Financial Results
Second Quarter Fiscal 2018©2018 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 regarding their 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 all other Micron trademarks are theproperty of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Safe Harbor Statement
During the course of this meeting, we may make projections or other forwardlooking statements regarding future events or the future financial performance ofthe Company and the industry. We wish to caution you that such statements arepredictions and that actual events or results may differ materially. We refer you tothe documents the Company files from time to time with the Securities andExchange Commission, specifically the Company’s most recent Form 10-K andForm 10-Q. These documents contain and identify important factors that could
cause the actual results for the Company to differ materially from those containedin our projections or forward-looking statements. These certain factors can befound at http://www.micron.com/certainfactors. Although we believe that theexpectations reflected in the forward-looking statements are reasonable, we cannot
guarantee future results, levels of activity, performance, or achievements. We areunder no duty to update any of the forward-looking statements after the date of thepresentation to conform these statements to actual results.

2March 22, 2018

Sanjay Mehrotra
President and CEO3

FQ2-18
Strong Execution▪ Delivered record revenue, gross profit, EPS and cash generation▪ Robust Mobile growth driven by Managed NAND & low-power DDR4
▪ Increased SSD market share; total SSD sales up 80% Y/Y▪ Qualified 1X nm DRAM at 3 of the largest Hyperscale customers▪ Achieved record Automotive design wins in 1H FY-18

4

1 Reflects Gartner’s CY 2017 Memory and Storage market revenue which includes DRAM, NAND, NOR, Emerging and Other.

End Market Trends▪ Capabilities to enhance user experience require more memory and storage▪ High-end smartphones migrating to 6GB LPDRAM and >64 GB NAND
▪ Micron is addressing with power efficient LPDRAM & TLC Managed NAND

▪ New AI “smart cockpits” in Autos create need for datacenter on wheels▪ More compute intensive features (voice/gesture recognition, driver alerts)▪ Micron is addressing with auto grade LPDDR4 & high-bandwidth graphics▪ Rapid analysis and storage in datacenter complements edge compute▪ Driving significant datacenter investment and demand for memory & storage▪ Micron is addressing with broad technology portfolio5

Industry Outlook▪ Healthy demand environment with secular growth drivers

DRAM▪ CY-18 Industry bit output growth in the 20% range▪ CY-18 Micron bit output growth in-line with Industry▪ More balanced Industry dynamic in CY-18NAND▪ CY-18 Industry bit output growth somewhat higher than 45%▪ CY-18 Micron bit output growth somewhat above Industry

6March 22, 2018

Strengthening Our Competitive Position▪ Successfully making technology and cost improvements– Accelerating DRAM technology cadence, ramping 1X nm faster than prior nodes– On track to achieve 1X nm DRAM bit crossover by the end of CY-18– On track to achieve 64L 3D NAND bit crossover in 2H FY-18▪ Executing development plans for next generation technologies– Expect to deliver samples of 1Y nm DRAM and 3rd gen 3D NAND by end of FY-18– Expect to ramp initial volume for these nodes in 2H CY-18

7March 22, 2018

Dave Zinsner
Chief Financial Officer

8

FQ2 2018 Financial Results Summary▪ Revenue of $7.35 billion▪ GAAP results– Gross margin: 58%– Net income: $3.31 billion– Diluted EPS: $2.67▪ Non-GAAP results– Gross margin: 58%– Net income: $3.50 billion– Diluted EPS: $2.82▪ Non-GAAP operating expenses of $666 million

9March 22, 2018

Compute & Networking Business Unit
FQ2-18

Revenue $% of total company revenue
Operating income $Operating income %FQ1-18

FQ2-17

3.69B $

3.21B $

1.92B

50%

47%

41%

2.33B $

1.91B $

736M

63%

60%

38%

CNBU

▪ Revenue up 15% Q/Q and up 93% Y/Y▪ Cloud server revenue up 28% Q/Q driven by Hyperscale customers▪ Strong demand for graphics memory from gaming and crypto-mining

10March 22, 2018

Mobile Business Unit
FQ2-18Revenue $% of total company revenue
Operating income $Operating income %FQ1-18

FQ2-17

1.57B $

1.37B $

1.08B

21%

20%

23%

689M $

505M $

170M

44%

37%

16%

MBU

▪ Record revenue up 15% Q/Q and 45% Y/Y▪ Strength from growing portfolio of Managed NAND and industry leading
power efficient LPDRAM products

