Financial Results
FQ3 2021© 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
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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 and Form 10-Q.
These documents contain and identify important factors that could cause the actual results for theCompany 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 thatthe 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.

June 30, 2021

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Sanjay Mehrotra
President and CEO

June 30, 2021

4Highlights▪ Strong execution enabled us to achieve the largest sequential EPS

improvement in our history and set multiple revenue records•

NAND hit record revenue, propelled by record mobile MCP,
consumer SSD, and client SSD revenues•

Our embedded business exceeded $1B for the first time, withrecord revenue across automotive and industrial markets▪ Our industry-leading 1α DRAM and 176-layer NAND reached ameaningful portion of our bit production, and QLC NAND
accounted for a majority of our client SSD bit shipments▪ We expect DRAM and NAND supply to remain tight into CY22

June 30, 2021

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Operations▪

Micron delivered record assembly output this quarter, which helped fuel our strong
revenue performance▪

Successfully mitigated the impacts of the drought in Taiwan with no reduction in
our production output▪

Due to the rise in COVID-19 cases, we temporarily reduced our on-site workforce at ourMuar, Malaysia back-end facility early in FQ4 - we have since started bringing back teammembers to site as the situation has improved; we will utilize our global supply chain,including subcontractor partners, to meet our customer commitments and minimize any
disruption to delivery schedules▪

Reached an agreement to sell our Lehi fab to Texas Instruments⎼ Expect transaction to close later this calendar year
⎼ Texas Instruments will offer all Lehi team members the opportunity to become Texas Instruments
employees at the Lehi site upon closing

June 30, 2021

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StrongTechnology
and Roadmap
Execution

DRAM▪

1α DRAM accounted for a meaningful
portion of our bit production in FQ3 andon track to become a meaningful
portion of our revenue in FQ4▪

By end of CY21, expect the
combination of 1α and 1z DRAM nodes
will represent the majority of our DRAM
bit production▪

In FY22, expect our workhorse
nodes, 1α, 1z DRAM and
176-layer NAND, to fuel bit growthand provide us with good frontend cost reduction on a
like-for-like basis.
June 30, 2021

On track to support customers as
they begin to introduce DDR5enabled platforms in 2H-CY21

NAND▪

176-layer NAND node accounted
for a meaningful portion of bit
production in FQ3 and on track
to become a meaningful portionof revenue in FQ4▪

By the end of CY21, expect 176layer NAND will be the majorityof our NAND bit production▪

Driving an increased mix of QLC
NAND; delivered record QLC
SSD revenue and bit mix in FQ3

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End Market Highlights

Data Center▪

Memory and storage is becoming an
increasing portion of server BOM cost▪

We will enhance our NVMe SSD
portfolio with the introductionof new products with internallydesigned controllers in the coming
months▪

Data center DRAM revenue grew Q/Q
driven by strong demand from cloudcustomers and increases in module
density▪

Data center SSD bit shipments andrevenue grew Q/Q driven by bothcloud and enterprise▪

Data center demand expected to bestrong in 2H-CY21

June 30, 2021

PC & Graphics▪

▪

PC: Industry expectations for CY21 PC
unit demand growth have increased tothe high-teens, driven by robust
notebook sales and a recovery in thedesktop market.
Achieved several customer qualifications
for our 1α based DDR4 products acrossvarious PC platforms▪

Client SSD bit shipments were up
sharply Q/Q and Y/Y▪

Graphics: Bit shipments increased Q/Q
and Y/Y, driven by strong next-gen Game
Console and Graphics Card shipments

Mobile & Intelligent Edge▪

Mobile: Achieved record MCP
quarterly revenue▪

Made strong progress with our 1α
LPDRAM products and 176-layer UFS 3.1
enabled solutions; completed customer
qualification for some of these products▪

Mobile unit sales expected to show
healthy growth this year, driven by an
expected doubling of 5G units in CY21 tomore than 500 million units▪

Auto: Third consecutive recordrevenue quarter driven by continued
manufacturing recovery and increased
LPDDR4 and eMMC content for
in-vehicle-infotainment and driverassistance applications

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Outlook

Industry

MicronJune 30, 2021▪

Expect CY-21 DRAM industry bit demand growth to be somewhat above 20%, with DRAM industry supply
below demand; there is currently unmet demand for DRAM due to end market strength and we expect the
DRAM market to remain tight into CY-22▪

Expect CY-21 NAND industry bit demand growth in the mid 30% range, with NAND supply below
demand; we also see the NAND market as tight into CY-22▪

Long-term DRAM bit demand growth CAGR of mid-to-high teens▪

Long-term NAND bit demand growth CAGR of approximately 30%▪

Targeting to align our long-term bit supply growth CAGR with the industry bit demand growth CAGR across
DRAM and NAND▪

CY-21 DRAM and NAND Micron bit supply growth expected to be below industry demand growth▪

Placed orders for multiple EUV tools from ASML as part of long-term agreement▪

FY21 Capex revised to somewhat above $9.5 bn; mostly from areas that don’t impact CY21 and CY22 bit
growth such as EUV pre-payments, construction spending and other R&D and corporate items

