Applied Materials Announces First Quarter 2020 Results




 APPLIED MATERIALS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS

 Three Months Ended
(In millions, except percentages)January 26,
2020
 January 27,
2019
Non-GAAP Adjusted Gross Profit   
Reported gross profit - GAAP basis$1,858  $1,665 
Certain items associated with acquisitions19  10 
Non-GAAP adjusted gross profit$1,867  $1,675 
Non-GAAP adjusted gross margin44.9 % 44.6 %
Non-GAAP Adjusted Operating Income   
Reported operating income - GAAP basis$1,042  $908 
Certain items associated with acquisitions113  14 
Acquisition integration and deal costs13  3 
Non-GAAP adjusted operating income$1,068  $925 
Non-GAAP adjusted operating margin25.7 % 24.6 %
Non-GAAP Adjusted Net Income   
Reported net income - GAAP basis$892  $771 
Certain items associated with acquisitions113  14 
Acquisition integration and deal costs13  3 
Impairment (gain on sale) of strategic investments, net 2     (2 )
Loss (gain) on strategic investments, net 2     (10 )
Income tax effect of share-based compensation 2 (33 )   (5 )
Income tax effect of changes in applicable U.S. tax laws 3     (24 )
Income tax effects related to amortization of intra-entity intangible asset transfers 21     (28 )
Resolution of prior years’ income tax filings and other tax items (1 )   59  
Income tax effect of non-GAAP adjustments 4 (5 )   1  
Non-GAAP adjusted net income $ 904     $ 779  

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