Artificial Intelligence

Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2023

Published

1 year ago

June 28, 2023

BOISE, Idaho, June 28, 2023 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2023, which ended June 1, 2023.

Fiscal Q3 2023 highlights

Revenue of $3.75 billion versus $3.69 billion for the prior quarter and $8.64 billion for the same period last year
GAAP net loss of $1.90 billion, or $1.73 per diluted share
Non-GAAP net loss of $1.57 billion, or $1.43 per diluted share
Operating cash flow of $24 million versus $343 million for the prior quarter and $3.84 billion for the same period last year

“Micron delivered fiscal third quarter revenue, gross margin, and EPS all above the midpoint of the guidance range,” said Micron Technology President and CEO Sanjay Mehrotra. “We believe that the memory industry has passed its trough in revenue, and we expect margins to improve as industry supply-demand balance is gradually restored. The recent Cyberspace Administration of China (“CAC”) decision is a significant headwind that is impacting our outlook and slowing our recovery. Longer-term, Micron’s technology leadership, product portfolio, and operational excellence continues to strengthen our competitive positioning across diverse growth markets, including AI and memory-centric computing.”

Quarterly Financial Results
(in millions, except per share amounts)	GAAP⁽¹⁾									Non-GAAP⁽²⁾
(in millions, except per share amounts)	FQ3-23			FQ2-23			FQ3-22			FQ3-23			FQ2-23			FQ3-22

Revenue	$	3,752		$	3,693		$	8,642		$	3,752		$	3,693		$	8,642
Gross margin		(668	)		(1,206	)		4,035			(603	)		(1,161	)		4,097
percent of revenue		(17.8	%)		(32.7	%)		46.7	%		(16.1	%)		(31.4	%)		47.4	%
Operating expenses		1,093			1,097			1,031			866			916			953
Operating income (loss)		(1,761	)		(2,303	)		3,004			(1,469	)		(2,077	)		3,144
percent of revenue		(46.9	%)		(62.4	%)		34.8	%		(39.2	%)		(56.2	%)		36.4	%
Net income (loss)		(1,896	)		(2,312	)		2,626			(1,565	)		(2,081	)		2,939
Diluted earnings (loss) per share		(1.73	)		(2.12	)		2.34			(1.43	)		(1.91	)		2.59

Investments in capital expenditures, net⁽²⁾ were $1.38 billion for the third quarter of 2023, which resulted in adjusted free cash flows⁽²⁾ of negative $1.36 billion. Micron ended the third quarter of 2023 with cash, marketable investments, and restricted cash of $11.40 billion. Micron’s Board of Directors has declared a quarterly dividend of $0.115 per share, payable in cash on July 25, 2023, to shareholders of record as of the close of business on July 10, 2023.

Business Outlook

The table below presents Micron’s guidance for the fourth quarter of 2023:

FQ4-23	GAAP⁽¹⁾ Outlook	Non-GAAP⁽²⁾ Outlook

Revenue	$3.90 billion ± $200 million	$3.90 billion ± $200 million
Gross margin	(12.5%) ± 2.5%	(10.5%) ± 2.5%
Operating expenses	$946 million ± $15 million	$845 million ± $15 million
Diluted earnings (loss) per share	($1.34) ± $0.07	($1.19) ± $0.07

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

Investor Webcast

Micron will host a conference call on Wednesday, June 28, 2023 at 2:30 p.m. Mountain Time to discuss its third quarter financial results and provide forward-looking guidance for its fourth 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 transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2023 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, and our 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, including 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 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 to conform these statements to actual results.

⁽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, adjusted free cash flow, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited)

	3rd Qtr.			2nd Qtr.			3rd Qtr.			Nine months ended
	June 1, 2023			March 2, 2023			June 2, 2022			June 1, 2023			June 2, 2022

Revenue	$	3,752		$	3,693		$	8,642		$	11,530		$	24,115
Cost of goods sold		4,420			4,899			4,607			12,511			12,839
Gross margin		(668	)		(1,206	)		4,035			(981	)		11,276

Research and development		758			788			773			2,395			2,277
Selling, general, and administrative		219			231			264			701			786
Restructure and asset impairments		68			86			—			167			43
Other operating (income) expense, net		48			(8	)		(6	)		29			(11	)
Operating income (loss)		(1,761	)		(2,303	)		3,004			(4,273	)		8,181

