Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2024
Micron Technology reported strong results for Q4 and full fiscal year 2024. Q4 revenue reached $7.75 billion, up 93% year-over-year, driven by robust AI demand and record data center DRAM and NAND sales. GAAP net income was $887 million ($0.79 per diluted share), while non-GAAP net income was $1.34 billion ($1.18 per diluted share).
For the full fiscal year 2024, revenue totaled $25.11 billion, with GAAP net income of $778 million ($0.70 per diluted share) and non-GAAP net income of $1.47 billion ($1.30 per diluted share). The company generated $8.51 billion in operating cash flow for the year.
Micron expects continued growth, forecasting Q1 2025 revenue of $8.70 billion ± $200 million and diluted EPS of $1.54 ± $0.08 (GAAP) or $1.74 ± $0.08 (non-GAAP). The company also declared a quarterly dividend of $0.115 per share.
Micron Technology ha riportato risultati solidi per il quarto trimestre e per l'intero anno fiscale 2024. Il fatturato del Q4 ha raggiunto i 7,75 miliardi di dollari, con un aumento del 93% rispetto all'anno precedente, sostenuto da una forte domanda di AI e dalle vendite record di DRAM e NAND nei data center. L'utile netto GAAP è stato di 887 milioni di dollari (0,79 dollari per azione diluita), mentre l'utile netto non GAAP è stato di 1,34 miliardi di dollari (1,18 dollari per azione diluita).
Per l'intero anno fiscale 2024, il fatturato totale è stato di 25,11 miliardi di dollari, con un utile netto GAAP di 778 milioni di dollari (0,70 dollari per azione diluita) e un utile netto non GAAP di 1,47 miliardi di dollari (1,30 dollari per azione diluita). L'azienda ha generato 8,51 miliardi di dollari in flusso di cassa operativo per l'anno.
Micron prevede una continua crescita, stimando un fatturato di 8,70 miliardi di dollari ± 200 milioni per il Q1 2025 e un EPS diluito di 1,54 ± 0,08 dollari (GAAP) o 1,74 ± 0,08 dollari (non GAAP). L'azienda ha anche dichiarato un dividendo trimestrale di 0,115 dollari per azione.
Micron Technology reportó resultados sólidos para el cuarto trimestre y el año fiscal 2024. Los ingresos del Q4 alcanzaron los 7,75 mil millones de dólares, un aumento del 93% interanual, impulsado por una robusta demanda de IA y ventas récord de DRAM y NAND en centros de datos. El ingreso neto GAAP fue de 887 millones de dólares (0,79 dólares por acción diluida), mientras que el ingreso neto no GAAP fue de 1,34 mil millones de dólares (1,18 dólares por acción diluida).
Para el año fiscal completo 2024, los ingresos totales sumaron 25,11 mil millones de dólares, con un ingreso neto GAAP de 778 millones de dólares (0,70 dólares por acción diluida) y un ingreso neto no GAAP de 1,47 mil millones de dólares (1,30 dólares por acción diluida). La empresa generó 8,51 mil millones de dólares en flujo de efectivo operativo durante el año.
Micron espera un crecimiento continuo, proyectando ingresos del Q1 2025 de 8,70 mil millones de dólares ± 200 millones y un EPS diluido de 1,54 ± 0,08 dólares (GAAP) o 1,74 ± 0,08 dólares (no GAAP). La empresa también declaró un dividendo trimestral de 0,115 dólares por acción.
Micron Technology는 2024 회계연도 4분기 및 전체 연도에 대한 강력한 실적을 보고했습니다. 4분기 수익은 77억 5천만 달러에 도달했습니다, 전년 대비 93% 증가했으며, 이는 강력한 AI 수요와 데이터 센터의 DRAM 및 NAND 판매 기록에 힘입은 것입니다. GAAP 순이익은 8억 8천 7백만 달러였습니다 (희석 주당 0.79달러), 비GAAP 순이익은 13억 4천만 달러였습니다 (희석 주당 1.18달러).
