Micron Technology, Inc. (NASDAQ:MU) Q4 2020 Earnings Conference Call - Final Transcript

Sep 29, 2020 • 04:30 pm ET

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Micron Technology, Inc. (NASDAQ:MU) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, my name is Sherrie and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron's Fourth Quarter 2020 Financial Release Conference Call. [Operator Instructions] Thank you.

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.

Executive
Farhan Ahmad

Thank you, and welcome to Micron Technology's fiscal fourth 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 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 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 may 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.

Executive
Sanjay Mehrotra

Thank you, Farhan. Good afternoon, everyone. Micron delivered solid fiscal fourth quarter revenue and profitability, driven by strength in DRAM shipments to cloud, PC and game console customers. As I reflect on the fiscal year 2020 accomplishments, I am extremely proud of our Micron Team, whose dedication and tenacity enabled the New Micron to deliver customer value and healthy financial results throughout fiscal 2020. In DRAM, we introduced the industry's first 1z nanometer node. We were first to market with mobile LP5 products and shattered industry performance records with our graphics GDDR6X innovation. In NAND, we began shipping our first replacement gate-based products and drove significant increases in our QLC mix. In addition, in fiscal Q4 we already achieved our high value solutions mix target. We are entering fiscal 2021 with momentum in our product portfolio and confidence in our technology roadmap and manufacturing capabilities.

This year, COVID-19 presented a real-life stress test of the New Micron's resilience. Thanks in large