Caryn Seidman-Becker

A subscription-based business model with

high incremental margins, generate strong free cash flow.

And we've invested some of that back into our enterprise identity platform, which is a here and now opportunity to reduce fraud and prevent insider risk and drive compliance and efficiency and automation on the enterprise side.

It's awesome.

I think we peaked at 155 million shares and we're at 133 and change.

So we've bought back a lot of stock.

All the stock that we went public with at 31, we bought back at a lower price.

If you want to talk about arbitrage.

I think there's a lot they don't understand.

I don't think they understand the opportunity in the travel business.

I think they think it's like a zero sum game.

We've long known that biometrics were going to go mainstream.

That's been our view.

There's a TSA report from 2018 on their biometric roadmap.

We read it.

understanding that we believe biometrics are going to be everywhere.

The question is, what kind of experience are you going to build around biometrics?

Biometrics are a feature, not a product.

The product is the experience.

Biometrics going mainstream is like new news to people, not to us.