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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2023
or

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                 
Commission File Number 000-06920
Applied Materials, Inc.
(Exact name of registrant as specified in its charter) 
Delaware94-1655526
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
3050 Bowers Avenue
P.O. Box 58039
Santa Clara, California 95052-8039
(Address of principal executive offices)

(408727-5555
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $.01 per shareAMATThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes          No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes          No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes          No  
Number of shares outstanding of the issuer’s common stock as of April 30, 2023: 839,747,415



Table of Contents
APPLIED MATERIALS, INC.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2023
TABLE OF CONTENTS
 
  Page
PART I. FINANCIAL INFORMATION
Item 1:
Item 2:
Item 3:
Item 4:
PART II. OTHER INFORMATION
Item 1:
Item 1A:
Item 2:
Item 3:
Item 4:
Item 5:
Item 6:



Table of Contents
PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Three Months EndedSix Months Ended
April 30,
2023
May 1,
2022
April 30,
2023
May 1,
2022
(Unaudited)
Net sales$6,630 $6,245 $13,369 $12,516 
Cost of products sold3,536 3,318 7,130 6,630 
Gross profit3,094 2,927 6,239 5,886 
Operating expenses:
Research, development and engineering775 686 1,546 1,340 
Marketing and selling194 173 391 340 
General and administrative214 174 421 340 
Severance and related charges   (4)
Total operating expenses1,183 1,033 2,358 2,016 
Income from operations1,911 1,894 3,881 3,870 
Interest expense61 58 120 115 
Interest and other income (expense), net(73)28 (23)34 
Income before income taxes1,777 1,864 3,738 3,789 
Provision for income taxes202 328 446 461 
Net income$1,575 $1,536 $3,292 $3,328 
Earnings per share:
Basic$1.87 $1.75 $3.90 $3.77 
Diluted$1.86 $1.74 $3.88 $3.74 
Weighted average number of shares:
Basic843 878 844 883 
Diluted847 883 848 890 
See accompanying Notes to Consolidated Condensed Financial Statements.
3

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APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Three Months EndedSix Months Ended
April 30,
2023
May 1,
2022
April 30,
2023
May 1,
2022
(Unaudited)
Net income$1,575 $1,536 $3,292 $3,328 
Other comprehensive income (loss), net of tax:
Change in unrealized gain (loss) on available-for-sale investments5 (33)28 (48)
Change in unrealized net loss on derivative instruments(5)36 (61)33 
Other comprehensive income (loss), net of tax 3 (33)(15)
Comprehensive income$1,575 $1,539 $3,259 $3,313 
See accompanying Notes to Consolidated Condensed Financial Statements.
4

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APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions)
April 30,
2023
October 30,
2022
 
ASSETS
Current assets:
Cash and cash equivalents$4,588 $1,995 
Short-term investments510 586 
Accounts receivable, net5,516 6,068 
Inventories5,940 5,932 
Other current assets1,219 1,344 
Total current assets17,773 15,925 
Long-term investments2,024 1,980 
Property, plant and equipment, net2,559 2,307 
Goodwill3,711 3,700 
Purchased technology and other intangible assets, net328 339 
Deferred income taxes and other assets2,697 2,475 
Total assets$29,092 $26,726 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt$199 $ 
Accounts payable and accrued expenses4,299 4,237 
Contract liabilities3,373 3,142 
Total current liabilities7,871 7,379 
Long-term debt5,459 5,457 
Income taxes payable822 964 
Other liabilities811 732 
Total liabilities14,963 14,532 
Stockholders’ equity:
Common stock8 8 
Additional paid-in capital8,811 8,593 
Retained earnings40,696 37,892 
Treasury stock(35,151)(34,097)
Accumulated other comprehensive loss(235)(202)
Total stockholders’ equity14,129 12,194 
Total liabilities and stockholders’ equity$29,092 $26,726 
Amounts as of April 30, 2023 are unaudited. Amounts as of October 30, 2022 are derived from the October 30, 2022 audited consolidated financial statements.
See accompanying Notes to Consolidated Condensed Financial Statements.
5

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APPLIED MATERIALS, INC
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions)

Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
Total
Three Months Ended April 30, 2023SharesAmountSharesAmount
(Unaudited)
Balance as of January 29, 2023845 $8 $8,605 $39,389 1,175 $(34,347)$(235)$13,420 
Net income— — — 1,575 — — — 1,575 
Dividends declared ($0.32 per common share)
— — — (268)— — — (268)
Share-based compensation— — 113 — — — — 113 
Issuance under stock plans2 — 93 — — — — 93 
Common stock repurchases(7)— — — 7 (804)— (804)
Balance as of April 30, 2023840 $8 $8,811 $40,696 1,182 $(35,151)$(235)$14,129 

Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
Total
Six Months Ended April 30, 2023SharesAmountSharesAmount
(Unaudited)
Balance as of October 30, 2022844 $8 $8,593 $37,892 1,173 $(34,097)$(202)$12,194 
Net income— — — 3,292 — — — 3,292 
Other comprehensive income (loss), net of tax— — — — — — (33)(33)
Dividends declared ($0.58 per common share)
— — — (488)— — — (488)
Share-based compensation— — 261 — — — — 261 
Issuance under stock plans5 — (43)— — — — (43)
Common stock repurchases(9) — — 9 (1,054)— (1,054)
Balance as of April 30, 2023840 $8 $8,811 $40,696 1,182 $(35,151)$(235)$14,129 

6

Table of Contents
APPLIED MATERIALS, INC
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Continued)
(In millions)

Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
Total
Three Months Ended May 1, 2022SharesAmountSharesAmount
(Unaudited)
Balance as of January 30, 2022883 $9 $8,130 $33,827 1,131 $(29,798)$(278)$11,890 
Net income— — — 1,536 — — — 1,536 
Other comprehensive income (loss), net of tax— — — — — — 3 3 
Dividends declared ($0.26 per common share)
— — — (226)— — — (226)
Share-based compensation— — 101 — — — — 101 
Issuance under stock plans1 — 75 — — — — 75 
Common stock repurchases(15)— — — 15 (1,800)— (1,800)
Balance as of May 1, 2022869 $9 $8,306 $35,137 1,146 $(31,598)$(275)$11,579 


Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
Total
Six Months Ended May 1, 2022SharesAmountSharesAmount
(Unaudited)
Balance as of October 31, 2021892 $9 $8,247 $32,246 1,119 $(27,995)$(260)$12,247 
Net income— — — 3,328 — — — 3,328 
Other comprehensive income (loss), net of tax— — — — — — (15)(15)
Dividends declared ($0.50 per common share)
— — — (437)— — — (437)
Share-based compensation— — 219 — — — — 219 
Issuance under stock plans4 — (160)— — — — (160)
Common stock repurchases(27)— — — 27 (3,603)— (3,603)
Balance as of May 1, 2022869 $9 $8,306 $35,137 1,146 $(31,598)$(275)$11,579 

See accompanying Notes to Consolidated Condensed Financial Statements.


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Table of Contents
APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
Six Months Ended
April 30, 2023May 1, 2022
(Unaudited)
Cash flows from operating activities:
Net income$3,292 $3,328 
Adjustments required to reconcile net income to cash provided by operating activities:
Depreciation and amortization249 213 
Severance and related charges (4)
Share-based compensation261 219 
Deferred income taxes(136)(256)
Other174 (8)
Changes in operating assets and liabilities:
Accounts receivable552 70 
Inventories(8)(700)
Other current and non-current assets113 (30)
Accounts payable and accrued expenses(613)(140)
Contract liabilities231 514 
Income taxes payable396 (167)
Other liabilities51 34 
Cash provided by operating activities4,562 3,073 
Cash flows from investing activities:
Capital expenditures(542)(354)
Cash paid for acquisitions, net of cash acquired(18) 
Proceeds from sales and maturities of investments669 639 
Purchases of investments(730)(836)
Cash used in investing activities(621)(551)
Cash flows from financing activities:
Proceeds from commercial paper595  
Repayments of commercial paper(400) 
Proceeds from common stock issuances 111 96 
Common stock repurchases(1,050)(3,603)
Tax withholding payments for vested equity awards(154)(256)
Payments of dividends to stockholders(439)(425)
Repayments of principal on finance leases(9) 
Cash used in financing activities(1,346)(4,188)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents2,595 (1,666)
Cash, cash equivalents and restricted cash equivalents — beginning of period2,100 5,101 
Cash, cash equivalents and restricted cash equivalents — end of period$4,695 $3,435 
Reconciliation of cash, cash equivalents and restricted cash equivalents
Cash and cash equivalents$4,588 $3,331 
Restricted cash equivalents included in deferred income taxes and other assets107 104 
Total cash, cash equivalents and restricted cash equivalents$4,695 $3,435 
Supplemental cash flow information:
Cash payments for income taxes$221 $1,031 
Cash refunds from income taxes$51 $128 
Cash payments for interest$102 $102 
See accompanying Notes to Consolidated Condensed Financial Statements.
8

