Financial
results
FQ4 2023

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 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 andExchange 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 materiallyfrom 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 are reasonable, 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 thesestatements to actual results.

September 27, 2023

2

Sanjay Mehrotra
President and CEO

September 27, 2023

3

Overview• In fiscal Q4, Micron delivered revenue and gross margin
above the midpoint of our guidance, with EPS above thehigh end of the range.
• These results reflect our strong execution, and we are
well positioned to drive significant improvements in our
financial performance.

• Ongoing demand growth, customer inventory
normalization, and industry-wide supply reductions have
set the stage for increased revenue, along with improved
pricing and profitability throughout fiscal 2024.
• Continue to expect record industry TAM in calendar 2025with more normalized levels of levels of profitability.

28, 2023
September 27,

4

Fiscal year 2023 highlights• Achieved record automotive revenue, record NAND QLC bit shipments for thefull fiscal year, and reached record levels in CQ2 for revenue share in data
center and client SSDs.
• First in our industry to introduce 1-beta DDR5 and LP5X DRAM products,
and the first to ship HBM3E samples with industry-leading performance andpower efficiency.
• First to introduce 232-layer NAND SSD products in data center, client andconsumer markets.
• These accomplishments were underpinned by our leadership technology ​andcontinued strong progress in manufacturing execution.
• Achieved world-class mature yields in record time on our industry-leading
1-beta DRAM and 232-layer NAND technology.
• In addition, Micron took several prudent and timely actions to reduce our capexand supply in order to address the market imbalances through the course of
fiscal 2023.
September 27, 2023

5

Technology and production

End markets overview• Our industry-leading technology roadmap continues toprogress well.

• Customers continued to reduce their excess inventory formemory and storage in fiscal Q4.

• Vast majority of our bits are on leading edge nodes 1alpha and 1-beta in DRAM and 176-layer and 232layer in NAND.

• Most customer inventories for memory and storage in the
PC and smartphone markets are now at normal levels,
consistent with our prior forecasts.

• Continue to make good progress on 1-gamma
DRAM development using EUV, and are on track
for production in calendar 2025. ​• Inventory levels are normal across most customers in theautomotive market as well.

• Development of our next-generation NAND node isalso well on track.

• Data center customer inventory is also improving and will
likely normalize in early calendar 2024.

September 27, 2023

6

End market highlights
Data
center• Traditional server demand remains lackluster while demand for AI servers
has been strong. Total server unit shipments are expected to decline incalendar 2023 — the first year-over-year decline since 2016. We expect
total server unit growth will resume in calendar 2024 to help fulfill everincreasing workload demand.

• DDR5: We expect Micron D5 volume to cross over D4 in early calendar
2024, ahead of the industry. We expanded our high-capacity D5 DRAM
module portfolio with a monolithic die-based 128GB module and havestarted shipping samples to customers to help support their AI applicationneeds. We expect revenue from this product in Q2 of calendar 2024.

• Compared to traditional servers, AI training servers contain significantly
higher DRAM and NAND content with greater technology complexity, robust
product value and higher profitability.

• CXL: Last month, we announced the introduction of 128GB and 256GB
CXL 2.0 memory expansion modules. By leveraging a unique dual-channel
memory architecture, we are able to deliver higher module capacity andincreased bandwidth. We have shipped samples to several customers
and key partners.

• Micron has a strengthening portfolio that includes HBM3E, DDR5, andassociated high-capacity modules, LPDRAM, and data center SSDs. This
portfolio of industry-leading products positions us well to capture theopportunities presented by data-centric computing architectures and AI.

• HBM: The introduction of our HBM3E product offering has been met withstrong customer interest and enthusiasm. We developed this industryleading design using our 1-beta technology, advanced TSV, and other
innovations that enable a differentiated packaging solution. We expect tobegin the production ramp of HBM3E in early calendar 2024, and toachieve meaningful revenues in fiscal 2024.

