Financial Results
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2

Safe Harbor Statement
During the course of this meeting, we may make projections or other forward-looking statements
regarding market demand and supply, future events or the future financial performance of theCompany 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 fromtime to time with the Securities and Exchange Commission, including the Company’s most recent
Form 10-K and Form 10-Q. 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 micron.com/certainfactors.
Although we believe that the expectations reflected in the forward-looking statements arereasonable, 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 toactual results.

September 29, 2022

3

Sanjay Mehrotra
President and CEO

September 29, 2022

4Highlights
FY-22▪

Delivered record annual revenue in fiscal year 2022 with solid profitability
and free cash flow despite a challenging environment in the latter part of the year▪

Ramped industry-leading 1-alpha DRAM and 176-layer NAND nodes across ourportfolio; Returned a record amount of cash to shareholders▪

Achieved record revenue in mobile, auto, industrial, and networking end markets▪

Share gains in client and data center SSDs contributed to record revenue in SSDs
and also in our consolidated NAND business▪

Ramped new product categories like high-bandwidth HBM2e memory and GDDR6X

FQ4-22
Fiscal Q4 financial results were impacted by rapidly weakening consumer demandand significant customer inventory adjustments across all end markets▪ Responding decisively to this weak environment by decreasing supply growththrough significant cuts to fiscal 2023 capex and by reducing utilization in our fabs▪

September 29, 2022

5Technology & Operations▪

Industry-leading 1-alpha DRAM and 176-layer NAND nodes drove strong cost
reductions in fiscal 2022▪

In fiscal Q4, we led the industry again in introducing our 232-layer NAND,
becoming the first company to enter volume production on a node with more than
200 layers▪

We also remain on track to begin the ramp of our 1-beta DRAM node in
manufacturing by the end of calendar 2022▪

Both the 1-beta DRAM node and 232-layer NAND node will provide us withrobust cost reduction when they ramp in high volume

September 29, 2022

6

Manufacturing in the U.S.
▪

Earlier this month, we announced that we have chosen Boise as one of two leadingedge DRAM manufacturing fab sites that we are planning in the U.S., and we expect
to invest approximately $15 billion at this site through the end of the decade▪

The co-location of this new manufacturing facility with our existing R&D site at ourheadquarters in Boise provides multiple strategic benefits, including improving
efficiency across both R&D and manufacturing, simplifying technology transfer andreducing time to market for leading-edge products▪

We will soon announce a second high-volume U.S. DRAM manufacturing site▪

These new fabs will fulfill our requirements for additional wafer capacity starting inthe second half of the decade and beyond▪

We plan to build these sites in stages. Tool installation and production output will beramped in line with industry demand growth

September 29, 2022

7

End Market Highlights

Data Center▪

Data center revenue fell Q/Q and Y/Y,
driven primarily by declines in ASP▪

In FY22, set a new revenue record for
Cloud, which grew more than 30% Y/Y

▪

▪

▪

▪

Cloud end demand remains healthy,
driven by secular growth in AI and thedigital economy

PC & Graphics▪

PC: client revenue fell Q/Q and Y/Y,
driven by lower PC unit end-demand andcustomers reducing inventory▪

Began ramping 16Gb DDR5 in highvolume production ahead of anticipatedplatform launches▪

The market continues to face some
supply constraints that are limiting
server builds and macro uncertainties
Wide portfolio of data center solutions:
DDR4, DDR5, high-bandwidth memory,and Data Center SSDs
Continue to qualify our 176-layer
NVMe data center SSDs at OEMs
around the world

September 29, 2022▪

We are the only company with a full
portfolio of 176-layer TLC and Gen4 QLC
NVMe SSDs qualified and shipping to
PC OEMs
Graphics: revenue fell Q/Q and Y/Y. In
Q4, shipped in high-volume production
the industry's fastest, 24Gbps GDDR6X,
and proprietary memory featured in the
recent launch of NVIDIA’s GeForce RTX
4090 and 4080

