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 2018, Applied expects net sales to be in the range of $4.00 billion to $4.20 billion; the midpoint of the range would be an increase of approximately 25 percent, year over year. Non-GAAP adjusted diluted EPS is expected to be in the range of $0.94 to $1.02; the midpoint of the range would be an increase of approximately 46 percent, year over year.

This outlook for non-GAAP adjusted diluted EPS excludes known charges related to completed acquisitions of $0.04 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 FY2017				Q4 FY2016				FY2017				FY2016
	(In millions, except percentages)
Net sales	$	2,431			$	2,127			$	9,517			$	6,873
Foundry	36		%		52		%		41		%		40		%
DRAM	12		%		10		%		16		%		16		%
Flash	38		%		23		%		34		%		31		%
Logic and other	14		%		15		%		9		%		13		%
Operating income	801				667				3,173				1,807
Operating margin	32.9		%		31.4		%		33.3		%		26.3		%
Non-GAAP Adjusted Results
Non-GAAP adjusted operating income	$	847			$	713			$	3,357			$	1,991
Non-GAAP adjusted operating margin	34.8		%		33.5		%		35.3		%		29.0		%

Applied Global Services	Q4 FY2017				Q4 FY2016				FY2017				FY2016
	(In millions, except percentages)
Net sales	$	831			$	693			$	3,017			$	2,589
Operating income	232				193				817				682
Operating margin	27.9		%		27.8		%		27.1		%		26.3		%
Non-GAAP Adjusted Results
Non-GAAP adjusted operating income	$	232			$	193			$	821			$	683
Non-GAAP adjusted operating margin	27.9		%		27.8		%		27.2		%		26.4		%

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