a new CFO this summer. So I wouldn't exactly call it steady state. But Nokia has been operating in largely the communication service provider market, which is slow growing, to say the least. And so if they wanted to grow, they really needed to grow into the enterprise. And I had 2 sets of experiences. One was as a developer, a producer of products that were sold to enterprise customers was kind of number one. But then I had experience as the enterprise CIO that I was able to, if you like, kind of sort of sit on both sides of that. And so that was the thing that they really liked, is really about how do you help them enter into that enterprise market and really kind of understand the enterprise market some more. But I will say having said that, as they've gone through a big merger with Alcatel-Lucent, I've probably spent as much time on ERP systems and back office integration as I have kind of on the enterprise market.

Right. Daphne, switching over to you. You'd kind of made being on a Board and getting on a Board into a business now. So here we've got a captive audience and a bunch of CIOs, what are the 3 or 4 things that people really need to do to become sort of Board-ready? And I'll let you lead and then let the others pick up on that. But kind of lead us through maybe what you did and what recommendation do you have for CIOs who are kind of business-focused executives currently to prepare themselves to be Board-ready?

Sure. Well, you kind of said let's be controversial. So number one, I'd say, get a new set of friends. A lot of times, the friends that you have today are those that want to get on Boards as well, so now you're competing with them. So get a new set of friends, transform your ecosystem to those people that are going to be good references for you. They're your CEOs of the past, your CFOs, your other business leaders. But they are also going to be folks who may also be tapped on to be on a Board, and they may be -- have too many Boards that they're working on. So they would reference you. So you refocus that needs to be transformed. Number two, know your superpower. What are you really good at? Are you good at Industry 4.0? Are you good at marketing? Are you good at only technology? Know your superpower as it relates to your skill. And then make sure you know how to read a P&L. That's going to be really important, brush up on your math. So those are the 3 things that I would recommend that you do. But you first have to kind of know what a Board is. So the whole demystification. Everybody says, I want to be on a Board, but do you really know what a Board does and what a Board is and what the contribution that you have to make and all that? So if you do that and understand what the Board is, I think you'll be ready, more ready than not.

And there are ways of doing that. The NACD, I know you run a group that teaches people, [ Coca Brown ], [ Fina Group ] has a group that's focused on this. So there are ways of us getting up to speed. David, what would you add to what Daphne said?

Well, I'd say, first of all, try to get on private company Boards. So San Diego, for example, has got a big -- Connect is an obvious example. There are other companies that are involved with start-up companies. They need guidance. Those are frequently going to be unpaid positions. And so you're going to be volunteering, you're really going to be very lightly paid, and it's going to be a lot of time. But that's a way to get started with private companies that really need some guidance. And get involved with nonprofits. You learn how Boards operate, how governance operates, what's the difference between supervising and directing strategy versus executing. It's the key differential between being on the Board. I'd echo Daphne's point, make sure you're a well-rounded businessperson, drive value in the job you've got today, look for opportunities in the job you have today to broaden your skill set and focus on things beyond what you might think your technical remit is today. [indiscernible] your position. So those would be the main things I would say is try and just go do it.

So I'm [ curious ] too. Was that me hearing David going -- sound kind of funny? Or is that for everybody? Can we pick up a little bit? Colin, do you have anything to add to that?

I really like Daphne's comment about know your superpower. I definitely believe that's a very key point, is understand your superpower and where that fits into the Board. But I also think that a large part of it is also what do you bring to the human aspect to it. We're here as people struggling with the problems. And so how do you help, based on your experience and you are as a person, to help out Boards also get through? And it's also very much about influencing, right? You've got to be able to influence people properly. Otherwise, it just becomes extremely difficult.

Jeanette, any comment? Anything to add to that?

So I would say, on the basis of kind of change your friends, I think that sort of your new friends should definitely include people who currently sit on Boards because I think that they often will get calls. It's always harder to get your first Board than it is to get a second or third. And so if people are kind of overboarded and they know you're looking, they can often be sources of referral. And especially, if you know anybody who's on the Nominating Committee for a Board, they're great people to know because they can put your name forward a lot of times.

