Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2024

MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)
 
Inventories

In 2023, we recorded charges of $1.83 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 (“NRV”). The impact of inventory NRV write-downs for each period reflects (1) inventory write-downs in that period, offset by (2) lower costs in that period on the sale of inventory written down in prior periods. The impacts of inventory NRV write-downs are summarized below:
 
  4th Qtr. 3rd Qtr. 4th Qtr. Year Ended
  August 29,
2024
May 30,
2024
August 31,
2023
August 29,
2024
August 31,
2023
      
Provision to write down inventory to NRV$$$$$(1,831)
Lower costs from sale of inventory written down in prior periods   563 987 844 
 $$$563$987$(987)
 


MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
 
  4th Qtr. 3rd Qtr. 4th Qtr. Year Ended
  August 29,
2024
May 30,
2024
August 31,
2023
August 29,
2024
August 31,
2023
           
GAAP gross margin $ 2,737   $ 1,832   $ (435 ) $ 5,613   $ (1,416 )
Stock-based compensation   85     80     64     312     201  
Other   4     5     5     18     19  
Non-GAAP gross margin $ 2,826   $ 1,917   $ (366 ) $ 5,943   $ (1,196 )
           
GAAP operating expenses $ 1,215   $ 1,113   $ 1,037   $ 4,309   $ 4,329  
Stock-based compensation   (128 )   (137 )   (87 )   (509 )   (363 )
Restructure and asset impairments   (1 )       (4 )   (1 )   (171 )
Patent cross-license agreement gain               200      
Goodwill impairment           (101 )       (101 )
Litigation settlement                   (68 )
Other   (5 )       (3 )   9     (3 )
Non-GAAP operating expenses $ 1,081   $ 976   $ 842   $ 4,008   $ 3,623  
           
GAAP operating income (loss) $ 1,522   $ 719   $ (1,472 ) $ 1,304   $ (5,745 )
Stock-based compensation   213     217     151     821     564  
Restructure and asset impairments   1         4     1     171  
Patent cross-license agreement gain               (200 )    
Goodwill impairment           101         101  
Litigation settlement                   68  
Other   9     5     8     9     22  
Non-GAAP operating income (loss) $ 1,745   $ 941   $ (1,208 ) $ 1,935   $ (4,819 )
           
GAAP net income (loss) $ 887   $ 332   $ (1,430 ) $ 778   $ (5,833 )
Stock-based compensation   213     217     151     821     564  
Restructure and asset impairments   1         4     1     171  
Patent cross-license agreement gain               (200 )    
Goodwill impairment           101         101  
Litigation settlement                   68  
Other   5     3     7         32  
Estimated tax effects of above and other tax adjustments   236     150     (10 )   72     35  
Non-GAAP net income (loss) $ 1,342   $ 702   $ (1,177 ) $ 1,472   $ (4,862 )
           
GAAP weighted-average common shares outstanding - Diluted   1,125     1,123     1,095     1,118     1,093  
Adjustment for stock-based compensation   12     13         16      
Non-GAAP weighted-average common shares outstanding - Diluted   1,137     1,136     1,095     1,134     1,093  
           
GAAP diluted earnings (loss) per share $ 0.79   $ 0.30   $ (1.31 ) $ 0.70   $ (5.34 )
Effects of the above adjustments   0.39     0.32     0.24     0.60     0.89  
Non-GAAP diluted earnings (loss) per share $ 1.18   $ 0.62   $ (1.07 ) $ 1.30   $ (4.45 )
 



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