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1、Applied Materials ExternalSecond Quarter Fiscal 2025Earnings PresentationMay 15,2025|Applied Materials ExternalForward-Looking Statements2This presentation contains forward-looking statements,including those regarding anticipated growth and trends in our businesses and markets,industry outlooks and

2、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 third quarter of fiscal 202

3、5 and beyond,the anticipated impact of escalated trade tensions and increased tariffs and trade restrictions,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.Factor

4、s 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;global economic,political and industry conditions,including changes in interest rates and prices for goods and services;the implem

5、entation of additional export regulations and license requirements and their interpretation,and their impact on our ability to export products and provide services to customers and on our results of operations;global trade issues and changes in trade and export license policies and our ability to ob

6、tain licenses or authorizations on a timely basis,if at all;imposition of new or increases in tariffs and any retaliatory measures,including their impact on demand for our products and services;our ability to effectively mitigate the impact of tariffs;the effects of geopolitical turmoil or conflicts

7、;demand for semiconductor chips and electronic devices;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;our ability to meet customer dem

8、and,and our suppliers ability to meet our demand requirements;the concentrated nature of our customer base;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

9、 property rights in key technologies;cybersecurity incidents affecting our information systems or information contained in them,or affecting our operations,suppliers,customers or vendors;our ability to achieve the objectives of operational and strategic initiatives,align our resources and cost struc

10、ture with business conditions,and attract,motivate and retain key employees;the effects of regional or global health epidemics;acquisitions,investments and divestitures;changes in income tax laws;the variability of operating expenses and results among products and segments,and our ability to accurat

11、ely 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-K,10-Q and 8-K.All forward-looking statements

12、 are based on managements current estimates,projections and assumptions,and we assume no obligation to update them.Applied Materials ExternalGary DickersonPresident and Chief Executive Officer|Applied Materials External4CEO SUMMARY Applied is delivering strong financial performance No significant ch

13、anges in customer demand Agility and flexibility in global operations to adapt to a range of scenarios Well positioned at major device architecture inflections that enable high-performance,energy-efficient AI computing Gaining traction for our high-velocity co-innovation strategy to accelerate next-

14、generation technology|Applied Materials External5AI Central To Industry Outlook In the early phases of a multi-decade AI application and infrastructure build out Advances in energy-efficient computing require disruptive innovation across the technology stack AI is reshaping the semiconductor design

15、and manufacturing roadmap AI data center innovation is driving shifts in WFE mix this year toward leading-edge foundry-logic and advanced DRAMAI is a major catalyst for innovation and growth|Applied Materials External6 CY24:Outside of China,Applied grew faster than peer group,driven by strength in l

16、eading-edge foundry-logic and DRAM FY24:Core parts and services revenues grew in the low double-digit range,despite trade restriction headwinds FY24:Grew company-level revenues for the fifth consecutive year FY25:Applieds revenue is up 7%YTD,including FQ3 guideApplieds Performance|Applied Materials

17、External7Energy-Efficient Computing Enabled by Materials EngineeringInflections grow the WFE market,increase relative mix of materials engineering,and provide opportunity to gain shareAI DATA CENTER ENABLERSINFLECTIONSMATERIALS ENGINEERING LEADERSHIPLeading-Edge LogicGate-all-around transistorsBacks

18、ide power deliveryHigh-Performance DRAM4F23D DRAMDRAM Die StackingHigh-Bandwidth Memory(HBM)Hybrid bondingSubstratesAdvanced PackagingPower ElectronicsCompound semi(SiC,GaN)|Applied Materials ExternalWell Positioned for Device Architecture Inflections8*For the equivalent fab capacity(per 100k wafer

19、starts per month)Gate-All-Around with Backside PowerAdvanced DRAMLEADING-EDGE FOUNDRY-LOGICAdvanced fab with gate-all-around(GAA)and backside power delivery(BPD)increases Applieds revenue opportunity by 30%compared to FinFET node*Transition from FinFET to GAA grows Applieds transistor SAM from$6B to

20、$7B*Introduction of BPD grows Applieds wiring SAM from$6B to$7B*On track for 50%SAM shareADVANCED DRAMIn FY25,we expect revenues from advanced DRAM customers to grow 40%as they ramp investments in DDR-5 and HBM6F2HBM|Applied Materials ExternalRapid Adoption of Innovative New Solutions9SEMVision H20