Table of Contents
APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Note 1    Basis of Presentation
Basis of Presentation
In the opinion of our management, the unaudited interim consolidated condensed financial statements of Applied Materials, Inc. and its subsidiaries (we, us, and our) included herein have been prepared on a basis consistent with the October 30, 2022 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly state the information set forth therein. These unaudited interim consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 30, 2022 (2022 Form 10-K).
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. Our results of operations for the three and six months ended April 30, 2023 are not necessarily indicative of future operating results. Our fiscal year ends on the last Sunday in October of each year. Fiscal 2023 and 2022 contain 52 weeks each and the first six months of fiscal 2023 and 2022 each contained 26 weeks.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
Disclosures by Business Entities about Government Assistance. In November 2021, the Financial Accounting Standard Board (FASB) issued an accounting standard update which requires annual disclosures related to certain government assistance received by business entities (Topic 832) including (1) the types of assistance, (2) the entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. This authoritative guidance is effective for us in our fiscal 2023 Form 10-K. The adoption of this authoritative guidance is not expected to have a significant impact to our financial results and only impacts the disclosures in our notes to consolidated financial statements.
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. In June 2022, the FASB issued an accounting standard update which clarifies how the fair value of equity securities subject to contractual sale restrictions is determined (Topic 820). The amendment clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires certain qualitative and quantitative disclosures related to equity securities subject to contractual sale restrictions. This authoritative guidance will be effective for us in the first quarter of fiscal 2025, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated condensed financial statements.
Contract Assets and Contract Liabilities from Revenue Contracts with Customers in a Business Combination. In October 2021, the FASB issued an accounting standard update to improve the accounting for contract assets and contract liabilities from revenue contracts with customers in a business combination (Topic 805). This amendment improves comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. This authoritative guidance will be effective for us in the first quarter of fiscal 2024, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated condensed financial statements.

9


APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - (Continued)

Note 2      Earnings Per Share
Basic earnings per share is determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined using the weighted average number of common shares and potential common shares (representing the dilutive effect of restricted stock units and employee stock purchase plan shares) outstanding during the period. Our net income has not been adjusted for any period presented for purposes of computing basic or diluted earnings per share due to our non-complex capital structure.
 
Three Months EndedSix Months Ended
April 30,
2023
May 1,
2022
April 30,
2023
May 1,
2022
 (In millions, except per share amounts)
Numerator:
Net income $1,575 $1,536 $3,292 $3,328 
Denominator:
Weighted average common shares outstanding843 878 844 883 
Effect of weighted dilutive restricted stock units and employee stock purchase plan shares4 5 4 7 
Denominator for diluted earnings per share847 883 848 890 
Basic earnings per share$1.87 $1.75 $3.90 $3.77 
Diluted earnings per share$1.86 $1.74 $3.88 $3.74 
Potentially weighted dilutive securities2 3 2  
Potentially weighted dilutive securities attributable to outstanding restricted stock units are excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value are greater than the average market price of our common stock, and therefore their inclusion would be anti-dilutive.
10


APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - (Continued)

Note 3      Cash, Cash Equivalents and Investments
Summary of Cash, Cash Equivalents and Investments
The following tables summarize our cash, cash equivalents and investments by security type:
 
