Micron Technology, Inc. (Nasdaq: MU) today announced results for
its fourth quarter and full year of fiscal 2019, which ended
August 29, 2019.
Fiscal Q4 2019 highlights
- Revenues of $4.87 billion versus $4.79 billion for the prior
quarter and $8.44 billion for the same period last year
- GAAP net income of $561 million, or $0.49 per diluted
share
- Non-GAAP net income of $637 million, or $0.56 per diluted
share
- Operating cash flow of $2.23 billion versus $2.71 billion for
the prior quarter and $5.16 billion for the same period last
year
Fiscal 2019 highlights
- Revenues of $23.41 billion versus $30.39 billion for the prior
fiscal year
- GAAP net income of $6.31 billion, or $5.51 per diluted
share
- Non-GAAP net income of $7.31 billion, or $6.35 per diluted
share
- Operating cash flow of $13.19 billion versus $17.40 billion for
the prior fiscal year
- Share repurchases of $2.66 billion under the authorized buyback
program
"Micron delivered fourth quarter results ahead of expectations,
capping a fiscal 2019 in which we executed well in a challenging
environment, significantly improved our competitive position, and
returned cash to shareholders through share repurchases," said
Micron Technology President and CEO Sanjay Mehrotra. "We are
encouraged by signs of improving industry demand, but are mindful
of continued near-term macroeconomic and trade uncertainties. As
markets recover, Micron is well positioned to address the robust
secular demand for memory and storage solutions."
|
Quarterly
Financial Results |
(in millions, except per share amounts) |
GAAP (1) |
|
Non-GAAP (2) |
FQ4-19 |
FQ3-19 |
FQ4-18 |
|
FQ4-19 |
FQ3-19 |
FQ4-18 |
Revenue |
$ |
4,870 |
|
$ |
4,788 |
|
$ |
8,440 |
|
|
$ |
4,870 |
|
$ |
4,788 |
|
$ |
8,440 |
|
Gross margin |
$ |
1,395 |
|
$ |
1,828 |
|
$ |
5,151 |
|
|
$ |
1,491 |
|
$ |
1,884 |
|
$ |
5,179 |
|
percent
of revenue |
28.6% |
|
38.2% |
|
61.0% |
|
|
30.6% |
|
39.3% |
|
61.4% |
|
Operating expenses |
$ |
745 |
|
$ |
818 |
|
$ |
774 |
|
|
$ |
797 |
|
$ |
774 |
|
$ |
740 |
|
Operating income |
$ |
650 |
|
$ |
1,010 |
|
$ |
4,377 |
|
|
$ |
694 |
|
$ |
1,110 |
|
$ |
4,439 |
|
percent
of revenue |
13.3% |
|
21.1% |
|
51.9% |
|
|
14.3% |
|
23.2% |
|
52.6% |
|
Net income attributable to Micron |
$ |
561 |
|
$ |
840 |
|
$ |
4,325 |
|
|
$ |
637 |
|
$ |
1,198 |
|
$ |
4,313 |
|
Diluted earnings per share |
$ |
0.49 |
|
$ |
0.74 |
|
$ |
3.56 |
|
|
$ |
0.56 |
|
$ |
1.05 |
|
$ |
3.53 |
|
Annual
Financial Results |
(in millions, except per share amounts) |
GAAP (1) |
|
Non-GAAP (2) |
FY 19 |
FY 18 |
|
FY 19 |
FY 18 |
Revenue |
|
|
$ |
23,406 |
|
$ |
30,391 |
|
|
$ |
23,406 |
|
$ |
30,391 |
|
Gross margin |
|
|
$ |
10,702 |
|
$ |
17,891 |
|
|
$ |
10,973 |
|
$ |
17,994 |
|
percent
of revenue |
|
|
45.7% |
|
58.9% |
|
|
46.9% |
|
59.2% |
|
Operating expenses |
|
|
$ |
3,326 |
|
$ |
2,897 |
|
|
$ |
3,172 |
|
$ |
2,751 |
|
Operating income |
|
|
$ |
7,376 |
|
$ |
14,994 |
|
|
$ |
7,801 |
|
$ |
15,243 |
|
percent
of revenue |
|
|
31.5% |
|
49.3% |
|
|
33.3% |
|
50.2% |
|
Net income attributable to Micron |
|
|
$ |
6,313 |
|
$ |
14,135 |
|
|
$ |
7,314 |
|
$ |
14,700 |
|
Diluted earnings per share |
|
|
$ |
5.51 |
|
$ |
11.51 |
|
|
$ |
6.35 |
|
$ |
11.95 |
|
Investments in capital expenditures, net of amounts funded by
partners, were $1.97 billion for the fourth quarter of 2019 and
$9.11 billion for the full year of 2019, which resulted in adjusted
free cash flows(3) of $263 million for the fourth quarter of 2019
and $4.08 billion for the full year of 2019. Micron repurchased an
aggregate of 67 million shares of its common stock for $2.66
billion during 2019 and ended the fourth quarter with cash,
marketable investments, and restricted cash of $9.25 billion, for a
net cash(4) position of $3.40 billion.
