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

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Nine months ended May 30,
2024
June 1,
2023
   
Cash flows from operating activities  
Net income (loss)$(109)$(4,403)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation expense and amortization of intangible assets 5,794  5,819 
Stock-based compensation 620  448 
Provision to write-down inventories to net realizable value   1,831 
Change in operating assets and liabilities:  
Receivables (2,562) 2,728 
Inventories (125) (3,406)
Other current assets (435) (35)
Accounts payable and accrued expenses 846  (1,113)
Other current liabilities 769  (677)
Other 304     118  
Net cash provided by operating activities   5,102     1,310  
     
Cash flows from investing activities    
Expenditures for property, plant, and equipment   (5,266 )   (6,215 )
Purchases of available-for-sale securities   (1,110 )   (496 )
Proceeds from maturities and sales of available-for-sale securities   1,433     1,192  
Proceeds from government incentives   267     248  
Other   (35 )   (90 )
Net cash provided by (used for) investing activities   (4,711 )   (5,361 )
     
Cash flows from financing activities    
Repayments of debt   (1,816 )   (706 )
Payments of dividends to shareholders   (384 )   (378 )
Payments on equipment purchase contracts   (127 )   (112 )
Repurchases of common stock - repurchase program       (425 )
Proceeds from issuance of debt   999     6,716  
Other   (40 )    
Net cash provided by (used for) financing activities   (1,368 )   5,095  
     
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash   (15 )   (13 )
     
Net increase (decrease) in cash, cash equivalents, and restricted cash   (992 )   1,031  
Cash, cash equivalents, and restricted cash at beginning of period   8,656     8,339  
Cash, cash equivalents, and restricted cash at end of period $ 7,664   $ 9,370  
             



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