21、Defect ReviewCentris Sym3 Y Magnum Etch Deposition and etch in the same chamber heals EUV line edge roughness Generated$1.2B of revenue since launch in February 2024 Second generation Cold Field Emission enables better and faster analysis of nanoscale defects Supported record revenues for Process Di

22、agnostics and Control business this past quarterCold Field Emission TechnologyAI Image Recognition|Applied Materials ExternalUnique and Connected PortfolioBROADEST CAPABILITIESUNIQUE COMBINATIONSAppliedCompetitorsALDBondingpartnerCleanspartnerCMPCVDECDEpitaxyEtchFurnacepartnerImplantLithographypartn

23、erM&IPVDThermalTrackUnit Process ToolsCo-optimized SolutionsIntegrated Materials Solutions(IMS)AIxIMS with Partners10|Applied Materials External11 Applieds collaborative platform for high-velocity co-innovation A new approach to Equipment and Process Innovation and Commercialization Construction in

24、progress;operations to begin Spring 2026COMING SOONApplied Materials ExternalBrice HillSVP,Chief Financial Officer|Applied Materials External13FQ2HIGHLIGHTS Robust YoY revenue growth,gross margin expansion and record EPS Leading-edge foundry-logic increased YoY,driven by demand for AI-enabling semic

25、onductors Leveraged global supply chain and diversified manufacturing footprint to successfully navigate the dynamic commercial landscape Distributed$2B to shareholders|Applied Materials External14FQ225 Non-GAAP Financial Results*For reconciliation of GAAP to non-GAAP results,see appendix of this pr

26、esentation and non-GAAP reconciliation on the investor relations website at $M,except EPSFQ224FQ125FQ225YoYRevenue6,6467,1667,1007%Gross Margin*47.5%48.9%49.2%170bpsOperating Expenses*1,2331,3131,3116%Operating Income*1,9272,1902,18013%Operating Margin*29.0%30.6%30.7%170bpsEPS*$2.09$2.38$2.3914%Year

27、-over-year highlights:Revenue growth across all business segments Highest quarterly Non-GAAP gross margin since FQ42000 Growth in R&D,partially offset by decreases in G&A,as we focused on funding critical inflection-related research Record Non-GAAP EPS benefitted from revenue growth,better profitabi

28、lity and share repurchases|Applied Materials ExternalSEMICONDUCTOR SYSTEMSDISPLAYAPPLIED GLOBAL SERVICES15FQ225 Segment Results 1792512111832593%6%2%8%26%Q2F24 Q3F24 Q4F24 Q1F25 Q2F251,5301,5801,6391,5941,56629%30%30%28%29%Q2F24 Q3F24 Q4F24 Q1F25 Q2F25Revenue($M)Non-GAAP Operating Margin*4,9014,9245

29、,1775,3565,25535%35%35%37%36%Q2F24 Q3F24 Q4F24 Q1F25 Q2F25*For reconciliation of GAAP to non-GAAP results,see appendix of this presentation and non-GAAP reconciliation on the investor relations website at |Applied Materials External16Strong Investment-Grade Balance SheetCASH AND INVESTMENTS($M)FQ224

30、FQ324FQ424FQ125FQ225Cash and Cash Equivalents7,0858,2888,0226,2646,169Short-Term Investments4728151,4491,949578Long-Term Investments2,9832,9812,7872,6863,638Total Cash and Investments10,54012,08412,25810,89910,385DEBT($M)Short-Term Debt*Current ratings(Moodys/S&P):P-1/A-19999799799799Long-Term DebtC

31、urrent ratings(Moodys/S&P):A2/A5,4636,1585,4605,4615,462Total Debt5,5626,2576,2596,2606,261*Includes commercial paper and current portion of long-term debt|Applied Materials External17CASH FLOWS($M)FQ224FQ324FQ424FQ125FQ225Operating Cash Flow1,3922,3852,5759251,571Free Cash Flow*1,1352,0882,1685441,