Business Outlook
The following table presents Micron's guidance for the first
quarter of fiscal 2020:
FQ1-20 |
GAAP (1) Outlook |
|
Non-GAAP (2) Outlook |
Revenue |
$5.0 billion Ā± $200 million |
|
$5.0 billion Ā± $200 million |
Gross margin |
25.5% Ā± 1.5% |
|
26.5% Ā± 1.5% |
Operating expenses |
$818 million Ā± $25 million |
|
$780 million Ā± $25 million |
Diluted earnings per share |
$0.42 Ā± $0.07 |
|
$0.46 Ā± $0.07 |
Micron expects investments in capital expenditures, net of
amounts funded by partners, to be in the range of $7 billion to $8
billion for fiscal 2020. 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 Thursday,
September 26, 2019 at 2:30 p.m. MT to discuss financial
results and provide forward-looking guidance for its fiscal first
quarter. The call, audio, and slides will be available online at
investors.micron.com. A webcast replay will be available on the
website until September 26, 2020. 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 ā MicronĀ®, CrucialĀ®, and
BallistixĀ® ā our broad portfolio of high-performance memory and
storage technologies, including DRAM, NAND, NOR Flash, and 3D
XPointā¢ 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.
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 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 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 FINANCIAL
SUMMARY(in millions, except per share
amounts) |
|
|
|
4th Qtr. |
|
3rd Qtr. |
|
4th Qtr. |
|
Year Ended |
|
|
August 29, 2019 |
|
May 30, 2019 |
|
August 30, 2018 |
|
August 29, 2019 |
|
August 30, 2018 |
Revenue (1) |
|
$ |
4,870 |
|
|
$ |
4,788 |
|
|
$ |
8,440 |
|
|
$ |
23,406 |
|
|
$ |
30,391 |
|
Cost of goods sold |
|
3,475 |
|
|
2,960 |
|
|
3,289 |
|
|
12,704 |
|
|
12,500 |
|
Gross margin |
|
1,395 |
|
|
1,828 |
|
|
5,151 |
|
|
10,702 |
|
|
17,891 |
|
Selling, general, and
administrative |
|
212 |
|
|
206 |
|
|
215 |
|
|
836 |
|
|
813 |
|
Research and development |
|
623 |
|
|
606 |
|
|
567 |
|
|
2,441 |
|
|
2,141 |
|
Other operating (income)
expense, net (2) |
|
(90 |
) |
|
6 |
|
|
(8 |
) |
|
49 |
|
|
(57 |
) |
Operating income |
|
650 |
|
|
1,010 |
|
|
4,377 |
|
|
7,376 |
|
|
14,994 |
|
Interest income (expense),
net |
|
18 |
|
|
23 |
|
|
(16 |
) |
|
77 |
|
|
(222 |
) |
Other non-operating income
(expense), net (3) |
|
(13 |
) |
|
(317 |
) |
|
(15 |
) |
|
(405 |
) |
|
(465 |
) |
Income tax (provision)
benefit |
|
(71 |
) |
|
135 |
|
|
(20 |
) |
|
(693 |
) |
|
(168 |
) |
Equity in net income (loss) of
equity method investees |
|
2 |
|
|
ā |
|
|
ā |
|
|
3 |
|
|
(1 |
) |
Net income attributable to
noncontrolling interests |
|
(25 |
) |
|
(11 |
) |
|
(1 |
) |
|
(45 |
) |
|
(3 |
) |
Net income attributable to
Micron |
|
$ |
561 |
|
|
$ |
840 |
|
|
$ |
4,325 |
|
|
$ |
6,313 |
|
|
$ |
14,135 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.51 |
|
|
$ |
0.76 |
|
|
$ |
3.73 |
|
|
$ |
5.67 |
|
|
$ |
12.27 |
|
Diluted |
|
0.49 |
|
|
0.74 |
|
|
3.56 |
|
|
5.51 |
|
|
11.51 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares used in per
share calculations |
