U.S. Markets closed

Applied Materials, Inc. (AMAT)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
Add to watchlist
88.84+2.74 (+3.18%)
At close: 4:00PM EST
Full screen
Trade prices are not sourced from all markets
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Previous Close86.10
Open86.92
Bid88.70 x 800
Ask88.93 x 1200
Day's Range86.65 - 88.92
52 Week Range36.64 - 88.92
Volume5,992,673
Avg. Volume7,872,304
Market Cap81.136B
Beta (5Y Monthly)1.48
PE Ratio (TTM)22.66
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.88 (1.02%)
Ex-Dividend DateNov 18, 2020
1y Target EstN/A
  • Applied Materials Announces Cash Dividend
    GlobeNewswire

    Applied Materials Announces Cash Dividend

    SANTA CLARA, Calif., Dec. 03, 2020 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced that its Board of Directors has approved a quarterly cash dividend of $0.22 per share payable on the company’s common stock. The dividend is payable on March 18, 2021 to shareholders of record as of Feb. 25, 2021. 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 the technology shaping the future. Learn more at www.appliedmaterials.com.Contact: Ricky Gradwohl (editorial/media) 408.235.4676 Michael Sullivan (financial community) 408.986.7977

  • Applied Materials to Participate in Upcoming Investor Conferences
    GlobeNewswire

    Applied Materials to Participate in Upcoming Investor Conferences

    SANTA CLARA, Calif., Nov. 18, 2020 (GLOBE NEWSWIRE) -- Applied Materials, Inc. announced today that Gary Dickerson, President and CEO, and Dan Durn, Senior Vice President and CFO, will participate in upcoming virtual investor conferences. Mr. Dickerson will participate in a fireside chat at the Credit Suisse Technology Conference on Tuesday, Dec. 1 beginning at 9:10 a.m. PT / 12:10 p.m. ET.On Wednesday, Dec. 2, Mr. Durn will participate in a fireside chat at the Nasdaq Virtual Investor Conference beginning at 8:30 a.m. PT / 11:30 a.m. ET and the Wells Fargo TMT Summit at 11:40 a.m. PT / 2:40 p.m. ET.Mr. Durn will also participate in a fireside chat at the Barclays Global Technology, Media and Telecommunications Conference on Thursday, Dec. 10 beginning at 8:00 a.m. PT / 11:00 a.m. ET.Live audio webcasts of these sessions will be available on the Applied Materials website at http://www.appliedmaterials.com/company/investor-relations and a replay of each event will be available on the same day.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 the technology shaping the future. Learn more at www.appliedmaterials.com.Contact: Ricky Gradwohl (editorial/media) 408.235.4676 Michael Sullivan (financial community) 408.986.7977

  • Applied Materials Announces Fourth Quarter and Fiscal Year 2020 Results
    GlobeNewswire

