Micron Technology, Inc. (MU) at Morgan Stanley Technology, Media & Telecom Virtual Conference (Transcript)
Micron Technology, Inc. (NASDAQ:MU) Morgan Stanley Technology, Media & Telecom Virtual Conference March 3, 2021 11:45 AM ET
Company Participants
Dave Zinsner - CFO
Conference Call Participants
Joe Moore - Morgan Stanley
Joe Moore
Hi, welcome back everybody. Happy to be here with Micron. Before we start, I do need to read a quick safe harbor. For important disclosures, please see the Morgan Stanley Research disclosure Web site is www.morganstanely.com/disclosures. And if you have any questions, please reach out to your Morgan Stanley sales rep. So I'm happy to have Dave Zinsner, CFO of Micron today fresh off of the positive pre-announcement that we saw this morning. Dave, I think you have a safe harbor as well. And then we can go straight into that.
Dave Zinsner
Yes. Thanks, Joe and thanks for having me, and good to talk to everyone again. So just real quickly before I get started, I will be making forward looking statements. Those statements contain risks and uncertainties. And so you should consult our form 10-K and 10-Q recently filed for a list of all the risk factors associated with those forward looking statements. And then also generally, I'll be talking about non-GAAP numbers. And there's reconciliation of GAAP to non-GAAP on the Investor Relations Web site at Micron.
Joe Moore
So maybe start just with the pre announcement and most topical subject, a little more than $400 million of revenue upside, quite a bit of EPS upside. Can you just gives an indication of, I think some upside was anticipated. But generally, how is that balanced between pricing and volume and DRAM versus NAND?
Dave Zinsner
So let me just, I'll just reiterate the what we said this morning, just in case somebody missed it. Overall, for revenue, we said that revenue should be in the range of $6.2 billion to $6.25 billion, that's up from $5 billion to $6 billion, the guidance we gave in early January. We said gross margins likely to be in range of 32% to 33% versus the 30% to 32% we talked about at the beginning of January. And then EPS now expected to be up to $0.93 to $0.98 versus $0.75 plus or minus $0.07 that we said in early January. So everything materially positive. We still do have a couple of days to go. We closed out the quarter at the end of the day tomorrow, so there's still some things switching around in there, which is why we need to provide a range. And we obviously have to close the quarter out from an accounting perspective to really get the final numbers, but that's the way things are tracking. And Manish had said a couple of weeks ago that things were running positive, things just really continued through the last weeks heading into the close.
So let me break it down between DRAM and NAND, maybe that's a better way to do it. So on the DRAM side, volume is definitely better than we anticipated coming into the quarter. And in addition, ASPs are better than we anticipated coming into the quarter. So those two are certainly driving upside on the DRAM front. On the NAND front, I would say volume is definitely running more positively than we expected. ASPs are generally somewhat in line with our expectations coming into the quarter. So the real factors were really DRAM volume in ASPs and NAND, mostly volume. That also we talked about increased margins. I'd say, on the cost side, it's probably going to be a little bit better, but that probably didn't move the needle as much as the pricing on the DRAM front did in terms of gross margin. So really, the lift we saw on the margin front was really for ASPs in DRAM, and then those two things just kind of translate to the better EPS.
I was going to maybe mention next quarter, and we'll wait to give a real specific guidance on next quarter. But I did want to say that things are really tight, particularly in DRAM. You'll see when we report our inventory, it's likely to be within our optimal range and DRAM being tighter than NAND in that as you drill into the details. So we lived a bit from a volume perspective, on the upside, we lived off of inventory as well as supply. We won't have that inventory luxury next quarter. So things are certainly challenging in terms of the tightness around really DRAM but also, quite honestly, a bit on NAND. From an industry perspective, though, we think that's probably what we're seeing across the industry on DRAM. So that probably bodes well for pricing for the next couple of quarters. On the NAND front, I don't think the industry is largely tight like we are. So there's still a bit of uncertainty. I would say we saw some stabilization this quarter, Manish mentioned that a couple of weeks ago. But I think there's still some uncertainty, and we're still operating cautiously around the supply/demand dynamics in the industry with respect to NAND.
Joe Moore
Okay. So we can think in those things on a longer term perspective as well. But I guess staying with the quarter, is your view on end demand by sector kind of like what Manish talked about and what you've talked about on the recent earnings call, which is sort of everything strong with the exception of maybe enterprise compute a little bit tighter, is that still the picture?
