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Industry-leading expertise and merchandise tackle the rising demand for AI options
BOISE, Idaho, Dec. 20, 2023 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) at present introduced outcomes for its first quarter of fiscal 2024, which ended November 30, 2023.
Fiscal Q1 2024 highlights
-
Revenue of $4.73 billion versus $4.01 billion for the prior quarter and $4.09 billion for a similar interval final yr
-
GAAP internet lack of $1.23 billion, or $1.12 per diluted share
-
Non-GAAP internet lack of $1.05 billion, or $0.95 per diluted share
-
Operating money move of $1.40 billion versus $249 million for the prior quarter and $943 million for a similar interval final yr
“Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” stated Micron Technology President and CEO Sanjay Mehrotra. “We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025. Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets.”
|
Quarterly Financial Results |
|||||||||||||||||||
|
(in tens of millions, besides per share quantities) |
GAAP(1) |
|
Non-GAAP(2) |
||||||||||||||||
|
FQ1-24 |
FQ4-23 |
FQ1-23 |
|
FQ1-24 |
FQ4-23 |
FQ1-23 |
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
Revenue |
$ |
4,726 |
|
$ |
4,010 |
|
$ |
4,085 |
|
|
$ |
4,726 |
|
$ |
4,010 |
|
$ |
4,085 |
|
|
Gross margin |
|
(35 |
) |
|
(435 |
) |
|
893 |
|
|
|
37 |
|
|
(366 |
) |
|
934 |
|
|
p.c of income |
|
(0.7 |
%) |
|
(10.8 |
%) |
|
21.9 |
% |
|
|
0.8 |
% |
|
(9.1 |
%) |
|
22.9 |
% |
|
Operating bills |
|
1,093 |
|
|
1,037 |
|
|
1,102 |
|
|
|
992 |
|
|
842 |
|
|
999 |
|
|
Operating earnings (loss) |
|
(1,128 |
) |
|
(1,472 |
) |
|
(209 |
) |
|
|
(955 |
) |
|
(1,208 |
) |
|
(65 |
) |
|
p.c of income |
|
(23.9 |
%) |
|
(36.7 |
%) |
|
(5.1 |
%) |
|
|
(20.2 |
%) |
|
(30.1 |
%) |
|
(1.6 |
%) |
|
Net earnings (loss) |
|
(1,234 |
) |
|
(1,430 |
) |
|
(195 |
) |
|
|
(1,048 |
) |
|
(1,177 |
) |
|
(39 |
) |
|
Diluted earnings (loss) per share |
|
(1.12 |
) |
|
(1.31 |
) |
|
(0.18 |
) |
|
|
(0.95 |
) |
|
(1.07 |
) |
|
(0.04 |
) |
Investments in capital expenditures, internet(2) have been $1.73 billion for the primary quarter of 2024, which resulted in adjusted free money flows(2) of adverse $333 million for the primary quarter of 2024. Micron ended the quarter with money, marketable investments, and restricted money of $9.84 billion. On December 20, 2023, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in money on January 18, 2024, to shareholders of document as of the shut of enterprise on January 2, 2024.
Business Outlook
The following desk presents Micron’s steerage for the second quarter of 2024:
|
FQ2-24 |
GAAP(1) Outlook |
Non-GAAP(2) Outlook |
|
|
|
|
|
Revenue |
$5.30 billion ± $200 million |
$5.30 billion ± $200 million |
|
Gross margin |
12.0% ± 1.5% |
13.0% ± 1.5% |
|
Operating bills |
$1.07 billion ± $15 million |
$950 million ± $15 million |
|
Diluted earnings (loss) per share |
($0.45) ± $0.07 |
($0.28) ± $0.07 |
Further data relating to Micron’s enterprise outlook is included within the ready remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a convention name on Wednesday, December 20, 2023 at 2:30 p.m. Mountain Time to debate its first quarter monetary outcomes and supply forward-looking steerage for its second quarter. A reside webcast of the decision will probably be accessible on-line at investors.micron.com. A webcast replay will probably be accessible for one yr after the decision. For Investor Relations and different firm updates, observe us on X @MicronTech.
