Micron Technology Reports Results for the Fourth Quarter and Full Year of Fiscal 2022

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Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2022, which ended September 1, 2022. "In fiscal 2022, Micron generated record revenue of $30.8 billion and delivered our sixth consecutive year of positive free cash flow, allowing us to return a record $2.9 billion to our shareholders," said Micron Technology President and CEO Sanjay Mehrotra. "Our technology and manufacturing leadership in both DRAM and NAND, deep customer relationships, diverse product portfolio, and strong balance sheet put Micron on solid footing to navigate the weakened near-term supply-demand environment. We are taking decisive steps to reduce our supply growth including a nearly 50% wafer fab equipment capex cut versus last year, and we expect to emerge from this downcycle well positioned to capitalize on the long-term demand for memory and storage."



Fiscal Q4 2022 highlights

• Revenue of $6.64 billion versus $8.64 billion for the prior quarter and $8.27 billion for the same period last year
• GAAP net income of $1.49 billion, or $1.35 per diluted share
• Non-GAAP net income of $1.62 billion, or $1.45 per diluted share
• Operating cash flow of $3.78 billion versus $3.84 billion for the prior quarter and $3.88 billion for the same period last year

Fiscal 2022 highlights

• Revenue of $30.76 billion versus $27.71 billion for the prior year
• GAAP net income of $8.69 billion, or $7.75 per diluted share
• Non-GAAP net income of $9.48 billion, or $8.35 per diluted share
• Operating cash flow of $15.18 billion versus $12.47 billion for the prior year

Investments in capital expenditures, net were $3.58 billion for the fourth quarter of 2022 and $11.98 billion for the full year of 2022, which resulted in adjusted free cash flows of $196 million for the fourth quarter of 2022 and $3.21 billion for the full year of 2022. Micron repurchased approximately 13.2 million shares of its common stock for $784 million during the fourth quarter of 2022 and 35.4 million shares of its common stock for $2.43 billion during the full year of 2022 and ended the year with cash, marketable investments, and restricted cash of $11.06 billion, for a net cash position of $4.15 billion. On September 29, 2022, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 26, 2022, to shareholders of record as of the close of business on October 11, 2022.

Business Outlook
The following table presents Micron's guidance for the first quarter of 2023:


Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

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