BOISE, Idaho, June 26, 2024 (GLOBE NEWSWIRE) — Micron Know-how, Inc. (Nasdaq: MU) right this moment introduced outcomes for its third quarter of fiscal 2024, which ended Could 30, 2024. Fiscal Q3 2024 highlights Income of $6.81 billion versus $5.82 billion for the prior quarter and $3.75 billion for a similar interval final 12 months GAAP web revenue of $332 million, or $0.30 per diluted shareNon-GAAP web revenue of $702 million, or $0.62 per diluted shareOperating money move of $2.48 billion versus $1.22 billion for the prior quarter and $24 million for a similar interval final 12 months “Strong AI demand and robust execution enabled Micron to drive 17% sequential income development, exceeding our steering vary in fiscal Q3,” mentioned Sanjay Mehrotra, President and CEO of Micron Know-how. “We’re gaining share in high-margin merchandise like Excessive Bandwidth Reminiscence (HBM), and our information heart SSD income hit a file excessive, demonstrating the power of our AI product portfolio throughout DRAM and NAND. We’re excited concerning the increasing AI-driven alternatives forward, and are nicely positioned to ship a considerable income file in fiscal 2025.” Quarterly Monetary Outcomes(in thousands and thousands, besides per share quantities)GAAP(1) Non-GAAP(2)FQ3-24FQ2-24FQ3-23 FQ3-24FQ2-24FQ3-23 Income$6,811 $5,824 $3,752 $6,811 $5,824 $3,752 Gross margin 1,832 1,079 (668) 1,917 1,163 (603)p.c of income 26.9% 18.5% (17.8%) 28.1% 20.0% (16.1%)Working bills 1,113 888 1,093 976 959 866 Working revenue (loss) 719 191 (1,761) 941 204 (1,469)p.c of income 10.6% 3.3% (46.9%) 13.8% 3.5% (39.2%)Internet revenue (loss) 332 793 (1,896) 702 476 (1,565)Diluted earnings (loss) per share 0.30 0.71 (1.73) 0.62 0.42 (1.43) Investments in capital expenditures, web(2) have been $2.06 billion for the third quarter of 2024, which resulted in adjusted free money flows(2) of $425 million. Micron ended the third quarter of 2024 with money, marketable investments, and restricted money of $9.22 billion. On June 26, 2024, Micron’s Board of Administrators declared a quarterly dividend of $0.115 per share, payable in money on July 23, 2024, to shareholders of file as of the shut of enterprise on July 8, 2024. Enterprise Outlook The next desk presents Micron’s steering for the fourth quarter of 2024: FQ4-24GAAP(1) OutlookNon-GAAP(2) Outlook Income$7.60 billion ± $200 million$7.60 billion ± $200 millionGross margin33.5% ± 1.0percent34.5% ± 1.0percentOperating bills$1.19 billion ± $15 million$1.06 billion ± $15 millionDiluted earnings per share$0.61 ± $0.08$1.08 ± $0.08 Additional data relating to Micron’s enterprise outlook is included within the ready remarks and slides, which have been posted at traders.micron.com. Investor Webcast Micron will host a convention name on Wednesday, June 26, 2024 at 2:30 p.m. Mountain Time to debate its third quarter monetary outcomes and supply forward-looking steering for its fourth quarter. A dwell webcast of the decision can be obtainable on-line at traders.micron.com. A webcast replay can be obtainable for one 12 months after the decision. For Investor Relations and different firm updates, comply with us on X @MicronTech. About Micron Know-how, 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 give attention to our clients, know-how management, and 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. On daily basis, the improvements that our individuals create gasoline 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 consumer and cell consumer expertise. To be taught extra about Micron Know-how, Inc. (Nasdaq: MU), go to micron.com. © 2024 Micron Know-how, Inc. All rights reserved. Micron, the Micron emblem, and all different Micron emblems are the property of Micron Know-how, 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 place, know-how traits and developments together with synthetic intelligence, market demand, and our monetary and working outcomes, together with our steering for the fourth quarter of 2024. These forward-looking statements are topic to quite a few dangers and uncertainties that might trigger precise outcomes to vary materially. Please consult with the paperwork we file with the Securities and Change Fee, together with our most up-to-date Kind 10-Ok and Kind 10-Q. These paperwork comprise and establish necessary elements that might trigger our precise outcomes to vary materially from these contained in these forward-looking statements. These sure elements will be discovered at traders.