Contacts:			Satya Kumar			Erica Rodriguez Pompen
			Investor Relations			Media Relations
			satyakumar@micron.com			epompen@micron.com
			(408) 450-6199			(408) 834-1873

Achieved record data center revenue and NAND revenue in fiscal Q4

BOISE, Idaho, September 25, 2024 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2024, which ended August 29, 2024.

•Revenue of $7.75 billion versus $6.81 billion for the prior quarter and $4.01 billion for the same period last year

•GAAP net income of $887 million, or $0.79 per diluted share

•Non-GAAP net income of $1.34 billion, or $1.18 per diluted share

•Operating cash flow of $3.41 billion versus $2.48 billion for the prior quarter and $249 million for the same period last year

•Revenue of $25.11 billion versus $15.54 billion for the prior year

•GAAP net income of $778 million, or $0.70 per diluted share

•Non-GAAP net income of $1.47 billion, or $1.30 per diluted share

•Operating cash flow of $8.51 billion versus $1.56 billion for the prior year

“Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory. Our NAND revenue record was led by data center SSD sales, which exceeded $1 billion in quarterly revenue for the first time,” said Micron Technology President and CEO Sanjay Mehrotra. “We are entering fiscal 2025 with the best competitive positioning in Micron's history. We forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability in fiscal 2025.”

Investments in capital expenditures, net(2) were $3.08 billion for the fourth quarter of 2024 and $8.12 billion for the full year of 2024, which resulted in adjusted free cash flows(2) of $323 million for the fourth quarter of 2024 and $386 million for the full year of 2024. Micron ended the year with cash, marketable investments, and restricted cash of $9.16 billion. On September 25, 2024, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 23, 2024, to shareholders of record as of the close of business on October 7, 2024.

The following table presents Micron’s guidance for the first quarter of 2025:

FQ1-25			GAAP(1) Outlook						Non-GAAP(2) Outlook
Revenue			$8.70 billion ± $200 million						$8.70 billion ± $200 million
Gross margin			38.5% ± 1.0%						39.5% ± 1.0%
Operating expenses			$1.211 billion ± $15 million						$1.085 billion ± $15 million
Diluted earnings per share			$1.54 ± $0.08						$1.74 ± $0.08

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Micron will host a conference call on Wednesday, September 25, 2024 at 2:30 p.m. Mountain Time to discuss its fourth quarter financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X @MicronTech.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results, including our guidance for the first quarter and full year fiscal 2025. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. 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.

(1)GAAP represents U.S. Generally Accepted Accounting Principles.

(2)Non-GAAP represents GAAP 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 within this press release.

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In 2023, we recorded charges of $1.83 billion to cost of goods sold to write down the carrying value of work in process and finished goods inventories to their estimated net realizable values (“NRV”). The impact of inventory NRV write-downs for each period reflects (1) inventory write-downs in that period, offset by (2) lower costs in that period on the sale of inventory written down in prior periods. The impacts of inventory NRV write-downs are summarized below:

			4th Qtr.			3rd Qtr.			4th Qtr.			Year Ended
			August 29, 2024			May 30, 2024			August 31, 2023			August 29, 2024			August 31, 2023
GAAP gross margin			$	2,737		$	1,832		$	(435)		$	5,613		$	(1,416)
Stock-based compensation			85			80			64			312			201
Other			4			5			5			18			19
Non-GAAP gross margin			$	2,826		$	1,917		$	(366)		$	5,943		$	(1,196)
GAAP operating expenses			$	1,215		$	1,113		$	1,037		$	4,309		$	4,329
Stock-based compensation			(128)			(137)			(87)			(509)			(363)
Restructure and asset impairments			(1)			—			(4)			(1)			(171)
Patent cross-license agreement gain			—			—			—			200			—
Goodwill impairment			—			—			(101)			—			(101)
Litigation settlement			—			—			—			—			(68)
Other			(5)			—			(3)			9			(3)
Non-GAAP operating expenses			$	1,081		$	976		$	842		$	4,008		$	3,623
GAAP operating income (loss)			$	1,522		$	719		$	(1,472)		$	1,304		$	(5,745)
Stock-based compensation			213			217			151			821			564
Restructure and asset impairments			1			—			4			1			171
Patent cross-license agreement gain			—			—			—			(200)			—
Goodwill impairment			—			—			101			—			101
Litigation settlement			—			—			—			—			68
Other			9			5			8			9			22
Non-GAAP operating income (loss)			$	1,745		$	941		$	(1,208)		$	1,935		$	(4,819)
GAAP net income (loss)			$	887		$	332		$	(1,430)		$	778		$	(5,833)
Stock-based compensation			213			217			151			821			564
Restructure and asset impairments			1			—			4			1			171
Patent cross-license agreement gain			—			—			—			(200)			—
Goodwill impairment			—			—			101			—			101
Litigation settlement			—			—			—			—			68
Other			5			3			7			—			32
Estimated tax effects of above and other tax adjustments			236			150			(10)			72			35
Non-GAAP net income (loss)			$	1,342		$	702		$	(1,177)		$	1,472		$	(4,862)
GAAP weighted-average common shares outstanding - Diluted			1,125			1,123			1,095			1,118			1,093
Adjustment for stock-based compensation			12			13			—			16			—
Non-GAAP weighted-average common shares outstanding - Diluted			1,137			1,136			1,095			1,134			1,093
GAAP diluted earnings (loss) per share			$	0.79		$	0.30		$	(1.31)		$	0.70		$	(5.34)
Effects of the above adjustments			0.39			0.32			0.24			0.60			0.89
Non-GAAP diluted earnings (loss) per share			$	1.18		$	0.62		$	(1.07)		$	1.30		$	(4.45)

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income (loss), net income (loss), diluted shares, diluted earnings (loss) per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

•Stock-based compensation;

•Gains and losses from settlements;

•Restructure and asset impairments;

•Goodwill impairment; and

•The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax provision relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income (loss).

(1)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 tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The 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.