01—Abstract
Summary
Summary of the 10-Q/A filed September 8, 2016. Cited figures are marked; the original filing is the authoritative source.
This 10-Q/A filing from Micron Technology Inc. (MU) for the period ending March 2, 2016, primarily serves as an amendment to a previously filed report.
The core of this amendment lies in the exhibit list, which reveals significant strategic agreements and corporate structure updates. Key among these are agreements related to Inotera Memories, Inc. and Nanya Technology Corporation, including a Share Swap Agreement and Technology Transfer and License Option Agreements for advanced process nodes (1X and 1Y).
These agreements suggest potential consolidation, technology sharing, or strategic partnerships aimed at enhancing Micron's technological capabilities and market position in the competitive semiconductor landscape. Investors should pay close attention to the implications of these agreements on future product development, manufacturing efficiency, and overall financial performance.
02—Key points
Key Highlights
- Amendment to a previously filed 10-Q report for the period ending March 2, 2016.
- Key exhibits include a 2016 Share Swap Agreement involving Micron Technology B.V., Micron Semiconductor Taiwan Co. Ltd., and Inotera Memories, Inc., indicating potential strategic consolidation or integration.
- Significant technology agreements with Nanya Technology Corporation are disclosed, including options for technology transfer related to the 1X and 1Y process nodes, suggesting future innovation and collaboration.
- The filing includes a Form of Voting and Support Agreement related to Nanya Technology Corporation, further underscoring a strategic relationship.
- An amendment to the existing operating agreement with Intel Corporation (Exhibit 10.59) is also listed, implying ongoing collaboration and potential adjustments to their joint ventures or strategic initiatives.
- The report includes standard certifications from the CEO and CFO, as well as XBRL financial data, ensuring transparency and compliance.
- Some exhibit portions related to technology agreements are omitted pursuant to a request for confidential treatment, which is common for sensitive intellectual property and business arrangements.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q3 FY2016, Micron Technology Inc lost $0.07.
- Revenue$2.90B100.0%
- Cost of revenue−$2.40B82.8%
- Gross profit$498.0M17.2%
- Operating costs−$525.0M18.1%
- Operating income−$27.0M0.9%
- Interest, other & tax−$188.0M6.5%
- Net income−$215.0M7.4%
04—Financials
Financial Highlights
Figures from 10-Q/AQ3 FY2016filed September 8, 2016Financial Statements
Q3 FY2016 against Q3 FY2015
| Line item | Q3 FY2016Q3 FY2015 | Change |
|---|---|---|
| Revenue | $2.90B$3.85B | −24.8% |
| Cost of Revenue | $2.40B$2.65B | −9.5% |
| Gross Profit | $498.00M$1.20B | −58.6% |
| R&D Expenses | $382.00M$406.00M | −5.9% |
| SG&A Expenses | $148.00M$169.00M | −12.4% |
| Operating Income | -$27.00M$631.00M | −104.3% |
| Interest Expense | $109.00M$97.00M | +12.4% |
| Net Income | -$215.00M$491.00M | −143.8% |
| EPS (Basic) | $-0.21$0.46 | −145.7% |
| EPS (Diluted) | $-0.21$0.42 | −150.0% |
| Shares Outstanding (Basic) | 1.04B1.07B | −3.4% |
| Shares Outstanding (Diluted) | 1.04B1.17B | −11.5% |
05—Questions
Frequently Asked Questions
What is the main purpose of this 10-Q/A filing?
This filing is an amendment to a previously submitted 10-Q report for the period ending March 2, 2016. The primary focus of the amendment is the disclosure of various exhibits that detail significant strategic agreements and corporate actions.
What are the key strategic agreements mentioned in the exhibits?
The filing highlights a 2016 Share Swap Agreement with Inotera Memories, Inc., and technology transfer/license option agreements for the 1X and 1Y process nodes with Nanya Technology Corporation. An amendment to the operating agreement with Intel Corporation is also noted.
What is the significance of the agreements with Inotera Memories and Nanya Technology for investors?
These agreements suggest potential consolidation, strategic partnerships, or significant technology sharing initiatives. The Inotera agreement could lead to greater integration, while the Nanya agreements indicate efforts to advance Micron's manufacturing technology for future product generations. These are crucial for understanding Micron's competitive positioning and long-term growth strategy.
Why are some parts of the exhibits omitted or marked as confidential?
Portions of certain exhibits, particularly the technology transfer agreements, are omitted due to a request for confidential treatment. This is standard practice for sensitive information such as intellectual property, trade secrets, and specific commercial terms that companies wish to protect from competitors.
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