Applied Materials Q3 2024 10-Q Filing

Ticker: AMAT · Form: 10-Q · Filed: 2024-08-22T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, semiconductor, financials

Related Tickers: AMAT

TL;DR

AMAT's Q3 2024 10-Q is in. Check financials for semiconductor equipment giant.

AI Summary

Applied Materials Inc. (AMAT) filed its 10-Q for the period ending July 28, 2024. The company reported financial results for its third quarter of fiscal year 2024. Key financial data and operational details are presented in this filing, reflecting the company's performance in the semiconductor equipment manufacturing sector.

Why It Matters

This filing provides investors and analysts 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: medium — The semiconductor industry is subject to cyclical demand, geopolitical risks, and rapid technological changes, all of which can impact Applied Materials' financial performance.

Key Players & Entities

FAQ

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

The Conformed Period of Report is 20240728, indicating the period ending July 28, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on 20240822.

What is the company's primary industry classification?

The company is classified under SEMICONDUCTORS & RELATED DEVICES [3674].

What is the company's fiscal year end?

The company's fiscal year ends on 1027.

What is the company's SEC file number?

The SEC file number for Applied Materials Inc. is 000-06920.

Filing Stats: 4,883 words · 20 min read · ~16 pages · Grade level 18 · Accepted 2024-08-22 16:01:13

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 Nine Months Ended July 28, 2024 and July 30, 2023 3 C onsolidated Condensed Statements of Comprehensive Income for the Three and Nine Months Ended July 28, 2024 and July 30, 2023 4 Consolidated Condensed Balance Sheets as of July 28, 2024 and October 29, 20 23 5 Consolidated Condensed Statements of Stockholders' Equity for the Three and Nine Months Ended July 28, 2024 and July 30, 2023 6 Consolidated Condensed Statements of Cash Flows for the Nine Months Ended July 28, 2024 and July 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 Nine Months Ended July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 (Unaudited) Net revenue $ 6,778 $ 6,425 $ 20,131 $ 19,794 Cost of products sold 3,573 3,449 10,569 10,579 Gross profit 3,205 2,976 9,562 9,215 Operating expenses: Research, development and engineering 836 767 2,375 2,313 Marketing and selling 205 193 621 584 General and administrative 222 214 745 635 Total operating expenses 1,263 1,174 3,741 3,532 Income from operations 1,942 1,802 5,821 5,683 Interest expense 63 60 181 180 Interest and other income (expense), net 81 64 617 41 Income before income taxes 1,960 1,806 6,257 5,544 Provision for income taxes 255 246 811 692 Net income $ 1,705 $ 1,560 $ 5,446 $ 4,852 Earnings per share: Basic $ 2.06 $ 1.86 $ 6.57 $ 5.76 Diluted $ 2.05 $ 1.85 $ 6.52 $ 5.73 Weighted average number of shares: Basic 826 838 829 842 Diluted 833 843 835 846 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 Nine Months Ended July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 (Unaudited) Net income $ 1,705 $ 1,560 $ 5,446 $ 4,852 Other comprehensive income (loss), net of tax: Change in unrealized gain (loss) on available-for-sale investments 18 ( 3 ) 36 25 Change in unrealized net loss on derivative instruments 8 15 44 ( 46 ) Change in defined and postretirement benefit plans — — ( 9 ) — Other comprehensive income (loss), net of tax 26 12 71 ( 21 ) Comprehensive income $ 1,731 $ 1,572 $ 5,517 $ 4,831 See accompanying Notes to Consolidated Condensed Financial Statements. 4 Table of Contents APPLIED MATERIALS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In millions) July 28, 2024 October 29, 2023

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