In the first quarter of 2024, our tax expense was based on actual results for jurisdictions where small changes in our projected pre-tax income would have caused significant changes in the estimated annual effective tax rate. With our improved fiscal 2024 outlook, we were able to estimate a more reliable annual effective tax rate and have reverted to a global annual effective tax rate method for all jurisdictions beginning in the second quarter of 2024.
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MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In millions, except per share amounts) | |||||||||
| 3rd Qtr. | 2nd Qtr. | 3rd Qtr. | |||||||
|
May 30,
2024 |
February 29,
2024 |
June 1,
2023 | |||||||
| GAAP gross margin | $ | 1,832 | $ | 1,079 | $ | (668 | ) | ||
| Stock-based compensation | 80 | 80 | 60 | ||||||
| Other | 5 | 4 | 5 | ||||||
| Non-GAAP gross margin | $ | 1,917 | $ | 1,163 | $ | (603 | ) | ||
| GAAP operating expenses | $ | 1,113 | $ | 888 | $ | 1,093 | |||
| Stock-based compensation | (137 | ) | (129 | ) | (91 | ) | |||
| Restructure and asset impairments | — | — | (68 | ) | |||||
| Patent cross-license agreement gain | — | 200 | — | ||||||
| Litigation settlement | — | — | (68 | ) | |||||
| Non-GAAP operating expenses | $ | 976 | $ | 959 | $ | 866 | |||
| GAAP operating income (loss) | $ | 719 | $ | 191 | $ | (1,761 | ) | ||
| Stock-based compensation | 217 | 209 | 151 | ||||||
| Restructure and asset impairments | — | — | 68 | ||||||
| Patent cross-license agreement gain | — | (200 | ) | — | |||||
| Litigation settlement | — | — | 68 | ||||||
| Other | 5 | 4 | 5 | ||||||
| Non-GAAP operating income (loss) | $ | 941 | $ | 204 | $ | (1,469 | ) | ||
| GAAP net income (loss) | $ | 332 | $ | 793 | $ | (1,896 | ) | ||
| Stock-based compensation | 217 | 209 | 151 | ||||||
| Restructure and asset impairments | — | — | 68 | ||||||
| Patent cross-license agreement gain | — | (200 | ) | — | |||||
| Litigation settlement | — | — | 68 | ||||||
| Other | 3 | 2 | 7 | ||||||
| Estimated tax effects of above and other tax adjustments (1) | 150 | (328 | ) | 37 | |||||
| Non-GAAP net income (loss) | $ | 702 | $ | 476 | $ | (1,565 | ) | ||
| GAAP weighted-average common shares outstanding - Diluted | 1,123 | 1,114 | 1,094 | ||||||
| Adjustment for stock-based compensation | 13 | 20 | — | ||||||
| Non-GAAP weighted-average common shares outstanding - Diluted | 1,136 | 1,134 | 1,094 | ||||||
| GAAP diluted earnings (loss) per share | $ | 0.30 | $ | 0.71 | $ | (1.73 | ) | ||
| Effects of the above adjustments | 0.32 | (0.29 | ) | 0.30 | |||||
| Non-GAAP diluted earnings (loss) per share | $ | 0.62 | $ | 0.42 | $ | (1.43 | ) | ||
