| Annual Financial Results | |||||||||||||
| (in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||
| FY 20 | FY 19 | FY 20 | FY 19 | ||||||||||
| Revenue | $ | 21,435 | $ | 23,406 | $ | 21,435 | $ | 23,406 | |||||
| Gross margin | 6,552 | 10,702 | 6,718 | 10,973 | |||||||||
| percent of revenue | 30.6 | % | 45.7 | % | 31.3 | % | 46.9 | % | |||||
| Operating expenses | 3,549 | 3,326 | 3,299 | 3,172 | |||||||||
| Operating income | 3,003 | 7,376 | 3,419 | 7,801 | |||||||||
| percent of revenue | 14.0 | % | 31.5 | % | 16.0 | % | 33.3 | % | |||||
| Net income attributable to Micron | 2,687 | 6,313 | 3,235 | 7,314 | |||||||||
| Diluted earnings per share | 2.37 | 5.51 | 2.83 | 6.35 | |||||||||
Investments in capital expenditures, net(2) were $2.16 billion for the fourth quarter of 2020 and $7.95 billion for the full year of 2020, which resulted in adjusted free cash flows(2) of $111 million for the fourth quarter of 2020 and $361 million for the full year of 2020. Micron repurchased approximately 824,000 shares of its common stock for $41 million during the fourth quarter of 2020 and 3.6 million shares of its common stock for $176 million during the full year of 2020 and ended the year with cash, marketable investments, and restricted cash of $9.26 billion, for a net cash(2) position of $2.61 billion.
Business Outlook
The following table presents Micron’s guidance for the first quarter of 2021:
| FQ1-21 | GAAP (1) Outlook | Non-GAAP (2) Outlook |
| Revenue | $5.2 billion ± $200 million | $5.2 billion ± $200 million |
| Gross margin | 26.5% ± 1% | 27.5% ± 1% |
| Operating expenses | $873 million ± $25 million | $825 million ± $25 million |
| Interest (income) expense, net | $37 million | $35 million |
| Diluted earnings per share | $0.39 ± $0.07 | $0.47 ± $0.07 |
