BOISE, Idaho, Dec. 19, 2019 — Micron Technology, Inc. today announced results for its first quarter of fiscal 2020, which ended November 28, 2019.

Fiscal Q1 2020 highlights

• Revenues of $5.14 billion versus $4.87 billion for the prior quarter and $7.91 billion for the same period last year
• GAAP net income of $491 million, or $0.43 per diluted share
• Non-GAAP net income of $548 million, or $0.48 per diluted share
• Operating cash flow of $2.01 billion versus $2.23 billion for the prior quarter and $4.81 billion for the same period last year

“Micron posted solid first quarter results, delivering good profitability and positive free cash flow. With our strong execution and improving industry conditions, we are optimistic that Micron’s fiscal second quarter will be the cyclical bottom for our financial performance,” said Micron Technology President and CEO Sanjay Mehrotra. “Our significantly improved competitive position, dramatically stronger product portfolio, structurally higher profitability and investment-grade balance sheet position Micron very well to drive long-term shareholder value.”

Quarterly Financial Results
(in millions, except per share amounts)	GAAP (1)										Non-GAAP (2)
	FQ1-20			FQ4-19			FQ1-19				FQ1-20			FQ4-19			FQ1-19
Revenue	$	5,144		$	4,870		$	7,913			$	5,144		$	4,870		$	7,913
Gross margin	1,366			1,395			4,615				1,405			1,491			4,670
percent of revenue	26.6		%	28.6		%	58.3		%		27.3		%	30.6		%	59.0		%
Operating expenses	848			745			856				811			797			783
Operating income	518			650			3,759				594			694			3,88
percent of revenue	10.1		%	13.3		%	47.5		%		11.5		%	14.3		%	49.1		%
Net income attributable to Micron	491			561			3,293				548			637			3,508
Diluted earnings per share	0.43			0.49			2.81				0.48			0.56			2.97

Investments in capital expenditures, net of amounts funded by partners, were $1.93 billion for the first quarter of fiscal 2020, which resulted in adjusted free cash flows⁽³⁾ of $79 million. Micron repurchased an aggregate of 1 million shares of its common stock for $50 million during the first quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $8.31 billion, for a net cash⁽⁴⁾ position of $2.66 billion.

Business Outlook

The following table presents Micron’s guidance for the second quarter of fiscal 2020:

FQ2-20	GAAP (1) Outlook	Non-GAAP (2) Outlook
Revenue	$4.5 billion – $4.8 billion	$4.5 billion – $4.8 billion
Gross margin	26% ± 1.5%	27% ± 1.5%
Operating expenses	$878 million ± $25 million	$825 million ± $25 million
Interest (income) expense, net	$5 million	$0 million
Diluted earnings per share	$0.25 ± $0.06	$0.35 ± $0.06

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

(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.

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, 3D XPoint memory, and NOR, 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, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. Our common stock is traded on the Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.

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Source: Micron Technology, Inc.