So if you're really a [ seasoned executive ], in other words, let's call it your -- you have a modus operandi or a style of command, control, take charge, get stuff done and this is how you sort of marketed yourself as a senior executive, how well does that fit from a Board perspective? And is that a great MO for you to use as you set yourself to be a Board member? Daphne, start with you on that one.

I'd say yes and no. I think it's a skill that you're going to have to know when to apply it. There are things that a Board has to take charge in, like CEO succession planning or the compensation of executive architecture, if you will. But there are some things that the Board has to just partner with executives on, and then there nare some things that the Board should totally stay away from. And so I think those skills that you have need to be applied but they need to be applied carefully.

Right. David? And then, Jeanette, I'd love your feedback on that, too.

Yes. I agree with Daphne in the sense that knowing how to execute is hugely important. And so you recognize good execution, you recognize the need for good execution, and you can communicate to folks how they might better execute. But when you're on a Board, you are not the executor. In fact, in many ways, you get in the way of execution if you try to execute. The CEO of WD-40 is fond of talking about a Board member might come in and say, have you thought about that wall being pink, just as an offhand comment. And the next time you walk in the room, the whole place is pink. That's not adding value. So what you want to do is understand a Board's act at a collegial level. They're sort of sounding Boards for the CEO. They're frequently sounding boards for the executives, and you can mentor. But it's really more about trying to provide oversight and sort of guide rails and systems than it is about directing. Most people who are directive in the boardroom setting have short-lived Board careers.

Got it. Jeanette?

So the best piece of advice I ever had was nose in, hands out, which is you need to obviously understand a lot about the business, you need to understand where it's going, but you can't operate the business. You can't tell people what to do. You have to ask questions and make suggestions and sort of recognize that your role as a Board member when it comes to the business strategy of the company is really as an adviser. And ultimately, the Board does get to hire and fire the CEO and figure out how to pay the executives, which are really the only controls that you have. So you got to learn how to listen well and ask probing questions.

And Colin, anything you want to add to that mix?

Not really, frankly. I think that's been well articulated well by Daphne and Jeanette.

Great. So what I wanted to do was quickly talk about, as current Board members, what are the things that are of greatest concern to you currently at this time? What is kind of the -- what are the big things that are challenging your Board right now? And do you think that any member of the current audience can be part of the solution to that or not? Daphne, why don't we start with you?

I'm going to start to feel like I'm one of your favorites because I'm always talking first here. God forbid. So the Boards are -- short of being -- releasing information [ such as to the leads ], I would just say, in general, Boards are concerned about things like tripping their covenants, right, because it's about cash generation and cash conservation in the times of COVID. So how can a CIO help make sure that we're doing those things both to drive more cash generation with customer-facing activities and revenue-generation things but also being much more efficient and driving efficiencies so that the people inside the company can actually do work much faster and much cheaper, still with high quality. So they're worried about that. They're worried about cash. They're also worried about clearly the amount of cyberattacks that are happening, whether it be whaling, big fishing or phishing or all those different things. And so the role of the CIO and the CISO is clearly to try to do more to do whether it's, I call it just-in-time, some people call it zero trust. I call it just-in-time trust. But doing those things that are going to be critical so that the Board can be assured that the crown jewels within the company are really well protected. And whether you have to do a zone defense or man-to-man defense, you got to do what you got to do to make sure the crown jewels are protected. Those are 2 things that Boards worry about.

Colin, do you have any reflections on what Daphne just said about the security aspects?

Yes. As a security company, for us, security is number one, right? Last thing you need is that security companies are breached. You're kind of out of business at that point, right? So we're highly focused on that type of thing. But we're a relatively new public company. We're just over a year now. So we're very focused on the compliance side of things and learning that integration with Wall Street and how you manage them and they manage you and building that relationship with them. And I think one of the other things that's uppermost in a lot of Boards' minds right now is diversity and the current mandate in California for Board mix and such like. So it's also dealing with those type of situations right now.

