Applied Materials Files Q2 2024 10-Q

Ticker: AMAT · Form: 10-Q · Filed: 2024-05-23T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, earnings, semiconductors

Related Tickers: AMAT

TL;DR

**AMAT Q2 2024 10-Q FILED.**

AI Summary

Applied Materials Inc. reported its second quarter results for the fiscal year 2024, ending April 28, 2024. The company's filing indicates a fiscal year end of October 27, 2024. Key financial data and segment information are included in this 10-Q filing.

Why It Matters

This filing provides investors with the latest financial performance data for Applied Materials, a key player in the semiconductor industry, impacting supply chain and technology development.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not contain immediate, high-impact news.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The Conformed Period of Report is 20240428, indicating the quarter ending April 28, 2024.

When was this 10-Q filing submitted to the SEC?

The filing was submitted on 20240523.

What is the company's fiscal year end?

The company's fiscal year ends on 1027.

What is the primary business of Applied Materials Inc. /DE?

The Standard Industrial Classification (SIC) code indicates the company is in 'SEMICONDUCTORS & RELATED DEVICES [3674]'.

What is the company's main business address?

The business address is 3050 BOWERS AVE, SANTA CLARA, CA 95054-3299.

Filing Stats: 4,878 words · 20 min read · ~16 pages · Grade level 17.9 · Accepted 2024-05-23 16:01:55

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: Financial Statements (Unaudited)

Item 1: Financial Statements (Unaudited) 3 Consolidated Condensed Statements of Operations for the Three and Six Months Ended April 28, 2024 and A pril 30, 2023 3 C onsolidated Condensed Statements of Comprehensive Income for the Three and Six Months Ended April 28, 2024 and April 30 , 2023 4 Consolidated Condensed Balance Sheets as of April 28, 2024 and October 29, 20 23 5 Consolidated Condensed Statements of Stockholders' Equity for the Three and Six Months Ended Apr il 28, 2024 and April 30, 2023 6 Consolidated Condensed Statements of Cash Flows for the Six Months Ended April 28, 2024 and April 30, 2023 8 Notes to Consolidated Condensed Financial Statements 9

: 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 33

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 46

: Controls and Procedures

Item 4: Controls and Procedures 47

OTHER INFORMATION

PART II. OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 48

: Risk Factors

Item 1A: Risk Factors 49

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 63

: Default Upon Senior Securities

Item 3: Default Upon Senior Securities 63

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 63

: Other Information

Item 5: Other Information 63

: Exhibits

Item 6: Exhibits 64

Signatures

Signatures 65 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 Six Months Ended April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 (Unaudited) Net revenue $ 6,646 $ 6,630 $ 13,353 $ 13,369 Cost of products sold 3,493 3,536 6,996 7,130 Gross profit 3,153 3,094 6,357 6,239 Operating expenses: Research, development and engineering 785 775 1,539 1,546 Marketing and selling 209 194 416 391 General and administrative 247 214 523 421 Total operating expenses 1,241 1,183 2,478 2,358 Income from operations 1,912 1,911 3,879 3,881 Interest expense 59 61 118 120 Interest and other income (expense), net 141 ( 73 ) 536 ( 23 ) Income before income taxes 1,994 1,777 4,297 3,738 Provision for income taxes 272 202 556 446 Net income $ 1,722 $ 1,575 $ 3,741 $ 3,292 Earnings per share: Basic $ 2.08 $ 1.87 $ 4.50 $ 3.90 Diluted $ 2.06 $ 1.86 $ 4.47 $ 3.88 Weighted average number of shares: Basic 830 843 831 844 Diluted 836 847 837 848 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 Six Months Ended April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 (Unaudited) Net income $ 1,722 $ 1,575 $ 3,741 $ 3,292 Other comprehensive income (loss), net of tax: Change in unrealized gain (loss) on available-for-sale investments ( 9 ) 5 18 28 Change in unrealized net loss on derivative instruments 3 ( 5 ) 36 ( 61 ) Change in defined and postretirement benefit plans — — ( 9 ) — Other comprehensive income (loss), net of tax ( 6 ) — 45 ( 33 ) Comprehensive income $ 1,716 $ 1,575 $ 3,786 $ 3,259 See accompanying Notes to Consolidated Condensed Financial Statements. 4 Table of Contents APPLIED MATERIALS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In millions) April 28, 2024 O

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