Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2020

Investments in capital expenditures, net of amounts funded by partners, were $1.93 billion for the first quarter of fiscal 2020, which resulted in adjusted free cash flows(3) of $79 million. Micron repurchased an aggregate of 1 million shares of its common stock for $50 million during the first quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $8.31 billion, for a net cash(4) position of $2.66 billion.

Business Outlook

The following table presents Micron’s guidance for the second quarter of fiscal 2020:

FQ2-20 GAAP (1) Outlook Non-GAAP (2) Outlook
   
Revenue$4.5 billion - $4.8 billion$4.5 billion - $4.8 billion
Gross margin26% ± 1.5%27% ± 1.5%
Operating expenses$878 million ± $25 million$825 million ± $25 million
Interest (income) expense, net$5 million$0 million
Diluted earnings per share$0.25 ± $0.06$0.35 ± $0.06

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Investor Webcast

Micron will host a conference call on Wednesday, December 18, 2019 at 2:30 p.m. MT to discuss its first fiscal quarter financial results and provide forward-looking guidance for its second fiscal quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.

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, 3D XPoint™ memory, and NOR, 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, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. Our common stock is traded on the Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.

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

Forward-Looking Statements

This press release contains forward-looking statements regarding the industry, our strategic position, and financial and operating 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. 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 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.
(3)Adjusted free cash flow consists of cash provided by operating activities 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.


Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.


MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)

  1st Qtr. 4th Qtr. 1st Qtr.
  November 28,
2019
August 29,
2019
November 29,
2018
    
Revenue$5,144  $4,870  $7,913  
Cost of goods sold3,778   3,475    3,298   
Gross margin 1,366    1,395    4,615   
       
Selling, general, and administrative 211    212    209   
Research and development 640    623    611   
Other operating (income) expense, net (3 ) (90 ) 36   
Operating income 518    650    3,759   
       
Interest income 44    57    38   
Interest expense (47 ) (39 ) (33 )
Other non-operating income (expense), net 46    (13 )  
  561    655    3,773   
       
Income tax (provision) benefit (55 ) (71 ) (477 )
Equity in net income (loss) of equity method investees     —   
Net income 508    586    3,296   
       
Net income attributable to noncontrolling interests (17 ) (25 ) (3 )
Net income attributable to Micron $ 491    $ 561    $ 3,293   
       
Earnings per share      
Basic $ 0.44    $ 0.51    $ 2.91   
Diluted 0.43    0.49    2.81   
       
Number of shares used in per share calculations      
Basic 1,107    1,104    1,133   
Diluted 1,129    1,128    1,174   



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