Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2021 - HPCwire

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BOISE, Idaho, Sept. 29, 2021 — Micron Technology, Inc. announced results for its fourth quarter and full year of fiscal 2021, which ended Sept. 2, 2021.

Fiscal Q4 2021 highlights

• Revenue of $8.27 billion versus $7.42 billion for the prior quarter and $6.06 billion for the same period last year
• GAAP net income of $2.72 billion, or $2.39 per diluted share
• Non-GAAP net income of $2.78 billion, or $2.42 per diluted share
• Operating cash flow of $3.88 billion versus $3.56 billion for the prior quarter and $2.27 billion for the same period last year

Fiscal 2021 highlights

• Revenue of $27.71 billion versus $21.44 billion for the prior year
• GAAP net income of $5.86 billion, or $5.14 per diluted share
• Non-GAAP net income of $6.98 billion, or $6.06 per diluted share
• Operating cash flow of $12.47 billion versus $8.31 billion for the prior year

“Micron’s outstanding fourth quarter execution capped a year of several key milestones,” said Micron Technology President and CEO Sanjay Mehrotra. “In fiscal 2021, we established DRAM and NAND technology leadership, drove record revenues across multiple markets, and initiated a quarterly dividend. The demand outlook for 2022 is strong, and Micron is delivering innovative solutions to our customers, fueling our long-term growth.”

Quarterly Financial Results

	GAAP(1)										Non-GAAP(2)
(in millions, except per share amounts)	FQ4-21			FQ3-21			FQ4-20				FQ4-21			FQ3-21			FQ4-20
Revenue	$	8,274		$	7,422		$	6,056			$	8,274		$	7,422		$	6,056
Gross margin		3,912			3,126			2,068				3,964			3,185			2,111
percent of revenue		47.3	%		42.1	%		34.1	%			47.9	%		42.9	%		34.9	%
Operating expenses		957			1,327			911				891			821			809
Operating income		2,955			1,799			1,157				3,073			2,364			1,302
percent of revenue		35.7	%		24.2	%		19.1	%			37.1	%		31.9	%		21.5	%
Net income attributable to Micron		2,720			1,735			988				2,778			2,173			1,229
Diluted earnings per share		2.39			1.52			0.87				2.42			1.88			1.08

Annual Financial Results

	GAAP(1)							Non-GAAP(2)
(in millions, except per share amounts)	FY 21			FY 20				FY 21			FY 20
Revenue	$	27,705		$	21,435			$	27,705		$	21,435
Gross margin		10,423			6,552				10,987			6,718
percent of revenue		37.6	%		30.6	%			39.7	%		31.3	%
Operating expenses		4,140			3,549				3,320			3,299
Operating income		6,283			3,003				7,667			3,419
percent of revenue		22.7	%		14.0	%			27.7	%		16.0	%
Net income attributable to Micron		5,861			2,687				6,976			3,235
Diluted earnings per share		5.14			2.37				6.06			2.83

Investments in capital expenditures, net⁽²⁾ were $2.01 billion for the fourth quarter of 2021 and $9.72 billion for the full year of 2021, which resulted in adjusted free cash flows⁽²⁾ of $1.88 billion for the fourth quarter of 2021 and $2.75 billion for the full year of 2021. Micron repurchased approximately 13.9 million shares of its common stock for $1.05 billion during the fourth quarter of 2021 and 15.6 million shares of its common stock for $1.20 billion during the full year of 2021 and ended the year with cash, marketable investments, and restricted cash of $10.46 billion, for a net cash⁽²⁾ position of $3.69 billion.

Business Outlook

The following table presents Micron’s guidance for the first quarter of 2022:

FQ1-22	GAAP(1) Outlook	Non-GAAP(2) Outlook
Revenue	$7.65 billion ± $200 million	$7.65 billion ± $200 million
Gross margin	46.0% ± 1%	47.0% ± 1%
Operating expenses	$986 million ± $25 million	$915 million ± $25 million
Diluted earnings per share	$2.00 ± $0.10	$2.10 ± $0.10

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

⁽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, net cash, 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.

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., visit micron.com.

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Source: Micron Technology, Inc.

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