MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 2020

Investments in capital expenditures, net(2) were $1.94 billion for the second quarter of fiscal 2020, which resulted in adjusted free cash flows(2) of $63 million. Micron repurchased approximately 785,000 shares of its common stock for $44 million during the second quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $8.12 billion, for a net cash(2) position of $2.70 billion.

Business Outlook

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

   
FQ3-20 GAAP (1) Outlook Non-GAAP (2) Outlook
   
Revenue$4.6 billion - $5.2 billion$4.6 billion - $5.2 billion
Gross margin30% ± 1.5%31% ±1.5%
Operating expenses$891 million ± $25 million$825 million ± $25 million
Interest (income) expense, net$38 million$35 million
Diluted earnings per share$0.41 ± $0.15$0.55 ± $0.15
   

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, March 25, 2020 at 2:30 p.m. MT to discuss its second fiscal quarter financial results and provide forward-looking guidance for its third 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® and Crucial® — 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 more than 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 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, adjusted free cash flow, and net cash. 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)

  2nd Qtr. 1st Qtr. 2nd Qtr. Six Months Ended
  February 27,
2020
November 28,
2019
February 28,
2019
February 27,
2020
February 28,
2019
      
Revenue$4,797   $ 5,144     $ 5,835     $ 9,941     $ 13,748    
Cost of goods sold 3,442     3,778     2,971     7,220     6,269    
Gross margin 1,355     1,366     2,864     2,721     7,479    
           
Selling, general, and administrative 223     211     209     434     418    
Research and development 681     640     601     1,321     1,212    
Other operating (income) expense, net 11     (3 )   97     8     133    
Operating income 440     518     1,957     958     5,716    
           
Interest income 34     44     58     78     96    
Interest expense (46 )   (47 )   (27 )   (93 )   (60 )  
Other non-operating income (expense), net (1 )   46     (84 )   45     (75 )  
  427     561     1,904     988     5,677    
           
Income tax (provision) benefit (21 )   (55 )   (280 )   (76 )   (757 )  
Equity in net income (loss) of equity method investees 1     2     1     3     1    
Net income 407     508     1,625     915     4,921    
           
Net income attributable to noncontrolling interests (2 )   (17 )   (6 )   (19 )   (9 )  
Net income attributable to Micron $ 405     $ 491     $ 1,619     $ 896     $ 4,912    
           
Earnings per share          
Basic $ 0.37     $ 0.44     $ 1.45     $ 0.81     $ 4.37    
Diluted 0.36     0.43     1.42     0.79     4.24    
           
Number of shares used in per share calculations          
Basic 1,111     1,107     1,114     1,109     1,123    
Diluted 1,133     1,129     1,141     1,131     1,157    
                               



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