Great. David, what do you think?

I think I agree with Daphne on the short-term focus a lot of companies have had [indiscernible] largely through that. They are no longer worried about survival. But when survival becomes at risk, that's the first, second and third thing a Board worries about. Once you get beyond that, Boards are worried today about how do they become a more digital company. I mean, ResMed has really gone through that digital transformation, and we continue to be at it. And so it's how do we stay at the forefront of it. WD-40 used the whole pandemic to recognize the need to build on their online shopping experience, and they've made a lot of great strides in that area. So I think becoming a more digital data-focused company and having that not just be here's our digital assets, but how do we use them to both transform our business and to build competitive advantage and to win in a future world, that is squarely in the seat of the CIO, or ought to be, and winning in that digital transformation is what most Boards are worried about longer term.

I want to thank the panelists. I'm going to leave Jeanette to have the final word. But we're coming up toward the end of our time. So thank you, Dave, Daphne and Colin. Jeanette, final words to you, and then we'll sign off.

I think the Boards right now have clearly been focused on how to get through the current pandemic, but I think it's really looking ahead to the future and what happens after that and how are we really going to reset our business and grow our business. Short term, yes, it's about conserving cash. Longer term, it's about getting to growth again.

Thank you all very much for playing. Appreciate it.

Excellent. Great job, Tony. Thanks, everyone. Great to see you all. Take care. Bye now.

Hey, next up, we have The HMG Tech Innovation Lab, Innovation versus Invention. Welcome, panelists, to the program. Let me start with Garry Drummond. Garry is the CEO of 802 Secure. Garry?

Hey, good morning, everyone. Thanks for inviting me to join the panel today. I'm just wondering why my screen has gone phonic. Can you -- you can't see me, can you?

Barely, barely can see you.

Okay. Let me see if I can quickly fix this.

Maybe -- why don't you turn your camera off while you try to fix that? And [ Nick ] might be able to help you on the background via a secure chat. And why don't we open it up with Evan Reiser. Evan's CEO of a very cool, hot company in the security space, Abnormal Security. Evan, great to see you.

Great to see you, Hunter. Thanks so much for having me in the program. I'll give a quick intro.

Yes, please.

So my name is Evan Reiser. I've been basically enterprise software entrepreneur for a decade, the founder and CEO of a company called Abnormal Security. And Abnormal Security is basically a next-generation platform for e-mail security. We use AI and machine learning to protect enterprise against targeted attacks. So things like phishing, malware, supply chain, compromise fraud and business e-mail compromise, which is the #1 cybercrime in the world. And so we're a pretty small company, but I think we're probably one of the fastest-growing cybersecurity starts right now. We've got about a dozen Fortune 500 companies using the product today. And yes, super excited to be here. Thanks for having me, Hunter.

So basically, you're -- between A round, B round, where are you? And who are your backers?

Yes. So the backers we've announced are Greylock Partners, and we're -- yes, we're a business Series B company.

Awesome. Congratulations. And Monti. Monti is here on the program. Monti, welcome to the program. Monti Knode is Director of Customer Success at Horizon3.ai, a very cool company, and a former military veteran. Thanks for your service.

You bet, Hunter. Thanks very much. Yes, Horizon3.ai, I'm the Director of Customer Success. Much like what Evan was talking about, we use AI and automation to be able to -- and we prioritize vectors over vulnerability so that we can turn the map around something military calls to be able to give that up for or that adversary perspective on a network. So that's how we're going out there and helping companies to be able to fix what matters a little bit quicker. We are -- we've had our seed, and we're looking to go into Series A early this next year.

Great. Great job. Thanks, Monti. Good to have you here. Garry, you're back, and we can see you. You're not part of the Blue Man Group now. Great. Congratulations. Welcome.

Hello, everyone. My name is Garry Drummond. I'm the founder and CEO of 802 Secure. I specialize in wireless, on next-generation wireless security. And with 80% of the IoT deployments in wireless, not wires. Wireless has started to become the new network and the new attack surface. So we've built a cloud-based machine learning platform that allows us to detect new treat from cellular as well as broad spectrum. And we have multiple deployments across infrastructure, health care and so forth. And we recently had a C grind and are now ready for an A run.

Excellent. Congratulations. Glad you're here. And next up, we have Phil Richards. Phil is the CISO for Ivanti, one of the outliers of today's panel. Phil, welcome to the program.

Thanks, Hunter. It's good to be here.

And where are you based, Phil? Where are you based?

Pardon?

Where are you based?

I'm actually based in Salt Lake City. The Ivanti program is based in South Jordan, Utah. And we're really focused on kind of IT, making IT better for organizations. We have products in the service management space, asset management, user endpoint management and security spaces of patch and endpoint delivery and endpoint management as well.

Phil, the whole topic and the idea of the panel is around innovation versus inventor, right? When you think about how Ivanti helps innovate for your clients and/or inventor, what's your take on that? How do you help your clients secure the enterprise?

Well, I think it's an interesting question, and you kind of have to have both. You've got to have a little bit of both. You need to have a culture -- invention is turning -- is taking something out of nothing or starting with nothing and turning it into something. Going from -- I have -- I'm starting with kind of from scratch, from bare bones, whereas innovation always seems to be we need to build a better mousetrap, we need to focus on making things better. And for companies like those of ours on the panel, we actually have customers that pay for our ability to innovate as a normal part of our process. Like a lot of software companies, we have maintenance fees and those kind of things. Those fees go directly to funding new work and making the product better. Our customers expect new releases of product. They expect not only bug and bug fixes, but they expect features to improve. And that's innovative. We actually have customers paying directly for innovative services. So clearly, innovation is such an important component for -- especially in the software development field. But in a lot of fields, it's absolutely critical.

Excellent. Stay with us. I'll be back to you in just a minute. Evan, when you think about Abnormal Security, you have some incredible traction with larger companies. What's going on in the enterprise architecture, the increased landscape post pandemic? And what specifically does Abnormal deliver?

Yes. It's a great question. I think when we talk about -- when you think about innovation, right, because to understand like what are some of the -- where is the stable market in the world today? And what are some of kind of the tailwinds that are causing change? And so I know that 30% of -- and you guys heard earlier today that e-mail security was a specific technology need. And I think if I look at the market today, right, e-mail security is #1 attack vector, there's more money lost from this single compromise than every other cybercrime all combined. And so there's definitely something in that market, right, that's like not working. And so when I think about the like the tailwinds, right, are causing innovation, I think we all know that like digital transformation is happening fast and every enterprise application moves to the cloud. I think in our world, like customers are looking for some sort of cloud-native replacement for the first generation, maybe on-premise focused device. And the other kind of -- the second maybe big trend is -- that affects all of us is COVID-19. So the nature of work is changing, right? The people are -- you've got working conference service, right? They're using these digital communication collaboration tools. The way we apply it to our market is that the importance of integrity and secured e-mail communication is higher than ever. And to just -- the way people work is changing. I think kind of like the final trend that's driving innovation, right, is just the rise of AI and ML. And I think a lot of people are seeing gaps between what the promise of AI versus what they actually get in the results. But there are some problems, right, that do require machine learning and AI. And for us, like to stop attacks have never been seen before and bypass on the solutions, right, we need to go and apply -- use kind of real technologies there to make success. So it would just seem like when it comes to, I think, the difference in your question here about invention versus innovation, like, we try to invent things, right, when we come up with our good ideas. We try to really listen to the market. And what I hear from customers is those are the big problems today. It's phishing, supply chain compromise, vendor impersonations, executive impersonation. If you try to kind of look at all these trends, and we listen to our customers and we try to build technology to help them to solve these problems and replace some of the solutions that came from 10, 20 years ago.

