Micron Technology, Inc. Reports Results for the Fourth Quarter

Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2021

Investments in capital expenditures, net⁽²⁾ were $2.01 billion for the fourth quarter of 2021 and $9.72 billion for the full year of 2021, which resulted in adjusted free cash flows⁽²⁾ of $1.88 billion for the fourth quarter of 2021 and $2.75 billion for the full year of 2021. Micron repurchased approximately 13.9 million shares of its common stock for $1.05 billion during the fourth quarter of 2021 and 15.6 million shares of its common stock for $1.20 billion during the full year of 2021 and ended the year with cash, marketable investments, and restricted cash of $10.46 billion, for a net cash⁽²⁾ position of $3.69 billion.

Business Outlook

The following table presents Micron’s guidance for the first quarter of 2022:

FQ1-22	GAAP⁽¹⁾ Outlook	Non-GAAP⁽²⁾ Outlook
Revenue	$7.65 billion ± $200 million	$7.65 billion ± $200 million
Gross margin	46.0% ± 1%	47.0% ± 1%
Operating expenses	$986 million ± $25 million	$915 million ± $25 million
Diluted earnings per share	$2.00 ± $0.10	$2.10 ± $0.10

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

Investor Webcast

Micron will host a conference call on Tuesday, Sept. 28, 2021 at 2:30 p.m. MT 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 @MicronTech on Twitter at twitter.com/MicronTech.

About Micron Technology, Inc.

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 and 5G 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.

© 2021 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, the completion of and timing for closing the pending sale of our Lehi facility, and our financial and operating results. 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, specifically 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 www.micron.com/certainfactors. 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 after the date of this release 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, net cash, 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.

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)

	4th Qtr.			3rd Qtr.			4th Qtr.			Year Ended
	September 2,			June 3,			September 3,			September 2,			September 3,
		2021			2021			2020			2021			2020

Revenue	$	8,274		$	7,422		$	6,056		$	27,705		$	21,435
Cost of goods sold		4,362			4,296			3,988			17,282			14,883
Gross margin		3,912			3,126			2,068			10,423			6,552

Research and development		705			670			630			2,663			2,600
Selling, general, and administrative		236			230			231			894			881
Restructure and asset impairments		22			453			50			488			60
Other operating (income) expense, net		(6	)		(26	)		—			95			8
Operating income		2,955			1,799			1,157			6,283			3,003

Interest income		9			8			13			37			114
Interest expense		(47	)		(46	)		(50	)		(183	)		(194	)
Other non-operating income (expense), net		19			45			5			81			60
		2,936			1,806			1,125			6,218			2,983

Income tax (provision) benefit		(230	)		(65	)		(136	)		(394	)		(280	)
Equity in net income (loss) of equity method investees		14			(6	)		1			37			7
Net income		2,720			1,735			990			5,861			2,710

Net income attributable to noncontrolling interests		—			—			(2	)		—			(23	)
Net income attributable to Micron	$	2,720		$	1,735		$	988		$	5,861		$	2,687

Earnings per share
Basic	$	2.42		$	1.55		$	0.89		$	5.23		$	2.42
Diluted		2.39			1.52			0.87			5.14			2.37

Number of shares used in per share calculations
Basic		1,123			1,121			1,111			1,120			1,110
Diluted		1,138			1,145			1,131			1,141			1,131

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