• Data center SSDs: Micron’s entire portfolio utilizes 176-layer or 232-layer
NAND in production, a testament to our product and technology leadership.
We saw strong demand for our data center NVMe SSDs across our AIfocused, industry-leading 30TB product, as well as our mainstream
products. Micron ended the second calendar quarter with record highrevenue share in data center SSDs, based on independent industry
assessments. We expect to build on this momentum in fiscal 2024.

September 27, 2023

7

End market highlights
PC• PC: Continue to forecast calendar 2023 PC unit volume to decline by a low
double-digit percentage year over year and then grow by low to mid single
digit percentage in calendar 2024. AI-enabled PCs will drive content growth
and an improved refresh cycle over the next two years.
• In FQ4, we saw strong sequential bit shipment growth at PC OEM’s driven
by demand for LPDRAM in thin client notebooks. We expect to begin
revenue shipments of our industry leading 1-beta-based client D5 in FQ1
to PC OEMs.
• Our 232-layer NVMe client SSD is now qualified at large OEMs andshipping in volume production.
• Our SSD QLC bit shipment mix reached a new record for the second
consecutive quarter, with growth in both client and consumer markets. We
continue to expand our footprint in the high-end consumer SSD space withthe launch of three new products that extends our reach into professional
content creators and enthusiast PC gamers.

Mobile andintelligent edge
• Mobile: Expect calendar 2023 smartphone unit volume to be down by a
mid-single digit percentage year over year and then grow by mid-single digit
percentage in calendar 2024. Elasticity, along with a mix shift towards
premium phones with greater capacity is contributing to memory content
growth. ~1/3 of smartphones sold today have at least 8GB of DRAM and
256GB of NAND, up more than 7% points versus smartphone units a year
ago.
• Automotive: Fiscal 2023 marked another record revenue year for our
automotive business. Micron continues to lead in automotive market shareand quality. Long term, we expect memory and storage content per vehicle
to increase in both ADAS and in-cabin applications. In addition, fastgrowing EVs typically contain higher memory and storage content. Our
automotive design win trajectory remains strong.
• Industrial: Market showed signs of recovery in fiscal Q4. Inventory levels
for memory and storage are stabilizing at distribution partners and at the
majority of our customers. We expect the volume recovery that we
observed in the second half of fiscal 2023 to continue into 2024. We see
strong growth prospects in this market over time, as industrial customers
continue to adopt and implement IoT, AI and machine learning solutions.

September 27, 2023

8

CAC decision• As previously discussed, the CAC (or Cybersecurity Administration of China)
decision earlier this year has impacted our business, particularly in thedomestic data center and networking markets in China.
• We remain committed to serving our customers in China for those areas of
their business not impacted by the CAC decision.
• While there is near-term impact to our demand due to these challenges in
China, we remain focused on maintaining Micron's global market share.
• Our team’s grit and Micron’s deep relationships with our customers,
underpinned by our technology leadership, increasing product momentum,
excellent product quality, and extensive manufacturing and supply chain
capabilities, position us well toward these goals.

September 27, 2023

9

Outlook and Capex Plan
• Expect CY23 DRAM bit demand to grow in the mid-single digit % range. In NAND, our
expectations increased from high-single digits to high teens % demand growth Y/Y. These
are below the expected long-term bit demand growth CAGRs of mid-teens in DRAM andlow 20s % range in NAND.

Capex Plan:• While macroeconomic factors remain a risk, we expect robust Y/Y bit demand growth in
CY24 for both DRAM and NAND, driven by improving end market demand, normalized
customer inventory levels, content growth across products and ongoing growth in AI. CY24
bit demand growth is expected to exceed the long-term CAGR for DRAM and to be near
the long-term CAGR for NAND.

• Construction capex will beelevated to support our plans tobuild leading-edge memory fabs
in Idaho and New York, forwhich we filed CHIPS
applications in August.