Dave Zinsner
I think that's the right way to articulate it. We've seen strength clearly in mobile, strength in cloud, strength on the notebook side of client, strength in graphics. You'll see when we report automotive, we had a really good quarter for automotive. Industrial, actually, we saw some strength there, too. Pretty much every end market that we sell into, we're seeing good demand pull. You mentioned enterprise may be the exception. But even enterprise, it looks like it's starting to get better but still not to the level that we're seeing in any of the other markets. But definitely we're starting to see some signs that, that market might actually start to be a little bit better, too.
Joe Moore
And on the cloud side, we've had this kind of -- it's been pretty good, but there's a little bit of a digestion if we work our way through that, do you think?
Dave Zinsner
Yes, I think we're there. I mean, we had a really strong fourth fiscal quarter. We came down in the first fiscal quarter. But really, it wasn't terribly different than the third fiscal quarter, quite honestly. And it was up from the first half of fiscal '20. So we actually saw, actually decent strength this last quarter. This quarter, doing better for sure. And I think the expectation is that we'll do better through the year. I think our challenge on the DRAM front will just be the tightness on our own supply really for the rest of the year and trying to just match up with the demand that we're seeing from the cloud and the other market.
Joe Moore
So we should keep our volume expectations in check for the next couple of quarters…
Dave Zinsner
Yes, volumes, obviously. We'll have a little bit more challenge given that we were not able to burn through inventory like we did in the second quarter. But you know if you know how this works when things are tight across the industry, like we would expect in DRAM, that's usually a favorable -- drives a favorable outlook for pricing.
Joe Moore
And then just a couple more questions on this. I do kind of want to spend everything on just the quarter, but questions I'm getting, if you think about your gross profit guidance on a non-GAAP basis, it's about $200 million of incremental gross profit, a little bit more than that on
$400 million of incremental revenue, so about 50% incremental kind of contribution. That seems on the low side relative to what we've seen, particularly if there's a price component to the strength. So again, this question's come up. I just want to ask you.
Dave Zinsner
Yes, I think when you look at pricing, without getting into too much details around the quarter yet, I think we still have a little ways to go, and we'll pull all that data and look at it. And I think, give a lot of detail like we usually do on the earnings call. But I would say pricing probably was favorable relative to expectations, but probably didn't help in terms of margin expansion quarter over quarter. So that's one factor to keep in mind, really, I think, the quarter over quarter margin expansion will have more to do with actually cost. And really, as we lock in a lot of the pricing relatively early in the quarter and the quarter, in general, has done better as we kind of progressed. And so our exit rate is probably much better than our entry rate into the quarter. And so that's probably more of a -- when you see all this improvement, when you'll experience, this can be a quarter delay because of the way you kind of enter the quarter versus exit the quarter. And so I think you'll see something better as it relates to that when we provide guidance for the next quarter.
Joe Moore
Yes, that makes a lot of sense. Okay. And then just one last small note on the quarter, there was a patent settlement that was in the number, that was a little over $100 million. Can you talk about what that was?
Dave Zinsner
Yes, it's a good question, Joe, and good eyes on all the details of the pre announcement. It wasn't in the non-GAAP numbers, but it will be in the GAAP numbers. I probably am restricted to how much detail I can give. But I guess maybe I would just say that we did negotiate with another party that had a patent portfolio that was, in our view, something that had some association with our business in the past. And so we negotiated an agreement with them to clean that all up. It will not affect forward looking gross margins. It was really something in relationship to the past over time. And so we felt like this was something that was more or less a onetime event. It will show up as a onetime event in the P&L, and we'll pro forma it out for gross margins for non-GAAP.
Joe Moore
Great. All right. It makes a lot of sense. Well, thank you for that. If there's questions on the quarter on the webcast, there's actually a bunch, so I just opened it up. I saw about 30, so I'll shift to those as we're talking, but please feel free to ask any incremental questions. But maybe we could kind of step back from the shorter term and look long term. I mean, I've been pretty impressed as we're sort of navigating these cycles with the backdrop of cost improvement that you guys have had, the cost improvement that you're showing on 1-alpha, you've gone from a NAND business that was, I would argue, years behind state of the art to really at the state of the art. And arguing for kind of breakthrough cost structure moving forward. What culturally has driven that? And just it seems like a really interesting transformation. Can you just give us some color on where that's been coming from?
