Micron Technology, Inc. (Nasdaq: MU) today announced results for
its second quarter of fiscal 2024, which ended February 29,
2024.
Fiscal Q2 2024
highlights
- Revenue of $5.82 billion versus $4.73
billion for the prior quarter and $3.69 billion for the same period
last year
- GAAP net income of $793 million, or
$0.71 per diluted share
- Non-GAAP net income of $476 million,
or $0.42 per diluted share
- Operating cash flow of $1.22 billion
versus $1.40 billion for the prior quarter and $343 million for the
same period last year
“Micron delivered fiscal Q2 results with revenue,
gross margin and EPS well above the high-end of our guidance range
— a testament to our team’s excellent execution on pricing,
products and operations,” said Sanjay Mehrotra, President and CEO
of Micron Technology. “Our preeminent product portfolio positions
us well to deliver a strong fiscal second half of 2024. We believe
Micron is one of the biggest beneficiaries in the semiconductor
industry of the multi-year opportunity enabled by AI.”
Quarterly Financial Results |
(in millions, except per share amounts) |
GAAP(1) |
|
Non-GAAP(2) |
FQ2-24 |
FQ1-24 |
FQ2-23 |
|
FQ2-24 |
FQ1-24 |
FQ2-23 |
|
|
|
|
|
|
|
|
Revenue |
$ |
5,824 |
|
$ |
4,726 |
|
$ |
3,693 |
|
|
$ |
5,824 |
|
$ |
4,726 |
|
$ |
3,693 |
|
Gross margin |
|
1,079 |
|
|
(35 |
) |
|
(1,206 |
) |
|
|
1,163 |
|
|
37 |
|
|
(1,161 |
) |
percent of revenue |
|
18.5 |
% |
|
(0.7 |
%) |
|
(32.7 |
%) |
|
|
20.0 |
% |
|
0.8 |
% |
|
(31.4 |
%) |
Operating expenses |
|
888 |
|
|
1,093 |
|
|
1,097 |
|
|
|
959 |
|
|
992 |
|
|
916 |
|
Operating income (loss) |
|
191 |
|
|
(1,128 |
) |
|
(2,303 |
) |
|
|
204 |
|
|
(955 |
) |
|
(2,077 |
) |
percent of revenue |
|
3.3 |
% |
|
(23.9 |
%) |
|
(62.4 |
%) |
|
|
3.5 |
% |
|
(20.2 |
%) |
|
(56.2 |
%) |
Net income (loss) |
|
793 |
|
|
(1,234 |
) |
|
(2,312 |
) |
|
|
476 |
|
|
(1,048 |
) |
|
(2,081 |
) |
Diluted earnings (loss) per share |
|
0.71 |
|
|
(1.12 |
) |
|
(2.12 |
) |
|
|
0.42 |
|
|
(0.95 |
) |
|
(1.91 |
) |
Investments in capital expenditures, net(2) were
$1.25 billion for the second quarter of 2024, which resulted in
adjusted free cash flows(2) of negative $29 million. Micron ended
the second quarter of 2024 with cash, marketable investments, and
restricted cash of $9.72 billion. On March 20, 2024, Micron’s
Board of Directors declared a quarterly dividend of $0.115 per
share, payable in cash on April 16, 2024, to shareholders of
record as of the close of business on April 1, 2024.
