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Applied Materials Announces Fourth Quarter and Fiscal Year 2021 Results

·19-min read
  • Record annual revenue of $23.06 billion, up 34 percent year over year

  • Record annual GAAP operating margin of 29.9 percent, non-GAAP operating margin of 31.7 percent, GAAP EPS of $6.40 and non-GAAP EPS of $6.84

  • Quarterly revenue of $6.12 billion, up 31 percent year over year

  • Record quarterly GAAP operating margin of 32.9 percent, non-GAAP operating margin of 33.1 percent, GAAP EPS of $1.89 and non-GAAP EPS of $1.94

SANTA CLARA, Calif., Nov. 18, 2021 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its fourth quarter and fiscal year ended Oct. 31, 2021.

Fourth Quarter Results

Applied generated revenue of $6.12 billion, which was at the low end of the guidance range due to supply chain challenges. On a GAAP basis, the company recorded gross margin of 48.1 percent, operating income of $2.01 billion or 32.9 percent of net sales, and earnings per share (EPS) of $1.89.

On a non-GAAP adjusted basis, the company reported gross margin of 48.2 percent, operating income of $2.03 billion or 33.1 percent of net sales, and EPS of $1.94.

The company generated $1.15 billion in cash from operations and returned $1.72 billion to shareholders including $1.50 billion in share repurchases and $216 million in dividends.

Full Year Results

In fiscal 2021, Applied generated revenue of $23.06 billion. On a GAAP basis, the company recorded gross margin of 47.3 percent, operating income of $6.89 billion or 29.9 percent of net sales, and EPS of $6.40.

On a non-GAAP adjusted basis, the company reported gross margin of 47.5 percent, operating income of $7.32 billion or 31.7 percent of net sales, and EPS of $6.84.

The company generated a record $5.44 billion in cash from operations and returned $4.59 billion to shareholders including $3.75 billion in share repurchases and $838 million in dividends.

“Demand for semiconductors and equipment continues to grow as the pandemic accelerates digital transformation of the economy, and currently, our supply chain cannot keep up,” said Gary Dickerson, President and CEO. “We expect supply shortages of certain silicon components to persist in the near-term, and managing these constraints in partnership with our suppliers and chipmakers is our top priority.”

“Applied delivered strong growth in fiscal 2021, with overall orders up by 62 percent year over year and Semiconductor Systems orders up 78 percent,” said Bob Halliday, Senior Vice President and CFO. “The momentum continued as our Semiconductor Systems backlog increased during the fourth quarter from $5.5 billion to $6.7 billion, and we see this strength sustaining into 2022.”

Results Summary

Change

Q4 FY2021

Q4 FY2020

FY2021

FY2020

Q4 FY2021
vs.
Q4 FY2020

FY2021
vs.
FY2020

(In millions, except per share amounts and percentages)

Net sales

$

6,123

$

4,688

$

23,063

$

17,202

31%

34%

Gross margin

48.1

%

45.4

%

47.3

%

44.7

%

2.7 points

2.6 points

Operating margin

32.9

%

27.4

%

29.9

%

25.4

%

5.5 points

4.5 points

Net income

$

1,712

$

1,131

$

5,888

$

3,619

51%

63%

Diluted earnings per share

$

1.89

$

1.23

$

6.40

$

3.92

54%

63%

Non-GAAP Adjusted Results

Non-GAAP adjusted gross margin

48.2

%

45.7

%

47.5

%

45.1

%

2.5 points

2.4 points

Non-GAAP adjusted operating margin

33.1

%

28.3

%

31.7

%

26.3

%

4.8 points

5.4 points

Non-GAAP adjusted net income

$

1,756

$

1,148

$

6,287

$

3,845

53%

64%

Non-GAAP adjusted diluted EPS

$

1.94

$

1.25

$

6.84

$

4.17

55%

64%

A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of Non-GAAP Adjusted Financial Measures” section.

