Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2021

(2) were $2.04 billion for the third quarter of 2021, which resulted in adjusted free cash flows(2) of $1.52 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $9.82 billion, for a net cash(2) position of $3.10 billion.

Business Outlook

The following table presents Micron’s guidance for the fourth quarter of 2021:

FQ4-21 GAAP (1) Outlook Non-GAAP (2) Outlook
Revenue$8.2 billion ± $200 million$8.2 billion ± $200 million
Gross margin46.0% ± 1%47.0% ± 1%
Operating expenses$955 million ± $25 million$900 million ± $25 million
Diluted earnings per share$2.23 ± $0.10$2.30 ± $0.10

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, June 30, 2021, at 2:30 p.m. MT, to discuss its third quarter financial results and provide forward-looking guidance for its fourth 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 transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2021 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property 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 our industry, our strategic position, the completion of and timing for closing the pending sale of our Lehi facility, and our 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, net cash, and business outlook. 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)

  3rd Qtr. 2nd Qtr.  3rd Qtr. Nine Months Ended
  June 3,
2021
March 4,
2021
May 28,
2020
June 3,
2021
May 28,
2020
      
Revenue$7,422 $6,236   $ 5,438   $ 19,431   $ 15,379  
Cost of goods sold   4,296     4,587     3,675     12,920     10,895  
Gross margin   3,126     1,649     1,763     6,511     4,484  
           
Research and development   670     641     649     1,958     1,970  
Selling, general, and administrative   230     214     216     658     650  
Restructure and asset impairments   453     5     4     466     10  
Other operating (income) expense, net   (26 )   126     6     101     8  
Operating income   1,799     663     888     3,328     1,846  
           
Interest income   8     10     23     28     101  
Interest expense   (46 )   (42 )   (51 )   (136 )   (144 )
Other non-operating income (expense), net   45     4     10     62     55  
    1,806     635     870     3,282     1,858  
           
Income tax (provision) benefit   (65 )   (48 )   (68 )   (164 )   (144 )
Equity in net income (loss) of equity method investees   (6 )   16     3     23     6  
Net income   1,735     603     805     3,141     1,720  
           
Net income attributable to noncontrolling interests           (2 )       (21 )
Net income attributable to Micron $ 1,735   $ 603   $ 803   $ 3,141   $ 1,699  
           
Earnings per share
Basic $ 1.55   $ 0.54   $ 0.72   $ 2.81   $ 1.53  
Diluted   1.52     0.53     0.71     2.75     1.50  
           
Number of shares used in per share calculations          
Basic   1,121     1,120     1,111     1,119     1,110  
Diluted   1,145     1,144     1,129     1,141     1,131  

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