Excellent. Thanks, Evan. We'll circle back to you here in just a minute. Hey, Monti, you're up next. When you think of the whole idea of inventor versus innovation, what comes to mind?

So I think the way Phil described it was pretty well, and we got to have a conversation with a few others on exactly what that differentiation is. And I got to tell you, I don't know that the differentiation matters. What the CIO has really got to do and what they've been encouraging in the past is being open to it. And having been a former CIO and COO, I think what you can just do is be open, you've got to encourage it. And that really goes to that culture of risk averseness. Right now, as you like to ask, Hunter, isn't it a great time to be in this business and doing so, where people are really gaining an appreciation for what we do. And so what we've got to do is make sure that we're balancing that risk perspective with that innovation and that we're encouraging and maybe even willing to take a few leaps there -- here and there because I'll tell you nothing will do better than to encourage further innovation going down is when you've taken that risk and embedded that trust, and they've replaced that with [ actual performance for you ].

What is Horizon3 really doing as it relates to securing the enterprise in terms of automating red teaming? Talk to us a little bit about that.

You bet, sir. So where we're innovating is we're taking a lot of things that are human in the loop where an attacker or an APT can do a lot of different things on their own and they're applying code as they go through and kind of innovating on the fly. We embed that in our AI algorithm so that what we do is collective intelligence across some of the different platforms. And we're giving that attackers perspective. So as for instance, just to give a timing, a traditional pen test. People will have a pen test run once a quarter, every 6 months, once a year. And the time it takes -- and I'm sure people out there listening know. It takes 3 to 4 weeks of buildup. Then they're doing interviews with people on site. Then they're going through a couple /24s or maybe 1,000 IPs because they're very narrow focused in that talent that, that ethical hacker, white hacker -- white hat hacker is so very narrow. And then it takes about 6 weeks to kick a report out. What we're trying to do is give time back to those things that we can give that attacker's perspective, and we've been able to run on about 6x of that coverage in about 6 hours. And so what we're doing is where a person can identify their own scope, it's completely unintrusive, no agents, all SaaS, and they get that report back in 6 hours, so they're able to go after and fix what matters. That speed of delivery to that time to value is really where we're seeing our impact.

Excellent. And Monti, if people can get in touch with you at Horizon3, how can they do that?

Horizon3.ai, if they go out to the website, they can register. And right now, during national cybersecurity month, we made it available so that any organization can run our product for free in their environment. They can scope the environment themselves or they can even, if they want to, run it on their own network and see how those Alexa devices and their wireless printers match up against our node 0.

So it's a free trial, right?

It is. There's a free trial going right now.

Awesome. Thanks, Monti. Great job.

You bet. Thank you, Hunter.

Garry, welcome back. Garry, when you think of the incredible growth that you've had in the last, say, year, what do you attribute it to?

Well, I think as companies embrace digital transformation and the fact that IoT enablement has increased a lot of new efficiencies, obviously, this COVID-19 is going to throw a spanner into the work. A lot of this new normal, working from home has definitely created new challenges. And I think one of the key areas for us, if you can take a step back for a second, as we all know, right, IoT has kind of created this huge opportunity for the organization. But it's also created this new attack surface, which is really only broadening with it like [indiscernible] 5G and other wireless enablements. So when you look at the new threats and risks that are being created by working from home, I think a lot of organizations haven't really thought about that maybe this threat associated being connected to this shared medium of wires, right? And bringing our corporate assets on there, alongside your smart TV or your smart tab [ and style ] or your smart cameras, yes, they're not realizing that this could be potentially an invisible espionage attack to the business. And that there's new ways of [ initially getting ] approach -- a new way to looking at the threats and that it's associated with those new IT objects mixing the corporate environment. So because we have seen this growth in working from home, whether it be through WiFi or through cellular, there needs to be the ability to kind of fingerprint at any given time what is on this network. And [ with all of our ] organizations, we realize, wireless is going to -- as part of the OSI model, is operate [indiscernible] if you think of it, of firewalls and the VPNs that are at play is actually doing their job to secure these connections, and it's not. There's definitely vulnerabilities and risks associated with new corporate assets mixed into -- become a shared medium. So we've seen a lot of interest from large organization, whether it be enterprise or at home, in being able to kind of fingerprint the new existing threats associated with this mixed environment, Hunter.