• We see both DRAM and NAND year-over-year supply growth in CY23 to be negative forthe industry. We expect Micron's year-on-year bit supply growth to be meaningfully
negative for DRAM. We also expect to produce fewer NAND bits in CY23 than in CY22. In
CY24, we expect industry DRAM and NAND supply growth to be below industry demand
growth, and meaningfully so for DRAM. We believe CY24 is positioned to be a year ofrecovery in the memory and storage industry.
• We have redeployed a portion of the underutilized equipment to support production rampof leading-edge nodes in both DRAM and NAND. Transitioning this equipment results in asignificant and structural reduction to our overall wafer capacity in both DRAM and NAND.
Our DRAM and NAND wafer starts will remain significantly below 2022 levels for theforeseeable future. We expect underutilization to continue in our legacy nodes well into
CY24. We see our demand at leading-edge nodes exceeding our supply in fiscal andCY24, particularly in the second half of the year.

• FY24 capex is projected to beslightly above FY23 levels.

• Expect WFE to be lower in
FY24 than in FY23.

• Assembly and test capex isprojected to double year overyear in FY24.
• Our planned FY24 capex
investments in HBM capacity
have substantially increased
versus our prior plan.

September 27, 2023

10Mark Murphy
Chief Financial Officer

September 27, 2023

11

FQ4-23 revenue

FY23 revenue

Revenue up 7% Q/Q
and down 40% Y/Y

Revenue down 49% Y/Y

September 27, 2023

12

Performance by technology
DRAM FQ4-23

NAND FQ4-23• $2.8 billion, representing 69% of total revenue in FQ4-23• $1.2 billion, representing 30% of total revenue in FQ4-23• Revenue increased 3% Q/Q• Revenue increased 19% Q/Q• Bit shipments increased in the mid-teens percentage
range Q/Q

• Bit shipments increased over 40% Q/Q• ASPs declined in the mid-teens percentage range Q/Q• ASPs declined in the high-single digit percentage range Q/Q

DRAM FY-23

NAND FY-23• $11.0 billion, representing 71% of total revenue in FY-23• $4.2 billion, representing 27% of total revenue in FY-23• Revenue declined 51% Y/Y• Revenue declined 46% Y/Y

September 27, 2023

13

Revenue by business unit

Amounts in millions

FQ4-23FQ3-23Q/Q %Change

FQ4-22

Y/Y %ChangeCompute and Networking (CNBU)$1,200$1,389(14%)$2,931

Mobile (MBU)$1,211$ 819

48%

Embedded (EBU)

$ 860

$ 912

Storage (SBU)

$ 739

$ 627

Y/Y %
Change

FY-23

FY-22

(59%)

$5,710$13,693(58%)$1,511(20%)$3,630$7,260

(50%)

(6%)

$1,303(34%)$3,637$5,235

(31%)

18%

$ 891

(17%)

$2,553$4,553(44%)

September 27, 2023

14

Non-GAAP operating results
FQ4-23

FY-23

Revenue$4.0B$15.5B

Gross margin

(9%)

(8%)

Operating expenses

$842M

$3.6B

Operating income (loss)($1.2B)($4.8B)Net income (loss)($1.2B)($4.9B)

Diluted earnings (loss) per share($1.07)($4.45)

Cash provided by operating activities (GAAP)

$249M

$1.6B

See non-GAAP reconciliations
September 27, 2023

15

Cash flow and capital allocation
From FY-20 to FY-23:• $4.2 billion towards repurchasing 63 million shares• ~$300 million toward settling convert premiums
which reduced diluted share count by 5
million shares• $5.5 billion returned to shareholders from share
repurchases, convert premiums, and dividends

Cash flowfrom operations

FQ4-23: $249M
FY-23: $1.6B (10% of revenue)

Net CapEx1

FY-23: CapEx of $7B
FY-24: CapEx guidance of slightly above $7B

FCF*

FQ4-23: Negative $758M
FY-23: Negative $5.5B

Buybacks

FQ4-23: Temporarily suspended
FY-23: $425M (8.6M shares)

Dividends

Dividend payment of $0.115 per share will be
paid October 25th

Liquidity2$13.0B in liquidity at end of FQ4-23

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*Free cash flow is a non-GAAP measure defined as net cash provided by operating activities less investments in capital expenditures net of amounts funded by partners and proceeds from sales of property, plant, and equipment.