About Micron Technology, Inc.
We are an trade chief in modern reminiscence and storage options reworking how the world makes use of data to counterpoint life for all. With a relentless give attention to our prospects, expertise management, and manufacturing and operational excellence, Micron delivers a wealthy portfolio of high-performance DRAM, NAND, and NOR reminiscence and storage merchandise by our Micron® and Crucial® manufacturers. Every day, the improvements that our folks create gas the information financial system, enabling advances in synthetic intelligence and 5G functions that unleash alternatives — from the information middle to the clever edge and throughout the shopper and cellular consumer expertise. To study extra about Micron Technology, Inc. (Nasdaq: MU), go to micron.com.
© 2023 Micron Technology, Inc. All rights reserved. Micron, the Micron brand, and all different Micron logos are the property of Micron Technology, Inc. All different logos are the property of their respective house owners.
Forward-Looking Statements
This press launch comprises forward-looking statements relating to our trade, our strategic place, expertise traits and developments, our addressable market, and our monetary and working outcomes, together with our steerage for the second quarter of 2024. These forward-looking statements are topic to a lot of dangers and uncertainties that might trigger precise outcomes to vary materially. Please discuss with the paperwork we file with the Securities and Exchange Commission, together with our most up-to-date Form 10-Ok and our upcoming Form 10-Q. These paperwork include and establish necessary components that might trigger our precise outcomes to vary materially from these contained in these forward-looking statements. These sure components might be discovered at investors.micron.com/risk-factor. Although we consider that the expectations mirrored within the forward-looking statements are affordable, we can’t assure future outcomes, ranges of exercise, efficiency, or achievements. We are underneath no responsibility to replace any of the forward-looking statements to evolve these statements to precise outcomes.
|
(1) |
GAAP represents U.S. Generally Accepted Accounting Principles. |
|
(2) |
Non-GAAP represents GAAP excluding the impression of sure actions, which administration excludes in analyzing our working outcomes and understanding traits in our earnings, adjusted free money move, and enterprise outlook. Further data relating to Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included inside this press launch. |
|
|
|||||||||
|
MICRON TECHNOLOGY, INC. |
|||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||
|
(In tens of millions, besides per share quantities) |
|||||||||
|
(Unaudited) |
|||||||||
|
|
|||||||||
|
|
1st Qtr. |
4th Qtr. |
1st Qtr. |
||||||
|
|
November 30, |
August 31, |
December 1, |
||||||
|
|
|
|
|
||||||
|
Revenue |
$ |
4,726 |
|
$ |
4,010 |
|
$ |
4,085 |
|
|
Cost of products offered |
|
4,761 |
|
|
4,445 |
|
|
3,192 |
|
|
Gross margin |
|
(35 |
) |
|
(435 |
) |
|
893 |
|
|
|
|
|
|
||||||
|
Research and improvement |
|
845 |
|
|