Business Outlook
The following table presents Micron’s guidance for
the third quarter of 2024:
FQ3-24 |
GAAP(1)
Outlook |
Non-GAAP(2)
Outlook |
|
|
|
Revenue |
$6.60 billion ± $200 million |
$6.60 billion ± $200 million |
Gross margin |
25.5% ± 1.5% |
26.5% ± 1.5% |
Operating expenses |
$1.11 billion ± $15 million |
$990 million ± $15 million |
Diluted earnings per
share |
$0.17 ± $0.07 |
$0.45 ± $0.07 |
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,
March 20, 2024 at 2:30 p.m. Mountain Time to discuss its second
quarter financial results and provide forward-looking guidance for
its third 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 and 5G 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,
technology trends and developments, market demand, and our
financial and operating results, including our guidance for the
third quarter of 2024. 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) |
|
|
2nd Qtr. |
1st Qtr. |
2nd Qtr. |
Six months ended |
|
February 29,2024 |
November 30,2023 |
March 2,2023 |
February 29,2024 |
March 2,2023 |
|
|
|
|
|
|
Revenue |
$ |
5,824 |
|
$ |
4,726 |
|
$ |
3,693 |
|
$ |
10,550 |
|
$ |
7,778 |
|
Cost of goods sold |
|
4,745 |
|
|
4,761 |
|
|
4,899 |
|
|
9,506 |
|
|
8,091 |
|
Gross margin |
|
1,079 |
|
|
(35 |
) |
|
(1,206 |
) |
|
1,044 |
|
|
(313 |
) |
|
|
|
|
|
|
Research and development |
|
832 |
|
|
845 |
|
|
788 |
|
|
1,677 |
|
|
1,637 |
|
Selling, general, and administrative |
|
280 |
|
|
263 |
|
|
231 |
|
|
543 |
|
|
482 |
|
Restructure and asset impairments |
|
— |
|
|
— |
|
|
86 |
|
|
— |
|
|
99 |
|
Other operating (income) expense, net |
|
(224 |
) |
|
(15 |
) |
|
(8 |
) |
|
(239 |
) |
|
(19 |
) |
Operating income (loss) |
|
191 |
|
|
(1,128 |
) |
|
(2,303 |
) |
|
(937 |
) |
|
(2,512 |
) |
|
|
|
|
|
|
Interest income |
|
130 |
|
|
132 |
|
|
119 |
|
|
262 |
|
|
207 |
|
Interest expense |
|
(144 |
) |
|
(132 |
) |
|
(89 |
) |
|
(276 |
) |
|
(140 |
) |
Other non-operating income (expense), net |
|
(7 |
) |
|
(27 |
) |
|
2 |
|
|
(34 |
) |
|
(2 |
) |
|
|
170 |
|
|
(1,155 |
) |
|
(2,271 |
) |
|
(985 |
) |
|
(2,447 |
) |
|
|
|
|
|
|
Income tax (provision) benefit |
|
622 |
|
|
(73 |
) |
|
(54 |
) |
|
549 |
|
|
(62 |
) |
Equity in net income (loss) of equity method investees |
|
1 |
|
|
(6 |
) |
|
13 |
|
|
(5 |
) |
|
2 |
|
Net income (loss) |
$ |
793 |
|
$ |
(1,234 |
) |
$ |
(2,312 |
) |
$ |
(441 |
) |
$ |
(2,507 |
) |
|
|
|
|
|
|
Earnings (loss) per share |
|
|
|
|
|
Basic |
$ |
0.72 |
|
$ |
(1.12 |
) |
$ |
(2.12 |
) |
$ |
(0.40 |
) |
$ |
(2.30 |
) |
Diluted |
|
0.71 |
|
|
(1.12 |
) |
|
(2.12 |
) |
|
(0.40 |
) |
|
(2.30 |
) |
|
|
|
|
|
|
Number of shares used in per share calculations |
|
|
|
|
|
Basic |
|
1,104 |
|
|
1,100 |
|
|
1,091 |
|
|
1,102 |
|
|
1,091 |
|
Diluted |
|
1,114 |
|
|
1,100 |
|
|
1,091 |
|
|
1,102 |
|
|
1,091 |
|
|
MICRON TECHNOLOGY, INC. |
CONSOLIDATED BALANCE SHEETS |
(In millions) |
(Unaudited) |
|
As of |
February 29,2024 |
November 30,2023 |
August 31,2023 |
|
|
|
|
Assets |
|
|
|
Cash and equivalents |
$ |
8,016 |
|
$ |
8,075 |
|
$ |
8,577 |
|
Short-term investments |
|
990 |
|
|
973 |
|
|
1,017 |
|
Receivables |
|
4,296 |
|
|
2,943 |
|
|
2,443 |
|
Inventories |
|
8,443 |
|
|
8,276 |
|
|
8,387 |
|
Other current assets |
