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MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in millions except per share amounts) | |||||||||||||||||||||||||||||
| 2nd Qtr. | 1st Qtr. | 2nd Qtr. | |||||||||||||||||||||||||||
| March 1, 2018 | November 30, 2017 | March 2, 2017 | |||||||||||||||||||||||||||
| GAAP | Adj |
Non-
GAAP | GAAP | Adj |
Non-
GAAP | GAAP | Adj |
Non-
GAAP | |||||||||||||||||||||
| Net sales | $ | 7,351 | $ | — | $ | 7,351 | $ | 6,803 | $ | — | $ | 6,803 | $ | 4,648 | $ | — | $ | 4,648 | |||||||||||
| Cost of goods sold | 3,081 | (26 | ) | 3,055 | 3,056 | (22 | ) | 3,034 | 2,944 | (85 | ) | 2,859 | |||||||||||||||||
| Gross margin | 4,270 | 26 | 4,296 | 3,747 | 22 | 3,769 | 1,704 | 85 | 1,789 | ||||||||||||||||||||
| percent of net sales | 58.1% | 58.4% | 55.1% | 55.4% | 36.7% | 38.5% | |||||||||||||||||||||||
| Selling, general, and administrative | 196 | (16 | ) | 180 | 191 | (18 | ) | 173 | 187 | (30 | ) | 157 | |||||||||||||||||
| Research and development | 523 | (14 | ) | 509 | 448 | (14 | ) | 434 | 473 | (14 | ) | 459 | |||||||||||||||||
| Other operating (income) expense, net | (16 | ) | (7 | ) | (23 | ) | 11 | (6 | ) | 5 | — | (4 | ) | (4 | ) | ||||||||||||||
| Operating expenses | 703 | (37 | ) | 666 | 650 | (38 | ) | 612 | 660 | (48 | ) | 612 | |||||||||||||||||
| Operating income | 3,567 | 63 | 3,630 | 3,097 | 60 | 3,157 | 1,044 | 133 | 1,177 | ||||||||||||||||||||
| percent of net sales | 48.5 % | 49.4 % | 45.5 % | 46.4 % | 22.5 % | 25.3 % | |||||||||||||||||||||||
| Interest income (expense), net | (61 | ) | 26 | (35 | ) | (101 | ) | 29 | (72 | ) | (153 | ) | 31 | (122 | ) | ||||||||||||||
| Other non-operating income (expense), net | (53 | ) | 53 | — | (204 | ) | 204 | — | 34 | (34 | ) | — | |||||||||||||||||
| 3,453 | 142 | 3,595 | 2,792 | 293 | 3,085 | 925 | 130 | 1,055 | |||||||||||||||||||||
| Income tax (provision) benefit | (143 | ) | 44 | (99 | ) | (114 | ) | 23 | (91 | ) | (38 | ) | 7 | (31 | ) | ||||||||||||||
| Equity in net income (loss) of equity method investees | 1 | — | 1 | — | — | — | 7 | — | 7 | ||||||||||||||||||||
| Net income | 3,311 | 186 | 3,497 | 2,678 | 316 | 2,994 | 894 | 137 | 1,031 | ||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | (2 | ) | — | (2 | ) | — | — | — | — | — | — | ||||||||||||||||||
| Net income attributable to Micron | $ | 3,309 | $ | 186 | $ | 3,495 | $ | 2,678 | $ | 316 | $ | 2,994 | $ | 894 | $ | 137 | $ | 1,031 | |||||||||||
| Shares used in calculations | 1,238 | 2 | 1,240 | 1,225 | (5 | ) | 1,220 | 1,160 | (14 | ) | 1,146 | ||||||||||||||||||
| Diluted earnings per share | $ | 2.67 | $ | 0.15 | $ | 2.82 | $ | 2.19 | $ | 0.26 | $ | 2.45 | $ | 0.77 | $ | 0.13 | $ | 0.90 | |||||||||||