2024 회계연도 전체를 위해, 수익은 총 251억 1천만 달러에 달했습니다, GAAP 순이익은 7억 7천 8백만 달러 (희석 주당 0.70달러)이며, 비GAAP 순이익은 14억 7천만 달러 (희석 주당 1.30달러)입니다. 회사는 올해 85억 1천만 달러의 운영 현금 흐름을 창출했습니다.
Micron은 지속적인 성장을 예상하며, 2025년 1분기 수익을 87억 달러 ± 2억 달러로 예측하고 희석 EPS는 1.54 ± 0.08달러 (GAAP) 또는 1.74 ± 0.08달러 (비GAAP)로 예상하고 있습니다. 회사는 또 1주당 0.115달러의 분기 배당금을 선언했습니다.
Micron Technology a signalé des résultats solides pour le quatrième trimestre et l'année fiscale 2024. Le chiffre d'affaires du Q4 a atteint 7,75 milliards de dollars, soit une augmentation de 93 % d'une année sur l'autre, grâce à une demande soutenue en IA et à des ventes record de DRAM et NAND dans les centres de données. Le bénéfice net GAAP était de 887 millions de dollars (0,79 dollar par action diluée), tandis que le bénéfice net non GAAP était de 1,34 milliard de dollars (1,18 dollar par action diluée).
Pour l'ensemble de l'année fiscale 2024, le chiffre d'affaires total a été de 25,11 milliards de dollars, avec un bénéfice net GAAP de 778 millions de dollars (0,70 dollar par action diluée) et un bénéfice net non GAAP de 1,47 milliard de dollars (1,30 dollar par action diluée). L'entreprise a généré 8,51 milliards de dollars de flux de trésorerie opérationnel pour l'année.
Micron s'attend à une croissance continue, prévoyant un chiffre d'affaires de 8,70 milliards de dollars ± 200 millions pour le Q1 2025 et un BPA dilué de 1,54 ± 0,08 dollars (GAAP) ou 1,74 ± 0,08 dollars (non GAAP). L'entreprise a également déclaré un dividende trimestriel de 0,115 dollar par action.
Micron Technology berichtete über starke Ergebnisse für das vierte Quartal und das gesamte Geschäftsjahr 2024. Der Umsatz im Q4 betrug 7,75 Milliarden US-Dollar, was einem Anstieg von 93% im Vergleich zum Vorjahr entspricht, bedingt durch eine robuste Nachfrage nach KI und rekordverdächtigen Verkaufszahlen von DRAM und NAND in Rechenzentren. Der GAAP-Nettoeinkommen betrug 887 Millionen US-Dollar (0,79 US-Dollar pro verwässerter Aktie), während das nicht-GAAP-Nettoeinkommen bei 1,34 Milliarden US-Dollar lag (1,18 US-Dollar pro verwässerter Aktie).
Für das gesamte Geschäftsjahr 2024 betrug der Umsatz insgesamt 25,11 Milliarden US-Dollar, mit einem GAAP-Nettoeinkommen von 778 Millionen US-Dollar (0,70 US-Dollar pro verwässerter Aktie) und einem nicht-GAAP-Nettoeinkommen von 1,47 Milliarden US-Dollar (1,30 US-Dollar pro verwässerter Aktie). Das Unternehmen erzeugte im Laufe des Jahres einen operativen Cashflow von 8,51 Milliarden US-Dollar.
Micron erwartet weiterhin Wachstum und prognostiziert Umsätze im Q1 2025 von 8,70 Milliarden US-Dollar ± 200 Millionen sowie einen verwässerten EPS von 1,54 ± 0,08 US-Dollar (GAAP) oder 1,74 ± 0,08 US-Dollar (nicht-GAAP). Das Unternehmen erklärte zudem eine vierteljährliche Dividende von 0,115 US-Dollar pro Aktie.
