[ad_1]
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "BOISE, Idaho, September 26, 2019 (GLOBE NEWSWIRE) – Micron Technology, Inc. (MU) announced today the results of its fourth quarter and its full year for fiscal year 2019, ended August 29, 2019.
"data-reactid =" 12 "> BOISE, Idaho, September 26, 2019 (GLOBE NEWSWIRE) – Micron Technology, Inc. (MU) announced today the results of its fourth quarter and fiscal year ended September 29, 2019 August, 2019.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Highlights of the fourth quarter of 2019"data-reactid =" 13 ">Highlights of the fourth quarter of 2019
- Revenues of $ 4.87 billion compared with $ 4.79 billion for the previous quarter and $ 8.44 billion for the same period last year
- GAAP net income of $ 561 million, or $ 0.49 per diluted share
- Non-GAAP net income of $ 637 million, or $ 0.56 per diluted share
- Cash flow from operations of $ 2.23 billion, compared with $ 2.71 billion for the previous quarter and $ 5.16 billion for the same period last year
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Highlights of the 2019 financial year
"data-reactid =" 19 ">Highlights of the 2019 financial year
- Revenues of $ 23.41 billion versus $ 30.39 billion for the prior year
- GAAP net income of $ 6.31 billion, or $ 5.51 per diluted share
- Non-GAAP net income of $ 7.31 billion, or $ 6.35 per diluted share
- Cash flow from operations of $ 13.19 billion compared to $ 17.40 billion for the prior year
- Share buybacks of $ 2.66 billion under the authorized buyback program
"Micron has released fourth quarter results above expectations, limiting the fiscal year 2019 in which we performed well in a challenging environment, significantly improved our competitive position and returned liquidity to shareholders through redemptions of the year. shares, "said Sanjay Mehrotra, chairman and chief executive officer of Micron Technology. "We are encouraged by the signs of improving industry demand, but we are paying attention to persistent macroeconomic and business uncertainties in the near term." As markets recover, Micron is well positioned to meet robust secular demand in memory and storage solutions. "
| Quarterly financial results | |||||||||||||||||||||||||
| (in millions, except per share amounts) | GAAP (1) | Non-GAAP (2) | |||||||||||||||||||||||
| FQ4-19 | FQ3-19 | FQ4-18 | FQ4-19 | FQ3-19 | FQ4-18 | ||||||||||||||||||||
| Returned | $ | 4,870 | $ | 4,788 | $ | 8,440 | $ | 4,870 | $ | 4,788 | $ | 8,440 | |||||||||||||
| Gross margin | $ | 1,395 | $ | 1,828 | $ | 5,151 | $ | 1,491 | $ | 1,884 | $ | 5,179 | |||||||||||||
| percentage of income | 28.6% | 38.2% | 61.0% | 30.6% | 39.3% | 61.4% | |||||||||||||||||||
| Operating expenses | $ | 745 | $ | 818 | $ | 774 | $ | 797 | $ | 774 | $ | 740 | |||||||||||||
| Operating product | $ | 650 | $ | 1,010 | $ | 4,377 | $ | 694 | $ | 1,110 | $ | 4,439 | |||||||||||||
| percentage of income | 13.3% | 21.1% | 51.9% | 14.3% | 23.2% | 52.6% | |||||||||||||||||||
| Net income attributable to Micron | $ | 561 | $ | 840 | $ | 4,325 | $ | 637 | $ | 1,198 | $ | 4,313 | |||||||||||||
| Diluted earnings per share | $ | 0.49 | $ | 0.74 | $ | 3.56 | $ | 0.56 | $ | 1.05 | $ | 3.53 | |||||||||||||
| Annual financial results | |||||||||||||||||||
| (in millions, except per share amounts) | GAAP (1) | Non-GAAP (2) | |||||||||||||||||
| 19th year | 18th year | 19th year | 18th year | ||||||||||||||||
| Returned | $ | 23,406 | $ | 30.391 | $ | 23,406 | $ | 30.391 | |||||||||||
| Gross margin | $ | 10,702 | $ | 17,891 | $ | 10,973 | $ | 17,994 | |||||||||||
| percentage of income | 45.7% | 58.9% | 46.9% | 59.2% | |||||||||||||||
| Operating expenses | $ | 3,326 | $ | 2,897 | $ | 3,172 | $ | 2,751 | |||||||||||
| Operating product | $ | 7,376 | $ | 14,994 | $ | 7,801 | $ | 15,243 | |||||||||||
| percentage of income | 31.5% | 49.3% | 33.3% | 50.2% | |||||||||||||||
| Net income attributable to Micron | $ | 6,313 | $ | 14,135 | $ | 7,314 | $ | 14,700 | |||||||||||
