Applied Materials, Inc. (NASDAQ: AMAT) today reported results for
its fourth quarter and fiscal year ended Oct. 29, 2023.
Fourth Quarter Results
Applied generated revenue of $6.72 billion. On a GAAP basis, the
company reported gross margin of 47.1 percent, operating income of
$1.97 billion or 29.3 percent of net sales, and record earnings per
share (EPS) of $2.38.
On a non-GAAP adjusted basis, the company reported gross margin
of 47.3 percent, operating income of $1.98 billion or 29.5 percent
of net sales, and record EPS of $2.12.
The company generated $1.56 billion in cash from operations and
distributed $968 million to shareholders including $700 million in
share repurchases and $268 million in dividends.
Full Year Results
In fiscal 2023, Applied generated record revenue of $26.52
billion. On a GAAP basis, the company recorded gross margin of 46.7
percent, operating income of $7.65 billion or 28.9 percent of net
sales, and record EPS of $8.11.
On a non-GAAP adjusted basis, the company reported gross margin
of 46.8 percent, operating income of $7.72 billion or 29.1 percent
of net sales, and record EPS of $8.05.
The company generated a record $8.70 billion in cash from
operations and distributed $3.16 billion to shareholders including
$2.19 billion in share repurchases and $975 million in
dividends.
“Applied Materials delivered record revenue, earnings and cash
flow in fiscal 2023 and is outgrowing the wafer fabrication
equipment market for the fifth year in a row,” said Gary Dickerson,
President and CEO. “Applied’s broad product portfolio, strong
customer relationships and leadership at major technology
inflections put us in a great position to profitably grow the
company as powerful trends fuel the semiconductor industry’s
expansion in the years ahead.”
Results Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
Q4 FY2023 |
|
|
Q4 FY2022 |
|
|
FY2023 |
|
|
FY2022 |
|
|
Q4 FY2023vs.Q4
FY2022 |
|
FY2023vs.FY2022 |
|
(In millions, except per share amounts and percentages) |
|
Net sales |
$ |
6,723 |
|
|
$ |
6,749 |
|
|
$ |
26,517 |
|
|
$ |
25,785 |
|
|
—% |
|
|
3% |
|
Gross
margin |
|
47.1 |
% |
|
|
45.9 |
% |
|
|
46.7 |
% |
|
|
46.5 |
% |
|
1.2 points |
|
0.2 points |
Operating margin |
|
29.3 |
% |
|
|
29.5 |
% |
|
|
28.9 |
% |
|
|
30.2 |
% |
|
(0.2) points |
|
(1.3) points |
Net
income |
$ |
2,004 |
|
|
$ |
1,591 |
|
|
$ |
6,856 |
|
|
$ |
6,525 |
|
|
26% |
|
|
5% |
|
Diluted
earnings per share |
$ |
2.38 |
|
|
$ |
1.85 |
|
|
$ |
8.11 |
|
|
$ |
7.44 |
|
|
29% |
|
|
9% |
|
Non-GAAP Adjusted Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted gross margin |
|
47.3 |
% |
|
|
46.0 |
% |
|
|
46.8 |
% |
|
|
46.6 |
% |
|
1.3 points |
|
0.2 points |
Non-GAAP
adjusted operating margin |
|
29.5 |
% |
|
|
29.8 |
% |
|
|
29.1 |
% |
|
|
30.5 |
% |
|
(0.3) points |
|
(1.4) points |
Non-GAAP
adjusted net income |
$ |
1,786 |
|
|
$ |
1,741 |
|
|
$ |
6,802 |
|
|
$ |
6,756 |
|
|
3% |
|
|
1% |
|
Non-GAAP
adjusted diluted EPS |
$ |
2.12 |
|
|
$ |
2.03 |
|
|
$ |
8.05 |
|
|
$ |
7.70 |
|
|
4% |
|
|
5% |
|
Non-GAAP
free cash flow |
$ |
1,246 |
|
|
$ |
634 |
|
|
$ |
7,594 |
|
|
$ |
4,612 |
|
|
97% |
|
|
65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of the GAAP and non-GAAP adjusted results is
provided in the financial tables included in this release. See also
“Use of Non-GAAP Adjusted Financial Measures” section.
Business Outlook
In the first quarter of fiscal 2024, Applied expects net sales
to be approximately $6.47 billion, plus or minus $400 million.
