AGM 2013

Jan 23, 2014

Slides

In the course of this meeting, we may make projections or other forward looking statements regarding future events or the future financial performance of the company and the industry We wish to caution you that such statements are predictions and that actual events or results may differ materially. We refer you to the documents the company files on a consolidated basis from time to time with the Securities And Exchange Commission, specifically the company's most recent Form 10 k and Form 10 q. These documents contain and identify important factors that could cause the actual results for the company on a consolidated basis to differ materially from those contained in our projections or forward looking statements. These tations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward looking statements after the date of the presentation to conform these statements to actual results. Good morning, and, welcome to the 20 14 meeting of Micron shareholders. Before I move on with the formal part of the presentation or in the business meeting, I like to introduce our directors individually and ask them to stand as I announce their name. Bob Bailey, here. Pat Byrne, Vice President, Strategy And Business Development And Chief Technical Officer of Danaher Corporation. Mark Durkin, the CEO of our company Warren East, former CEO of Arm Holdings. Mercedes Johnson, former Senior VP and CFO of Evago Technologies Limited and Lam Research, excuse me, and, Lam Research. Larry Mondry, CEO of Flexicom press. Thank you all. So now with that, maybe we can move on to the formal business of the meeting. And I have been advised, I've received an affidavit stating that the notice of this meeting and a proxy statement have been given to all shareholders of record as of November 25th 2013. The Inspector of Election has reported to me that we have present in person or by proxy, not less than 85% of the outstanding shares entitled to vote at this meeting, which does constitute a quorum. I, therefore, declare this meeting duly convened. We will vote by ballot today as we have in the past. If you have turned in a valid proxy and do you did not turn in a proxy or wish to change your vote, please raise your hand now and we will distribute a bell for you to vote. Is there anybody that needs ballots? And I see some out there. Okay? I think everybody has been covered. The proxy statement describes the items to be voted on today. Mark Durkin, warranties, Mercedes Johnson, Larry Mondre, and I have been nominated to serve until the next annual meeting or until our successors are duly elected and qualified. Is there any discussion? Seeing none, please mark your ballots. The second item of business is the approval of the amended and restated 2007 equity incentive plan. Is there any discussion on that item. K. Seeing none. Again, please mark your ballots. The third item of business is the approval of Is there any discussion on this item? Okay. Seeing none, please mark your ballots on that item. The 4th item of business is the ratification of the appointment of PricewaterhouseCoopers, the independent registered session on this The 5th item of business is to approve a non binding resolution to approve the compensation of our named executive as described in our proxy statement. Is there any discussion on this item? Okay. Seeing none, please mark your ballots. The company has not received notice of any other matter to be presented and voted upon at this meeting. Therefore this concludes the voting for this business to Mark Durkin, the company's CEO, who will provide you with a business overview, and some discussion around strategy. Thank you, Bob. Good morning, everyone, and thank you all for coming. As Bob mentioned, I'd like to share a few thoughts on, 2013 and what we were able to accomplish during that year and, and some thoughts on the path forward. But before I jump in, I'd like to, make a few additional, introductions, starting with our lead, partner from PwC, Larry Westall. Larry, can you stand up, please? Please. And now some of our corporate vice presidents starting over here on the left, Steve Thorson, vice president, sales, Worldwide sales. Jay Hawkins, vice president consumer products, Brian Shields, vice president worldwide manufacturing, Pat Adi, vice president, human relations, Mike Sadler, vice president, corporate development, Ed Mahoney, vice president, information systems, John Shrek, our vice president, DRAM Design, Dean Klein, vice president, memory systems. Mike Rayfield, vice president wireless business unit, Tom Eby, vice president, embedded business unit, Scott DeBoer, vice president, process research and development. Ron Foster, our CFO, and and Vice President of Finance. Kip Vadar, Vice President of Investor Relations, Brian Shirley, Vice President, DRAM Solutions Group Joel Oppen, vice president, legal affairs, and general counsel, and I'm getting blocked here. I have I have 2 additional, oh, excuse me, Mark Adams, our our president, keep operating officer. And, additionally, I have 2 area VPs that are new to that I'd like to take the opportunity to introduce you to, Tom Snodgrass, vice president, system solutions, and Brian Angel, vice president, Advanced Troller Development. Thank you all, gentlemen. So without further ado, let me, share a few thoughts on, on 2013. It was certainly a busy and productive year for us. When you look back in aggregate at what we accomplished, from a merger and acquisition and capacity perspective during the calendar year, We successfully, divested ourselves of 2a half older 8 inch, wafer manufacturing facilities. And and brought in to the Micron, capacity network to, 2a half state of the art 300 millimeter manufacturing So beginning of the at the beginning of the year, we restructured our relationship with Nania. They exited the joint development program we had with them for for DRAM and we added, half a very large fab for DRAM Manufacturing in Taiwan. As we move through the year, obviously, we, we got to the end of the year, and we