719 |
|
|
849 |
|
|
Selling, basic, and administrative |
|
263 |
|
|
219 |
|
|
251 |
|
|
Restructure and asset impairments |
|
— |
|
|
4 |
|
|
13 |
|
|
Other working (earnings) expense, internet |
|
(15 |
) |
|
95 |
|
|
(11 |
) |
|
Operating earnings (loss) |
|
(1,128 |
) |
|
(1,472 |
) |
|
(209 |
) |
|
|
|
|
|
||||||
|
Interest earnings |
|
132 |
|
|
134 |
|
|
88 |
|
|
Interest expense |
|
(132 |
) |
|
(129 |
) |
|
(51 |
) |
|
Other non-operating earnings (expense), internet |
|
(27 |
) |
|
9 |
|
|
(4 |
) |
|
|
|
(1,155 |
) |
|
(1,458 |
) |
|
(176 |
) |
|
|
|
|
|
||||||
|
Income tax (provision) profit |
|
(73 |
) |
|
24 |
|
|
(8 |
) |
|
Equity in internet earnings (loss) of fairness technique investees |
|
(6 |
) |
|
4 |
|
|
(11 |
) |
|
Net earnings (loss) |
$ |
(1,234 |
) |
$ |
(1,430 |
) |
$ |
(195 |
) |
|
|
|
|
|
||||||
|
Earnings (loss) per share |
|
|
|
||||||
|
Basic |
$ |
(1.12 |
) |
$ |
(1.31 |
) |
$ |
(0.18 |
) |
|
Diluted |
|
(1.12 |
) |
|
(1.31 |
) |
|
(0.18 |
) |
|
|
|
|
|
||||||
|
Number of shares utilized in per share calculations |
|
|
|
||||||
|
Basic |
|
1,100 |
|
|
1,095 |
|
|
1,090 |
|
|
Diluted |
|
1,100 |
|
|
1,095 |
|
|
1,090 |
|
|
|
||||||
|
MICRON TECHNOLOGY, INC. |
||||||
|
CONSOLIDATED BALANCE SHEETS |
||||||
|
(In tens of millions) |
||||||
|
(Unaudited) |
||||||
|
|
||||||
|
As of |
November 30, |
August 31, |
||||
|
|
|
|
||||
|
Assets |
|
|
||||
|
Cash and equivalents |
$ |
8,075 |
|
$ |
8,577 |
|
|
Short-term investments |
|
973 |
|
|
1,017 |
|
|
Receivables |
|
2,943 |
|
|
2,443 |
|
|
Inventories |
|
8,276 |
|
|
8,387 |
|
|
Other present belongings |
|
791 |
|
|
820 |
|
|
Total present belongings |
|
21,058 |
|
|
21,244 |
|
|
Long-term marketable investments |
|
720 |
|
|
844 |
|
|
Property, plant, and gear |
|
37,677 |
|
|
37,928 |
|
|
Operating lease right-of-use belongings |
|
648 |
|
|
666 |
|
|
Intangible belongings |
|
416 |
|
|
404 |
|
|
Deferred tax belongings |
|
781 |
|
|
756 |
|
|
Goodwill |
|
1,150 |
|
|
1,150 |
|
|
Other noncurrent belongings |
|
1,326 |
|
|
1,262 |
|
|
Total belongings |
$ |
63,776 |
|
$ |
64,254 |
|
|
|
|
|
||||
|
Liabilities and fairness |
|
|
||||
|
Accounts payable and accrued bills |
$ |
3,946 |
|
$ |
3,958 |
|
|
Current debt |
|
908 |
|
|
278 |
|
|
Other present liabilities |
|
1,108 |
|
|
529 |
|
|
Total present liabilities |
|
5,962 |
|
|
4,765 |
|
|
Long-term debt |
|
12,597 |
|
|
13,052 |
|
|
Noncurrent working lease liabilities |
|
601 |
|
|
603 |
|
|
Noncurrent unearned authorities incentives |
|
705 |
|
|
727 |
|
|
Other noncurrent liabilities |
|
1,026 |
|
|
987 |
|
|
Total liabilities |
|
20,891 |
|
|
20,134 |
|
|
|
|
|
||||
|
Commitments and contingencies |
|
|
||||
|
|
|
|
||||
|
Shareholders’ fairness |
|
|
||||
|
Common inventory |
|
124 |
|
|
124 |
|
|
Additional capital |
|
11,217 |
|
|
11,036 |
|
|
Retained earnings |
|
39,356 |
|
|
40,824 |
|
|
Treasury inventory |
|
(7,552 |
) |
|
(7,552 |
) |
|
Accumulated different complete earnings (loss) |
|
(260 |
) |
|
(312 |
) |
|
Total fairness |
|
42,885 |
|
|
44,120 |
|
|
Total liabilities and fairness |
$ |
63,776 |
|
$ |
64,254 |
|
|
|
||||||
|
MICRON TECHNOLOGY, INC. |
