Financial Results
FQ2 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
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.

2

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.

March 31, 2021

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Sanjay Mehrotra
President and CEO

March 31, 2021

4Highlights▪ Delivered strong FQ2 results above our original projections driven

by solid execution and higher-than-expected demand acrossmultiple end markets▪ DRAM market is in severe shortage, and NAND market is showing

signs of stabilization in the near term
▪ Set revenue records for mobile MCPs and automotive▪ Reached normal levels of inventory ahead of schedule▪ Began volume production of our 1-alpha DRAM node, solidifying ourtechnology leadership in both DRAM and NAND

March 31, 2021

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Operations▪ We are confident our COVID-19 safety protocols will allow us to continue at fullproduction levels▪ Have been able to mitigate the impact of broad electronics-industry shortages toour production output through our proactive supply chain and inventory
management strategies▪ Investments made over the last several years in facilities infrastructure allowed

us to minimize lost output caused by the power outage and earthquake at our
Taiwan operations in December▪ Due to drought in central Taiwan, there has been a reduction in the water supply

at one of DRAM fab sites; we have secured alternative sources of water tomitigate the water shortage; at this time, we do not see an impact
to DRAM production output

March 31, 2021

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Strong Technology
and Roadmap
Execution
Solid progress toward our goals:▪

Deliver industry-leading technology andimprove our cost structure▪

Bring differentiated products to market andimprove our product mix▪

Grow our share of industry profits while
maintaining stable bit share

Micron was one of the top 20 U.S. patentregistrants in 2020. This achievement
attests to the brilliant innovation of ourteams and is proof of the tenacious focus
we have placed on technology and productleadership over the past several years.

March 31, 2021

DRAM

NAND

▪

1-alpha DRAM node in volume
production and ramping on plan▪

176-layer NAND node in volume
production and ramping on plan▪

Expect it to be our workhorse for FY22,
fueling our bit growth and contributing
to our long-term cost reduction goals▪

Expect it to be our workhorse for
FY22, fueling our bit growth andcontributing to our long-term
cost reduction goals▪

On track to support customers as they
begin to introduce DDR5 in 2HFY21▪

Driving an increased mix of QLC
NAND. Achieved a record-high
QLC bit mix in FQ2

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End Market Highlights

Data Center▪

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

Enterprise DRAM bit shipments grew
sharply Q/Q but were still down Y/Y;
demand is starting to improve as IT
budgets increase in anticipation of
economic recovery▪

▪

Cloud DRAM bit shipments also grew
Q/Q; anticipate robust demand from U.S.
hyperscale customers, especially
2HCY21
Continuing to expand our data center
NVMe SSD portfolio with internallydeveloped controllers and have new
product introductions planned in the
coming quarters

March 31, 2021

PC & Graphics▪

PC: Delivered record PC DRAM
shipments despite pockets of nonmemory component shortages
experienced in the PC OEM supply chain▪

Began sampling 1-alpha-based
DDR4 products▪

In client SSDs, on track to begin customer
qualification of our next-gen client SSDs
using 176-layer NAND in 2HFY21▪

Graphics: FQ2 revenue declined Q/Qfrom an exceptional FQ1 but grewsignificantly Y/YMobile & Intelligent Edge▪

Mobile: Revenue grew 21% Q/Q, driven
by strong execution coupled with better-thanseasonal demand▪

Achieved record MCP revenue, and nearly
tripled our LP5 revenue Q/Q▪

Have also begun sampling the industry’s first
1-alpha LPDRAM and 176-layer NAND withmobile customers▪

5G momentum is continuing▪

Auto: Second consecutive recordrevenue quarter▪

Completed qualification of our auto-grade LP5
and began sampling the industry’s first
automotive LP5 that is hardware-evaluated tomeet the most stringent Automotive Safety
Integrity Level, ASIL D

8Outlook

Industry

MicronMarch 31, 2021▪

CY-21 DRAM industry bit demand growth of approximately 20%, with DRAM industry supply to be below
demand; DRAM market is currently facing a severe undersupply, causing DRAM prices to increase rapidly▪

CY-21 NAND industry bit demand growth in the low-to-mid 30% range, with NAND industry supply
exceeding demand; more CapEx cuts are needed to allow for healthy NAND industry profitability▪

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

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

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

Long-term DRAM & NAND Micron bit supply growth CAGR in line with industry demand growth CAGR▪

Across DRAM & NAND we target long-term cost reductions in line with industry

9

Dave Zinsner
Chief Financial Officer

March 31, 2021

10

FQ2-21 Revenue$6.2B
Revenue up 8% Q/Q and up 30% Y/Y

March 31, 2021

11

Performanceby Technology
71% of total revenue in FQ2-21▪ Revenue up 10% Q/Q and up 44% Y/Y▪ Bit shipments up high-single-digit percent range Q/Q▪ ASPs up slightly Q/Q▪