brought, LPDA into the Micron family. And along with with the LPTA fab in Hiroshima, we're able to acquire 88% and a 100% of the capacity of a foundry they, had significant ownership of in Taiwan. We also had a number of 8 inch fabs, that were no longer necessary for Micron for the products that we want to produce on a go forward and those included an imaging fab in Avazano, Italy, which we sold to LFoundry in the middle of the year, and one in Israel that was building a NOR Manufacturing could be consolidated into one tab in Singapore. And as we got to the end of the calendar year, we were able to restructure our relationship with Intel, so they took over operation of that fab. Along the way, we also introduced a lot of great products, including 2 new system level products, a hybrid memory cube which is really state of the art for delivering high performance computing and networking solutions as well as a numerous, for wave of new SSDs, including, a very advanced, MLC or multilevel cell pcie, solid state drive in the middle of the year. And finally, when we got to September, we celebrated our 35th anniversary. So all in all, we feel pretty good about some of the things we accomplished a big picture perspective in terms of repositioning the company, going forward. When I get to the end of my discussion here, Mark Adam, gonna come up and tell you a lot more about what we did internally to improve our efficiency of product offerings and and and, the way we the way we're running the company. Financially, we have good results to report. Hopefully, the that we were able to execute a roughly $2,000,000,000 turnaround in terms of what happened on the net income line, at Micron. So in 2012 over a $1,000,000,000 in losses in 2013 over a $1,000,000,000 in gains. And we were able to continue that momentum as we moved into fiscal 2014, with a very strong performance in our in our 1st fiscal quarter, the continued growth, in in strong cash flow as well as the operating income line. The balance sheet is strong. We grew cash and short term investments to over $3,000,000,000, and we grew, shareholder equity by over a $1,500,000,000 to an excess of $8,000,000,000. So overall, we feel pretty good about the position the company's in from a financial footing and and provide provides a strong foundation from which to grow moving forward. Now the environment we operate in has changed rapidly over the last number years. And it's really remarkable the places Micron's products go today. When you think about the environment for for mobile computing and for all the applications and activity that drives it, it's truly Let me ask, those of you in the audience, how many of you own a, a, a tablet, a laptop, or a smartphone? So that's about a 100 And if I asked you how many of you own 2 or 3 of those devices, I'd probably get a significant majority of you as well. So these things are really ubiquitous. This. And and whether they're smartphones or tablets, they're really mobile computers driving more and more demand for memory inside that system themselves, but the really wonderful thing for Micron is that it drives a whole ecosystem, a whole network of attached things, and a whole infrastructure that supports that network, all of which also demand more memory. So the environment we find ourselves in today is one where our whole lifestyle has changed by virtue of these, what we call mobile clients, and that new lifestyle is feeding itself to drive more and more memory. When you think about the smart connected device, whether it's a smartphone or the laptop, it on it besides numerous applications that, that could be, games in the case of me and my kids, to calendars, to, computing locations to, our calendars, everything we we've our our daily lives. But more and more, it also interfaces with things like our cars or our, health risk wristlets, that track how many steps we're taking. In my case, not too many these case, as well as, you know, this whole network of carriers, that send voice communication and texts and other information. And then all the data that we share with each other, whether it's, pictures on Facebook or or information out our careers on LinkedIn, all those soft services that reside out there in the cloud, additionally drive, drive a virtuous cycle of memory that then feeds back to the mobile client and drives growth there. So that whole ecosystem is fueling demand for our products, but more importantly, is diversifying where those go. It's not just about a few customers building handsets, whether it's Apple or Linux or Huawei or or, Motorola or or whatever. It's also about the infrastructure and the servers that support all that activity. And the consumer game boxes and all those types of applications as well. And when you look at Micron's portfolio now, particularly as we've come with LPDA and and continue to broaden the application, we really have the most diversified set of in memory products to service all these locations supporting, the mobile ecosystem. So we feel very, very good about how we position the company and our opportunities for growth moving forward. I'm gonna play a a short video about some of those applications that I'm gonna ask Mark Adams to come up and talk about what's going inside the money before I come back and and wrap up with a few thoughts about the path forward. There is a strong threat of energy around wanting to do something new. What excites me the most is our ability to use our unique position in Memory Technology to change the world. It's all about what our customers need to win, creating innovation for them with our members. We're in an amazing process. We have the global scale talent product portfolio, unprecedented and unmatched by our competition. I think that's what's exciting about it to realize that you're one of a handful of companies that really have strong fundamentals in technology development. Historically, our customers were able to use fairly standardized high volume memory components. But going forward, that's not the case. The form factor of the PC is