Mobile & Intelligent Edge▪

Mobile: mobile revenue fell both Q/Q and
Y/Y in fiscal Q4, though we achieved twoconsecutive years of record Mobile
revenue in FY21 and FY22▪

In fiscal Q4, 1-alpha comprised over 70%
of our LPDRAM mobile bit shipments and176-layer made up approximately 95% of
our mobile NAND bit shipments▪

Auto: Delivered another record quarter,and fiscal 2022 auto revenues were arecord and up 30% Y/Y▪

Industrial: fell Q/Q and Y/Y on soft
macro; long-term outlook remains strong

8

Industry Outlook

CY-22

CY-23 &
beyondSeptember 29, 2022▪

CY 2022 industry bit demand growth for DRAM is now expected to be in the low-to-mid-single digit
percentage range and for NAND, slightly higher than 10%▪

An unprecedented confluence of macro events and customer inventory adjustments are depressing
demand for DRAM and NAND to well below end consumption; extremely aggressive pricing environment▪

Expect supply growth to be significantly above the demand growth in CY 2022, contributing to very highsupplier inventories for both DRAM and NAND▪

For CY 2023, we expect demand growth to be closer to the long-term growth rate of both DRAM and NAND▪

In CY 2023, we expect industry DRAM supply to grow well below demand growth. We are modeling a midsingle digit percentage growth in DRAM industry supply in 2023. NAND supply growth in CY 2023 is also
expected to fall below demand growth▪

Expect long-term DRAM bit growth to be in the mid-teens percentage, slightly lower than our priorexpectation of mid-to-high teens due to a moderation in expectation of long-term PC unit sales trends.
Continue to expect the NAND market, which benefits from elasticity, to grow around 28% over the long term

8

Micron Supply Actions and Outlook
Keyactions

Outlook

September 29, 2022▪

We made significant reductions to capex and now expect FY 2023 capex to be around $8 billion, downover 30% Y/Y; construction capex to more than double Y/Y to support demand for second half of decade▪

Expect FY 2023 WFE capex to decline nearly 50% Y/Y and reflects a much slower ramp of our 1-beta
DRAM and 232-layer NAND versus prior expectations▪

FY 2023 WFE capex is for developing technology capability of our leading nodes and new productintroduction▪

To immediately address our inventory situation and reduce supply growth, we are selectively reducing
utilization in both DRAM and NAND▪

Our capex and utilization actions will have an adverse impact on our fiscal 2023 costs but are necessary tobring our supply and inventory closer to industry demand▪

We will aim to grow our DRAM and NAND supply in line with demand over time, while continuing to optimize
our costs and portfolio to improve our profitability▪

The long-term manufacturing investments we are making will further strengthen our diversified fab footprint
and position us to capitalize on the exciting long-term opportunities ahead of us

Mark Murphy
Chief Financial Officer

9September 29, 2022

11

Revenue

September 29, 2022

FQ4-22

FY-22

$6.6B

$30.8B

Down 23% Q/Q and down 20% Y/Y

Up 11% Y/Y

12

DRAM
FQ4-22FY-22

September 29, 2022▪

72% of total revenue in FQ4-22▪

Revenue declined 23% Q/Q and down 21% Y/Y▪

Bit shipments decreased by roughly 10% Q/Q▪

ASPs declined low-teens percentage range Q/Q▪

73% of total revenue in FY-22▪

Revenue increased 12% Y/Y

13

NAND
FQ4-22FY-22

September 29, 2022▪

25% of total revenue in FQ4-22▪

Revenue declined 26% Q/Q and down 14% Y/Y▪

Bit shipments declined in the low-20s percentage range Q/Q▪

ASPs declined in the mid-to-high-single-digit percentage range Q/Q▪

25% of total revenue in FY-22▪

Revenue up 11% Y/Y14

Revenue by Business Unit
Amounts in millions

FQ4-22

FQ3-22Q/Q %Change

FQ4-21Y/Y %Change

FY-22

FY-21

Y/Y %
ChangeCompute and Networking (CNBU)$2,931$3,895(25)%$3,794(23)%$13,693$12,280

