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)
MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)MICRON TECHNOLOGY, INC.
(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:
Investor Relations (408) 834-1927 Erica Rodriguez Pompen
Media Relations (408) 834-1873
OMNIQ’s CEO Interviewed on “CEO Roadshow”
SALT LAKE CITY, April 01, 2020 (GLOBE NEWSWIRE) — OMNIQ Corp. (OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced that its CEO, Shai Lustgarten, recently conducted an interview with Mike Elliott of CEO Roadshow.
The interview may be viewed in its entirety via: CEORoadshowhttp://ceoroadshow.com/ceoroadshow-interview-with-shai-lustgarten-president-ceo-of-omniq-corp-omqs/Interview Highlights:OMNIQ provides unique and scalable AI-Machine Vision technology solutions to the Public Safety, Supply Chain and Automated parking industriesCompany customer base comprised of Fortune 500 leading companies, governments, municipalities, schools and colleges, cultural and religious centers and others.Company participates in rapidly growing, multi-billion dollar market verticalsOMNIQ holds 8 patents and has developed algorithms applicable to:
– Vehicle comprehensive license plate, color and make recognition for use in homeland security, public safety and automated parking
– AI-based Machine Vision solutions for supply chain & logistics promoting efficiencies from warehouse/yard management through point of sale
– Comprehensive parking management solution enabling ticketless parking, automation and revenue control currently installed at more than 30 major airports in the U.S.Company in a unique position offering state-of-the-art, high margin technology solutionsAbout OMNIQ, Corp.
OMNIQ Corp. (OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis , the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in OMNIQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting OMNIQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at http://www.sec.gov. OMNIQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.Investor Contact:
John Nesbett/Jen Belodeau
IMS Investor Relations
Enterprise Connect Announces Winners for the Best of Enterprise Connect Industry Awards
SAN FRANCISCO, April 01, 2020 (GLOBE NEWSWIRE) — Enterprise Connect, the leading conference and exhibition for enterprise communications and collaboration, is pleased to announce the winners for The Best of Enterprise Connect awards program. Best of Enterprise Connect recognizes excellence and innovation in the enterprise communications and collaboration industry.
“We’d like to extend a congratulations to all of this year’s Best of Enterprise Connect winners and participants,” said Eric Krapf, Enterprise Connect General Manager and Program Co-Chair. “These companies represent the most innovative technologies that are making a significant impact on the enterprise communications and collaboration industry.”Recipients of The Best of Enterprise Connect Awards include:OVERALL Best of Enterprise Connect (Winner)JourneyJourney Identity Platform, which aims to make it easy for enterprises to establish trusted interactions with their customers that simultaneously solve for security, customer experience and privacy using an encrypted network and a platform of best-in-class identity solutions that can be dynamically applied using the enterprise’s existing mobile app.OVERALL Best of Enterprise Connect (Finalists)Genesys Predictive Engagement, now working within Genesys Cloud, new capabilities enable businesses to anticipate individual customer needs, building on every interaction across multiple channels and events to improve and personalize future engagements.Glia Conversational Compliance AI Framework, part of Glia’s digital-first customer service platform, provides the framework to provision, measure and manage AI-driven virtual assistants to converse with customers and operator assistants to guide agents.Mio’s new intercompany federation for Microsoft Teams, Slack and Cisco WebEx Teams enables users to chat seamlessly with external business contacts who use a different messaging app.Omilia Natural Language Solutions — Omilia Cloud Platform miniApps, zero-touch natural language microservices that handle a single dialog task; instantly deployable to any call center provider and seamlessly adapted to any CCaaS service creation environmentPexip, Adaptive Composition, an AI-powered technology with real-time face detection, auto-framing, and optimized use of screen real estate; works with any camera-enabled deviceBest Innovation for Meeting Rooms (Three-way tie)AvayaAvaya Spaces, a simple cloud solution that integrates friction-free web meetings and team collaboration into one app.Kramer ElectronicsVIA GO², which gives iOS, Android, Chromebook, PC and Mac users instant wireless connectivity with advanced presentation technology, featuring content streaming for 4K mirrored images and video playback.RingCentralFor a new product that will be announced at Enterprise Connect.Best Innovation in Customer ExperienceJourneyJourney Identity Platform, which aims to make it easy for enterprises to establish trusted interactions with their customers that simultaneously solve for security, customer experience and privacy using an encrypted network and a platform of best-in-class identity solutions that can be dynamically applied using the enterprise’s existing mobile app.Best Application of Artificial Intelligence (Three-way tie)GenesysGenesys Predictive Engagement, now working within Genesys Cloud, new capabilities enable businesses to anticipate individual customer needs, building on every interaction across multiple channels and events to improve and personalize future engagements.PexipAdaptive Composition, an AI-powered technology with real-time face detection, auto-framing and optimized use of screen real estate; works with any camera-enabled device.Theta LakeCompliant Collaboration Archive, new module within Theta Lake’s Compliance Suite for record keeping, archiving and eDiscovery requirements for video, audio and collaboration chat, with on-demand compliance risk analysis using AI and ML across leading UCaaS platforms (RingCentral, WebEx, Microsoft Teams, Zoom, LogMeIn, Red Box).Best Innovation for Advancing Employee/End User EngagementEmbrava (Winner)Embrava Desk Sign, a smart sensor IoT device designed for Hot Desking, Office Hoteling and Activity-Based Working.Mio (Runner-up)Mio’s new intercompany federation for Microsoft Teams, Slack and WebEx Teams, enables users to seamlessly chat with their external business contacts who use a different messaging app.Best of Enterprise Connect judges for 2020 included: Jon Arnold, principal, J Arnold & Associates; Brent Kelly, president & principal analyst, KelCor; Steve Leaden, president, Leaden Associates and Sheila McGee-Smith, founder & principal analyst, McGee-Smith Analytics.Enterprise Connect 2020 will take place August 3rd– 6th at the Moscone Center in San Francisco. For more information on #E20 and to register for the event, go to www.enterpriseconnect.com/sanfrancisco.About Enterprise Connect