driving force behind how users get their experiences. The premium segments that we're selling into are coming from a wide diversity of Apple cases. Of course, there's cloud computing, there's tablet, there's automotive. The memory footprint today in Congress is really growing exponentially. They're trying to deliver that consumer experience in the power footprint. We're working with a major car manufacturer in our systems, lab and unit to simulate a trip driving, for example, from Munich to Stuttgart. This gives us unique insight into how the memory, as memory subsystems are being used, and optimize our future products to best meet their needs. So it enables us to build that architecture, build the solution and then gain the business. The mobile marketplace is just such a dynamic ecosystem. In the past, it's meant mobile phones, but now these are mobile tools that are essential. This explosion in mobile device is leading to the internet of connected things. And what this means is that everything interacts with everything. At your refrigerator, your washer, dryer, your car, infotainment plan. To innovate is so incredibly strong. The key is that we have to work very closely with this incredible diversity of customers who are developing very different devices for Really, our mission is to help our customers use our machines to help change the world. Micron's been a big part of that in the memory sub system of our supercomputers. In advanced genetics, in image analytics, and in artificial intelligence. It will be memory more so than any other technology that enables these truly amazing applications to be brought forward and brought to One of the biggest things that we're working on is new technologies in memory like hybrid memory cube, which allows us to get much our bandwidth and much more energy efficiencies. These are technologies that we've been working with in collaboration with Micron in the industry to bring forward and bring out our next generation of supercomputer, which we're really excited about. Innovation today is increasingly being enabled by memory. Micron has the best memory system solutions to enable those innovations, and we have the relationships with our customers and other partners to make them Good morning. And thank you for, looking to give you a brief update on, how we've taken this wonderful opportunity that Mark set up in evidence that video, and how we're trying to turn it into a everyday working environment in Micron and how we operate the company. Coming out of 2013, you saw a lot of milestones in terms of restructuring capacity acquisition, a lot of exciting things going on in terms of product development. And 2013 was the setup year 2014 inside the company, we think about execution. The dimensions and executions we think about are in terms of how we add value to all this capacity that we have put in place over the last 2 years. That value is in the area of increasing the type of things we do with that capacity to get, generate more margin for our products and helping our customers understand how memory can help them differentiate their products that, that first item in our strategic objective for execution is around driving more value for that capacity. Second piece is these different markets that were identified in the video, and Mark referenced when you think about networking and server, in automotive, medical, consumer. It's increasingly along different dimensions, you know, endurance, availability, delivery, our vendors and our customers are looking at us and asking us to be a much higher quality company because the memory is going to much more strategic footprint. And as we think about our business going forward, we're going to keep on driving our quality initiative to deliver the highest level quality in the memory business and beyond. Beyond what we've been very good at the company in terms of process leadership in both DRAM and NAND and other memory technology, As we see these new application environments, they're calling for us to do more than just process leadership. So I'll talk to you a little bit later, I want to identify that we also are very focused internally on adding capabilities and competencies in the company to allow us to drive up more of a system solution, and that means the capacity, quality, advanced technology, we strive as a company to differentiate ourselves by offering an outstanding customer experience. And that customer experience can be on those metrics in addition to making sure we have the right product, the right time for our customers. And we continue to measure that, and we're focused on delivering outstanding performance to our customers so we can get their business in these newer and higher value bid areas. And finally, in the area of all the things we've got going on, we have to operate ourselves in the company. Effectively as the cost leader because it's a history has shown that the memory business has been a tough business, and we need to be conscious of the investments we make in the context of an overall operating model that will continue to allow us to be positioned very well for success in the future. These segments, when you look at the 10 years and the shift in our business, from what was primarily a commodity business, and one technology area at DRAM to where we are today. It's been a dramatic shift, and I would argue that the next three to 5 years are going to be, equally as dramatic a shift in our business more from an area of what we do with our capacity and how we advance our customer relationships to differentiate their products. And in doing so, we will take more of our capacity and put it in the areas that are on the higher end of these bar charts when you look at enterprise storage and networking, embedded, and server technology. We put our capacity that, first of all, it's obviously a better return for us on the operating side of our business, but it gives us a chance to actually take our memory products and put them in more strategic usage for our customers. And that change in our business is level