| Diluted earnings per share | $ | 5.51 | $ | 11.51 | $ | 6.35 | $ | 11.95 | |||||||||||
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Investment in fixed assets, net of amounts financed by partners, is amounted to $ 1.97 billion for the fourth quarter of 2019 and $ 9.11 billion for fiscal 2019, resulting in adjusted free cash flow(3) 263 million USD for the fourth quarter of 2019 and 4.08 billion USD for the full year 2019. Micron has repurchased a total of 67 million common shares for an amount of 2.66 billion USD in 2019 and closed the fourth quarter with cash, marketable investments and limited liquidity. $ 9.25 billion, for a net cash position(4) position of $ 3.40 billion. "data-reactid =" 32 "> Capital investments, net of partner-funded amounts, amounted to $ 1.97 billion for the fourth quarter of 2019 and $ 9.11 billion for the fourth quarter. all of the year 2019, which resulted in free cash flow adjustments(3) 263 million USD for the fourth quarter of 2019 and 4.08 billion USD for the full year 2019. Micron has repurchased a total of 67 million common shares for an amount of 2.66 billion USD in 2019 and closed the fourth quarter with cash, marketable investments and limited liquidity. $ 9.25 billion, for a net cash position(4) position of $ 3.40 billion.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Business Outlook"data-reactid =" 33 ">Business Outlook
The following table presents Micron's forecast for the first quarter of fiscal year 2020:
| FQ1-20 | GAAP (1) Perspective; view; vision; horizon | Non-GAAP (2) Perspective; view; vision; horizon | |
| Returned | $ 5.0 billion ± $ 200 million | $ 5.0 billion ± $ 200 million | |
| Gross margin | 25.5% ± 1.5% | 26.5% ± 1.5% | |
| Operating expenses | $ 818 million ± $ 25 million | $ 780 million ± $ 25 million | |
| Diluted earnings per share | $ 0.42 ± $ 0.07 | $ 0.46 ± $ 0.07 |
<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Micron expects capital investments, net of amounts financed by partners, it is expected to be in the range of $ 7 billion to $ 8 billion for the 2020 financial year. Additional information on Micron's business prospects can be found in the prepared remarks and slides posted at: investisseurs.micron.com. "data-reactid =" 37 "> Micron expects capital investments, net of partner-funded amounts, to be in the range of $ 7 billion to $ 8 billion for FY2020. Micron's business prospects are included in the prepared document, remarks and slides that have been posted at investors.micron.com.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Investor Webcast"data-reactid =" 38 ">Investor Webcast
<p class = "canvas-atom web-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Micron will hold a conference call on Thursday, September 26th, 2019 at 2:30 pm, sea time, to discuss financial results and provide forward guidance for the first quarter of its fiscal year. investisseurs.micron.com. A replay of the webcast will be available on the website until September 26, 2020. For investor relations and other updates regarding the company, follow @MicronTech on Twitter at the address twitter.com/MicronTech. "data-reactid =" 39 "> Micron will hold a conference call on Thursday, September 26, 2019 at 2:30 pm Eastern Time, to discuss financial results and provide forward-looking guidance for its first quarter of the year. The exercise and the slides will be available online at investors.micron.com A retransmission of the webcast will be available on the website until September 26, 2020. For updates companies and news of the company, follow @MicronTech on Twitter at the address twitter.com/MicronTech.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "About Micron Technology, Inc."data-reactid =" 40 ">About Micron Technology, Inc.