Micron Technology, Inc. Reports Results for the First Quarter 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 value (“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:

  1st Qtr. 4th Qtr. 1st Qtr.
  November 30,
2023
August 31,
2023
December 1,
2022
    
Provision to write down inventory to NRV$$$
Lower costs from sale of inventory written down in prior periods 605 563 
 $605$563$


 
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
 
  1st Qtr. 4th Qtr. 1st Qtr.
  November 30,
2023
August 31,
2023
December 1,
2022
    
GAAP gross margin$(35)$(435)$893 
Stock-based compensation 67  64  36 
Other   5     5     5  
Non-GAAP gross margin $ 37   $ (366 ) $ 934  
       
GAAP operating expenses $ 1,093   $ 1,037   $ 1,102  
Stock-based compensation   (115 )   (87 )   (90 )
Restructure and asset impairments       (4 )   (13 )
Goodwill impairment       (101 )    
Other   14     (3 )    
Non-GAAP operating expenses $ 992   $ 842   $ 999  
       
GAAP operating income (loss) $ (1,128 ) $ (1,472 ) $ (209 )
Stock-based compensation   182     151     126  
Restructure and asset impairments       4     13  
Goodwill impairment       101      
Other   (9 )   8     5  
Non-GAAP operating income (loss) $ (955 ) $ (1,208 ) $ (65 )
       
GAAP net income (loss) $ (1,234 ) $ (1,430 ) $ (195 )
Stock-based compensation   182     151     126  
Restructure and asset impairments       4     13  
Goodwill impairment       101      
Other   (10 )   7     10  
Estimated tax effects of above and other tax adjustments   14     (10 )   7  
Non-GAAP net income (loss) $ (1,048 ) $ (1,177 ) $ (39 )
       
GAAP diluted earnings (loss) per share $ (1.12 ) $ (1.31 ) $ (0.18 )
Effects of the above adjustments   0.17     0.24     0.14  
Non-GAAP diluted earnings (loss) per share $ (0.95 ) $ (1.07 ) $ (0.04 )



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