Micron Generation, Inc. Reviews Effects for the First Quarter of Fiscal 2025

Micron delivers document fiscal Q1 income, pushed through sturdy AI call for
Knowledge middle income grew over 40% sequentially and over 400% yr over yr BOISE, Idaho, Dec. 18, 2024 (GLOBE NEWSWIRE) — Micron Generation, Inc. (Nasdaq: MU) as of late introduced effects for its first quarter of fiscal 2025, which ended November 28, 2024. Fiscal Q1 2025 highlights Earnings of $8.71 billion as opposed to $7.75 billion for the prior quarter and $4.73 billion for a similar duration ultimate yearGAAP internet source of revenue of $1.87 billion, or $1.67 consistent with diluted shareNon-GAAP internet source of revenue of $2.04 billion, or $1.79 consistent with diluted shareOperating coins go with the flow of $3.24 billion as opposed to $3.41 billion for the prior quarter and $1.40 billion for a similar duration ultimate yr “Micron delivered a document quarter, and our knowledge middle income surpassed 50% of our overall income for the primary time,” mentioned Sanjay Mehrotra, President and CEO of Micron Generation. “Whilst consumer-oriented markets are weaker within the close to time period, we look forward to a go back to expansion in the second one part of our fiscal yr. We proceed to realize proportion within the best margin and strategically essential portions of the marketplace and are exceptionally smartly located to leverage AI-driven expansion to create really extensive worth for all stakeholders.” Quarterly Monetary Effects(in hundreds of thousands, excluding consistent with proportion quantities)
GAAP(1) Non-GAAP(2)FQ1-25FQ4-24FQ1-24 FQ1-25FQ4-24FQ1-24        Earnings$8,709 $7,750 $4,726  $8,709 $7,750 $4,726 Gross margin 3,348  2,737  (35)  3,441  2,826  37 p.c of income 38.4% 35.3% (0.7%)  39.5% 36.5% 0.8percentOperating bills 1,174  1,215  1,093   1,047  1,081  992 Running source of revenue (loss) 2,174  1,522  (1,128)  2,394  1,745  (955)p.c of income 25.0% 19.6% (23.9%)  27.5% 22.5% (20.2%)Web source of revenue (loss) 1,870  887  (1,234)  2,037  1,342  (1,048)Diluted income (loss) consistent with proportion 1.67  0.79  (1.12)  1.79  1.18  (0.95)
Investments in capital expenditures, internet(2) have been $3.13 billion for the primary quarter of 2025, which led to adjusted unfastened coins flows(2) of $112 million for the primary quarter of 2025. Micron ended the quarter with coins, marketable investments, and limited coins of $8.75 billion. On December 18, 2024, Micron’s Board of Administrators declared a quarterly dividend of $0.115 consistent with proportion, payable in coins on January 15, 2025, to shareholders of document as of the shut of commercial on December 30, 2024. Trade Outlook The next desk gifts Micron’s steerage for the second one quarter of 2025: FQ2-25GAAP(1) OutlookNon-GAAP(2) Outlook   Earnings$7.90 billion ± $200 million$7.90 billion ± $200 millionGross margin37.5% ± 1.0percent38.5% ± 1.0percentOperating bills$1.24 billion ± $15 million$1.10 billion ± $15 millionDiluted income consistent with proportion$1.26 ± $0.10$1.43 ± $0.10
Additional data relating to Micron’s industry outlook is integrated within the ready remarks and slides, that 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 talk about its first quarter monetary effects and supply forward-looking steerage for its 2nd quarter. A are living webcast of the decision can be obtainable on-line at buyers.micron.com. A webcast replay can be obtainable for twelve months after the decision. For Investor Members of the family and different corporate updates, observe us on X @MicronTech. About Micron Generation, Inc. We’re an business chief in leading edge reminiscence and garage answers remodeling how the arena makes use of data to complement lifestyles for all. With a continuing center of attention on our consumers, era management, production, and operational excellence, Micron delivers a wealthy portfolio of high-performance DRAM, NAND, and NOR reminiscence and garage merchandise thru our Micron® and The most important® manufacturers. On a daily basis, the inventions that our other folks create gas the information economic system, enabling advances in synthetic intelligence (AI) and compute-intensive packages that unharness alternatives — from the information middle to the clever edge and around the consumer and cell consumer revel in. To be informed extra about Micron Generation, Inc. (Nasdaq: MU), talk over with micron.com. © 2024 Micron Generation, Inc. All rights reserved. Micron, the Micron emblem, and all different Micron emblems are the valuables of Micron Generation, Inc. All different emblems are the valuables in their respective homeowners. Ahead-Taking a look Statements This press unencumber comprises forward-looking statements relating to our business, our strategic center of attention, call for for our merchandise, and our monetary and working effects, together with our steerage for the second one quarter of 2025. Those forward-looking statements are matter to a lot of dangers and uncertainties that would motive precise effects to fluctuate materially. Please check with the paperwork we document with the Securities and Trade Fee, together with our most up-to-date Shape 10-Okay and our upcoming Shape 10-Q. Those paperwork comprise and determine essential elements that would motive our precise effects to fluctuate materially from the ones contained in those forward-looking statements. Those sure elements will also be discovered at buyers.micron.com/risk-factor. Even if we consider that the expectancies mirrored within the forward-looking statements are affordable, we can’t ensure long run effects, ranges of job, functionality, or achievements. We’re beneath no accountability to replace any of the forward-looking statements to evolve those statements to precise effects. (1)GAAP represents U.S. In most cases Approved Accounting Ideas.