Applied Materials, Inc. (NASDAQ:AMAT) today reported record revenue
and operating profit in its first quarter ended January 28,
2018.
First Quarter Results
Compared to the first quarter of fiscal 2017, Applied grew net
sales by 28 percent to $4.20 billion. On a GAAP basis, the company
increased gross margin by 1.6 points to 45.7 percent, and grew
operating income by 48 percent to $1.20 billion or 28.4 percent of
net sales. GAAP earnings per share (EPS) declined to $0.13 due to a
one-time charge related to recent U.S. tax legislation that reduced
EPS by approximately $0.94.
On a non-GAAP adjusted basis, over the same period, the company
increased gross margin by 1.3 points to 46.7 percent, grew
operating income by 46 percent to $1.25 billion or 29.6 percent of
net sales, and increased EPS by 58 percent to $1.06, which excludes
the charge related to recent U.S. tax legislation. In addition,
non-GAAP EPS included a benefit of $0.04 that was driven by
recent changes in U.S. tax legislation that reduced the company's
fiscal 2018 tax rate relative to previous expectations.
The company increased cash flow from operations by 85 percent
year over year to $1.47 billion and returned $888 million to
shareholders through dividends of $106 million and $782 million in
share repurchases.
“We see sustainable strength in our markets as large, powerful
trends drive a fundamental shift in the demand for semiconductors
and displays,” said Gary Dickerson, president and CEO. “Our broad
portfolio of capabilities and products puts us in a great position
to outperform our markets and we’re confident that each of our
three major business segments can deliver strong double-digit
growth in 2018.”
Quarterly Results Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 FY2018 |
|
Q1 FY2017 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
(In millions, except per share amounts and percentages)
|
Net sales |
$ |
4,204 |
|
|
$ |
3,278 |
|
|
28% |
Gross margin |
45.7 |
% |
|
44.1 |
% |
|
1.6 points |
Operating margin |
28.4 |
% |
|
24.6 |
% |
|
3.8 points |
Net income |
$ |
135 |
|
|
$ |
703 |
|
|
(81%) |
Diluted earnings per
share |
$ |
0.13 |
|
|
$ |
0.65 |
|
|
(80%) |
Non-GAAP Adjusted Results |
|
|
|
|
|
Non-GAAP adjusted gross
margin |
46.7 |
% |
|
45.4 |
% |
|
1.3 points |
Non-GAAP adjusted
operating margin |
29.6 |
% |
|
26.0 |
% |
|
3.6 points |
Non-GAAP adjusted net
income |
$ |
1,135 |
|
|
$ |
732 |
|
|
55% |
Non-GAAP adjusted
diluted EPS |
$ |
1.06 |
|
|
$ |
0.67 |
|
|
58% |
|
|
|
|
|
|
|
|
|
|
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.
Capital Allocation
Applied’s Board of Directors has approved a doubling of the
quarterly cash dividend on the company's common stock to $0.20 per
share. The Board declared that a dividend of $0.20 per share will
be payable on June 14, 2018 to shareholders of record as of May 24,
2018. As previously announced, a cash dividend of $0.10 per share
will be paid on March 14, 2018 to shareholders of record as of
February 21, 2018.
The Board also approved a new $6.0 billion share repurchase
authorization. This new authorization is incremental to $2.8
billion remaining in the previously approved authorization.
“The dividend increase and additional repurchase authorization
reflect Applied’s confidence in the underlying strength of our
markets along with our company’s technology leadership and strategy
to deliver profitable growth and increase shareholder value,” said
Dan Durn, Senior Vice President and Chief Financial Officer.
Impact of Recent U.S. Tax Legislation
As a result of the Tax Cuts and Jobs Act, the company recorded a
$1.0 billion tax charge, which included an estimate of a one-time
transition tax that is payable over 8 years.
Business Outlook
In the second quarter of fiscal 2018, Applied expects net sales
to be in the range of $4.35 billion to $4.55 billion; the midpoint
of the range would be an increase of approximately 26 percent, year
over year. Non-GAAP adjusted diluted EPS is expected to be in the
range of $1.10 to $1.18; the midpoint of the range would be an
increase of approximately 44 percent, year over year.
This outlook for non-GAAP adjusted diluted EPS excludes known
charges related to completed acquisitions of $0.04 per share and
includes the normalized tax benefit of share-based compensation of
$0.01 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.
