RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In millions, except per share amounts) 3rd Qtr.2nd Qtr.3rd Qtr. May 30,2024February 29,2024June 1,2023 GAAP gross margin$1,832 $1,079 $(668)Stock-based compensation 80 80 60 Other 5 4 5 Non-GAAP gross margin$1,917 $1,163 $(603) GAAP operating expenses$1,113 $888 $1,093 Stock-based compensation (137) (129) (91)Restructure and asset impairments — — (68)Patent cross-license agreement gain — 200 — Litigation settlement — — (68)Non-GAAP operating expenses$976 $959 $866 GAAP operating income (loss)$719 $191 $(1,761)Stock-based compensation 217 209 151 Restructure and asset impairments — — 68 Patent cross-license agreement gain — (200) — Litigation settlement — — 68 Other 5 4 5 Non-GAAP operating income (loss)$941 $204 $(1,469) GAAP net income (loss)$332 $793 $(1,896)Stock-based compensation 217 209 151 Restructure and asset impairments — — 68 Patent cross-license agreement gain — (200) — Litigation settlement — — 68 Other 3 2 7 Estimated tax effects of above and other tax adjustments(1) 150 (328) 37 Non-GAAP net income (loss)$702 $476 $(1,565) GAAP weighted-average common shares outstanding - Diluted 1,123 1,114 1,094 Adjustment for stock-based compensation 13 20 — Non-GAAP weighted-average common shares outstanding - Diluted 1,136 1,134 1,094 GAAP diluted earnings (loss) per share$0.30 $0.71 $(1.73)Effects of the above adjustments 0.32 (0.29) 0.30 Non-GAAP diluted earnings (loss) per share$0.62 $0.42 $(1.43) (1)The second fiscal quarter tax benefit arose from applying our estimated annual effective tax rate to our year-to-date results.
CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Nine months endedMay 30,2024June 1,2023 Cash flows from operating activities Net income (loss)$(109)$(4,403)Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation expense and amortization of intangible assets 5,794 5,819 Stock-based compensation 620 448 Provision to write-down inventories to net realizable value — 1,831 Change in operating assets and liabilities: Receivables (2,562) 2,728 Inventories (125) (3,406)Other current assets (435) (35)Accounts payable and accrued expenses 846 (1,113)Other current liabilities 769 (677)Other 304 118 Net cash provided by operating activities 5,102 1,310 Cash flows from investing activities Expenditures for property, plant, and equipment (5,266) (6,215)Purchases of available-for-sale securities (1,110) (496)Proceeds from maturities and sales of available-for-sale securities 1,433 1,192 Proceeds from government incentives 267 248 Other (35) (90)Net cash provided by (used for) investing activities (4,711) (5,361) Cash flows from financing activities Repayments of debt (1,816) (706)Payments of dividends to shareholders (384) (378)Payments on equipment purchase contracts (127) (112)Repurchases of common stock - repurchase program — (425)Proceeds from issuance of debt 999 6,716 Other (40) — Net cash provided by (used for) financing activities (1,368) 5,095 Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash (15) (13) Net increase (decrease) in cash, cash equivalents, and restricted cash (992) 1,031 Cash, cash equivalents, and restricted cash at beginning of period 8,656 8,339 Cash, cash equivalents, and restricted cash at end of period$7,664 $9,370 MICRON TECHNOLOGY, INC.
We are excited about the expanding AI-driven opportunities ahead, and are well positioned to deliver a substantial revenue record in fiscal 2025.” Quarterly Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FQ3-24FQ2-24FQ3-23 FQ3-24FQ2-24FQ3-23 Revenue$6,811 $5,824 $3,752 $6,811 $5,824 $3,752 Gross margin 1,832 1,079 (668) 1,917 1,163 (603)percent of revenue 26.9% 18.5% (17.8%) 28.1% 20.0% (16.1%)Operating expenses 1,113 888 1,093 976 959 866 Operating income (loss) 719 191 (1,761) 941 204 (1,469)percent of revenue 10.6% 3.3% (46.9%) 13.8% 3.5% (39.2%)Net income (loss) 332 793 (1,896) 702 476 (1,565)Diluted earnings (loss) per share 0.30 0.71 (1.73) 0.62 0.42 (1.43) Investments in capital expenditures, net(2) were $2.06 billion for the third quarter of 2024, which resulted in adjusted free cash flows(2) of $425 million.
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