Thanks, Garry. Hey, Garry, how can people get in touch with you if they want to follow up?

Yes. Our website is just 802secure.com and [email protected]. you can get a hold of us there.

Excellent. Hey, thanks for coming on the program. Hey, Phil, when you think of innovation at Ivanti and your culture, why is that important to you all?

Well, I want to talk a little bit about culture. It is just so critical. Innovation does -- I don't think comes naturally to folks and especially engineers and that kind of thing. You kind of have to give them time and business. A couple of things, I think, are really critical in the -- in kind of helping develop a culture. First is making sure that you set aside time for people to be innovative. Hackathons are a great way to handle that, where you just actually have the teams kind of set aside a couple few days and work on a problem that's not associated with the everyday bug fixing or whatever it is they need to be doing. Give them time to be innovative. And secondly, you need to provide them -- and from a security perspective, it's going to be really challenging. But you have to provide engineers with the ability to be able to kind of have some freedom and to fail and to do things that are kind of a little bit different. You want to give your engineers that kind of a latitude. Obviously, you don't want to have them doing that in a production environment. Customer environments are very different. But you want to give them a lab environment where they can -- where folks can be innovative, and they can be creative. I tell my team frequently that a big part of our engineers' job is to look on the Internet for crazy ideas and download them and see what's going to happen in our environment. So we need to be able to make sure that we're allowing them to have that kind of liberty and that kind of freedom. That's part of enabling them to be creative and to let things loose and kind of come up with new ideas.

Excellent. And we have a minute left. I'd like to go through final comments by everyone. Evan, most interesting, creative innovative time that you've seen in your career in tech, enterprise tech?

I mean, I think absolutely, my past job around the machine learning at Twitter. The machine learning team at Twitter, saw all sorts of crazy things in my time there. But I think just COVID-19 has created this new era versus how people work that's going to change, though, every knowledge worker's job and the tools they use and the technologies they use. And it's kind of a maybe crazy and terrifying but also fun time to be involved in enterprise software and technology.

Thanks, Evan. Check out Abnormal Security, everyone. Hey, Monti, best time ever to be a tech professional?

Absolutely. It's a lot of fun. I think right now, especially during this COVID-19 time, we're all evaluating what we in the military called combat effective or not, how can we be combat effective no matter where we are. And that demand for greater tech and that innovation and invention is really driving some cool changes. It's cool to be a part of it.

Excellent. Thanks, Monti. Check out Horizon3.ai. It's a really cool company. Garry, pretty exciting time, would you agree?

I think it's a phenomenal time to be in tech. And I think next wave of Internet access is going to be via satellites. So satellites, to me, are nothing but an IoT device on an OS and a frequency and the protocol. So being able to have this global ubiquitous Internet active, Internet services, satellite services is just really interesting.

You're right on. I agree with you, very cool. And, hey, Phil, thanks again for Ivanti's support. Final comment?

Well, one of the things that -- we've talked a lot about how important it is right now from an innovation perspective. Innovation is driven by gaps between what is currently available versus what is needed. And right now, the gap, I don't think, could be larger than it is right now. We've got entire industries that are being upended and turned over and changed fundamentally and probably forever. So from an innovation perspective, there is just -- there's just plenty of room for organizations to figure out new ways to solve problems that are coming up off the fence for the first time right now.

Thanks, Phil. Very strong. Hey, reach out to Ivanti and the other 3 companies, folks. When they reach out to you, take their call. They're great companies. Thanks, guys. Great job.

Thank you.