Business Outlook

In the first quarter of fiscal 2022, Applied expects net sales to be approximately $6.16 billion, plus or minus $250 million, which includes the expected impact of ongoing supply chain challenges. Non-GAAP adjusted diluted EPS is expected to be in the range of $1.78 to $1.92.

This outlook for non-GAAP adjusted diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and a net income tax benefit related to intra-entity intangible asset transfers of $0.02 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

Fourth Quarter Reportable Segment Information

Semiconductor Systems

Q4 FY2021

Q4 FY2020

FY2021

FY2020

(In millions, except percentages)

Net sales

$

4,307

$

3,070

$

16,286

$

11,367

Foundry, logic and other

63

%

58

%

60

%

59

%

DRAM

23

%

21

%

19

%

20

%

Flash memory

14

%

21

%

21

%

21

%

Operating income

$

1,723

$

1,059

6,311

3,714

Operating margin

40.0

%

34.5

%

38.8

%

32.7

%

Non-GAAP Adjusted Results

Non-GAAP adjusted operating income

$

1,732

$

1,073

$

6,362

$

3,778

Non-GAAP adjusted operating margin

40.2

%

35.0

%

39.1

%

33.2

%


Applied Global Services

Q4 FY2021

Q4 FY2020

FY2021

FY2020

(In millions, except percentages)

Net sales

$

1,369

$

1,106

$

5,013

$

4,155

Operating income

$

425

$

320

1,508

1,127

Operating margin

31.0

%

28.9

%

30.1

%

27.1

%

Non-GAAP Adjusted Results

Non-GAAP adjusted operating income

$

425

$

320

$

1,517

$

1,135

Non-GAAP adjusted operating margin

31.0

%

28.9

%

30.3

%

27.3

%

Display and Adjacent Markets

Q4 FY2021

Q4 FY2020

FY2021

FY2020

(In millions, except percentages)

Net sales

$

417

$

485

$

1,634

$

1,607

Operating income

$

85

$

95

314

291

Operating margin

20.4

%

19.6

%

19.2

%

18.1

%

Non-GAAP Adjusted Results

Non-GAAP adjusted operating income

$

86

$

98

$

327

$

304

Non-GAAP adjusted operating margin

20.6

%

20.2

%

20.0

%

18.9

%

Use of Non-GAAP Adjusted Financial Measures

Applied provides investors with certain non-GAAP adjusted financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; certain incremental expenses related to COVID-19; impairments of assets; gain or loss on strategic investments; loss on early extinguishment of debt; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

Management uses these non-GAAP adjusted financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied's ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Webcast Information

Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at www.appliedmaterials.com. A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

Forward-Looking Statements

This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, our business outlook for the first quarter of fiscal 2022 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products, our ability to meet customer demand, and our suppliers' ability to meet our demand requirements; transportation interruptions and logistics constraints; Lunar New Year and other holidays in the countries in which we operate; global economic and industry conditions; the effects of regional or global health epidemics, including the severity and duration of the ongoing COVID-19 pandemic; global trade issues and changes in trade and export license policies; consumer demand for electronic products; the demand for semiconductors; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; the concentrated nature of our customer base; acquisitions, investments and divestitures; changes in income tax laws; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations; and other risks and uncertainties described in our SEC filings, including our recent Forms 10-Q and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

Contact:

Ricky Gradwohl (editorial/media) 408.235.4676
Michael Sullivan (financial community) 408.986.7977

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended

Twelve Months Ended

(In millions, except per share amounts)

October 31,
2021

October 25,
2020

October 31,
2021

October 25,
2020

Net sales

$

6,123

$

4,688

$

23,063

$

17,202

Cost of products sold

3,178

2,558

12,149

9,510

Gross profit

2,945

2,130

10,914

7,692

Operating expenses:

Research, development and engineering

622

560

2,485

2,234

Marketing and selling

155

131

609

526

General and administrative

155

156

620

567

Severance and related charges

(1

)

157

Deal termination fee

154

Total operating expenses

931

847

4,025

3,327

Income from operations

2,014

1,283

6,889

4,365

Interest expense

57

59

236

240

Interest and other income, net

49

19

118

41

Income before income taxes

2,006

1,243

6,771

4,166

Provision for income taxes

294

112

883

547

Net income

$

1,712

$

1,131

$

5,888

$

3,619

Earnings per share:

