Financial Results
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2Safe 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 theCompany 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 fromtime 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 the Company to differ materially from 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 arereasonable, 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 these statements
to actual results.

June 30, 2022

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Sanjay MehrotraPresident and CEO

June 30, 2022

4Highlights▪

Delivered record quarterly revenue with strong profitability and free cash flow;
achieved revenue records in the auto, industrial, and networking markets, andin SSDs for both data center and client▪

NAND business delivered record quarterly revenue, and Embedded Business
Unit and Storage Business Unit NAND revenues also hit all-time highs▪

Our 1-alpha DRAM and 176-layer NAND ramps are several quarters ahead of
the industry and progressing well as we continue to qualify new products thatuse these nodes▪

Consumer demand and inventory-related headwinds impacting the industry andconsequently our FQ4 outlook▪

Remain confident about the secular demand for memory and storage, theattractiveness of our market opportunity, Micron’s excellent competitive positionand strong execution capabilities, and our cross-cycle financial model

June 30, 2022

5Technology▪

Leading the industry in both DRAM and NAND technology and well-poised tocontinue this lead into CY23▪

1-alpha node ramp is several quarters ahead of the industry and in FQ3, 1-alpharepresented the largest DRAM node in our shipment mix▪

Our newest DRAM node, 1-beta, is on track to ramp in manufacturing by the endof CY22▪

Our industry-leading 176-layer node continues to grow in mix of sales, having
previously reached the majority of our NAND bit shipments in FQ2▪

Making excellent progress on our 232-layer NAND node and expect to ramp
production by the end of CY22

June 30, 2022

6Operations▪

Across the industry, there are cost challenges stemming from supply chain andinflationary pressures▪

Continue to expect our cost reductions to outpace those of the industry this year,driven by excellent productivity improvements in our fabs and the well-executed
ramp of our world-class 1-alpha DRAM and 176-layer NAND nodes▪

Despite COVID-19 control measures in China that created challenges for the global
electronics supply chain, Micron’s strong execution enabled record assembly
output in FQ3, supporting record quarterly revenue▪

However, these COVID-19 control measures in China impacted our outsourced
assembly and test subcontractors and led to some impact to FQ3 results

June 30, 2022

7End Market Highlights

Data Center▪

Data center FQ3 revenue grew by double
digit percentage Q/Q and well over
50% Y/Y▪

Began volume shipments of HBM2E
driven by the growth in AI and machinelearning workloads

▪

▪

▪

In data center SSDs, more than doubled
revenue Y/Y and achieved a new revenue
record in FQ3176-layer data center NVMe SSDs are
already in volume production and wecompleted qualifications with three OEMs
in FQ3
Recently launched the world’s first176-layer data center SATA SSD, which
will help sustain our industry leadership in
this product category

June 30, 2022

PC & Graphics▪

PC: Achieved client revenue growth in themid-teens percent range Q/Q in FQ3 driven
by DRAM shipments and share gains inclient SSD▪

Continue to lead the industry in client QLC
SSD technology and expect QLC to increase
as a percentage of 176-layer bit output inFQ4 and beyond▪

▪

Graphics: In FQ3, graphics revenue grewat a strong double digit percentage rate Q/Qand Y/YAnnounced volume shipments of our new
1Z 16Gb GDDR6X in FQ3, which features
twice the capacity and up to 15% higher
performance than the previous 1Y generation

Mobile & Intelligent Edge▪

Mobile: FQ3 mobile revenue declined
slightly Y/Y but grew Q/Q; 5G unit sales are
expected to grow and reach approximately
50% penetration of the smartphone unit
TAM this year▪

Expanded our 1-alpha LPDRAM leadershipwith the industry’s first ramp of 1-alpha
LPDDR5; 176-layer NAND made up over
90% of our mobile NAND bit shipments▪

Auto: Auto revenues set a new record inFQ3; robust auto content growth as OEMs
adopt significant architectural changes
to support ADAS, infotainment andelectric vehicles▪

Industrial: Achieved record revenue in FQ3,
as industrial customers invest in increasing
factory automation and digitization

8OutlookIndustry

MicronJune 30, 2022▪

Expectations for CY22 industry bit demand growth have moderated since our last earnings call▪

Near the end of fiscal Q3, we saw a significant reduction in near-term industry bit demand, primarily
attributable to end demand weakness in consumer markets, including PC and smartphone▪

Expect Y/Y CY22 industry bit demand growth to be below the long term CAGRs of mid-to-high teens
percentage for DRAM and high-20s percentage for NAND▪

Our view of long-term DRAM and NAND bit demand CAGRs is that they will remain unchanged fromprior expectations▪

Given the change in market conditions, we are taking immediate action to reduce our supply growth trajectory▪

Planning for a reduced level of bit supply growth in FY23 and will use inventory to supply part of the market
demand next year▪

This approach will enable us to reduce wafer fab equipment capex for FY23 versus our prior plans and wenow expect our FY23 wafer fab equipment capex to decline Y/Y9Mark Murphy
Chief Financial Officer