Dave Zinsner
Yes. Thank you. So I think I would characterize it as all about execution, quite honestly. I'm not sure that there was the right level of attention to detail in the past. There wasn't this drive to be the best within the company. And I think that's culturally what Sanjay really, amongst a lot of things, really brought to the company. And so when he came in, in '17, he sat down with the management team and he articulated, hey, what can we do to drive to be the best? And it kind of centered around a few things. One was to become more of a technology leader on the process node side. The second was to drive towards higher value products, particularly on the NAND side. And the third was to just drive a level of excellence across the board from the beginnings of R&D all the way through technology, product, production and throughput and so forth. And so we kicked that off. And then we really just measure the heck out of everything that we do, quite honestly, in a very detailed fashion. And we get paid for that, every year, the whole company gets paid the same way as it relates to variable comp based on a lot of detailed execution of all those things.
And I think that, more than anything, just really got the focus across the company. And when we talked at the Analyst Day in 2018, we said, hey, we think we can drive $9 billion of improvement in EBIT versus where we were historically. And we've achieved that. We got that a couple of -- even a year or two earlier than we even anticipated. I think our goal was really to do it in 2021. We did that. And you can actually see it really if you look at EBITDA margins in 2016 versus 2020, which are both kind of down years, obviously. And look at the rest of the industry and what they've done versus us really the rest of the industry have been largely flat in that EBITDA margin number, and we've improved by 1,700 basis points. So it really is showing up on the P&L. And of course, I think we're really happy with the way the technology nodes have worked out.
I mean, we're now -- we had a leadership position on the NAND side with 176-layer NAND, our second generation replacement gate. And on the DRAM front, we're just ramping now 1-alpha. We have a leadership position on 1-alpha. And going back to the NAND side, not only did we have to make this transition, but we had to make a transition while transitioning to a replacement gate, charge trap like technology in the midst of that and still able to execute on the milestones and hit the date. So I think the good thing is I think it's now cultural. And I think this is something that continues on now into the future. We just have a mindset of just sweating the details and making sure we execute. And we're not perfect, obviously, we don't do everything perfectly. But anything that doesn't work perfectly, you can bet that Sanjay gets us all in a room and we start to huddle and figure out how to fix that. So I think it's more of the positive step that I think that was taken.
Joe Moore
Yes. No, that makes sense. And the other sort of cultural change is that pre Sanjay, Micron tended to be a consolidator of memory assets. And you guys haven't been as focused on that from what we can tell. I mean there's been -- your original joint venture partners sold their NAND capacity to someone else. It seems like, to the extent -- I guess, is there room for M&A in your strategy? And how do you guys think about consolidating other memory assets versus buying back your own stock?
Dave Zinsner
Yes. I think, for us, the way we look at it is, and maybe this is another important mindset shift that Sanjay gave the company, which is we got to make sure that we are in control of our destiny. And so we have to execute across all the different dimensions that we want to drive, and we cannot be relying on others to do that. And so we really kind of go with that mind sight, that's how the strategy gets developed for us. We don't rely on some third thing that we're going to acquire to help us get there. And then that kind of allows us, when we look at M&A, to be very selective. And M&A really comes down to two things. It's strategy and ROI, really, right? And so then when we're looking at M&A, we're always looking in those two lenses, is it strategic, and can we drive a good ROI on it. And if we don't think we can check the box on either of those, we move on.
And so we've been, as you point out, unbelievably selective in terms of our thinking around this. There hasn't been something that's come up. It's not to say that it wouldn't over time, it's always possible. But I don't feel like we've got a gun to our head to do it. We will just maintain this discipline around strategic and good ROI. And if those two things intersect with something that makes sense for us, we'll certainly do it. But ultimately, at the end of the day, we're trying to drive shareholder value. And if something that can augment that, we wouldn't shy away from it.
Joe Moore
Great. Maybe looking at some of the individual products. For DRAM, 1-alpha, you talked about 40% density improvement, which is a pretty big jump. Normally, we think of that as 20%, 30%, and it's more like 40%, which really does get you to that kind of state of the art die size on 1-alpha. Is there any risk around that as you think about after having to then what felt last few years, sometimes these aggressive node transition sound good on paper and then don't [play out]. Any risk of that for you guys?
