2025财年第一季度财务业绩

FQ1 2025 Safe harbor statement During the course of this meeting, we may make projections or other forward-looking statements regarding market demandand supply, market and pricing trends and drivers, the impact oftechnologies such as AI, cost reductions, expected productvolume production, our market position, expected product announcements, capabilities of our future products, future eventsor the future financial performance or expected financial projections of the company and the industry. We wish to caution youthat such statements are predictions, and that actual events or results may differ materially. We refer you to the documentsthe company files from time to time with the Securities and Exchange Commission, including the company’s Form 10-K,Forms 10-Q and other reports and filings. These documents contain and identify important factors that could cause theactual 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/risk-factor. Although we believe that the expectations reflected inthe forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance orachievements. We are under no duty to update any of the forward-looking statements to conform these statements to actualresults. 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 understandingtrends 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. Sanjay Mehrotra President and Chief Executive Officer Overview •Micron achieved record revenue in fiscal Q1, with revenue, grossmargins and earnings per share (EPS) all at or above the midpoint ofour guidance range. •Data center revenue grew over 400% year over year and 40%sequentially, reaching a record level, with data center revenue mixsurpassing 50% of Micron’s revenue for the first time. •We delivered record revenue in data center SSDs and achieved newrecords in market share for data center SSDs and overall SSDs. •Ourhigh-bandwidth memory (HBM)shipments were ahead of plan,and we achieved more than a sequential doubling of HBM revenue. •Revenue from our largest data center customer was approximately13% of total company revenue. •In 2028, we expect HBM total addressable market (TAM) to grow fourtimes from the $16 billion level in 2024 and to exceed $100 billion by2030. Overview •Leading-edge DRAM supply remains tight, driven by robust demand indata center DRAM, including HBM, which will underpin our businessresults throughout fiscal and calendar 2025. •We had previously shared our expectation that customer inventoryreductions in the consumer-oriented segments and seasonality wouldimpact fiscal Q2 bit shipments. •We are now seeing a more pronounced impact of customer inventoryreductions; fiscal Q2 bit shipment outlook is weaker than we previouslyexpected. •We expect this adjustment period to be relatively brief and anticipatecustomer inventories reaching healthier levels by spring, enablingstronger bit shipments in the second half of fiscal and calendar 2025. •We are on track to achieve our HBM targets and also deliver asubstantial record in Micron revenue, significantly improved profitability,and positive free cash flow in fiscal 2025. Technology and operations •We are in production with the industry’s most advanced DRAM andNAND nodes. •We continue to ramp our 1β (1-beta) technology node, which supportsHBM3E, and we are preparing to ramp our 1γ (1-gamma) technologynode using extreme ultraviolet (EUV) in calendar 2025. •In NAND, we are maintaining technology leadership with our industry-leading G8 and G9 nodes and managing the ramp of these nodesconsistent with our demand. •We expect fiscal 2025 DRAM front-end cost reductions, excluding HBM,to be in the mid-to high-single-digits percentage range. •We expect fiscal 2025 NAND front-end cost reductions to be in the low-teens percentage range. Manufacturing update •Earlier this month, we finalized an agreement with the U.S. Department ofCommerce for an award of up to $6.1 billion under the CHIPS and ScienceAct to support advanced DRAM manufacturing fabs in Idaho and New York. •Additionally, we have entered into a preliminary memorandum of terms withthe U.S. Department of Commerce for an award of up to $275 million for ourVirginia fab that supports production of long-lifecycle chips in areas such asautomotive, industrial, aerospace and defense and enables efficienciesacross our global fab network. •With the support of the Singapore government, we have finalized plans toexpand our manufacturing footprint in Singapore, starting with an investmentfor a ne