BOISE, Idaho, Dec. 18, 2024 (GLOBE NEWSWIRE) — Micron Expertise, Inc. (Nasdaq: MU) right this moment introduced outcomes for its first quarter of fiscal 2025, which ended November 28, 2024.
“Micron delivered a file quarter, and our information heart income surpassed 50% of our complete income for the primary time,” mentioned Sanjay Mehrotra, President and CEO of Micron Expertise. “Whereas consumer-oriented markets are weaker within the close to time period, we anticipate a return to development within the second half of our fiscal 12 months. We proceed to realize share within the highest margin and strategically essential components of the market and are exceptionally effectively positioned to leverage AI-driven development to create substantial worth for all stakeholders.”
Enterprise Outlook
The next desk presents Micron’s steering for the second quarter of 2025:
|
FQ2-25
|
GAAP(1) Outlook
|
Non-GAAP(2) Outlook
|
|
|
|
|
|
Income
|
$7.90 billion ± $200 million
|
$7.90 billion ± $200 million
|
|
Gross margin
|
37.5% ± 1.0%
|
38.5% ± 1.0%
|
|
Working bills
|
$1.24 billion ± $15 million
|
$1.10 billion ± $15 million
|
|
Diluted earnings per share
|
$1.26 ± $0.10
|
$1.43 ± $0.10
|
Additional data relating to Micron’s enterprise outlook is included within the ready remarks and slides, which have been posted at buyers.micron.com.
Investor Webcast
Micron will host a convention name on Wednesday, December 18, 2024 at 2:30 p.m. Mountain Time to debate its first quarter monetary outcomes and supply forward-looking steering for its second quarter. A stay webcast of the decision shall be out there on-line at buyers.micron.com. A webcast replay shall be out there for one 12 months after the decision. For Investor Relations and different firm updates, observe us on X @MicronTech.
About Micron Expertise, Inc.
We’re an business chief in revolutionary reminiscence and storage options remodeling how the world makes use of data to counterpoint life for all. With a relentless deal with our clients, know-how management, manufacturing, and operational excellence, Micron delivers a wealthy portfolio of high-performance DRAM, NAND, and NOR reminiscence and storage merchandise via our Micron® and Essential® manufacturers. Daily, the improvements that our folks create gas the information economic system, enabling advances in synthetic intelligence (AI) and compute-intensive functions that unleash alternatives — from the information heart to the clever edge and throughout the shopper and cell consumer expertise. To study extra about Micron Expertise, Inc. (Nasdaq: MU), go to micron.com.
© 2024 Micron Expertise, Inc. All rights reserved. Micron, the Micron brand, and all different Micron emblems are the property of Micron Expertise, Inc. All different emblems are the property of their respective house owners.
Ahead-Wanting Statements
This press launch comprises forward-looking statements relating to our business, our strategic focus, demand for our merchandise, and our monetary and working outcomes, together with our steering for the second quarter of 2025. These forward-looking statements are topic to a lot of dangers and uncertainties that might trigger precise outcomes to vary materially. Please check with the paperwork we file with the Securities and Change Fee, together with our most up-to-date Kind 10-Ok and our upcoming Kind 10-Q. These paperwork include and establish essential components that might trigger our precise outcomes to vary materially from these contained in these forward-looking statements. These sure components may be discovered at buyers.micron.com/risk-factor. Though we imagine that the expectations mirrored within the forward-looking statements are cheap, we can not assure future outcomes, ranges of exercise, efficiency, or achievements. We’re below no responsibility to replace any of the forward-looking statements to adapt these statements to precise outcomes.
|
(1)
|
GAAP represents U.S. Usually Accepted Accounting Ideas.
|
|
(2)
|
Non-GAAP represents GAAP excluding the influence of sure actions, which administration excludes in analyzing our working outcomes and understanding tendencies in our earnings, adjusted free money stream, and enterprise outlook. Additional 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 thousands and thousands, besides per share quantities)
(Unaudited)
|
|
|
|
|
1st Qtr.