For 30 years, Enterprise Connect has been the leading conference and exhibition for enterprise Unified Communications and Collaboration in North America. Enterprise Connect brings corporate IT decision makers together with the industry’s vendors, analysts and consultants to focus on the issues central to enterprise networks and communications. Enterprise Connect owns and produces No Jitter, (nojitter.com), providing daily blogging and analysis of enterprise communications, and it also serves the community with a weekly email newsletter, research surveys and a Webinar Series. For more information, visit enterpriseconnect.com/sanfrancisco. Enterprise Connect is brought to you by Informa Tech.About Informa Tech
Informa Tech is a market leading provider of integrated research, media, training and events to the global Technology community. We’re an international business of more than 600 colleagues, operating in more than 20 markets. Our aim is to inspire the Technology community to design, build and run a better digital world through research, media, training and event brands that inform, educate and connect. Over 7,000 professionals subscribe to our research, with 225,000 delegates attending our events and over 18,000 students participating in our training programs each year, and nearly 4 million people visiting our digital communities each month. Learn more about Informa Tech.Media Contact:
Cancer Biomarker Sales to Reach US$ 27 Bn by 2025; Government Funding Pivotal in Accelerating Market Growth, Says a New Fact.MR Report
Dubai, UAE, April 01, 2020 (GLOBE NEWSWIRE) — The global cancer biomarker market will reach a valuation of US$ 27 Bn by the end of 2025, as projected by a new Fact.MR report. The growth is primarily driven by the increasing prevalence of cancer and the subsequent investments in research and development activities. Factors further complementing the growth are favorable government funding initiatives on cancer diagnostics.Cancer Biomarker Market: Key FindingsCirculating Tumor Test (CTT) and Prostate Specific Antigen (PSA) test collectively account for more than half of overall market value.On the back of high cigarette smoking, lung cancer is expected to be the most common type of cancer, thereby accounting for a quarter total market share in testing.North America is set to account for a large portion of the overall global revenue, on the back of heavy budget allocation by the government for cancer research and training.Asia-Pacific will witness tremendous growth owing to the increasing affordability of cancer treatments in emerging economies.Request Sample Report- https://www.factmr.com/connectus/sample?flag=S&rep_id=4587Cancer Biomarker Market: Key Driving FactorsGovernments in developed and emerging economies are financing clinical trials, thus enabling companies to develop effective diagnostics and treatments for cancer diseases, thus giving a significant boost to the global cancer biomarker market.Invigorated by technological advancements, numerous companies in the diagnostic imaging market are developing advanced, efficient, and economical equipment, and hence, are gaining traction among end-users.Explore the complete cancer biomarkers market report with detailed market segmentation, 64 illustrative figures, and 18 data tables at –
https://www.factmr.com/report/4587/cancer-biomarkers-marketCancer Biomarker Market: Key RestraintMajor factors possessing a challenge to the rapid growth of the market are reluctance among end-users to adopt new technologies and the high cost of biomarker techniques.Competition LandscapeSome of the key players in the global cancer biomarker market are F. Hoffmann-La Roche Ltd., Abbott Technologies & Merck & Co., Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Illumina, Inc., bioMérieux SA, Hologic, Inc., Genomic Health, Inc., and QIAGEN, among others. The market players are adopting Artificial Intelligence (to) to develop their offerings and to decode the cancer pathology.About the ReportThis 170-page study offers a detailed market forecast on the cancer biomarker market. The key categories covered in the report include Market statistics have been presented on the basis of Test Type (PSA tests, CTC tests, AFP tests, CA tests, HER2 tests, BRCA tests, ALK tests, CEA tests, EFGR mutation tests, KRAS mutation tests, and Others) and Disease Indication (Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, etc.) across five major regions.Explore Fact.MR’s lucid coverage of the healthcare landscapeAutomated External Defibrillators Market– The automated external defibrillators market study analyses the key trends, innovations, regulatory policies, and key strategies adopted by leading players in this evolving landscape.Atopic Dermatitis Market– The study analyses the atopic dermatitis market and offers growth opportunities in USD million across 30+ countries in six regions.Rare Neurological Disease Treatment Market– With strong growth through 2028, the rare neurological disease market is witnessing substantial growth in a market.About Fact.MRExpert analysis, actionable insights, and strategic recommendations of the highly seasoned research team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the Healthcare sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR’s latest healthcare market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.Contact:Fact.MR11140 Rockville PikeSuite 400Rockville, MD 20852United StatesEmail: email@example.comWeb: https://www.factmr.com/PR- https://www.factmr.com/media-release/1360/global-cancer-biomarkers-market
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