    Applied Materials Announces Fourth Quarter and Fiscal Year 2020 Results

    * Record quarterly revenue of $4.69 billion, up 25 percent year over year * Record quarterly GAAP EPS of $1.23 and non-GAAP EPS of $1.25, up 64 percent and 56 percent year over year, respectively * Generated record annual cash from operations of $3.80 billionSANTA CLARA, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its fourth quarter and fiscal year ended Oct. 25, 2020.Fourth Quarter ResultsApplied generated revenue of $4.69 billion. On a GAAP basis, the company recorded gross margin of 45.4 percent, operating income of $1.28 billion or 27.4 percent of net sales, and earnings per share (EPS) of $1.23.On a non-GAAP adjusted basis, the company reported gross margin of 45.7 percent, operating income of $1.33 billion or 28.3 percent of net sales, and EPS of $1.25.The company generated $1.32 billion in cash from operations and returned $250 million to shareholders including $200 million in dividends and $50 million in share repurchases.Full Year ResultsIn fiscal 2020, Applied generated revenue of $17.20 billion. On a GAAP basis, the company recorded gross margin of 44.7 percent, operating income of $4.37 billion or 25.4 percent of net sales, and EPS of $3.92.On a non-GAAP adjusted basis, the company reported gross margin of 45.1 percent, operating income of $4.53 billion or 26.3 percent of net sales, and EPS of $4.17.The company generated a record $3.80 billion in cash from operations, paid dividends of $787 million and used $649 million to repurchase 12 million shares of common stock.“Applied Materials closed fiscal 2020 with record quarterly performance as demand for our semiconductor systems and services remains very strong,” said Gary Dickerson, president and CEO. “Our future opportunities have never looked better and, as powerful technology trends take shape, we are uniquely positioned to accelerate our customers’ roadmaps and outperform our markets.”Results Summary        Change  Q4 FY2020  Q4 FY2019 FY2020 FY2019Q4 FY2020  vs. Q4 FY2019 FY2020 vs. FY2019  (In millions, except per share amounts and percentages) Net sales$4,688   $3,754   $17,202   $14,608  25% 18% Gross margin45.4 % 43.5 % 44.7 % 43.7 %1.9 points 1.0 points Operating margin27.4 % 23.0 % 25.4 % 22.9 %4.4 points 2.5 points Net income$1,131   $698   $3,619   $2,706  62% 34% Diluted earnings per share$1.23   $0.75   $3.92   $2.86  64% 37% Non-GAAP Adjusted Results           Non-GAAP adjusted gross margin45.7 % 43.8 % 45.1 % 44.0 %1.9 points 1.1 points Non-GAAP adjusted operating margin28.3 % 23.7 % 26.3 % 23.5 %4.6 points 2.8 points Non-GAAP adjusted net income$1,148   $744   $3,845   $2,875  54% 34% Non-GAAP adjusted diluted EPS$1.25   $0.80   $4.17   $3.04  56% 37% 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 OutlookIn the first quarter of fiscal 2021, Applied expects net sales to be approximately $4.95 billion, plus or minus $200 million. Non-GAAP adjusted diluted EPS is expected to be in the range of $1.20 to $1.32.This outlook for non-GAAP adjusted diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.03 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 and Fiscal Year Reportable Segment InformationSemiconductor SystemsQ4 FY2020  Q4 FY2019 FY2020 FY2019           (In millions, except percentages) Net sales$3,070  $2,302  $11,367  $9,027  Foundry, logic and other58% 58% 59% 52% DRAM21% 21% 20% 22% Flash memory21% 21% 21% 26% Operating income1,059  641  3,714  2,464  Operating margin34.5% 27.8% 32.7% 27.3% Non-GAAP Adjusted Results       Non-GAAP adjusted operating income$1,073  $652  $3,778  $2,507  Non-GAAP adjusted operating margin35.0% 28.3% 33.2% 27.8% Applied Global ServicesQ4 FY2020  Q4 FY2019 FY2020 FY2019           (In millions, except percentages) Net sales$1,106  $977  $4,155  $3,854  Operating income320  274  1,127  1,101  Operating margin28.9% 28.0% 27.1% 28.6% Non-GAAP Adjusted Results       Non-GAAP adjusted operating income$320  $274  $1,135  $1,101  Non-GAAP adjusted operating margin28.9% 28.0% 27.3% 28.6% Display and Adjacent MarketsQ4 FY2020  Q4 FY2019 FY2020 FY2019           (In millions, except percentages) Net sales$485  $457  $1,607  $1,651  Operating income95  96  291  294  Operating margin19.6% 21.0% 18.1% 17.8% Non-GAAP Adjusted Results       Non-GAAP adjusted operating income$98  $99  $304  $307  Non-GAAP adjusted operating margin20.2% 21.7% 18.9% 18.6% Use of Non-GAAP Adjusted Financial MeasuresApplied 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 charges and any associated adjustments; certain incremental expenses related to COVID-19; impairments of assets, or investments; gain or loss on sale of 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. Additionally, non-GAAP results exclude estimated discrete income tax expense items associated with U.S. tax legislation. 