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 second quarter of fiscal 2023, Applied expects net sales to be approximately $6.40 billion, plus or minus $400 million, which includes ongoing supply chain challenges and a negative estimated impact of $250 million dollars related to a cybersecurity event recently announced by one of our suppliers. Non-GAAP adjusted diluted EPS is expected to be in the range of $1.66 to $2.02.

This outlook for non-GAAP adjusted diluted EPS excludes known charges related to completed acquisitions of $0.01 per share, includes the normalized tax benefit of share-based compensation of $0.01 per share and includes 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.

First Quarter Reportable Segment Information

Semiconductor Systems	Q1 FY2023				Q1 FY2022
	(In millions, except percentages)
Net sales	$	5,162			$	4,567
Foundry, logic and other		77	%			60	%
DRAM		13	%			25	%
Flash memory		10	%			15	%
Operating income	$	1,917			$	1,771
Operating margin		37.1	%			38.8	%
Non-GAAP Adjusted Results
Non-GAAP adjusted operating income	$	1,926			$	1,778
Non-GAAP adjusted operating margin		37.3	%			38.9	%

Applied Global Services	Q1 FY2023				Q1 FY2022
	(In millions, except percentages)
Net sales	$	1,369			$	1,320
Operating income	$	383			$	403
Operating margin		28.0	%			30.5	%
Non-GAAP Adjusted Results
Non-GAAP adjusted operating income	$	383			$	403
Non-GAAP adjusted operating margin		28.0	%			30.5	%

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