12%

Mobile (MBU)$1,511$1,967(23)%$1,892(20)%$7,260$7,203

1%

Storage (SBU)$ 891$1,341(34)%$1,203(26)%$4,553$3,97315%

Embedded (EBU)$1,303$1,435( 9)%$1,360( 4)%$5,235$4,20924%

September 29, 2022

15

Non-GAAP Operating Results
FQ4-22

FY-22

Revenue$6.6B$30.8B

Gross Margin

40.3%

45.9%

Operating Expenses

$1.0B

$3.8B

Operating Income$1.7B$10.3BNet Income

$1.6B

$9.5B

Diluted EPS

$1.45

$8.35

Adjusted EBITDA$3.6B$17.4B

Cash from Operations (GAAP)$3.8B$15.2B

September 29, 2022

16

Cash Flow
and Capital
Allocation
From FY-19 to FY-22, generated
approximately $11 billion of free
cash flow*▪

$6.5 billion towards repurchasing 121 million shares▪

$800 million toward settling convert premiums which
reduced diluted share count by 19 million shares▪

$7.8 billion returned to investors from share
repurchases, convert premiums, and dividends

Cash Flow fromOperations

FQ4-22: $3.8B (57% of revenue)▪ FY-22: $15.2B▪

FY-22: CapEx of $12B
▪ FY-23: CapEx guidance of around $8B▪ FY-23: Expect WFE Capex down ~50% Y/Y▪

Net CapEx1

FCF*

FQ4-22: $196M▪ FY-22: $3.2B▪

FQ4-22: $784M (13.2M shares)▪ FY-22: $2.4B (35.4M shares)

Buybacks▪

Dividends

Dividend payment of $0.115 per share will be paid
October 26th

Liquidity2$13.6B in liquidity at end of FQ4-22

Cash3-Debt$4.1B of net cash at end of FQ4-22

1Capex net of amounts funded by partners and proceeds from sales of property, plant, and equipment
2Cash, short-term and long-term marketable investments, restricted cash, and undrawn revolver capacity
3Cash, 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 property, plant, and equipment.

September 29, 2022

17

FQ1-23 GuidanceNon-GAAP
Revenue
Gross margin

Operating expenses
Diluted EPS*

*Based on ~1.12 billion diluted shares
September 29, 2022

$4.25 billion ± $250 million
26.0% ± 2.0%

$1 billion ± $25 million$0.04 ± $0.10

18

Other Key Data
September 29, 2022

19

Financial Summary
Non-GAAP

Amounts in millions, except per share

FQ4-22% ofRevenue

FQ3-22% ofRevenue

FQ4-21% ofRevenue

Revenue$6,643100%$8,642100%$8,274100%

Gross margin

2,676

40%

4,097

47%

3,964

48%

Operating income

1,662

25%

3,144

36%

3,073

37%

Income tax (provision) benefit

(74)

(193)

Net income

1,621

Diluted earnings per share

1.45

2.59

2.42

Cash provided by operating activities (GAAP)

3,777

3,838

3,884

Cash, marketable investments, andrestricted cash (GAAP)

11,055

11,977

10,464

See non-GAAP reconciliations
September 29, 2022

24%

2,939

(298)
34%

2,778

34%

20

Financial Summary
Non-GAAP

Amounts in millions, except per share

FY-22% of Revenue

FY-21% of Revenue

Revenue$30,758100%$27,705

100%

Gross margin

14,113

46%

10,98740%

Operating income

10,281

33%

7,667

28%

Income tax (provision) benefit(793)

Net income

9,475

Diluted earnings per share

8.35

6.06

15,181

12,468Cash provided by operating activities (GAAP)

