A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

Business Outlook

In the first quarter of fiscal 2025, Applied expects net revenue to be approximately $7.15 billion, plus or minus $400 million. Non-GAAP diluted EPS is expected to be approximately $2.29, plus or minus $0.18.

This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.09 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

Fourth Quarter and Fiscal Year Reportable Segment Information

Effective in the first quarter of fiscal 2024, management began including share-based compensation expense in the evaluation of reportable segments' performance. Prior-year numbers have been recast to conform to the current-year presentation.

Semiconductor Systems	Q4 FY2024				Q4 FY2023				FY2024				FY2023
	(In millions, except percentages)
Net revenue	$	5,177			$	4,883			$	19,911			$	19,698
Foundry, logic and other		73	%			69	%			68	%			77	%
DRAM		23	%			27	%			28	%			17	%
Flash memory		4	%			4	%			4	%			6	%
Operating income	$	1,824			$	1,741			$	6,981			$	6,879
Operating margin		35.2	%			35.7	%			35.1	%			34.9	%
Non-GAAP Results
Non-GAAP operating income	$	1,834			$	1,751			$	7,021			$	6,918
Non-GAAP operating margin		35.4	%			35.9	%			35.3	%			35.1	%

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