(2)Non-GAAP represents GAAP apart from the have an effect on of sure actions, which control excludes in inspecting our working effects and figuring out traits in our income, adjusted unfastened coins go with the flow, and industry outlook. Additional data relating to Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are integrated inside of this press unencumber.  MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In hundreds of thousands, excluding consistent with proportion quantities)
(Unaudited)  1st Qtr.4th Qtr.1st Qtr. November 28,
2024August 29,
2024November 30,
2023    Earnings$8,709 $7,750 $4,726 Value of products offered 5,361  5,013  4,761 Gross margin 3,348  2,737  (35)    Analysis and construction 888  903  845 Promoting, common, and administrative 288  295  263 Different working (source of revenue) expense, internet (2) 17  (15)Running source of revenue (loss) 2,174  1,522  (1,128)    Passion source of revenue 107  131  132 Passion expense (118) (136) (132)Different non-operating source of revenue (expense), internet (11) (7) (27)  2,152  1,510  (1,155)    Source of revenue tax (provision) receive advantages (283) (623) (73)Fairness in internet source of revenue (loss) of fairness way investees 1  —  (6)Web source of revenue (loss)$1,870 $887 $(1,234)    Profits (loss) consistent with proportion   Elementary$1.68 $0.80 $(1.12)Diluted 1.67  0.79  (1.12)    Collection of stocks utilized in consistent with proportion calculations   Elementary 1,111  1,108  1,100 Diluted 1,122  1,125  1,100   MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In hundreds of thousands)
(Unaudited) As ofNovember 28,
2024August 29,
2024   Belongings  Money and equivalents$6,693 $7,041 Brief-term investments 895  1,065 Receivables 7,423  6,615 Inventories 8,705  8,875 Different present belongings 777  776 General present belongings 24,493  24,372 Lengthy-term marketable investments 1,156  1,046 Assets, plant, and kit 41,476  39,749 Running hire 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 General belongings$71,461 $69,416    Liabilities and fairness  Accounts payable and amassed bills$7,126 $7,299 Present debt 533  431 Different present liabilities 1,356  1,518 General present liabilities 9,015  9,248 Lengthy-term debt 13,252  12,966 Noncurrent working hire liabilities 588  610 Noncurrent unearned executive incentives 570  550 Different noncurrent liabilities 1,239  911 General liabilities 24,664  24,285    Commitments and contingencies     Shareholders’ fairness  Commonplace inventory 126  125 Further capital 12,317  12,115 Retained income 42,427  40,877 Treasury inventory (7,852) (7,852)Accrued different complete source of revenue (loss) (221) (134)General fairness 46,797  45,131 General liabilities and fairness$71,461 $69,416      MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In hundreds of thousands)
(Unaudited) 3 months endedNovember 28,
2024November 30,
2023   Money flows from working actions  Web source of revenue (loss)$1,870 $(1,234)Changes to reconcile internet source of revenue (loss) to internet coins supplied through working actions:  Depreciation expense and amortization of intangible belongings 2,030  1,915 Inventory-based reimbursement 220  188 Exchange in working belongings and liabilities:  Receivables (817) (501)Inventories 170  111 Accounts payable and amassed bills (241) 271 Different present liabilities (161) 579 Different 173  72 Web coins supplied through working actions 3,244  1,401    Money flows from making an investment actions  Expenditures for belongings, plant, and kit (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 executive incentives 65  85 Different (58) (22)Web coins supplied through (used for) making an investment actions (3,148) (1,558)   Money flows from financing actions  Bills of dividends to shareholders (131) (129)Repayments of debt (84) (53)Bills on apparatus acquire contracts —  (56)Different (207) (114)Web coins supplied through (used for) financing actions (422) (352)   Impact of adjustments in foreign money change charges on coins, coins equivalents, and limited coins (29) (1)   Web build up (lower) in coins, coins equivalents, and limited coins (355) (510)Money, coins equivalents, and limited coins at starting of duration 7,052  8,656 Money, coins equivalents, and limited coins at finish of duration$6,697 $8,146   MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In hundreds of thousands, excluding consistent with proportion quantities)  1st Qtr.4th Qtr.1st Qtr. November 28,