- Q4 revenue increased 93% year-over-year to $7.75 billion
- Achieved record data center revenue and NAND revenue in Q4
- Q4 GAAP net income of $887 million, non-GAAP net income of $1.34 billion
- Full year 2024 revenue grew to $25.11 billion from $15.54 billion in 2023
- Operating cash flow for fiscal 2024 increased to $8.51 billion from $1.56 billion in 2023
- Forecasting record revenue for Q1 2025 at $8.70 billion ± $200 million
- None.
Insights
Micron's Q4 fiscal 2024 results demonstrate a remarkable turnaround, with revenue surging
- GAAP net income of
$887 million ($0.79 per diluted share) - Non-GAAP net income of
$1.34 billion ($1.18 per diluted share) - Operating cash flow of
$3.41 billion , up significantly from$249 million in the same period last year
For the full fiscal year 2024, Micron reported revenue of
Micron's stellar performance in Q4 and fiscal 2024 underscores the booming demand for AI-related memory solutions. The company's strategic focus on high-bandwidth memory (HBM) and data center SSDs has positioned it at the forefront of the AI revolution. Notable achievements include:
- Data center DRAM products seeing strong ramp-up
- NAND revenue reaching a record high
- Data center SSD sales exceeding
$1 billion in quarterly revenue for the first time
CEO Sanjay Mehrotra's statement about entering fiscal 2025 with the "best competitive positioning in Micron's history" suggests that the company has made significant strides in technology and market share. The projected record revenue for Q1 fiscal 2025 indicates that Micron is capitalizing on the AI boom and expanding its footprint in critical markets. This positions Micron as a key player in the ongoing AI infrastructure buildout, potentially leading to sustained growth and market leadership in memory and storage solutions for AI applications.
Achieved record data center revenue and NAND revenue in fiscal Q4
BOISE, Idaho, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2024, which ended August 29, 2024.
Fiscal Q4 2024 highlights
- Revenue of
$7.75 billion versus$6.81 billion for the prior quarter and$4.01 billion for the same period last year - GAAP net income of
$887 million , or$0.79 per diluted share - Non-GAAP net income of
$1.34 billion , or$1.18 per diluted share - Operating cash flow of
$3.41 billion versus$2.48 billion for the prior quarter and$249 million for the same period last year
Fiscal 2024 highlights
- Revenue of
$25.11 billion versus$15.54 billion for the prior year - GAAP net income of
$778 million , or$0.70 per diluted share - Non-GAAP net income of
$1.47 billion , or$1.30 per diluted share - Operating cash flow of
$8.51 billion versus$1.56 billion for the prior year
“Micron delivered
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||
| FQ4-24 | FQ3-24 | FQ4-23 | FQ4-24 | FQ3-24 | FQ4-23 | ||||||||||||||
| Revenue | $ | 7,750 | $ | 6,811 | $ | 4,010 | $ | 7,750 | $ | 6,811 | $ | 4,010 | |||||||
| Gross margin | 2,737 | 1,832 | (435 | ) | 2,826 | 1,917 | (366 | ) | |||||||||||
| percent of revenue | 35.3 | % | 26.9 | % | (10.8 | %) | 36.5 | % | 28.1 | % | (9.1 | %) | |||||||
| Operating expenses | 1,215 | 1,113 | 1,037 | 1,081 | 976 | 842 | |||||||||||||
| Operating income (loss) | 1,522 | 719 | (1,472 | ) | 1,745 | 941 | (1,208 | ) | |||||||||||
| percent of revenue | 19.6 | % | 10.6 | % | (36.7 | %) | 22.5 | % | 13.8 | % | (30.1 | %) | |||||||
| Net income (loss) | 887 | 332 | (1,430 | ) | 1,342 | 702 | (1,177 | ) | |||||||||||
