Applied Materials Delivers Strong Year-On-Year Growth in

Applied Materials Delivers Strong Year-On-Year Growth in Quarterly Revenue and Earnings Per Share

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)	April 29, 2018		October 29, 2017
ASSETS
Current assets:
Cash and cash equivalents	$	4,870	$	5,010
Short-term investments	482		2,266
Accounts receivable, net	2,665		2,338
Inventories	3,494		2,930
Other current assets	380		374
Total current assets	11,891		12,918
Long-term investments	1,214		1,143
Property, plant and equipment, net	1,257		1,066
Goodwill	3,368		3,368
Purchased technology and other intangible assets, net	313		412
Deferred income taxes and other assets	455		512
Total assets	$	18,498	$	19,419
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	2,619	$	2,450
Customer deposits and deferred revenue	1,961		1,665
Total current liabilities	4,580		4,115
Income taxes payable	1,282		392
Long-term debt	5,306		5,304
Other liabilities	288		259
Total liabilities	11,456		10,070
Total stockholders’ equity	7,042		9,349
Total liabilities and stockholders’ equity	$	18,498	$	19,419

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

(In millions)	Three Months Ended						Six Months Ended
(In millions)	April 29, 2018			April 30, 2017			April 29, 2018			April 30, 2017
Cash flows from operating activities:
Net income	$	1,129		$	824		$	1,264		$	1,527
Adjustments required to reconcile net income to cash provided by operating activities:
Depreciation and amortization	108			103			227			200
Share-based compensation	64			53			129			107
Deferred income taxes	45			(16		)	86			9
Other	11			—			11			9
Net change in operating assets and liabilities	(746		)	(53		)	360			(149		)
Cash provided by operating activities	611			911			2,077			1,703
Cash flows from investing activities:
Capital expenditures	(121		)	(77		)	(324		)	(141		)
Cash paid for acquisitions, net of cash acquired	—			(26		)	(5		)	(26		)
Proceeds from sales and maturities of investments	488			601			2,432			887
Purchases of investments	(345		)	(1,779		)	(729		)	(2,368		)
Cash provided by (used in) investing activities	22			(1,281		)	1,374			(1,648		)
Cash flows from financing activities:
Debt borrowings, net of issuance costs	—			2,176			—			2,176
Proceeds from common stock issuances and others	56			46			56			46
Common stock repurchases	(2,500		)	(282		)	(3,282		)	(412		)
Tax withholding payments for vested equity awards	(13		)	(9		)	(154		)	(111		)
Payments of dividends to stockholders	(105		)	(108		)	(211		)	(216		)
Cash provided by (used in) financing activities	(2,562		)	1,823			(3,591		)	1,483
Increase (decrease) in cash and cash equivalents	(1,929		)	1,453			(140		)	1,538
Cash and cash equivalents — beginning of period	6,799			3,491			5,010			3,406
Cash and cash equivalents — end of period	$	4,870		$	4,944		$	4,870		$	4,944
Supplemental cash flow information:
Cash payments for income taxes	$	139		$	30		$	217		$	65
Cash refunds from income taxes	$	1		$	6		$	41		$	8
Cash payments for interest	$	76		$	41		$	110		$	75

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