|
1,690 |
|
|
791 |
|
|
820 |
|
Total current assets |
|
23,435 |
|
|
21,058 |
|
|
21,244 |
|
Long-term marketable investments |
|
627 |
|
|
720 |
|
|
844 |
|
Property, plant, and equipment |
|
37,587 |
|
|
37,677 |
|
|
37,928 |
|
Operating lease right-of-use assets |
|
642 |
|
|
648 |
|
|
666 |
|
Intangible assets |
|
414 |
|
|
416 |
|
|
404 |
|
Deferred tax assets |
|
664 |
|
|
781 |
|
|
756 |
|
Goodwill |
|
1,150 |
|
|
1,150 |
|
|
1,150 |
|
Other noncurrent assets |
|
1,199 |
|
|
1,326 |
|
|
1,262 |
|
Total assets |
$ |
65,718 |
|
$ |
63,776 |
|
$ |
64,254 |
|
|
|
|
|
Liabilities and equity |
|
|
|
Accounts payable and accrued expenses |
$ |
4,680 |
|
$ |
3,946 |
|
$ |
3,958 |
|
Current debt |
|
344 |
|
|
908 |
|
|
278 |
|
Other current liabilities |
|
1,235 |
|
|
1,108 |
|
|
529 |
|
Total current liabilities |
|
6,259 |
|
|
5,962 |
|
|
4,765 |
|
Long-term debt |
|
13,378 |
|
|
12,597 |
|
|
13,052 |
|
Noncurrent operating lease liabilities |
|
593 |
|
|
601 |
|
|
603 |
|
Noncurrent unearned government incentives |
|
662 |
|
|
705 |
|
|
727 |
|
Other noncurrent liabilities |
|
956 |
|
|
1,026 |
|
|
987 |
|
Total liabilities |
|
21,848 |
|
|
20,891 |
|
|
20,134 |
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
Common stock |
|
125 |
|
|
124 |
|
|
124 |
|
Additional capital |
|
11,564 |
|
|
11,217 |
|
|
11,036 |
|
Retained earnings |
|
39,997 |
|
|
39,356 |
|
|
40,824 |
|
Treasury stock |
|
(7,552 |
) |
|
(7,552 |
) |
|
(7,552 |
) |
Accumulated other comprehensive income (loss) |
|
(264 |
) |
|
(260 |
) |
|
(312 |
) |
Total equity |
|
43,870 |
|
|
42,885 |
|
|
44,120 |
|
Total liabilities and equity |
$ |
65,718 |
|
$ |
63,776 |
|
$ |
64,254 |
|
|
MICRON TECHNOLOGY, INC. |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In millions) |
(Unaudited) |
|
Six months ended |
February 29,2024 |
March 2,2023 |
|
|
|
Cash flows from operating activities |
|
|
Net income (loss) |
$ |
(441 |
) |
$ |
(2,507 |
) |
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
Depreciation expense and amortization of intangible assets |
|
3,839 |
|
|
3,863 |
|
Stock-based compensation |
|
401 |
|
|
303 |
|
Provision to write-down inventories to net realizable value |
|
— |
|
|
1,430 |
|
Change in operating assets and liabilities: |
|
|
Receivables |
|
(1,759 |
) |
|
2,910 |
|
Inventories |
|
(57 |
) |
|
(2,896 |
) |
Other current assets |
|
(799 |
) |
|
4 |
|
Accounts payable and accrued expenses |
|
573 |
|
|
(1,144 |
) |
Other current liabilities |
|
706 |
|
|
(638 |
) |
Other |
|
157 |
|
|
(39 |
) |
Net cash provided by operating activities |
|
2,620 |
|
|
1,286 |
|
|
|
|
Cash flows from investing activities |
|
|
Expenditures for property, plant, and equipment |
|
(3,180 |
) |
|
(4,654 |
) |
Purchases of available-for-sale securities |
|
(465 |
) |
|
(293 |
) |
Proceeds from maturities and sales of available-for-sale
securities |
|
726 |
|
|
773 |
|
Proceeds from government incentives |
|
234 |
|
|
64 |
|
Other |
|
(24 |
) |
|
(71 |
) |
Net cash provided by (used for) investing activities |
|
(2,709 |
) |
|
(4,181 |
) |
|
|
|
Cash flows from financing activities |
|
|
Repayments of debt |
|
(1,101 |
) |
|
(53 |
) |
Payments of dividends to shareholders |
|
(256 |
) |
|
(252 |
) |
