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


The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income (loss), net income (loss), diluted shares, diluted earnings (loss) per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management routinely excludes the following items in analyzing our operating results and understanding trends in our earnings:

  • 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

FQ3-23 GAAP Outlook  Adjustments  Non-GAAP Outlook
       
Revenue$3.70 billion ± $200 million    $3.70 billion ± $200 million
Gross margin(23.0%) ± 2.5% 2.0% A (21.0%) ± 2.5%
Operating expenses$1.07 billion ± $15 million $166 million B $900 million ± $15 million
Diluted earnings (loss) per share(1)($1.79) ± $0.07 $0.21 A, B, C ($1.58) ± $0.07


Non-GAAP Adjustments
(in millions)
  
    
AStock-based compensation – cost of goods sold $55
AOther – cost of goods sold  5
BStock-based compensation – research and development  62
BStock-based compensation – selling, general, and administrative  44
BRestructure and asset impairments  60
CTax effects of the above items and other tax adjustments  5
   $ 231

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