Financial
results
FQ2 2024

Safe harbor statement
During the course of this meeting, we may make projections or other forward-looking statements regarding
market demand and supply, pricing, cost reductions, expected product volume production, expected productannouncements, future events or the future financial performance or expected financial projections of theCompany and the industry. We wish to caution you that such statements are predictions, and that actual eventsor results may differ materially. We refer you to the documents the Company files from time 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 todiffer materially from those contained in our projections or forward-looking statements. These certain factors
can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in theforward-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.
This presentation includes Non-GAAP financial measures. Non-GAAP financial measures represent GAAP
measures, excluding the impact of certain activities, which management excludes in analyzing our operating
results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further
information regarding Micron's use of non-GAAP measures and reconciliations between GAAP and non-GAAP
measures are included in the Appendix.
March 20, 2024

2

Sanjay Mehrotra
President and CEO

March 20, 2024

3

Overview• In fiscal Q2, Micron delivered revenue, gross margin, andEPS well above the high end of guidance. Micron has
returned to profitability and delivered a positive operating
margin a quarter ahead of expectation.
• Micron drove robust price increases as the supplydemand balance tightened. This improvement in market
conditions was due to a confluence of factors, including
strong AI server demand, a healthier demandenvironment in most end markets, and supply reductions
across the industry.

• AI server demand is driving rapid growth in HBM, DDR5
(D5) and data center SSDs, which is tightening leadingedge supply availability for DRAM and NAND. This isresulting in a positive ripple effect on pricing across all
memory and storage end markets.
• We expect DRAM and NAND pricing levels to increase
further throughout calendar year 2024 and expect record
revenue and much improved profitability now in fiscal
year 2025.

September
28, 2023
March
20, 2024

4

Technology

End markets overview• Over 3/4s of our DRAM bits are now on leading-edge
1-alpha and 1-beta nodes, and over 90% of our
NAND bits are on 176-layer and 232-layer nodes.

• Inventories for memory and storage have improved
significantly in the data center, and we continue to expect
normalization in the first half of calendar 2024.

• Expect FY24 front end cost reductions, excl. theimpact of HBM, in line with our long-term
expectations of mid-to-high single digits in DRAM andlow teens in NAND.

• In PC and smartphone, there were some strategicpurchases in CQ4 in anticipation of a return to unit growth.

• Achieved equivalent yield and quality on 1-alpha aswell as 1-beta nodes between EUV and non-EUV
flows. Begun 1-gamma DRAM pilot production using
EUV and on track for volume production in CY25.

• Inventories remain near normal levels for auto, industrial,and other markets.
• We are in the very early innings of a multi-year growthphase driven by AI as this disruptive technology willtransform every aspect of business and society.

• Development of our next-gen NAND node is on track,with volume production planned for calendar 2025.

March 20, 2024

5

End market highlights
Data
center• In data center, total industry server unit shipments are expected
to grow mid- to high-single digits in calendar 2024, driven bystrong growth for AI servers and a return to modest growth fortraditional servers.

• HBM: We commenced volume production and recognized our
first revenue from HBM3E in fiscal Q2 and now have begun highvolume shipments of our HBM3E product. Customers continue togive strong feedback that our HBM3E solution has a 30% lower
power consumption compared to competitors’ solutions. Our
HBM3E product will be a part of Nvidia’s H200 Tensor Core
GPUs, and we are making progress on additional platform
qualifications with multiple customers. We are on track to
generate several hundred million dollars of revenue from HBM in
fiscal 2024 and expect HBM revenues to be accretive to our
DRAM and overall gross margins starting in the fiscal third
quarter. Our HBM is sold out for calendar 2024 and theoverwhelming majority of our 2025 supply has already been
allocated. We continue to expect HBM bit share equivalent toour overall DRAM bit share sometime in calendar 2025.

• HBM (continued): Earlier this month, we sampled our 12-high
HBM3E product, which provides 50% increased capacity of
DRAM per cube to 36 GB. We expect 12-high HBM3E will start
ramping in high volume production and increase in mix
throughout 2025.
• 128GB Modules: During the quarter, we completed validation of
the industry’s first mono-die based 128GB server DRAM module.
We see strong customer pull and expect a robust volume ramp
for our 128GB product, with several hundred million dollars ofrevenue in the second half of fiscal 2024.
• 256GB MCRDIMM: We also started sampling our 256GB
MCRDIMM module, which further enhances performance andincreases DRAM content per server.
• Data center SSDs: We achieved record revenue share in thedata center SSD market in calendar 2023. During the quarter, wegrew our revenue by over 50% QoQ for our 232-layer based
6500 30TBs SSDs, which offer best-in-class performance,
reliability, and endurance for AI data lake applications.