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "We are a leader in the industry in memory and innovative 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 ™, transforms the way the world uses information to enrich lives. Backed by 40 years of technology leadership, our memory and storage solutions unlock disruptive trends, such as artificial intelligence, machine learning and autonomous vehicles, in key market segments such as data centers, networks, automotive, industry, mobility, graphics and the customer. Our common shares trade on the Nasdaq under the symbol MU. To learn more about Micron Technology, Inc., visit micron.com. "data-reactid =" 41 "> We are a 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 ™, transforms the way the world uses information to enrich lives. Backed by 40 years of technology leadership, our memory and storage solutions unlock disruptive trends, such as artificial intelligence, machine learning and autonomous vehicles, in key market segments such as data centers, networks, automotive, industry, mobility, graphics and the customer. Our common shares trade on the Nasdaq under the symbol MU. To learn more about Micron Technology, Inc., visit micron.com.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Micron and the Micron Orbit logo are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners."data-reactid =" 42 ">Micron and the Micron Orbit logo are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Forward-looking statements"data-reactid =" 43 ">Forward-looking statements
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This news release contains forward-looking statements about Please Deferred to our filings with the Securities and Exchange Commission, particularly our strategic position and our financial and operating results These forward-looking statements are subject to a number of risks and uncertainties that could result in a material difference between actual and actual results, our most recent 10-K and 10-Q forms contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can not guarantee future results, levels of activity, performance or achievements. We are not required to update forward-looking statements after the date of this release to be consistent with actual results. "Data-reactid =" 44 "> This press release contains forward-looking statements with respect to the industry, our strategic position, and financial and operational results. These forward-looking statements are subject to a number of risks and uncertainties that may cause a material difference between actual results, please refer to our filings with the Securities and Exchange Commission, particularly our most recent Form 10-K and Form 10-Q, which contain and identify important factors that could result in a material difference between our actual results and those contained in these forward-looking statements. www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can not guarantee future results, levels of activity, performance or achievements. We are not required to update forward-looking statements after the date of this release to be consistent with actual results.
| (1) GAAP is the generally accepted accounting principles of the United States. | |
| (2) Non-GAAP is GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding the trends in our results. The non-GAAP shares used in the per share calculations also include the impact of our ongoing capped call transactions and the effect of stock-based compensation. | |
| (3) Adjusted free cash flow includes cash provided by operating activities less capital investments, net of amounts funded by partners. | |
| (4) Net cash includes cash, marketable investments and restricted cash, less current and long-term debt. |
<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Additional information on Micron's use of measurements non-GAAP financial statements and reconciliations between GAAP and non-GAAP measures are included in this news release.
"data-reactid =" 52 "> This news release contains additional information on Micron's use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures.
| MICRON TECHNOLOGY, INC. CONSOLIDATED FINANCIAL SUMMARY (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 |