Non-GAAP adjusted diluted EPS is expected to be in the range of
$1.72 to $2.08.
This outlook for non-GAAP adjusted diluted EPS excludes known
charges related to completed acquisitions of $0.01 per share and
includes a net income tax benefit related to intra-entity
intangible asset transfers of $0.02 per share, but does not reflect
any items that are unknown at this time, such as any additional
charges related to acquisitions or other non-operational or unusual
items, as well as other tax-related items, which we are not able to
predict without unreasonable efforts due to their inherent
uncertainty.
Fourth Quarter and Fiscal Year
Reportable Segment Information
Semiconductor
Systems |
Q4 FY2023 |
|
Q4 FY2022 |
|
FY2023 |
|
FY2022 |
|
(In millions, except percentages) |
Net sales |
$ |
4,883 |
|
|
$ |
5,038 |
|
|
$ |
19,698 |
|
|
$ |
18,797 |
|
Foundry, logic and other |
|
69 |
% |
|
|
71 |
% |
|
|
77 |
% |
|
|
66 |
% |
DRAM |
|
27 |
% |
|
|
16 |
% |
|
|
17 |
% |
|
|
19 |
% |
Flash memory |
|
4 |
% |
|
|
13 |
% |
|
|
6 |
% |
|
|
15 |
% |
Operating income |
$ |
1,791 |
|
|
$ |
1,849 |
|
|
$ |
7,090 |
|
|
$ |
6,969 |
|
Operating margin |
|
36.7 |
% |
|
|
36.7 |
% |
|
|
36.0 |
% |
|
|
37.1 |
% |
Non-GAAP
Adjusted Results |
|
|
|
|
|
|
Non-GAAP
adjusted operating income |
$ |
1,801 |
|
|
$ |
1,858 |
|
|
$ |
7,129 |
|
|
$ |
7,000 |
|
Non-GAAP
adjusted operating margin |
|
36.9 |
% |
|
|
36.9 |
% |
|
|
36.2 |
% |
|
|
37.2 |
% |
Applied Global
Services |
Q4 FY2023 |
|
Q4 FY2022 |
|
FY2023 |
|
FY2022 |
|
(In millions, except percentages) |
Net sales |
$ |
1,471 |
|
|
$ |
1,420 |
|
|
$ |
5,732 |
|
|
$ |
5,543 |
|
Operating income |
$ |
431 |
|
|
$ |
402 |
|
|
$ |
1,657 |
|
|
$ |
1,661 |
|
Operating margin |
|
29.3 |
% |
|
|
28.3 |
% |
|
|
28.9 |
% |
|
|
30.0 |
% |
Non-GAAP
Adjusted Results |
|
|
|
|
|
|
Non-GAAP
adjusted operating income |
$ |
431 |
|
|
$ |
402 |
|
|
$ |
1,657 |
|
|
$ |
1,661 |
|
Non-GAAP
adjusted operating margin |
|
29.3 |
% |
|
|
28.3 |
% |
|
|
28.9 |
% |
|
|
30.0 |
% |
Display and Adjacent
Markets |
Q4 FY2023 |
|
Q4 FY2022 |
|
FY2023 |
|
FY2022 |
|
(In millions, except percentages) |
Net sales |
$ |
298 |
|
|
$ |
251 |
|
|
$ |
868 |
|
|
$ |
1,331 |
|
Operating income |
$ |
67 |
|
|
$ |
34 |
|
|
$ |
133 |
|
|
$ |
260 |
|
Operating margin |
|
22.5 |
% |
|
|
13.5 |
% |
|
|
15.3 |
% |
|
|
19.5 |
% |
Non-GAAP
Adjusted Results |
|
|
|
|
|
|
Non-GAAP
adjusted operating income |
$ |
67 |
|
|
$ |
34 |
|
|
$ |
133 |
|
|
$ |
263 |
|
Non-GAAP
adjusted operating margin |
|
22.5 |
% |
|
|
13.5 |
% |
|
|
15.3 |
% |
|
|
19.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Adjusted Financial Measures
Applied provides investors with certain non-GAAP adjusted
financial measures, which are adjusted for the impact of certain
costs, expenses, gains and losses, including certain items related
to mergers and acquisitions; restructuring and severance charges
and any associated adjustments; impairments of assets; gain or
loss, dividends and impairments on strategic investments; certain
income tax items and other discrete adjustments. On a non-GAAP
basis, the tax effect related to share-based compensation is
recognized ratably over the fiscal year. Reconciliations of these
non-GAAP measures to the most directly comparable financial
measures calculated and presented in accordance with GAAP are
provided in the financial tables included in this release.