Dave Zinsner
Look, I mean, every transition has risk to it, there's no question about it. And we got to bring up the node and get the yields and so forth. But if recent history is any indication of how we will perform, I feel pretty good about our ability to execute on this node. We're already looking at the next node and what to do there and planning that out. And I feel pretty confident that you'll see that the 1-alpha execution will be quite good. Incidentally, you point out that 40%. Some of that, obviously, was the node itself, the transition to the node, but we also got some of the density improvement just from design. So not only are we driving improvements just on the technology side, but also even on the design side to make cost improvements.
Joe Moore
And the other thing off of DRAM, I mean, I think in NAND, there's more focus on managed NAND and managing the portfolio. But for DRAM, I mean, you guys have made pretty good strides there, too. I mean, your mobile exposure is a lot bigger than it was partly because you've been able to co-package with NAND. Your graphics business is like it's a little bit underappreciated. You almost have kind of a -- it's not a memory product, I mean, you talk about GDDR6X, it's an exclusive for you guys, at least for now. So what's driven those portfolio decisions, and how much can you expect from that?
Dave Zinsner
Yes. I mean we tend to externally track our percentage of high value solutions into NAND, as you point out. But we also do have that mindset as it relates to DRAM as well. High bandwidth memory, graphics, as you mentioned. As you mentioned, this like more innovative PAM4 implementation of graphics, which further enhances the value creation that graphics is giving us. It's also the multi chip products, also contain DRAM, so that's a key element of our strategy. And it's pretty much similar to what we're doing on NAND. We just have a mindset that we want to drive to the high value, that's a better way of differentiating yourself a bit from the rest of the players in the market, gives you generally better margins and usually tougher. There's usually some moats around that. You got to make all those things work together efficiently and deliver the performance that the customers are looking for. And that's a higher bar that's higher for others to climb into, particularly players that don't have DRAM and NAND combined. So we've done reasonably well. Again, we haven't been perfect. There have been some things that haven't quite hit when we wanted them to, but I think for the most part, the mindset there. And at this point, it's a matter of execution.
Joe Moore
And then, so you guys are doing well on product, you're doing well in portfolio. The market for DRAM seems pretty healthy. I mean, we're talking about price increases now in a lot of areas in Q2 for DRAM. I mean, what's your visibility into how long that lasts? And obviously, demand is an important component of that. But from the supply side, it doesn't seem like there's a lot of risks that we've overspent in the DRAM space. So how are you thinking about how long the cycle lasts? And how are you thinking about the potential to get back to the types of margins that you've seen at prior cyclical peaks, maybe not 2018 might be an extreme, but how are you thinking about getting to peak gross margins in DRAM?
Dave Zinsner
Good question, Joe. So I would say there's obviously two elements to this. One is demand and the other is supply. On the demand front, we feel really good about this being multiyear, secular in nature. And just so many different end markets needing to drive DRAM content. Mobile is doing that. Cloud is clearly doing that, particularly as it transitions to AI like workloads, automotive is going to significantly expand DRAM within cars, industrial, IoT, graphics, as you mentioned. So lots of content increases and lots of just underlying unit demand, driving growth rates up. So we see demand, multiyear, very, very healthy. And then it really comes down to the supply dynamics. Our expectation is that this year, the industry will undersupply that demand. So certainly, it's going to be a very healthy market for DRAM.
This tightness is likely to continue at least for this year. We don't necessarily have the greatest visibility yet into '22 for the industry. We know what we're going to do. We're going to align our supply growth to the demand. Others, unclear exactly what they'll ultimately do. But I have a feeling that the industry generally wants to align supply and demand over time and be very disciplined in this market to get the right level of ROIC. And ultimately, to fund the next wave of technology that customers will need as things move along. And so it looks like a healthy market for a while. How long that stays? I think probably too early to say. We'll talk more about our outlook for '22 as we kind of close out this year. But I like the demand side of the things, and I feel reasonably confident that the supply dynamics will be healthy. For this year, I think this is calendar '21, I think this tightness theme is probably going to be something that gets mentioned every quarter for the whole year.