Payments on equipment purchase contracts |
|
(82 |
) |
|
(76 |
) |
Repurchases of common stock - repurchase program |
|
— |
|
|
(425 |
) |
Proceeds from issuance of debt |
|
999 |
|
|
5,221 |
|
Other |
|
(18 |
) |
|
19 |
|
Net cash provided by (used for) financing activities |
|
(458 |
) |
|
4,434 |
|
|
|
|
Effect of changes in currency
exchange rates on cash, cash equivalents, and restricted cash |
|
(8 |
) |
|
9 |
|
|
|
|
Net increase (decrease) in cash, cash equivalents, and restricted
cash |
|
(555 |
) |
|
1,548 |
|
Cash, cash equivalents, and restricted cash at beginning of
period |
|
8,656 |
|
|
8,339 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
8,101 |
|
$ |
9,887 |
|
|
MICRON TECHNOLOGY, INC. |
NOTES |
(Unaudited) |
(All
tabular amounts in millions) |
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:
|
2nd Qtr. |
1st Qtr. |
2nd Qtr. |
Six months ended |
|
February 29,2024 |
November 30,2023 |
March 2,2023 |
February 29,2024 |
March 2,2023 |
|
|
|
|
|
|
Provision to write down inventory to NRV |
$ |
— |
|
$ |
— |
|
$ |
(1,430 |
) |
$ |
— |
|
$ |
(1,430 |
) |
Lower costs from sale of inventory written down in prior
periods |
|
382 |
|
|
605 |
|
|
— |
|
|
987 |
|
|
— |
|
|
$ |
382 |
|
$ |
605 |
|
$ |
(1,430 |
) |
$ |
987 |
|
$ |
(1,430 |
) |
Income Tax
For the first quarter of 2024, we recorded tax
expense based on actual first quarter results, as small changes in
our projected pre-tax income cause significant changes in the
estimated annual effective tax rate. With our improved fiscal 2024
outlook, we can now estimate a more reliable annual effective tax
rate and have reverted to a global annual effective tax rate
method. The second fiscal quarter tax benefit arises from applying
this estimated annual effective tax rate to our year-to-date
results.
|
MICRON TECHNOLOGY, INC. |
RECONCILIATION OF GAAP TO NON-GAAP
MEASURES |
(In millions, except per share amounts) |
|
|
2nd Qtr. |
1st Qtr. |
2nd Qtr. |
|
February 29,2024 |
November 30,2023 |
March 2,2023 |
|
|
|
|
GAAP gross margin |
$ |
1,079 |
|
$ |
(35 |
) |
$ |
(1,206 |
) |
Stock-based compensation |
|
80 |
|
|
67 |
|
|
41 |
|
Other |
|
4 |
|
|
5 |
|
|
4 |
|
Non-GAAP gross margin |
$ |
1,163 |
|
$ |
37 |
|
$ |
(1,161 |
) |
|
|
|
|
GAAP operating expenses |
$ |
888 |
|
$ |
1,093 |
|
$ |
1,097 |
|
Stock-based compensation |
|
(129 |
) |
|
(115 |
) |
|
(95 |
) |
Restructure and asset impairments |
|
— |
|
|
— |
|
|
(86 |
) |
Patent cross-license agreement gain |
|
200 |
|
|
— |
|
|
— |
|
Other |
|
— |
|
|
14 |
|
|
— |
|
Non-GAAP operating expenses |
$ |
959 |
|
$ |
992 |
|
$ |
916 |
|
|
|
|
|
GAAP operating income (loss) |
$ |
191 |
|
$ |
(1,128 |
) |
$ |
(2,303 |
) |
Stock-based compensation |
|
209 |
|
|
182 |
|
|
136 |
|
Restructure and asset impairments |
|
— |
|
|
— |
|
|
86 |
|
Patent cross-license agreement gain |
|
(200 |
) |
|
— |
|
|
— |
|
Other |
|
4 |
|
|
(9 |
) |
|
4 |
|
Non-GAAP operating income (loss) |
$ |
204 |
|
$ |
(955 |
) |
$ |
(2,077 |
) |
|
|
|
|
GAAP net income
(loss) |
$ |
793 |
|
$ |
(1,234 |
) |
$ |
(2,312 |
) |
Stock-based compensation |
|
209 |
|
|
182 |
|
|
136 |
|
Restructure and asset impairments |
|
— |
|
|
— |
|
|
86 |
|
Patent cross-license agreement gain |
|
(200 |
) |
|
— |
|
|
— |
|
Other |
|
2 |
|
|