of our of our business, things like controller, things like firmware, I think like software management, we have an opportunity to take on more of a strategic play inside of our systems technology, both in DRAM and in NAND. We started shipping high volumes of our 25 nanometer product in DRAM, We have good line of sight for development and volume production of 20 nanometer in 2014. And so we feel very good about our DRAM platform as we go forward. Equally in NAND, we advanced our leadership position in the process technology of NAND. But the message that particularly hear from the company is that we're investing in other areas just beyond the process. Today, a lot of our memory goes out in what's called package solutions. That means taking a DRAM and a NAND product and packaged them with a controller, stacking them in some cases, and then putting them into a mobile architecture, putting them into a server storage picture. And so when we see the potential for our business, it's no longer a industry standard JETIC module that's defined and we all compete for the same type of specification, we all compete on unique opportunities to develop solutions for our customers. And that's the opportunity we will continue to invest is beyond the silicon on capabilities in our company from an R and D perspective and then to be able to manufacture effectively. This chart is a good illustration of where memory can play in the overall food chain. And it's no longer just a instruction set code memory that we're marketing to in terms of the compute business. We have plenty of opportunities to innovate, and we're also investing not just in today's technology, but emerging memory technologies that allow us to, again, add performance if you do this through low power through Endurance and play a special unique role in someone's solution in And it would be true for servers as it would be for automotive companies. It would be true for high end enterprise storage applications. We have the opportunity to continue to invest in unique memory technologies that will be able to be differentiated when compared to our competitive solutions. This also gives us the We continue to look on opportunities, as Mark mentioned, and being more of a systems and subsystem related company, Mark gave us 2 good examples. Hybrid memory cube and enterprise storage. Both are advanced solutions, more than just the core memory technology, We're innovating in Micron's driving innovation and differentiation with technology that allows for better performance. Lower power utilization, more reliability. Our customers will continue to value that. When you look at enterprise storage as a classic example that Micron is now selling technology that people run their storage applications on in the back end of their business. It's far different than an industry standard computing DRAM module. And that's an opportunity for us, and we're continuing to invest resources in the company to drive our development of these types of system level solutions. When you think about where Micron is on the capacity front and all that we achieved in 2013, Micron really the largest provider of memory memory. This capacity that we've put in place for Micron allows us to be the largest provider of memory to our customers. And our customers uses of the architecture and how memory plays a role in their future systems. When you look at our manufacturing blueprint, as Mark mentioned, we've actually done a lot of work in the last year to try to make this more efficient. And today, the best way to think about our memory landscape is that a majority of our mobile capacity, as well as, our consumer graphics capacity is in our Roshima fab. Our Taiwan operations is mostly around networking DRAM, and our nonvolatile, both NAND and nor high volume manufacturing is in Singapore. We believe we're on the path of a very efficient manufacturing model that will serve our customers as we engage in terms of the development and utilization of this capacity. And finally, when you look at our relationships, if you went back to the my first chart, which showed we look like in 2004 in terms of the end markets, you can imagine a much more narrow set of products aimed at a much more narrow set of customers. The opportunity that we see in our business today is that there blueprints for how we sell our products and where we sell them into. It's a much more diversified set of applications. And the customer engagements are more 1 to 1, which means we're selling a solution to somebody as an application requires as opposed to a, again, a commodity product. And so the evolution of our business really is giving us a tremendous opportunity to engage with customers in a new way, and is presenting a fantastic opportunity for the company. With that, I wanted to hand it back over to Mark. Thanks, Mark. It truly is, a really exciting time to be at Micron and to be in the memory business. And I want to, I want to close with just a couple of thoughts around where we're going. Mark mentioned we've done a pretty good job over the last couple of years 5 years or so making significant progress, not only in terms of how we diversify it across products, but also across And you can see, that as we as we began, 2014, we had continued a migration to the mobile space, which I've told you is growing very, very quickly, but also to drive capacity up the stack. We brought new capacity into the system in 2013, a lot of that necessarily was going into the PC compute segments and the mobile segments. And that's great. In a strong market, we can do very, very well in those segments. But over time, our strategy is to continue to move and diversify where those products go. And so and and reestablish that target model, that Mark talked about. And that's a that's a that's a a journey that's never over, but it's it's a challenge, that this team, fully accepts and and thrives under, which is to to think about how our customers use memory and really differentiate and diversify so that we're adding value for them. It's up and to the