Interest income		127			119			20			334			42
Interest expense		(119	)		(89	)		(44	)		(259	)		(144	)
Other non-operating income (expense), net		—			2			8			(2	)		(61	)
		(1,753	)		(2,271	)		2,988			(4,200	)		8,018

Income tax (provision) benefit		(139	)		(54	)		(358	)		(201	)		(832	)
Equity in net income (loss) of equity method investees		(4	)		13			(4	)		(2	)		9
Net income (loss)	$	(1,896	)	$	(2,312	)	$	2,626		$	(4,403	)	$	7,195

Earnings (loss) per share
Basic	$	(1.73	)	$	(2.12	)	$	2.36		$	(4.03	)	$	6.44
Diluted		(1.73	)		(2.12	)		2.34			(4.03	)		6.38

Number of shares used in per share calculations
Basic		1,094			1,091			1,112			1,092			1,117
Diluted		1,094			1,091			1,121			1,092			1,127


MICRON TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited)

As of	June 1, 2023			March 2, 2023			September 1, 2022

Assets
Cash and equivalents	$	9,298		$	9,798		$	8,262
Short-term investments		1,054			1,020			1,069
Receivables		2,429			2,278			5,130
Inventories		8,238			8,129			6,663
Other current assets		715			673			657
Total current assets		21,734			21,898			21,781
Long-term marketable investments		973			1,212			1,647
Property, plant, and equipment		38,727			39,085			38,549
Operating lease right-of-use assets		655			673			678
Intangible assets		410			410			421
Deferred tax assets		708			697			702
Goodwill		1,252			1,228			1,228
Other noncurrent assets		1,221			1,317			1,277
Total assets	$	65,680		$	66,520		$	66,283

Liabilities and equity
Accounts payable and accrued expenses	$	4,177		$	4,310		$	6,090
Current debt		259			237			103
Other current liabilities		668			708			1,346
Total current liabilities		5,104			5,255			7,539
Long-term debt		12,986			12,037			6,803
Noncurrent operating lease liabilities		603			610			610
Noncurrent unearned government incentives		632			529			589
Other noncurrent liabilities		950			832			835
Total liabilities		20,275			19,263			16,376

Commitments and contingencies

Shareholders’ equity
Common stock		124			123			123
Additional capital		10,782			10,633			10,197
Retained earnings		42,391			44,426			47,274
Treasury stock		(7,552	)		(7,552	)		(7,127	)
Accumulated other comprehensive income (loss)		(340	)		(373	)		(560	)
Total equity		45,405			47,257			49,907
Total liabilities and equity	$	65,680		$	66,520		$	66,283


MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)

Nine months ended	June 1, 2023			June 2, 2022

Cash flows from operating activities
Net income (loss)	$	(4,403	)		$	7,195
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation expense and amortization of intangible assets		5,819				5,234
Provision to write down inventories to net realizable value		1,831				—
Stock-based compensation		448				378
(Gain) loss on debt repurchases		—				83
Change in operating assets and liabilities:
Receivables		2,728				(906	)
Inventories		(3,406	)			(1,146	)
Accounts payable and accrued expenses		(1,764	)			382
Other		57				184
Net cash provided by operating activities		1,310				11,404

Cash flows from investing activities
Expenditures for property, plant, and equipment		(6,215	)			(8,454	)
Purchases of available-for-sale securities		(496	)			(1,359	)
Proceeds from maturities of available-for-sale securities		1,170				964
Proceeds from government incentives		248				104
Proceeds from sales of available-for-sale securities		22				258
Proceeds from sale of Lehi, Utah fab		—				888
Other		(90	)			(162	)
Net cash provided by (used for) investing activities		(5,361	)			(7,761	)

Cash flows from financing activities
Proceeds from issuance of debt		6,716				2,000
Repayments of debt		(706	)			(2,008	)
Repurchases of common stock – repurchase program		(425	)			(1,648	)
Payments of dividends to shareholders		(378	)			(335	)
Payments on equipment purchase contracts		(112	)			(132	)
Other		—				(17	)
Net cash provided by (used for) financing activities		5,095				(2,140	)

Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash		(13	)			(71	)

Net increase (decrease) in cash, cash equivalents, and restricted cash		1,031				1,432
Cash, cash equivalents, and restricted cash at beginning of period		8,339				7,829
Cash, cash equivalents, and restricted cash at end of period	$	9,370			$	9,261

MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)

