Investments in capital expenditures, net of amounts funded by partners, were $2.11 billion, which resulted in adjusted free cash flows of $2.2 billion for the second quarter of 2018. We ended the second quarter with cash, marketable investments, and restricted cash of $8.68 billion.
We will host a conference call on Thursday, March 22, 2018 at 2:30 p.m. MT to discuss our financial results. The call, audio, and slides will be available online at investors.micron.com. A webcast replay will be available on our website until March 22, 2019. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 4687088) beginning at 5:30 p.m. MT, Thursday, March 22, 2018 and continuing through Thursday, March 29, 2018. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.
We are an industry 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™ memory, is transforming how the world uses information to enrich life. Backed by nearly 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, machine learning, and autonomous vehicles in key market segments like cloud, data center, networking, and mobile. Our common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.
The Micron logo and Micron symbol are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.
This press release contains forward-looking statements regarding the industry and our strategic position and financial 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 our management excludes in analyzing our operating results and understanding trends in our earnings. Non-GAAP also includes the impact on shares used in per share calculations of our outstanding capped call transactions and from the exclusion of stock-based compensation. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.
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MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY (in millions except per share amounts) | |||||||||||||||||||
| 2nd Qtr. | 1st Qtr. | 2nd Qtr. | Six Months Ended | ||||||||||||||||
|
March 1,
2018 |
November 30,
2017 |
March 2,
2017 |
March 1,
2018 |
March 2,
2017 | |||||||||||||||
| Net sales | $ | 7,351 | $ | 6,803 | $ | 4,648 | $ | 14,154 | $ | 8,618 | |||||||||
| Cost of goods sold | 3,081 | 3,056 | 2,944 | 6,137 | 5,903 | ||||||||||||||
| Gross margin | 4,270 | 3,747 | 1,704 | 8,017 | 2,715 | ||||||||||||||
| Selling, general, and administrative | 196 | 191 | 187 | 387 | 346 | ||||||||||||||
| Research and development | 523 | 448 | 473 | 971 | 943 | ||||||||||||||
| Other operating (income) expense, net | (16 | ) | 11 | — | (5 | ) | 23 | ||||||||||||
| Operating income | 3,567 | 3,097 | 1,044 | 6,664 | 1,403 | ||||||||||||||
| Interest income (expense), net (1) | (61 | ) | (101 | ) | (153 | ) | (162 | ) | (285 | ) | |||||||||
| Other non-operating income (expense), net (1) | (53 | ) | (204 | ) | 34 | (257 | ) | 20 | |||||||||||
| Income tax (provision) benefit (2) | (143 | ) | (114 | ) | (38 | ) | (257 | ) | (69 | ) | |||||||||
| Equity in net income (loss) of equity method investees | 1 | — | 7 | 1 | 5 | ||||||||||||||
| Net (income) attributable to noncontrolling interests | (2 | ) | — | — | (2 | ) | — | ||||||||||||
| Net income attributable to Micron | $ | 3,309 | $ | 2,678 | $ | 894 | $ | 5,987 | $ | 1,074 | |||||||||
| Earnings per share | |||||||||||||||||||
| Basic | $ | 2.86 | $ | 2.36 | $ | 0.81 | $ | 5.23 | $ | 1.00 | |||||||||
| Diluted | 2.67 | 2.19 | 0.77 | 4.86 | 0.95 | ||||||||||||||
| Number of shares used in per share calculations | |||||||||||||||||||
| Basic | 1,156 | 1,134 | 1,099 | 1,145 | 1,070 | ||||||||||||||
| Diluted | 1,238 | 1,225 | 1,160 | 1,232 | 1,125 | ||||||||||||||