Basic

$

1.91

$

1.24

$

6.47

$

3.95

Diluted

$

1.89

$

1.23

$

6.40

$

3.92

Weighted average number of shares:

Basic

898

914

910

916

Diluted

907

921

919

923

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)

October 31,
2021

October 25,
2020

ASSETS

Current assets:

Cash and cash equivalents

$

4,995

$

5,351

Short-term investments

464

387

Accounts receivable, net

4,953

2,963

Inventories

4,309

3,904

Other current assets

1,386

764

Total current assets

16,107

13,369

Long-term investments

2,055

1,538

Property, plant and equipment, net

1,934

1,604

Goodwill

3,479

3,466

Purchased technology and other intangible assets, net

104

153

Deferred income taxes and other assets

2,146

2,223

Total assets

$

25,825

$

22,353

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued expenses

$

4,268

$

3,138

Contract liabilities

2,076

1,321

Total current liabilities

6,344

4,459

Long-term debt

5,452

5,448

Income taxes payable

1,090

1,206

Other liabilities

692

662

Total liabilities

13,578

11,775

Total stockholders’ equity

12,247

10,578

Total liabilities and stockholders’ equity

$

25,825

$

22,353

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In millions)

Three Months Ended

Twelve Months Ended

October 31,
2021

October 25,
2020

October 31,
2021

October 25,
2020

Cash flows from operating activities:

Net income

$

1,712

$

1,131

$

5,888

$

3,619

Adjustments required to reconcile net income to cash provided by operating activities:

Depreciation and amortization

105

97

394

376

Severance and related charges

(1

)

148

Share-based compensation

74

73

346

307

Deferred income taxes

36

(18

)

80

80

Other

(40

)

5

(70

)

60

Net change in operating assets and liabilities

(738

)

27

(1,344

)

(638

)

Cash provided by operating activities

1,148

1,315

5,442

3,804

Cash flows from investing activities:

Capital expenditures

(206

)

(162

)

(668

)

(422

)

Cash paid for acquisitions, net of cash acquired

(12

)

(107

)

Proceeds from sales and maturities of investments

447

366

1,471

1,754

Purchases of investments

(828

)

(345

)

(2,007

)

(1,355

)

Cash used in investing activities

(587

)

(141

)

(1,216

)

(130

)

Cash flows from financing activities:

Debt borrowings, net of issuance costs

2,979

Debt repayments

(2,882

)

Proceeds from common stock issuances

89

83

175

174

Common stock repurchases

(1,500

)

(50

)

(3,750

)

(649

)

Tax withholding payments for vested equity awards

(7

)

(6

)

(178

)

(172

)

Payments of dividends to stockholders

(216

)

(200

)

(838

)

(787

)

Cash used in financing activities

(1,634

)

(173

)

(4,591

)

(1,337

)

Increase (decrease) in cash, cash equivalents and restricted cash equivalents

(1,073

)

1,001

(365

)

2,337

Cash, cash equivalents and restricted cash equivalents—beginning of period

6,174

4,465

5,466

3,129

Cash, cash equivalents and restricted cash equivalents — end of period

$

5,101

$

5,466

$

5,101

$

5,466

Reconciliation of cash, cash equivalents, and restricted cash equivalents

Cash and cash equivalents

$

4,995

$

5,351

$

4,995

$

5,351

Restricted cash equivalents included in deferred income taxes and other assets

106

115

106

115

Total cash, cash equivalents, and restricted cash equivalents

$

5,101

$

5,466

$

5,101

$

5,466

Supplemental cash flow information:

Cash payments for income taxes

$

210

$

23

$

851

$

542

Cash refunds from income taxes

$

1

$

63

$

27

$

68

Cash payments for interest

$

68

$

68

$

205

$

219

APPLIED MATERIALS, INC.
UNAUDITED SUPPLEMENTAL INFORMATION

Corporate and Other

(In millions)