March 20, 2024

6

End market highlights
PC• PC: Unit volumes are expected to grow modestly in the low
single-digit range for calendar 2024. We expect next-gen AI PC
units to grow and become a meaningful portion of total PC units
in calendar 2025.
• At CES, Micron launched the industry’s first low power
compression attached memory module or LPCAMM2 for PC
applications. LPCAMM2 brings a modular form factor, with amaximum capacity point of 64GB for PC module and 128GB forserver module, along with a number of benefits such as higher
bandwidth, lower power and smaller form factor.
• During the quarter, we launched our 232-layer based Crucial
T705 Gen 5 consumer SSD, which won several editor choiceawards and was recognized by a leading publisher as the“fastest M.2 SSD ever”. We increased our client SSD QLC bit
shipments to record levels, with QLC representing nearly 2/3rdsof our client SSD shipments, firmly establishing Micron as theleader in client QLC SSDs.

Mobile andintelligent edge
• Mobile: Smartphone unit volumes in calendar 2024 remain on
track to grow low-to-mid single digits. We expect AI phones tocarry 50 to 100% greater DRAM content compared to non-AI
flagship phones today. In DRAM, we are now sampling oursecond generation, 1-beta LPDRAM LP5x product which
delivers the industry’s highest performance at improved power
for flagship smartphones. And in NAND, we announced our
second generation of 232-layer NAND UFS4.0 devices.
• Automotive: We experienced strong growth with partners who
are driving the most advanced capabilities within theautomobile's increasingly intelligent and connected digital
cockpits. Adoption of Level 2+ ADAS capabilities continues togain momentum, further expanding content per vehicle.
• Industrial: Fundamentals for memory are also healthy, withimproving distributor inventory, book to bill and demand visibility
improvements, as well as pricing benefits from the tight supply
for products, especially those built on leading-edge nodes.

March 20, 2024

7

Outlook and Capex plan

Capex plan:• Demand: Calendar 2023 DRAM bit demand growth was in the low double-digit percentage
range, and NAND bit demand growth was in the low-20s percentage range - both a few
percentage points higher than previous expectations.

• Micron’s fiscal 2024 capex planremains unchanged at a range
between $7.5 and $8.0 billion.

• We forecast calendar 2024 bit demand growth for the industry to be near the long-term
CAGR for DRAM and around mid-teens for NAND. Given the higher baseline of 2023
demand, these expectations of 2024 bit growth have driven an increase in the absolutelevel of 2024 bit demand in our model for DRAM and NAND versus our prior expectations.

• We continue to project our WFE
spending will be down year on
year in fiscal 2024.

• Over the medium term, we expect bit demand growth CAGRs of mid-teens in DRAM andlow-20s percentage range in NAND.
• Supply: We expect calendar 2024 industry supply to be below demand for both DRAM
and NAND. Micron’s bit supply growth in fiscal 2024 remains below our demand growth forboth DRAM and NAND, and we expect to decrease our days of inventory in FY24.
• We are now fully utilized on our high-volume manufacturing nodes and are maximizing
output against the structurally lowered capacity. We project to end fiscal 2024 with low
double digit percentage less wafer capacity in both DRAM and NAND than our peak levels
in fiscal 2022.

• Industry-wide, HBM3E consumes approximately three times the wafer supply as D5 to
produce a given number of bits in the same technology node. With increased performanceand packaging complexity, across the industry, we expect the trade ratio for HBM4 to beeven higher than the trade ratio for HBM3E.

• Announced projects in China,
India, and Japan are proceedingas planned. On potential US
expansion plans, we haveassumed CHIPS grants in our
capex plans for fiscal 2024.
• Our planned Idaho and New
York projects require Micron toreceive the combination of
sufficient CHIPS grants,
investment tax credits, and local
incentives to address the costdifference compared to overseas
expansion.

