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MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 2020

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Strong execution drives profitability and 13th consecutive quarter of free cash flowBOISE, Idaho, March 25, 2020 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2020, which ended February 27, 2020.Fiscal Q2 2020 highlightsRevenue of $4.80 billion versus $5.14 billion for the prior quarter and $5.84 billion for the same period last yearGAAP net income of $405 million, or $0.36 per diluted shareNon-GAAP net income of $517 million, or $0.45 per diluted shareOperating cash flow of $2.00 billion versus $2.01 billion for the prior quarter and $3.44 billion for the same period last year“Micron delivered solid second quarter results and revenue at the high end of the guidance range, despite the unfolding COVID-19 pandemic,” said Micron Technology President and CEO Sanjay Mehrotra. “I am grateful to our team ​for the excellent business execution we have achieved during this unprecedented situation. Their resilience, together with Micron’s technology leadership, stronger product portfolio, and healthy balance sheet, give us confidence that we will emerge from this challenging time well-positioned to capture the robust long-term demand opportunities for memory and storage.”Investments in capital expenditures, net(2) were $1.94 billion for the second quarter of fiscal 2020, which resulted in adjusted free cash flows(2) of $63 million. Micron repurchased approximately 785,000 shares of its common stock for $44 million during the second quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $8.12 billion, for a net cash(2) position of $2.70 billion.Business OutlookThe following table presents Micron’s guidance for the third quarter of 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 WebcastMicron will host a conference call on Wednesday, March 25, 2020 at 2:30 p.m. MT to discuss its second fiscal quarter financial results and provide forward-looking guidance for its third fiscal quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. 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® and Crucial® — 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 more than 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.Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.Forward-Looking StatementsThis 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.MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)

MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)
Property, Plant, and EquipmentWe periodically assess the estimated useful lives of our property, plant, and equipment. Based on our assessment of planned technology node transitions, capital spending, and re-use rates, we revised the estimated useful lives of equipment in our NAND wafer fabrication facilities and our research and development facilities from five years to seven years as of the beginning of the first quarter of fiscal 2020. As a result, we estimate the reduction in non-cash depreciation expense for assets existing at that time benefited operating income and net income by approximately $125 million and diluted earnings per share by approximately $0.11 for the second quarter of fiscal 2020, and benefited operating income and net income by approximately $200 million and diluted earnings per share by approximately $0.17 for the first six months of fiscal 2020.Adoption of Lease Accounting StandardIn the first quarter of fiscal 2020, we adopted ASU 2016-02 – Leases (as amended, “ASC 842”), which amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of lease payments. In adoption, we applied the modified retrospective method and elected to not recast prior periods. As a result, we recognized $567 million for operating lease liabilities and right-of-use assets and reclassified an additional $66 million of other balances to right-of-use assets to conform to the new presentation requirements of ASC 842.Debt ActivitySubsequent to the second quarter of fiscal 2020, on March 13, 2020, we drew the $2.5 billion available under our revolving credit facility. Borrowings under the revolving credit facility are scheduled to mature on July 3, 2023, and we may repay amounts borrowed any time without penalty. The revolving credit facility bears interest at a rate equal to LIBOR plus 1.25% based on our current corporate credit rating and leverage ratio.
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
   The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income attributable to Micron, diluted shares, diluted earnings per share, adjusted free cash flow, and net cash. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from numbers presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:Stock-based compensation;Flow-through of business acquisition-related inventory adjustments;Acquisition-related costs;Start-up and preproduction costs;Employee severance;Restructure and asset impairments;Amortization of debt discount and other costs, including the accretion of non-cash interest expense associated with our convertible debt and MMJ creditor debt;Gains and losses from debt repurchases and conversions;Gains and losses from business acquisition activities;Impact of U.S. income tax reform for the one-time transition tax, release of U.S. valuation allowance, and remeasurement of net deferred taxes reflecting lower U.S. corporate tax rates; andThe estimated tax effects of above, non-cash changes in net deferred income taxes, and assessments of tax exposures.Our outstanding capped call transactions are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of our convertible notes. In periods with non-GAAP income attributable to Micron, non-GAAP diluted shares include the impact of capped calls based on the average share price for the period the capped calls are outstanding. Non-GAAP diluted shares are also adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
(In millions, except per share amounts)