(10 |
) |
|
8 |
|
Estimated tax effects of above and other tax adjustments(1) |
|
(328 |
) |
|
14 |
|
|
1 |
|
Non-GAAP net income (loss) |
$ |
476 |
|
$ |
(1,048 |
) |
$ |
(2,081 |
) |
|
|
|
|
GAAP weighted-average
common shares outstanding - Diluted |
|
1,114 |
|
|
1,100 |
|
|
1,091 |
|
Adjustment for stock-based compensation |
|
20 |
|
|
— |
|
|
— |
|
Non-GAAP
weighted-average common shares outstanding - Diluted |
|
1,134 |
|
|
1,100 |
|
|
1,091 |
|
|
|
|
|
GAAP diluted earnings
(loss) per share |
$ |
0.71 |
|
$ |
(1.12 |
) |
$ |
(2.12 |
) |
Effects of the above adjustments |
|
(0.29 |
) |
|
0.17 |
|
|
0.21 |
|
Non-GAAP diluted
earnings (loss) per share |
$ |
0.42 |
|
$ |
(0.95 |
) |
$ |
(1.91 |
) |
(1) As described in the Income Tax
note above, the second fiscal quarter tax benefit arises from
applying our estimated annual effective tax rate to our
year-to-date results. A portion of this benefit is included in our
non-GAAP net income, with a larger benefit in our GAAP net income.
The divergence between the GAAP and non-GAAP amounts of this tax
benefit relates to the difference in our GAAP and non-GAAP
estimated annual effective tax rates, which are computed
separately.
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES,
Continued |
|
|
2nd Qtr. |
1st Qtr. |
2nd Qtr. |
|
February 29,2024 |
November 30,2023 |
March 2,2023 |
|
|
|
|
GAAP net cash provided by operating
activities |
$ |
1,219 |
|
$ |
1,401 |
|
$ |
343 |
|
|
|
|
|
Expenditures for property, plant, and equipment |
|
(1,384 |
) |
|
(1,796 |
) |
|
(2,205 |
) |
Payments on equipment purchase contracts |
|
(26 |
) |
|
(56 |
) |
|
(29 |
) |
Proceeds from sales of property, plant, and equipment |
|
13 |
|
|
33 |
|
|
17 |
|
Proceeds from government incentives |
|
149 |
|
|
85 |
|
|
62 |
|
Investments in capital expenditures, net |
|
(1,248 |
) |
|
(1,734 |
) |
|
(2,155 |
) |
Adjusted free cash
flow |
$ |
(29 |
) |
$ |
(333 |
) |
$ |
(1,812 |
) |
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;
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.
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 |
|
FQ3-24 |
|
GAAP Outlook |
|
Adjustments |
|
Non-GAAP Outlook |
|
|
|
|
|
|
|
|
Revenue |
$6.60 billion ± $200 million |
|
— |
|
|
$6.60 billion ± $200 million |
Gross margin |
25.5% ± 1.5% |
|
1.0% |
A |
|
26.5% ± 1.5% |
Operating
expenses |
$1.11 billion ± $15 million |
|
$123 million |
B |
|
$990 million ± $15 million |
Diluted earnings per share(1) |
$0.17 ± $0.07 |
|
$0.28 |
A, B, C |
|
$0.45 ± $0.07 |
Non-GAAP Adjustments(in millions) |
|
A |
Stock-based compensation – cost of goods sold |
|
$ |
78 |
A |
Other – cost of
goods sold |
|
|
4 |
B |
Stock-based
compensation – research and development |
|
|
76 |
B |
Stock-based
compensation – sales, general, and administrative |
|
|
47 |
C |
Tax effects of the above items and other tax adjustments |
|
|
107 |
|
|
|
$ |
312 |
|
|
|
|
|
(1) GAAP earnings per share based
on approximately 1.11 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.
Contacts:
Satya Kumar
Investor Relations
satyakumar@micron.com
(408) 450-6199
Erica Rodriguez Pompen
Media Relations
epompen@micron.com
(408) 834-1873
Micron Technology (NASDAQ:MU)
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