DRAM

26% of total revenue in FQ2-21▪ Revenue up 5% Q/Q and up 9% Y/Y▪ Bit shipments up high-single-digit percent range Q/Q▪ ASPs down low-single-digit percent range Q/Q▪

NAND
March 31, 2021

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Revenue by Business Unit
FQ2-21

FQ1-21

Q/Q % Change

FQ2-20Y/Y % Change

Compute and Networking (CNBU)$2,636$2,546

4%$1,967

34%

Mobile (MBU)$1,811$1,50121%$1,25844%

Storage (SBU)

$850

$911

(7)%

$870

(2)%

Embedded (EBU)

$935

$809

16%

$696

34%

Amounts in millions

March 31, 2021

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FQ2-21
Non-GAAP Operating Results
Revenue: $6.2 billion
Gross Margin: 32.9%
Operating Expenses: $797 million
Operating Income: $1.3 billion
Net Income: $1.1 billion
Diluted EPS: $0.98
Adjusted EBITDA: $2.8 billion
Cash from Operations (GAAP): $3.1 billion

March 31, 2021

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Capital Allocation$2.8B total share repurchases in
FY19 and FY20

$1.9B of net cash at endof FQ2-21

FY-21 CapEx of ~$9B

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

March 31, 2021

1

2

$11.1B in liquidity at endof FQ2-21

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FQ3-21 GuidanceNon-GAAP
Revenue
Gross margin
Operating expenses
Interest (income) expense, net
Diluted EPS*

*Based on ~1.16 billion diluted shares
March 31, 2021

$7.1 billion ± $200 million
41.5% ± 1%$875 million ± $25 million$25 million$1.62 ± $0.07

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Other Key Data
March 31, 2021

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Financial Summary
Non-GAAP

Amounts in millions, except per share

FQ2-21% ofRevenue

FQ1-21% ofRevenue

FQ2-20% ofRevenue

Revenue$6,236100%$5,773100%$4,797100%

Gross margin

2,054

33%

1,784

31%

1,398

29%

Operating income

1,257

20%

973

17%

542

11%

Income tax (provision) benefit(125)

Net income attributable to Micron

1,128

Diluted earnings per share

0.98

0.78

0.45

Cash provided by operating activities (GAAP)

3,057

1,967

2,001

Cash, marketable investments, and restrictedcash (GAAP)

8,567

8,363

8,120

See non-GAAP reconciliations
March 31, 2021

(71)
18%

897

(17)
16%

517

11%

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Non-GAAP Financial Data and Guidance% of Revenue

FQ2-21 Non-GAAP

FQ2-21

DRAM

71%

NAND

26%

(amounts in millions,
except per share)

Revenue$

Gross margin% Sales Volume Change

FQ2-21 Q/Q

DRAM

Increased high-single-digit
percent range

NAND

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

NAND

See non-GAAP reconciliations
March 31, 2021

FQ2-21 Q/Q
Increased slightly
Decreased low-single-digit
percent range

6,236

FQ3-21
Non-GAAP Guidance$7.1 billion ± $200 million

32.9%

41.5% ± 1%

Operating expenses$

797$875 million ± $25 million

Interest (income) expense, net$

24$25 million

Diluted earnings per share

$

0.98

$1.62 ± $0.07

FQ2-21 Non-GAAP(amounts in millions)

Diluted shares

FQ3-21
Non-GAAP Estimates

1,154~1.16 billion

Income tax (provision) benefit

$

(125)

High-single-digit rate

Cash from operations (GAAP)

$

3,057

—

Depreciation and amortization

$

1,542

—

Investments in capex, net(capital cash flow)

$

2,883

FY-21: ~$9 billion

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Revenue by Technology
Amounts in millions

FQ2-21% ofRevenue

FQ1-21% ofRevenue

FQ2-20% ofRevenueDRAM$4,44471%$4,05670%$3,083

64%

NAND

1,650

26%

1,574

27%

1,514

32%

Other

142

2%

143

2%

200

4%

Total

$6,236100%$5,773100%$4,797100%

Percentages of total revenue may not total 100% due to rounding.
March 31, 2021

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Non-GAAP Reconciliations
March 31, 2021

22

Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
GAAP gross margin

FQ2-21$

FQ1-21

1,649$

FQ2-20

1,736

$

1,355

Inventory accounting policy change to FIFO

133

—

—

Change in inventory cost absorption

160

—

—

3D XPoint inventory write-down

49

—

—

Stock-based compensation

57

41

37

Other

6

7

6

Non-GAAP gross margin

$

2,054

$

1,784

$

1,398

GAAP operating expenses

$

986

$

870

$

915

Stock-based compensation

(55)

(51)

(48)

Patent license charges

(128)

—

—

Restructure and asset impairments

(5)

(8)

(10)

Other

(1)

—

(1)

