Micron Technology Inc (MU) 10K Annual Reports & 10Q SEC Filings

BOISE, Idaho, September 29, 2022 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2022, which ended September 1, 2022.

Fiscal Q4 2022 highlights

•Revenue of $6.64 billion versus $8.64 billion for the prior quarter and $8.27 billion for the same period last year

•GAAP net income of $1.49 billion, or $1.35 per diluted share

•Non-GAAP net income of $1.62 billion, or $1.45 per diluted share

•Operating cash flow of $3.78 billion versus $3.84 billion for the prior quarter and $3.88 billion for the same period last year

Fiscal 2022 highlights

•Revenue of $30.76 billion versus $27.71 billion for the prior year

•GAAP net income of $8.69 billion, or $7.75 per diluted share

•Non-GAAP net income of $9.48 billion, or $8.35 per diluted share

•Operating cash flow of $15.18 billion versus $12.47 billion for the prior year

“In fiscal 2022, Micron generated record revenue of $30.8 billion and delivered our sixth consecutive year of positive free cash flow, allowing us to return a record $2.9 billion to our shareholders,” said Micron Technology President and CEO Sanjay Mehrotra. “Our technology and manufacturing leadership in both DRAM and NAND, deep customer relationships, diverse product portfolio, and strong balance sheet put Micron on solid footing to navigate the weakened near-term supply-demand environment. We are taking decisive steps to reduce our supply growth including a nearly 50% wafer fab equipment capex cut versus last year, and we expect to emerge from this downcycle well positioned to capitalize on the long-term demand for memory and storage.”


Quarterly Financial Results
(in millions, except per share amounts)	GAAP(1)									Non-GAAP(2)
	FQ4-22			FQ3-22			FQ4-21			FQ4-22			FQ3-22			FQ4-21

Revenue	$	6,643		$	8,642		$	8,274		$	6,643		$	8,642		$	8,274
Gross margin	2,622			4,035			3,912			2,676			4,097			3,964
percent of revenue	39.5		%	46.7		%	47.3		%	40.3		%	47.4		%	47.9		%
Operating expenses	1,101			1,031			957			1,014			953			891
Operating income	1,521			3,004			2,955			1,662			3,144			3,073
percent of revenue	22.9		%	34.8		%	35.7		%	25.0		%	36.4		%	37.1		%
Net income	1,492			2,626			2,720			1,621			2,939			2,778
Diluted earnings per share	1.35			2.34			2.39			1.45			2.59			2.42

The following information was filed by Micron Technology Inc (MU) on Thursday, September 29, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Micron Technology Inc's 10-K Annual Report:

Financial - Expense Highlight
Various tax reforms are being considered in multiple jurisdictions that, if enacted, contain provisions that could increase our tax expense.

Revenue - Product Highlight
EBU revenue increased 53% primarily due to increases in bit shipments driven by strong demand growth in automotive, industrial, and consumer markets and improved pricing in industrial and consumer markets.
Revenue - Product Highlight
In the fourth quarter of 2022, the memory and storage industry environment deteriorated sharply due to global and macroeconomic challenges combined with downward inventory adjustments by customers, leading to significant reductions in bit shipments and average selling prices for both DRAM and NAND resulting in a 23% decline in revenue as compared to the third quarter of 2022.
Financial - Expense Highlight
Selling, General, and Administrative: SG&A expenses for 2022 were 19% higher as compared to 2021 primarily due to increases in employee compensation, professional services, and legal fees.
Financial - Earnings Highlight
Our consolidated gross margin percentage declined to 39% in the fourth quarter of 2022 from 47% in the third quarter of 2022 and we expect that in the first quarter of 2023 the percentage will decline further due to decreases in average selling prices as a result of the challenging industry environment for memory and storage products.
Revenue - Product
Sales of NAND products increased...Read more
Revenue - Product
EBU revenue increased 24% primarily...Read more
Financial - Expense
Underutilization costs at MTU declined...Read more
Financial - Expense
Manufacturing cost reductions were driven...Read more
Financial - Earnings
Consolidated Gross Margin: Our consolidated...Read more
Revenue - Product
These estimates and assumptions include...Read more
Financial - Income
EBU operating income increased primarily...Read more
Revenue - Product
Changes in revenue for each...Read more
Other - Other
Cash generated from operations is...Read more
Financial - Expense
These changes resulted in a...Read more
Revenue - Product
Changes in revenue for each...Read more
Other - Other
Our Board of Directors has...Read more
Other - Other
As part of this plan,...Read more
Revenue - Product
SBU revenue increased 15% primarily...Read more
Revenue - Product
Total revenue for 2021 increased...Read more
Financial - Earnings
The increase in cash provided...Read more
Revenue - Product
Sales of DRAM products increased...Read more
Revenue - Product
Results of Operations Consolidated Results...Read more
Financial - Earnings
The increase in cash provided...Read more
Financial - Expense
Effective as of the beginning...Read more
Financial - Expense
Effective as of the beginning...Read more
Revenue - Product
Sales of DRAM products increased...Read more
Other - Other
To address our elevated inventory...Read more
Revenue - Product
Differences between the estimated and...Read more
Revenue - Product
MBU revenue increased 26% primarily...Read more
Financial - Dividend
On September 29, 2022, our...Read more
Financial - Expense
Concurrently, as of the beginning...Read more
Financial - Expense
R&D expenses for 2021 increased...Read more
Financial - Expense
As a result, the timing...Read more
Financial - Expense
We review the major characteristics...Read more
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U.S. GAAP provides for products...Read more
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We also review the carrying...Read more
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Determining net realizable value of...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Micron Technology Inc provided additional information to their SEC Filing as exhibits

Exhibit 4.12: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.11: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: MU
CIK: 723125
Form Type: 10-K Annual Report
Accession Number: 0000723125-22-000048
Submitted to the SEC: Fri Oct 07 2022 2:57:09 PM EST
Accepted by the SEC: Fri Oct 07 2022
Period: Thursday, September 1, 2022
Industry: Semiconductors And Related Devices

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Micron Technology Inc (MU) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, September 1, 2022

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