Q4 FY2021

Q4 FY2020

FY2021

FY2020

Unallocated net sales

$

30

$

27

$

130

$

73

Unallocated cost of products sold and expenses

(176

)

(145

)

(725

)

(533

)

Share-based compensation

(74

)

(73

)

(346

)

(307

)

Severance and related charges

1

(149

)

Deal termination fee

(154

)

Total

$

(219

)

$

(191

)

$

(1,244

)

$

(767

)

Additional Information

Q4 FY2021

Q4 FY2020

FY2021

FY2020

Net Sales by Geography (In millions)

United States

$

673

$

448

$

2,038

$

1,619

% of Total

11

%

10

%

9

%

10

%

Europe

$

331

$

206

$

1,097

$

736

% of Total

5

%

4

%

5

%

4

%

Japan

$

613

$

706

$

1,962

$

1,996

% of Total

10

%

15

%

8

%

11

%

Korea

$

1,004

$

719

$

5,012

$

3,031

% of Total

17

%

15

%

22

%

18

%

Taiwan

$

1,240

$

872

$

4,742

$

3,953

% of Total

20

%

19

%

20

%

23

%

Southeast Asia

$

205

$

161

$

677

$

411

% of Total

3

%

3

%

3

%

2

%

China

$

2,057

$

1,576

$

7,535

$

5,456

% of Total

34

%

34

%

33

%

32

%

Employees (In thousands)

Regular Full Time

27.2

24.0

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

Three Months Ended

Twelve Months Ended

(In millions, except percentages)

October 31,
2021

October 25,
2020

October 31,
2021

October 25,
2020

Non-GAAP Adjusted Gross Profit

Reported gross profit - GAAP basis

$

2,945

$

2,130

$

10,914

$

7,692

Certain items associated with acquisitions1

6

12

27

37

Certain incremental expenses related to COVID-192

12

23

Other charges

2

Non-GAAP adjusted gross profit

$

2,951

$

2,142

$

10,955

$

7,752

Non-GAAP adjusted gross margin

48.2

%

45.7

%

47.5

%

45.1

%

Non-GAAP Adjusted Operating Income

Reported operating income - GAAP basis

$

2,014

$

1,283

$

6,889

$

4,365

Certain items associated with acquisitions1

11

16

47

54

Acquisition integration and deal costs

5

26

45

80

Certain incremental expenses related to COVID-192

24

30

Severance and related charges3

(1

)

157

Deal termination fee

154

Other charges

6

Non-GAAP adjusted operating income

$

2,029

$

1,325

$

7,322

$

4,529

Non-GAAP adjusted operating margin

33.1

%

28.3

%

31.7

%

26.3

%

Non-GAAP Adjusted Net Income

Reported net income - GAAP basis

$

1,712

$

1,131

$

5,888

$

3,619

Certain items associated with acquisitions1

11

16

47

54

Acquisition integration and deal costs

5

26

46

80

Certain incremental expenses related to COVID-192

24

30

Severance and related charges3

(1

)

157

Deal termination fee

154

Realized loss (gain) on strategic investments, net

(41

)

(43

)

(1

)

Unrealized loss (gain) on strategic investments, net

(11

)

(7

)

(56

)

(8

)

Loss on early extinguishment of debt

33

Other charges

6

Income tax effect of share-based compensation4

12

13

Income tax effects related to intra-entity intangible asset transfers

4

10

64

114

Resolution of prior years’ income tax filings and other tax items

55

(36

)

33

(41

)

Income tax effect of non-GAAP adjustments5

10

(5

)

(33

)

(35

)

Non-GAAP adjusted net income

$

1,756

$

1,148

$

6,287

$

3,845


1

These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

2

Temporary incremental employee compensation during the COVID-19 pandemic.

3

The severance and related charges primarily related to a one-time voluntary retirement program offered to certain eligible employees.

4

GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.

5

Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.