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,104 |
|
|
1,105 |
|
|
1,159 |
|
|
1,114 |
|
|
1,152 |
|
Diluted |
|
1,128 |
|
|
1,129 |
|
|
1,216 |
|
|
1,143 |
|
|
1,229 |
|
CONSOLIDATED FINANCIAL SUMMARY, Continued
As of |
|
August 29, 2019 |
|
May 30, 2019 |
|
August 30, 2018 |
Cash and short-term investments |
|
$ |
7,955 |
|
|
$ |
6,689 |
|
|
$ |
6,802 |
|
Receivables (1) |
|
3,195 |
|
|
3,257 |
|
|
5,478 |
|
Inventories |
|
5,118 |
|
|
4,905 |
|
|
3,595 |
|
Total current assets (1) |
|
16,503 |
|
|
15,066 |
|
|
16,039 |
|
Long-term marketable
investments |
|
1,164 |
|
|
1,167 |
|
|
473 |
|
Property, plant, and
equipment |
|
28,240 |
|
|
27,138 |
|
|
23,672 |
|
Total assets |
|
48,887 |
|
|
46,288 |
|
|
43,376 |
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses |
|
4,626 |
|
|
3,494 |
|
|
4,374 |
|
Current debt (3) |
|
1,310 |
|
|
1,346 |
|
|
859 |
|
Total current liabilities |
|
6,390 |
|
|
5,397 |
|
|
5,754 |
|
Long-term debt (3) |
|
4,541 |
|
|
3,563 |
|
|
3,777 |
|
|
|
|
|
|
|
|
Total Micron shareholders'
equity (1) |
|
35,881 |
|
|
35,323 |
|
|
32,294 |
|
Noncontrolling interests in
subsidiaries |
|
889 |
|
|
867 |
|
|
870 |
|
Total equity |
|
36,770 |
|
|
36,190 |
|
|
33,164 |
|
|
|
Year Ended |
|
|
August 29, 2019 |
|
August 30, 2018 |
Net cash provided by operating activities |
|
$ |
13,189 |
|
|
$ |
17,400 |
|
Net cash provided by (used
for) investing activities |
|
(10,085 |
) |
|
(8,216 |
) |
Net cash provided by (used
for) financing activities |
|
(2,438 |
) |
|
(7,776 |
) |
|
|
|
|
|
Depreciation and
amortization |
|
5,473 |
|
|
4,860 |
|
Investments in capital
expenditures |
|
(9,855 |
) |
|
(9,085 |
) |
Repayments of debt |
|
(3,340 |
) |
|
(10,194 |
) |
Payments to acquire treasury
stock |
|
(2,729 |
) |
|
(71 |
) |
Proceeds from issuance of
stock |
|
179 |
|
|
1,655 |
|
Proceeds from issuance of debt
(3) |
|
3,550 |
|
|
1,009 |
|
ļ»æ
|
(1) In the first quarter of 2019, we adopted ASU 2014-09 ā
Revenue from Contracts with Customers (as amended, "ASC 606"),
which supersedes nearly all existing revenue recognition guidance
under generally accepted accounting principles in the United
States. The core principal of ASC 606 is that an entity should
recognize revenue when it transfers control of promised goods or
services to customers in an amount that reflects the consideration
to which the entity expects to be entitled in exchange for those
goods or services. We adopted ASC 606 in the first quarter of 2019
under the modified retrospective method and, in connection
therewith, made certain adjustments to our opening balances as of
August 31, 2018. Adjustments to opening balances included an
increase to receivables of $114 million, reduction of deferred tax
assets of $92 million, increase of other current assets of $30
million, and an increase to retained earnings of $50 million. |
|
(2) In the fourth quarter of 2019, we finalized the
sale of our 200mm fabrication facility in Singapore and recognized
gains of $128 million in other operating (income) expense,
net. |
|
