Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2024

Income Tax

For the first quarter of 2024, we recorded tax expense based on actual first quarter results, as small changes in our projected pre-tax income cause significant changes in the estimated annual effective tax rate. With our improved fiscal 2024 outlook, we can now estimate a more reliable annual effective tax rate and have reverted to a global annual effective tax rate method. The second fiscal quarter tax benefit arises from applying this estimated annual effective tax rate to our year-to-date results.

 
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
 
  2nd Qtr. 1st Qtr. 2nd Qtr.
  February 29,
2024
November 30,
2023
March 2,
2023
    
GAAP gross margin$1,079 $(35)$(1,206)
Stock-based compensation 80  67  41 
Other 4  5  4 
Non-GAAP gross margin$1,163 $37 $(1,161)
    
GAAP operating expenses$888 $1,093 $1,097 
Stock-based compensation   (129 )   (115 )   (95 )
Restructure and asset impairments           (86 )
Patent cross-license agreement gain   200          
Other       14      
Non-GAAP operating expenses $ 959   $ 992   $ 916  
       
GAAP operating income (loss) $ 191   $ (1,128 ) $ (2,303 )
Stock-based compensation   209     182     136  
Restructure and asset impairments           86  
Patent cross-license agreement gain   (200 )        
Other   4     (9 )   4  
Non-GAAP operating income (loss) $ 204   $ (955 ) $ (2,077 )
       
GAAP net income (loss) $ 793   $ (1,234 ) $ (2,312 )
Stock-based compensation   209     182     136  
Restructure and asset impairments           86  
Patent cross-license agreement gain   (200 )        
Other   2     (10 )   8  
Estimated tax effects of above and other tax adjustments (1)   (328 )   14     1  
Non-GAAP net income (loss) $ 476   $ (1,048 ) $ (2,081 )
       
GAAP weighted-average common shares outstanding - Diluted   1,114     1,100     1,091  
Adjustment for stock-based compensation   20          
Non-GAAP weighted-average common shares outstanding - Diluted   1,134     1,100     1,091  
       
GAAP diluted earnings (loss) per share $ 0.71   $ (1.12 ) $ (2.12 )
Effects of the above adjustments   (0.29 )   0.17     0.21  
Non-GAAP diluted earnings (loss) per share $ 0.42   $ (0.95 ) $ (1.91 )

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