Financial Results
FQ1 2022© 2021 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. All information is provided on an “AS IS” basis without warranties of any kind. Statements
regarding products, including statements regarding product features, availability, functionality, or compatibility, are provided for informational purposes only and do not modify the warranty, if any, applicable to any product.
Drawings may not be to scale. Micron, the Micron orbit logo, the M orbit logo, Intelligence Accelerated™, and other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of theirrespective owners.

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Safe Harbor Statement
During the course of this meeting, we may make projections or other forward-looking statements
regarding future events or the future financial performance of the Company and the industry. We
wish to caution you that such statements are predictions and that actual events or results may differ
materially. We refer you to the documents the Company files from time to time with the Securities
and Exchange Commission, specifically the Company’s most recent Form 10-K. These documents
contain and identify important factors that could cause the actual results for the Company to differ
materially from those contained in our projections or forward-looking statements. These certain
factors can be found at http://www.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 anyof the forward-looking statements after the date of the presentation to conform these statements toactual results.

December 20, 2021

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Sanjay Mehrotra
President and CEO

December 20, 2021

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4Highlights§ Delivered outstanding results in fiscal Q1, achieving strong

year-over-year revenue growth and solid profitability§ On track to deliver record revenue and robust profitability in fiscal 2022
§ Rapidly ramping our industry-leading 1-alpha DRAM and 176-layer NAND

products and achieving excellent yields; these products are now shipping
across our major end markets§ Achieved significant product advancements and customer wins - launching

our first DDR5 solution, introducing our vertically integrated Gen4 NVMe data
center SSD, validating the world’s first low-power DDR5X with MediaTek, andshipping our GDDR6 for AMD’s Radeon RX 6000 graphics card

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StrongTechnology
and Roadmap
Execution

DRAM§

The combination of 1-alpha and 1z
DRAM nodes represents the majority of
our DRAM bit production§

176-layer NAND now accounts
for the majority of our NAND bit
production§

Planning for volume DRAM production
on EUV in 2024 with our 1-gamma
node§

Successfully transitioned toreplacement gate§

Roadmap to scale for several
generations while leveraging ourleadership in CMOS under array
and QLC to maintain bit density
leadership§With the successful ramp of 1-alpha DRAM
and 176-layer NAND products acrossmajor end markets, we are several
quarters ahead of the industry in market
deployment of these leading-edge process
technologies

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NAND

Integrating EUV with our existing multipatterning immersion lithography
expertise will help us maintain DRAM
technology leadership for many years
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Operations§

Two-thirds of our customers rank us No. 1 in quality§

Amid ongoing semiconductor supply chain challenges, Micron has leveraged our deep
partnerships with customers and suppliers to support DRAM, NAND and NOR supply
continuity§

Over 75% of our revenue comes from volume-based annual agreements, a significant
increase from around 10% of revenue they represented only five years ago§

Have entered into strategic agreements to secure supply of certain components that weneed to manufacture our products; as a result of these agreements, the current tightsupply of these components is expected to gradually improve for us throughout calendar2022

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End Market Highlights

Data Center

PC & Graphics

Memory and storage is growing as a portion ofserver BOM, supported by new and heterogenous
computing architectures, the growth of dataintensive workloads and AI, and the ongoingdisplacement of HDDs by SSDs§§

Data center revenue grew more than 70% Y/Y asa result of continued cloud demand and a
resurgence of enterprise IT investment§

Low-power DRAM has grown to 20% of the PC
industry DRAM bit demand today and is projected to
become the majority of the PC market in five years§

Launched the 7400 SSD, our first data center
NVMe SSD to utilize our internally developed
controller and firmware along with our DRAM and
NAND

§

§

Expect a strong ramp in our data center SSD
revenues in FQ2, driven by increased sales of ourdata center NVMe SSD products§

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PC: Inventory adjustment at most PC customers is
now largely behind us, and we are seeing signs ofstabilization in demand in this end market; in CY-22,
we expect PC unit sales to be in line with CY-21
unit sales

Mobile & Intelligent Edge§

Mobile: Mobile revenue increased more than 25% Y/Y§

Recent 5G phones feature more than 50% higher DRAM
and double the NAND content versus 4G phones. 5G
smartphone sales are forecast to exceed 500 million units
in CY-21, with 700 million units forecast for CY-22§