September 27, 2023

16

FQ1-24 guidanceNon-GAAP
Revenue$4.40 billion ± $200 million

Gross margin(4.0%) ± 2.0%

Operating expenses$900 million ± $15 million

Diluted earnings (loss) per share*($1.07) ± $0.07*Based on ~1.10 billion diluted shares
See non-GAAP reconciliations
September 27, 2023

17

Other key data

September 27, 2023

18

Financial summary
Non-GAAP
Amounts in millions, except per share
Revenue

Gross margin
Operating income (loss)
Income tax (provision) benefit

FQ4-23% ofRevenue

FQ3-23% ofRevenue

FQ4-22$4,010100%$3,752100%$6,643

100%

(366)

(9%)

(603)

(16%)

2,676

40%

(1,208)(30%)(1,469)

(39%)

1,662

25%

14

(102)
(29%)

(1,565)(74)

Net income (loss)(1,177)

Diluted earnings (loss) per share(1.07)(1.43)

1.45

Cash provided by operating
activities (GAAP)

249

24

3,777

10,517

11,397

11,055

Cash, marketable investments, andrestricted cash (GAAP)% of
Revenue

(42%)

1,621

24%

See non-GAAP reconciliations

September 27, 2023

19

Financial summary
Non-GAAP
Amounts in millions, except per share

FY-23% of Revenue

FY-22% of Revenue

Revenue$15,540

100%$30,758

100%

Gross margin(1,196)(8%)

14,11346%

Operating income (loss)(4,819)(31%)

10,281

33%

Income tax (provision) benefit

(142)

(793)

Net income (loss)(4,862)

(31%)

9,475

Diluted earnings (loss) per share(4.45)

8.35

Cash provided by operating
activities (GAAP)

1,559

15,18131%

See non-GAAP reconciliations

September 27, 2023

20

Non-GAAP financial data and guidance% of Revenue

FQ4-23 Non-GAAP

FQ4-23

DRAM

69%

NAND

30%

Revenue$

Gross margin% Sales Volume Change

FQ1-24
Non-GAAP Guidance(amounts in millions,
except per share)

4,010$4.40 billion ± $200 million(9%)(4.0%) ± 2.0%

FQ4-23 Q/Q

Operating expenses$

842$900 million ± $15 million

DRAM

Increased in the
mid-teens percentage range

Diluted earnings (loss)
per share$(1.07)($1.07) ± $0.07

NAND

Increased over 40%

FQ1-24
Non-GAAP Estimates

FQ4-23 Non-GAAP(amounts in millions)% ASP Change

FQ4-23 Q/Q

DRAM

Declined in the high-single
digit percentage range

NAND

Declined in the mid-teens
percentage range

Diluted shares

1,095~1.10 billion

Income tax (provision) benefit$

14~($80) million

Cash from operations (GAAP)

$

249

—

Depreciation and amortization

$

1,937

—

Investments in capex, net(capital cash flow)

$

1,007

FY-24: slightly above$7 billion

See non-GAAP reconciliations

September 27, 2023

21

Revenue by technology

DRAM

% of
Revenue

FQ4-23

Amounts in millions

2,755

69%

NAND

1,205

Other
Total

$

$

% of
Revenue

FQ3-23
$

2,672

71%

30%

1,013

50

1%

4,010

100%

$

% of
Revenue

FQ4-22
$

4,809

72%

27%

1,688

25%

67

2%

146

2%

3,752

100%

6,643

100%

$

Percentages of total revenue may not total 100% due to rounding.
September 27, 2023