Joe Moore
Yes. Okay. Good. So maybe shifting to NAND, we have about 10 minutes left, I guess. Starting again with the portfolio and technology, I mean, it seems like you guys had a little bit of a challenging RG-1 transition, but you talked about low teens cost reduction for the fiscal year for NAND. And it doesn't seem like you've had a ton of cost reduction through the first half of the year. So it seems like you're pointing to a pretty big cost reduction in the second half of the year, is that fair? And how are you feeling about overall the NAND portfolio?
Dave Zinsner
Yes. As you point out, the RG-1 was just a node we needed to get out to just get the technology going. And we didn't really spend a lot of time optimizing around the cost side of things. It was more important to just get it running, get yields up and make sure we could do it. RG-2, our replacement gate 2, the 176 layer, we kind of had some line of sight as to our ability to make a quick transition from the first replacement gate generation to the second generation of replacement gate. And we knew that cost reduction would be very healthy for us. We started ramping it in November. And as you point out, it will ramp and continually become a bigger portion of our volume within NAND over the course of this calendar year.
It certainly will drive a better cost dynamic in the second half of our fiscal year versus the first half of our fiscal year. But also, I think going into fiscal '22, it will be a big tailwind for us on a cost basis as well. That in addition to the fact that we have a good leadership position in QLC, I think, helps us. So maybe a bit more uncertainty in terms of the pricing dynamics in NAND. And when that exists, you want to have really good visibility and certainty around the cost structure of the NAND. And that's where the position I think we're in with leadership position, both in terms of technology and in terms of QLC.
Joe Moore
I want to ask you about the uncertainty, because I feel like the data points that we get seem better, not as good as DRAM, for sure, but people who are telling us, buyers who are saying, we're going to get prices down a lot this quarter, has been progressively down less than they thought it would. So it seems like there's been some good signs on the pricing side. It seems like there's tight supply of things like SSDs, maybe more controller oriented than NAND oriented. But it seems like the data points are lining up to be a little bit more constructive. Can you disagree with those things when you say that there's uncertainty? Or is your uncertainty more stepping back and saying, there's been a lot of capital spending in the last couple of quarters, we need to be aware of that supply coming online?
Dave Zinsner
Yes. I think, Joe, all those things that you cited are absolutely true. And in our business, we have seen some stabilization in certain pockets of NAND. I think the concern just generally is around discipline around capital spend, how much bits will come online throughout calendar '21 and will that be ahead or at or below this demand. Certainly, there's going to be good demand for NAND. And we'd expect the growth rate to even be better from a volume perspective versus DRAM, but supply is a big factor and maybe the spend has been relatively high, unclear how the spend progresses through the year, I think, for the industry. And that drives the level of uncertainty. But as you point out in the near term right now, things have been more stable. So we'll have to kind of see how things progress. And probably by the end of the month of March when we're providing earnings on the 31st, I think we'll have more visibility and in sight to some of those things. And I think we can provide more color at that point.
Joe Moore
Yes. I mean, it does seem like the capital spending, which I sort of thought there would be one or two quarters of really high NAND CapEx, and then it would drop off because there was one program at one of your competitors, and all the capital equipment companies at the conference are sort of they don't seem like NAND is falling off from a spending perspective. So I can understand where that uncertainty is coming from, but the data points seem pretty good. In terms of your gross margins in NAND, do you think there's risk to those or do you think, do you still see gross margins as sort of on a rising trajectory, but maybe just not as much as DRAM? Just how are you thinking about that from Micron's perspective?
Dave Zinsner
Yes. I mean, given that we have uncertainty around pricing, it's harder to call the margins on NAND. I think we're optimistic about how it might play out just because we have this cost structure opportunity, both with QLC and the 176 layer and our ability to ramp that. Plus, we've really pushed the percentage of high value solutions mix within our portfolio by the end of '20, we hit our target of 80%. So we kind of feel that we're in a good place there. So I'm optimistic. I think it's too early to call the way directionally the way gross margins will go. But like I said, in a spot where pricing is uncertain, it's good to be in a good position on the cost side.
Joe Moore
Great. So we're almost up against our time limit. And unfortunately, I have about 12 more questions I want to ask. But maybe talk a little bit about capital spending. I think $9 billion guidance for this fiscal year. Do you think that's kind of the number to be thinking about beyond this year or do you see spending going higher? Just how are you thinking about the capital intensity of the industry keeps increasing, how are you thinking about your own capital spending budget?
