Micron Technology, Inc. (NASDAQ:MU) Q2 2020 Earnings Conference Call - Final Transcript

Mar 25, 2020 • 04:30 pm ET


Micron Technology, Inc. (NASDAQ:MU) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to Micron Technologies Fiscal Second Quarter 2020 Financial Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your host, Head of Investor Relations at Micron Technologies, Farhan Ahmad. Sir, please go ahead.

Farhan Ahmad

Thank you and welcome to Micron Technologies Fiscal Second Quarter 2020 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 can 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 current information on the Company, including information on the various financial conferences that we will be attending. You can follow us on Twitter at MicronTech.

As a reminder, the matters we will be discussing today include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from statements made today. We refer you to the documents we file with the SEC, specifically our most recent Form 10-K and 10-Q, for a discussion of risks that may affect our future results. 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 after today's date to conform these statements to actual results. I'll now turn the call over to Sanjay.

Sanjay Mehrotra

Thank you, Farhan. Good afternoon. I hope all of you and your families are safe. These are unprecedented times, and I'm calling from home today. In Micron's fiscal second quarter, we delivered strong results, including revenue at the high end of our guided range, even as the COVID-19 crisis began to unfold halfway through our quarter. We have now achieved positive free cash flow for 13 consecutive quarters. This performance represents a marked improvement from historical cycles and is evidence of the strength of the new Micron.

The emergence of the COVID-19 pandemic has created both operational challenges and macroeconomic concerns. Micron has more than 37,000 team members in 18 countries around the world. Since the earliest signs of the outbreak in China, we have taken proactive measures to safeguard our employees.

Where possible, Micron employees are working from home, and we have suspended all local and international business travel globally. We implemented health screenings