Micron Technology, Inc., Reports Results for the Fourth Quarter and Full Year of Fiscal 2018

(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  
                               

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