Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2019


   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 



 (1) In the first quarter of 2019, we adopted ASU 2014-09 – 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         58      
Employee severance 47             73      
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         58      
Employee severance 79             116      
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         58      
Employee severance 79             116      
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     1     15     9     75  
Other 13     12     8     48     28  
Impact of U.S. income tax reform     (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  
                                       

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise