APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
| (In millions)
| Three Months Ended | Nine Months Ended | |||||||||||||
| July 30,
2023 | July 31,
2022 | July 30,
2023 | July 31,
2022 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income | $ | 1,560 | $ | 1,606 | $ | 4,852 | $ | 4,934 | |||||||
| Adjustments required to reconcile net income to cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 136 | 108 | 385 | 321 | |||||||||||
| Severance and related charges | — | — | — | (4 | ) | ||||||||||
| Share-based compensation | 114 | 95 | 375 | 314 | |||||||||||
| Deferred income taxes | (38 | ) | 47 | (174 | ) | (209 | ) | ||||||||
| Other | 15 | 22 | 189 | 14 | |||||||||||
| Net change in operating assets and liabilities | 796 | (409 | ) | 1,518 | (828 | ) | |||||||||
| Cash provided by operating activities | 2,583 | 1,469 | 7,145 | 4,542 | |||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Capital expenditures | (255 | ) | (210 | ) | (797 | ) | (564 | ) | |||||||
| Cash paid for acquisitions, net of cash acquired | (7 | ) | (441 | ) | (25 | ) | (441 | ) | |||||||
| Proceeds from sales and maturities of investments | 302 | 374 | 971 | 1,013 | |||||||||||
| Purchases of investments | (465 | ) | (339 | ) | (1,195 | ) | (1,175 | ) | |||||||
| Cash used in investing activities | (425 | ) | (616 | ) | (1,046 | ) | (1,167 | ) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from commercial paper | 297 | — | 892 | — | |||||||||||
| Repayments of commercial paper | (300 | ) | — | (700 | ) | — | |||||||||
| Proceeds from common stock issuances | — | — | 111 | 96 | |||||||||||
| Common stock repurchases | (439 | ) | (1,000 | ) | (1,489 | ) | (4,603 | ) | |||||||
| Tax withholding payments for vested equity awards | (11 | ) | (3 | ) | (165 | ) | (259 | ) | |||||||
| Payments of dividends to stockholders | (268 | ) | (225 | ) | (707 | ) | (650 | ) | |||||||
| Repayments of principal on finance leases | 1 | — | (8 | ) | — | ||||||||||
| Cash used in financing activities | (720 | ) | (1,228 | ) | (2,066 | ) | (5,416 | ) | |||||||
| Increase (decrease) in cash, cash equivalents and restricted cash equivalents | 1,438 | (375 | ) | 4,033 | (2,041 | ) | |||||||||
| Cash, cash equivalents and restricted cash equivalents—beginning of period | 4,695 | 3,435 | 2,100 | 5,101 | |||||||||||
| Cash, cash equivalents and restricted cash equivalents — end of period | $ | 6,133 | $ | 3,060 | $ | 6,133 | $ | 3,060 | |||||||
| Reconciliation of cash, cash equivalents, and restricted cash equivalents | |||||||||||||||
| Cash and cash equivalents | $ | 6,025 | $ | 2,956 | $ | 6,025 | $ | 2,956 | |||||||
| Restricted cash equivalents included in deferred income taxes and other assets | 108 | 104 | 108 | 104 | |||||||||||
| Total cash, cash equivalents, and restricted cash equivalents | $ | 6,133 | $ | 3,060 | $ | 6,133 | $ | 3,060 | |||||||
| Supplemental cash flow information: | |||||||||||||||
| Cash payments for income taxes | $ | 197 | $ | 592 | $ | 418 | $ | 1,623 | |||||||
| Cash refunds from income taxes | $ | — | $ | 5 | $ | 51 | $ | 133 | |||||||
| Cash payments for interest | $ | 35 | $ | 35 | $ | 137 | $ | 137 | |||||||