See non-GAAP reconciliations
September 29, 2022

(694)
31%

6,976

25%

21

Non-GAAP Financial Data and Guidance% of Revenue

FQ4-22 Non-GAAP

FQ4-22

DRAM

72%

NAND

25%

(amounts in millions,
except per share)

Revenue$

Gross margin% Sales Volume Change

FQ4-22 Q/Q

DRAM

Decreased by roughly 10%

NAND

Declined in the low-20s
percentage range% ASP Change
DRAM

NAND

See non-GAAP reconciliations
September 29, 2022

FQ4-22 Q/Q
Declined in the low-teens
percentage range
Declined in the mid-to-highsingle digit percentage range

6,643
40.3%

FQ1-23
Non-GAAP Guidance$4.25 billion ± $250 million
26.0% ± 2.0%

Operating expenses

$

1,014

$1 billion ± $25 million

Diluted earnings per share

$

1.45

$0.04 ± $0.10

FQ4-22 Non-GAAP(amounts in millions)

Diluted shares

1,121

FQ1-23
Non-GAAP Estimates~1.12 billion

Income tax (provision) benefit

$

(74)

~(85)

Cash from operations (GAAP)

$

3,777

—

Depreciation and amortization

$

1,877

—

Investments in capex, net(capital cash flow)

$

3,583

FY-23: ~$8 billion

22

Revenue by Technology
Amounts in millions

FQ4-22% ofRevenue

FQ3-22% ofRevenue

FQ4-21% ofRevenueDRAM$4,80972%$6,27173%$6,091

74%

NAND

1,688

25%

2,288

26%

1,971

24%

Other

146

2%

83

1%

212

3%

Total

$6,643100%$8,642100%$8,274100%

Percentages of total revenue may not total 100% due to rounding.
September 29, 2022

23

Revenue by Technology
Amounts in millions

FY-22

DRAM

$22,38673%$20,039

72%

NAND

7,811

25%

7,007

25%

Other

561

2%

659

2%

Total

$30,758100%$27,705

100%

Percentages of total revenue may not total 100% due to rounding.
September 29, 2022

% of Revenue

FY-21% of Revenue

24

Non-GAAP Reconciliations
September 29, 2022

25

Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

GAAP gross margin

FQ4-22$

FQ3-22

2,622$

FQ4-21

4,035

$

3,912

Stock-based compensation

49

57

43

Other

5

5

9

Non-GAAP gross margin

$

2,676

$

4,097

$

3,964

GAAP operating expenses

$

1,101

$

1,031

$

957

Stock-based compensation

(82)

(78)

(50)

Restructure and asset impairments

(5)

—

(22)

Other

—

—

6

Non-GAAP operating expenses

$

1,014

$

953

$

891

GAAP operating income

$

1,521

$

3,004

$

2,955

Stock-based compensation

131

135

93

Restructure and asset impairments

5

—

22

Other

5

5

3

Non-GAAP operating income

September 29, 2022

$

1,662

$

3,144

$

3,073

26

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

FQ4-22$

FQ3-22

4,021$

FQ4-21

4,607

$

4,362

Stock-based compensation

(49)

(57)

(43)

Other

(5)

(5)

(9)

Non-GAAP cost of goods sold

$

3,967

$

4,545

$

4,310

GAAP research and development

$

839

$

773

$

705

Stock-based compensation

(47)

(45)

(28)

Non-GAAP research and development

$

792

$

728

$

677

GAAP selling, general and administrative

$

280

$

264

$

236

Stock-based compensation
Non-GAAP selling, general and administrative

September 29, 2022

(35)
$

245

(33)
$

231

(22)
$

214

27

Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
GAAP net income
Stock-based compensation
Restructure and asset impairments
Amortization of debt discount
Other
Impact of Idaho income tax reform
Estimated tax effects of above and other tax adjustments
Non-GAAP net income