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

Three Months Ended

Twelve Months Ended

(In millions, except per share amounts)

October 31,
2021

October 25,
2020

October 31,
2021

October 25,
2020

Non-GAAP Adjusted Earnings Per Diluted Share

Reported earnings per diluted share - GAAP basis

$

1.89

$

1.23

$

6.40

$

3.92

Certain items associated with acquisitions

0.01

0.02

0.04

0.05

Acquisition integration and deal costs

0.01

0.02

0.04

0.07

Certain incremental expenses related to COVID-19

0.02

0.03

Loss on early extinguishment of debt

0.03

Severance and related charges

0.13

Deal termination fee

0.17

Realized loss (gain) on strategic investments, net

(0.03

)

(0.03

)

Unrealized loss (gain) on strategic investments, net

(0.01

)

(0.01

)

(0.05

)

(0.01

)

Other charges

0.01

Income tax effect of share-based compensation

0.01

0.02

Income tax effects related to intra-entity intangible asset transfers

0.01

0.07

0.12

Resolution of prior years’ income tax filings and other tax items

0.06

(0.04

)

0.04

(0.04

)

Non-GAAP adjusted earnings per diluted share

$

1.94

$

1.25

$

6.84

$

4.17

Weighted average number of diluted shares

907

921

919

923

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

Three Months Ended

Twelve Months Ended

(In millions, except percentages)

October 31,
2021

October 25,
2020

October 31,
2021

October 25,
2020

Semiconductor Systems Non-GAAP Adjusted Operating Income

Reported operating income - GAAP basis

$

1,723

$

1,059

$

6,311

$

3,714

Certain items associated with acquisitions1

9

12

38

41

Acquisition integration costs

2

(2

)

3

Certain incremental expenses related to COVID-192

12

20

Other charges

3

Non-GAAP adjusted operating income

$

1,732

$

1,073

$

6,362

$

3,778

Non-GAAP adjusted operating margin

40.2

%

35.0

%

39.1

%

33.2

%

AGS Non-GAAP Adjusted Operating Income

Reported operating income - GAAP basis

$

425

$

320

$

1,508

$

1,127

Certain incremental expenses related to COVID-192

8

8

Other charges

1

Non-GAAP adjusted operating income

$

425

$

320

$

1,517

$

1,135

Non-GAAP adjusted operating margin

31.0

%

28.9

%

30.3

%

27.3

%

Display and Adjacent Markets Non-GAAP Adjusted Operating Income

Reported operating income - GAAP basis

$

85

$

95

$

314

$

291

Certain items associated with acquisitions1

1

3

4

12

Certain incremental expenses related to COVID-192

1

1

Severance and related charges3

8

Non-GAAP adjusted operating income

$

86

$

98

$

327

$

304

Non-GAAP adjusted operating margin

20.6

%

20.2

%

20.0

%

18.9

%


1

These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

2

Temporary incremental employee compensation during the COVID-19 pandemic.

3

The severance and related charges related to workforce reduction actions globally across the Display and Adjacent Markets business.

Note: The reconciliation of GAAP and non-GAAP adjusted segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within corporate and other and included in consolidated operating income.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED EFFECTIVE INCOME TAX RATE

Three Months
Ended

(In millions, except percentages)

October 31, 2021

Provision for income taxes - GAAP basis (a)

$

294

Income tax effect of share-based compensation

(12

)

Income tax effects related to intra-entity intangible asset transfers

(4

)

Resolutions of prior years’ income tax filings and other tax items

(55

)

Income tax effect of non-GAAP adjustments

(10

)

Non-GAAP adjusted provision for income taxes (b)

$

213

Income before income taxes - GAAP basis (c)

$

2,006

Certain items associated with acquisitions

11

Acquisition integration and deal costs

5

Severance and related charges

(1

)

Realized loss (gain) on strategic investments, net

(41

)

Unrealized loss (gain) on strategic investments, net

(11

)

Non-GAAP adjusted income before income taxes (d)

$

1,969

Effective income tax rate - GAAP basis (a/c)

14.7

%

Non-GAAP adjusted effective income tax rate (b/d)

10.8

%


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