| Diluted earnings (loss) per share | 0.79 | 0.30 | (1.31 | ) | 1.18 | 0.62 | (1.07 | ) | |||||||||||
| Annual Financial Results | |||||||||||||
| (in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||
| FY-24 | FY-23 | FY-24 | FY-23 | ||||||||||
| Revenue | $ | 25,111 | $ | 15,540 | $ | 25,111 | $ | 15,540 | |||||
| Gross margin | 5,613 | (1,416 | ) | 5,943 | (1,196 | ) | |||||||
| percent of revenue | 22.4 | % | (9.1 | %) | 23.7 | % | (7.7 | %) | |||||
| Operating expenses | 4,309 | 4,329 | 4,008 | 3,623 | |||||||||
| Operating income (loss) | 1,304 | (5,745 | ) | 1,935 | (4,819 | ) | |||||||
| percent of revenue | 5.2 | % | (37.0 | %) | 7.7 | % | (31.0 | %) | |||||
| Net income (loss) | 778 | (5,833 | ) | 1,472 | (4,862 | ) | |||||||
| Diluted earnings (loss) per share | 0.70 | (5.34 | ) | 1.30 | (4.45 | ) | |||||||
Investments in capital expenditures, net(2) were
Business Outlook
The following table presents Micron’s guidance for the first quarter of 2025:
| FQ1-25 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
| Revenue | ||
| Gross margin | ||
| Operating expenses | ||
| Diluted earnings per share | ||
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Wednesday, September 25, 2024 at 2:30 p.m. Mountain Time to discuss its fourth quarter financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X @MicronTech.
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.
© 2024 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results, including our guidance for the first quarter and full year fiscal 2025. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.
| (1) | GAAP represents U.S. Generally Accepted Accounting Principles. |
| (2) | Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. |
| MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) | |||||||||||||||
| 4th Qtr. | 3rd Qtr. | 4th Qtr. | Year Ended | ||||||||||||
| August 29, 2024 | May 30, 2024 | August 31, 2023 | August 29, 2024 | August 31, 2023 | |||||||||||
| Revenue | $ | 7,750 | $ | 6,811 | $ | 4,010 | $ | 25,111 | $ | 15,540 | |||||
| Cost of goods sold | 5,013 | 4,979 | 4,445 | 19,498 | 16,956 | ||||||||||
| Gross margin | 2,737 | 1,832 | (435 | ) | 5,613 | (1,416 | ) | ||||||||
| Research and development | 903 | 850 | 719 | 3,430 | 3,114 | ||||||||||
| Selling, general, and administrative | 295 | 291 | 219 | 1,129 | 920 | ||||||||||
| Restructure and asset impairments | 1 | — | 4 | 1 | 171 | ||||||||||
| Other operating (income) expense, net | 16 | (28 | ) | 95 | (251 | ) | 124 | ||||||||
| Operating income (loss) | 1,522 | 719 | (1,472 | ) | 1,304 | (5,745 | ) | ||||||||
| Interest income | 131 | 136 | 134 | 529 | 468 | ||||||||||
| Interest expense | (136 | ) | (150 | ) | (129 | ) | (562 | ) | (388 | ) | |||||
| Other non-operating income (expense), net | (7 | ) | 10 | 9 | (31 | ) | 7 | ||||||||
| 1,510 | 715 | (1,458 | ) | 1,240 | (5,658 | ) | |||||||||
| Income tax (provision) benefit | (623 | ) | (377 | ) | 24 | (451 | ) | (177 | ) | ||||||
| Equity in net income (loss) of equity method investees | — | (6 | ) | 4 | (11 | ) | 2 | ||||||||
| Net income (loss) | $ | 887 | $ | 332 | $ | (1,430 | ) | $ | 778 | $ | (5,833 | ) | |||
| Earnings (loss) per share | |||||||||||||||
| Basic | $ | 0.80 | $ | 0.30 | $ | (1.31 | ) | $ | 0.70 | $ | (5.34 | ) | |||
| Diluted | 0.79 | 0.30 | (1.31 | ) | 0.70 | (5.34 | ) | ||||||||