First Quarter Reportable Segment
Information
Semiconductor
Systems |
Q1 FY2018 |
|
Q1 FY2017 |
|
|
|
|
|
|
|
|
|
(In millions, except percentages) |
Net sales |
$ |
2,847 |
|
|
$ |
2,150 |
|
Foundry |
|
25 |
% |
|
|
50 |
% |
DRAM |
|
25 |
% |
|
|
16 |
% |
Flash |
|
37 |
% |
|
|
25 |
% |
Logic and
other |
|
13 |
% |
|
|
9 |
% |
Operating income |
|
995 |
|
|
|
690 |
|
Operating margin |
|
34.9 |
% |
|
|
32.1 |
% |
Non-GAAP
Adjusted Results |
|
|
|
|
|
|
|
Non-GAAP adjusted
operating income |
$ |
1,041 |
|
|
$ |
736 |
|
Non-GAAP adjusted
operating margin |
|
36.6 |
% |
|
|
34.2 |
% |
|
|
|
|
|
|
|
|
Applied Global
Services |
Q1 FY2018 |
|
Q1 FY2017 |
|
|
|
|
|
|
|
|
|
(In millions, except percentages) |
Net sales |
$ |
880 |
|
|
$ |
676 |
|
Operating income |
|
254 |
|
|
|
178 |
|
Operating margin |
|
28.9 |
% |
|
|
26.3 |
% |
Non-GAAP
Adjusted Results |
|
|
|
|
|
|
|
Non-GAAP adjusted
operating income |
$ |
255 |
|
|
$ |
179 |
|
Non-GAAP adjusted
operating margin |
|
29.0 |
% |
|
|
26.5 |
% |
|
|
|
|
|
|
|
|
Display and
Adjacent Markets |
Q1 FY2018 |
|
Q1 FY2017 |
|
|
|
|
|
|
|
|
|
(In millions, except percentages) |
Net sales |
$ |
455 |
|
|
$ |
422 |
|
Operating income |
|
101 |
|
|
|
115 |
|
Operating margin |
|
22.2 |
% |
|
|
27.3 |
% |
Non-GAAP
Adjusted Results |
|
|
|
|
|
|
|
Non-GAAP adjusted
operating income |
$ |
104 |
|
|
$ |
115 |
|
Non-GAAP adjusted
operating margin |
|
22.9 |
% |
|
|
27.3 |
% |
|
|
|
|
|
|
|
|
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 charges and any
associated adjustments; impairments of assets, or investments; gain
or loss on sale of strategic investments; tax effect of share-based
compensation; certain income tax items and other discrete
adjustments. Additionally, the first quarter of fiscal 2018
non-GAAP results exclude estimated discrete income tax expense
items associated with changes to recent U.S. tax legislation.
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 our 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 we do not believe are indicative of our 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
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 Statements
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, our investment and
growth strategies, our development of new products and
technologies, our business outlook for the second quarter of fiscal
2018, the expected impact of recent U.S. tax legislation, 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; global economic and industry
conditions; 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
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;
further changes in U.S. tax laws and regulation, and our
interpretations of them; and other risks and uncertainties
described in our SEC filings, including our most recent Forms 10-K
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 the technology shaping the 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 |
(In millions, except
per share amounts) |
January 28, |
|
January 29, |
|
2018 |
|
2017 |
Net sales |
$ |
4,204 |
|
|
$ |
3,278 |
|
Cost of products
sold |
|
2,284 |
|
|
|
1,833 |
|
Gross profit |
|
1,920 |
|
|
|
1,445 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Research,
development and engineering |
|
488 |
|
|
|
417 |
|
Marketing
and selling |
