David Goeckeler - Chief Executive Officer

Wissam Jabre - Executive Vice President and Chief Financial Officer

We are going to get started. This is the last session of the day. So thank you all for staying around, and very happy to have Western Digital with us. And we are very happy to have David Goeckeler, who is the CEO; and Wissam Jabre, who is the CFO. So we have both of you. So it's great.

I needed to read the safe harbor statement. I don't have it on me, but we are going to be making forward-looking statements that will be touching on the separation of the business, the performance of our business, any forward-looking projections. And so for that, please refer to our 10-Q and the SEC filings. As well as if we make any statements on GAAP versus non-GAAP, all of these reconciliations also are there. The piece that I would just - the fact that we are also going to mention the separation of the business, that's also part of what we are covering in our safe harbor statement.

Great. So I think the first question, maybe we can talk about some of the decisions that went into how you're capitalizing the NAND business. So I'm sort of curious when you thought about how much cash the NAND business needs and how you thought about capitalizing it. Can you just sort of walk through some of those decisions?