Applied Materials Announces First Quarter 2024 Results


1These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
  

Note: The reconciliation of GAAP and non-GAAP 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.


APPLIED MATERIALS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE
 
 Three Months
Ended
(In millions, except percentages)January 28, 2024
  
GAAP provision for income taxes (a)$284 
Income tax effect of share-based compensation 26 
Income tax effects related to intra-entity intangible asset transfers (22)
Resolutions of prior years’ income tax filings and other tax items (33)
Income tax effect of non-GAAP adjustments (1)
Non-GAAP provision for income taxes (b)$254 
  
GAAP income before income taxes (c)$2,303 
Certain items associated with acquisitions 11 
Acquisition integration and deal costs 3 
Realized loss (gain), dividends and impairments on strategic investments, net (1)
Unrealized loss (gain) on strategic investments, net (280)
Non-GAAP income before income taxes (d)$2,036 
  
GAAP effective income tax rate (a/c) 12.3%
  
Non-GAAP effective income tax rate (b/d) 12.5%


 
UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW
 
 Three Months Ended
(In millions)January 28,
2024
  January 29,
2023
Cash provided by operating activities $ 2,325     $ 2,270  
Capital expenditures   (229 )     (287 )
Non-GAAP free cash flow $ 2,096     $ 1,983  

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