(3) On July 12, 2019, we issued $900 million and $850
million in principal of senior unsecured notes due in 2027 and
2030, respectively. On July 31, 2019, we prepaid $728 million in
principal of our senior secured Term Loan B due 2022 and recognized
a loss of $7 million in other non-operating income (expense),
net. |
|
MICRON TECHNOLOGY, INC.RECONCILIATION OF GAAP TO
NON-GAAP MEASURES(in millions, except per share
amounts) |
|
|
4th Qtr. |
|
3rd Qtr. |
|
4th Qtr. |
|
Year Ended |
|
August 29, 2019 |
|
May 30, 2019 |
|
August 30, 2018 |
|
August 29, 2019 |
|
August 30, 2018 |
GAAP gross margin |
$ |
1,395 |
|
|
$ |
1,828 |
|
|
$ |
5,151 |
|
|
$ |
10,702 |
|
|
$ |
17,891 |
|
Stock-based compensation |
29 |
|
|
24 |
|
|
21 |
|
|
102 |
|
|
83 |
|
Start-up and preproduction costs |
12 |
|
|
23 |
|
|
ā |
|
|
58 |
|
|
ā |
|
Employee severance |
47 |
|
|
ā |
|
|
ā |
|
|
73 |
|
|
ā |
|
Other |
8 |
|
|
9 |
|
|
7 |
|
|
38 |
|
|
20 |
|
Non-GAAP gross
margin |
$ |
1,491 |
|
|
$ |
1,884 |
|
|
$ |
5,179 |
|
|
$ |
10,973 |
|
|
$ |
17,994 |
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income |
$ |
650 |
|
|
$ |
1,010 |
|
|
$ |
4,377 |
|
|
$ |
7,376 |
|
|
$ |
14,994 |
|
Stock-based compensation |
67 |
|
|
58 |
|
|
47 |
|
|
243 |
|
|
198 |
|
Start-up and preproduction costs |
12 |
|
|
23 |
|
|
ā |
|
|
58 |
|
|
ā |
|
Employee severance |
79 |
|
|
ā |
|
|
ā |
|
|
116 |
|
|
ā |
|
Restructure and asset impairments |
(122 |
) |
|
9 |
|
|
7 |
|
|
(32 |
) |
|
28 |
|
Other |
8 |
|
|
10 |
|
|
8 |
|
|
40 |
|
|
23 |
|
Non-GAAP operating
income |
$ |
694 |
|
|
$ |
1,110 |
|
|
$ |
4,439 |
|
|
$ |
7,801 |
|
|
$ |
15,243 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Micron |
$ |
561 |
|
|
$ |
840 |
|
|
$ |
4,325 |
|
|
$ |
6,313 |
|
|
$ |
14,135 |
|
Stock-based compensation |
67 |
|
|
58 |
|
|
47 |
|
|
243 |
|
|
198 |
|
Start-up and preproduction costs |
12 |
|
|
23 |
|
|
ā |
|
|
58 |
|
|
ā |
|
Employee severance |
79 |
|
|
ā |
|
|
ā |
|
|
116 |
|
|
ā |
|
Restructure and asset impairments |
(122 |
) |
|
9 |
|
|
7 |
|
|
(32 |
) |
|
28 |
|
Amortization of debt discount and other costs |
10 |
|
|
10 |
|
|
23 |
|
|
49 |
|
|
101 |
|
(Gain) loss on debt repurchases and conversions |
10 |
|
|
317 |
|
|
(1 |
) |
|
396 |
|
|
385 |
|
(Gain) loss from changes in currency exchange rates |
ā |
|
|
1 |
|
|
15 |
|
|
9 |
|
|
75 |
|
Other |
13 |
|
|
12 |
|
|
8 |
|
|
48 |
|
|
28 |
|
Impact of U.S. income tax reform |
ā |
|
|
(42 |
) |
|
(83 |
) |
|
(9 |
) |
|
(174 |
) |
Estimated tax effects of above, non-cash changes in net deferred
income taxes,and assessments of tax exposures |
7 |
|
|
(30 |
) |
|
(28 |
) |
|
123 |
|
|
(76 |
) |
Non-GAAP net income
attributable to Micron |
$ |
637 |
|
|
$ |
1,198 |
|
|
$ |
4,313 |
|
|
$ |
7,314 |
|
|
$ |
14,700 |
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average
common shares outstanding - Diluted |
1,128 |
|
|
1,129 |
|
|
1,216 |
|
|
1,143 |
|
|
1,229 |
|
Adjustment for capped calls and stock-based compensation |
6 |
|
|
6 |
|
|
4 |
|
|
7 |
|
|
1 |
|
Non-GAAP
weighted-average common shares outstanding - Diluted |
