Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2023

  • Stock-based compensation;
  • Flow-through of business acquisition-related inventory adjustments;
  • Acquisition-related costs;
  • Employee severance;
  • Gains and losses from settlements;
  • Restructure and asset impairments;
  • Amortization of debt discount and other costs;
  • Gains and losses from debt repurchases and conversions;
  • Gains and losses from business acquisition activities; and
  • The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income (loss).

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

FQ2-23 GAAP Outlook  Adjustments  Non-GAAP Outlook
       
Revenue$3.80 billion ± $200 million   $3.80 billion ± $200 million
Gross margin7.5% ± 2.5% ~1% A 8.5% ± 2.5%
Operating expenses$1.08 billion ± $15 million $137 million B $945 million ± $15 million
Diluted earnings (loss) per share(1)($0.79) ± $0.10 $0.17 A, B, C ($0.62) ± $0.10


Non-GAAP Adjustments
(in millions)
 
   
AStock-based compensation – cost of goods sold$40
AOther – cost of goods sold 4
BStock-based compensation – research and development 62
BStock-based compensation – selling, general, and administrative 45
BRestructure and asset impairments 30
CTax effects of the above items and other tax adjustments 8
  $189
    

(1) GAAP and non-GAAP earnings (loss) per share based on approximately 1.09 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.


Contacts:

Farhan Ahmad
Investor Relations
farhanahmad@micron.com
(408) 834-1927

Erica Rodriguez Pompen
Media Relations
epompen@micron.com
(408) 834-1873

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