Financial
results
FQ3 2024

Safe harbor statement
During the course of this meeting, we may make projections or other forward-looking statements regarding
market demand and supply, the impact of new technologies such as AI, pricing, cost reductions, expected
product volume production, our market position, expected product announcements, future events or the futurefinancial performance or expected financial projections 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, including
the Company’s most recent Form 10-K and Form 10-Q. These documents contain and identify importantfactors 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 investors.micron.com/riskfactor. Although we believe that the 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 any of the forward-looking statements to conform these statements 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.
June 26, 2024

2

Sanjay Mehrotra
President and CEO

June 26, 2024

3

Overview• Micron delivered fiscal Q3 revenue, gross margin and
EPS all above the high end of guidance ranges.
• Micron drove robust price increases as industry
supply-demand conditions continued to improve. This
improved pricing, combined with our strengthening
product mix, resulted in increased profitability across all
our end markets.

• In data center, rapidly growing AI demand enabled us togrow our revenue by over 50% on a sequential basis, andwe grew share in high margin AI-related productcategories such as HBM, high-capacity DIMMs and data
center SSDs.

• Robust AI-driven demand for data center products is
causing tightness on our leading-edge nodes.
Consequently, we expect continued price increases
throughout CY24 despite only steady near-term demandin PCs and smartphones.
• As we look ahead to 2025, demand for AI PCs and AI
smartphones, and continued growth of AI in the data
center, create a favorable set up that gives us confidence
that we can deliver a substantial revenue record in FY25,
with significantly improved profitability underpinned byour ongoing portfolio shift to higher margin products.

September
28, 2023
June
26, 2024

4

Technology & Operations

CHIPS• Over 80% of our DRAM bit production is now onleading-edge 1-alpha and 1-beta nodes. Over 90% of
our NAND bit production is on our two leading-edge
NAND nodes.

• Micron signed a non-binding preliminary memorandum ofterms, or PMT, with the U.S. government for $6.1 billion in
grants under the CHIPS and Science act.

• 1-gamma DRAM pilot production using extreme
ultraviolet (EUV) lithography is progressing well, andwe are on track for volume production in CY25.
• Our next-gen NAND node is also on track, with highvolume production planned for CY25.

• Despite impacts from the earthquake, we now expect
our FY24 DRAM front-end cost reductions excluding
HBM, to be in the high single-digits percentage range.
• We expect our FY24 NAND front-end cost reductions
to be in the low teens percentage range.

• Fab construction in Idaho is underway, and we are working
diligently to complete the regulatory and permitting processes
in New York. This additional leading-edge greenfield capacity,
along with continued technology transition investments in our
Asia facilities is required to meet long-term demand in thesecond half of this decade and beyond.
• These investments support our objective to maintain ourcurrent bit share over time, and to grow our memory bit
supply in line with long-term industry bit demand. Micron
retains flexibility under the PMT to manage construction andtiming of supply growth in a manner that allows us to remain
responsive to market conditions.

June 26, 2024

5

End markets overview

Customer Inventories• We are in the early innings of a multi-year race toenable Artificial General Intelligence, or AGI, which
will revolutionize all aspects of life. Enabling AGI will
require training ever-increasing model sizes withtrillions of parameters and sophisticated servers for
inferencing.

• Most data center customer inventories have normalized,
and demand from customers continues to strengthen.

• AI will also permeate to the edge via AI PCs and AI
smartphones, as well as smart automobiles andintelligent industrial systems.
• These trends will drive significant growth in the
demand for DRAM and NAND, and we believe that
Micron will be one of the biggest beneficiaries in thesemiconductor industry of the multi-year growth
opportunity driven by AI.

• PC and smartphone customers have built additional
inventories due to the rising price trajectory, the anticipatedgrowth in AI PCs and AI smartphones, as well as the
expectation of tight supply as an increasing portion of
DRAM and NAND output is dedicated to meeting growing
data center demand.
• Due to expectations for continued leading-edge nodetightness, we are seeing increased interest from manycustomers across market segments to secure 2025 longterm agreements ahead of their typical schedule.

