Applied Materials Announces Third Quarter 2024 Results

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
 
(In millions)

Three Months Ended Nine Months Ended
July 28,
2024
 July 30,
2023
July 28,
2024
 July 30,
2023
Cash flows from operating activities:       
Net income$1,705  $1,560  $5,446  $4,852 
Adjustments required to reconcile net income to cash provided by operating activities:       
Depreciation and amortization 95   136   282   385 
Share-based compensation 132   114   436   375 
Deferred income taxes (179)  (38)  (385)  (174)
Other 48      15       (199 )     189  
Net change in operating assets and liabilities   584       796       522       1,518  
Cash provided by operating activities   2,385       2,583       6,102       7,145  
Cash flows from investing activities:              
Capital expenditures   (297 )     (255 )     (783 )     (797 )
Cash paid for acquisitions, net of cash acquired         (7 )           (25 )
Proceeds from sales and maturities of investments   382       302       1,495       971  
Purchases of investments   (745 )     (465 )     (1,968 )     (1,195 )
Cash used in investing activities   (660 )     (425 )     (1,256 )     (1,046 )
Cash flows from financing activities:              
Debt borrowings, net of issuance costs   694             694        
Proceeds from issuance of commercial paper   100       297       300       892  
Repayments of commercial paper   (100 )     (300 )     (300 )     (700 )
Proceeds from common stock issuances               119       111  
Common stock repurchases   (861 )     (439 )     (2,381 )     (1,489 )
Tax withholding payments for vested equity awards   (25 )     (11 )     (258 )     (165 )
Payments of dividends to stockholders   (331 )     (268 )     (863 )     (707 )
Repayments of principal on finance leases   1       1       (12 )     (8 )
Cash used in financing activities   (522 )     (720 )     (2,701 )     (2,066 )
Increase (decrease) in cash, cash equivalents and restricted cash equivalents   1,203       1,438       2,145       4,033  
Cash, cash equivalents and restricted cash equivalents—beginning of period   7,175       4,695       6,233       2,100  
Cash, cash equivalents and restricted cash equivalents — end of period $ 8,378     $ 6,133     $ 8,378     $ 6,133  
               
Reconciliation of cash, cash equivalents, and restricted cash equivalents              
Cash and cash equivalents $ 8,288     $ 6,025     $ 8,288     $ 6,025  
Restricted cash equivalents included in deferred income taxes and other assets   90       108       90       108  
Total cash, cash equivalents, and restricted cash equivalents $ 8,378     $ 6,133     $ 8,378     $ 6,133  
               
Supplemental cash flow information:              
Cash payments for income taxes $ 213     $ 197     $ 819     $ 418  
Cash refunds from income taxes $ 2     $     $ 7     $ 51  
Cash payments for interest $ 35     $ 35     $ 137     $ 137  

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