||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
|
(In tens of millions) |
||||||
|
(Unaudited) |
||||||
|
|
||||||
|
Three months ended |
November 30, |
December 1, |
||||
|
|
|
|
||||
|
Cash flows from working actions |
|
|
||||
|
Net earnings (loss) |
$ |
(1,234 |
) |
$ |
(195 |
) |
|
Adjustments to reconcile internet earnings (loss) to internet money supplied by working actions: |
|
|
||||
|
Depreciation expense and amortization of intangible belongings |
|
1,915 |
|
|
1,921 |
|
|
Stock-based compensation |
|
188 |
|
|
146 |
|
|
Change in working belongings and liabilities: |
|
|
||||
|
Receivables |
|
(501 |
) |
|
1,842 |
|
|
Inventories |
|
111 |
|
|
(1,697 |
) |
|
Accounts payable and accrued bills |
|
271 |
|
|
(630 |
) |
|
Other present liabilities |
|
579 |
|
|
(430 |
) |
|
Other |
|
72 |
|
|
(14 |
) |
|
Net money supplied by working actions |
|
1,401 |
|
|
943 |
|
|
|
|
|
||||
|
Cash flows from investing actions |
|
|
||||
|
Expenditures for property, plant, and gear |
|
(1,796 |
) |
|
(2,449 |
) |
|
Purchases of available-for-sale securities |
|
(199 |
) |
|
(90 |
) |
|
Proceeds from maturities and gross sales of available-for-sale securities |
|
374 |
|
|
362 |
|
|
Proceeds from authorities incentives |
|
85 |
|
|
2 |
|
|
Other |
|
(22 |
) |
|
(91 |
) |
|
Net money supplied by (used for) investing actions |
|
(1,558 |
) |
|
(2,266 |
) |
|
|
|
|
||||
|
Cash flows from financing actions |
|
|
||||
|
Payments of dividends to shareholders |
|
(129 |
) |
|
(126 |
) |
|
Payments on gear buy contracts |
|
(56 |
) |
|
(47 |
) |
|
Repayments of debt |
|
(53 |
) |
|
(20 |
) |
|
Repurchases of widespread inventory – repurchase program |
|
— |
|
|
(425 |
) |
|
Proceeds from issuance of debt |
|
— |
|
|
3,349 |
|
|
Other |
|
(114 |
) |
|
(99 |
) |
|
Net money supplied by (used for) financing actions |
|
(352 |
) |
|
2,632 |
|
|
|
|
|
||||
|
Effect of adjustments in forex trade charges on money, money equivalents, and restricted money |
|
(1 |
) |
|
(6 |
) |
|
|
|
|
||||
|
Net improve (lower) in money, money equivalents, and restricted money |
|
(510 |
) |
|
1,303 |
|
|
Cash, money equivalents, and restricted money at starting of interval |
|
8,656 |
|
|
8,339 |
|
|
Cash, money equivalents, and restricted money at finish of interval |
$ |
8,146 |
|
$ |
9,642 |
|
MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)
Inventories
In 2023, we recorded expenses of $1.83 billion to price of products offered to jot down down the carrying worth of labor in course of and completed items inventories to their estimated internet realizable worth (“NRV”). The impression of stock NRV write-downs for every interval displays (1) stock write-downs in that interval, offset by (2) decrease prices in that interval on the sale of stock written down in prior durations. The impacts of stock NRV write-downs are summarized beneath:
|
|
1st Qtr. |
4th Qtr. |
1st Qtr. |
|||
|
|
November 30, |
August 31, |
December 1, |
|||
|
|
|
|
|
|||
|
Provision to jot down down stock to NRV |
$ |
— |
$ |
— |
$ |
— |
|
Lower prices from sale of stock written down in prior durations |
|
605 |
|
563 |
|
— |
|
|
$ |
605 |