Management uses these non-GAAP adjusted financial measures to
evaluate the company’s operating and financial performance and for
planning purposes, and as performance measures in its executive
compensation program. Applied believes these measures enhance an
overall understanding of its performance and investors’ ability to
review the company’s business from the same perspective as the
company’s management, and facilitate comparisons of this period’s
results with prior periods on a consistent basis by excluding items
that management does not believe are indicative of Applied's
ongoing operating performance. There are limitations in using
non-GAAP financial measures because the non-GAAP financial measures
are not prepared in accordance with generally accepted accounting
principles, may be different from non-GAAP financial measures used
by other companies, and may exclude certain items that may have a
material impact upon our reported financial results. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for the directly
comparable financial measures prepared in accordance with GAAP.
Webcast Information
Applied Materials will discuss these results during an earnings
call that begins at 1:30 p.m. Pacific Time today. A live webcast
and related slide presentation will be available at
www.appliedmaterials.com. A replay will be available on the website
beginning at 5:00 p.m. Pacific Time today.
Forward-Looking Statement
This press release contains forward-looking statements,
including those regarding anticipated growth and trends in our
businesses and markets, industry outlooks and demand drivers,
technology transitions, our business and financial performance and
market share positions, our capital allocation and cash deployment
strategies, our investment and growth strategies, our development
of new products and technologies, our business outlook for the
first quarter of fiscal 2024 and beyond, and other statements that
are not historical facts. These statements and their underlying
assumptions are subject to risks and uncertainties and are not
guarantees of future performance. Factors that could cause actual
results to differ materially from those expressed or implied by
such statements include, without limitation: the level of demand
for our products, our ability to meet customer demand, and our
suppliers' ability to meet our demand requirements; global
economic, political and industry conditions, including rising
inflation and interest rates; the implementation and interpretation
of new export regulations and license requirements, and their
impact on our ability to export products and provide services to
customers and on our results of operations; global trade issues and
changes in trade and export license policies; our ability to obtain
licenses or authorizations on a timely basis, if at all; consumer
demand for electronic products; the demand for semiconductors;
customers’ technology and capacity requirements; the introduction
of new and innovative technologies, and the timing of technology
transitions; our ability to develop, deliver and support new
products and technologies; the concentrated nature of our customer
base; our ability to expand our current markets, increase market
share and develop new markets; market acceptance of existing and
newly developed products; our ability to obtain and protect
intellectual property rights in key technologies; our ability to
achieve the objectives of operational and strategic initiatives,
align our resources and cost structure with business conditions,
and attract, motivate and retain key employees; the effects of
geopolitical turmoil or conflicts, and of regional or global health
epidemics; acquisitions, investments and divestitures; changes in
income tax laws; the variability of operating expenses and results
among products and segments, and our ability to accurately forecast
future results, market conditions, customer requirements and
business needs; our ability to ensure compliance with applicable
law, rules and regulations and other risks and uncertainties
described in our SEC filings, including our recent Forms 10-Q and
8-K. All forward-looking statements are based on management’s
current estimates, projections and assumptions, and we assume no
obligation to update them.
About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in
materials engineering solutions used to produce virtually every new
chip and advanced display in the world. Our expertise in modifying
materials at atomic levels and on an industrial scale enables
customers to transform possibilities into reality. At Applied
Materials, our innovations make possible a better future. Learn
more at www.appliedmaterials.com.
