Applied Materials Delivers All-Time Record Performance


 
APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS 
    
(In millions)October 29,
 2017
 October 30,
 2016
ASSETS   
Current assets:   
Cash and cash equivalents$5,010  $3,406 
Short-term investments2,266  343 
Accounts receivable, net2,338  2,279 
Inventories2,930  2,050 
Other current assets374  275 
Total current assets12,918  8,353 
Long-term investments1,143  929 
Property, plant and equipment, net1,066  937 
Goodwill3,368  3,316 
Purchased technology and other intangible assets, net412  575 
Deferred income taxes and other assets1512  460 
Total assets$19,419  $14,570 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Accounts payable, notes payable and accrued expenses2,450  2,256 
Customer deposits and deferred revenue1,665  1,376 
Total current liabilities4,115  3,632 
Long-term debt15,304  3,125 
Other liabilities651  596 
Total liabilities10,070  7,353 
Total stockholders’ equity9,349  7,217 
Total liabilities and stockholders’ equity$19,419  $14,570 
        
1 Balances reflect the effects of the retrospective adoption of the authoritative guidance in the first quarter of fiscal 2017, which required debt issuance costs to be presented as a direct reduction from the carrying amount of the related debt liability. These amounts were originally recorded under Other Assets.
 


 
APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
 
(In millions)Three Months Ended Twelve Months Ended
October 29,
 2017
 October 30,
 2016
October 29,
 2017
 October 30,
 2016
Cash flows from operating activities:       
Net income$982  $610  $3,434  $1,721 
Adjustments required to reconcile net income to cash provided by operating activities:          
Depreciation and amortization 105     100     407     389  
Share-based compensation 58     51     220     201  
Excess tax benefits from share-based compensation (4 )   (5 )   (55 )   (23 )
Deferred income taxes (17 )   7     (11 )   21  
Other (24 )   18     (9 )   38  
Net change in operating assets and liabilities (401 )   16     (377 )   119  
Cash provided by operating activities 699     797     3,609     2,466  
Cash flows from investing activities:              
Capital expenditures (124 )   (88 )   (345 )   (253 )
Cash paid for acquisitions, net of cash acquired (12 )   (11 )   (68 )   (16 )
Proceeds from sales and maturities of investments 921     553     2,743     1,234  
Purchases of investments (1,314 )   (443 )   (4,856 )   (1,390 )
Cash provided by (used in) investing activities (529 )   11     (2,526 )   (425 )
Cash flows from financing activities:              
Debt borrowings, net of issuance costs         2,176      
Debt repayments         (205 )   (1,207 )
Proceeds from common stock issuances and others 50     44     97     88  
Common stock repurchases (385 )   (171 )   (1,172 )   (1,892 )
Excess tax benefits from share-based compensation 4     5     55     23  
Payments of dividends to stockholders (107 )   (108 )   (430 )   (444 )
Cash provided by (used in) financing activities (438 )   (230 )   521     (3,432 )
Increase (decrease) in cash and cash equivalents (268 )   578     1,604     (1,391 )
Cash and cash equivalents — beginning of period 5,278     2,828     3,406     4,797  
Cash and cash equivalents — end of period $ 5,010     $ 3,406     $ 5,010     $ 3,406  
Supplemental cash flow information:              
Cash payments for income taxes $ 26     $ 13     $ 194     $ 157  
Cash refunds from income taxes $ 44     $ 9     $ 61     $ 113  
Cash payments for interest $ 76     $ 41     $ 186     $ 151  
                               

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