32、061SHAREHOLDER DISTRIBUTIONS($M)Total Shareholder Distributions(1,086)(1,192)(1,771)(1,644)(1,995)Share Repurchases(820)(861)(1,442)(1,318)(1,670)Dividends(266)(331)(329)(326)(325)Cash Flows and Shareholder DistributionsCommitted to distribute 80100%of FCF to shareholders over time$15.9B remaining o

33、n share repurchase authorization at end of FQ225*For reconciliation of GAAP to non-GAAP results,see appendix of this presentation and non-GAAP reconciliation on the investor relations website at |Applied Materials External18Business OutlookThird QUARTERFISCAL 2025OUTLOOK*Total Revenue$7.2B$500MNon-G

34、AAP EPS*$2.35$0.20SEGMENT REVENUESemiconductor Systems$5.40BApplied Global Services$1.55BDisplay$250MOTHERNon-GAAP Gross Margin*48.3%Non-GAAP Operating Expenses*$1.34BNon-GAAP Tax Rate*13%*For reconciliation of GAAP to non-GAAP results,see appendix of this presentation and non-GAAP reconciliation on

35、 the investor relations website at |Applied Materials External19CFO SUMMARY Robust YoY revenue growth,gross margin expansion and record EPS Global supply chain and diversified manufacturing capabilities provide agility and flexibility Near-term demand and customer investments continuing at the expec

36、ted rate and pace Applied is investing for the industrys long-term secular growth&|Applied Materials External-200 400 600 800 1,000 1,200FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY2421Capital Allocation StrategyShares Outstanding at FY End$0.26$0.32$0.40$0.46$-$0.10$0.20$0.30$0.40$0.50FY05FY06FY07FY0

37、8FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY2525%increaseQuarterly Dividend per Share(declared in Q2)OVER PAST 10 FISCAL YEARS(through FY24)Reinvested$22B in R&D and$6B in capital additions Distributed nearly 90%of FCF*Grew dividend per share at 15%CAGR Reduced shares outstand

38、ing by 33%1.Invest in R&D and infrastructure to enable profitable growth2.Grow dividend per share and use buybacks to distribute excess FCFCommitted to distribute 80100%of FCF to shareholders over time(Millions)23%increase$15.9B remaining on share repurchase authorization at end of FQ225*For reconci

39、liation of GAAP to non-GAAP results,see appendix of this presentation and non-GAAP reconciliation on the investor relations website at 15%increase|Applied Materials ExternalGLOSSARY:Materials Engineering and Other Technologies from AppliedMATERIALS ENGINEERINGCreate and Deposit Deposition:Depositing

40、 a thin layer of insulating material(dielectric)or conductive material(metal)onto a substrate.Epi(Epitaxy):Growing a monocrystalline film on a lattice structure and orientation identical to the substrate.CVD(Chemical Vapor Deposition):Depositing a thin film of dielectric material by exposing the sub

41、strate to one or more volatile precursors,which react and/or decompose on the substrates surface.Includes ALD(Atomic Layer Deposition)whereby material can be deposited one atomic layer at a time.PVD(Physical Vapor Deposition):Depositing metal by directing ions at a target of pure material to coat a

42、substrate.ECD(Electrochemical Deposition/Plating):Depositing metals contained in a solution onto a charged substrate.Selective Deposition:Occurring only along desired surfaces.Shape and Remove Etch:Removing material through a chemical reaction or physical bombardment.The process can be performed usi

43、ng liquid-phase(wet)etchants or under vacuum(dry)typically using a plasma to generate gas-phase reactants.Selective Removal:Removing a target material while leaving other materials in place.Pattern Shaping:Precisely removing dielectric films used in patterning processes to create denser patterns or

44、correct defects.Planarization:Making an uneven wafer surface flat using chemical mechanical planarization(CMP).Modify Implant(Ion Implantation):Using intense electrical fields to accelerate ions and penetrate the surface of the wafer,thereby changing the electrical characteristics of the semiconduct

45、or material.Thermal(Anneals):Using high temperatures to repair defects in crystal structures or induce phase changes.Connect Advanced Packaging:Using front-end wafer fab equipment tools and advanced substrates to connect a variety of chips using increasingly small contacts and wires to increase inte

46、gration,reduce power and increase performance-of both chips and systems.METROLOGY&INSPECTIONAnalyze Optical Inspection:Examining wafers at optical resolution to detect the presence of particles and defects between process steps.eBeam Defect Review:Examining suspected defects at electron beam resolut