||||||||||||||||
| Returned (1) | $ | 4,870 | $ | 4,788 | $ | 8,440 | $ | 23,406 | $ | 30.391 | ||||||||||
| Cost of goods sold | 3,475 | 2,960 | 3,289 | 12,704 | 12,500 | |||||||||||||||
| Gross margin | 1,395 | 1,828 | 5,151 | 10,702 | 17,891 | |||||||||||||||
| Selling, general and administrative expenses | 212 | 206 | 215 | 836 | 813 | |||||||||||||||
| Research and development | 623 | 606 | 567 | 2,441 | 2,141 | |||||||||||||||
| Other net operating expenses (income) (2) | (90 | ) | 6 | (8 | ) | 49 | (57 | ) | ||||||||||||
| Operating product | 650 | 1,010 | 4,377 | 7,376 | 14,994 | |||||||||||||||
| Net interest income (expense) | 18 | 23 | (16 | ) | 77 | (222 | ) | |||||||||||||
| Other non-operating income (expense), net (3) | (13 | ) | (317 | ) | (15 | ) | (405 | ) | (465 | ) | ||||||||||
| Tax benefit (provision) | (71 | ) | 135 | (20 | ) | (693 | ) | (168 | ) | |||||||||||
| Equity in the net income of companies accounted for by the equity method | 2 | – | – | 3 | (1 | ) | ||||||||||||||
| Net income attributable to minority interests | (25 | ) | (11 | ) | (1 | ) | (45 | ) | (3 | ) | ||||||||||
| Net income attributable to Micron | $ | 561 | $ | 840 | $ | 4,325 | $ | 6,313 | $ | 14,135 | ||||||||||
| Earnings per share | ||||||||||||||||||||
| Basic | $ | 0.51 | $ | 0.76 | $ | 3.73 | $ | 5.67 | $ | 12,27 | ||||||||||
| Diluted | 0.49 | 0.74 | 3.56 | 5.51 | 11.51 | |||||||||||||||
| Number of shares used in the calculations per share | ||||||||||||||||||||
| Basic | 1,104 | 1 105 | 1,159 | 1,114 | 1,152 | |||||||||||||||
| Diluted | 1,128 | 1,129 | 1,216 | 1,143 | 1,229 | |||||||||||||||
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "CONSOLIDATED FINANCIAL SUMMARY, continued"data-reactid =" 55 ">CONSOLIDATED FINANCIAL SUMMARY, continued
| From | August 29 2019 |
May 30 2019 |
August 30 2018 |
|||||||||
| Cash and short-term investments | $ | 7,955 | $ | 6,689 | $ | 6,802 | ||||||
| receivables (1) | 3,195 | 3,257 | 5,478 | |||||||||
| inventories | 5.118 | 4,905 | 3,595 | |||||||||
| Total current assets (1) | 16,503 | 15,066 | 16,039 | |||||||||
| Long-term tradable investments | 1,164 | 1,167 | 473 | |||||||||
| Property, plant and equipment | 28,240 | 27.138 | 23,672 | |||||||||
| Total assets | 48,887 | 46,288 | 43.376 | |||||||||
| Accounts payable and accrued liabilities | 4,626 | 3,494 | 4,374 | |||||||||
| Current debt (3) | 1,310 | 1,346 | 859 | |||||||||
| Total current liabilities | 6,390 | 5,397 | 5,754 | |||||||||
| Long-term debt (3) | 4,541 | 3,563 | 3,777 | |||||||||
| Total equity of Micron (1) | 35,881 | 35,323 | 32.294 | |||||||||
| Minority interest in subsidiaries | 889 | 867 | 870 | |||||||||
| Total equity | 36,770 | 36.190 | 33.164 | |||||||||
| Year ended | ||||||||
| August 29 2019 |
August 30 2018 |
|||||||
| Net cash provided by operating activities | $ | 13,189 | $ | 17,400 | ||||
| Net cash provided by (used for) investment activities | (10,085 | ) | (8216 | ) | ||||
| Net cash provided by (used for) financing activities | (2,438 | ) | (7,776 | ) | ||||
| Depreciation and amortization | 5,473 | 4,860 | ||||||
| Capital investments | (9,855 | ) | (9085 | ) | ||||
| Repayment of debt | (3,340 | ) | (10.194 | ) | ||||
| Payments to acquire own shares | (2,729 | ) | (71 | ) | ||||
| Proceeds from the issuance of shares | 179 | 1,655 | ||||||
| Debt issue product (3) | 3,550 | 1,009 | ||||||
| (1) In the first quarter of 2019, we adopted the ASU 2014-09 – Revenue from contracts with customers (as amended, "ASC 606"), which replaces substantially all of the existing revenue recognition guidance in accordance with US generally accepted accounting principles. The basic premise of ASC 606 is that an entity must recognize income when it transfers control of the promised goods or services to customers in an amount that reflects the consideration that the entity expects to be entitled to exchange of these goods or services. We adopted ASC 606 in the first quarter of 2019 using the modified retrospective method and made certain adjustments to our opening balances as at August 31, 2018. These adjustments included an increase in accounts receivable of $ 114 million, a reduction in deferred tax assets. $ 92 million, increase in other current assets by $ 30 million and increase in retained earnings of $ 50 million. | |
