Micron Technology Reports Results for the Fourth Quarter and Full Year of Fiscal 2021

Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2021, which ended Sept. 2, 2021. “Micron’s outstanding fourth quarter execution capped a year of several key milestones,” said Micron Technology President and CEO Sanjay Mehrotra. “In fiscal 2021, we established DRAM and NAND technology leadership, drove record revenues across multiple markets, and initiated a quarterly dividend. The demand outlook for 2022 is strong, and Micron is delivering innovative solutions to our customers, fueling our long-term growth.”

Investments in capital expenditures, net were $2.01 billion for the fourth quarter of 2021 and $9.72 billion for the full year of 2021, which resulted in adjusted free cash flows of $1.88 billion for the fourth quarter of 2021 and $2.75 billion for the full year of 2021. Micron repurchased approximately 13.9 million shares of its common stock for $1.05 billion during the fourth quarter of 2021 and 15.6 million shares of its common stock for $1.20 billion during the full year of 2021 and ended the year with cash, marketable investments, and restricted cash of $10.46 billion, for a net cash position of $3.69 billion.

Fiscal Q4 2021 highlights

• Revenue of $8.27 billion versus $7.42 billion for the prior quarter and $6.06 billion for the same period last year
• GAAP net income of $2.72 billion, or $2.39 per diluted share
• Non-GAAP net income of $2.78 billion, or $2.42 per diluted share
• Operating cash flow of $3.88 billion versus $3.56 billion for the prior quarter and $2.27 billion for the same period last year

Fiscal 2021 highlights

• Revenue of $27.71 billion versus $21.44 billion for the prior year
• GAAP net income of $5.86 billion, or $5.14 per diluted share
• Non-GAAP net income of $6.98 billion, or $6.06 per diluted share
• Operating cash flow of $12.47 billion versus $8.31 billion for the prior year

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