Kevin Tawil

It's an important consideration, particularly as a private company, and we never really had a desire to be a public company and still don't.

That said, if you're a private company and you're incenting people with equity, you do need to find ways to get not only your employees' equity, which is important, but your shareholders as well over time.

And we'd endeavor to have some sort of liquidity event every couple of years, and

What we found, particularly with our management team, was that equity incentives really worked.

But if they don't see liquidity within a three-year period, then the value of that incentive actually tends to start declining because they're wondering, is this really a value?

Is this really here?

And having some level of consistency and track record of liquidity events is actually important to maintain the value of that incentive.

So we would have

either a debt recap or a debt and equity recap or sometimes dividends along the way.

A lot of shareholders did well by Asurion, but I will tell you, well, the thing that feels really good is you have that conversation with the director level person who may have made

a few hundred thousand dollars on a recapitalization where they sold some of their equity.

And they're set up for retirement.

They put the kids through college.

To be able to have that kind of impact on your employees' lives is really gratifying.

Compassion Forward project is a philanthropic organization that we created internally at Asurion.

And it was...

giving by Asurion employees in support of Asurion employees.

We want to, like most organizations, want to be part of the ethos to be giving back and helping the community.

We happened upon it.

It was one of our mid-level managers who came up with this concept of Compassion Forward.