| APPLIED MATERIALS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS | |||||||
| Three Months Ended | |||||||
| (In millions, except percentages) | January 28,
2024 | January 29,
2023 | |||||
| Non-GAAP Gross Profit | |||||||
| GAAP reported gross profit | $ | 3,204 | $ | 3,145 | |||
| Certain items associated with acquisitions1 | 7 | 7 | |||||
| Non-GAAP gross profit | $ | 3,211 | $ | 3,152 | |||
| Non-GAAP gross margin | 47.9 | % | 46.8 | % | |||
| Non-GAAP Operating Income | |||||||
| GAAP reported operating income | $ | 1,967 | $ | 1,970 | |||
| Certain items associated with acquisitions1 | 11 | 11 | |||||
| Acquisition integration and deal costs | 3 | 6 | |||||
| Non-GAAP operating income | $ | 1,981 | $ | 1,987 | |||
| Non-GAAP operating margin | 29.5 | % | 29.5 | % | |||
| Non-GAAP Net Income | |||||||
| GAAP reported net income | $ | 2,019 | $ | 1,717 | |||
| Certain items associated with acquisitions 1 | 11 | 11 | |||||
| Acquisition integration and deal costs | 3 | 6 | |||||
| Realized loss (gain), dividends and impairments on strategic investments, net | (1 | ) | (4 | ) | |||
| Unrealized loss (gain) on strategic investments, net | (280 | ) | (4 | ) | |||
| Income tax effect of share-based compensation 2 | (26 | ) | (14 | ) | |||
| Income tax effects related to intra-entity intangible asset transfers | 22 | 17 | |||||
| Resolution of prior years’ income tax filings and other tax items | 33 | (5 | ) | ||||
| Income tax effect of non-GAAP adjustments 3 | 1 | — | |||||
| Non-GAAP net income | $ | 1,782 | $ | 1,724 | |||
Applied Materials Announces First Quarter 2024 Results
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