March 20, 2024

8Mark Murphy
Chief Financial Officer

March 20, 2024

9

FQ2-24 revenue$5.8B
Revenue up 23% Q/Q
and up 58% Y/Y

March 20, 202410

Performance by technology
DRAM FQ2-24

NAND FQ2-24• $4.2 billion, representing 71% of total revenue• $1.6 billion, representing 27% of total revenue• Revenue increased 21% Q/Q• Revenue increased 27% Q/Q• Bit shipments increased by a low-single digit
percentage Q/Q• Bit shipments decreased by a low-single digit
percentage Q/Q• ASPs increased by high teens Q/Q• ASPs increased by over 30% Q/Q

March 20, 2024

11

Revenue by business unit

Amounts in millions

FQ2-24

FQ1-24Q/Q %ChangeFQ2-23

Y/Y %ChangeCompute and Networking (CNBU)$2,185$1,73726%$1,375

59%

Mobile (MBU)$1,598$1,293

24%

$945

69%

Embedded (EBU)$1,111$1,037

7%

$865

28%

Storage (SBU)

$905

$653

39%

$507

79%

March 20, 2024

12

FQ2-24
Non-GAAP operating results
Revenue: $5.8 billion

Gross margin: 20%
Operating expenses: $959 million
Operating income: $204 million
Net income: $476 million
Diluted earnings per share: $0.42
Cash from operations (GAAP): $1.2 billion

See non-GAAP reconciliations in Appendix
March 20, 2024

13

Cash flow and capital allocation
From FY-21 to FQ2-24:

Cash flowfrom operations

FQ2-24: $1.2B (21% of revenue)$5.3 billion returned to shareholders from share
repurchases and dividends, including $4.1 billion
used to repurchase 60 million shares

Net CapEx1

FQ2-24: CapEx of $1.2B
FY-24: CapEx guidance between $7.5B and $8.0B

Adjusted FCF*

FQ2-24: Negative $29M

Buybacks

FQ2-24: Temporarily suspended

Dividends

Dividend payment of $0.115 per share will be
paid on April 16th

Liquidity2$12.2B in liquidity at end of FQ2-24

1CapEx net of proceeds from government incentives and proceeds from sales of property, plant, and equipment.
2Cash, short-term and long-term marketable investments, restricted cash, and undrawn revolver capacity.

*Adjusted free cash flow is a non-GAAP measure defined as net cash provided by operating activities less investments in capital expenditures net of proceeds from government incentives and proceeds from sales of property, plant, and equipment.
See non-GAAP reconciliations in Appendix.

March 20, 2024

14

FQ3-24 guidanceNon-GAAP
Revenue$6.60 billion ± $200 million

Gross margin

26.5% ± 1.5%

Operating expenses$990 million ± $15 million

Diluted earnings per share*$0.45 ± $0.07*Based on ~1.14 billion diluted shares.
See non-GAAP reconciliations in Appendix.
March 20, 2024

15

Appendix

March 20, 2024

16

Financial summary
Non-GAAP
FQ2-24% ofRevenue

FQ1-24% ofRevenue

FQ2-23% ofRevenue

Revenue$5,824100%$4,726100%$3,693100%

Gross margin

1,163

20%

37

1%

(1,161)(31%)

Operating income (loss)

204

4%

(955)

(20%)

(2,077)(56%)

Income tax (provision) benefit

294

Net income (loss)

476

Diluted earnings (loss) per share

0.42(0.95)(1.91)Cash provided by operating
activities (GAAP)

1,219

1,401

343

Cash, marketable investments, andrestricted cash (GAAP)

9,718

9,839

12,119Amounts in millions, except per share

(59)
8%

(1,048)

(53)
(22%)

(2,081)(56%)

See non-GAAP reconciliations.

March 20, 202417

Non-GAAP financial data and guidance% of Revenue

FQ2-24

FQ2-24 Non-GAAP

DRAM

71%

NAND

27%

Revenue$

Gross margin% Sales Volume Change

FQ2-24 Q/Q

DRAM

Increased by a low-single digit
percentage

NAND

Decreased by a low-single
digit percentage

FQ3-24
Non-GAAP Guidance(amounts in millions,
except per share)

5,824$6.60 billion ± $200 million

20%

26.5% ± 1.5%

Operating expenses$

959$990 million ± $15 million

Diluted earnings per share

$

0.42

$0.45 ± $0.07

FQ3-24
Non-GAAP Estimates

FQ2-24 Non-GAAP(amounts in millions)% ASP Change

FQ2-24 Q/Q
Diluted shares

DRAM

NAND

Increased by high teens

Increased by over 30 percent

1,134~1.14 billion~($240) million

Income tax (provision) benefit$

294

Cash from operations (GAAP)

$

1,219

—

Investments in capex, net(capital cash flow)$(1,248)

FY-24: between $7.5 billion
and $8.0 billion

See non-GAAP reconciliations.