April 30, 2023CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (In millions)
Cash$1,429 $— $— $1,429 
Cash equivalents:
Money market funds*
2,309 — — 2,309 
Commercial paper, corporate bonds and medium-term notes850 — — 850 
Total Cash equivalents3,159 — — 3,159 
Total Cash and Cash equivalents$4,588 $— $— $4,588 
Short-term and long-term investments:
Bank certificates of deposit and time deposits$11 $ $ $11 
U.S. Treasury and agency securities430  8 422 
Non-U.S. government securities**
7   7 
Municipal securities430 1 9 422 
Commercial paper, corporate bonds and medium-term notes572 1 13 560 
Asset-backed and mortgage-backed securities436  13 423 
Total fixed income securities1,886 2 43 1,845 
Publicly traded equity securities80 42 13 109 
Equity investments in privately-held companies510 78 8 580 
Total equity investments590 120 21 689 
Total short-term and long-term investments$2,476 $122 $64 $2,534 
Total Cash, Cash equivalents and Investments$7,064 $122 $64 $7,122 
_________________________
*Excludes restricted cash equivalents invested in money market funds related to deferred compensation plans
**Includes Canadian provincial government debt
11


APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - (Continued)

October 30, 2022CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (In millions)
Cash$1,199 $— $— $1,199 
Cash equivalents:
Money market funds*
660 — — 660 
U.S. Treasury and agency securities4 — — 4 
Municipal securities13 — — 13 
Commercial paper, corporate bonds and medium-term notes119 — — 119 
Total Cash equivalents796 — — 796 
Total Cash and Cash equivalents$1,995 $— $— $1,995 
Short-term and long-term investments:
Bank certificates of deposit$7 $ $ $7 
U.S. Treasury and agency securities435  13 422 
Non-U.S. government securities**
7  1 6 
Municipal securities389  16 373 
Commercial paper, corporate bonds and medium-term notes595  21 574 
Asset-backed and mortgage-backed securities432  19 413 
Total fixed income securities1,865  70 1,795 
Publicly traded equity securities85 63 26 122 
Equity investments in privately-held companies567 86 4 649 
Total equity investments652 149 30 771 
Total short-term and long-term investments$2,517 $149 $100 $2,566 
Total Cash, Cash equivalents and Investments$4,512 $149 $100 $4,561 
 _________________________
*Excludes restricted cash equivalents invested in money market funds related to deferred compensation plans
**Includes Canadian provincial government debt
 
Maturities of Investments
The following table summarizes the contractual maturities of our investments as of April 30, 2023:
 
CostEstimated
Fair Value
 (In millions)
Due in one year or less$487 $482 
Due after one through five years964 941 
No single maturity date**1,025 1,111 
Total$2,476 $2,534 
 _________________________
** Securities with no single maturity date include publicly-traded and privately-held equity securities and asset-backed and mortgage-backed securities.

12


APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - (Continued)

Gains and Losses on Investments
During the three and six months ended April 30, 2023 and May 1, 2022 gross realized gains and losses on debt investment portfolio were not material.
As of April 30, 2023 and October 30, 2022, gross unrealized losses related to our debt investment portfolio were not material. We regularly review our debt investment portfolio to identify and evaluate investments that have indications of possible impairment from credit losses or other factors. Factors considered in determining whether an unrealized loss is considered to be a credit loss include: the significance of the decline in value compared to the cost basis; the financial condition; credit quality and near-term prospects of the investee; and whether it is more likely than not that we will be required to sell the security prior to recovery. Credit losses related to available-for-sale debt securities are recorded as an allowance for credit losses through interest and other income (expense), net. Any additional changes in fair value that are not related to credit losses are recognized in accumulated other comprehensive income. During the three and six months ended April 30, 2023 and May 1, 2022, we did not recognize material credit losses and the ending allowance for credit losses was not material to our debt investment portfolio.
The components of gain (loss) on equity investments for the three and six months ended April 30, 2023 and May 1, 2022 were as follows:
Three Months EndedSix Months Ended
April 30,
2023
May 1,
2022
April 30,
2023
May 1,
2022
 (In millions)
Publicly traded equity securities
Unrealized gain $1 $17 $19 $18 
Unrealized loss(11)(2)(27)(10)
Realized gain on sales1  1 2 
Realized loss on sales(1) (2) 
Equity investments in privately-held companies
Unrealized gain8 13 12 25