Investments in capital expenditures, net⁽²⁾ 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⁽²⁾ 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⁽²⁾ 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:

FQ1-23	GAAP (1) Outlook	Non-GAAP (2) Outlook
Revenue	$4.25 billion ± $250 million	$4.25 billion ± $250 million
Gross margin	25.0% ± 2.0%	26.0% ± 2.0%
Operating expenses	$1.09 billion ± $25 million	$1.00 billion ± $25 million
Diluted earnings (loss) per share	($0.09) ± $0.10	$0.04 ± $0.10

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

Investor Webcast

Micron will host a conference call on Thursday, September 29, 2022 at 2:30 p.m. Mountain Time to discuss its fourth quarter financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2022 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

⁽¹⁾ GAAP represents U.S. Generally Accepted Accounting Principles.
⁽²⁾ Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)

	4th Qtr.			3rd Qtr.			4th Qtr.			Year Ended
	September 1, 2022			June 2, 2022			September 2, 2021			September 1, 2022			September 2, 2021
Revenue	$	6,643		$	8,642		$	8,274		$	30,758		$	27,705
Cost of goods sold		4,021			4,607			4,362			16,860			17,282
Gross margin		2,622			4,035			3,912			13,898			10,423
Research and development		839			773			705			3,116			2,663
Selling, general, and administrative		280			264			236			1,066			894
Restructure and asset impairments		5			—			22			48			488
Other operating (income) expense, net		(23	)		(6	)		(6	)		(34	)		95
Operating income		1,521			3,004			2,955			9,702			6,283
Interest income		54			20			9			96			37
Interest expense		(45	)		(44	)		(47	)		(189	)		(183	)
Other non-operating income (expense), net		23			8			19			(38	)		81
		1,553			2,988			2,936			9,571			6,218
Income tax (provision) benefit		(56	)		(358	)		(230	)		(888	)		(394	)
Equity in net income (loss) of equity method investees		(5	)		(4	)		14			4			37
Net income	$	1,492		$	2,626		$	2,720		$	8,687		$	5,861
Earnings per share
Basic	$	1.36		$	2.36		$	2.42		$	7.81		$	5.23
Diluted		1.35			2.34			2.39			7.75			5.14
Number of shares used in per share calculations
Basic		1,097			1,112			1,123			1,112			1,120
Diluted		1,106			1,121			1,138			1,122			1,141