| APPLIED MATERIALS, INC. | |||||||||||||||
| UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| (In millions, except percentages) | July 28,
2024 | July 30,
2023 | July 28,
2024 | July 30,
2023 | |||||||||||
| Non-GAAP Gross Profit | |||||||||||||||
| GAAP reported gross profit | $ | 3,205 | $ | 2,976 | $ | 9,562 | $ | 9,215 | |||||||
| Certain items associated with acquisitions1 | 6 | 7 | 20 | 21 | |||||||||||
| Non-GAAP gross profit | $ | 3,211 | $ | 2,983 | $ | 9,582 | $ | 9,236 | |||||||
| Non-GAAP gross margin | 47.4 | % | 46.4 | % | 47.6 | % | 46.7 | % | |||||||
| Non-GAAP Operating Income | |||||||||||||||
| GAAP reported operating income | $ | 1,942 | $ | 1,802 | $ | 5,821 | $ | 5,683 | |||||||
| Certain items associated with acquisitions 1 | 10 | 10 | 31 | 32 | |||||||||||
| Acquisition integration and deal costs | 1 | 6 | 9 | 20 | |||||||||||
| Non-GAAP operating income | $ | 1,953 | $ | 1,818 | $ | 5,861 | $ | 5,735 | |||||||
| Non-GAAP operating margin | 28.8 | % | 28.3 | % | 29.1 | % | 29.0 | % | |||||||
| Non-GAAP Net Income | |||||||||||||||
| GAAP reported net income | $ | 1,705 | $ | 1,560 | $ | 5,446 | $ | 4,852 | |||||||
| Certain items associated with acquisitions 1 | 10 | 10 | 31 | 32 | |||||||||||
| Acquisition integration and deal costs | 1 | 6 | 9 | 20 | |||||||||||
| Realized loss (gain), dividends and impairments on strategic investments, net | 16 | (4 | ) | 12 | 109 | ||||||||||
| Unrealized loss (gain) on strategic investments, net | 25 | 6 | (275 | ) | 13 | ||||||||||
| Income tax effect of share-based compensation 2 | 8 | 5 | (7 | ) | (6 | ) | |||||||||
| Income tax effects related to intra-entity intangible asset transfers | 17 | 9 | 57 | 25 | |||||||||||
| Resolution of prior years’ income tax filings and other tax items | (11 | ) | 10 | 22 | (22 | ) | |||||||||
| Income tax effect of non-GAAP adjustments 3 | (4 | ) | (2 | ) | (2 | ) | (7 | ) | |||||||
| Non-GAAP net income | $ | 1,767 | $ | 1,600 | $ | 5,293 | $ | 5,016 | |||||||
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Applied Materials Announces Third Quarter 2024 Results
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