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 InformationApplied 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 StatementsThis 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 2021 and beyond, the impact of the ongoing COVID-19 pandemic and responses thereto on our operations and financial results, strategic acquisitions and investments, including the proposed acquisition of Kokusai Electric Corporation, 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; 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, including the impact of the implementation and interpretation of the rules published by the U.S. Department of Commerce on April 28, 2020 and August 17, 2020 relating to certain export license requirements; 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;  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 MaterialsApplied 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 the technology shaping the 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 25, 2020 October 27, 2019 October 25, 2020 October 27, 2019 Net sales$4,688  $3,754  $17,202  $14,608  Cost of products sold2,558  2,120  9,510  8,222  Gross profit2,130  1,634  7,692  6,386  Operating expenses:        Research, development and engineering560  515  2,234  2,054  Marketing and selling131  129  526  521  General and administrative156  126  567  461  Total operating expenses847  770  3,327  3,036  Income from operations1,283  864  4,365  3,350  Interest expense59  59  240  237  Interest and other income (loss), net19  35  41  156  Income before income taxes1,243  840  4,166  3,269  Provision for income taxes112  142  547  563  Net income$1,131  $698  $3,619  $2,706  Earnings per share:        Basic$1.24  $0.76  $3.95  $2.89  Diluted$1.23  $0.75  $3.92  $2.86  Weighted average number of shares:        Basic914  920  916  937  Diluted921  931  923  945  APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS(In millions)October 25, 2020 October 27, 2019 ASSETS    Current assets:    Cash and cash equivalents$5,351  $3,129  Short-term investments387  489  Accounts receivable, net2,963  2,533  Inventories3,904  3,474  Other current assets764  581  Total current assets13,369  10,206  Long-term investments1,538  1,703  Property, plant and equipment, net1,604  1,529  Goodwill3,466  3,399  Purchased technology and other intangible assets, net153  156  Deferred income taxes and other assets2,223  2,031  Total assets$22,353  $19,024  LIABILITIES AND STOCKHOLDERS’ EQUITY    Current liabilities:    Current portion of long-term debt$—  $600  Accounts payable and accrued expenses3,138  2,511  Contract liabilities1,321  1,336  Total current liabilities4,459  4,447  Long-term debt, net of current portion5,448  4,713  Income taxes payable1,206  1,275  Other liabilities662  375  Total liabilities11,775  10,810  Total stockholders’ equity10,578  8,214  Total liabilities and stockholders’ equity$22,353  $19,024  APPLIED MATERIALS, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS(In millions)Three Months Ended Twelve Months Ended October 25, 2020 October 27, 2019October 25, 2020 October 27, 2019 Cash flows from operating activities:        Net income$1,131  $698  $3,619  $2,706  Adjustments required to reconcile net income to cash provided by operating activities:        Depreciation and amortization97  92  376  363  Share-based compensation73  66  307  263  Deferred income taxes(18) (8) 80  49  Other5  —  60  (19) Net change in operating assets and liabilities27  (22) (638) (115) Cash provided by operating activities1,315  826  3,804  3,247  Cash flows from investing activities:        Capital expenditures(162) (97) (422) (441) Cash paid for acquisitions, net of cash acquired—  —  (107) (28) Proceeds from sales and maturities of investments366  555  1,754  1,940  Purchases of investments(345) (544) (1,355) (1,914) Cash used in investing activities(141) (86) (130) (443) Cash flows from financing activities:        Debt borrowings, net of issuance costs—  —  2,979  —  Debt repayments—  —  (2,882) —  Proceeds from common stock issuances83  72  174  145  Common stock repurchases(50) (500) (649) (2,403) Tax withholding payments for vested equity awards(6) (3) (172) (86) Payments of dividends to stockholders(200) (194) (787) (771) Cash used in financing activities(173) (625) (1,337) (3,115) Increase (decrease) in cash, cash equivalents and restricted cash equivalents1,001  115  2,337  (311) Cash, cash equivalents and restricted cash equivalents—beginning of period4,465  3,014  3,129  3,440  Cash, cash equivalents and restricted cash equivalents — end of period$5,466  $3,129  $5,466  $3,129           Reconciliation of cash, cash equivalents, and restricted cash equivalents        Cash and cash equivalents$5,351  $3,129  $5,351  $3,129  Restricted cash equivalents included in deferred income taxes and other assets115  —  115  —  Total cash, cash equivalents, and restricted cash equivalents$5,466  $3,129  $5,466  $3,129           Supplemental cash flow information:        Cash payments for income taxes$23  $69  $542  $522  Cash refunds from income taxes$63  $2  $68  $22  Cash payments for interest$68  $76  $219  $219  APPLIED MATERIALS, INC. UNAUDITED SUPPLEMENTAL INFORMATIONCorporate and Other(In millions)Q4 FY2020  Q4 FY2019 FY2020 FY2019 Unallocated net sales$27  $18  $73  $76  Unallocated cost of products sold and expenses(145) (99) (533) (322) Share-based compensation(73) (66) (307) (263) Total$(191) $(147) $(767) $(509) Additional Information Q4 FY2020  Q4 FY2019 FY2020 FY2019 Net Sales by Geography (In millions)          United States448  412  1,619  1,871  % of Total10% 11% 10% 13% Europe206  147  736  820  % of Total4% 4% 4% 6% Japan706  471  1,996  2,198  % of Total15% 13% 11% 15% Korea719  471  3,031  1,929  % of Total15% 13% 18% 13% Taiwan872  919  3,953  2,965  % of Total19% 24% 23% 20% Southeast Asia161  135  411  548  % of Total3% 3% 2% 4% China1,576  1,199  5,456  4,277  % of Total34% 32% 32% 29%          Employees (In thousands)        Regular