$ |
563 |
$ |
— |
|
|
|||||||||
|
MICRON TECHNOLOGY, INC. |
|||||||||
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES |
|||||||||
|
(In tens of millions, besides per share quantities) |
|||||||||
|
|
|||||||||
|
|
1st Qtr. |
4th Qtr. |
1st Qtr. |
||||||
|
|
November 30, |
August 31, |
December 1, |
||||||
|
|
|
|
|
||||||
|
GAAP gross margin |
$ |
(35 |
) |
$ |
(435 |
) |
$ |
893 |
|
|
Stock-based compensation |
|
67 |
|
|
64 |
|
|
36 |
|
|
Other |
|
5 |
|
|
5 |
|
|
5 |
|
|
Non-GAAP gross margin |
$ |
37 |
|
$ |
(366 |
) |
$ |
934 |
|
|
|
|
|
|
||||||
|
GAAP working bills |
$ |
1,093 |
|
$ |
1,037 |
|
$ |
1,102 |
|
|
Stock-based compensation |
|
(115 |
) |
|
(87 |
) |
|
(90 |
) |
|
Restructure and asset impairments |
|
— |
|
|
(4 |
) |
|
(13 |
) |
|
Goodwill impairment |
|
— |
|
|
(101 |
) |
|
— |
|
|
Other |
|
14 |
|
|
(3 |
) |
|
— |
|
|
Non-GAAP working bills |
$ |
992 |
|
$ |
842 |
|
$ |
999 |
|
|
|
|
|
|
||||||
|
GAAP working earnings (loss) |
$ |
(1,128 |
) |
$ |
(1,472 |
) |
$ |
(209 |
) |
|
Stock-based compensation |
|
182 |
|
|
151 |
|
|
126 |
|
|
Restructure and asset impairments |
|
— |
|
|
4 |
|
|
13 |
|
|
Goodwill impairment |
|
— |
|
|
101 |
|
|
— |
|
|
Other |
|
(9 |
) |
|
8 |
|
|
5 |
|
|
Non-GAAP working earnings (loss) |
$ |
(955 |
) |
$ |
(1,208 |
) |
$ |
(65 |
) |
|
|
|
|
|
||||||
|
GAAP internet earnings (loss) |
$ |
(1,234 |
) |
$ |
(1,430 |
) |
$ |
(195 |
) |
|
Stock-based compensation |
|
182 |
|
|
151 |
|
|
126 |
|
|
Restructure and asset impairments |
|
— |
|
|
4 |
|
|
13 |
|
|
Goodwill impairment |
|
— |
|
|
101 |
|
|
— |
|
|
Other |
|
(10 |
) |
|
7 |
|
|
10 |
|
|
Estimated tax results of above and different tax changes |
|
14 |
|
|
(10 |
) |
|
7 |
|
|
Non-GAAP internet earnings (loss) |
$ |
(1,048 |
) |
$ |
(1,177 |
) |
$ |
(39 |
) |
|
|
|
|
|
||||||
|
GAAP diluted earnings (loss) per share |
$ |
(1.12 |
) |
$ |
(1.31 |
) |
$ |
(0.18 |
) |
|
Effects of the above changes |
|
0.17 |
|
|
0.24 |
|
|
0.14 |
|
|
Non-GAAP diluted earnings (loss) per share |
$ |
(0.95 |
) |
$ |
(1.07 |
) |
$ |
(0.04 |
) |
|
|
|||||||||
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued |
|||||||||
|
|
|||||||||
|
|
1st Qtr. |
4th Qtr. |
1st Qtr. |
||||||
|
|
November 30, |
August 31, |
December 1, |
||||||
|
|
|
|
|
||||||
|
GAAP internet money supplied by working actions |
$ |
1,401 |
|
$ |
249 |
|
$ |
943 |
|
|
|
|
|
|
||||||
|
Expenditures for property, plant, and gear |
|
(1,796 |
) |
|
(1,461 |
) |
|
(2,449 |
) |
|
Payments on gear buy contracts |
|
(56 |
) |
|
(26 |
) |
|
(47 |
) |
|
Proceeds from gross sales of property, plant, and gear |
|
33 |
|
|
18 |
|
|
23 |
|
|
Proceeds from authorities incentives |
|
85 |
|
|
462 |
|
|
2 |
|
|
Investments in capital expenditures, internet |
|
(1,734 |
) |
|
(1,007 |
) |
|
(2,471 |
) |
|
Adjusted free money move |
$ |
(333 |
) |
$ |
(758 |
) |
$ |
(1,528 |
) |