11March 22, 2018

Embedded Business Unit
FQ2-18

Revenue $FQ2-17829M $

830M $

590M

11%

12%

13%

363M $

342M $

193M

44%

41%

33%

% of total company revenue
Operating income $FQ1-18Operating income %EBU

▪ Revenue flat Q/Q and up 41% Y/Y▪ Record quarter for Automotive, driven by ADAS and in-vehicle experience▪ Growth in Industrial Internet of Things markets

12March 22, 2018

Storage Business Unit
FQ2-18

Revenue $% of total company revenue
Operating income $Operating income %FQ1-18

FQ2-17

1.25B $

1.38B $

1.04B

17%

20%

22%

251M $

400M $

71M

20%

29%

7%

SBU

▪ Revenue increased 20% Y/Y due to increased SSD market share▪ Record quarterly sales of SSDs in FQ2-18▪ Q/Q revenue decline due to reduction in Components revenue13March 22, 2018

Performance by Product Line
▪ 71% of overall company revenue in FQ2-18▪ Revenue up 14% Q/Q and up 76% Y/YDRAM▪ Shipment quantities up mid-single digit percent range Q/Q▪ ASPs up low double-digit percent Q/Q▪ Non-GAAP Gross Margin of 66% in FQ2-18 vs 62% in FQ1-18, 44% in FQ2-17▪ 25% of overall company revenue in FQ2-18

TradeNAND▪ Revenue down 3% Q/Q and up 28% Y/Y▪ Shipment quantities up low double-digit percent range Q/Q▪ ASPs down mid-teens percent Q/Q▪ Non-GAAP Gross Margin of 47% in FQ2-18 vs 49% in FQ1-18, 31% in FQ2-17

14March 22, 2018

Other Financial Metrics▪ Operating cash flow
- $4.3 billion in FQ2-18▪ Capital expenditures, net of partner contributions– $2.1 billion spent in FQ2-18▪ Free cash flow*– $2.2 billion in FQ2-18▪ Cash, marketable investments & restricted cash
– $8.7 billion at the end of FQ2-18▪ Face value debt
– $9.5 billion at the end of FQ2-18* Free cash flow consists of cash provided by operating activities less investments in capital expenditures, net of partner contributions.

15

March 22, 2018

FQ3 2018 GuidanceNon-GAAP
FQ3-18 Guidance$7.20 billion – $7.60 billion

Revenue

57% – 60%

Gross margin

Operating expenses$725 million +/- $25 million

Operating income$3.60 billion – $3.80 billion

Diluted EPS*

$2.83 +/- $0.07*Based on 1,249 million diluted shares
16

March 22, 2018

Q&A

17

Financial Summary
Non-GAAP
Dollars in millions, except per share

FQ2-18% of Sales

FQ1-18% of Sales

FQ2-17% of Sales

Net sales7,351

100%

6,803

100%

4,648

100%

Gross margin

4,296

58%

3,769

55%

1,789

38%

Operating income

3,630

49%

3,157

46%

1,177

25%

Income tax (provision) benefit

(99)

(91)

48%

2,994

(31)

Net income attributable to Micron

3,495

44%

1,031

Diluted earnings per share

2.82

2.45

0.90

Cash provided by operating activities*

4,348

3,636

1,766

Cash, marketable investments, andrestricted cash

8,675

6,610

4,584

* FQ2-17 operating cash flows of $1,766 million is equal to GAAP operating cash flows of $1,405 million, plus $361 million of the Inotera purchase price,which was reflected for GAAP as an operating cash outflow
18March 22, 201822%

Non-GAAP Reconciliations

19Consolidated Results
Non-GAAP Reconciliations
Amounts in millions, except per share amounts
GAAP net income attributable to Micron
Non-GAAP adjustments:
Stock-based compensation$

FQ1-182,678 $

FQ2-17894

525155Flow-through of Inotera inventory step up
Inotera acquisition costs
Restructure and asset impairments
Amortization of debt discount and other costs
Loss on debt repurchases and conversions(Gain) loss from changes in currency exchange rates

—
—
726
2327—
—
629
195
960
12431—
28(Gain) loss from business acquisition activities
Other
Impact of U.S. income tax reform
Estimated tax effects of above and changes in net deferred income taxes
Total non-GAAP adjustments—
7131(87)186—
3—23316(71)11—7137

3,495 $

2,994 $

1,031

1,238
2
1,240

1,225(5)1,220

1,160(14)1,146

2.67 $
0.15
2.82 $

2.19 $
0.26
2.45 $

0.77
0.13
0.90

Non-GAAP net income attributable to Micron$GAAP shares used in diluted EPS calculations
Adjustment for stock-based compensation and effect of capped calls
Non-GAAP shares used in diluted EPS calculations
GAAP diluted earnings per share
Effects of above
Non-GAAP diluted earnings per share20

