Micron Investor Day 2022 slide image

Micron Investor Day 2022

Micron's cash strategy enables future success Technology, product, and manufacturing leadership enable robust free cash flow Cash sources (FY18 - FQ2'22) Cash flow from operations (before R&D investment) 1 Cash uses (FY18 – FQ2'22) Invest in future growth - R&D1 $11B Capex, net² $40B Results Technology and product leadership Driving profitable growth and manufacturing scale 78 $70B Strengthen balance sheet Return cash Net cash increase³ $10B Buybacks convert premium dividend: $8B6 Reduced to <0.5x leverage4 Total cash 5 of $12B 94M shares repurchased + 62M reduction from converts6 1 Cash flow from operations before research and development is a non-GAAP measure defined as net cash provided by operating activities plus research and development added back. 2Investments in capital expenditures, net is a non-GAAP measure defined as capital expenditures net of amounts funded by partners and proceeds from sales of property, plant, and equipment. ³Net cash is a non-GAAP measure defined as total cash less total debt 4Leverage is defined as ratio of gross debt to Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure defined as non-GAAP net income plus interest, taxes, depreciation and amortization of intangible assets. 5Total cash includes cash, short-term investments, long-term marketable investments, and restricted cash. A reconciliation of non-GAAP measures is included in the section titled "Non-GAAP Reconciliations". 643M out of 62M convert shares were settled in FY18 with a ~$2B convert premium Micron
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