The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.Contacts:
Farhan Ahmad
Investor Relations (408) 834-1927 Erica Rodriguez Pompen
Media Relations (408) 834-1873

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Europe AI in Social Media Market By Component, By Technology, By Organization Size, By Application, By End User Industry, By Country, Competition, Forecast & Opportunities, 2025

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New York, July 01, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Europe AI in Social Media Market By Component, By Technology, By Organization Size, By Application, By End User Industry, By Country, Competition, Forecast & Opportunities, 2025” – https://www.reportlinker.com/p05916824/?utm_source=GNWClare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001

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ABQQ Announces Plan of Opening its North America Operation Offices in NYC in October 2020

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HONG KONG and NEW YORK, July 01, 2020 (GLOBE NEWSWIRE) — AB International Group Corp. (OTCQB: ABQQ), an intellectual property (IP) and movie investment and licensing firm announces its North America operation offices will be opening in October 2020. The North America operation office will be located in New York City, and will be headed by the Chief Investment Officer, who will be recruited in NYC. The office will be operating the company’s main business: acquisitions in IP and film copyrights; also planning to provide TV dramas and films to broadcast on video streaming websites worldwide, starting December 2020.
About AB International Group Corp. 
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We are engaged to acquisition and distribution of movies. The Company has a Patent License to a video synthesis and release system for mobile communications equipment, in which the technology is the subject of a utility model patent in the People’s Republic of China. We had launched a business application through smartphones and official social media accounts based on WeChat platform in February 2019, utilizing Artificial Intelligence, it is a matching platform for performers, advertiser merchants, and owners for more efficient services. It generates revenues through an agency service fee from each matched performance.

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LSU CS Professor Studies COVID-19 Disparities on Social Media

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BATON ROUGE, La., July 01, 2020 (GLOBE NEWSWIRE) — During the COVID-19 pandemic, a plethora of information has gone out from various news sources about how the virus is being tracked, how it is spread, how many cases exist, and so forth. The problem is much of this vital information can be inaccurate, leaving people to ignore advice from public officials. For this reason, LSU Computer Science and Engineering Assistant Professor Kisung Lee and LSU Environmental Sciences Professor Nina Lam are evaluating how a population reacts to multiple sources of information, hoping to eliminate disparities in the messaging.“Studying different COVID-19 responses to trustworthy information will contribute new perspectives and improve our fundamental understanding of the human aspects of information trustworthiness during a pandemic,” Lee said.Lee, principal investigator on the project, and Lam recently received a $200,000 grant from the National Science Foundation for the project and will have University of Washington Center for Studies in Demography & Ecology Director Sara Curran and Cybersecurity Research Fellow Jessica Beyer work alongside them.Lee will collect and analyze Twitter and linked media data using artificial intelligence-based techniques; Lam will map the data into administrative regions and analyze the data geographically (state- and county-level comparisons); and Curran and Beyer will collect policy and media source trustworthiness data and analyze it with other contextual information, such as media framing. Data will be collected and analyzed in Louisiana and Washington.They will collect three waves of Twitter and associated data to compare sentiment and language use patterns among users and analyze how these characteristics evolve through the recognition of the emergency, the peak of the crisis, and the mitigation of the pandemic in the U.S. The tweets and entities will be classified for relevance (individual, organization, or bot) with derived age and location. The tweets will be associated with daily disease-specific rates and annual demographic and socio-economic information.“Data about the surrounding information context, including reporting trends and framing of the crisis, sources of health information, and information-seeking behavior about COVID-19, will provide tools for assessing the validity and reliability of our inferences about the patterns of sentiment and language use,” Lee said. “This project will provide insight for targeting effective public messaging by public health and government officials during a crisis and ultimately improve disaster resilience.”Like us on Facebook (@lsuengineering) or follow us on Twitter and Instagram (@lsuengineering).​Josh Duplechain
LSU College of Engineering
225-578-5706
josh@lsu.edu

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