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

 
  • In the first quarter of 2019, we settled conversions of debt with an aggregate principal amount of $38 million for cash of $164 million and recognized non-operating losses of $13 million.
     
  • On December 22, 2017, the United States enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") which imposed a one-time transition tax in 2018 (the "Repatriation Tax") and created a new minimum tax on certain foreign earnings. Our accounting for the effects of the Tax Act was completed during the first quarter of 2019.

    Our income tax provision consisted of the following:
  • Quarter ended  November 29,
     2018
      August 30,
    2018
      November 30,
     2017
    Income tax provision, excluding items below $(378) $(113) $(88)
    Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW (52)  10  (26)
    Repatriation Tax, net of adjustments related to uncertain tax positions (47)  83    
      $(477) $(20) $(114)
    1. In the first quarter of 2019, we repurchased 42 million shares of our common stock for $1.80 billion through a combination of repurchases pursuant to an accelerated share repurchase agreement, Rule 10b5-1 plan, and through open market repurchases. The shares were recorded as treasury stock.


    MICRON TECHNOLOGY, INC.
    RECONCILIATION OF GAAP TO NON-GAAP RESULTS
    (in millions, except per share amounts)

      1st Qtr.  4th Qtr.  1st Qtr.
      November 29, 2018  August 30, 2018  November 30, 2017
      GAAP Adj Non-
    GAAP
      GAAP Adj Non-
    GAAP
       GAAP Adj Non-
    GAAP
    Revenue$7,913 $ $7,913  $8,440 $ $8,440  $6,803 $ $6,803 
    Cost of goods sold3,298 (55)3,243  3,289 (28)3,261  3,056 (22)3,034 
    Gross margin4,615 55 4,670  5,151 28 5,179  3,747 22 3,769 
    percent of revenue 58.3%   59.0%   61.0%   61.4%   55.1%   55.4%  
                                       
    Selling, general, and administrative 209   (21 ) 188     215   (13 ) 202     191   (18 ) 173  
    Research and development 611   (22 ) 589     567   (14 ) 553     448   (14 ) 434  
    Other operating (income) expense, net 36   (30 ) 6     (8 ) (7 ) (15 )   11   (6 ) 5  
    Operating expenses 856   (73 ) 783     774   (34 ) 740     650   (38 ) 612  
    Operating income 3,759   128   3,887     4,377   62   4,439     3,097   60   3,157  
    percent of revenue   47.5%       49.1%       51.9%       52.6%       45.5%       46.4%  
                                       
    Interest income (expense), net 5   18   23     (16 ) 23   7     (101 ) 29   (72 )
    Other non-operating income (expense), net 9   (8 ) 1     (15 ) 14   (1 )   (204 ) 204    
      3,773   138   3,911     4,346   99   4,445     2,792   293   3,085  
                           
    Income tax provision (477 ) 77   (400 )   (20 ) (111 ) (131 )   (114 ) 23   (91 )
    Net income 3,296   215   3,511     4,326   (12 ) 4,314     2,678   316   2,994  
                           
    Net income attributable to noncontrolling interests (3 )   (3 )   (1 )   (1 )        
    Net income attributable to Micron $ 3,293   $ 215   $ 3,508     $ 4,325   $ (12 ) $ 4,313     $ 2,678   $ 316   $ 2,994  
                           
    Shares used in calculations 1,174   5   1,179     1,216   4   1,220     1,225   (5 ) 1,220  
    Diluted earnings per share $ 2.81   $ 0.16   $ 2.97     $ 3.56   $ (0.03 ) $ 3.53     $ 2.19   $ 0.26   $ 2.45  
                                                               

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