|
126 |
|
|
|
118 |
|
General
and administrative |
|
110 |
|
|
|
103 |
|
Total operating
expenses |
|
724 |
|
|
|
638 |
|
Income from
operations |
|
1,196 |
|
|
|
807 |
|
Interest expense |
|
59 |
|
|
|
38 |
|
Interest and other
income, net |
|
25 |
|
|
|
2 |
|
Income before income
taxes |
|
1,162 |
|
|
|
771 |
|
Provision for income
taxes |
|
1,027 |
|
|
|
68 |
|
Net income |
$ |
135 |
|
|
$ |
703 |
|
Earnings per
share: |
|
|
|
|
|
|
|
Basic and
diluted |
$ |
0.13 |
|
|
$ |
0.65 |
|
Weighted average number
of shares: |
|
|
|
|
|
|
|
Basic |
|
1,056 |
|
|
|
1,078 |
|
Diluted |
|
1,071 |
|
|
|
1,089 |
|
|
|
|
|
|
|
|
|
APPLIED MATERIALS, INC.UNAUDITED CONSOLIDATED
CONDENSED BALANCE SHEETS
|
January 28, |
|
October 29, |
(In millions) |
2018 |
|
2017 |
ASSETS |
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
6,799 |
|
|
$ |
5,010 |
|
Short-term investments |
655 |
|
|
2,266 |
|
Accounts
receivable, net |
2,182 |
|
|
2,338 |
|
Inventories |
3,125 |
|
|
2,930 |
|
Other
current assets |
268 |
|
|
374 |
|
Total current
assets |
13,029 |
|
|
12,918 |
|
Long-term
investments |
1,203 |
|
|
1,143 |
|
Property, plant and
equipment, net |
1,195 |
|
|
1,066 |
|
Goodwill |
3,368 |
|
|
3,368 |
|
Purchased technology
and other intangible assets, net |
362 |
|
|
412 |
|
Deferred income taxes
and other assets |
506 |
|
|
512 |
|
Total assets |
$ |
19,663 |
|
|
$ |
19,419 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable and accrued expenses |
2,381 |
|
|
2,450 |
|
Customer
deposits and deferred revenue |
2,018 |
|
|
1,665 |
|
Total current
liabilities |
4,399 |
|
|
4,115 |
|
Income taxes
payable |
1,158 |
|
|
392 |
|
Long-term debt |
5,305 |
|
|
5,304 |
|
Other liabilities |
295 |
|
|
259 |
|
Total liabilities |
11,157 |
|
|
10,070 |
|
Total stockholders’
equity |
8,506 |
|
|
9,349 |
|
Total liabilities and
stockholders’ equity |
$ |
19,663 |
|
|
$ |
19,419 |
|
|
|
|
|
|
|
|
|
APPLIED MATERIALS, INC.UNAUDITED CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
|
Three Months Ended |
|
January 28, |
|
January 29, |
(In millions) |
2018 |
|
2017 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
Net
income |
$ |
135 |
|
|
$ |
703 |
|
Adjustments required to reconcile net income to cash provided by
operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
119 |
|
|
|
97 |
|
Share-based compensation |
|
65 |
|
|
|
54 |
|
Deferred
income taxes |
|
41 |
|
|
|
25 |
|
Other |
|
— |
|
|
|
9 |
|
Net
change in operating assets and liabilities |
|
1,106 |
|
|
|
(96 |
) |
Cash provided by
operating activities |
|
1,466 |
|
|
|
792 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Capital
expenditures |
|
(203 |
) |
|
|
(64 |
) |
Cash paid
for acquisitions, net of cash acquired |
|
(5 |
) |
|
|
— |
|
Proceeds
from sales and maturities of investments |
|
1,944 |
|
|
|
286 |
|
Purchases
of investments |
|
(384 |
) |
|
|
(589 |
) |
Cash provided by (used
in) investing activities |
|
1,352 |
|
|
|
(367 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Common
stock repurchases |
|
(782 |
) |
|
|
(130 |
) |
Tax
withholding payments for vested equity awards |
|
(141 |
) |
|
|
(102 |
) |
Payments
of dividends to stockholders |
|
(106 |
) |
|
|
(108 |
) |
Cash used in financing
activities |
|
(1,029 |
) |
|
|
(340 |
) |
Increase in cash and
cash equivalents |