|
4th Qtr.
|
1st Qtr.
|
|
|
November 28,
2024
|
August 29,
2024
|
November 30,
2023
|
|
|
|
|
|
|
Income
|
$
|
8,709
|
|
$
|
7,750
|
|
$
|
4,726
|
|
|
Value of products bought
|
|
5,361
|
|
|
5,013
|
|
|
4,761
|
|
|
Gross margin
|
|
3,348
|
|
|
2,737
|
|
|
(35
|
)
|
|
|
|
|
|
|
Analysis and improvement
|
|
888
|
|
|
903
|
|
|
845
|
|
|
Promoting, basic, and administrative
|
|
288
|
|
|
295
|
|
|
263
|
|
|
Different working (revenue) expense, internet
|
|
(2
|
)
|
|
17
|
|
|
(15
|
)
|
|
Working revenue (loss)
|
|
2,174
|
|
|
1,522
|
|
|
(1,128
|
)
|
|
|
|
|
|
|
Curiosity revenue
|
|
107
|
|
|
131
|
|
|
132
|
|
|
Curiosity expense
|
|
(118
|
)
|
|
(136
|
)
|
|
(132
|
)
|
|
Different non-operating revenue (expense), internet
|
|
(11
|
)
|
|
(7
|
)
|
|
(27
|
)
|
|
|
|
2,152
|
|
|
1,510
|
|
|
(1,155
|
)
|
|
|
|
|
|
|
Revenue tax (provision) profit
|
|
(283
|
)
|
|
(623
|
)
|
|
(73
|
)
|
|
Fairness in internet revenue (loss) of fairness technique investees
|
|
1
|
|
|
—
|
|
|
(6
|
)
|
|
Internet revenue (loss)
|
$
|
1,870
|
|
$
|
887
|
|
$
|
(1,234
|
)
|
|
|
|
|
|
|
Earnings (loss) per share
|
|
|
|
|
Fundamental
|
$
|
1.68
|
|
$
|
0.80
|
|
$
|
(1.12
|
)
|
|
Diluted
|
|
1.67
|
|
|
0.79
|
|
|
(1.12
|
)
|
|
|
|
|
|
|
Variety of shares utilized in per share calculations
|
|
|
|
|
Fundamental
|
|
1,111
|
|
|
1,108
|
|
|
1,100
|
|
|
Diluted
|
|
1,122
|
|
|
1,125
|
|
|
1,100
|
|
|
|
|
MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands and thousands)
(Unaudited)
|
|
|
|
As of
|
November 28,
2024
|
August 29,
2024
|
|
|
|
|
|
Belongings
|
|
|
|
Money and equivalents
|
$
|
6,693
|
|
$
|
7,041
|
|
|
Quick-term investments
|
|
895
|
|
|
1,065
|
|
|
Receivables
|
|
7,423
|
|
|
6,615
|
|
|
Inventories
|
|
8,705
|
|
|
8,875
|
|
|
Different present belongings
|
|
777
|
|
|
776
|
|
|
Whole present belongings
|
|
24,493
|
|
|
24,372
|
|
|
Lengthy-term marketable investments
|
|
1,156
|
|
|
1,046
|
|
|
Property, plant, and gear
|
|
41,476
|
|
|
39,749
|
|
|
Working lease right-of-use belongings
|
|
622
|
|
|
645
|
|
|
Intangible belongings
|
|
419
|
|
|
416
|
|
|
Deferred tax belongings
|
|
474
|
|
|
520
|
|
|
Goodwill
|
|
1,150
|
|
|
1,150
|
|
|
Different noncurrent belongings
|
|
1,671
|
|
|
1,518
|
|
|
Whole belongings
|
$
|
71,461
|
|
$
|
69,416
|
|
|
|
|
|
|
Liabilities and fairness
|
|
|
|
Accounts payable and accrued bills
|
$
|
7,126
|
|
$
|
7,299
|
|
|
Present debt
|
|
533
|
|
|
431
|
|
|
Different present liabilities
|
|
1,356
|
|
|
1,518
|
|
|
Whole present liabilities
|
|
9,015
|
|
|
9,248
|
|
|
Lengthy-term debt
|
|
13,252
|
|
|
12,966
|
|
|
Noncurrent working lease liabilities
|
|
588
|
|
|
610
|
|
|
Noncurrent unearned authorities incentives
|
|
570
|
|
|
550
|
|
|
Different noncurrent liabilities
|
|
1,239
|
|
|
911
|
|
|