June 26, 2024

6

End market highlights
Data
center• In data center, industry server unit shipments are expected to growin the mid-to-high-single digits in CY24, driven by strong growth for
AI servers and a return to modest growth for traditional servers.
• HBM: Our HBM shipment ramp began in FQ3, and we generated
over $100M in HBM3E revenue in the quarter, at margins accretive
to DRAM and overall company margins. We expect to generate
several hundred million dollars of revenue from HBM in FY24, andmultiple $Bs in revenue from HBM in FY25. We expect to achieve
HBM market share commensurate with our overall DRAM market
share sometime in CY25. Our HBM is sold out for CY24 andCY25, with pricing already contracted for the overwhelming
majority of our 2025 supply. We are making significant strides
towards expanding our HBM customer base in CY25, as we
design-in our industry-leading HBM technology with most of the
major HBM customers.
• We have sampled our 12-high HBM3E product and expect to ramp
it into high volume production in CY25, and increase in mix
throughout 2025. We are confident we will maintain our technology
leadership with HBM4 and HBM4E.

• 128GB Modules: We achieved full validation on our 1-beta 32
gigabit monolithic-die based 128 gigabyte high-capacity server
DIMM products, and are on track to achieve several hundred
million dollars of revenue from high capacity DIMMs in the second
half of fiscal 2024. Additionally, we continue to see strong interestin our industry-leading 1-beta LPDRAM in data center applications.
• Data center SSDs: Amidst of a strong demand recovery as
customers have worked through their 2023 inventory. Hyperscaledemand is improving, driven primarily by AI training and inference
infrastructure, and supplemented by the start of a recovery of
traditional compute and storage infrastructure demand. Micron is
gaining share in data center SSDs, as we reach new revenue andmarket share records in this important product category. During thequarter, we more than tripled bit shipments of our 232-layer based
6500 30 terabyte SSDs, which offer best-in-class performance,
reliability, and endurance for AI data lake applications. We
continued our leadership and innovation by becoming the first
NAND vendor to supply 200+ layer QLC for the enterprise storage
market.

June 26, 2024

7

End market highlights
PC• PC: Unit volumes remain on track to grow in the low single-digit
range for CY24. We are optimistic that the planned Windows 10
end of life in 2025, the launch of Windows 12 and the introductionof a new generation of AI PCs will accelerate the PC replacement
cycle starting in late CY24. The PC replacement cycle should
gather momentum through CY25, as new AI applications arerolled out.
• During Computex in Taiwan, we saw several announcements ofnext-generation chipsets and AI PCs. These devices feature highperformance Neural Processing Unit chipsets, and we expect
these devices will have 40% to 80% more DRAM content than
today’s average PC. We expect next-gen AI PCs to make up ameaningful portion of total PC units in CY25, growing each year
until most PCs ultimately support AI PC specs.
• AI PCs are also likely to require higher performance and higher
average capacity SSDs than traditional PCs, aligning well with ourleading technology portfolio on our 232-layer NAND with our
Performance 3500 SSD, and our industry-leading value QLC 2500
NVMe SSDs.

Mobile andintelligent edge
• Mobile: Smartphone unit volumes in CY24 remain on track togrow in the low-to-mid single digit percentage range. Micron's
leading LP5X is enabling the recent 12GB and 16GB AI phonereleases at all Android tier 1 customers, representing a 50% to100% increase over last year’s flagship models.
• Automotive: The automotive sector continued to experiencerobust demand for memory and storage, and Micron achieved arecord quarter for automotive revenues. In the fiscal third quarter,
we launched the world’s first multi-port Gen 4 NVMe SSD insupport of next generation centralized compute architectures.

• Industrial: In industrial and retail consumer segments, which area smaller part of our business, we are seeing some near-term
demand uncertainty from our distribution partners and end
customers. We remain confident in the long-term fundamentals
and growth drivers of these businesses - especially with theincreasing adoption of AI in a variety of applications.