Full Time24.0  22.0       APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS Three Months Ended Twelve Months Ended (In millions, except percentages)October 25, 2020 October 27, 2019 October 25, 2020 October 27, 2019 Non-GAAP Adjusted Gross Profit        Reported gross profit - GAAP basis$2,130  $1,634  $7,692  $6,386  Certain items associated with acquisitions112  9  37  37  Certain incremental expenses related to COVID-195—  —  23  —  Non-GAAP adjusted gross profit$2,142  $1,643  $7,752  $6,423  Non-GAAP adjusted gross margin45.7% 43.8% 45.1% 44.0% Non-GAAP Adjusted Operating Income        Reported operating income - GAAP basis$1,283  $864  $4,365  $3,350  Certain items associated with acquisitions116  14  54  55  Acquisition integration and deal costs26  10  80  22  Certain incremental expenses related to COVID-195—  —  30  —  Non-GAAP adjusted operating income$1,325  $888  $4,529  $3,427  Non-GAAP adjusted operating margin28.3% 23.7% 26.3% 23.5% Non-GAAP Adjusted Net Income        Reported net income - GAAP basis$1,131  $698  $3,619  $2,706  Certain items associated with acquisitions116  14  54  55  Acquisition integration and deal costs26  10  80  22  Certain incremental expenses related to COVID-195—  —  30  —  Realized loss (gain) on strategic investments, net—  —  (1) (6) Unrealized loss (gain) on strategic investments, net(7) (5) (8) (30) Loss on early extinguishment of debt—  —  33  —  Income tax effect of share-based compensation213  4  —  —  Income tax effect of changes in applicable U.S. tax laws3—  —  —  (24) Income tax effects related to intra-entity intangible asset transfers10  6  114  62  Resolution of prior years’ income tax filings and other tax items(36) 20  (41) 95  Income tax effect of non-GAAP adjustments4(5) (3) (35) (5) Non-GAAP adjusted net income$1,148  $744  $3,845  $2,875  1 These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.    2GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.    3Charges to income tax provision related to a one-time transition tax as a result of U.S. tax legislation.    4Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.    5Temporary incremental employee compensation during the COVID-19 pandemic. 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 25, 2020 October 27, 2019 October 25, 2020 October 27, 2019 Non-GAAP Adjusted Earnings Per Diluted Share        Reported earnings per diluted share - GAAP basis$1.23  $0.75  $3.92  $2.86  Certain items associated with acquisitions0.02  0.01  0.05  0.05  Acquisition integration and deal costs0.02  0.01  0.07  0.02  Certain incremental expenses related to COVID-19—  —  0.03  —  Loss on early extinguishment of debt—  —  0.03  —  Unrealized loss (gain) on strategic investments, net(0.01) —  (0.01) (0.03) Income tax effect of share-based compensation0.02  —  —  —  Income tax effect of changes in applicable U.S. tax laws—  —  —  (0.03) Income tax effects related to intra-entity intangible asset transfers0.01  0.01  0.12  0.07  Resolution of prior years’ income tax filings and other tax items(0.04) 0.02  (0.04) 0.10  Non-GAAP adjusted earnings per diluted share$1.25  $0.80  $4.17  $3.04  Weighted average number of diluted shares921  931  923  945  APPLIED MATERIALS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS Three Months Ended Twelve Months Ended (In millions, except percentages)October 25, 2020 October 27, 2019 October 25, 2020 October 27, 2019 Semiconductor Systems Non-GAAP Adjusted Operating Income        Reported operating income - GAAP basis$1,059  $641  $3,714  $2,464  Certain items associated with acquisitions112  11  41  43  Acquisition integration costs2  —  3  —  Certain incremental expenses related to COVID-192—  —  20  —  Non-GAAP adjusted operating income$1,073  $652  $3,778  $2,507  Non-GAAP adjusted operating margin35.0% 28.3% 33.2% 27.8% AGS Non-GAAP Adjusted Operating Income        Reported operating income - GAAP basis$320  $274  $1,127  $1,101  Certain incremental expenses related to COVID-192—  —  8  —  Non-GAAP adjusted operating income$320  $274  $1,135  $1,101  Non-GAAP adjusted operating margin28.9% 28.0% 27.3% 28.6% Display and Adjacent Markets Non-GAAP Adjusted Operating Income        Reported operating income - GAAP basis$95  $96  $291  $294  Certain items associated with acquisitions13  3  12  12  Acquisition integration costs—  —  —  1  Certain incremental expenses related to COVID-192—  —  1  —  Non-GAAP adjusted operating income$98  $99  $304  $307  Non-GAAP adjusted operating margin20.2% 21.7% 18.9% 18.6% 1 These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets. 2Temporary incremental employee compensation during the COVID-19 pandemic. 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 25, 2020    Provision for income taxes - GAAP basis (a)$112  Income tax effect of share-based compensation(13) Income tax effects related to intra-entity intangible asset transfers(10) Resolutions of prior years’ income tax filings and other tax items36  Income tax effect of non-GAAP adjustments5  Non-GAAP adjusted provision for income taxes (b)$130     Income before income taxes - GAAP basis (c)$1,243  Certain items associated with acquisitions16  Acquisition integration and deal costs26  Unrealized loss (gain) on strategic investments, net(7) Non-GAAP adjusted income before income taxes (d)$1,278     Effective income tax rate - GAAP basis (a/c)9.0%    Non-GAAP adjusted effective income tax rate (b/d)10.2%