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Dave Zinsner
Chief Financial Officer

June 30, 2021

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FQ3-21 Revenue$7.4B
Revenue up 19% Q/Q and up 36% Y/Y

June 30, 2021

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Performanceby Technology
73% of total revenue in FQ3-21▪ Revenue up 23% Q/Q and up 52% Y/Y▪ Bit shipments up low-single-digit percent range Q/Q▪ ASPs up approximately 20% Q/Q▪

DRAM

24% of total revenue in FQ3-21▪ Revenue up 10% Q/Q and up 9% Y/Y▪ Bit shipments up low-single-digit percent range Q/Q▪ ASPs up high-single-digit percent range Q/Q▪

NAND
June 30, 2021

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Revenue by Business Unit
FQ3-21

FQ2-21

Q/Q % Change

FQ3-20Y/Y % Change

Compute and Networking (CNBU)$3,304$2,63625%$2,21849%

Mobile (MBU)$1,999$1,81110%$1,52531%

Storage (SBU)$1,009$850

19%$1,0140%

Embedded (EBU)$1,105

$935

18%

$675

64%

Amounts in millions

June 30, 2021

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FQ3-21
Non-GAAP Operating Results
Revenue: $7.4 billion
Gross Margin: 42.9%
Operating Expenses: $821 million
Operating Income: $2.4 billion
Net Income: $2.2 billion

Diluted EPS: $1.88
Adjusted EBITDA: $4.0 billion
Cash from Operations (GAAP): $3.6 billion

June 30, 2021

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Capital Allocation$3.0B total share repurchasesfrom FY19 through FQ3-21$3.1B of net cash at endof FQ3-21

Cash
ReturnNet
CapEx1

Cash3Debt

Liquidity2

3

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

June 30, 2021

FY-21: CapEx somewhat higher
than $9.5B

12$12.3B in liquidity at endof FQ3-21

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FQ4-21 GuidanceNon-GAAP
Revenue
Gross margin
Operating expenses
Diluted EPS*

*Based on ~1.15 billion diluted shares
June 30, 2021

$8.2 billion ± $200 million
47.0% ± 1%$900 million ± $25 million$2.30 ± $0.10

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Other Key Data
June 30, 2021

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Financial Summary
Non-GAAP

Amounts in millions, except per share

FQ3-21% ofRevenue

FQ2-21% ofRevenue

FQ3-20% ofRevenue

Revenue$7,422100%$6,236100%$5,438100%

Gross margin

3,185

43%

2,054

33%

1,804

33%

Operating income

2,364

32%

1,257

20%

981

18%

Income tax (provision) benefit(200)

Net income attributable to Micron

2,173

Diluted earnings per share

1.88

0.98

0.82

Cash provided by operating activities (GAAP)

3,560

3,057

2,023

Cash, marketable investments, and restrictedcash (GAAP)

9,815

8,567

9,288

See non-GAAP reconciliations
June 30, 2021

(125)
29%

1,128

(29)
18%

941

17%

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Non-GAAP Financial Data and Guidance% of Revenue

FQ3-21 Non-GAAP

FQ3-21

DRAM

73%

NAND

24%

(amounts in millions,
except per share)

Revenue$

Gross margin% Sales Volume Change

FQ3-21 Q/Q

DRAM

Increased low-single-digit
percent range

NAND

Increased low-single-digit
percent range% ASP Change
DRAM

NAND

See non-GAAP reconciliations
June 30, 2021

FQ3-21 Q/Q
Increased approximately
20%
Increased high-single-digit
percent range

7,422

FQ4-21
Non-GAAP Guidance$8.2 billion ± $200 million

42.9%

47.0% ± 1%

Operating expenses$

821$900 million ± $25 million

Diluted earnings per share

$

1.88

$2.30 ± $0.10

FQ3-21 Non-GAAP(amounts in millions)

Diluted shares

FQ4-21
Non-GAAP Estimates

1,154~1.15 billion

Income tax (provision) benefit

$

(200)

High-single-digit rate

Cash from operations (GAAP)

$

3,560

—

Depreciation and amortization

$

1,550

—

Investments in capex, net(capital cash flow)

$

2,042

FY-21: somewhat higher
than $9.5 billion

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Revenue by Technology
Amounts in millions

FQ3-21% ofRevenue

FQ2-21% ofRevenue

FQ3-20% ofRevenueDRAM$5,44873%$4,44471%$3,587

66%

NAND

1,812

24%

1,650

26%

1,665

31%

Other

162

2%

142

2%

186

3%

Total

$7,422100%$6,236100%$5,438100%

Percentages of total revenue may not total 100% due to rounding.
June 30, 2021

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Non-GAAP Reconciliations
June 30, 2021

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

GAAP gross margin

FQ3-21$

FQ2-21

3,126$

FQ3-20

1,649

$

1,763

Stock-based compensation

45

57

34

Inventory accounting policy change to FIFO

—

133

—

Change in inventory cost absorption

—

160

—

3D XPoint inventory write-down

—

49

—

Other

14

6

7

Non-GAAP gross margin

$

3,185

$

2,054

$

1,804

GAAP operating expenses

$

1,327

$

986

$

875

Stock-based compensation

(53)

