Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2022


As of September 1,
2022
June 2,
2022
September 2,
2021
    
Cash and short-term investments$9,331 $10,227 $8,633 
Current and noncurrent restricted cash 77  104  66 
Long-term marketable investments 1,647  1,646  1,765 
Current and long-term debt (6,906) (6,963) (6,776)
Net cash$4,149 $5,014 $3,688 
          

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, adjusted free cash flow, and net cash. 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:

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