(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities which our management excludes in analyzing our operating results and understanding trends in our earnings. Non-GAAP also includes the impact on shares used in per share calculations of our outstanding capped call transactions and from the exclusion of stock-based compensation. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.
(3) Adjusted free cash flow consists of cash provided by operating activities of $5.16 billion for the fourth quarter of 2018 and $17.40 billion for the full year of 2018 less investments in capital expenditures, net of amounts funded by partners, for the respective periods.
| MICRON TECHNOLOGY, INC. | ||||||||||||||||||||
| CONSOLIDATED FINANCIAL SUMMARY | ||||||||||||||||||||
| (in millions except per share amounts) | ||||||||||||||||||||
| 4th Qtr. | 3rd Qtr. | 4th Qtr. | Year Ended | |||||||||||||||||
|
August 30,
2018 |
May 31,
2018 |
August 31,
2017 |
August 30,
2018 |
August 31,
2017 | ||||||||||||||||
| Net sales | $ | 8,440 | $ | 7,797 | $ | 6,138 | $ | 30,391 | $ | 20,322 | ||||||||||
| Cost of goods sold | 3,289 | 3,074 | 3,026 | 12,500 | 11,886 | |||||||||||||||
| Gross margin | 5,151 | 4,723 | 3,112 | 17,891 | 8,436 | |||||||||||||||
| Selling, general, and administrative | 215 | 211 | 193 | 813 | 743 | |||||||||||||||
| Research and development | 567 | 603 | 447 | 2,141 | 1,824 | |||||||||||||||
| Other operating (income) expense, net | (8 | ) | (44 | ) | (30 | ) | (57 | ) | 1 | |||||||||||
| Operating income | 4,377 | 3,953 | 2,502 | 14,994 | 5,868 | |||||||||||||||
| Interest income (expense), net | (16 | ) | (44 | ) | (132 | ) | (222 | ) | (560 | ) | ||||||||||
| Other non-operating income (expense), net (1) | (15 | ) | (193 | ) | (49 | ) | (465 | ) | (112 | ) | ||||||||||
| Income tax (provision) benefit (2) | (20 | ) | 109 | 47 | (168 | ) | (114 | ) | ||||||||||||
| Equity in net income (loss) of equity method investees | — | (2 | ) | 1 | (1 | ) | 8 | |||||||||||||
| Net (income) attributable to noncontrolling interests | (1 | ) | — | (1 | ) | (3 | ) | (1 | ) | |||||||||||
| Net income attributable to Micron | $ | 4,325 | $ | 3,823 | $ | 2,368 | $ | 14,135 | $ | 5,089 | ||||||||||
| Earnings per share | ||||||||||||||||||||
| Basic | $ | 3.73 | $ | 3.30 | $ | 2.13 | $ | 12.27 | $ | 4.67 | ||||||||||
| Diluted | 3.56 | 3.10 | 1.99 | 11.51 | 4.41 | |||||||||||||||
| Number of shares used in per share calculations | ||||||||||||||||||||
| Basic | 1,159 | 1,159 | 1,109 | 1,152 | 1,089 | |||||||||||||||
| Diluted | 1,216 | 1,235 | 1,187 | 1,229 | 1,154 | |||||||||||||||