right. There's fantastic growth in all these segments. And when you think about what's going on from a DRAM perspective, obviously, a lot of it's about mobile, but you can see that there's a lot of it also in servers, which, which really gives us an opportunity to differentiate on and quality. And there's a lot of it in, in, in automotive, industrial and medical. So there's growth everywhere. And again, we'll, we'll, continue to, to move our products into those segments, while participating in the strong growth. The most important thing on this chart is that when you aggregate all of this stuff up, the demand's growing in excess of 30% per year. And this industry can no longer deliver in excess of 30% per year incremental bits just by moving down the technology path. And what we think that does is provide an industry environment now that will be, more stable and more beneficial to memory manufacturers a go forward basis. In NAND, you see a similar picture, focus on SSDs for just a second, roughly 60% year over year compounded through the years for SSD growth. And as Mark talked about, we're making significant investments to make sure that Micron not only as a participant, in SSDs, generally, for the clients, but also at the higher levels for for enterprise storage where we can, where we can really drive additional value for our customers and for our shareholders. We'll play across this space, but strong growth everywhere. And, again, we, we believe that Micron has the opportunity with our customer relationships, to move our bits into the most value added pieces of this growth. Hopefully, everyone in the room feels pretty good about the performance we turned in for shareholders in 2013, but we're not resting on our laurels We've got a lot of hard work ahead to continue that as we move through 2014, and this team is clearly focused on that. We want to be the world's best memory supplier. And as we do so, we're gonna be focused on continuing the strong financial performance that we were able to deliver in 2013 and doing that by focusing on a number of different things. First of all, the value added segments, continued diversification of products, continued diversification of customers, and making ensure that that the products micron bills are delivering value for our customers and therefore for our shareholders. We're gonna continue to drive, as Mark talked about, to best in class operations. We're measuring ourselves on thousands of parameters across, our entire operation, comparing ourselves to our competitors and looking for every opportunity to continue and improve in wanna do that across the spectrum of everything we do. We're investing in leading edge technologies to provide not only, the continuation and follow on products to the broad portfolio we have today, but truly innovative solutions for the future. And finally, as we do all that, our guiding light is to make sure we're optimizing value our customers and for our shareholders. So with that, I'd like to take a pause here and, we turn up the lights, I'll, try and answer any questions, that those of you in the room might have. Yep. Right here in the 3rd row. She's gonna hand you a mic. Thank you. Having 90% of the market, I think, is a good news, bad news story. The good news is that you have 90% of the market. The bad news is that have 90% of the market. And and the and that could be bad news because, my feeling is that that, yeah, there's some to challenging other enterprises that might come in. So my question is, it's good. I have 90% of the market, but how can you protect that? How can you not become complacent as a company knowing have 90% of the market. And keep the kind of performance that you've had in the past couple of years growing into the future. Thank you. We we don't have 90% of the memory market. We have, roughly 25% for 23%, 24%, 25% of the worldwide market. So, you know, we've got room to grow within the existing market, and we've I, I truly believe we've got room to continue to grow the memory market itself. So typically, the memory market's been recently correlated to overall worldwide GDP growth. And I think that trend will continue but but my hope and our aim is to make memory a more significant piece of the overall semiconductor pie as we, continue add value with some of these system level solutions. This team is focused on being the world's best memory supplier, and we think if we focus on being the best, will continue to harvest those opportunities. It's not necessarily about growing market share for Micron right now. It's about growing, products in those market spaces where where we're really truly adding more value. So we grab a larger piece of the revenue pie, not only in memory, but in semi generally. Is it fallen? Are we on? I'm confused. I thought the chart that we saw saw here showed U. S. Having 90% of the market? I mean, the devices. Yeah. No. I'm not sure which which chart you're referencing. Was that chart showing? It showed a 90% out on it. And DRAM, I believe. Is that correct? Oh, I I apologize. Mark Adams showed a slide that showed how much how many how many square inches of silicon micron had, at the end of the fiscal year 2013 versus how many square inches of silicon manufacturing capacity we had, at the beginning of the year. So the the scale of microns worldwide manufacturing footprint is roughly a 90% of what it was at the beginning of 2013. So essentially, we doubled the size of the company from maybe roughly 12 to 13, 12% or so of worldwide memory supply to roughly this 23 to 25 worldwide memory supply. Thanks for that clarification in case anyone else was confused on that. Besides supercomputing, What are the potential functional applications for the, Tomatah chip? Yeah. The, the, think of the Automet, chip, really as a as a, not a central processing unit, but a processor accelerator that performs that is programmed to perform specific processing functions. And that could be anything under the sun that that has to deal with large amount of unstructured data. So let me give you a few