Contact:
Ricky Gradwohl (editorial/media) 408.235.4676Michael
Sullivan (financial community) 408.986.7977
APPLIED MATERIALS, INC.UNAUDITED CONSOLIDATED CONDENSED STATEMENTS
OF OPERATIONS |
|
|
Three Months Ended |
|
Twelve Months Ended |
(In millions, except per share
amounts) |
October 29,2023 |
|
October 30,2022 |
|
October 29,2023 |
|
October 30,2022 |
Net sales |
$ |
6,723 |
|
$ |
6,749 |
|
$ |
26,517 |
|
$ |
25,785 |
|
Cost of
products sold |
|
3,554 |
|
|
3,648 |
|
|
14,133 |
|
|
13,792 |
|
Gross
profit |
|
3,169 |
|
|
3,101 |
|
|
12,384 |
|
|
11,993 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research, development and engineering |
|
789 |
|
|
726 |
|
|
3,102 |
|
|
2,771 |
|
Marketing and selling |
|
192 |
|
|
183 |
|
|
776 |
|
|
703 |
|
General and administrative |
|
217 |
|
|
198 |
|
|
852 |
|
|
735 |
|
Severance and related charges |
|
— |
|
|
— |
|
|
— |
|
|
(4 |
) |
Total
operating expenses |
|
1,198 |
|
|
1,107 |
|
|
4,730 |
|
|
4,205 |
|
Income
from operations |
|
1,971 |
|
|
1,994 |
|
|
7,654 |
|
|
7,788 |
|
Interest
expense |
|
58 |
|
|
57 |
|
|
238 |
|
|
228 |
|
Interest
and other income (expense), net |
|
259 |
|
|
12 |
|
|
300 |
|
|
39 |
|
Income
before income taxes |
|
2,172 |
|
|
1,949 |
|
|
7,716 |
|
|
7,599 |
|
Provision for income taxes |
|
168 |
|
|
358 |
|
|
860 |
|
|
1,074 |
|
Net
income |
$ |
2,004 |
|
$ |
1,591 |
|
$ |
6,856 |
|
$ |
6,525 |
|
Earnings
per share: |
|
|
|
|
|
|
|
Basic |
$ |
2.40 |
|
$ |
1.86 |
|
$ |
8.16 |
|
$ |
7.49 |
|
Diluted |
$ |
2.38 |
|
$ |
1.85 |
|
$ |
8.11 |
|
$ |
7.44 |
|
Weighted
average number of shares: |
|
|
|
|
|
|
|
Basic |
|
836 |
|
|
854 |
|
|
840 |
|
|
871 |
|
Diluted |
|
842 |
|
|
859 |
|
|
845 |
|
|
877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPLIED MATERIALS, INC.UNAUDITED CONSOLIDATED CONDENSED BALANCE
SHEETS |
|
(In millions) |
October 29,2023 |
|
October 30,2022 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
6,132 |
|
$ |
1,995 |
Short-term investments |
|
737 |
|
|
586 |
Accounts receivable, net |
|
5,165 |
|
|
6,068 |
Inventories |
|
5,725 |
|
|
5,932 |
Other current assets |
|
1,388 |
|
|
1,344 |
Total
current assets |
|
19,147 |
|
|
15,925 |
Long-term investments |
|
2,281 |
|
|
1,980 |
Property, plant and equipment, net |
|
2,723 |
|
|
2,307 |
Goodwill |
|
3,732 |
|
|
3,700 |
Purchased technology and other intangible assets, net |
|
294 |
|
|
339 |
Deferred
income taxes and other assets |
|
2,552 |
|
|
2,475 |
Total
assets |
$ |
30,729 |
|
$ |
26,726 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Short-term debt |
$ |
100 |
|
$ |
— |
Accounts payable and accrued expenses |
|
4,297 |
|
|
4,237 |
Contract liabilities |
|
2,975 |
|
|
3,142 |
Total
current liabilities |
|
7,372 |
|
|
7,379 |
Long-term debt |
|
5,461 |
|
|
5,457 |
Income
taxes payable |
|
833 |
|
|
964 |
Other
liabilities |
|
714 |
|
|
732 |
Total
liabilities |
|
14,380 |
|
|
14,532 |
Total
stockholders’ equity |
|
16,349 |
|
|
12,194 |
Total
liabilities and stockholders’ equity |
$ |
30,729 |
|
$ |
26,726 |
|
APPLIED MATERIALS, INC.UNAUDITED CONSOLIDATED CONDENSED STATEMENTS
OF CASH FLOWS |
|
|
Three Months Ended |
|
Twelve Months Ended |
(In millions) |
October 29,2023 |
|
October 30,2022 |
October 29,2023 |
|
October 30,2022 |
Cash flows from operating
activities: |
|
|
|
|
|
|
|
Net income |
$ |
2,004 |
|
|