Whole liabilities
|
|
24,664
|
|
|
24,285
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Shareholders’ fairness
|
|
|
|
Widespread inventory
|
|
126
|
|
|
125
|
|
|
Further capital
|
|
12,317
|
|
|
12,115
|
|
|
Retained earnings
|
|
42,427
|
|
|
40,877
|
|
|
Treasury inventory
|
|
(7,852
|
)
|
|
(7,852
|
)
|
|
Collected different complete revenue (loss)
|
|
(221
|
)
|
|
(134
|
)
|
|
Whole fairness
|
|
46,797
|
|
|
45,131
|
|
|
Whole liabilities and fairness
|
$
|
71,461
|
|
$
|
69,416
|
|
|
|
|
|
|
|
|
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands and thousands)
(Unaudited)
|
|
|
|
Three months ended
|
November 28,
2024
|
November 30,
2023
|
|
|
|
|
|
Money flows from working actions
|
|
|
|
Internet revenue (loss)
|
$
|
1,870
|
|
$
|
(1,234
|
)
|
|
Changes to reconcile internet revenue (loss) to internet money supplied by working actions:
|
|
|
|
Depreciation expense and amortization of intangible belongings
|
|
2,030
|
|
|
1,915
|
|
|
Inventory-based compensation
|
|
220
|
|
|
188
|
|
|
Change in working belongings and liabilities:
|
|
|
|
Receivables
|
|
(817
|
)
|
|
(501
|
)
|
|
Inventories
|
|
170
|
|
|
111
|
|
|
Accounts payable and accrued bills
|
|
(241
|
)
|
|
271
|
|
|
Different present liabilities
|
|
(161
|
)
|
|
579
|
|
|
Different
|
|
173
|
|
|
72
|
|
|
Internet money supplied by working actions
|
|
3,244
|
|
|
1,401
|
|
|
|
|
|
|
Money flows from investing actions
|
|
|
|
Expenditures for property, plant, and gear
|
|
(3,206
|
)
|
|
(1,796
|
)
|
|
Purchases of available-for-sale securities
|
|
(377
|
)
|
|
(199
|
)
|
|
Proceeds from maturities and gross sales of available-for-sale securities
|
|
428
|
|
|
374
|
|
|
Proceeds from authorities incentives
|
|
65
|
|
|
85
|
|
|
Different
|
|
(58
|
)
|
|
(22
|
)
|
|
Internet money supplied by (used for) investing actions
|
|
(3,148
|
)
|
|
(1,558
|
)
|
|
|
|
|
|
Money flows from financing actions
|
|
|
|
Funds of dividends to shareholders
|
|
(131
|
)
|
|
(129
|
)
|
|
Repayments of debt
|
|
(84
|
)
|
|
(53
|
)
|
|
Funds on gear buy contracts
|
|
—
|
|
|
(56
|
)
|
|
Different
|
|
(207
|
)
|
|
(114
|
)
|
|
Internet money supplied by (used for) financing actions
|
|
(422
|
)
|
|
(352
|
)
|
|
|
|
|
|
Impact of modifications in foreign money change charges on money, money equivalents, and restricted money
|
|
(29
|
)
|
|
(1
|
)
|
|
|
|
|
|
Internet improve (lower) in money, money equivalents, and restricted money
|
|
(355
|
)
|
|
(510
|
)
|
|
Money, money equivalents, and restricted money at starting of interval
|
|
7,052
|
|
|
8,656
|
|
|
Money, money equivalents, and restricted money at finish of interval
|
$
|
6,697
|
|
$
|
8,146
|
|
|
|
|
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands and thousands, besides per share quantities)
|
|
|
|
|
1st Qtr.
