Applied Materials Inc. Files 10-Q for Period Ending January 28, 2024

TL;DR

<b>Applied Materials Inc. filed its Q1 2024 10-Q report, detailing financial positions and asset information as of January 28, 2024.</b>

AI Summary

APPLIED MATERIALS INC /DE (AMAT) filed a Quarterly Report (10-Q) with the SEC on February 27, 2024. Filed a 10-Q report for the period ending January 28, 2024. The company's fiscal year ends on October 27. Reported financial data for periods including January 28, 2024, October 29, 2023, and January 29, 2023. Includes details on common stock, additional paid-in capital, retained earnings, treasury stock, and accumulated other comprehensive income. Provides information on assets including buildings, improvements, and equipment, with service life data.

Why It Matters

For investors and stakeholders tracking APPLIED MATERIALS INC /DE, this filing contains several important signals. This filing provides a snapshot of Applied Materials' financial health and asset composition at the end of its first fiscal quarter of 2024. Investors and analysts can use this report to assess the company's financial performance, asset management, and equity structure compared to previous periods.

Risk Assessment

Risk Level: low — APPLIED MATERIALS INC /DE shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and asset breakdowns in the 10-Q to understand Applied Materials' current financial standing and operational capacity.

Key Numbers

• 2024-01-28 — Period End Date (Conformed Period of Report)
• 2024-02-27 — Filing Date (Filed as of Date)
• 1027 — Fiscal Year End (Fiscal Year End)
• 3674 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• APPLIED MATERIALS INC /DE (company) — Filer
• 0000006951 (company) — Central Index Key
• 2024-01-28 (date) — Conformed Period of Report
• 2024-02-27 (date) — Filed as of Date
• 3050 BOWERS AVE (address) — Business Address
• SANTA CLARA (location) — Business Address City
• CA (location) — Business Address State
• 95054-3299 (postal_code) — Business Address Zip

FAQ

Industry Context

Applied Materials operates in the semiconductor equipment manufacturing industry, a critical sector for global technology.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Review disclosures related to property, plant, and equipment, including service life.
3. Compare key financial metrics with previous quarterly filings to identify trends.

Key Dates

• 2024-01-28: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-02-27: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year ending October 27, 2024, providing the first set of quarterly financial data for this fiscal year.

Filing Documents

• amat-20240128.htm (10-Q) — 1720KB
• exhibit101.htm (EX-10.1) — 40KB
• ex311_amatq12024.htm (EX-31.1) — 8KB
• ex312_amatq12024.htm (EX-31.2) — 8KB
• ex321_amatq12024for10-q.htm (EX-32.1) — 4KB
• ex322_amatq12024for10-q.htm (EX-32.2) — 4KB
• amat-20240128_g1.jpg (GRAPHIC) — 6KB
• 0000006951-24-000012.txt (&nbsp;) — 10033KB
• amat-20240128.xsd (EX-101.SCH) — 65KB
• amat-20240128_cal.xml (EX-101.CAL) — 129KB
• amat-20240128_def.xml (EX-101.DEF) — 287KB
• amat-20240128_lab.xml (EX-101.LAB) — 859KB
• amat-20240128_pre.xml (EX-101.PRE) — 557KB
• amat-20240128_htm.xml (XML) — 1786KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: Financial Statements (Unaudited)

Item 1: Financial Statements (Unaudited) 3 Consolidated Condensed Statements of Operations for the Three Months Ended January 28, 2024 and J anuary 29, 2023 3 C onsolidated Condensed Statements of Comprehensive Income for the Three Months Ended J anuary 28, 2024 and J anuary 29, 202 3 4 Consolidated Condensed Balance Sheets as of J anuary 28, 2024 and October 29 , 20 23 5 Consolidated Condensed Statements of Stockholders' Equity for the Three Months Ended J anuary 28, 2024 and January 29, 2023 6 Consolidated Condensed Statements of Cash Flows for the T hree Months Ended J anuary 28, 2024 and January 29, 2023 7 Notes to Consolidated Condensed Financial Statements 8

: Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 31

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 43

: Controls and Procedures

Item 4: Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 45

: Risk Factors

Item 1A: Risk Factors 46

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 60

: Default Upon Senior Securities

Item 3: Default Upon Senior Securities 60

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 60

: Other Information

Item 5: Other Information 60

: Exhibits

Item 6: Exhibits 61

Signatures

Signatures 62 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements APPLIED MATERIALS, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (In millions, except per share amounts) Three Months Ended January 28, 2024 January 29, 2023 (Unaudited) Net revenue $ 6,707 $ 6,739 Cost of products sold 3,503 3,594 Gross profit 3,204 3,145 Operating expenses: Research, development and engineering 754 771 Marketing and selling 207 197 General and administrative 276 207 Total operating expenses 1,237 1,175 Income from operations 1,967 1,970 Interest expense 59 59 Interest and other income (expense), net 395 50 Income before income taxes 2,303 1,961 Provision for income taxes 284 244 Net income $ 2,019 $ 1,717 Earnings per share: Basic $ 2.43 $ 2.03 Diluted $ 2.41 $ 2.02 Weighted average number of shares: Basic 831 845 Diluted 837 849 See accompanying Notes to Consolidated Condensed Financial Statements. 3 Table of Contents APPLIED MATERIALS, INC. CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Three Months Ended January 28, 2024 January 29, 2023 (Unaudited) Net income $ 2,019 $ 1,717 Other comprehensive income (loss), net of tax: Change in unrealized gain (loss) on available-for-sale investments 27 23 Change in unrealized net loss on derivative instruments 33 ( 56 ) Change in defined and postretirement benefit plans ( 9 ) — Other comprehensive income (loss), net of tax 51 ( 33 ) Comprehensive income $ 2,070 $ 1,684 See accompanying Notes to Consolidated Condensed Financial Statements. 4 Table of Contents APPLIED MATERIALS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In millions) January 28, 2024 October 29, 2023 ASSETS Current assets: Cash and cash equivalents $ 6,854 $ 6,132 Short-term investments 638 737 Accounts receivable, net 4,700 5,165 Inventories 5,646 5,725 Other current assets 1,344 1,388 Total current assets 19,182 19,147 Long-term investments 2,910 2,281 Property, plant and equipment, net 2,826 2,723 Goodwil