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

Investments in capital expenditures, net of amounts funded by partners, were $2.21 billion for the third quarter of 2019, which resulted in adjusted free cash flow(3) of $504 million. Micron repurchased an aggregate of 67 million shares of its common stock for $2.66 billion during the first nine months of 2019 in connection with its $10 billion share repurchase authorization. The company ended the third quarter with cash, marketable investments, and restricted cash of $7.93 billion for a net cash(4) position of $3.02 billion.

Micron will host a conference call on Tuesday, June 25, 2019 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for its fiscal fourth quarter. The call, audio, and slides will be available online at investors.micron.com. A webcast replay will be available on our website until June 25, 2020. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 3684209) beginning at 5:30 p.m. MT, June 25, 2019 and continuing through July 2, 2019. 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, 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 $2.71 billion for the third 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 $4.91 billion.

         
MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(in millions, except per share amounts)
         
   3rd Qtr.  2nd Qtr.  3rd Qtr.  Nine Months Ended
   May 30,
 2019
  February 28,
 2019
  May 31,
 2018
  May 30,
 2019
  May 31,
 2018
Revenue (1) $4,788  $5,835  $7,797  $18,536  $21,951  
Cost of goods sold   2,960     2,971     3,074     9,229     9,211  
Gross margin   1,828     2,864     4,723     9,307     12,740  
Selling, general, and administrative   206     209     211     624     598  
Research and development   606     601     603     1,818     1,574  
Other operating (income) expense, net   6     97     (44 )   139     (49 )
Operating income   1,010     1,957     3,953     6,726     10,617  
Interest income (expense), net   23     31     (44 )   59     (206 )
Other non-operating income (expense), net (2)   (317 )   (84 )   (193 )   (392 )   (450 )
Income tax (provision) benefit (3)   135     (280 )   109     (622 )   (148 )
Equity in net income (loss) of equity method investees       1     (2 )   1     (1 )
Net income attributable to noncontrolling interests   (11 )   (6 )       (20 )   (2 )
Net income attributable to Micron   $ 840     $ 1,619     $ 3,823     $ 5,752     $ 9,810  
                     
Earnings per share                    
Basic   $ 0.76     $ 1.45     $ 3.30     $ 5.15     $ 8.53  
Diluted   0.74     1.42     3.10     5.01     7.96  
                     
Number of shares used in per share calculations                    
Basic   1,105     1,114     1,159     1,117     1,150  
Diluted   1,129     1,141     1,235     1,148     1,233  

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