June 30, 2022

10FQ3-22 Revenue$8.6B
Revenue up 11% Q/Q and up 16% Y/Y

June 30, 2022

11Performanceby Technology
73% of total revenue in FQ3-22▪ Revenue up 10% Q/Q and up 15% Y/Y▪ Bit shipments increased by slightly over 10% Q/Q▪ ASPs declined slightly Q/Q▪

DRAM

26% of total revenue in FQ3-22▪ Revenue up 17% Q/Q and up 26% Y/Y▪ Bit shipments increased in the high-teens percent Q/Q▪ ASPs declined slightly Q/Q▪

NAND
June 30, 202212Revenue by Business Unit
FQ3-22

FQ2-22

Q/Q % Change

FQ3-21

Y/Y % Change

Compute and Networking (CNBU)$3,895$3,46113%$3,304

18%Mobile (MBU)$1,967$1,8755%$1,999(2)%Storage (SBU)$1,341$1,17115%$1,00933%

Embedded (EBU)$1,435$1,277

12%$1,10530%

Amounts in millions

June 30, 2022

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FQ3-22
Non-GAAP Operating Results
Revenue: $8.6 billion
Gross Margin: 47.4%
Operating Expenses: $953 million
Operating Income: $3.1 billion
Net Income: $2.9 billion

Diluted EPS: $2.59
Adjusted EBITDA: $5.0 billion
Cash from Operations (GAAP): $3.8 billion

See non-GAAP reconciliations
June 30, 2022

14Cash Flowand CapitalAllocation
From FY-19 to FQ3-22, generated
approximately $10 billion of free
cash flow*$5.7 billion towards repurchasing 108 million shares▪ $800 million toward settling convert premiums which
reduced diluted share count by 19 million shares▪ $6.9 billion returned to shareholders from share
repurchases, convert premiums, and dividends▪

Cash Flow fromOperations
Net CapEx1▪

FQ3-22: $3.8B (44% of revenue)

FQ3-22: CapEx of $2.5B▪ FY-22: CapEx guidance of ~$12B
▪

FCF*

▪

FQ3-22: $1.3B

Buybacks▪

FQ3-22: $981M (13.8M shares)

Dividends

Dividend payment of $0.115 per share will bepaid on July 26th

Liquidity2$14.5B in liquidity at end of FQ3-22

Cash3-Debt$5.0B of net cash at end of FQ3-22

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 capacity3Cash, short-term and long-term marketable investments, and restricted cash
*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.

June 30, 2022

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FQ4-22 GuidanceNon-GAAPRevenue
Gross margin
Operating expenses
Diluted EPS*

*Based on ~1.13 billion diluted shares
June 30, 2022

$7.2 billion ± $400 million
42.5% ± 1.5%
$1.05 billion ± $25 million$1.63 ± $0.20

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Other key data
June 30, 2022

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Financial Summary
Non-GAAP

Amounts in millions, except per share

FQ3-22% of
Revenue

FQ2-22% of
Revenue

FQ3-21% of
Revenue

Revenue$8,642100%$7,786100%$7,422100%

Gross margin

4,097

47%

3,724

48%

3,185

43%

Operating income

3,14436%

2,750

35%

2,364

32%

Income tax (provision) benefit(193)

Net income

2,939

Diluted earnings per share

2.59

2.14

1.88

Cash provided by operating activities (GAAP)

3,838

3,628

3,560

Cash, marketable investments, and restrictedcash (GAAP)

11,977

11,947

9,815

See non-GAAP reconciliations
June 30, 2022(286)34%2,444(200)
31%

2,173

29%

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Non-GAAP Financial Data and Guidance% of Revenue

FQ3-22 Non-GAAP

FQ3-22DRAM

73%

NAND

26%

(amounts in millions,except per share)

Revenue$Gross margin% Sales Volume Change

FQ3-22 Q/Q

DRAM

Increased by slightly over
10%

NAND

Increased in the high-teens
percentage range% ASP Change
DRAM

NAND

See non-GAAP reconciliations
June 30, 2022

FQ3-22 Q/Q
Declined slightly

Declined slightly

8,642

FQ4-22
Non-GAAP Guidance$7.2 billion ± $400 million

47.4%

42.5% ± 1.5%

Operating expenses$953$1.05 billion ± $25 million

Diluted earnings per share

$

2.59

$1.63 ± $0.20

FQ3-22 Non-GAAP(amounts in millions)

Diluted shares

FQ4-22
Non-GAAP Estimates

1,136~1.13 billion

Income tax (provision) benefit$(193)~9%Cash from operations (GAAP)

