Applied Materials Announces Third Quarter 2023 Results

APPLIED MATERIALS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS

 Three Months Ended Nine Months Ended
(In millions, except percentages)July 30,
2023
 July 31,
2022
 July 30,
2023
 July 31,
2022
Non-GAAP Adjusted Gross Profit       
Reported gross profit - GAAP basis$2,976  $3,006  $9,215  $8,892 
Certain items associated with acquisitions1 7   7   21   20 
Non-GAAP adjusted gross profit$2,983  $3,013  $9,236  $8,912 
Non-GAAP adjusted gross margin 46.4%  46.2%  46.7%  46.8%
Non-GAAP Adjusted Operating Income              
Reported operating income - GAAP basis $ 1,802     $ 1,924     $ 5,683     $ 5,794  
Certain items associated with acquisitions 1   10       10       32       29  
Acquisition integration and deal costs   6       19       20       32  
Severance and related charges 2                     (4 )
Non-GAAP adjusted operating income $ 1,818     $ 1,953     $ 5,735     $ 5,851  
Non-GAAP adjusted operating margin   28.3 %     30.0 %     29.0 %     30.7 %
Non-GAAP Adjusted Net Income              
Reported net income - GAAP basis $ 1,560     $ 1,606     $ 4,852     $ 4,934  
Certain items associated with acquisitions 1   10       10       32       29  
Acquisition integration and deal costs   6       12       20       28  
Severance and related charges 2                     (4 )
Realized loss (gain), dividends and impairments on strategic investments, net   (4 )     (1 )     109       (1 )
Unrealized loss (gain) on strategic investments, net   6       18       13       (15 )
Income tax effect of share-based compensation 3   5       22       (6 )     (22 )
Income tax effects related to intra-entity intangible asset transfers   9       21       25       120  
Resolution of prior years’ income tax filings and other tax items   10       1       (22 )     (54 )
Income tax effect of non-GAAP adjustments 4   (2 )     (6 )     (7 )      
Non-GAAP adjusted net income $ 1,600     $ 1,683     $ 5,016     $ 5,015  

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