examples. One might be DNA sequencing where you're looking at huge streams of billions bits of data and trying to find matches between what's going on with one set of data and the other set of data, the automated processor can can can pull all that data and compare, very, very quickly, recognize patterns within that data and therefore solve DNA sequencing, problem. It might be used in security. Security is a wonderful application for something like this where you can trap data real time as it comes into a network switch or into your computer, identify viruses, and, and, and kick out bad code. Any, any anything, searches, anything where you're looking for pattern recognition, say, facial recognition, if you're walking around with your smartphone, hopefully 5 year now, and there's an automated process here in there. You'll be able to identify the guy walking, you know, across the room at you, real time by comparing, an image of his face to, a library of data that that might identify anybody in the world. So, anything where you've got a large amount of your data, the the applications are are are enormous and phenomenal, and I think you'll find eventually this type of computing will be ubiquitous but it's, it's a, it's a, it's a slow fuse. We have to, we have to educate people how to use it. We have to train people how to program it. And, we have to, we have to, get everyone to understand what the, you know, how to incorporate it in N system. So it'll, it's not going to be a revolution for Micron overnight, but we think it is a revolution for information processing over time. Randy let's go to the back support for continued diversification of products, services, and these collaborative partnerships that you talked about. By pursuing world class technologies, efforts. We can inspire our customers, our team members, our partners, stockholders to the quality of life thing. We know it. We've been out there 35 years at this. And, just remember, it's it's Micron Technology that's got us here, not just Micron Memory. I'd also like to express my support for the Micron Foundation in working with local communities to improve education and opportunities for all. So my question is, can you give us a vision of what the Micron Foundation will focus on in the next few years? And what we stockholders can do to support your efforts and what we can do together to provide more local opportunities once we've inspired these kids to technology careers. Yep. Great. We appreciate your support, of course, in all our endeavors, and in particular, relative to the foundation that, you know, I like the, I like the word inspired that you use. Part part of what we want to do at the Micron Foundation is is improve the capacity of the education system in the communities where Micron, does business, by inspiring students, to really pay attention to STEM Education and become very, very serious about making that they have the best in class education and therefore opportunities to add value for our communities downstream. We will do that not only by sponsoring events and activities that help create that passion in the students, but also by funding activities that help improve our education infrastructure, whether it's, the skill level of the teachers in our schools or the access, that those schools have to other infrastructure elements, technology, learning environments and things of that nature that that can truly help improve STEM Education. We're we're active, in K through 12, we're also active in higher ed, and we'll continue to, to do whatever can in the communities where where the micron's active, to improve, the capacity for STEM education and the level in STEM Education. Now as as shareholders and and and folks that that are interested in Micron, you know, there's a reason Micron's it in this. It's because it's what's it's what creates the future, bright minds that that truly understand, the importance of science and education and technology education. That's what, that's our feedstock for the future. And in particular, in the communities where Micron operates, we think that's really important. You can support is and that your children understand how important it is so that we're all moving in the same direction, which is, you know, a higher knowledge economy that can drive wealth creation, for all of us. It's great to hear that you're looking out for the stockholders and that we see that the stock is continuing to go up. But I look back to the days of 2000 when it sold for 88 2001 when it was down to 45, and then it's been on a steady decline over the years. What can we see as far as the timeline where maybe you return Micron to what it really should be you that, which I think it's kind of low right now for the company that it is. But what what can you do for us to those of us that invested it, unfortunately, at some of those higher prices and return it to those days of glory. Well, first of all, I'll include myself in that group as a long term shareholder and let you know that I'm very interested in doing what I can to to drive the value of manner so that we have a company, not just for the short term, but for the long term. I don't really wanna get anywhere close to predicting what the stock performance of of Micron might be. What I'm what I'm focused on and what our team's focused on is doing everything we can to improve the company and improve our ability to generate value, for our customers and therefore generate value for our, our team members and our shareholders. And the things I talked about day are the are the fundamental things that will get us there. And over time, we'll have to see how how the market reacts to the value that we're creating. I think we can, we can do things to inspire confidence in, in the market. And, we've been doing that as we move through through time, just through sheer performance. I think ongoing sustained performance is is an important factor in that overall outcome. Okay. I'm not seeing any more questions. I wanna thank you all again very much for joining us today. It's been a