Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2024

(1)   As described in the Income Tax note above, the second fiscal quarter tax benefit arises from applying our estimated annual effective tax rate to our year-to-date results. A portion of this benefit is included in our non-GAAP net income, with a larger benefit in our GAAP net income. The divergence between the GAAP and non-GAAP amounts of this tax benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.

 
RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
 
  2nd Qtr. 1st Qtr. 2nd Qtr.
  February 29,
2024
November 30,
2023
March 2,
2023
    
GAAP net cash provided by operating activities$1,219 $1,401 $343 
    
Expenditures for property, plant, and equipment (1,384) (1,796) (2,205)
Payments on equipment purchase contracts (26) (56) (29)
Proceeds from sales of property, plant, and equipment 13  33  17 
Proceeds from government incentives 149  85  62 
Investments in capital expenditures, net (1,248) (1,734)   (2,155 )
Adjusted free cash flow $ (29 ) $ (333 ) $ (1,812 )



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