47、ion to see and classify defects and root-cause process issues.eBeam Inspection:Using electron beam technology to detect and identify defects that cannot be detected by optical inspection.eBeam Metrology:Using electron beam technology to measure critical structures including buried structures with na

48、nometer precision.CD-SEM:Calibrating lithography systems by using electron beam technology to measure the critical dimensions of patterns in photoresist.22|Applied Materials ExternalInvestor Relations Home PageLINKNewsroomLINK2025:Applied Materials Panel Discussion during SPIE ConferenceLINK2024:Sem

49、icon West Technology BreakfastLINK2024:2023 WFE Market SummaryLINK2024:Applied Materials Panel Discussion during SPIE ConferenceLINK2022:Services Master ClassLINK23Additional Resources|Applied Materials ExternalAppendixGAAP to Non-GAAP Reconciliations24|Applied Materials External25Use of Non-GAAP Ad

50、justed Financial MeasuresApplied provides investors with certain non-GAAP 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;imp

51、airments of assets;gain or loss,dividends and impairments on strategic investments;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 t

52、he most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the appendix to this presentation and on Applieds website,.Management uses these non-GAAP financial measures to evaluate the companys operating and financial performance and for planning p

53、urposes,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 companys business from the same perspective as the companys management,and facilitate comparisons of this

54、periods results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applieds ongoing operating performance.There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with

55、 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 isola

56、tion or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.|Applied Materials ExternalFOOTNOTES:1.These items are incremental charges attributable to completed acquisitions,consisting of amortization of purchased intangible assets.2.GAAP basis tax benefit

57、 related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.3.Amount for the first quarter of fiscal 2025 included changes to income tax provision of$30 million from amortization of intangibles and a$644 million remeasurement of deferred tax assets resulting f

58、rom new tax incentive agreements in Singapore in fiscal 2025.4.Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.5.Amount for the first quarter of fiscal 2025 included changes to income tax provision of$0.04 per diluted share from amorti

59、zation of intangibles and$0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.26UNAUDITED QUARTERLY RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTSIN MILLIONS,EXCEPT PER SHARE AMOUNTS AND PERCENTAGESFQ224FQ324

60、FQ424FQ125FQ225Non-GAAP Gross ProfitGAAP reported gross profit$3,153$3,205$3,335$3,496$3,485 Certain items associated with acquisitions 176676Impairment of long-lived assets-3-Non-GAAP gross profit$3,160$3,211$3,344$3,503$3,491Non-GAAP gross margin47.5%47.4%47.5%48.9%49.2%Non-GAAP Operating IncomeGA

61、AP reported operating income$1,912$1,942$2,046$2,175$2,169 Certain items associated with acquisitions11010111211Acquisition integration and deal costs5133-Impairment of long-lived assets-3-Non-GAAP operating income$1,927$1,953$2,063$2,190$2,180Non-GAAP operating margin29.0%28.8%29.3%30.6%30.7%Non-GA

62、AP Net IncomeGAAP reported net income$1,722$1,705$1,731$1,185$2,137Certain items associated with acquisitions11010111211Acquisition integration and deal costs5133-Impairment of long-lived assets-3-Realized loss(gain),dividends and impairments on strategic investments,net(3)16(1)(9)(18)Unrealized los

63、s(gain)on strategic investments,net(20)25244106(80)Foreign exchange loss(gain)related to purchase of strategic investment-23Loss(gain)on asset sale-(44)Income tax effect of share-based compensation21187(10)4Income tax effect related to intra-entity intangible asset transfers31817(33)67432Resolution

64、of prior years income tax filings and other tax items-(11)(47)(16)(124)Income tax effect of non-GAAP adjustments41(4)(1)11Non-GAAP net income$1,744$1,767$1,917$1,946$1,940Non-GAAP Earnings Per Diluted ShareGAAP reported earnings per diluted share$2.06$2.05$2.09$1.45$2.63Certain items associated with

65、 acquisitions10.010.010.010.010.01Acquisition integration and deal costs0.01-Realized loss(gain),dividends and impairments on strategic investments,net-0.01-(0.01)(0.02)Unrealized loss(gain)on strategic investments,net(0.02)0.030.300.13(0.10)Foreign exchange loss(gain)related to purchase of strategi