The tables above reconcile GAAP to non-GAAP measures of gross margin, working bills, working earnings (loss), internet earnings (loss), diluted earnings (loss) per share, and adjusted free money move. The non-GAAP changes above could or might not be rare or nonrecurring in nature, however are a results of periodic or non-core working actions. We consider this non-GAAP data is useful in understanding traits and in analyzing our working outcomes and earnings. We are offering this data to buyers to help in performing evaluation of our working outcomes. When evaluating efficiency and making selections on methods to allocate our assets, administration makes use of this non-GAAP data and believes buyers ought to have entry to related information when making their funding selections. We consider these non-GAAP monetary measures improve transparency by offering buyers with helpful supplemental details about the monetary efficiency of our enterprise, enabling enhanced comparability of our working outcomes between durations and with peer corporations. The presentation of those adjusted quantities varies from quantities introduced in accordance with U.S. GAAP and due to this fact might not be akin to quantities reported by different corporations. Our administration excludes the next objects in analyzing our working outcomes and understanding traits in our earnings:
-
Stock-based compensation;
-
Gains and losses from settlements;
-
Restructure and asset impairments;
-
Goodwill impairment; and
-
The estimated tax results of above, non-cash adjustments in internet deferred earnings taxes, assessments of tax exposures, sure tax issues associated to prior fiscal durations, and important adjustments in tax regulation.
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
|
FQ2-24 |
GAAP Outlook |
|
Adjustments |
|
Non-GAAP Outlook |
||
|
|
|
|
|
|
|
|
|
|
Revenue |
$5.30 billion ± $200 million |
|
— |
|
|
|
$5.30 billion ± $200 million |
|
Gross margin |
12.0% ± 1.5% |
|
1.0 |
% |
A |
|
13.0% ± 1.5% |
|
Operating bills |
$1.07 billion ± $15 million |
|
$122 million |
|
B |
|
$950 million ± $15 million |
|
Diluted earnings (loss) per share(1) |
($0.45) ± $0.07 |
|
$0.17 |
|
A, B, C |
|
($0.28) ± $0.07 |
|
Non-GAAP Adjustments |
|
|||
|
|
|
|
||
|
A |
Stock-based compensation – price of products offered |
$ |
75 |
|
|
A |
Other – price of products offered |
|
4 |
|
|
B |
Stock-based compensation – analysis and improvement |
|
77 |
|
|
B |
Stock-based compensation – gross sales, basic, and administrative |
|
45 |
|
|
C |
Tax results of the above objects and different tax changes |
|
(13 |
) |
|
|
|
$ |
188 |
|
(1) GAAP and non-GAAP earnings (loss) per share primarily based on roughly 1.10 billion diluted shares.
The tables above reconcile our GAAP to non-GAAP steerage primarily based on the present outlook. The steerage doesn’t incorporate the impression of any potential enterprise combos, divestitures, extra restructuring actions, steadiness sheet valuation changes, strategic investments, financing transactions, and different important transactions. The timing and impression of such objects are depending on future occasions which may be unsure or exterior of our management.
CONTACT: Contacts: Satya Kumar Investor Relations satyakumar@micron.com (408) 450-6199 Erica odriguez Pompen Media Relations epompen@micron.com (408) 834-1873
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