June 26, 20248

Outlook• Demand: We forecast CY24 bit demand growth for the industry to be in the mid-teens
percentage range for both DRAM and NAND. Over the medium term, we expect industry
bit demand growth CAGRs of mid-teens in DRAM and high teens in NAND.
• Supply: We expect CY24 industry supply to be below demand for both DRAM and NAND.
• As discussed previously, the ramp of HBM production will constrain industry supply growthin non-HBM products. Industry wide, HBM3E consumes approximately three times thewafer supply as D5 to produce a given number of bits in the same technology node. With
increased performance and packaging complexity, across the industry, we expect thistrade ratio for HBM4 to be even higher than the trade ratio for HBM3E. We anticipate
strong HBM demand due to AI, combined with increasing silicon intensity of the HBM
roadmap, to contribute to tight supply conditions for DRAM across all end markets. As thememory industry is still recovering from the challenging environment in 2023, this tightsupply environment will help drive the considerable improvements in profitability and ROI
that are needed to enable the investments required to support future growth.
• Micron’s bit supply growth in FY24 remains below our demand growth for both DRAM
and NAND.
• Micron will continue to exercise supply and capex discipline, and focus on improving
profitability, while maintaining our bit market share for DRAM and NAND. We continue toproject we will end fiscal 2024 with low double digit percentage less wafer capacity in both
DRAM and NAND than our peak levels in fiscal 2022. We intend to use our existing
inventory to drive a portion of the bit growth supporting our revenue in fiscal 2025, toenable a more optimized use of our capex investments.
June 26, 20249

Capex plan
• FY24 capex plan will be ~$8.0B and WFE spending will be down YoY in FY24.
• We expect to increase our capital spending materially next year, with capex
around mid-30s % range of revenue for FY25, which will support HBM
assembly and test equipment, fab and back-end facility construction as well as
technology transition investment to support demand growth.

• Record revenue and significantly improved profitability in FY25 will help support
average quarterly capex in FY25 to be meaningfully above the FQ4 2024 levelof $3B.
• The construction capex in the planned Idaho and New York greenfield fabs infiscal 2025 will be half or more of the expected increase in total capex. In fact,
the growth in both greenfield fab construction and HBM capex investments, isprojected to make up the overwhelming majority of the year-over-year capex
increase.
• These fab construction investments are necessary to support supply growth forthe latter half of this decade. This Idaho fab will not contribute to meaningful bit
supply until fiscal 2027 and the New York construction capex is not expected tocontribute to bit supply growth until fiscal 2028 or later. The timing of future
WFE spend in these fabs will be managed to align supply growth with expecteddemand growth.
June 26, 2024

10Mark Murphy
Chief Financial Officer

June 26, 2024

11

FQ3-24 revenue$6.8B
Revenue up 17% Q/Q
and up 82% Y/Y

June 26, 2024

12

Performance by technology
DRAM FQ3-24

NAND FQ3-24• $4.7 billion, representing 69% of
total revenue• $2.1 billion, representing 30% of
total revenue• Revenue increased 13% Q/Q• Revenue increased 32% Q/Q• Bit shipments decreased by a mid-single
digit percentage Q/Q• Bit shipments increased by a high-single
digit percentage Q/Q• ASPs increased by approximately
20% Q/Q• ASPs increased by approximately
20% Q/Q

June 26, 2024

13

Revenue by business unit
Amounts in millions

FQ3-24

FQ2-24Q/Q %ChangeFQ3-23

Y/Y %ChangeCompute and Networking (CNBU)$2,573$2,18518%$1,38985%

Mobile (MBU)$1,588$1,598

(1%)

$819

94%

Embedded (EBU)$1,294$1,111

16%

$912

42%

Storage (SBU)$1,353

$905

50%

$627

116%

June 26, 2024

14

FQ3-24
Non-GAAP operating results
Revenue: $6.8 billion

Gross margin: 28%
Operating expenses: $976 million
Operating income: $941 million
Net income: $702 million
Diluted earnings per share: $0.62
Cash from operations (GAAP): $2.5 billion

