Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2022

Investments in capital expenditures, net(2) were $2.60 billion for the second quarter of 2022, which resulted in adjusted free cash flow(2) of $1.03 billion. Micron repurchased approximately 4.8 million shares of its common stock for $408 million during the second quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.95 billion, for a net cash(2) position of $4.87 billion.

On March 29, 2022, our Board of Directors declared a quarterly dividend of $0.10 per share, payable in cash on April 26, 2022, to shareholders of record as of the close of business on April 11, 2022.

Business Outlook

The following table presents Micron’s guidance for the third quarter of 2022:

FQ3-22 GAAP (1) Outlook Non-GAAP (2) Outlook
   
Revenue$8.7 billion ± $200 million$8.7 billion ± $200 million
Gross margin47.0% ± 1%48.0% ± 1%
Operating expenses$1.13 billion ± $25 million$1.05 billion ± $25 million
Diluted earnings per share$2.33 ± $0.10$2.46 ± $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 Tuesday, March 29, 2022 at 2:30 p.m. Mountain time to discuss its second quarter financial results and provide forward-looking guidance for its third 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.

Investor Day 2022

Micron will host an Investor Day on Thursday, May 12, 2022, from 8:30 a.m. – 12:30 p.m. Pacific time in San Francisco. For details and to complete registration, please visit investorday.micron.com. Please note, due to limited seating, registration for in-person attendance will be subject to confirmation.

Live webcast and subsequent replays of presentations will be accessible from Micron’s Investor Relations website at investors.micron.com.

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.

© 2022 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, 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 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)

  2nd Qtr. 1st Qtr. 2nd Qtr. Six months ended
  March 3,
2022
December 2,
2021
March 4,
2021
March 3,
2022
March 4,
2021
          
Revenue $ 7,786   $ 7,687   $ 6,236   $ 15,473   $ 12,009  
Cost of goods sold   4,110     4,122     4,587     8,232     8,624  
Gross margin   3,676     3,565     1,649     7,241     3,385  
           
Research and development   792     712     641     1,504     1,288  
Selling, general, and administrative   263     259     214     522     428  
Restructure and asset impairments   5     38     5     43     13  
Other operating (income) expense, net   70     (75 )   126     (5 )   127  
Operating income   2,546     2,631     663     5,177     1,529  
           
Interest income   12     10     10     22     20  
Interest expense   (55 )   (45 )   (42 )   (100 )   (90 )
Other non-operating income (expense), net   6     (75 )   4     (69 )   17  
    2,509     2,521     635     5,030     1,476  
           
Income tax (provision) benefit   (255 )   (219 )   (48 )   (474 )   (99 )
Equity in net income (loss) of equity method investees   9     4     16     13     29  
Net income $ 2,263   $ 2,306   $ 603   $ 4,569   $ 1,406  
           
Earnings per share          
Basic $ 2.02   $ 2.06   $ 0.54   $ 4.08   $ 1.26  
Diluted   2.00     2.04     0.53     4.04     1.23  
           
Number of shares used in per share calculations          
Basic   1,119     1,119     1,120     1,119     1,118  
Diluted   1,130     1,130     1,144     1,130     1,139  



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