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

Mar 25, 2020 • 04:30 pm ET

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

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Executive
Sanjay Mehrotra

globe. These recent weeks have placed unforeseen challenges on businesses, but more importantly on people and families. Micron's team has responded with professionalism and care during this period, and our team members are the reason we can execute our business plan and deliver the strong results we have reported today.

To assist during this period, we are offering US team members earning less than $100,000 per year a special one-time payment of $1,000. These figures are adjusted for market rates worldwide and 68% of our global team is eligible. In addition, we are establishing an emergency relief fund for employees facing financial hardship.

We are also focused on assisting the communities in which we operate through this difficult time. As part of that effort, we are contributing an additional $10 million through the Micron Foundation to address the impact of COVID-19 on top of what we have already donated in China, Italy, and the U.S. We are also working with local officials to make space in our facilities available if needed for emergency services as well as providing support through our supply chain operations to help source needed screening and protective equipment. Finally, we are accelerating our payment terms to our small business vendors to help with their liquidity. I've said many times that the new Micron is stronger than ever and we are showing that strength today. Micron is leveraging our core expertise to drive leadership in technology, products, and manufacturing delivering differentiated solutions that enrich life for end customers around the world. While the near-term environment creates uncertainty for all of us in our daily lives, the long-term fundamentals of our industry are strengthening and opportunities are expanding. With these opportunities in front of us, we will continue to execute with tenacity and resilience as we make demonstrable progress towards our vision. We will now open for questions.