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

MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)

Inventories

In the second quarter of 2023, we recorded a charge of $1.43 billion to cost of goods sold to write down the carrying value of work in process and finished goods inventories to their estimated net realizable values.

Debt Activity

Term Loan Agreement: On November 3, 2022, we entered into a Term Loan Agreement consisting of three tranches and borrowed $2.60 billion in aggregate principal amount, including $927 million due November 3, 2025, $746 million due November 3, 2026, and $927 million due November 3, 2027.

On January 5, 2023, we amended the Term Loan Agreement and borrowed an additional $600 million in aggregate principal amount, including $125 million due November 3, 2025, $250 million due November 3, 2026, and $225 million due November 3, 2027. Borrowings under the Term Loan Agreement will generally bear interest at adjusted term SOFR plus an applicable interest rate margin ranging from 1.00% to 2.00%, varying by tranche and depending on our corporate credit ratings.

Senior Unsecured Notes: On October 31, 2022, we issued $750 million principal amount of 6.750% senior unsecured notes due November 1, 2029 in a public offering and received proceeds of $744 million.

On February 9, 2023, we issued an additional $500 million principal amount of 6.750% senior unsecured notes due November 1, 2029 and received proceeds of $520 million. Additionally, we issued $750 million principal amount of 5.875% senior unsecured notes due February 9, 2033 and received proceeds of $745 million.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)

  2nd Qtr. 1st Qtr. 2nd Qtr.
  March 2,
2023
December 1,
2022
March 3,
2022
    
GAAP gross margin$(1,206)$893 $3,676 
Stock-based compensation 41  36  44 
Other 4  5  4 
Non-GAAP gross margin$(1,161)$934 $3,724 
    
GAAP operating expenses$1,097  $ 1,102   $ 1,130  
Stock-based compensation   (95 )   (90 )   (75 )
Restructure and asset impairments   (86 )   (13 )   (5 )
Other           (76 )
Non-GAAP operating expenses $ 916   $ 999   $ 974  
       
GAAP operating income (loss) $ (2,303 ) $ (209 ) $ 2,546  
Stock-based compensation   136     126     119  
Restructure and asset impairments   86     13     5  
Other   4     5     80  
Non-GAAP operating income (loss) $ (2,077 ) $ (65 ) $ 2,750  
       
GAAP net income (loss) $ (2,312 ) $ (195 ) $ 2,263  
Stock-based compensation   136     126     119  
Restructure and asset impairments   86     13     5  
Amortization of debt discount and other costs   4     5     8  
Other   4     5     80  
Estimated tax effects of above and other tax adjustments   1     7     (31 )
Non-GAAP net income (loss) $ (2,081 ) $ (39 ) $ 2,444  
       
GAAP weighted-average common shares outstanding - Diluted   1,091     1,090     1,130  
Adjustment for stock-based compensation           13  
Non-GAAP weighted-average common shares outstanding - Diluted   1,091     1,090     1,143  
       
GAAP diluted earnings (loss) per share $ (2.12 ) $ (0.18 ) $ 2.00  
Effects of the above adjustments   0.21     0.14     0.14  
Non-GAAP diluted earnings (loss) per share $ (1.91 ) $ (0.04 ) $ 2.14  



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