$ |
1,591 |
|
|
$ |
6,856 |
|
|
$ |
6,525 |
|
Adjustments required to reconcile net income to cash provided by
operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
130 |
|
|
|
123 |
|
|
|
515 |
|
|
|
444 |
|
Severance and related charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
Share-based compensation |
|
115 |
|
|
|
99 |
|
|
|
490 |
|
|
|
413 |
|
Deferred income taxes |
|
198 |
|
|
|
(14 |
) |
|
|
24 |
|
|
|
(223 |
) |
Other |
|
(149 |
) |
|
|
22 |
|
|
|
40 |
|
|
|
36 |
|
Net change in operating assets and liabilities |
|
(743 |
) |
|
|
(964 |
) |
|
|
775 |
|
|
|
(1,792 |
) |
Cash provided by operating
activities |
|
1,555 |
|
|
|
857 |
|
|
|
8,700 |
|
|
|
5,399 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
Capital expenditures |
|
(309 |
) |
|
|
(223 |
) |
|
|
(1,106 |
) |
|
|
(787 |
) |
Cash paid for acquisitions, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(25 |
) |
|
|
(441 |
) |
Proceeds from sales and maturities of investments |
|
297 |
|
|
|
350 |
|
|
|
1,268 |
|
|
|
1,363 |
|
Purchases of investments |
|
(477 |
) |
|
|
(317 |
) |
|
|
(1,672 |
) |
|
|
(1,492 |
) |
Cash used in investing
activities |
|
(489 |
) |
|
|
(190 |
) |
|
|
(1,535 |
) |
|
|
(1,357 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
Proceeds from commercial paper |
|
99 |
|
|
|
— |
|
|
|
991 |
|
|
|
— |
|
Repayments of commercial paper |
|
(200 |
) |
|
|
— |
|
|
|
(900 |
) |
|
|
— |
|
Proceeds from common stock issuances |
|
116 |
|
|
|
103 |
|
|
|
227 |
|
|
|
199 |
|
Common stock repurchases |
|
(700 |
) |
|
|
(1,500 |
) |
|
|
(2,189 |
) |
|
|
(6,103 |
) |
Tax withholding payments for vested equity awards |
|
(14 |
) |
|
|
(7 |
) |
|
|
(179 |
) |
|
|
(266 |
) |
Payments of dividends to stockholders |
|
(268 |
) |
|
|
(223 |
) |
|
|
(975 |
) |
|
|
(873 |
) |
Repayments of principal on finance leases |
|
1 |
|
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
Cash used in financing
activities |
|
(966 |
) |
|
|
(1,627 |
) |
|
|
(3,032 |
) |
|
|
(7,043 |
) |
Increase (decrease) in cash, cash
equivalents and restricted cash equivalents |
|
100 |
|
|
|
(960 |
) |
|
|
4,133 |
|
|
|
(3,001 |
) |
Cash, cash equivalents and
restricted cash equivalents—beginning of period |
|
6,133 |
|
|
|
3,060 |
|
|
|
2,100 |
|
|
|
5,101 |
|
Cash, cash equivalents and
restricted cash equivalents — end of period |
$ |
6,233 |
|
|
$ |
2,100 |
|
|
$ |
6,233 |
|
|
$ |
2,100 |
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash
equivalents, and restricted cash equivalents |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
6,132 |
|
|
$ |
1,995 |
|
|
$ |
6,132 |
|
|
$ |
1,995 |
|
Restricted cash equivalents included in deferred income taxes and
other assets |
|
101 |
|
|
|
105 |
|
|
|
101 |
|
|
|
105 |
|
Total cash, cash equivalents, and
restricted cash equivalents |
$ |
6,233 |
|
|
$ |
2,100 |
|
|
$ |
6,233 |
|
|
$ |
2,100 |
|
|
|
|
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
|
|
|
Cash payments for income taxes |
$ |
588 |
|
|
$ |
246 |
|
|
$ |
1,006 |
|
|
$ |
1,869 |
|
Cash refunds from income taxes |
$ |
2 |
|
|
$ |
23 |
|
|
$ |
53 |
|
|
$ |
156 |
|
Cash payments for interest |
$ |
68 |
|
|
$ |
68 |
|
|
$ |
205 |
|
|
$ |
205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPLIED MATERIALS, INC.UNAUDITED SUPPLEMENTAL INFORMATION |
|
Corporate
and Other |
|
|
|
|
|
|