22

Revenue by technology

DRAM% of Revenue

FY-23

Amounts in millions

10,978

71%

NAND

4,206

Other
Total

$

$

% of Revenue

FY-22
$

22,386

73%

27%

7,811

25%

356

2%

561

2%

15,540100%

30,758100%$

Percentages of total revenue may not total 100% due to rounding.
September 27, 2023

23

Non-GAAP
reconciliations

September 27, 2023

24

Consolidated results
Non-GAAP reconciliations
Amounts in millions
GAAP gross margin

FQ4-23$FQ3-23(435)$

FQ4-22

(668)

$

2,622

Stock-based compensation

64

60

49

Other

5

5

5

Non-GAAP gross margin

$

(366)

$

(603)

$

2,676

GAAP operating expenses

$

1,037

$

1,093

$

1,101

Stock-based compensation

(87)

(91)

(82)

Restructure and asset impairments

(4)

(68)

(5)

Goodwill impairment

(101)

—

—

Litigation settlement

—

(68)

—

Other

(3)

—

—

Non-GAAP operating expenses

$

842

$

866

$

1,014

GAAP operating income (loss)$(1,472)$(1,761)$

1,521

Stock-based compensation

151

151

131

4

68

5

Goodwill impairment

101

—

—

Litigation settlement

—

68

—

Other

8

5

5

Restructure and asset impairments

Non-GAAP operating income (loss)$(1,208)$(1,469)$1,662

September 27, 2023

25

Consolidated results
Non-GAAP reconciliations
Amounts in millions
GAAP cost of goods sold

FQ4-23$FQ3-234,445$

FQ4-22

4,420

$

4,021

Stock-based compensation

(64)

(60)

(49)

Other

(5)

(5)

(5)

Non-GAAP cost of goods sold

$

4,376

$

4,355

$

3,967

GAAP research and development

$

719

$

758

$

839

Stock-based compensation

(57)

(57)

(47)

Non-GAAP research and development

$

662

$

701

$

792

GAAP selling, general, and administrative

$

219

$

219

$

280

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

(30)
$

189

(34)
$

185

(35)
$

245

September 27, 2023

26

Consolidated results
Non-GAAP reconciliations
Amounts in millions
GAAP net income (loss)

FQ4-23$

Stock-based compensation

FQ3-23(1,430)$

FQ4-22(1,896)

$

1,492

151

151

131

4

68

5

Goodwill impairment

101

—

—

Litigation settlement

—

68

—

Other

7

7

11

(10)

37

(18)

Restructure and asset impairments

Estimated tax effects of above and other tax adjustments
Non-GAAP net income (loss)$(1,177)$(1,565)$

1,621

GAAP income tax (provision) benefit

$

24

$

(139)

$

(56)

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

(10)
$

14

37
$

(102)

(18)
$

(74)

September 27, 2023

27

Consolidated results
Non-GAAP reconciliations
Amounts in millions, except per share

FQ4-23

GAAP shares used in diluted EPS calculations

Adjustment for stock-based compensation
Non-GAAP shares used in diluted EPS calculations
GAAP diluted earnings (loss) per share$

Effects of non-GAAP adjustments

FQ3-23

FQ4-22

1,095

1,094

1,106

—

—

15

1,095

1,094

1,121

(1.31)$

0.24(1.73)

$

0.30

1.35
0.10

Non-GAAP diluted earnings (loss) per share$(1.07)$(1.43)$

1.45

Net cash provided by operating activities

$

249

$

24

$

3,777

Expenditures for property, plant, and equipment(1,461)(1,561)(3,613)

Proceeds from sales of property, plant, and equipment

18

34

30

Payments on equipment purchase contracts

(26)

(36)

(9)

Amounts funded by partners

462

184

11

(1,007)(1,379)(3,581)

Investments in capital expenditures, net
Adjusted free cash flow

$

(758)

$

(1,355)$196)

September 27, 2023

28

Consolidated results
Non-GAAP reconciliations
Amounts in millions
GAAP gross margin