Our 1-alpha-based LPDDR5X, the world’s fastest mobile
DRAM, was sampled and validated with MediaTek

Our product achievements included qualificationsand volume production of our 176-layer Gen4 PCIeclient SSD at several PC OEMs, as well as our firstrevenues for DDR5 memory§

Auto: Y/Y auto revenue growth remained strong at 25%;
we are already seeing examples of 2022-model-year EVs
supporting level 3 autonomous capability with over 140GB
of DRAM and also examples with over 1TB of NAND§

Graphics: Increased our revenue Q/Q and Y/Y§§Pleased to announce availability of our GDDR6
memory solutions on AMD’s Radeon RX 6000
graphics card extending the value of GDDR6
memory to the entire gaming market

Industrial: In industrial IoT, we saw more than 80% Y/Yrevenue growth, fueled by the continued ramp in
applications such as factory automation and security
systems; in consumer IoT, we saw more than 40% Y/Yrevenue growth, driven by applications such as VR
headsets and smart home devices

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Outlook
Industry

MicronDecember 20, 2021

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Expect CY-21 industry DRAM bit demand growth to be in the low 20% range and industry NAND bit
demand growth to be in the high 30% range§

Expect CY-22 industry bit demand growth to be in the mid to high teens for DRAM and approximately
30% for NAND§

Long-term DRAM bit demand growth CAGR of mid-to-high teens§Long-term NAND bit demand growth CAGR of approximately 30%§

Our CY-22 bit supply growth for DRAM and NAND expected to be in line with industry demand§

Planning to deliver record revenue with solid profitability in FY-22 with stronger bit shipment growth in
the second half of the fiscal year§

Expect annual cost-per-bit reductions to be competitive with the industry in FY-22 and over the longterm§

Expect FY-22 capex in the range of $11 billion to $12 billion

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Dave Zinsner
Chief Financial Officer

December 20, 2021

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FQ1-22 Revenue$7.7B
Revenue down 7% Q/Q and up 33% Y/Y

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Performanceby Technology

DRAM
NAND
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73% of total revenue in FQ1-22§ Revenue down 8% Q/Q and up 38% Y/Y§ Bit shipments down mid-single-digit percent range Q/Q§ ASPs down lower-single-digit percent range Q/Q§

24% of total revenue in FQ1-22§ Revenue down 5% Q/Q and up 19% Y/Y§ Bit shipments were approximately flat Q/Q§ ASPs down mid-single-digit percent range Q/Q§

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Revenue by Business Unit
FQ1-22

FQ4-21

Q/Q % Change

FQ1-21

Y/Y % Change

Compute and Networking (CNBU)$3,406$3,794(10)%$2,546

34%

Mobile (MBU)$1,907$1,892

1%$1,50127%

Storage (SBU)$1,150$1,203

(4)%

$911

26%

Embedded (EBU)$1,220$1,360

(10)%

$809

51%

Amounts in millions

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FQ1-22

Non-GAAP Operating Results
Revenue: $7.7 billion
Gross Margin: 47.0%
Operating Expenses: $891 million
Operating Income: $2.7 billion
Net Income: $2.5 billion
Diluted EPS: $2.16
Adjusted EBITDA: $4.4 billion
Cash from Operations (GAAP): $3.9 billion

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Cash Flow
and Capital
Allocation
From FY-17 to FQ1-22, generated
approximately $21 billion of free
cash flow*

Cash Flow fromOperations§

FQ1-22: $3.9B (51% of revenue)

Net CapEx1§

FY-22: CapEx guidance of $11B to $12B

FCF*

§

FQ1-22: $671M

Buybacks§

FQ1-22: $259M (3.6M shares)

Dividends

Dividend payment of $0.10 per share will be
paid January 18th§~$5 billion to retire debt§~$7 billion toward buying back stock andeliminating the dilution from convertible debt,
reducing our share count by 151 million shares

