Applied Materials Delivers All-Time Record Performance


APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)	October 29, 2017		October 30, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	5,010	$	3,406
Short-term investments	2,266		343
Accounts receivable, net	2,338		2,279
Inventories	2,930		2,050
Other current assets	374		275
Total current assets	12,918		8,353
Long-term investments	1,143		929
Property, plant and equipment, net	1,066		937
Goodwill	3,368		3,316
Purchased technology and other intangible assets, net	412		575
Deferred income taxes and other assets¹	512		460
Total assets	$	19,419	$	14,570
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable, notes payable and accrued expenses	2,450		2,256
Customer deposits and deferred revenue	1,665		1,376
Total current liabilities	4,115		3,632
Long-term debt¹	5,304		3,125
Other liabilities	651		596
Total liabilities	10,070		7,353
Total stockholders’ equity	9,349		7,217
Total liabilities and stockholders’ equity	$	19,419	$	14,570

¹ Balances reflect the effects of the retrospective adoption of the authoritative guidance in the first quarter of fiscal 2017, which required debt issuance costs to be presented as a direct reduction from the carrying amount of the related debt liability. These amounts were originally recorded under Other Assets.


APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In millions)	Three Months Ended						Twelve Months Ended
(In millions)	October 29, 2017			October 30, 2016			October 29, 2017			October 30, 2016
Cash flows from operating activities:
Net income	$	982		$	610		$	3,434		$	1,721
Adjustments required to reconcile net income to cash provided by operating activities:
Depreciation and amortization	105			100			407			389
Share-based compensation	58			51			220			201
Excess tax benefits from share-based compensation	(4		)	(5		)	(55		)	(23		)
Deferred income taxes	(17		)	7			(11		)	21
Other	(24		)	18			(9		)	38
Net change in operating assets and liabilities	(401		)	16			(377		)	119
Cash provided by operating activities	699			797			3,609			2,466
Cash flows from investing activities:
Capital expenditures	(124		)	(88		)	(345		)	(253		)
Cash paid for acquisitions, net of cash acquired	(12		)	(11		)	(68		)	(16		)
Proceeds from sales and maturities of investments	921			553			2,743			1,234
Purchases of investments	(1,314		)	(443		)	(4,856		)	(1,390		)
Cash provided by (used in) investing activities	(529		)	11			(2,526		)	(425		)
Cash flows from financing activities:
Debt borrowings, net of issuance costs	—			—			2,176			—
Debt repayments	—			—			(205		)	(1,207		)
Proceeds from common stock issuances and others	50			44			97			88
Common stock repurchases	(385		)	(171		)	(1,172		)	(1,892		)
Excess tax benefits from share-based compensation	4			5			55			23
Payments of dividends to stockholders	(107		)	(108		)	(430		)	(444		)
Cash provided by (used in) financing activities	(438		)	(230		)	521			(3,432		)
Increase (decrease) in cash and cash equivalents	(268		)	578			1,604			(1,391		)
Cash and cash equivalents — beginning of period	5,278			2,828			3,406			4,797
Cash and cash equivalents — end of period	$	5,010		$	3,406		$	5,010		$	3,406
Supplemental cash flow information:
Cash payments for income taxes	$	26		$	13		$	194		$	157
Cash refunds from income taxes	$	44		$	9		$	61		$	113
Cash payments for interest	$	76		$	41		$	186		$	151

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