FQ4-22$$GAAP interest (income) expense, net
Amortization of debt discountNon-GAAP interest (income) expense, net$

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

September 29, 2022

FQ3-22

1,492
131
5
6
5
—
(18)
1,621

$

$
$

$

9
6
15

$

(56)

$

—
(18)
(74)

2,626
135
—
8
5
189
(24)
2,939

FQ4-21
$

$

2,720
93
22
8
3
—
(68)
2,778

$

$

24
(8)
16

$

38
(8)
30

$

(358)

$

(230)

$

189
(24)
(193)

$

—
(68)
(298)

28

Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

FQ4-22GAAP shares used in diluted EPS calculations
Adjustment for stock-based compensation
Non-GAAP shares used in diluted EPS calculations

FQ3-22

1,106
15
1,121

FQ4-21

1,121
15
1,136

1,138
9
1,147

GAAP diluted earnings per share
Effects of non-GAAP adjustments

$

1.35
0.10

$

2.34
0.25

$

2.39
0.03

Non-GAAP diluted earnings per share

$

1.45

$

2.59

$

2.42

GAAP net income
Interest (income) expense, net
Provision (benefit) for income taxes

$

1,492
(9)
56

$

2,626
24
358

$

2,720
38
230

Depreciation expense and amortization of intangible assets
Non-GAAP adjustments
Stock-based compensation
Restructure and asset impairments
Other
Adjusted EBITDA

September 29, 2022

$

1,882

1,821

1,621

131
5
—
3,557

135
—
—
4,964

93
22
(3)
4,721

$

$

29

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

FQ4-22$

Expenditures for property, plant, and equipment

FQ3-22

3,777

$

3,838

FQ4-21$

3,884(3,613)(2,578)(2,015)

Proceeds from sales of property, plant, and equipment

30

39

4

Payments on equipment purchase contracts

(9)

(27)

(156)

Amounts funded by partners

11

38

160

(3,581)(2,528)(2,007)

Investments in capital expenditures, net
Adjusted free cash flow

$

196

$

Amounts in millions

Cash and short-term investments

1,310

$

FQ4-22$Current and noncurrent restricted cash

1,877

FQ3-22

9,331$

10,227

77

104

Long-term marketable investments

1,647

1,646

Current and long-term debt

(6,906)(6,963)

Net cash

September 29, 2022

$

4,149

$

5,014

30

Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

GAAP gross margin

FY-22

$

FY-21

13,898$

10,423

Stock-based compensation

193

186

Inventory accounting policy change to FIFO—

133

Change in inventory cost absorption—

160

3D XPoint inventory write-down

—

49

Other

22

36

Non-GAAP gross margin$

14,113$

10,987GAAP operating expenses

$

4,196

$

4,140

Stock-based compensation

(308)

(209)

Restructure and asset impairments

(48)

(488)

Patent license charges

—

(128)

Other

(8)

5

Non-GAAP operating expenses

September 29, 2022

$

3,832

$

3,320

31

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

FY-22
$

FY-21

9,702

$

6,283

Stock-based compensation

501

395

Inventory accounting policy change to FIFO—

133

Change in inventory cost absorption—

160

3D XPoint inventory write-down—

49

Restructure and asset impairments

48

488

Patent license charges

—

128

Other

30

31

Non-GAAP operating income

September 29, 2022$

10,281

$

7,667

32

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

FY-22
$

Stock-based compensation

FY-21

16,860$17,282

(193)

(186)

Inventory accounting policy change to FIFO

—

(133)

Change in inventory cost absorption

—

(160)

3D XPoint inventory write-down

—

(49)

Other

(22)

(36)

Non-GAAP cost of goods sold$

16,645$

16,718GAAP research and development

$

3,116

$

2,663

Stock-based compensation
Other

(175)

(110)

(1)

(1)