| Number of shares used in per share calculations | |||||||||||||||
| Basic | 1,108 | 1,107 | 1,095 | 1,105 | 1,093 | ||||||||||
| Diluted | 1,125 | 1,123 | 1,095 | 1,118 | 1,093 | ||||||||||
| MICRON TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) | |||||||||
| As of | August 29, 2024 | May 30, 2024 | August 31, 2023 | ||||||
| Assets | |||||||||
| Cash and equivalents | $ | 7,041 | $ | 7,594 | $ | 8,577 | |||
| Short-term investments | 1,065 | 785 | 1,017 | ||||||
| Receivables | 6,615 | 5,131 | 2,443 | ||||||
| Inventories | 8,875 | 8,512 | 8,387 | ||||||
| Other current assets | 776 | 1,297 | 820 | ||||||
| Total current assets | 24,372 | 23,319 | 21,244 | ||||||
| Long-term marketable investments | 1,046 | 775 | 844 | ||||||
| Property, plant, and equipment | 39,749 | 37,926 | 37,928 | ||||||
| Operating lease right-of-use assets | 645 | 660 | 666 | ||||||
| Intangible assets | 416 | 413 | 404 | ||||||
| Deferred tax assets | 520 | 597 | 756 | ||||||
| Goodwill | 1,150 | 1,150 | 1,150 | ||||||
| Other noncurrent assets | 1,518 | 1,415 | 1,262 | ||||||
| Total assets | $ | 69,416 | $ | 66,255 | $ | 64,254 | |||
| Liabilities and equity | |||||||||
| Accounts payable and accrued expenses | $ | 7,299 | $ | 5,145 | $ | 3,958 | |||
| Current debt | 431 | 398 | 278 | ||||||
| Other current liabilities | 1,518 | 1,297 | 529 | ||||||
| Total current liabilities | 9,248 | 6,840 | 4,765 | ||||||
| Long-term debt | 12,966 | 12,860 | 13,052 | ||||||
| Noncurrent operating lease liabilities | 610 | 609 | 603 | ||||||
| Noncurrent unearned government incentives | 550 | 672 | 727 | ||||||
| Other noncurrent liabilities | 911 | 1,049 | 987 | ||||||
| Total liabilities | 24,285 | 22,030 | 20,134 | ||||||
| Commitments and contingencies | |||||||||
| Shareholders’ equity | |||||||||
| Common stock | 125 | 125 | 124 | ||||||
| Additional capital | 12,115 | 11,794 | 11,036 | ||||||
| Retained earnings | 40,877 | 40,169 | 40,824 | ||||||
| Treasury stock | (7,852 | ) | (7,552 | ) | (7,552 | ) | |||
| Accumulated other comprehensive income (loss) | (134 | ) | (311 | ) | (312 | ) | |||
| Total equity | 45,131 | 44,225 | 44,120 | ||||||
| Total liabilities and equity | $ | 69,416 | $ | 66,255 | $ | 64,254 | |||
| MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | ||||||
| For the year ended | August 29, 2024 | August 31, 2023 | ||||
| Cash flows from operating activities | ||||||
| Net income (loss) | $ | 778 | $ | (5,833 | ) | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
| Depreciation expense and amortization of intangible assets | 7,780 | 7,756 | ||||
| Stock-based compensation | 833 | 596 | ||||
| Provision to write down inventories to net realizable value | — | 1,831 | ||||
| Goodwill impairment | — | 101 | ||||
| Change in operating assets and liabilities: | ||||||
| Receivables | (3,581 | ) | 2,763 | |||
| Inventories | (488 | ) | (3,555 | ) | ||
| Accounts payable and accrued expenses | 1,915 | (1,302 | ) | |||
| Other current liabilities | 989 | (817 | ) | |||
| Other | 281 | 19 | ||||
| Net cash provided by operating activities | 8,507 | 1,559 | ||||
| Cash flows from investing activities | ||||||
| Expenditures for property, plant, and equipment | (8,386 | ) | (7,676 | ) | ||
| Purchases of available-for-sale securities | (1,999 | ) | (723 | ) | ||
| Proceeds from maturities and sales of available-for-sale securities | 1,794 | 1,591 | ||||
| Proceeds from government incentives | 315 | 710 | ||||
