Micron Technology, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Micron delivered its second-highest quarterly revenue in company history at approximately $8.3B, up 11% quarter-over-quarter and 37% year-over-year (noting FY20’s 14-week quarter).
  • Gross margin rose to 47.9%, up 500 bps from Q3 (42.9%) and significantly above the prior year (approx. 40%).
  • Operating margin reached 37%, compared with 32% in Q3 and 21% in the prior year.
  • Non-GAAP EPS of $2.42 grew from $1.88 in Q3 and $1.08 a year earlier.
  • Free cash flow reached $1.9B in Q4 and $2.8B for FY21.
  • FY21 revenue totaled $27.7B, up 29% YoY.

Business & Segment Highlights

DRAM
  • DRAM revenue: $6.1B (74% of total), up 12% QoQ and 39% YoY.
  • Bit shipments: up low single digits QoQ; ASPs up high single digits.
  • FY21 DRAM revenue: $20B (up 38% YoY).
  • Strong ramp of advanced nodes: 1-alpha DRAM now represents the majority of DRAM bit production.
NAND
  • NAND revenue: record $2B (24% of total), up 9% QoQ and 29% YoY.
  • Bit shipments: up low single digits QoQ; ASPs up mid-single digits.
  • 176-layer NAND expected to be majority of NAND bit production by year-end.
  • FY21 NAND revenue: $7B, up 14% YoY.
End Markets

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Latif Masud: Good afternoon. My name is Latif, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron's Fourth Quarter 2021 financial release conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer period. If you would like to ask a question during this time [Instructor Instructions]. [Operator Instructions]. Thanks. It is now my pleasure to turn the floor over to your host, Farhan Ahmad, Vice President of Investor Relations. You may begin your conference. Farhan Ahmad: Thank you, And welcome to Micron Technology's fiscal fourth-quarter 2021 financial conference call. On the call with me, today are Sanjay Mehrotra, President, and CEO, and Dave Zinsner, Chief Financial Officer. Today's call will be approximately 60 minutes in length. This call, including the audio and slides, is also being webcast from our Investor Relations website at investors.micron.com. In addition, our website contains the earnings press release, and the prepared remarks filed a short while ago. Today's discussion of financial results will be presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures may be found on our website. As a reminder, a webcast replay will be available on our website later today. We encourage you to monitor our website at micron.com throughout the quarter for the most cu

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