Non-GAAP operating expenses

March 31, 2021

$

797

$

811

$

856

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

FQ2-21$

FQ1-21

663$

FQ2-20

866

$

440

Inventory accounting policy change to FIFO

133

—

—

Change in inventory cost absorption

160

—

—

3D XPoint inventory write-down

49

—

—

Stock-based compensation

112

92

85

Patent license charges

128

—

—

Restructure and asset impairments

5

8

10

Other

7

7

7

Non-GAAP operating income

March 31, 2021

$

1,257

$

973

$

542

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

FQ2-21$

FQ1-21

4,587$

FQ2-20

4,037

$

3,442

Inventory accounting policy change to FIFO

(133)

—

—

Change in inventory cost absorption

(160)

—

—

3D XPoint inventory write-down

(49)

—

—

Stock-based compensation

(57)

(41)

(37)

Other

(6)

(7)

(6)

Non-GAAP cost of goods sold

$

4,182

$

3,989

$

3,399

GAAP research and development

$

641

$

647

$

681

Stock-based compensation

(29)

(24)

(22)

Other

(1)

—

(1)

Non-GAAP research and development

$

611

$

623

$

658

GAAP selling, general and administrative

$

214

$

214

$

223

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

March 31, 2021

(26)
$

188

(27)
$

187

(26)
$

197

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

FQ2-21$

FQ1-21603$

FQ2-20

803

$

405

Inventory accounting policy change to FIFO

133

—

—

Change in inventory cost absorption

160

—

—

3D XPoint inventory write-down

49

—

—

Stock-based compensation

112

92

85

Patent license charges

128

—

—

Restructure and asset impairments

5

8

10

Amortization of debt discount and other costs

8

7

6

Other

7

7

7

(77)

(20)

4

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

$

1,128

$

897

$

517

GAAP interest (income) expense, net

$

32

$

38

$

12

Amortization of debt discount and other costs

(8)

(7)

(6)

Non-GAAP interest (income) expense, net

$

24

$

31

$

6

GAAP income tax (provision) benefit
Estimated tax effects of non-GAAP adjustments and non-cash changes in net
deferred income taxes

$

(48)

$

(51)

$

(21)

Non-GAAP income tax (provision) benefit$

March 31, 2021

(77)
(125)

(20)
$

(71)

4
$

(17)

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

FQ2-21GAAP shares used in diluted EPS calculations
Adjustment for stock-based compensation and capped calls
Non-GAAP shares used in diluted EPS calculations

1,144
10
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$$

FQ2-20

1,135
11
1,146

0.53
0.45
0.98

$

603
32
48
1,549

$

$

1,133
11
1,144

0.71
0.07
0.78

$

803
38
51
1,487

$

$

0.36
0.09
0.45
407
12
21
1,365

Inventory accounting policy change to FIFO
Change in inventory cost absorption
3D XPoint inventory write-down
Stock-based compensation

133
160
49
112

—
—
—
92

—
—
—
85

Patent license charges
Restructure and asset impairments

128
5

—
8

—
10

Adjusted EBITDA
March 31, 2021

FQ1-21

$

2,819

$

2,479

$

1,900

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

FQ2-21$

3,057

FQ1-21$

1,967

FQ2-20$2,001

Investments in capital expenditures, net
Expenditures for property, plant, and equipment, net*

(3,000)(2,726)(2,013)

Payments on equipment purchase contracts

(26)

(97)

(18)

Amounts funded by partners

143

40

93

Adjusted free cash flow

$

174

$

Amounts in millions
Cash and short-term investments

(816)

$

FQ2-21$

Current and noncurrent restricted cash

63

FQ1-21

7,184

$

7,032

67

67

Long-term marketable investments

1,316

1,264

Current and long-term debt

(6,621)(6,629)Net cash$

1,946*Expenditures for property, plant and equipment, net include proceeds from sales of property, plant, and equipment of $18 million for FQ2-21, $12 million for FQ1-21, and $43 million for FQ2-20.
March 31, 2021

$

1,734

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FQ3-21 GuidanceNon-GAAP Reconciliations

GAAP
Revenue

Adjustments$7.1 billion ± $200 million—

40.5% ± 1%

1%

A

41.5% ± 1%$930 million ± $25 million$55 million

B$875 million ± $25 million$27 million$2 millionC$25 million$1.52 ± $0.07$0.10

A,B,C,D$1.62 ± $0.07

Gross margin
Operating expenses

Non-GAAP

Interest (income) expense, net
Diluted EPS*

$7.1 billion ± $200 million

Adjustments (amounts in millions)A

Stock-based compensation – cost of goods soldA

Other – cost of goods sold

7

B

Stock-based compensation – research and development

29

B

Stock-based compensation – sales, general, and administrative

26

C

Amortization of debt discount and other costs

2

D

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

2

$

$

46

112

*GAAP EPS based on ~1.15 billion diluted shares and non-GAAP EPS based on ~1.16 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.
March 31, 2021

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March 31, 2021