FQ2-183,309 $$$March 22, 2018

Consolidated Statement of Operations
FQ2 2018 Non-GAAP Reconciliation
Amounts in millions
Net sales
Cost of goods sold
Gross margin

21$

GAAP
Adjustments
Non-GAAP
7,351 $—$7,351
3,081(26) A,H
3,055
4,270
264,296

Selling, general, and administrative
Research and development
Other operating (income) expense
Total operating expenses
Operating income

196523
(16)
703
3,567

(16)
(14)
(7)
(37)
63

Interest expense, net
Other non-operating income (expense), net
Income tax (provision) benefit
Equity in net income (loss) of equity method investees
Net income

(61)
(53)
3,453
(143)
1
3,311

26
E
53 F,G,H
142
44I,J
—
186(35)
—
3,595
(99)
1
3,497

Net income attributable to noncontrolling interests
Net income attributable to Micron

(2)
3,309

—
186(2)
3,495

March 22, 2018

BCD

180509(23)
666
3,630

Consolidated Statement of Operations
FQ2 2018 Non-GAAP Reconciliation (continued)
Amounts in millions
ABCD

Stock-based compensation – cost of goods sold
Stock-based compensation – sales, general, and administrative
Stock-based compensation – research and development
Restructure and asset impairments

EF

Amortization of debt discount and other costs
Loss on debt repurchases and conversions

2623

GH
I(Gain) loss from changes in currency exchange rates
Other
Impact of U.S. income tax reform

27
7131

J

Estimated tax effects of above and non-cash changes in net deferred income taxes

(87)
186

$

$22

March 22, 2018

2216147

Summary Key Data

23

Non-GAAP Financial Data and Guidance% of Revenue

FQ2-18

FQ2-18 Non-GAAP(amounts in millions,except per share)

FQ2-17

DRAM

71%

64%

Trade NAND*

25%

30%

Revenue $Gross margin% Shipments
ChangeDRAM
Trade NAND*% ASP Change

DRAM
Trade NAND*

Gross Margin

FQ2-18
Q/Q
Increased mid
single digit
Increased low
double digit

FQ2-18
Y/Y
Increased low
20% range
Increased low
40% range

FQ2-18
Q/Q
Increased low
double digitDecreased midteens range

FQ2-18Y/Y
Increased low
40% range
Decreased highsingle digit

FQ2-18

FQ2-1758%$7.20 – $7.60 billion
57% – 60%

Operating expenses $666

$725 million +/- $25 million

Operating income $3,630$3.60 – $3.80 billion

Earnings per share $2.82$2.83 +/- $0.07

FQ2-18 Non-GAAP(amountsin millions)
Net interest expense $FQ3-18 Non-GAAP Estimates

35~$30 million

1,240~1,249 millionTax (provision) benefit $(99)~($125 million)

Operating cash flow $4,348—Diluted shares

DRAM

66%

44%

Depreciation and amortization $1,149—Trade NAND*

47%

31%

Capital expenditures(Capital cash flow) (a) $2,112

FY-18: $7.5 billion +/- 5%

See Non-GAAP reconciliations*Trade NAND excludes products sold to Intel through IMFT under a long-term supply agreement at prices approximating cost.
(a) Net of amounts funded by partners

247,351

FQ3-18 Non-GAAP Guidance

March 22, 2018

Convertible Notes Dilution Overview
FQ2 2018 (shares in millions)

Stock Price2032 C Notes

FQ2-18* $1455 $1556 $
1557 $
1558 $
1559 $
1560 $
1561 $
1562 $
1563 $
1564 $
1565
152032 D Notes
2033 E Notes
2033 F Notes
2043 G Notes
Total dilutive shares

14
420
1163

15
1
19
1767

15
1
19
1767

15
1
19
17
67

15
1
19
17
67

15
120
18
69

15
120
18
69

15
120
18
69

15
120
1970

15
120
1970

15
120
1970

15
1
20
1970

Benefit from capped call
Net dilution

(7)
56(4)
63(4)
63(4)
63(4)
63(4)
65(4)
65(4)
65

(3)
67(3)
67(3)
67(3)
67*FQ2-18 dilutive impact of convertible notes is based on a weighted-average share price of $43.39.
Note: At the end of FQ2-18 market price of Micron’s stock closed at $47.62/share

25

March 22, 2018