Business Outlook
The following table presents Micron's guidance for the first quarter of fiscal 2020:
| FQ1-20 | GAAP (1) Outlook | Non-GAAP (2) Outlook | |
| Revenue | $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 |
Micron expects investments in capital expenditures, net of amounts funded by partners, to be in the range of $7 billion to $8 billion for fiscal 2020. 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 Thursday, September 26, 2019 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for its fiscal first quarter. The call, audio, and slides will be available online at investors.micron.com. A webcast replay will be available on the website until September 26, 2020. 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®, 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 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 data center, networking, automotive, industrial, mobile, graphics, and client. 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. Non-GAAP shares used in per share calculations also include the impact of our outstanding capped call transactions and the effect of stock-based compensation. | |
| (3) Adjusted free cash flow consists of cash provided by operating activities less investments in capital expenditures, net of amounts funded by partners. | |
| (4) Net cash consists of cash, marketable investments, and restricted cash less current and long-term debt. |
Further information regarding Micron's use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.
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MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY (in millions, except per share amounts) | ||||||||||||||||||||
| 4th Qtr. | 3rd Qtr. | 4 th Qtr. | Year Ended | |||||||||||||||||
|
August 29,
2019 |
May 30,
2019 |
August 30,
2018 |
August 29,
2019 |
August 30,
2018 | ||||||||||||||||
| Revenue (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 | 212 | 206 | 215 | 836 | 813 | |||||||||||||||
| Research and development | 623 | 606 | 567 | 2,441 | 2,141 | |||||||||||||||
| Other operating (income) expense, net (2) | (90 | ) | 6 | (8 | ) | 49 | (57 | ) | ||||||||||||
| Operating income | 650 | 1,010 | 4,377 | 7,376 | 14,994 | |||||||||||||||
| Interest income (expense), net | 18 | 23 | (16 | ) | 77 | (222 | ) | |||||||||||||
| Other non-operating income (expense), net (3) | (13 | ) | (317 | ) | (15 | ) | (405 | ) | (465 | ) | ||||||||||
| Income tax (provision) benefit | (71 | ) | 135 | (20 | ) | (693 | ) | (168 | ) | |||||||||||
| Equity in net income (loss) of equity method investees | 2 | — | — | 3 | (1 | ) | ||||||||||||||
| Net income attributable to noncontrolling 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 per share calculations | ||||||||||||||||||||
| Basic | 1,104 | 1,105 | 1,159 | 1,114 | 1,152 | |||||||||||||||
| Diluted | 1,128 | 1,129 | 1,216 | 1,143 | 1,229 | |||||||||||||||