Liquidity2$14B in liquidity at end of FQ1-22§

Improved our total cash and investment
position by $6.5 billion

Cash3-Debt$4.5B of net cash at end of FQ1-22

CapEx net of amounts funded by partners and proceeds from sales of property, plant, and equipment
Cash, short-term and long-term marketable investments, restricted cash, and undrawn revolver capacity
3 Cash, short-term and long-term marketable investments, and restricted cash
* Free cash flow is a non-GAAP measure defined as net cash provided by operating activities less net investments in capital expenditures adjusted for amounts funded by partners and proceeds from sales of PP&E.
1
2

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FQ2-22 GuidanceNon-GAAP
Revenue
Gross margin
Operating expenses
Diluted EPS*

*Based on ~1.14 billion diluted shares
December 20, 2021

Micron Highly Confidential$7.5 billion ± $200 million
46.0% ± 1%$975 million ± $25 million$1.95 ± $0.10

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The New Micron Delivers Strong Revenue Growth andProfitability Cross Cycle*4-year average metrics reveal sustained cross cycle performance
Strong revenue growth
outpacing broader semis
>2x

Cash
generation power

Meaningful FCF
over time>4x

Growing Asset Base

~5x$25.7B$23.9B~4x$12.8B$11.8B$21.6B$19.8B$4.3B$42.4B$37.4B$35.2B$4.2B$10.5B$3.6B$31.6B$8.5B$16.3B$2.9B$13.5B$12.5B$10.6B

$5.6B

$3.0B

$17.9B$3.7B $4.0B$1.2B$12.8B$12.4B$11.1B

$1.2B

$0.8B
$0.5B

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15

16

17

18

19

20

21

14

15

16

17

18

19

20

21

14

15

16

17

18

19

Revenue*

Operating Cash Flow*

Free Cash Flow*+

4 yr moving average

4 yr moving average

4 yr moving average

20

21

14

15

16

Fiscal years or 4-year avg fiscal years represented in graphs^Tangible book value includes Micron’s shareholders equity less goodwill and intangibles.
+Free cash flow is a non-GAAP measure defined as net cash provided by operating activities less net investments in capital expenditures adjusted for amounts funded by partners and proceeds from sales of PP&E.

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19

20

Tangible Book Value^

Multiple expansion opportunity as investors appreciate growth and profitability

December 20, 2021

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Q&A
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Other Key Data
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Financial Summary
Non-GAAP

Amounts in millions, except per share

FQ1-22% ofRevenue

FQ4-21% ofRevenue

FQ1-21% ofRevenue

Revenue$7,687100%$8,274100%$5,773100%

Gross margin

3,616

47%

3,964

48%

1,784

31%

Operating income

2,725

35%

3,073

37%

973

17%

Income tax (provision) benefit(240)

Net income

2,471

Diluted earnings per share

2.16

2.42

0.78

Cash provided by operating activities (GAAP)

3,938

3,884

1,967

Cash, marketable investments, and restrictedcash (GAAP)

11,48010,4648,363

See non-GAAP reconciliations
December 20, 2021

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(298)
32%

2,778

(71)
34%

897

16%

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Non-GAAP Financial Data and Guidance% of Revenue

FQ1-22 Non-GAAP

FQ1-22

DRAM

73%

NAND

24%

(amounts in millions,
except per share)

Revenue$

Gross margin% Sales Volume Change

FQ1-22 Q/Q

DRAM

Decreased mid-single-digit
percent range

NAND

Approximately flat

7,687

DRAM

NAND

See non-GAAP reconciliations
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FQ1-22 Q/Q
Decreased lower-singledigit percent range
Decreased mid-single-digit
percent range$7.5 billion ± $200 million

47.0%

46.0% ± 1%

Operating expenses$

891$975 million ± $25 million

Diluted earnings per share

$

2.16

$1.95 ± $0.10

FQ1-22 Non-GAAP(amounts in millions)% ASP Change

FQ2-22
Non-GAAP Guidance

Diluted shares

FQ2-22
Non-GAAP Estimates

1,141~1.14 billion

Income tax (provision) benefit

$

(240)

~10%

Cash from operations (GAAP)

$

3,938

—

Depreciation and amortization

$

1,676

—

Investments in capex, net(capital cash flow)

$

3,267

FY-22: $11 billion to $12 billion

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Revenue by Technology
Amounts in millions