$

3,838

—

Depreciation and amortization

$

1,816

—

Investments in capex, net(capital cash flow)$2,528

FY-22: ~$12 billion

19Revenue by Technology
Amounts in millions

FQ3-22% ofRevenue

FQ2-22% ofRevenue

FQ3-21% ofRevenue

DRAM$6,27173%$5,71973%$5,448

73%

NAND

2,288

26%

1,957

25%

1,812

24%

Other

831%

110

1%

162

2%Total$8,642100%$7,786100%$7,422

100%

Percentages of total revenue may not total 100% due to rounding.
June 30, 2022

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Non-GAAP Reconciliations
June 30, 2022

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

FQ3-22$

FQ2-224,035$

FQ3-213,676$3,126

Stock-based compensation

574445

Other

5414

Non-GAAP gross margin

$

4,097

$

3,724

$

3,185

GAAP operating expenses

$

1,031

$

1,130

$

1,327

Stock-based compensation

(78)

(75)

(53)

Restructure and asset impairments

—

(5)

(453)

Other—(76)—

Non-GAAP operating expenses

$

953

$

974

$

821

GAAP operating income

$

3,004

$

2,546

$

1,799

Stock-based compensation

135

119

98

Restructure and asset impairments

—

5453

Other

580

14

Non-GAAP operating income

June 30, 2022

$

3,144

$

2,750

$

2,36422

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

FQ3-22$

FQ2-22

4,607$

FQ3-21

4,110$

4,296

Stock-based compensation

(57)

(44)

(45)

Other(5)

(4)

(14)

Non-GAAP cost of goods sold

$

4,545

$

4,062

$

4,237

GAAP research and development

$

773

$

792

$

670

Stock-based compensation

(45)

(45)

(29)

Other—(1)—

Non-GAAP research and development

$

728$

746

$

641

GAAP selling, general and administrative$

264

$

263

$

230

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

June 30, 2022

(33)
$231(30)$233(24)$206

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions
GAAP net income
Stock-based compensation
Restructure and asset impairments
Amortization of debt discount and other costs
Other
Impact of Idaho income tax reform
Estimated tax effects of above and other tax adjustments
Non-GAAP net income

FQ3-22$$GAAP interest (income) expense, net
Amortization of debt discount and other costs
Non-GAAP interest (income) expense, net$GAAP income tax (provision) benefit
Impact of Idaho income tax reformEstimated tax effects of non-GAAP adjustments and other tax adjustments
Non-GAAP income tax (provision) benefit$

June 30, 2022$$

FQ2-22

2,626
135
—
85189
(24)
2,939

$

$

24
(8)
16$

(358)
189
(24)
(193)

$$

$

2,263
119
5880
—
(31)
2,444

FQ3-21$

$

43
(8)
35$

(255)
—(31)
(286)

$

$

$

1,735
98
453
7
15
—(135)
2,173
38(7)31(65)—(135)(200)

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Consolidated Results
Non-GAAP Reconciliations
Amounts in millions

FQ3-22GAAP shares used in diluted EPS calculations
Adjustment for stock-based compensation
Non-GAAP shares used in diluted EPS calculations

1,121
15
1,136

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 expense and amortization of intangible assets
Non-GAAP adjustments
Stock-based compensation
Restructure and asset impairments
Other
Adjusted EBITDA$

June 30, 2022

FQ2-22$

$

1,130
13
1,143

2.34
0.25
2.59$

2,626
24358
1,821$

135
——
4,964

FQ3-21$

$

1,145
9
1,154

2.00
0.14
2.14$

2,263
43255
1,742$

119
575
4,502$

$

1.52
0.36
1.88
1,735
38
65
1,557
98
453
8
3,954

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

FQ3-22$

Expenditures for property, plant, and equipment

3,838

FQ2-22$

FQ3-21

3,628

$

3,560

(2,578)(2,611)(2,259)Proceeds from sales of property, plant, and equipment

3927

74

Payments on equipment purchase contracts

(27)

(27)

(16)Amounts funded by partners

3811159(2,528)(2,600)(2,042)

Investments in capital expenditures, net
Adjusted free cash flow

$

1,310

$

Amounts in millions
Cash and short-term investments

1,028

$

FQ3-22$Current and noncurrent restricted cash

10,2271,518

FQ2-22$

10,122

104

108

Long-term marketable investments

1,646

1,717

Current and long-term debt

(6,963)(7,076)

Net cashJune 30, 2022

$

5,014

$

4,871

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FQ4-22 GuidanceNon-GAAP Reconciliations

GAAPRevenue

Adjustments$7.2 billion ± $400 million—

41.5% ± 1.5%

1%A

42.5% ± 1.5%

$1.13 billion ± $25 million$83 millionB$1.05 billion ± $25 million$1.52 ± $0.20$0.11

Gross margin

Operating expenses

Non-GAAP

Diluted EPS*

$7.2 billion ± $400 million

A,B,C$1.63 ± $0.20

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

48

B

Stock-based compensation – sales, general, and administrative

35

C

Tax effects of the above items and other tax adjustments(9)$$45123*GAAP EPS based on ~1.12 billion diluted shares and non-GAAP EPS based on ~1.13 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, 2022

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