1,134 |
|
|
1,135 |
|
|
1,220 |
|
|
1,150 |
|
|
1,230 |
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per share |
$ |
0.49 |
|
|
$ |
0.74 |
|
|
$ |
3.56 |
|
|
$ |
5.51 |
|
|
$ |
11.51 |
|
Effects of the above adjustments |
0.07 |
|
|
0.31 |
|
|
(0.03 |
) |
|
0.84 |
|
|
0.44 |
|
Non-GAAP diluted
earnings per share |
$ |
0.56 |
|
|
$ |
1.05 |
|
|
$ |
3.53 |
|
|
$ |
6.35 |
|
|
$ |
11.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES,
Continued
|
4th Qtr. |
|
3rd Qtr. |
|
4th Qtr. |
|
Year Ended |
|
August 29,2019 |
|
May 30, 2019 |
|
August 30,2018 |
|
August 29,2019 |
|
August 30,2018 |
GAAP net cash provided by operating
activities |
$ |
2,233 |
|
|
$ |
2,711 |
|
|
$ |
5,155 |
|
|
$ |
13,189 |
|
|
$ |
17,400 |
|
Expenditures for property, plant, and equipment |
(2,028 |
) |
|
(2,403 |
) |
|
(2,251 |
) |
|
(9,780 |
) |
|
(8,879 |
) |
Payments on equipment purchase contracts |
(21 |
) |
|
(17 |
) |
|
(36 |
) |
|
(75 |
) |
|
(206 |
) |
Amounts funded by partners |
79 |
|
|
213 |
|
|
225 |
|
|
747 |
|
|
889 |
|
Adjusted free cash
flow |
$ |
263 |
|
|
$ |
504 |
|
|
$ |
3,093 |
|
|
$ |
4,081 |
|
|
$ |
9,204 |
|
As of |
|
August 29, 2019 |
|
May 30, 2019 |
|
August 30, 2018 |
Cash and short-term investments |
|
$ |
7,955 |
|
|
$ |
6,689 |
|
|
$ |
6,802 |
|
Current and noncurrent restricted cash |
|
127 |
|
|
77 |
|
|
81 |
|
Long-term marketable investments |
|
1,164 |
|
|
1,167 |
|
|
473 |
|
Current and long-term debt |
|
(5,851 |
) |
|
(4,909 |
) |
|
(4,636 |
) |
Net cash |
|
$ |
3,395 |
|
|
$ |
3,024 |
|
|
$ |
2,720 |
|
The tables above reconcile GAAP to non-GAAP measures of gross
margin, operating income, net income attributable to Micron,
diluted shares, diluted earnings per share, adjusted free cash
flow, and net cash. The non-GAAP adjustments above may or may not
be infrequent or nonrecurring in nature, but are a result of
periodic or non-core operating activities. We believe this non-GAAP
information is helpful in understanding trends and in analyzing our
operating results and earnings. We are providing this information
to investors to assist in performing analysis of our operating
results. When evaluating performance and making decisions on how to
allocate our resources, management uses this non-GAAP information
and believes investors should have access to similar data when
making their investment decisions. We believe these non-GAAP
financial measures increase transparency by providing investors
with useful supplemental information about the financial
performance of our business, enabling enhanced comparison of our
operating results between periods and with peer companies. The
presentation of these adjusted amounts varies from numbers
presented in accordance with U.S. GAAP and therefore may not be
comparable to amounts reported by other companies. Our management
excludes the following items in analyzing our operating results and
understanding trends in our earnings:
- Stock-based compensation;
- Flow-through of business acquisition-related inventory
adjustments;
- Acquisition-related costs;
