RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In millions, except per share amounts) 1st Qtr.4th Qtr.1st Qtr. November 28,2024August 29,2024November 30,2023 GAAP gross margin$3,348 $2,737 $(35)Stock-based compensation 90 85 67 Other 3 4 5 Non-GAAP gross margin$3,441 $2,826 $37 GAAP operating expenses$1,174 $1,215 $1,093 Stock-based compensation (127) (128) (115)Other — (6) 14 Non-GAAP operating expenses$1,047 $1,081 $992 GAAP operating income (loss)$2,174 $1,522 $(1,128)Stock-based compensation 217 213 182 Other 3 10 (9)Non-GAAP operating income (loss)$2,394 $1,745 $(955) GAAP net income (loss)$1,870 $887 $(1,234)Stock-based compensation 217 213 182 Other — 6 (10)Estimated tax effects of above and other tax adjustments (50) 236 14 Non-GAAP net income (loss)$2,037 $1,342 $(1,048) GAAP weighted-average common shares outstanding - Diluted 1,122 1,125 1,100 Adjustment for stock-based compensation 16 12 — Non-GAAP weighted-average common shares outstanding - Diluted 1,138 1,137 1,100 GAAP diluted earnings (loss) per share$1.67 $0.79 $(1.12)Effects of the above adjustments 0.12 0.39 0.17 Non-GAAP diluted earnings (loss) per share$1.79 $1.18 $(0.95) RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued 1st Qtr.4th Qtr.1st Qtr. November 28,2024August 29,2024November 30,2023 GAAP net cash provided by operating activities$3,244 $3,405 $1,401 Expenditures for property, plant, and equipment (3,206) (3,120) (1,796)Payments on equipment purchase contracts — (22) (56)Proceeds from sales of property, plant, and equipment 9 12 33 Proceeds from government incentives 65 48 85 Investments in capital expenditures, net (3,132) (3,082) (1,734)Adjusted free cash flow$112 $323 $(333) 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.
CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited) Three months endedNovember 28,2024November 30,2023 Cash flows from operating activities Net income (loss)$1,870 $(1,234)Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation expense and amortization of intangible assets 2,030 1,915 Stock-based compensation 220 188 Change in operating assets and liabilities: Receivables (817) (501)Inventories 170 111 Accounts payable and accrued expenses (241) 271 Other current liabilities (161) 579 Other 173 72 Net cash provided by operating activities 3,244 1,401 Cash flows from investing activities Expenditures for property, plant, and equipment (3,206) (1,796)Purchases of available-for-sale securities (377) (199)Proceeds from maturities and sales of available-for-sale securities 428 374 Proceeds from government incentives 65 85 Other (58) (22)Net cash provided by (used for) investing activities (3,148) (1,558) Cash flows from financing activities Payments of dividends to shareholders (131) (129)Repayments of debt (84) (53)Payments on equipment purchase contracts — (56)Other (207) (114)Net cash provided by (used for) financing activities (422) (352) Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash (29) (1) Net increase (decrease) in cash, cash equivalents, and restricted cash (355) (510)Cash, cash equivalents, and restricted cash at beginning of period 7,052 8,656 Cash, cash equivalents, and restricted cash at end of period$6,697 $8,146 MICRON TECHNOLOGY, INC.
We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.” Quarterly Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FQ1-25FQ4-24FQ1-24 FQ1-25FQ4-24FQ1-24 Revenue$8,709 $7,750 $4,726 $8,709 $7,750 $4,726 Gross margin 3,348 2,737 (35) 3,441 2,826 37 percent of revenue 38.4% 35.3% (0.7%) 39.5% 36.5% 0.8%Operating expenses 1,174 1,215 1,093 1,047 1,081 992 Operating income (loss) 2,174 1,522 (1,128) 2,394 1,745 (955)percent of revenue 25.0% 19.6% (23.9%) 27.5% 22.5% (20.2%)Net income (loss) 1,870 887 (1,234) 2,037 1,342 (1,048)Diluted earnings (loss) per share 1.67 0.79 (1.12) 1.79 1.18 (0.95) Investments in capital expenditures, net(2) were $3.13 billion for the first quarter of 2025, which resulted in adjusted free cash flows(2) of $112 million for the first quarter of 2025.
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