| (2) In the fourth quarter of 2019, we completed the sale of our 200mm manufacturing facility in Singapore and recorded gains of $ 128 million in other net operating expenses (income). | |
| (3) On July 12, 2019, we issued $ 900 million and $ 850 million senior unsecured debt maturing in 2027 and 2030, respectively. On July 31, 2019, we prepaid $ 728 million principal amount of our secured Senior Guaranteed Term B Borrowings maturing in 2022 and recorded a loss of $ 7 million in other non-operating income (expense), net. |
| MICRON TECHNOLOGY, INC. RECONCILIATION OF 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 pre-production costs | 12 | 23 | – | 58 | – | ||||||||||||||
| Severance pay | 47 | – | – | 73 | – | ||||||||||||||
| Other | 8 | 9 | seven | 38 | 20 | ||||||||||||||
| Gross margin not in accordance with GAAP | $ | 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 pre-production costs | 12 | 23 | – | 58 | – | ||||||||||||||
| Severance pay | 79 | – | – | 116 | – | ||||||||||||||
| Restructuring and depreciation of assets | (122 | ) | 9 | seven | (32 | ) | 28 | ||||||||||||
| Other | 8 | ten | 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 pre-production costs | 12 | 23 | – | 58 | – | ||||||||||||||
| Severance pay | 79 | – | – | 116 | – | ||||||||||||||
| Restructuring and depreciation of assets | (122 | ) | 9 | seven | (32 | ) | 28 | ||||||||||||
| Depreciation of the debt discount and other costs | ten | ten | 23 | 49 | 101 | ||||||||||||||
| (Gain) loss on redemptions and debt conversions | ten | 317 | (1 | ) | 396 | 385 | |||||||||||||
| (Gain) loss resulting from changes in exchange rates | – | 1 | 15 | 9 | 75 | ||||||||||||||
| Other | 13 | 12 | 8 | 48 | 28 | ||||||||||||||
| Impact of Income Tax Reform in the United States | – | (42 | ) | (83 | ) | (9 | ) | (174 | ) | ||||||||||
| Estimated Tax Impact from Above, Non-cash Changes in Net Income Tax and Tax Risk Assessments | seven | (30 | ) | (28 | ) | 123 | (76 | ) | |||||||||||
| Non-GAAP Net Income Attributable to Micron | $ | 637 | $ | 1,198 | $ | 4,313 | $ | 7,314 | $ | 14,700 | |||||||||
| Weighted average number of common shares outstanding under GAAP – Diluted | 1,128 | 1,129 | 1,216 | 1,143 | 1,229 | ||||||||||||||
| Adjustment for capped calls and stock-based compensation | 6 | 6 | 4 | seven | 1 | ||||||||||||||
| Weighted average number of common shares outstanding undiluted under GAAP – 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 adjustments above | 0.07 | 0.31 | (0.03 | ) | 0.84 | 0.44 | |||||||||||||
| Diluted earnings per non-GAAP share | $ | 0.56 | $ | 1.05 | $ | 3.53 | $ | 6.35 | $ | 11.95 | |||||||||
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "RECONCILIATION OF NON-GAAP MEASURES, Continued"data-reactid =" 66 ">RECONCILIATION OF NON-GAAP MEASURES, Continued
| 4th Qtr. | 3rd Qtr. | 4th Qtr. | Year ended | ||||||||||||||||
| August 29 2019 |
May 30 2019 |
August 30 2018 |
August 29 2019 |
August 30 2018 |
|||||||||||||||
| Net cash generated by operating activities under GAAP | $ | 2,233 | $ | 2,711 | $ | 5,155 | $ | 13.189 | $ | 17,400 | |||||||||
| Expenditures for property, plant, and equipment | (2,028 | ) | (2,403 | ) | (2,251 | ) | (9,780 | ) | (8.879 | ) | |||||||||
| Payments on equipment purchase contracts | (21 | ) | (17 | ) | (36 | ) | (75 | ) | (206 | ) | |||||||||
| Amounts funded by partners | 79 | 213 | 225 | 747 | 889 | ||||||||||||||
| Adjusted free cash flow | $ | 263 | $ | 504 | $ | 3,093 | $ | 4,081 | $ | 9,204 | |||||||||
| As of | August 29, 2019 |
May 30, 2019 |
August 30, 2018 |
|||||||||
| Cash and short-term investments | $ | 7,955 | $ | 6.689 | $ | 6,802 | ||||||