Non-GAAP research and development

$

2,940

$

2,552

GAAP selling, general and administrative

$

1,066

$

894

Stock-based compensation
Non-GAAP selling, general and administrative

September 29, 2022

(133)
$

933

(99)
$

795

33

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

FY-22
$

FY-21

8,687

$

5,861

Stock-based compensation

501

395

Inventory accounting policy change to FIFO—

133

Change in inventory cost absorption—

160

3D XPoint inventory write-down—

49

Restructure and asset impairments

48

488

Patent license charges—

128

Amortization of debt discount31

30(Gain) loss on debt repurchases and conversions

83

1

Other

30

31

Estimated tax effects of above and other tax adjustments

95

(300)

Non-GAAP net income

$

9,475

$

6,976

GAAP interest (income) expense, net

$

93

$

146

Amortization of debt discount

(31)

(30)

Non-GAAP interest (income) expense, net

$

62

$

116

GAAP income tax (provision) benefit

$

(888)

$

(394)

Estimated tax effects of non-GAAP adjustments and other tax adjustments
Non-GAAP income tax (provision) benefit
September 29, 2022

95
$

(793)

(300)
$

(694)

34

Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

FY-22

GAAP shares used in diluted EPS calculations
Adjustment for stock-based compensation
Non-GAAP shares used in diluted EPS calculations

1,122
13
1,135

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
Inventory accounting policy change to FIFO
Change in inventory cost absorption
3D XPoint inventory write-downRestructure and asset impairments
Patent license charges(Gain) loss on debt repurchases and conversions
Other
Adjusted EBITDA$

September 29, 2022

FY-21

$

$

1,141
10
1,151

7.75
0.60
8.35

$

8,687
93
888
7,116

$

501
—
—
—
48
—
83
10
17,426

$

1

$

5.14
0.92
6.06
5,861
146
394
6,214
395
133
160
49
488
128
1
4
13,973

35

Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
Cash and short-term investments

FY-22
$

Current and noncurrent restricted cash

FY-21
9,331

$

8,633

77

66

Long-term marketable investments

1,647

1,765

Current and long-term debt

(6,906)(6,776)

Net cash

September 29, 2022

$

4,149

$

3,688

36

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

FY-19

FY-20

$

13,189

Expenditures for property, plant, and equipment

$

8,306

(9,780)(8,223)

Proceeds from sales of property, plant, and equipment

146

69

Payments on equipment purchase contracts

(75)

(63)

Amounts funded by partners

754

272

(8,955)(7,945)Investments in capital expenditures, net
Adjusted free cash flow$

Amounts in millions
Net cash provided by operating activities

4,234

$

FY-21
$

Expenditures for property, plant, and equipment

361

FY-22
12,468$15,181(10,030)(12,067)

Proceeds from sales of property, plant, and equipment

108

117

Payments on equipment purchase contracts

(295)

(141)

Amounts funded by partners

502

115

(9,715)(11,976)

Investments in capital expenditures, net
Adjusted free cash flow

September 29, 2022

$

2,753

$

3,205

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FQ1-23 GuidanceNon-GAAP Reconciliations

GAAP
Revenue

Adjustments$4.25 billion ± $250 million—

25.0% ± 2%

1%

A

26.0% ± 2%

$1.09 billion ± $25 million$91 million

B$1.00 billion ± $25 million($0.09) ± $0.10$0.13

Gross margin
Operating expenses

Non-GAAP

Diluted EPS*

$4.25 billion ± $250 million

A,B,C$0.04 ± $0.10

Adjustments (amounts in millions)A

Stock-based compensation – cost of goods soldA

Other – cost of goods sold

3

B

Stock-based compensation – research and development

52

B

Stock-based compensation – sales, general, and administrative39

C

Tax effects of the above items and other tax adjustments

14

$

$

33

141

*GAAP earnings per share based on approximately 1.10 billion diluted shares and non-GAAP earnings per share based on approximately 1.12 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.
September 29, 2022

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