FQ1-22% ofRevenue

FQ4-21% ofRevenue

FQ1-21% ofRevenueDRAM$5,58773%$6,09174%$4,056

70%

NAND

1,878

24%

1,971

24%

1,574

27%

Other

222

3%

212

3%

143

2%

Total

$7,687100%$8,274100%$5,773

100%

Percentages of total revenue may not total 100% due to rounding.
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Non-GAAP Reconciliations
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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
GAAP gross margin
Stock-based compensation
Other
Non-GAAP gross margin
GAAP operating expenses
Stock-based compensation

FQ1-22$$$

Restructure and asset impairments

3,565
43
8
3,616
934
(73)

FQ4-21$$$

FQ1-21

3,912
43
9
3,964
957
(50)

$

$
$

1,736
41
7
1,784
870
(51)

(38)

(22)

(8)

$

6
891

$

—
811

$

2,955

$

866

Other
Non-GAAP operating expenses

$

68
891

GAAP operating income

$

2,631

Stock-based compensation
Restructure and asset impairments

116
38

93
22

92
8

Other

(60)

3

7

Non-GAAP operating income

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$

2,725

$

3,073

$

973

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
GAAP cost of goods sold

FQ1-22$

Stock-based compensation
Other

4,122

FQ4-21
$

(43)
(8)

4,362

FQ1-21
$

(43)
(9)

4,037
(41)
(7)

Non-GAAP cost of goods sold

$

4,071

$

4,310

$

3,989

GAAP research and development
Stock-based compensation

$

712
(38)

$

705
(28)

$

647
(24)

Non-GAAP research and development

$

674

$

677

$

623

GAAP selling, general and administrative
Stock-based compensation

$

259
(35)

$

236
(22)

$

214
(27)

Non-GAAP selling, general and administrative

$

224

$

214

$

187

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
GAAP net income

FQ1-22$

FQ4-21

2,306$

FQ1-21

2,720

$

803

Stock-based compensation

116

93

92

Restructure and asset impairments
Amortization of debt discount and other costs

38
9

22
8

8
7

(Gain) loss on debt repurchases and conversions

83

—

—

Other
Estimated tax effects of above and other tax adjustments

(60)
(21)

3
(68)

7
(20)

Non-GAAP net income

$

2,471

$

2,778

$

897

GAAP interest (income) expense, net
Amortization of debt discount and other costs

$

35
(9)

$

38
(8)

$

38
(7)

Non-GAAP interest (income) expense, net

$

26

$

30

$

31

GAAP income tax (provision) benefit

$

(219)

$

(230)

$

(51)

Estimated tax effects of non-GAAP adjustments and other tax adjustments
Non-GAAP income tax (provision) benefit

December 20, 2021

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(21)
$

(240)

(68)
$

(298)

(20)
$

(71)

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

FQ1-22GAAP shares used in diluted EPS calculations
Adjustment for stock-based compensation and capped calls
Non-GAAP shares used in diluted EPS calculations

1,130
11
1,141

GAAP diluted earnings per share
Effects of non-GAAP adjustments
Non-GAAP diluted earnings per share$

GAAP net income
Interest (income) expense, net
Provision (benefit) for income taxes
Depreciation and amortization of property, plant, and equipment and intangibles
Non-GAAP adjustments
Stock-based compensation
Restructure and asset impairments$(Gain) loss on debt repurchases and conversions
Other
Adjusted EBITDA

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FQ4-21$$

FQ1-21

1,138
9
1,147

2.04
0.12
2.16

$

2,306
35
219
1,671

$

$

1,135
11
1,146

2.39
0.03
2.42

$

2,720
38
230
1,621

$

$

0.71
0.07
0.78
803
38
51
1,487

116
38

93
22

92
8

83
(65)
4,403

—
(3)
4,721

—
—
2,479

$

$

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
Net cash provided by operating activities

FQ1-22$

Expenditures for property, plant, and equipment
Proceeds from sales of property, plant, and equipment

3,938

FQ4-21$

3,884

FQ1-21$

1,967(3,265)21(2,015)
4(2,738)
12

Payments on equipment purchase contracts

(78)

(156)

(97)

