Our income tax provision consisted of the following:
| Quarter ended |
November 29,
2018 |
August 30,
2018 |
November 30,
2017 | |||||||||
| Income tax provision, excluding items below | $ | (378 | ) | $ | (113 | ) | $ | (88 | ) | |||
| Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW | (52 | ) | 10 | (26 | ) | |||||||
| Repatriation Tax, net of adjustments related to uncertain tax positions | (47 | ) | 83 | — | ||||||||
| $ | (477 | ) | $ | (20 | ) | $ | (114 | ) | ||||
- In the first quarter of 2019, we repurchased 42 million shares of our common stock for $1.80 billion through a combination of repurchases pursuant to an accelerated share repurchase agreement, Rule 10b5-1 plan, and through open market repurchases. The shares were recorded as treasury stock.
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in millions, except per share amounts)
| 1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||||||||||||||||||||||||||
| November 29, 2018 | August 30, 2018 | November 30, 2017 | |||||||||||||||||||||||||||||||||
| GAAP | Adj |
Non-
GAAP | GAAP | Adj |
Non-
GAAP | GAAP | Adj |
Non-
GAAP | |||||||||||||||||||||||||||
| Revenue | $ | 7,913 | $ | — | $ | 7,913 | $ | 8,440 | $ | — | $ | 8,440 | $ | 6,803 | $ | — | $ | 6,803 | |||||||||||||||||
| Cost of goods sold | 3,298 | (55 | ) | 3,243 | 3,289 | (28 | ) | 3,261 | 3,056 | (22 | ) | 3,034 | |||||||||||||||||||||||
| Gross margin | 4,615 | 55 | 4,670 | 5,151 | 28 | 5,179 | 3,747 | 22 | 3,769 | ||||||||||||||||||||||||||
| percent of revenue | 58.3% | 59.0% | 61.0% | 61.4% | 55.1% | 55.4% | |||||||||||||||||||||||||||||
| Selling, general, and administrative | 209 | (21 | ) | 188 | 215 | (13 | ) | 202 | 191 | (18 | ) | 173 | |||||||||||||||||||||||
| Research and development | 611 | (22 | ) | 589 | 567 | (14 | ) | 553 | 448 | (14 | ) | 434 | |||||||||||||||||||||||
| Other operating (income) expense, net | 36 | (30 | ) | 6 | (8 | ) | (7 | ) | (15 | ) | 11 | (6 | ) | 5 | |||||||||||||||||||||
| Operating expenses | 856 | (73 | ) | 783 | 774 | (34 | ) | 740 | 650 | (38 | ) | 612 | |||||||||||||||||||||||
| Operating income | 3,759 | 128 | 3,887 | 4,377 | 62 | 4,439 | 3,097 | 60 | 3,157 | ||||||||||||||||||||||||||
| percent of revenue | 47.5% | 49.1% | 51.9% | 52.6% | 45.5% | 46.4% | |||||||||||||||||||||||||||||
| Interest income (expense), net | 5 | 18 | 23 | (16 | ) | 23 | 7 | (101 | ) | 29 | (72 | ) | |||||||||||||||||||||||
| Other non-operating income (expense), net | 9 | (8 | ) | 1 | (15 | ) | 14 | (1 | ) | (204 | ) | 204 | — | ||||||||||||||||||||||
| 3,773 | 138 | 3,911 | 4,346 | 99 | 4,445 | 2,792 | 293 | 3,085 | |||||||||||||||||||||||||||
| Income tax provision | (477 | ) | 77 | (400 | ) | (20 | ) | (111 | ) | (131 | ) | (114 | ) | 23 | (91 | ) | |||||||||||||||||||
| Net income | 3,296 | 215 | 3,511 | 4,326 | (12 | ) | 4,314 | 2,678 | 316 | 2,994 | |||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (3 | ) | — | (3 | ) | (1 | ) | — | (1 | ) | — | — | — | ||||||||||||||||||||||
| Net income attributable to Micron | $ | 3,293 | $ | 215 | $ | 3,508 | $ | 4,325 | $ | (12 | ) | $ | 4,313 | $ | 2,678 | $ | 316 | $ | 2,994 | ||||||||||||||||
| Shares used in calculations | 1,174 | 5 | 1,179 | 1,216 | 4 | 1,220 | 1,225 | (5 | ) | 1,220 | |||||||||||||||||||||||||
| Diluted earnings per share | $ | 2.81 | $ | 0.16 | $ | 2.97 | $ | 3.56 | $ | (0.03 | ) | $ | 3.53 | $ | 2.19 | $ | 0.26 | $ | 2.45 | ||||||||||||||||