66、c investment-0.03Loss(gain)on asset sale-(0.05)Income tax effect of share-based compensation20.010.010.01(0.01)-Income tax effects related to intra-entity intangible asset transfers50.020.02(0.04)0.830.04Resolution of prior years income tax filings and other tax items-(0.01)(0.05)(0.02)(0.15)Non-GAA

67、P earnings per diluted share$2.09$2.12$2.32$2.38$2.39Weighted average number of diluted shares836833828819812|Applied Materials External27UNAUDITED QUARTERLY RECONCILIATION OF GAAP TO NON-GAAP SEGMENT OPERATING RESULTSIN MILLIONS,EXCEPT PERCENTAGESQ2F24Q3F24Q4F24Q1F25Q2F25Semiconductor Systems Non-G

68、AAP Operating IncomeGAAP reported operating income$1,701$1,712$1,824$1,986$1,900 Certain items associated with acquisitions110 10 10 12 11 Non-GAAP operating income$1,711$1,722$1,834$1,998$1,911 Non-GAAP operating margin34.9%35.0%35.4%37.3%36.4%AGS Non-GAAP Operating IncomeGAAP reported operating in

69、come$436$467$492$447$446 Non-GAAP operating income$436$467$492$447$446 Non-GAAP operating margin28.5%29.6%30.0%28.0%28.5%Display Non-GAAP Operating IncomeGAAP reported operating income$5$16$5$14$68 Non-GAAP operating income$5$16$5$14$68 Non-GAAP operating margin2.8%6.4%2.4%7.7%26.3%FOOTNOTE:1.These

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

71、 within corporate and other and included in consolidated operating income.|Applied Materials External28UNAUDITED QUARTERLY RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSESIN MILLIONSFQ224FQ324FQ424FQ125FQ225GAAP reported Operating Expenses$1,241$1,263$1,289$1,321$1,316 Certain items associated

72、with acquisitions1(3)(4)(5)(5)(5)Acquisition integration and deal costs(5)(1)(3)(3)-Non-GAAP operating expenses$1,233$1,258$1,281$1,313$1,311FOOTNOTE:1.These items are incremental charges attributable to completed acquisitions,consisting of amortization of purchased intangible assets.|Applied Materi

73、als External29UNAUDITED QUARTERLY RECONCILIATION OF NON-GAAP FREE CASH FLOWIN MILLIONSFQ224FQ324FQ424FQ125FQ225Non-GAAP Free Cash Flows1Cash provided by operating activities$1,392$2,385$2,575$925$1,571Capital expenditures(257)(297)(407)(381)(510)Non-GAAP free cash flow$1,135$2,088$2,168$544$1,061FOO

74、TNOTE:1.Free cash flow is a non-GAAP measure and is defined as net cash provided by operating activities less capital expenditures.|Applied Materials External30UNAUDITED FULL YEAR RECONCILIATION OF NON-GAAP FREE CASH FLOWFOOTNOTE:1.Free cash flow is a non-GAAP measure and is defined as net cash prov

75、ided by operating activities less capital expenditures.IN MILLIONSFY2015FY2016FY2017FY2018FY2019Non-GAAP Free Cash Flows1Cash provided by operating activities$1,163$2,566$3,789$3,787$3,247Capital expenditures(215)(253)(345)(622)(441)Non-GAAP free cash flow$948$2,313$3,444$3,165$2,806IN MILLIONSFY202

76、0FY2021FY2022FY2023FY2024Non-GAAP Free Cash Flows1Cash provided by operating activities$3,804$5,442$5,399$8,700$8,677 Capital expenditures(422)(668)(787)(1,106)(1,190)Non-GAAP free cash flow$3,382$4,774$4,612$7,594$7,487|Applied Materials External31RECONCILIATION INFORMATION FOR BUSINESS OUTLOOKNon-

77、GAAP outlook for the third quarter of fiscal 2025(including non-GAAP gross margin,operating margin,operating expenses and EPS)excludes known charges related to completed acquisitions of approximately$11 million,or$0.01 per share,and includes a net income tax benefit related to intra-entity intangibl

78、e asset transfers of approximately$30 million,or$0.04 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.