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
(In millions)	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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