|
1,789 |
|
|
|
85 |
|
Cash and cash
equivalents — beginning of period |
|
5,010 |
|
|
|
3,406 |
|
Cash and cash
equivalents — end of period |
$ |
6,799 |
|
|
$ |
3,491 |
|
Supplemental cash flow
information: |
|
|
|
|
|
|
|
Cash
payments for income taxes |
$ |
78 |
|
|
$ |
35 |
|
Cash
refunds from income taxes |
$ |
40 |
|
|
$ |
2 |
|
Cash
payments for interest |
$ |
34 |
|
|
$ |
34 |
|
|
|
|
|
|
|
|
|
APPLIED MATERIALS, INC.UNAUDITED SUPPLEMENTAL
INFORMATION
Corporate and Other
(In millions) |
Q1 FY2018 |
|
Q1 FY2017 |
Unallocated net
sales |
$ |
22 |
|
|
$ |
30 |
|
Unallocated cost of
products sold and expenses |
|
(111 |
) |
|
|
(152 |
) |
Share-based
compensation |
|
(65 |
) |
|
|
(54 |
) |
Total |
$ |
(154 |
) |
|
$ |
(176 |
) |
|
|
|
|
|
|
|
|
Additional Information
|
Q1 FY2018 |
|
Q1 FY2017 |
Net Sales by Geography
(In millions) |
|
|
|
|
|
United States |
371 |
|
|
317 |
|
% of
Total |
9 |
% |
|
10 |
% |
Europe |
264 |
|
|
209 |
|
% of
Total |
6 |
% |
|
6 |
% |
Japan |
481 |
|
|
235 |
|
% of
Total |
12 |
% |
|
7 |
% |
Korea |
1,230 |
|
|
670 |
|
% of
Total |
29 |
% |
|
20 |
% |
Taiwan |
756 |
|
|
1,103 |
|
% of
Total |
18 |
% |
|
34 |
% |
Southeast Asia |
185 |
|
|
97 |
|
% of
Total |
4 |
% |
|
3 |
% |
China |
917 |
|
|
647 |
|
% of
Total |
22 |
% |
|
20 |
% |
|
|
|
|
Employees (In
thousands) |
|
|
|
Regular Full Time |
19.0 |
|
|
16.0 |
|
|
|
|
|
|
|
APPLIED MATERIALS, INC.UNAUDITED RECONCILIATION
OF GAAP TO NON-GAAP ADJUSTED RESULTS
|
Three Months Ended |
|
January 28, |
|
January 29, |
(In millions,
except percentages) |
2018 |
2017 |
Non-GAAP Adjusted Gross
Profit |
|
|
|
Reported gross profit -
GAAP basis |
$ |
1,920 |
|
|
$ |
1,445 |
|
Certain items
associated with acquisitions1 |
45 |
|
|
42 |
|
Non-GAAP adjusted gross
profit |
$ |
1,965 |
|
|
$ |
1,487 |
|
Non-GAAP adjusted gross
margin |
46.7 |
% |
|
45.4 |
% |
Non-GAAP Adjusted
Operating Income |
|
|
|
Reported operating
income - GAAP basis |
$ |
1,196 |
|
|
$ |
807 |
|
Certain items
associated with acquisitions1 |
49 |
|
|
47 |
|
Acquisition integration
costs |
1 |
|
|
1 |
|
Other gains, losses or
charges, net |
— |
|
|
(3 |
) |
Non-GAAP adjusted
operating income |
$ |
1,246 |
|
|
$ |
852 |
|
Non-GAAP adjusted
operating margin |
29.6 |
% |
|
26.0 |
% |
Non-GAAP Adjusted Net
Income |
|
|
|
Reported net income -
GAAP basis |
$ |
135 |
|
|
$ |
703 |
|
Certain items
associated with acquisitions1 |
49 |
|
|
47 |
|
Acquisition integration
costs |
1 |
|
|
1 |
|
Impairment (gain on
sale) of strategic investments, net |
(1 |
) |
|
5 |
|
Other gains, losses or
charges, net |
— |
|
|
(3 |
) |
Income tax effect of
share-based compensation2 |
(39 |
) |
|
— |
|
Income tax effect of
changes in applicable U.S. tax laws3 |
1,006 |
|
|
— |
|
Resolution of prior
years’ income tax filings and other tax items |
(13 |
) |
|
(16 |
) |
Income tax effect of
non-GAAP adjustments4 |
(3 |
) |
|
(5 |
) |
Non-GAAP adjusted net
income |
$ |
1,135 |
|
|
$ |
732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
These items are incremental charges attributable to completed
acquisitions, consisting of amortization of purchased intangible
assets. |
|
|
|
|
|
|
|
|
2
In the first quarter of fiscal 2018, Applied adopted the accounting
standard related to share-based compensation (ASU 2016-09), which