Dave Zinsner
Yes, it's a good question. I mean, we feel pretty good about the $9 billion that we're spending. We think it's the right level. Obviously, it's driving a bit of tightness on the DRAM front, but we think it's the right level of investment. Obviously, most of the investment we're making today is either on the second generation replacement gate or 1-alpha node on the DRAM front. In addition, we're spending some on building infrastructure. We have a relatively elevated level of building cleanroom space investments. And also, we're pulling in some back end activity and that's also driving some increased spend there. We have not really completely penciled out what we think CapEx will look like for next year. At this point, we have some kind of rough, what I would call, scenarios, a high and a low probably that we're working towards. Eventually, as we get closer to the August time frame, we start to narrow in and start to come to a number.
I think probably the best way to say it, if you want some kind of forward looking kind of estimation of CapEx, I'd probably think about it more in terms of this intensity level that we tend to try to focus on. So of course, with the last year or two, given the pandemic and the cycle, we've been elevated to this. But I think the best thing to do is model this kind of like low-ish 30s percent as a percent of sales level of CapEx. And that's kind of the number we're kind of framing the business and trying to keep the guardrails around as to how we want to spend. We think it's the right level of spend to drive the bit growth to align it with the demand bit growth. And so how that number pencils out next year? I think we'll probably have to wait and see in August, how we roll it up. But that's probably the way to think about it. We think we can kind of manage to that level of intensity.
Joe Moore
And the strategy of how much to spend is still kind of geared to trying to grow kind of in line with the industry, there's not a market share…
Dave Zinsner
Absolutely. We're trying to maintain our position in DRAM and NAND. Really have come up with our own views as to what we think supply growth will look like, which for us, for DRAM is kind of mid to high teens and for NAND, it's about 30% over time. And then based on no transitions with really no, at least for the foreseeable future, no increase in wafers, plan out our capital investments and our kind of node strategy to drive that level of supply growth to be in line with that.
Joe Moore
Great. And then so I guess, the last question. Just in terms of the buyback, it's obviously one of the sort of really positive elements of Micron in the last few years is that you're now able to grow EPS through cycles, not just by industry conditions, but by buying back your own stock. What do you think is going to be the pace of that? Obviously, it's free cash flow dependent. And how do you think about, I think, the range is -- you have a range of free cash flow that you want to spend. How do you think about where in that range you want to be?
Dave Zinsner
Yes. I mean -- so we've stated that we want to provide or return at least 50% of our free cash flow. There are other uses of free cash flow around, sometimes we have these converts come and so forth that we need to have a little cash set aside for those kind of things. But largely, we feel good about driving cash return. We stopped it in Q1 and Q2 because we were negative free cash flow, and I didn't want to erode our net cash, our cash above debt position too much. But it was really a function of that. It really wasn't a function of the outlook on the price. I think even these prices are still good prices despite the fact that it's run out from our average price of our buyback, we still think these are good prices. So we'll be back into that. We'll be aggressive in that sense. I would point out that we bought back a decent chunk, 2.7 billion of stock or so and we've got that all at a price of $40.50, I think, or somewhere in that range. So tremendous shareholder value creation out of that buyback. We think that the buyback, in general, we'll do that over time. So I think you can expect us to be committed to that going forward.
I would point out on the free cash flow, we'll probably do better. We were going to be negative -- we expect it to be negative in the second quarter. We still may be negative in the second quarter by a bit, but it's going to be way better than I think we thought coming into the quarter because businesses that matter and ASPs in DRAM have been better because of the tightness. And I think we would expect cash flow to be better in the back half of the year because most of what drove that negative cash flow with CapEx being front end loaded. So I feel pretty good about our free cash flow this year. It's going to be up from last year for sure. And we kind of maintained that we could probably consistently generate positive free cash flow. And then when the cycle is turning and going positive, those numbers will get quite high. And I think, so far, the way things have kind of progressed, we've proven out that thesis.
Joe Moore
Yes. I mean if you do that for the years, that's the most important. I think certainly a quarter or two could fall below…
Dave Zinsner
Exactly…
Joe Moore
But do that every year, that's certainly a lot different than the Micron we knew a decade ago. So all right. Great. Well, thank you so much. I think we are out of time, but thanks for your time today, and good luck.
Dave Zinsner
Thank you, Joe. Appreciate it. Thanks, everyone.
Joe Moore
Thank you.
Question-and-Answer Session
End of Q&A
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