|
|
(In millions) |
Q4 FY2023 |
|
Q4 FY2022 |
|
FY2023 |
|
FY2022 |
Unallocated net sales |
$ |
71 |
|
|
$ |
40 |
|
|
$ |
219 |
|
|
$ |
114 |
|
Unallocated cost of products sold and expenses |
|
(274 |
) |
|
|
(232 |
) |
|
|
(955 |
) |
|
|
(807 |
) |
Share-based compensation |
|
(115 |
) |
|
|
(99 |
) |
|
|
(490 |
) |
|
|
(413 |
) |
Severance and related charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
Total |
$ |
(318 |
) |
|
$ |
(291 |
) |
|
$ |
(1,226 |
) |
|
$ |
(1,102 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Information
|
Q4 FY2023 |
|
Q4 FY2022 |
|
FY2023 |
|
FY2022 |
Net
Sales by Geography (In millions) |
|
|
|
|
|
United States |
$ |
803 |
|
|
$ |
830 |
|
|
$ |
4,006 |
|
|
$ |
3,104 |
|
% of Total |
|
12 |
% |
|
|
12 |
% |
|
|
15 |
% |
|
|
12 |
% |
Europe |
$ |
441 |
|
|
$ |
375 |
|
|
$ |
2,152 |
|
|
$ |
1,674 |
|
% of Total |
|
7 |
% |
|
|
5 |
% |
|
|
8 |
% |
|
|
7 |
% |
Japan |
$ |
681 |
|
|
$ |
606 |
|
|
$ |
2,075 |
|
|
$ |
2,012 |
|
% of Total |
|
10 |
% |
|
|
9 |
% |
|
|
8 |
% |
|
|
8 |
% |
Korea |
$ |
745 |
|
|
$ |
1,082 |
|
|
$ |
4,609 |
|
|
$ |
4,395 |
|
% of Total |
|
11 |
% |
|
|
16 |
% |
|
|
18 |
% |
|
|
17 |
% |
Taiwan |
$ |
922 |
|
|
$ |
2,068 |
|
|
$ |
5,670 |
|
|
$ |
6,262 |
|
% of Total |
|
14 |
% |
|
|
31 |
% |
|
|
21 |
% |
|
|
24 |
% |
Southeast Asia |
$ |
168 |
|
|
$ |
451 |
|
|
$ |
758 |
|
|
$ |
1,084 |
|
% of Total |
|
2 |
% |
|
|
7 |
% |
|
|
3 |
% |
|
|
4 |
% |
China |
$ |
2,963 |
|
|
$ |
1,337 |
|
|
$ |
7,247 |
|
|
$ |
7,254 |
|
% of Total |
|
44 |
% |
|
|
20 |
% |
|
|
27 |
% |
|
|
28 |
% |
|
|
|
|
|
|
|
|
Employees (In thousands) |
|
|
|
|
|
|
|
Regular
Full Time |
|
34.3 |
|
|
|
33.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO
NON-GAAP ADJUSTED RESULTS |
|
|
Three Months Ended |
|
Twelve Months Ended |
(In millions, except
percentages) |
October 29,2023 |
|
October 30,2022 |
|
October 29,2023 |
|
October 30,2022 |
Non-GAAP
Adjusted Gross Profit |
|
|
|
|
|
|
|
Reported gross profit - GAAP basis |
$ |
3,169 |
|
|
$ |
3,101 |
|
|
$ |
12,384 |
|
|
$ |
11,993 |
|
Certain
items associated with acquisitions1 |
|
8 |
|
|
|
6 |
|
|
|
29 |
|
|
|
26 |
|
Non-GAAP
adjusted gross profit |
$ |
3,177 |
|
|
$ |
3,107 |
|
|
$ |
12,413 |
|
|
$ |
12,019 |
|
Non-GAAP
adjusted gross margin |
|
47.3 |
% |
|
|
46.0 |
% |
|
|
46.8 |
% |
|
|
46.6 |
% |
Non-GAAP
Adjusted Operating Income |
|
|
|
|
|
|
|
Reported
operating income - GAAP basis |
$ |
1,971 |
|
|
$ |
1,994 |
|
|
$ |
7,654 |
|
|
$ |
7,788 |
|
Certain
items associated with acquisitions1 |
|
11 |
|
|
|
10 |
|
|
|
43 |
|
|
|
39 |
|
Acquisition integration and deal costs |
|
2 |
|
|
|
6 |
|
|
|
22 |
|
|
|
38 |
|
Severance and related charges2 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
Non-GAAP
adjusted operating income |
$ |
1,984 |
|
|
$ |
2,010 |
|
|
$ |
7,719 |
|
|
$ |
7,861 |
|
Non-GAAP
adjusted operating margin |
|
29.5 |
% |
|
|
29.8 |
% |
|
|
29.1 |
% |
|
|
30.5 |
% |
Non-GAAP
Adjusted Net Income |
|
|
|
|
|
|
|
Reported
net income - GAAP basis |
$ |
2,004 |
|
|
$ |
1,591 |
|
|
$ |
6,856 |
|
|
$ |
6,525 |
|
Certain
items associated with acquisitions1 |
|
11 |
|
|
|
10 |
|
|
|
43 |
|
|
|
39 |
|
Acquisition integration and deal costs |
|
2 |
|
|
|
6 |
|
|
|
22 |
|
|
|
34 |
|
Severance and related charges2 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
Realized
