Applied Materials Announces First Quarter 2023 Results

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  



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