Micron Technology, Inc., Reports Results for the Second Quarter of Fiscal 2019

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions. Through our global brands – Micron®, Crucial®, and Ballistix® – our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint™ memory, is transforming how the world uses information to enrich life. Backed by 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, machine learning, and autonomous vehicles, in key market segments like data center, networking, automotive, industrial, mobile, graphics, and client. Our common stock is traded on the Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.

The Micron logo and Micron symbol are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.

This press release contains forward-looking statements regarding the industry and our strategic position and financial results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations 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 this release to conform these statements to actual results.

(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities which our management excludes in analyzing our operating results and understanding trends in our earnings. Non-GAAP shares used in per share calculations also include the impact of our outstanding capped call transactions and the effect of stock-based compensation. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.
(3) Adjusted free cash flow consists of cash provided by operating activities of $3.44 billion for the second quarter of 2019 less investments in capital expenditures, net of amounts funded by partners.
(4) Net cash consists of cash, marketable investments, and restricted cash less current and long-term debt of $6.24 billion.


MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(in millions except per share amounts)

   2nd Qtr.  1st Qtr.  2nd Qtr.  Six Months Ended
   February 28,
 2019
  November 29,
 2018
  March 1,
 2018
  February 28,
 2019
  March 1,
 2018
Revenue (1) $5,835  $7,913  $7,351  $13,748  $14,154 
Cost of goods sold 2,971  3,298  3,081  6,269  6,137 
Gross margin 2,864  4,615  4,270  7,479  8,017 
Selling, general, and administrative 209  209  196  418  387 
Research and development 601  611  523  1,212  971 
Other operating (income) expense, net 97  36  (16) 133  (5)
Operating income 1,957  3,759  3,567  5,716  6,664 
Interest income (expense), net 31     5     (61 )   36     (162 )
Other non-operating income (expense), net (2)   (84 )   9     (53 )   (75 )   (257 )
Income tax provision (3)   (280 )   (477 )   (143 )   (757 )   (257 )
Equity in net income of equity method investees   1         1     1     1  
Net income attributable to noncontrolling interests   (6 )   (3 )   (2 )   (9 )   (2 )
Net income attributable to Micron   $ 1,619     $ 3,293     $ 3,309     $ 4,912     $ 5,987  
                     
Earnings per share                    
Basic   $ 1.45     $ 2.91     $ 2.86     $ 4.37     $ 5.23  
Diluted   1.42     2.81     2.67     4.24     4.86  
                     
Number of shares used in per share calculations                    
Basic   1,114     1,133     1,156     1,123     1,145  
Diluted   1,141     1,174     1,238     1,157     1,232  

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