- Start-up and preproduction costs;
- Employee severance;
- Restructure and asset impairments;
- Amortization of debt discount and other costs, including the
accretion of non-cash interest expense associated with our
convertible debt and MMJ creditor debt;
- Gains and losses from debt repurchases and conversions;
- Gains and losses from changes in currency exchange rates;
- Gains and losses from business acquisition activities;
- Impact of U.S. income tax reform for the one-time transition
tax, release of U.S. valuation allowance, and remeasurement of net
deferred taxes reflecting lower U.S. corporate tax rates; and
- The estimated tax effects of above, non-cash changes in net
deferred income taxes, and assessments of tax exposures.
Our outstanding capped call transactions are anti-dilutive in
GAAP earnings per share but are expected to mitigate the dilutive
effect of our convertible notes. In periods with non-GAAP income
attributable to Micron, non-GAAP diluted shares include the impact
of capped calls based on the average share price for the period the
capped calls are outstanding. Non-GAAP diluted shares are also
adjusted for the impact of additional shares resulting from the
exclusion of stock-based compensation from non-GAAP income.
|
MICRON TECHNOLOGY, INC.RECONCILIATION OF
GAAP TO NON-GAAP OUTLOOK(in millions, except per
share amounts) |
|
|
|
GAAP Outlook |
|
Adjustments |
|
Non-GAAP Outlook |
Revenue |
$5.0 billion Ā± $200 million |
|
|
ā |
|
|
|
$5.0 billion Ā± $200 million |
Gross margin |
25.5% Ā± 1.5% |
|
|
1% |
|
A |
|
26.5% Ā± 1.5% |
Operating
expenses |
$818 million Ā± $25 million |
|
$38 million |
|
B |
|
$780 million Ā± $25 million |
Diluted earnings
per share (1) |
$0.42 Ā± $0.07 |
|
$0.04 |
|
A, B, C |
|
$0.46 Ā± $0.07 |
Non-GAAP
Adjustments |
|
|
|
|
|
|
A |
Stock-based compensation ā cost of goods sold |
|
$ |
30 |
|
A |
Other ā cost of
goods sold |
|
7 |
|
B |
Stock-based
compensation ā sales, general, and administrative |
|
20 |
|
B |
Stock-based
compensation ā research and development |
|
18 |
|
C |
Amortization of
debt discount and other costs |
|
7 |
|
C |
(Gain) loss on
debt repurchases and conversions |
|
(77 |
) |
C |
Tax effects of the
above items and non-cash changes in net deferred income taxes |
|
35 |
|
|
|
|
|
|
|
|
$ |
40 |
|
(1) GAAP and non-GAAP earnings per share are
based on approximately 1.13 billion diluted shares.
The tables above reconcile our GAAP to non-GAAP guidance based
on the current outlook. The guidance does not incorporate the
impact of any potential business combinations, divestitures,
restructuring activities, balance sheet valuation adjustments,
strategic investments, financing transactions, and other
significant transactions. The timing and impact of such items are
dependent on future events that may be uncertain or outside of our
control.
Contacts:
Farhan Ahmad
Investor Relations
farhanahmad@micron.com
(408) 834-1927
Erica Rodriguez Pompen
Media Relations
epompen@micron.com
(408) 834-1873
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