resulted in a $51 million tax benefit on a GAAP basis; this benefit
is being recognized ratably over the fiscal year on a non-GAAP
basis. |
|
|
|
|
|
|
|
|
3
Charges to income tax provision related to a one-time transition
tax and a decrease in U.S. deferred tax assets as a result of the
recent U.S. tax legislation. |
|
|
|
|
|
|
|
|
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 |
|
January 28, |
|
January 29, |
(In millions,
except per share amounts) |
2018 |
2017 |
Non-GAAP Adjusted
Earnings Per Diluted Share |
|
|
|
Reported earnings per
diluted share - GAAP basis |
$ |
0.13 |
|
|
$ |
0.65 |
|
Certain items
associated with acquisitions |
0.04 |
|
|
0.04 |
|
Income tax effect of
share-based compensation |
(0.04 |
) |
|
— |
|
Income tax effect of
changes in applicable U.S. tax laws |
0.94 |
|
|
— |
|
Resolution of prior
years’ income tax filings and other tax items |
(0.01 |
) |
|
(0.02 |
) |
Non-GAAP adjusted
earnings per diluted share |
$ |
1.06 |
|
|
$ |
0.67 |
|
Weighted average number
of diluted shares |
1,071 |
|
|
1,089 |
|
|
|
|
|
|
|
APPLIED MATERIALS, INC.UNAUDITED RECONCILIATION
OF GAAP TO NON-GAAP ADJUSTED RESULTS
|
Three Months Ended |
|
January 28, |
|
January 29, |
(In millions,
except percentages) |
2018 |
2017 |
Semiconductor Systems
Non-GAAP Adjusted Operating Income |
|
|
|
Reported operating
income - GAAP basis |
$ |
995 |
|
|
$ |
690 |
|
Certain items
associated with acquisitions1 |
46 |
|
|
46 |
|
Non-GAAP adjusted
operating income |
$ |
1,041 |
|
|
$ |
736 |
|
Non-GAAP adjusted
operating margin |
36.6 |
% |
|
34.2 |
% |
AGS Non-GAAP Adjusted
Operating Income |
|
|
|
Reported operating
income - GAAP basis |
$ |
254 |
|
|
$ |
178 |
|
Acquisition integration
costs |
1 |
|
|
1 |
|
Non-GAAP adjusted
operating income |
$ |
255 |
|
|
$ |
179 |
|
Non-GAAP adjusted
operating margin |
29.0 |
% |
|
26.5 |
% |
Display and Adjacent
Markets Non-GAAP Adjusted Operating Income |
|
|
|
Reported operating
income - GAAP basis |
$ |
101 |
|
|
$ |
115 |
|
Certain items
associated with acquisitions1 |
3 |
|
|
— |
|
Non-GAAP adjusted
operating income |
$ |
104 |
|
|
$ |
115 |
|
Non-GAAP adjusted
operating margin |
22.9 |
% |
|
27.3 |
% |
|
|
|
|
|
|
|
|
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.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP
ADJUSTED EFFECTIVE INCOME TAX RATE
|
Three Months Ended |
(In millions, except
percentages) |
January 28, 2018 |
|
|
|
|
Provision for income
taxes - GAAP basis (a) |
$ |
1,027 |
|
Income tax effect of
share-based compensation |
|
39 |
|
Income tax effect of
changes in applicable U.S. tax laws |
|
(1,006 |
) |
Resolutions of prior
years’ income tax filings and other tax items |
|
13 |
|
Income tax effect of
non-GAAP adjustments |
|
3 |
|
Non-GAAP adjusted
provision for income taxes (b) |
$ |
76 |
|
|
|
|
|
Income before income
taxes - GAAP basis (c) |
$ |
1,162 |
|
Certain items
associated with acquisitions |
|
49 |
|
Acquisition integration
costs |
|
1 |
|
Impairment (gain on
sale) of strategic investments, net |
|
(1 |
) |
Non-GAAP adjusted
income before income taxes (d) |
$ |
1,211 |
|
|
|
|
|
Effective income tax
rate - GAAP basis (a/c) |
|
88.4 |
% |
|
|
|
|
Non-GAAP adjusted
effective income tax rate (b/d) |
|
6.3 |
% |
|
|
|
|
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