APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
| (In millions)
| Three Months Ended | ||||||
| January 29,
2023 | January 30,
2022 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 1,717 | $ | 1,792 | |||
| Adjustments required to reconcile net income to cash provided by operating activities: | |||||||
| Depreciation and amortization | 120 | 102 | |||||
| Severance and related charges | — | (4 | ) | ||||
| Share-based compensation | 148 | 118 | |||||
| Deferred income taxes | (21 | ) | 1 | ||||
| Other | 7 | 16 | |||||
| Net change in operating assets and liabilities | 299 | 633 | |||||
| Cash provided by operating activities | 2,270 | 2,658 | |||||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (287 | ) | (144 | ) | |||
| Cash paid for acquisitions, net of cash acquired | (20 | ) | — | ||||
| Proceeds from sales and maturities of investments | 414 | 318 | |||||
| Purchases of investments | (406 | ) | (312 | ) | |||
| Cash used in investing activities | (299 | ) | (138 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from commercial paper | 298 | — | |||||
| Repayments of commercial paper | (100 | ) | — | ||||
| Common stock repurchases | (250 | ) | (1,803 | ) | |||
| Tax withholding payments for vested equity awards | (136 | ) | (235 | ) | |||
| Payments of dividends to stockholders | (220 | ) | (214 | ) | |||
| Repayments of principal on finance leases | (10 | ) | — | ||||
| Cash used in financing activities | (418 | ) | (2,252 | ) | |||
| Increase in cash, cash equivalents and restricted cash equivalents | 1,553 | 268 | |||||
| Cash, cash equivalents and restricted cash equivalents—beginning of period | 2,100 | 5,101 | |||||
| Cash, cash equivalents and restricted cash equivalents — end of period | $ | 3,653 | $ | 5,369 | |||
| Reconciliation of cash, cash equivalents, and restricted cash equivalents | |||||||
| Cash and cash equivalents | $ | 3,547 | $ | 5,264 | |||
| Restricted cash equivalents included in deferred income taxes and other assets | 106 | 105 | |||||
| Total cash, cash equivalents, and restricted cash equivalents | $ | 3,653 | $ | 5,369 | |||
| Supplemental cash flow information: | |||||||
| Cash payments for income taxes | $ | 69 | $ | 80 | |||
| Cash refunds from income taxes | $ | 4 | $ | 123 | |||
| Cash payments for interest | $ | 34 | $ | 34 | |||