| Other | (33 | ) | (93 | ) | ||
| Net cash provided by (used for) investing activities | (8,309 | ) | (6,191 | ) | ||
| Cash flows from financing activities | ||||||
| Repayments of debt | (1,897 | ) | (761 | ) | ||
| Payments of dividends to shareholders | (513 | ) | (504 | ) | ||
| Repurchases of common stock - repurchase program | (300 | ) | (425 | ) | ||
| Payments on equipment purchase contracts | (149 | ) | (138 | ) | ||
| Proceeds from issuance of debt | 999 | 6,716 | ||||
| Other | 18 | 95 | ||||
| Net cash provided by (used for) financing activities | (1,842 | ) | 4,983 | |||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 40 | (34 | ) | |||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,604 | ) | 317 | |||
| Cash, cash equivalents, and restricted cash at beginning of period | 8,656 | 8,339 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 7,052 | $ | 8,656 | ||
| MICRON TECHNOLOGY, INC. NOTES (Unaudited) | |||||||||||
| Inventories In 2023, we recorded charges of | |||||||||||
| 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 | ) | |||
| RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued | |||||||||||||||
| 4th Qtr. | 3rd Qtr. | 4th Qtr. | Year Ended | ||||||||||||
| August 29, 2024 | May 30, 2024 | August 31, 2023 | August 29, 2024 | August 31, 2023 | |||||||||||
| GAAP net cash provided by operating activities | $ | 3,405 | $ | 2,482 | $ | 249 | $ | 8,507 | $ | 1,559 | |||||
| Expenditures for property, plant, and equipment | (3,120 | ) | (2,086 | ) | (1,461 | ) | (8,386 | ) | (7,676 | ) | |||||
| Payments on equipment purchase contracts | (22 | ) | (45 | ) | (26 | ) | (149 | ) | (138 | ) | |||||
| Proceeds from sales of property, plant, and equipment | 12 | 41 | 18 | 99 | 92 | ||||||||||
| Proceeds from government incentives | 48 | 33 | 462 | 315 | 710 | ||||||||||
| Investments in capital expenditures, net | (3,082 | ) | (2,057 | ) | (1,007 | ) | (8,121 | ) | (7,012 | ) | |||||
| Adjusted free cash flow | $ | 323 | $ | 425 | $ | (758 | ) | $ | 386 | $ | (5,453 | ) | |||
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 excludes the following items in analyzing our operating results and understanding trends in our earnings:
- Stock-based compensation;
- Gains and losses from settlements;
- Restructure and asset impairments;
- Goodwill impairment; 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. The divergence between our GAAP and non-GAAP income tax provision relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.
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 | ||||||||
| FQ1-25 | GAAP Outlook | Adjustments | Non-GAAP Outlook | |||||
| Revenue | — | |||||||
| Gross margin | A | |||||||
| Operating expenses | B | |||||||
| Diluted earnings per share(1) | A, B, C | |||||||
| Non-GAAP Adjustments (in millions) | ||||
| A | Stock-based compensation – cost of goods sold | $ | 87 | |
| A | Other – cost of goods sold | 4 | ||
| B | Stock-based compensation – research and development | 76 | ||
| B | Stock-based compensation – sales, general, and administrative | 50 | ||
| C | Tax effects of the above items and other tax adjustments | 3 | ||
| $ | 220 | |||
| (1) | GAAP earnings per share based on approximately 1.12 billion diluted shares and non-GAAP earnings per share based on approximately 1.14 billion diluted shares. | |||
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
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