Applied Materials Announces Third Quarter 2024 Results

APPLIED MATERIALS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

	Three Months Ended						Nine Months Ended
(In millions, except percentages)	July 28, 2024			July 30, 2023			July 28, 2024			July 30, 2023
Non-GAAP Gross Profit
GAAP reported gross profit	$	3,205		$	2,976		$	9,562		$	9,215
Certain items associated with acquisitions¹		6			7			20			21
Non-GAAP gross profit	$	3,211		$	2,983		$	9,582		$	9,236
Non-GAAP gross margin		47.4	%		46.4	%		47.6	%		46.7	%
Non-GAAP Operating Income
GAAP reported operating income	$	1,942		$	1,802		$	5,821		$	5,683
Certain items associated with acquisitions ¹		10			10			31			32
Acquisition integration and deal costs		1			6			9			20
Non-GAAP operating income	$	1,953		$	1,818		$	5,861		$	5,735
Non-GAAP operating margin		28.8	%		28.3	%		29.1	%		29.0	%
Non-GAAP Net Income
GAAP reported net income	$	1,705		$	1,560		$	5,446		$	4,852
Certain items associated with acquisitions ¹		10			10			31			32
Acquisition integration and deal costs		1			6			9			20
Realized loss (gain), dividends and impairments on strategic investments, net		16			(4	)		12			109
Unrealized loss (gain) on strategic investments, net		25			6			(275	)		13
Income tax effect of share-based compensation ²		8			5			(7	)		(6	)
Income tax effects related to intra-entity intangible asset transfers		17			9			57			25
Resolution of prior years’ income tax filings and other tax items		(11	)		10			22			(22	)
Income tax effect of non-GAAP adjustments ³		(4	)		(2	)		(2	)		(7	)
Non-GAAP net income	$	1,767		$	1,600		$	5,293		$	5,016

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