Amounts funded by partners
Investments in capital expenditures, net

55(3,267)160(2,007)40(2,783)Adjusted free cash flow

$

671

$

Amounts in millions
Cash and short-term investments

1,877

$

FQ1-22$Current and noncurrent restricted cash

(816)

FQ4-21

9,580

$

8,633

83

66

Long-term marketable investments

1,817

1,765

Current and long-term debt
Net cash(7,022)
4,458(6,776)
3,688

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FQ2-22 GuidanceNon-GAAP Reconciliations

GAAP
Revenue

Adjustments$7.5 billion ± $200 million—

45.0% ± 1%

1%

A

46.0% ± 1%

$1,058 million ± $25 million$83 million

B$975 million ± $25 million$1.83 ± $0.10$0.12

Gross margin
Operating expenses

Non-GAAP

Diluted EPS*

Adjustments (amounts in millions)A
Stock-based compensation – cost of goods sold$7.5 billion ± $200 million

A,B,C$1.95 ± $0.10

$

48

A

Other – cost of goods sold

5

B
B

Stock-based compensation – research and development
Stock-based compensation – sales, general, and administrative

48
35

C

Tax effects of the above items and other tax adjustments

(2)
$

134

*GAAP EPS based on ~1.13 billion diluted shares and non-GAAP EPS based on ~1.14 billion diluted shares.
The above guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and othersignificant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
Net cash provided by operating activities

FY-11
$

Expenditures for property, plant, and equipment
Proceeds from sales of property, plant, and equipment
Payments on equipment purchase contracts
Amounts funded by partners
Investments in capital expenditures, net
Adjusted free cash flow

Net cash provided by operating activities

2,482

$

Expenditures for property, plant, and equipment

2,115

$

1,811

(1,871)67(1,442)
28

(322)

—

(16)

14
(2,731)203(1,601)16(1,414)

(249)

$

FY-14
$

FY-13

(2,550)127$

Amounts in millions

FY-12

514

$

FY-15

5,698

$

397
FY-16

5,209

$

3,169

(3,107)(4,021)(5,817)

Proceeds from sales of property, plant, and equipment
Payments on equipment purchase contracts

43
(30)

36
(95)

37
(46)

Amounts funded by partners

108

220

75

$

(3,860)1,349$(5,751)(2,582)

$

1,243

$

469

Investments in capital expenditures, net
Adjusted free cash flow$

(2,986)
2,712

Adjusted free cash flow – 4-year moving average$844

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
Net cash provided by operating activities

FY-17
$

FY-18

8,153

$

FY-19

17,400$13,189

Expenditures for property, plant, and equipment
Proceeds from sales of property, plant, and equipment
Payments on equipment purchase contracts
Amounts funded by partners(4,734)93(8,879)208(9,780)
146

(519)
13

(206)
895

(75)
754

Other free cash flows
Investments in capital expenditures, net
Adjusted free cash flow
Adjusted free cash flow – 4-year moving average361(4,786)
3,367
1,212

—
(7,982)
9,418
2,888

—
(8,955)
4,234
3,609

$
$

$
$

Amounts in millions
Net cash provided by operating activities
Expenditures for property, plant, and equipment
Proceeds from sales of property, plant, and equipment
Payments on equipment purchase contracts
Amounts funded by partners
Investments in capital expenditures, net
Adjusted free cash flow
Adjusted free cash flow – 4-year moving average
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$
$

FY-20
$

$
$

FY-21
8,306

$

12,468(8,223)
69
(63)
272

(10,030)
108
(295)
502

(7,945)361
4,345(9,715)
2,753
4,192

$
$

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
Equity

FY-14
$

FY-15

11,562$

FY-16

13,239$12,928Less:
Intangible assets

468

449

464

Goodwill
Tangible book value

4
11,09023
12,767104
12,360$

Amounts in millions
Equity
Less:

$

FY-17
$

$

FY-18

19,470$FY-19

33,164$36,770Intangible assets

387

331

340

Goodwill
Tangible book value

1,228
17,855

1,228
31,605

1,228
35,202$$

Amounts in millions
Equity
Less:

FY-20
$

Intangible assets
Goodwill
Tangible book value

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$

$

FY-21

38,996$49,933

334

349

1,228

1,228

37,434$42,35632