loss (gain), dividends and impairments on strategic investments,
net |
|
(2 |
) |
|
|
(2 |
) |
|
|
107 |
|
|
|
(3 |
) |
Unrealized loss (gain) on strategic investments, net |
|
(147 |
) |
|
|
11 |
|
|
|
(134 |
) |
|
|
(4 |
) |
Earn-out |
|
(15 |
) |
|
|
— |
|
|
|
(15 |
) |
|
|
— |
|
Income tax effect of share-based compensation3 |
|
6 |
|
|
|
22 |
|
|
|
— |
|
|
|
— |
|
Income tax effects related to
intra-entity intangible asset transfers |
|
(65 |
) |
|
|
132 |
|
|
|
(40 |
) |
|
|
252 |
|
Resolution of prior years’ income tax filings and other tax
items |
|
(9 |
) |
|
|
(26 |
) |
|
|
(31 |
) |
|
|
(80 |
) |
Income
tax effect of non-GAAP adjustments4 |
|
1 |
|
|
|
(3 |
) |
|
|
(6 |
) |
|
|
(3 |
) |
Non-GAAP
adjusted net income |
$ |
1,786 |
|
|
$ |
1,741 |
|
|
$ |
6,802 |
|
|
$ |
6,756 |
|
|
1 These
items are incremental charges attributable to completed
acquisitions, consisting of amortization of purchased intangible
assets. |
2 The
severance and related charges primarily related to a one-time
voluntary retirement program offered to certain eligible
employees. |
3 GAAP
basis tax benefit related to share-based compensation is recognized
ratably over the fiscal year on a non-GAAP basis. |
4
Adjustment to provision for income taxes related to non-GAAP
adjustments reflected in income before income taxes. |
APPLIED MATERIALS, INC.UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP
ADJUSTED RESULTS |
|
|
Three Months Ended |
|
Twelve Months Ended |
(In millions, except per share
amounts) |
October 29,2023 |
|
October 30,2022 |
|
October 29,2023 |
|
October 30,2022 |
Non-GAAP
Adjusted Earnings Per Diluted Share |
|
|
|
|
|
|
|
Reported earnings per diluted share - GAAP basis |
$ |
2.38 |
|
|
$ |
1.85 |
|
|
$ |
8.11 |
|
|
$ |
7.44 |
|
Certain
items associated with acquisitions |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.04 |
|
Acquisition integration and deal costs |
|
— |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.03 |
|
Realized
loss (gain), dividends and impairments on strategic investments,
net |
|
— |
|
|
|
— |
|
|
|
0.13 |
|
|
|
— |
|
Unrealized loss (gain) on strategic investments, net |
|
(0.18 |
) |
|
|
0.01 |
|
|
|
(0.16 |
) |
|
|
(0.01 |
) |
Earn-out |
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
Income tax effect of share-based compensation |
|
0.01 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
Income tax effects related to intra-entity intangible asset
transfers |
|
(0.08 |
) |
|
|
0.15 |
|
|
|
(0.05 |
) |
|
|
0.29 |
|
Resolution of prior years’ income tax filings and other tax
items |
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.04 |
) |
|
|
(0.09 |
) |
Non-GAAP
adjusted earnings per diluted share |
$ |
2.12 |
|
|
$ |
2.03 |
|
|
$ |
8.05 |
|
|
$ |
7.70 |
|
Weighted
average number of diluted shares |
|
842 |
|
|
|
859 |
|
|
|
845 |
|
|
|
877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPLIED MATERIALS, INC.UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP
ADJUSTED RESULTS |
|
|
Three Months Ended |
|
Twelve Months Ended |
(In millions, except
percentages) |
October 29,2023 |
|
October 30,2022 |
|
October 29,2023 |
|
October 30,2022 |
Semiconductor Systems Non-GAAP Adjusted Operating Income |
|
|
|
|
|
|
|
Reported operating income - GAAP basis |
$ |
1,791 |
|
|
$ |
1,849 |
|
|
$ |
7,090 |
|
|
$ |
6,969 |
|
Certain