Inventories

In the third and second quarters of 2023, we recorded charges to cost of goods sold to write down the carrying value of work in process and finished goods inventories to their estimated net realizable values (“NRV”). The impact of inventory NRV write-downs for each period reflects (1) inventory write-downs in that period, offset by (2) lower costs in that period on the sale of inventory written down in prior periods. The impacts of inventory NRV write-downs are summarized below:

	3rd Qtr.			2nd Qtr.			3rd Qtr.		Nine months ended
	June 1, 2023			March 2, 2023			June 2, 2022		June 1, 2023			June 2, 2022

Provision to write down inventory to net realizable value	$	(401	)	$	(1,430	)	$	—	$	(1,831	)	$	—
Lower costs from sale of inventory written down in prior periods		281			—			—		281			—
	$	(120	)	$	(1,430	)	$	—	$	(1,550	)	$	—

Debt Activity

On April 11, 2023, we issued $600 million principal amount of 5.375% senior unsecured notes due April 15, 2028 and received proceeds of $596 million. Additionally, we issued $900 million principal amount of 5.875% senior unsecured notes due September 15, 2033 and received proceeds of $890 million. On April 13, 2023, we used a portion of the proceeds from the debt issuance to prepay $600 million principal amount of our senior term loan A due October 2024.


MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In millions, except per share amounts)

	3rd Qtr.			2nd Qtr.			3rd Qtr.
	June 1, 2023			March 2, 2023			June 2, 2022

GAAP gross margin	$	(668	)	$	(1,206	)	$	4,035
Stock-based compensation		60			41			57
Other		5			4			5
Non-GAAP gross margin	$	(603	)	$	(1,161	)	$	4,097

GAAP operating expenses	$	1,093		$	1,097		$	1,031
Stock-based compensation		(91	)		(95	)		(78	)
Restructure and asset impairments		(68	)		(86	)		—
Litigation contingency accrual		(68	)		—			—
Non-GAAP operating expenses	$	866		$	916		$	953

GAAP operating income (loss)	$	(1,761	)	$	(2,303	)	$	3,004
Stock-based compensation		151			136			135
Restructure and asset impairments		68			86			—
Litigation contingency accrual		68			—			—
Other		5			4			5
Non-GAAP operating income (loss)	$	(1,469	)	$	(2,077	)	$	3,144

GAAP net income (loss)	$	(1,896	)	$	(2,312	)	$	2,626
Stock-based compensation		151			136			135
Restructure and asset impairments		68			86			—
Litigation contingency accrual		68			—			—
Amortization of debt discount and other costs		2			4			8
Other		5			4			5
Impact of Idaho income tax reform		—			—			189
Estimated tax effects of above and other tax adjustments		37			1			(24	)
Non-GAAP net income (loss)	$	(1,565	)	$	(2,081	)	$	2,939

GAAP weighted-average common shares outstanding – Diluted		1,094			1,091			1,121
Adjustment for stock-based compensation		—			—			15
Non-GAAP weighted-average common shares outstanding – Diluted		1,094			1,091			1,136

GAAP diluted earnings (loss) per share	$	(1.73	)	$	(2.12	)	$	2.34
Effects of the above adjustments		0.30			0.21			0.25
Non-GAAP diluted earnings (loss) per share	$	(1.43	)	$	(1.91	)	$	2.59


RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued

	3rd Qtr.			2nd Qtr.			3rd Qtr.
	June 1, 2023			March 2, 2023			June 2, 2022

GAAP net cash provided by operating activities	$	24		$	343		$	3,838

Expenditures for property, plant, and equipment		(1,561	)		(2,205	)		(2,578	)
Proceeds from sales of property, plant, and equipment		34			17			39
Payments on equipment purchase contracts		(36	)		(29	)		(27	)
Amounts funded by partners		184			62			38
Investments in capital expenditures, net		(1,379	)		(2,155	)		(2,528	)
Adjusted free cash flow	$	(1,355	)	$	(1,812	)	$	1,310

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income (loss), net income (loss), diluted shares, diluted earnings (loss) per share, and adjusted free cash flow. 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 amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management routinely 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;
Employee severance;
Gains and losses from settlements;
Restructure and asset impairments;
Amortization of debt discount and other costs;
Gains and losses from debt repurchases and conversions;
Gains and losses from business acquisition activities; and
The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income (loss).


MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

FQ4-23	GAAP Outlook	Adjustments		Non-GAAP Outlook

Revenue	$3.90 billion ± $200 million	—		$3.90 billion ± $200 million
Gross margin	(12.5%) ± 2.5%	2.0%	A	(10.5%) ± 2.5%
Operating expenses	$946 million ± $15 million	$101 million	B	$845 million ± $15 million
Diluted earnings (loss) per share⁽¹⁾	($1.34) ± $0.07	$0.15	A, B, C	($1.19) ± $0.07

Non-GAAP Adjustments (in millions)

A	Stock-based compensation – cost of goods sold	$	57
A	Other – cost of goods sold		4
B	Stock-based compensation – research and development		59
B	Stock-based compensation – selling, general, and administrative		42
C	Tax effects of the above items and other tax adjustments		5
		$	167

⁽¹⁾GAAP and non-GAAP earnings (loss) per share based on approximately 1.10 billion diluted shares.

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, additional 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.

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Gupshup collaborates with Philippines’ leading Neobank Tonik, offers Generative AI chatbot to bring innovation in digital banking

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CISION (PR Newswire)

gupshup-collaborates-with-philippines’-leading-neobank-tonik,-offers-generative-ai-chatbot-to-bring-innovation-in-digital-banking

SINGAPORE and MANILA, Philippines, July 2, 2024 /PRNewswire/ — Gupshup, the world’s leading Conversation Cloud today announced its partnership with Tonik Bank, the first digital-only neobank in the Philippines, to develop a state-of-the-art Generative AI chatbot for Tonik’s mobile app. The innovative solution aims to provide Tonik’s customers with instant and accurate answers to frequently asked questions, revolutionizing the way they interact with their bank.

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Seedtag Enters Australian Market with Acquisition of JustEggs

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seedtag-enters-australian-market-with-acquisition-of-justeggs

The global contextual advertising company enters the Australian market with acquisition of JustEggs, expanding its footprint in the APAC region
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Artificial Intelligence

Hightouch Introduces Privacy-Conscious Advertising Activation for European Audiences Through EUID

Published

1 hour ago

July 2, 2024

CISION (PR Newswire)

SAN FRANCISCO, July 2, 2024 /PRNewswire/ — Hightouch, the leading Composable Customer Data Platform (CDP), enables European Unified ID (EUID) to help participating advertisers reach audiences in a privacy-conscious way across the open web.

EUID is an industry-wide identity solution pioneered by The Trade Desk, that turns email addresses into a pseudonymous identifier through sophisticated hashing and salting methods. These allow advertisers to recognize users for targeting, frequency management, and campaign measurement while providing transparency and data control to the individual user. The open-source EUID works in the browser environment, providing a reliable alternative to the third-party cookie. It also works across other digital mediums including connected TV, digital audio, and mobile apps.
Hightouch’s integration works by syncing audience segments directly from the brand, publisher, or media network’s cloud data warehouse to The Trade Desk. When participating Hightouch customers create audience segments for digital campaigns, they can activate EUIDs directly within The Trade Desk platform for targeting, frequency management, and measurement. Benefits of Hightouch’s integration between the data warehouse and The Trade Desk include:
Universal opt-outs: Clients can apply field-level governance filters to prevent opted-out IDs from being shared with The Trade Desk.Regional Data Processing: In-transit data is processed using the appropriate regional data center, preventing the movement of data across borders and ensuring regional compliance.Enhanced Addressability: Once data is transferred, advertisers can activate EUID to reach larger addressable audiences across Europe in a privacy-conscious way.Stu Colman, Senior European Director of Identity at The Trade Desk, comments: “The increasing fragmentation in media consumption coupled with the pending deprecation of third-party cookies has pushed advertisers to view identity more holistically across all digital channels, including the web, mobile apps, connected TV and digital audio. Industry-wide identity currencies like EUID provide a significant and overdue upgrade to identity, thereby delivering more precision in targeting, frequency management, and measurement. Hightouch provides its clients with a simple and direct way to activate this new currency so they can benefit from the increased efficiency of their digital advertising on the open internet.”
About HightouchHightouch is the leading Composable CDP that empowers companies to activate their data warehouse to power personalized marketing and business operations. Trusted by leading organizations like PetSmart, Warner Music Group, Calendly, Spotify, and GameStop, Hightouch enables anyone to deliver personalized customer experiences, optimize performance marketing, and move faster by leveraging data across their organization. https://hightouch.com/
About The Trade DeskThe Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe, and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, Twitter, LinkedIn and YouTube.
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