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 underneath no obligation 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 impression of sure actions, which administration excludes in analyzing our working outcomes and understanding traits in our earnings, adjusted free money move, 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) third Qtr.2nd Qtr.third Qtr.9 months ended Could 30,2024February 29,2024June 1,2023May 30,2024June 1,2023 Income$6,811 $5,824 $3,752 $17,361 $11,530 Price of products bought 4,979 4,745 4,420 14,485 12,511 Gross margin 1,832 1,079 (668) 2,876 (981) Analysis and growth 850 832 758 2,527 2,395 Promoting, basic, and administrative 291 280 219 834 701 Restructure and asset impairments — — 68 — 167 Different working (revenue) expense, web (28) (224) 48 (267) 29 Working revenue (loss) 719 191 (1,761) (218) (4,273) Curiosity revenue 136 130 127 398 334 Curiosity expense (150) (144) (119) (426) (259)Different non-operating revenue (expense), web 10 (7) — (24) (2) 715 170 (1,753) (270) (4,200) Revenue tax (provision) profit (377) 622 (139) 172 (201)Fairness in web revenue (loss) of fairness technique investees (6) 1 (4) (11) (2)Internet revenue (loss)$332 $793 $(1,896)$(109)$(4,403) Earnings (loss) per share Primary$0.30 $0.72 $(1.73)$(0.10)$(4.03)Diluted 0.30 0.71 (1.73) (0.10) (4.03) Variety of shares utilized in per share calculations Primary 1,107 1,104 1,094 1,104 1,092 Diluted 1,123 1,114 1,094 1,104 1,092 MICRON TECHNOLOGY, INC.CONSOLIDATED BALANCE SHEETS(In thousands and thousands)(Unaudited)As ofMay 30,2024February 29,2024August 31,2023 Property Money and equivalents$7,594 $8,016 $8,577 Brief-term investments 785 990 1,017 Receivables 5,131 4,296 2,443 Inventories 8,512 8,443 8,387 Different present belongings 1,297 1,690 820 Complete present belongings 23,319 23,435 21,244 Lengthy-term marketable investments 775 627 844 Property, plant, and gear 37,926 37,587 37,928 Working lease right-of-use belongings 660 642 666 Intangible belongings 413 414 404 Deferred tax belongings 597 664 756 Goodwill 1,150 1,150 1,150 Different noncurrent belongings 1,415 1,199 1,262 Complete belongings$66,255 $65,718 $64,254 Liabilities and fairness Accounts payable and accrued bills$5,145 $4,680 $3,958 Present debt 398 344 278 Different present liabilities 1,297 1,235 529 Complete present liabilities 6,840 6,259 4,765 Lengthy-term debt 12,860 13,378 13,052 Noncurrent working lease liabilities 609 593 603 Noncurrent unearned authorities incentives 672 662 727 Different noncurrent liabilities 1,049 956 987 Complete liabilities 22,030 21,848 20,134 Commitments and contingencies Shareholders’ fairness Widespread inventory 125 125 124 Extra capital 11,794 11,564 11,036 Retained earnings 40,169 39,997 40,824 Treasury inventory (7,552) (7,552) (7,552)Collected different complete revenue (loss) (311) (264) (312)Complete fairness 44,225 43,870 44,120 Complete liabilities and fairness$66,255 $65,718 $64,254 MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands and thousands)(Unaudited)9 months endedMay 30,2024June 1,2023 Money flows from working actions Internet revenue (loss)$(109)$(4,403)Changes to reconcile web revenue (loss) to web money offered by working actions: Depreciation expense and amortization of intangible belongings 5,794 5,819 Inventory-based compensation 620 448 Provision to write-down inventories