Applied Materials Announces Third Quarter 2019 Results

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In millions)	Three Months Ended						Nine Months Ended

	July 28, 2019			July 29, 2018			July 28, 2019			July 29, 2018
Cash flows from operating activities:
Net income	$	571		$	1,016		$	2,008		$	2,281
Adjustments required to reconcile net income to cash provided by operating activities:
Depreciation and amortization	89			110			271			337
Share-based compensation	67			64			197			193
Deferred income taxes	8			22			57			94
Other	(10		)	(7		)	(19		)	4
Net change in operating assets and liabilities	62			(572		)	(93		)	(199		)
Cash provided by operating activities	787			633			2,421			2,710
Cash flows from investing activities:
Capital expenditures	(93		)	(133		)	(344		)	(457		)
Cash paid for acquisitions, net of cash acquired	(5		)	—			(28		)	(5		)
Proceeds from sales and maturities of investments	479			391			1,385			2,823
Purchases of investments	(543		)	(932		)	(1,370		)	(1,661		)
Cash provided by (used in) investing activities	(162		)	(674		)	(357		)	700
Cash flows from financing activities:
Proceeds from common stock issuances	—			—			73			56
Common stock repurchases	(528		)	(1,250		)	(1,903		)	(4,532		)
Tax withholding payments for vested equity awards	(3		)	(6		)	(83		)	(160		)
Payments of dividends to stockholders	(196		)	(199		)	(577		)	(410		)
Cash used in financing activities	(727		)	(1,455		)	(2,490		)	(5,046		)
Decrease in cash and cash equivalents	(102		)	(1,496		)	(426		)	(1,636		)
Cash and cash equivalents — beginning of period	3,116			4,870			3,440			5,010
Cash and cash equivalents — end of period	$	3,014		$	3,374		$	3,014		$	3,374
Supplemental cash flow information:
Cash payments for income taxes	$	221		$	64		$	453		$	281
Cash refunds from income taxes	$	2		$	10		$	20		$	51
Cash payments for interest	$	33		$	33		$	143		$	143

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