|
4th Qtr.
|
1st Qtr.
|
|
|
November 28,
2024
|
August 29,
2024
|
November 30,
2023
|
|
|
|
|
|
|
GAAP gross margin
|
$
|
3,348
|
|
$
|
2,737
|
|
$
|
(35
|
)
|
|
Inventory-based compensation
|
|
90
|
|
|
85
|
|
|
67
|
|
|
Different
|
|
3
|
|
|
4
|
|
|
5
|
|
|
Non-GAAP gross margin
|
$
|
3,441
|
|
$
|
2,826
|
|
$
|
37
|
|
|
|
|
|
|
|
GAAP working bills
|
$
|
1,174
|
|
$
|
1,215
|
|
$
|
1,093
|
|
|
Inventory-based compensation
|
|
(127
|
)
|
|
(128
|
)
|
|
(115
|
)
|
|
Different
|
|
—
|
|
|
(6
|
)
|
|
14
|
|
|
Non-GAAP working bills
|
$
|
1,047
|
|
$
|
1,081
|
|
$
|
992
|
|
|
|
|
|
|
|
GAAP working revenue (loss)
|
$
|
2,174
|
|
$
|
1,522
|
|
$
|
(1,128
|
)
|
|
Inventory-based compensation
|
|
217
|
|
|
213
|
|
|
182
|
|
|
Different
|
|
3
|
|
|
10
|
|
|
(9
|
)
|
|
Non-GAAP working revenue (loss)
|
$
|
2,394
|
|
$
|
1,745
|
|
$
|
(955
|
)
|
|
|
|
|
|
|
GAAP internet revenue (loss)
|
$
|
1,870
|
|
$
|
887
|
|
$
|
(1,234
|
)
|
|
Inventory-based compensation
|
|
217
|
|
|
213
|
|
|
182
|
|
|
Different
|
|
—
|
|
|
6
|
|
|
(10
|
)
|
|
Estimated tax results of above and different tax changes
|
|
(50
|
)
|
|
236
|
|
|
14
|
|
|
Non-GAAP internet revenue (loss)
|
$
|
2,037
|
|
$
|
1,342
|
|
$
|
(1,048
|
)
|
|
|
|
|
|
|
GAAP weighted-average frequent shares excellent – Diluted
|
|
1,122
|
|
|
1,125
|
|
|
1,100
|
|
|
Adjustment for stock-based compensation
|
|
16
|
|
|
12
|
|
|
—
|
|
|
Non-GAAP weighted-average frequent shares excellent – Diluted
|
|
1,138
|
|
|
1,137
|
|
|
1,100
|
|
|
|
|
|
|
|
GAAP diluted earnings (loss) per share
|
$
|
1.67
|
|
$
|
0.79
|
|
$
|
(1.12
|
)
|
|
Results of the above changes
|
|
0.12
|
|
|
0.39
|
|
|
0.17
|
|
|
Non-GAAP diluted earnings (loss) per share
|
$
|
1.79
|
|
$
|
1.18
|
|
$
|
(0.95
|
)
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
|
|
|
|
|
1st Qtr.
|
4th Qtr.
|
1st Qtr.
