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
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