The company's management excludes the following items in analyzing the company's operating results and understanding trends in the company's earnings:
- Restructure and asset impairments, including charges to impair equity method investments;
- Amortization of debt discount and other costs, including the accretion of non-cash interest expense associated with the company's convertible debt and the MMJ installment debt;
- (Gain) loss from changes in currency exchange rates;
- (Gain) loss from business acquisition activities;
- The estimated tax effects of above items;
- Non-cash changes in net deferred income taxes; and
- Non-cash taxes resulting from business acquisition activities.
The company's outstanding capped call transactions are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of the company's convertible notes. In periods with non-GAAP income attributable to Micron, non-GAAP diluted shares include the impact of the capped calls, based on the average share price for the period that the capped calls are outstanding. In addition, in periods with a GAAP loss and non-GAAP income, non-GAAP diluted shares also includes the dilutive effect of equity plans and convertible notes as such amounts were not included in the corresponding determination of GAAP diluted shares.
Contacts: Ivan Donaldson Investor Relations idonaldson@micron.com (208) 368-4093 David Oro Media Relations davidoro@micron.com (208) 368-5584
