| Display and Adjacent Markets | Q3 FY2024 | Q3 FY2023 | |||||
| (In millions, except percentages) | |||||||
| Net revenue | $ | 251 | $ | 235 | |||
| Operating income | $ | 16 | $ | 32 | |||
| Operating margin | 6.4 | % | 13.6 | % | |||
| Non-GAAP Results | |||||||
| Non-GAAP operating income | $ | 16 | $ | 32 | |||
| Non-GAAP operating margin | 6.4 | % | 13.6 | % | |||
| Corporate and Other | |||||||
| (In millions) | Q3 FY2024 | Q3 FY2023 | |||||
| Unallocated net revenue | $ | 23 | $ | 50 | |||
| Unallocated cost of products sold and expenses | (276 | ) | (247 | ) | |||
| Total | $ | (253 | ) | $ | (197 | ) | |
Use of Non-GAAP Financial Measures
Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.