| Current and noncurrent restricted cash | 127 | 77 | 81 | |||||||||
| Long-term marketable investments | 1,164 | 1,167 | 473 | |||||||||
| Current and long-term debt | (5.851 | ) | (4,909 | ) | (4,636 | ) | ||||||
| Net cash | $ | 3,395 | $ | 3,024 | $ | 2,720 | ||||||
The tables above reconcile GAAP to non-GAAP measures of gross margin, operating income, net income attributable to Micron, diluted earnings, diluted earnings per share, free cash flow, and net cash. The non-GAAP adjustments may not be of any significance or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and operating results. We are providing this information to investors in our operations. When assessing performance and making decisions on how to allocate resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures by providing investors with additional information about the financial performance of our business. The presentation of US GAAP can be compared to other companies. Our management excludes the following items in our operating income and understanding trends in our earnings:
- Stock-based compensation;
- Flow-through of business acquisition-related inventory adjustments;
- Acquisition-related costs;
- Start-up and preproduction costs;
- Employee severance;
- Restructure and asset impairments;
- Amortization of debt and other costs, including the accretion of non-cash interest expenses and their convertible debt and MMJ creditor debt;
- Gains and losses from debt repurchases and conversions;
- Gains and losses from foreign exchange rates;
- Gains and losses from business acquisition activities;
- Impact of U.S. income tax reform for the one-time transition tax, release of U.S. valuation allowance, and remeasurement of net deferred income tax U.S. corporate tax rates; and
- The tax rate of above, non-cash changes in net income taxes, and assessments of tax exposures.
Our outstanding capped call transactions are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of our convertible notes. Inces with non-GAAP income attributable to Micron, non-GAAP diluted shares include the impact of capped calls based on the average share price for the period the capped calls are outstanding. Non-GAAP diluted shares are also affected by the impact of non-GAAP income.
| MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK (in millions, except per share amounts) |
|||||||||||
| GAAP Outlook | Ajustements | Non-GAAP Outlook | |||||||||
| Revenue | $5.0 billion ± $200 million | – | $5.0 billion ± $200 million | ||||||||
| Gross margin | 25.5% ± 1.5% | 1% | A | 26.5% ± 1.5% | |||||||
| Operating expenses | $818 million ± $25 million | $38 million | B | $780 million ± $25 million | |||||||
| Diluted earnings per share (1) | $0.42 ± $0.07 | $0.04 | A, B, C | $0.46 ± $0.07 | |||||||
| Non-GAAP Adjustments | |||||||||
| A | Stock-based compensation – cost of goods sold | $ | 30 | ||||||
| A | Other – cost of goods sold | seven | |||||||
| B | Stock-based compensation – sales, general, and administrative | 20 | |||||||
| B | Stock-based compensation – research and development | 18 | |||||||
| VS | Amortization of debt discount and other costs | seven | |||||||
| VS | (Gain) loss on debt repurchases and conversions | (77 | ) | ||||||
| VS | Tax effects of the above items and non-cash changes in net deferred income taxes | 35 | |||||||
| $ | 40 | ||||||||
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "(1) GAAP and non-GAAP earnings per share are based on approximately 1.13 billion diluted shares." data-reactid="92">(1) GAAP and non-GAAP earnings per share are based on approximately 1.13 billion diluted shares.
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Contacts:
Farhan Ahmad
Investor Relations
[email protected]
(408) 834-1927
Erica Rodriguez Pompen
Media Relations
[email protected]
(408) 834-1873" data-reactid="101">Contacts:
Farhan Ahmad
Investor Relations
[email protected]
(408) 834-1927
Erica Rodriguez Pompen
Media Relations
[email protected]
(408) 834-1873
[ad_2]
Source link