See non-GAAP reconciliations in Appendix
June 26, 2024

15

Cash flow and capital allocation
From FY-21 to FQ3-24:

Cash flowfrom operations

FQ3-24: $2.5B (36% of revenue)$5.5 billion returned to shareholders from share
repurchases and dividends, including $4.1 billion
used to repurchase 60 million shares

Net CapEx1

FQ3-24: CapEx of $2.1B
FY-24: CapEx guidance of approximately $8.0B

Adjusted FCF*

FQ3-24: $425M

Buybacks

FQ3-24: Temporarily suspended

Dividends

Dividend payment of $0.115 per share will be
paid on July 23rd

Liquidity2$11.7B in liquidity at end of FQ3-24

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.

June 26, 2024

16

FQ4-24 guidanceNon-GAAP
Revenue$7.60 billion ± $200 million

Gross margin

34.5% ± 1.0%

Operating expenses$1.06 billion ± $15 million

Diluted earnings per share*$1.08 ± $0.08*Based on ~1.14 billion diluted shares.
See non-GAAP reconciliations in Appendix.
June 26, 2024

17

Appendix

June 26, 2024

18

Financial summary
Non-GAAP
FQ3-24% ofRevenue

FQ2-24% ofRevenue

FQ3-23% ofRevenue

Revenue$6,811100%$5,824100%$3,752100%

Gross margin

1,917

28%

1,163

20%

(603)

(16%)

Operating income (loss)

941

14%

204

4%

(1,469)(39%)

Income tax (provision) benefit(227)

Net income (loss)

702

Diluted earnings (loss) per share

0.62

0.42

(1.43)Cash provided by operating
activities (GAAP)

2,482

1,219

24

Cash, marketable investments, andrestricted cash (GAAP)

9,224

9,718

11,397

Amounts in millions, except per share

294
10%

476

(102)
8%

(1,565)(42%)

See non-GAAP reconciliations.

June 26, 202419

Non-GAAP financial data and guidance% of Revenue

FQ3-24

FQ3-24 Non-GAAP

DRAM

69 %

NAND

30 %

Revenue$

Gross margin% Sales Volume Change

FQ3-24 Q/Q

DRAM

Decreased by a mid-single
digit percentage

NAND

Increased by a high-single
digit percentage

FQ4-24
Non-GAAP Guidance(amounts in millions,
except per share)

6,811$7.60 billion ± $200 million

28%

34.5% ± 1.0%

Operating expenses$

976$1.06 billion ± $15 million

Diluted earnings per share

$

0.62

$1.08 ± $0.08

FQ4-24
Non-GAAP Estimates

FQ3-24 Non-GAAP(amounts in millions)% ASP Change

FQ3-24 Q/Q
Diluted shares

DRAM

NAND

Increased by approximately
20%
Increased by approximately
20%

1,136

~1.14 billion

Income tax (provision) benefit

$

(227)

~($320) million

Cash from operations (GAAP)

$

2,482

—

Investments in capex, net(capital cash flow)$(2,057)

FY-24: ~$8.0 billion

See non-GAAP reconciliations.

June 26, 2024

20

Revenue by technology
Amounts in millions
DRAM

$

NAND
Other (primarily NOR)
Total

% of
Revenue

FQ3-24

$

4,692

69%

2,065

% of
Revenue

FQ2-24
$

4,158

71%

30%

1,567

54

1%

6,811

100%

$

% of
Revenue

FQ3-23
$

2,672

71%

27%

1,013

27%

99

2%

67

2%

5,824

100%

3,752

100%

$

Percentages of total revenue may not total 100% due to rounding.
June 26, 2024

21

Non-GAAP
reconciliations

June 26, 202422

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

FQ3-24
1,832 $

FQ2-24
1,079 $

FQ3-23(668)

Stock-based compensation

80

80

60

Other

5

4

5

Non-GAAP gross margin$

1,917 $

1,163 $

(603)

GAAP operating expenses$

1,113 $

888 $

1,093

(137)

(129)

(91)

Restructure and asset impairments

—

—

(68)

