Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2024

RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
 
  4th Qtr. 3rd Qtr. 4th Qtr. Year Ended
  August 29,
2024
May 30,
2024
August 31,
2023
August 29,
2024
August 31,
2023
      
GAAP net cash provided by operating activities$3,405 $2,482 $249 $8,507 $1,559 
      
Expenditures for property, plant, and equipment (3,120) (2,086) (1,461) (8,386) (7,676)
Payments on equipment purchase contracts (22) (45) (26) (149) (138)
Proceeds from sales of property, plant, and equipment 12  41  18  99    92  
Proceeds from government incentives   48     33     462     315     710  
Investments in capital expenditures, net   (3,082 )   (2,057 )   (1,007 )   (8,121 )   (7,012 )
Adjusted free cash flow $ 323   $ 425   $ (758 ) $ 386   $ (5,453 )
 

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. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

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