FY-23
$

FY-22

(1,416)$

13,898Stock-based compensation

201

193

Other

19

22

Non-GAAP gross margin$(1,196)$

14,113

GAAP operating expenses

$

4,329

$

4,196

Stock-based compensation

(363)

(308)

Restructure and asset impairments

(171)

(48)

Goodwill impairment

(101)

—

Litigation settlement

(68)

—

Other

(3)

(8)

Non-GAAP operating expenses

$

3,623

$

3,832

GAAP operating income (loss)$(5,745)$

9,702

Stock-based compensation

564

501

Restructure and asset impairments

171

48

Goodwill impairment

101—

Litigation settlement

68

—

Other

22

30

Non-GAAP operating income (loss)$(4,819)$10,281

September 27, 2023

29

Consolidated results
Non-GAAP reconciliations
Amounts in millions
GAAP cost of goods sold

FY-23
$

FY-22

16,956$

16,860Stock-based compensation

(201)

(193)

Other

(19)

(22)

Non-GAAP cost of goods sold$

16,736$

16,645GAAP research and development

$

3,114

$

3,116

Stock-based compensation
Other

(226)

(175)

—

(1)

Non-GAAP research and development

$

2,888

$

2,940

GAAP selling, general, and administrative

$

920

$

1,066

Stock-based compensation

Non-GAAP selling, general, and administrative

(137)

$

783

(133)

$

933

September 27, 2023

30

Consolidated results
Non-GAAP reconciliations
Amounts in millions
GAAP net income (loss)

FY-23
$

FY-22

(5,833)$

8,687

Stock-based compensation

564

501

Restructure and asset impairments

171

48

Goodwill impairment

101—

Litigation settlement

68—

Loss on debt repurchases and conversions

—

83

Other

32

61

Impact of Idaho income tax reform—

189

Estimated tax effects of above and other tax adjustments

35

(94)

Non-GAAP net income (loss)$(4,862)$

9,475

GAAP income tax (provision) benefit

$

(177)

$

(888)

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

35
$

(142)

95
$

(793)

September 27, 2023

31Consolidated results
Non-GAAP reconciliations
Amounts in millions, except per share

FY-23

GAAP shares used in diluted EPS calculations
Adjustment for stock-based compensation
Non-GAAP shares used in diluted EPS calculations
GAAP diluted earnings (loss) per share$

Effects of non-GAAP adjustments

FY-22

1,093

1,122

—

13

1,093

1,135

(5.34)

$

0.89

7.75
0.60

Non-GAAP diluted earnings (loss) per share$(4.45)$

8.35

Net cash provided by operating activities

$

1,559

$

15,181

Expenditures for property, plant, and equipment(7,676)(12,067)

92

117

Payments on equipment purchase contracts

(138)

(141)

Amounts funded by partners

710

115

(7,012)(11,976)

Proceeds from sales of property, plant, and equipment

Investments in capital expenditures, net
Adjusted free cash flow$

(5,453)$3,205

September 27, 2023

32

FQ1-24 guidanceNon-GAAP reconciliations
GAAP

Adjustments

Non-GAAP

Revenue$4.40 billion ± $200 million—$4.40 billion ± $200 million

Gross margin(6.0%) ± 2.0%

2.0%

A

(4.0%) ± 2.0%

Operating expenses$1.01 billion ± $15 million$113 million

B$900 million ± $15 million

Diluted earnings (loss) per share*($1.24) ± $0.07

$0.17

A,B,C

($1.07) ± $0.07

Non-GAAP Adjustments (amounts in millions)A

Stock-based compensation – cost of goods soldA

Other – cost of goods sold

4

B

Stock-based compensation – research and development

69

B

Stock-based compensation – selling, general, and administrative

44

C

Tax effects of the above items and other tax adjustments

(1)

$

$

66

182

*GAAP and non-GAAP earnings (loss) per share based on approximately 1.10 billion diluted shares.
The above guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant
transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

September 27, 2023

33

© 2023 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 logo, and other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.