2024August 29,
2024November 30,
2023    GAAP gross margin$3,348 $2,737 $(35)Inventory-based reimbursement 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 reimbursement (127) (128) (115)Different —  (6) 14 Non-GAAP working bills$1,047 $1,081 $992     GAAP working source of revenue (loss)$2,174 $1,522 $(1,128)Inventory-based reimbursement 217  213  182 Different 3  10  (9)Non-GAAP working source of revenue (loss)$2,394 $1,745 $(955)    GAAP internet source of revenue (loss)$1,870 $887 $(1,234)Inventory-based reimbursement 217  213  182 Different —  6  (10)Estimated tax results of above and different tax changes (50) 236  14 Non-GAAP internet source of revenue (loss)$2,037 $1,342 $(1,048)    GAAP weighted-average commonplace stocks exceptional – Diluted 1,122  1,125  1,100 Adjustment for stock-based reimbursement 16  12  — Non-GAAP weighted-average commonplace stocks exceptional – Diluted 1,138  1,137  1,100     GAAP diluted income (loss) consistent with proportion$1.67 $0.79 $(1.12)Results of the above changes 0.12  0.39  0.17 Non-GAAP diluted income (loss) consistent with proportion$1.79 $1.18 $(0.95)  RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Persisted  1st Qtr.4th Qtr.1st Qtr. November 28,
2024August 29,
2024November 30,
2023    GAAP internet coins supplied through working actions$3,244 $3,405 $1,401     Expenditures for belongings, plant, and kit (3,206) (3,120) (1,796)Bills on apparatus acquire contracts —  (22) (56)Proceeds from gross sales of belongings, plant, and kit 9  12  33 Proceeds from executive incentives 65  48  85 Investments in capital expenditures, internet (3,132) (3,082) (1,734)Adjusted unfastened coins go with the flow$112 $323 $(333)  The tables above reconcile GAAP to non-GAAP measures of gross margin, working bills, working source of revenue (loss), internet source of revenue (loss), diluted stocks, diluted income (loss) consistent with proportion, and changed unfastened coins go with the flow. The non-GAAP changes above might 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 figuring out traits and in inspecting our working effects and income. We’re offering this data to buyers to lend a hand in appearing research of our working effects. When comparing functionality and making choices on easy methods to allocate our assets, control makes use of this non-GAAP data and believes buyers will have to have get right of entry to to identical knowledge when making their funding choices. We consider those non-GAAP monetary measures build up transparency through offering buyers with helpful supplemental details about the monetary functionality of our industry, enabling enhanced comparability of our working effects between sessions and with peer corporations. The presentation of those adjusted quantities varies from quantities offered in line with U.S. GAAP and subsequently might not be similar to quantities reported through different corporations. Our control excludes the next pieces as appropriate in inspecting our working effects and figuring out traits in our income: Inventory-based reimbursement;Positive aspects and losses from settlements;Restructure and asset impairments;Goodwill impairment; andThe estimated tax results of above, non-cash adjustments in internet deferred source of revenue taxes, checks of tax exposures, sure tax issues associated with prior fiscal sessions, and demanding adjustments in tax legislation. The divergence between our GAAP and non-GAAP source of revenue tax provision pertains to the variation in our GAAP and non-GAAP estimated annual efficient tax charges, which might be computed one at a time. Non-GAAP diluted stocks are adjusted for the have an effect on of extra stocks on account of the exclusion of stock-based reimbursement from non-GAAP source of revenue (loss).  MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK FQ2-25GAAP Outlook Changes Non-GAAP Outlook       Earnings$7.90 billion ± $200 million —   $7.90 billion ± $200 millionGross margin37.5% ± 1.0% 1.0% A 38.5% ± 1.0percentOperating bills$1.24 billion ± $15 million $140 million B $1.10 billion ± $15 millionDiluted income consistent with proportion(1)$1.26 ± $0.10 $0.17 A, B, C $1.43 ± $0.10  Non-GAAP Changes
(in hundreds of thousands)
 AStock-based reimbursement – value of products offered$78 BStock-based reimbursement – analysis and construction 85 BStock-based reimbursement – gross sales, common, and administrative 55 CTax results of the above pieces and different tax changes (24) $194   
(1)GAAP income consistent with proportion in accordance with roughly 1.12 billion diluted stocks and non-GAAP income consistent with proportion in accordance with roughly 1.14 billion diluted stocks.
The tables above reconcile our GAAP to non-GAAP steerage in accordance with the present outlook. The steerage does now not incorporate the have an effect on of any doable industry combos, divestitures, further restructuring actions, stability sheet valuation changes, strategic investments, financing transactions, and different important transactions. The timing and have an effect on of such pieces are depending on long run occasions that can be unsure or out of doors of our keep an eye on.

Author: OpenAI