Patent cross-license agreement gain

—

200

—

Litigation settlement

—

—

(68)

Stock-based compensation

Non-GAAP operating expenses

$

976 $

959 $

866

GAAP operating income (loss)

$

719 $

191 $

(1,761)

Stock-based compensation

217

209

151

Restructure and asset impairments

—

—

68

Patent cross-license agreement gain

—

(200)

—

Litigation settlement

—

—

68

Other

5

4

5

941 $

204 $

Non-GAAP operating income (loss)$(1,469)June 26, 202423

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

FQ3-24$

FQ2-24

FQ3-23

4,979 $

4,745 $

4,420

Stock-based compensation

(80)

(80)

(60)

Other

(5)

(4)

(5)

Non-GAAP cost of goods sold$4,894 $

4,661 $

4,355

GAAP research and development

$

850 $

832 $

758

(77)

(77)

(57)

Stock-based compensation
Non-GAAP research and development

$

773 $

755 $

701

GAAP selling, general, and administrative

$

291 $

280 $

219

(60)

(52)

(34)

231 $

228 $

185

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

June 26, 202424

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

FQ3-24$

FQ2-24

FQ3-23

332 $

793 $

(1,896)

Stock-based compensation

217

209

151

Restructure and asset impairments

—

—

68

Patent cross-license agreement gain

—

(200)

—

Litigation Settlement

—

—

68

Other

3

2

7

150

(328)

37

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

$

702 $

476 $

(1,565)GAAP income tax (provision) benefit$(377) $

622 $

(139)

150

(328)

37

(227) $

294 $

(102)

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

June 26, 202425

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

FQ3-24$

FQ2-24

FQ3-23

332 $

793 $

Interest (income) expense, net

14

14

(8)

Income tax provision (benefit)

377

(622)

139

1,955

1,924

1,956

Stock-based compensation

217

209

151

Restructure and asset impairments

—

—

68

Patent cross-license agreement gain

—

(200)

—

Litigation settlement

—

—

68

Other

—

1

—

2,895 $

2,119 $

478

Depreciation expense and amortization of intangible assets(1,896)

Non-GAAP adjustments

Adjusted EBITDA$

June 26, 2024

26

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

FQ3-24

FQ2-24

FQ3-23

GAAP shares used in diluted EPS calculation

1,123

1,114

1,094

Adjustment for stock-based compensation

13

20

—

1,136

1,134

1,094

0.30 $

0.71 $(1.73)

0.32(0.29)

0.30

Non-GAAP shares used in diluted EPS calculation

GAAP diluted earnings (loss) per share$

Effects of non-GAAP adjustments
Non-GAAP diluted earnings (loss) per share$

0.62 $

0.42 $(1.43)Net cash provided by operating activities$

2,482 $

1,219 $

24

(2,086)(1,384)(1,561)

Payments on equipment purchase contracts

(45)

(26)

(36)

Proceeds from sales of property, plant, and equipment

41

13

34

Proceeds from government incentives

33

149

184

(2,057)(1,248)(1,379)

Expenditures for property, plant, and equipment

Investments in capital expenditures, net
Adjusted free cash flow

$

425 $

(29) $(1,355)June 26, 2024

27

FQ4-24 guidanceNon-GAAP reconciliations
GAAP

Adjustments

Non-GAAP

Revenue$7.60 billion ± $200 million—$7.60 billion ± $200 million

Gross margin

33.5% ± 1.0%

1.0%

A

34.5% ± 1.0%

Operating expenses$1.19 billion ± $15 million$125 million

B$1.06 billion ± $15 million

Diluted earnings per share*$0.61 ± $0.08$0.47

A, B, C

$1.08 ± $0.08

Non-GAAP Adjustments (amounts in millions)
Stock-based compensation – cost of goods sold
A

$

84

A

Other – cost of goods sold

4

B

Stock-based compensation – research and development

77

B

Stock-based compensation – selling, general, and administrative48

C

Tax effects of the above items and other tax adjustments

315
$

528

*GAAP earnings per share based on approximately 1.12 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.

June 26, 202428

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