March 20, 2024

18

Revenue by technology
Amounts in millions
DRAM

$

NAND
Other (primarily NOR)
Total

% of
Revenue

FQ2-24

$

4,158

71%

1,567

% of
Revenue

FQ1-24
$

3,427

73%

27%

1,230

99

2%

5,824

100%

$

% of
Revenue

FQ2-23
$

2,722

74%

26%

885

24%

69

1%

86

2%

4,726

100%

3,693

100%

$

Percentages of total revenue may not total 100% due to rounding.
March 20, 202419

Non-GAAP
reconciliations

March 20, 2024

20

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

FQ2-24
1,079 $

FQ1-24(35) $

FQ2-23(1,206)

Stock-based compensation

80

67

41

Other

4

5

4

Non-GAAP gross margin$

1,163 $

37 $

(1,161)GAAP operating expenses

$

888 $

1,093 $

1,097

(129)

(115)

(95)

Restructure and asset impairments

—

—

(86)

Patent cross-license agreement gain

200

—

—

Other

—

14

—

Stock-based compensation

Non-GAAP operating expenses

$

959 $

992 $

916

GAAP operating income (loss)

$

191 $

(1,128) $(2,303)

Stock-based compensation

209

182

136

Restructure and asset impairments

—

—

86

Patent cross-license agreement gain

(200)

—

—

4

(9)

4

204 $

(955) $

Other
Non-GAAP operating income (loss)$(2,077)

March 20, 202421

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

FQ2-24$

FQ1-24

FQ2-23

4,745 $

4,761 $

4,899

Stock-based compensation

(80)

(67)

(41)

Other

(4)

(5)

(4)

Non-GAAP cost of goods sold$4,661 $

4,689 $

4,854

GAAP research and development

$

832 $

845 $

788

Stock-based compensation

(77)

(68)

(59)

Other

—

14

—

Non-GAAP research and development

$

755 $

791 $

729

GAAP selling, general, and administrative

$

280 $

263 $

231

(52)

(47)

(36)

228 $

216 $

195

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

March 20, 202422

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

FQ2-24$

FQ1-24

FQ2-23793 $(1,234) $(2,312)

Stock-based compensation

209

182

136

Restructure and asset impairments

—

—

86

Patent cross-license agreement gain

(200)

—

—

2

(10)

8

(328)

14

1

Other
Estimated tax effects of above and other tax adjustments
Non-GAAP net income (loss)

$

476 $

(1,048) $(2,081)GAAP income tax (provision) benefit

$

622 $

(73) $

(54)

(328)

14

1

294 $

(59) $(53)

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

March 20, 202423

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

FQ2-24GAAP shares used in diluted EPS calculation
Adjustment for stock-based compensation
Non-GAAP shares used in diluted EPS calculation

GAAP diluted earnings (loss) per share$

Effects of non-GAAP adjustments

FQ1-24

FQ2-23

1,114

1,100

1,091

20

—

—

1,134

1,100

1,091

0.71 $(1.12) $(2.12)(0.29)

0.17

0.21

Non-GAAP diluted earnings (loss) per share$

0.42 $(0.95) $(1.91)Net cash provided by operating activities$

1,219 $

1,401 $

343

(1,384)(1,796)(2,205)

Payments on equipment purchase contracts

(26)

(56)

(29)

Proceeds from sales of property, plant, and equipment

13

33

17

Proceeds from government incentives

149

85

62

(1,248)(1,734)(2,155)

Expenditures for property, plant, and equipment

Investments in capital expenditures, net
Adjusted free cash flow$(29) $(333) $

(1,812)

March 20, 2024

24

FQ3-24 guidanceNon-GAAP reconciliations
GAAP

Adjustments

Non-GAAP

Revenue$6.60 billion ± $200 million—$6.60 billion ± $200 million

Gross margin

25.5% ± 1.5%

1.0%

A

26.5% ± 1.5%

Operating expenses$1.11 billion ± $15 million$123 million

B$990 million ± $15 million

Diluted earnings per share*$0.17 ± $0.07$0.28

A, B, C$0.45 ± $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

76

B

Stock-based compensation – selling, general, and administrative47

C

Tax effects of the above items and other tax adjustments

107

$

$

78

312

*GAAP earnings per share based on approximately 1.11 billion diluted shares and non-GAAP earnings per share based on approximately 1.14 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.

March 20, 202425

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