to web realizable worth — 1,831 Change in working belongings and liabilities: Receivables (2,562) 2,728 Inventories (125) (3,406)Different present belongings (435) (35)Accounts payable and accrued bills 846 (1,113)Different present liabilities 769 (677)Different 304 118 Internet money offered by working actions 5,102 1,310 Money flows from investing actions Expenditures for property, plant, and gear (5,266) (6,215)Purchases of available-for-sale securities (1,110) (496)Proceeds from maturities and gross sales of available-for-sale securities 1,433 1,192 Proceeds from authorities incentives 267 248 Different (35) (90)Internet money offered by (used for) investing actions (4,711) (5,361) Money flows from financing actions Repayments of debt (1,816) (706)Funds of dividends to shareholders (384) (378)Funds on gear buy contracts (127) (112)Repurchases of widespread inventory – repurchase program — (425)Proceeds from issuance of debt 999 6,716 Different (40) — Internet money offered by (used for) financing actions (1,368) 5,095 Impact of adjustments in forex change charges on money, money equivalents, and restricted money (15) (13) Internet enhance (lower) in money, money equivalents, and restricted money (992) 1,031 Money, money equivalents, and restricted money at starting of interval 8,656 8,339 Money, money equivalents, and restricted money at finish of interval$7,664 $9,370 MICRON TECHNOLOGY, INC.NOTES (Unaudited)(All tabular quantities in thousands and thousands) Inventories In 2023, we recorded expenses of $1.83 billion to value of products bought to write down down the carrying worth of labor in course of and completed items inventories to their estimated web realizable worth (“NRV”). The impression of stock NRV write-downs for every interval displays (1) stock write-downs in that interval, offset by (2) decrease prices in that interval on the sale of stock written down in prior intervals. The impacts of stock NRV write-downs are summarized beneath: third Qtr.2nd Qtr.third Qtr.9 months ended Could 30,2024February 29,2024June 1,2023May 30,2024June 1,2023 Provision to write down down stock to NRV$—$—$(401)$—$(1,831)Decrease prices from sale of stock written down in prior intervals — 382 281 987 281 $—$382$(120)$987$(1,550) Revenue Tax Within the first quarter of 2024, our tax expense was based mostly on precise outcomes for jurisdictions the place small adjustments in our projected pre-tax revenue would have induced vital adjustments within the estimated annual efficient tax fee. With our improved fiscal 2024 outlook, we have been in a position to estimate a extra dependable annual efficient tax fee and have reverted to a worldwide annual efficient tax fee technique for all jurisdictions starting within the second quarter of 2024. MICRON TECHNOLOGY, INC.RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In thousands and thousands, besides per share quantities) third Qtr.2nd Qtr.third Qtr. Could 30,2024February 29,2024June 1,2023 GAAP gross margin$1,832 $1,079 $(668)Inventory-based compensation 80 80 60 Different 5 4 5 Non-GAAP gross margin$1,917 $1,163 $(603) GAAP working bills$1,113 $888 $1,093 Inventory-based compensation (137) (129) (91)Restructure and asset impairments — — (68)Patent cross-license settlement acquire — 200 — Litigation settlement — — (68)Non-GAAP working bills$976 $959 $866 GAAP working revenue (loss)$719 $191 $(1,761)Inventory-based compensation 217 209 151 Restructure and asset impairments — — 68 Patent cross-license settlement acquire — (200) — Litigation settlement — — 68 Different 5 4 5 Non-GAAP working revenue (loss)$941 $204 $(1,469) GAAP web revenue (loss)$332 $793 $(1,896)Inventory-based compensation 217 209 151 Restructure and asset impairments — — 68 Patent cross-license settlement acquire — (200) — Litigation settlement — — 68 Different 3 2 7 Estimated tax results of above and different tax changes(1) 150 (328) 37 Non-GAAP web revenue (loss)$702 $476 $(1,565) GAAP weighted-average widespread shares excellent – Diluted 1,123 1,114 1,094 Adjustment for stock-based compensation 13 20 — Non-GAAP weighted-average widespread shares excellent – Diluted 1,136 1,134 1,094 GAAP diluted earnings (loss) per share$0.30 $0.71 $(1.73)Results of the above changes 0.32 (0.29) 0.30 Non-GAAP diluted earnings (loss) per share$0.62 $0.42 $(1.43) (1)The second fiscal quarter tax profit arose from making use of our estimated annual efficient tax fee to our year-to-date outcomes. A portion of this profit is included in our non-GAAP web revenue, with a bigger profit in our GAAP web revenue. The divergence between the GAAP and non-GAAP tax pertains to the distinction in our GAAP and non-GAAP estimated annual efficient tax charges, that are computed individually. RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued third Qtr.2nd Qtr.third Qtr. Could 30,2024February 29,2024June 1,2023 GAAP web money offered by working actions$2,482 $1,219 $24 Expenditures for property, plant, and gear (2,086) (1,384) (1,561)Funds on gear buy contracts (45) (26) (36)Proceeds from gross sales of property, plant, and gear 41 13 34 Proceeds from authorities incentives 33 149 184 Investments in capital expenditures, web (2,057) (1,248) (1,379)Adjusted free money move$425 $(29)$(1,355) The tables above reconcile GAAP to non-GAAP measures of gross margin, working bills, working revenue (loss), web revenue (loss), diluted shares, diluted earnings (loss) per share, and adjusted free money move. 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 imagine this non-GAAP data is useful in understanding traits and in analyzing our working outcomes and earnings. We’re offering this data to traders to help in performing evaluation of our working outcomes. When evaluating efficiency and making choices on learn how to allocate our assets, administration makes use of this non-GAAP data and believes traders ought to have entry to comparable information when making their funding choices. We imagine these non-GAAP monetary measures enhance transparency by offering traders 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 subsequently might not be corresponding to quantities reported by different corporations. Our administration excludes the next gadgets in analyzing our working outcomes and understanding traits in our earnings: Inventory-based compensation;Positive aspects and losses from settlements;Restructure and asset impairments; andThe estimated tax results of above, non-cash adjustments in web deferred revenue taxes, assessments of tax exposures, sure tax issues associated to prior fiscal intervals, and vital adjustments in tax regulation. Non-GAAP diluted shares are adjusted for the impression of extra shares ensuing from the exclusion of stock-based compensation from non-GAAP revenue (loss). MICRON TECHNOLOGY, INC.RECONCILIATION OF GAAP TO NON-GAAP OUTLOOKFQ4-24 GAAP Outlook Changes Non-GAAP Outlook Income$7.60 billion ± $200 million — $7.60 billion ± $200 millionGross margin33.5% ± 1.0% 1.0% A 34.5% ± 1.0percentOperating bills$1.19 billion ± $15 million $125 million B $1.06 billion ± $15 millionDiluted earnings per share(1)$0.61 ± $0.08 $0.47 A, B, C $1.08 ± $0.08 Non-GAAP Changes(in thousands and thousands) AStock-based compensation – value of products bought $84AOther – value of products bought 4BStock-based compensation – analysis and growth 77BStock-based compensation – gross sales, basic, and administrative 48CTax results of the above gadgets and different tax changes 315 $528 (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 impression of any potential enterprise combos, divestitures, extra restructuring actions, stability sheet valuation changes, strategic investments, financing transactions, and different vital transactions. The timing and impression of such gadgets are depending on future occasions which may be unsure or exterior of our management.