|
|
|
November 28,
2024
|
August 29,
2024
|
November 30,
2023
|
|
|
|
|
|
|
GAAP internet money supplied by working actions
|
$
|
3,244
|
|
$
|
3,405
|
|
$
|
1,401
|
|
|
|
|
|
|
|
Expenditures for property, plant, and gear
|
|
(3,206
|
)
|
|
(3,120
|
)
|
|
(1,796
|
)
|
|
Funds on gear buy contracts
|
|
—
|
|
|
(22
|
)
|
|
(56
|
)
|
|
Proceeds from gross sales of property, plant, and gear
|
|
9
|
|
|
12
|
|
|
33
|
|
|
Proceeds from authorities incentives
|
|
65
|
|
|
48
|
|
|
85
|
|
|
Investments in capital expenditures, internet
|
|
(3,132
|
)
|
|
(3,082
|
)
|
|
(1,734
|
)
|
|
Adjusted free money stream
|
$
|
112
|
|
$
|
323
|
|
$
|
(333
|
)
|
|
|
The tables above reconcile GAAP to non-GAAP measures of gross margin, working bills, working revenue (loss), internet revenue (loss), diluted shares, diluted earnings (loss) per share, and adjusted free money stream. The non-GAAP changes above could or is probably not rare or nonrecurring in nature, however are a results of periodic or non-core working actions. We imagine this non-GAAP data is useful in understanding tendencies and in analyzing our working outcomes and earnings. We’re offering this data to buyers to help in performing evaluation of our working outcomes. When evaluating efficiency and making choices on how one can allocate our sources, administration makes use of this non-GAAP data and believes buyers ought to have entry to comparable information when making their funding choices. We imagine 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 intervals and with peer corporations. The presentation of those adjusted quantities varies from quantities offered in accordance with U.S. GAAP and due to this fact is probably not similar to quantities reported by different corporations. Our administration excludes the next gadgets as relevant in analyzing our working outcomes and understanding tendencies in our earnings:
-
Inventory-based compensation;
-
Beneficial properties and losses from settlements;
-
Restructure and asset impairments;
-
Goodwill impairment; and
-
The estimated tax results of above, non-cash modifications in internet deferred revenue taxes, assessments of tax exposures, sure tax issues associated to prior fiscal intervals, and important modifications in tax regulation. The divergence between our GAAP and non-GAAP revenue tax provision pertains to the distinction in our GAAP and non-GAAP estimated annual efficient tax charges, that are computed individually.
Non-GAAP diluted shares are adjusted for the influence of further shares ensuing from the exclusion of stock-based compensation from non-GAAP revenue (loss).
|
|
|
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
|
|
|
|
FQ2-25
|
GAAP Outlook
|
|
Changes
|
|
Non-GAAP Outlook
|
|
|
|
|
|
|
|
|
|
Income
|
$7.90 billion ± $200 million
|
|
—
|
|
|
|
$7.90 billion ± $200 million
|
|
Gross margin
|
37.5% ± 1.0%
|
|
1.0%
|
|
A
|
|
38.5% ± 1.0%
|
|
Working bills
|
$1.24 billion ± $15 million
|
|
$140 million
|
|
B
|
|
$1.10 billion ± $15 million
|
|
Diluted earnings per share(1)
|
$1.26 ± $0.10
|
|
$0.17
|
|
A, B, C
|
|
$1.43 ± $0.10
|
|
|
|
Non-GAAP Changes
(in thousands and thousands)
|
|
|
|
A
|
Inventory-based compensation – value of products bought
|
$
|
78
|
|
|
B
|
Inventory-based compensation – analysis and improvement
|
|
85
|
|
|
B
|
Inventory-based compensation – gross sales, basic, and administrative
|
|
55
|
|
|
C
|
Tax results of the above gadgets and different tax changes
|
|
(24
|
)
|
|
|
$
|
194
|
|
|
(1)
|
GAAP earnings per share based mostly on roughly 1.12 billion diluted shares and non-GAAP earnings per share based mostly on roughly 1.14 billion diluted shares.
|
The tables above reconcile our GAAP to non-GAAP steering based mostly on the present outlook. The steering doesn’t incorporate the influence of any potential enterprise combos, divestitures, further restructuring actions, stability sheet valuation changes, strategic investments, financing transactions, and different important transactions. The timing and influence of such gadgets are depending on future occasions which may be unsure or outdoors of our management.
CONTACT: Contacts: Satya Kumar Investor Relations satyakumar@micron.com (408) 450-6199 Mark Plungy Media Relations mplungy@micron.com (408) 203-2910