items associated with acquisitions1 |
|
10 |
|
|
|
9 |
|
|
|
39 |
|
|
|
31 |
|
Non-GAAP
adjusted operating income |
$ |
1,801 |
|
|
$ |
1,858 |
|
|
$ |
7,129 |
|
|
$ |
7,000 |
|
Non-GAAP
adjusted operating margin |
|
36.9 |
% |
|
|
36.9 |
% |
|
|
36.2 |
% |
|
|
37.2 |
% |
AGS
Non-GAAP Adjusted Operating Income |
|
|
|
|
|
|
|
Reported
operating income - GAAP basis |
$ |
431 |
|
|
$ |
402 |
|
|
$ |
1,657 |
|
|
$ |
1,661 |
|
Non-GAAP
adjusted operating income |
$ |
431 |
|
|
$ |
402 |
|
|
$ |
1,657 |
|
|
$ |
1,661 |
|
Non-GAAP
adjusted operating margin |
|
29.3 |
% |
|
|
28.3 |
% |
|
|
28.9 |
% |
|
|
30.0 |
% |
Display
and Adjacent Markets Non-GAAP Adjusted Operating Income |
|
|
|
|
|
|
|
Reported
operating income - GAAP basis |
$ |
67 |
|
|
$ |
34 |
|
|
$ |
133 |
|
|
$ |
260 |
|
Certain items associated with
acquisitions1 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Non-GAAP
adjusted operating income |
$ |
67 |
|
|
$ |
34 |
|
|
$ |
133 |
|
|
$ |
263 |
|
Non-GAAP
adjusted operating margin |
|
22.5 |
% |
|
|
13.5 |
% |
|
|
15.3 |
% |
|
|
19.8 |
% |
|
1 These
items are incremental charges attributable to completed
acquisitions, consisting of amortization of purchased intangible
assets. |
|
Note: The
reconciliation of GAAP and non-GAAP adjusted segment results above
does not include certain revenues, costs of products sold and
operating expenses that are reported within corporate and other and
included in consolidated operating income. |
|
APPLIED MATERIALS, INC.UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP
ADJUSTED EFFECTIVE INCOME TAX RATE |
|
|
Three Months Ended |
(In millions, except
percentages) |
October 29, 2023 |
|
|
Provision for income taxes - GAAP basis (a) |
$ |
168 |
|
Income
tax effect of share-based compensation |
|
(6 |
) |
Income tax effects related to
intra-entity intangible asset transfers |
|
65 |
|
Resolutions of prior years’ income tax filings and other tax
items |
|
9 |
|
Income
tax effect of non-GAAP adjustments |
|
(1 |
) |
Non-GAAP
adjusted provision for income taxes (b) |
$ |
235 |
|
|
|
Income
before income taxes - GAAP basis (c) |
$ |
2,172 |
|
Certain
items associated with acquisitions |
|
11 |
|
Acquisition integration and deal costs |
|
2 |
|
Realized
loss (gain), dividends and impairments on strategic investments,
net |
|
(2 |
) |
Unrealized loss (gain) on strategic investments, net |
|
(147 |
) |
Earn-out |
|
(15 |
) |
Non-GAAP
adjusted income before income taxes (d) |
$ |
2,021 |
|
|
|
Effective income tax rate - GAAP basis (a/c) |
|
7.7 |
% |
|
|
Non-GAAP
adjusted effective income tax rate (b/d) |
|
11.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
October 29,2023 |
|
October 30,2022 |
|
October 29,2023 |
|
October 30,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities |
$ |
1,555 |
|
|
$ |
857 |
|
|
$ |
8,700 |
|
|
$ |
5,399 |
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Capital
expenditures |
|
(309 |
) |
|
|
(223 |
) |
|
|
(1,106 |
) |
|
|
(787 |
) |
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Non-GAAP
free cash flow |
$ |
1,246 |
|
|
$ |
634 |
|
|
$ |
7,594 |
|
|
$ |
4,612 |
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Applied Materials (NASDAQ:AMAT)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Applied Materials (NASDAQ:AMAT)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024