(55)

(48)

Patent license charges

—

(128)

—

(453)

(5)

(4)

—

(1)

—

Restructure and asset impairments
Other
Non-GAAP operating expenses

June 30, 2021

$

821

$

797

$

823

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

GAAP operating income

FQ3-21$

FQ2-21

1,799$

FQ3-20

663

$

888

Stock-based compensation

98

112

82

Inventory accounting policy change to FIFO

—

133

—

Change in inventory cost absorption

—

160

—

3D XPoint inventory write-down

—

49

—

Patent license charges

—

128

—

Restructure and asset impairments

453

5

4

Other

14

7

7

Non-GAAP operating income

June 30, 2021

$

2,364

$

1,257

$

981

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

FQ3-21$

FQ2-21

4,296$

FQ3-20

4,587

$

3,675

Stock-based compensation

(45)

(57)

(34)

Inventory accounting policy change to FIFO

—

(133)

—

Change in inventory cost absorption

—

(160)

—

3D XPoint inventory write-down

—

(49)

—

Other

(14)

(6)

(7)

Non-GAAP cost of goods sold

$

4,237

$

4,182

$

3,634

GAAP research and development

$

670

$

641

$

649

Stock-based compensation

(29)

(29)

(22)

Other

—

(1)

—

Non-GAAP research and development

$

641

$

611

$

627

GAAP selling, general and administrative

$

230

$

214

$

216

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

June 30, 2021

(24)
$

206

(26)
$

188

(26)
$

190

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
GAAP net income attributable to Micron

FQ3-21$

FQ2-21

1,735$

FQ3-20

603

$

803

Stock-based compensation

98

112

82

Inventory accounting policy change to FIFO

—

133

—

Change in inventory cost absorption

—

160

—

3D XPoint inventory write-down

—

49

—

Patent license charges

—

128

—

Restructure and asset impairments

453

5

4

Amortization of debt discount and other costs

7

8

4

Other

15

7

9

(135)

(77)

39

Estimated tax effects of above and non-cash changes in net deferred income taxes
Non-GAAP net income attributable to Micron

$

2,173

$

1,128

$

941

GAAP interest (income) expense, net

$

38

$

32

$

28

Amortization of debt discount and other costs

(7)

(8)

(4)

Non-GAAP interest (income) expense, net

$

31

$

24

$

24

GAAP income tax (provision) benefit

$

(65)

$

(48)

$

(68)

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

June 30, 2021

(135)
$

(200)

(77)
$

(125)

39
$

(29)

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

FQ3-21GAAP shares used in diluted EPS calculations
Adjustment for stock-based compensation and capped calls
Non-GAAP shares used in diluted EPS calculations

1,145
9
1,154

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-down
Patent license charges
Restructure and asset impairments
Other
Adjusted EBITDA
June 30, 2021

FQ2-21

$

1,144
10
1,154

1.52
0.36
1.88

$

1,735
38
65
1,557

$

98
—
—
—
—
453
8
3,954

FQ3-20

$

$

1,129
13
1,142

0.53
0.45
0.98

$

603
32
48
1,549

$

112
133
160
49
128
5
—
2,819

$

$

0.71
0.11
0.82
805
28
68
1,422

82
—
—
—
—
4
2
2,411

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

FQ3-21$

3,560

FQ2-21$

3,057

FQ3-20$2,023

Investments in capital expenditures, net

Expenditures for property, plant, and equipment, net*

(2,185)(3,000)(1,937)

Payments on equipment purchase contracts

(16)

(26)

(20)

Amounts funded by partners

159

143

35

Adjusted free cash flow

$

1,518

$

Amounts in millions
Cash and short-term investments

174$

FQ3-21$

Current and noncurrent restricted cash

101

FQ2-21

8,349

$

7,184

67

67

Long-term marketable investments

1,399

1,316

Current and long-term debt

(6,715)(6,621)

Net cash$

3,100*Expenditures for property, plant and equipment, net include proceeds from sales of property, plant, and equipment of $74 million for FQ3-21, $18 million for FQ2-21, and $7 million for FQ3-20.
June 30, 2021

$

1,946

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FQ4-21 GuidanceNon-GAAP Reconciliations

GAAP
Revenue

Adjustments$8.2 billion ± $200 million—

46.0% ± 1%

1%

A

47.0% ± 1%

$955 million ± $25 million$55 million

B$900 million ± $25 million$2.23 ± $0.10$0.07

Gross margin

Operating expenses

Non-GAAP

Diluted EPS*

$8.2 billion ± $200 million

A,B,C$2.30 ± $0.10

Adjustments (amounts in millions)A

Stock-based compensation – cost of goods soldA

Other – cost of goods sold

6

B

Stock-based compensation – research and development

30

B

Stock-based compensation – sales, general, and administrative25

C

Tax effects of the above items and non-cash changes in net deferred income taxes

(25)

$

$

45

81

*GAAP and non-GAAP EPS based on ~1.15 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.
June 30, 2021

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