AMD Reports First Quarter 2021 Financial Results
28 April 2021 - 6:10AM
AMD (NASDAQ:AMD) today announced revenue for the first quarter of
2021 of $3.45 billion, operating income of $662 million, net income
of $555 million and diluted earnings per share of $0.45. On a
non-GAAP* basis, operating income was $762 million, net income was
$642 million and diluted earnings per share was $0.52.
GAAP Quarterly Financial
Results
|
Q1 2021 |
Q1 2020 |
Y/Y |
Q4 2020 |
Q/Q |
Revenue ($M) |
$3,445 |
$1,786 |
Up 93% |
$3,244 |
Up 6% |
Gross profit ($M) |
$1,587 |
$818 |
Up 94% |
$1,451 |
Up 9% |
Gross margin % |
46% |
46% |
Flat |
45% |
Up 1pp |
Operating expenses ($M) |
$929 |
$641 |
Up 45% |
$881 |
Up 5% |
Operating income ($M) |
$662 |
$177 |
Up 274% |
$570 |
Up 16% |
Tax Valuation Allowance Release Benefit ($M) |
-- |
-- |
-- |
$1,301 |
-- |
Net income ($M) |
$555 |
$162 |
Up 243% |
$1,781 |
Down 69% |
Earnings per share |
$0.45 |
$0.14 |
Up 221% |
$1.45 |
Down 69% |
Non-GAAP* Quarterly Financial
Results
|
Q1 2021 |
Q1 2020 |
Y/Y |
Q4 2020 |
Q/Q |
Revenue ($M) |
$3,445 |
$1,786 |
Up 93% |
$3,244 |
Up 6% |
Gross profit ($M) |
$1,588 |
$820 |
Up 94% |
$1,452 |
Up 9% |
Gross margin % |
46% |
46% |
Flat |
45% |
Up 1pp |
Operating expenses ($M) |
$830 |
$584 |
Up 42% |
$789 |
Up 5% |
Operating income ($M) |
$762 |
$236 |
Up 223% |
$663 |
Up 15% |
Net income ($M) |
$642 |
$222 |
Up 189% |
$636 |
Up 1% |
Earnings per share |
$0.52 |
$0.18 |
Up 189% |
$0.52 |
Flat |
“Our business continued to accelerate in the first quarter
driven by the best product portfolio in our history, strong
execution and robust market demand,” said Dr. Lisa Su, AMD
president and CEO. “We had outstanding year-over-year revenue
growth across all of our businesses and data center revenue more
than doubled. Our increased full-year guidance highlights the
strong growth we expect across our business based on increasing
adoption of our high-performance computing products and expanding
customer relationships.”
Q1 2021 Results
- Revenue was $3.45 billion, up 93 percent year-over-year and 6
percent quarter-over-quarter driven by higher revenue in both the
Computing and Graphics and Enterprise, Embedded and Semi-custom
segments.
- Gross margin was 46 percent, flat year-over-year and up 1
percentage point quarter-over-quarter. The quarter-over-quarter
increase was driven by a greater mix of Ryzen™, Radeon™ and EPYC™
processor sales.
- Operating income was $662 million compared to operating income
of $177 million a year ago and $570 million in the prior quarter.
Non-GAAP operating income was $762 million compared to operating
income of $236 million a year ago and $663 million in the prior
quarter. Operating income improvements were primarily driven by
higher revenue.
- Net income was $555 million compared to net income of $162
million a year ago and $1.78 billion in the prior quarter, which
included an income tax benefit of $1.30 billion associated with a
valuation allowance release. Non-GAAP net income was $642 million
compared to net income of $222 million a year ago and $636 million
in the prior quarter.
- Diluted earnings per share was $0.45 compared to diluted
earnings per share of $0.14 a year ago and $1.45 in the prior
quarter, which included an income tax benefit that contributed
$1.06 to earnings per share. Non-GAAP diluted earnings per share
was $0.52 based on a 15 percent effective tax rate compared to
diluted earnings per share of $0.18 a year ago and $0.52 in the
prior quarter. Prior periods had a 3 percent effective tax rate for
non-GAAP results.
- Cash, cash equivalents and short-term investments were $3.12
billion at the end of the quarter.
Quarterly Financial Segment Summary
- Computing and Graphics segment revenue was $2.10 billion, up 46
percent year-over-year and 7 percent quarter-over-quarter primarily
driven by Ryzen processor and Radeon graphics product sales growth.
- Client processor average selling price (ASP) grew
year-over-year and quarter-over-quarter driven by a richer mix of
Ryzen desktop and notebook processor sales.
- GPU ASP was higher year-over-year and quarter-over-quarter
driven by high-end Radeon graphics products.
- Operating income was $485 million compared to $262 million a
year ago and $420 million in the prior quarter. The year-over-year
and quarter-over-quarter increases were primarily driven by higher
revenue.
- Enterprise, Embedded and Semi-Custom segment revenue was $1.35
billion, up 286 percent year-over-year and 5 percent
quarter-over-quarter. The year-over-year increase was driven by
higher semi-custom product sales and EPYC processor revenue. The
quarter-over-quarter increase was driven by higher EPYC processor
sales partially offset by lower semi-custom product sales.
- Operating income was $277 million compared to an operating loss
of $26 million a year ago and operating income of $243 million
in the prior quarter. The year-over-year and quarter-over-quarter
increases were primarily driven by higher revenue.
- All Other operating loss was $100 million compared to operating
losses of $59 million a year ago and $93 million in the prior
quarter.
Recent PR Highlights
- AMD announced the AMD EPYC 7003 series processors including the
world’s highest performance server processor, the AMD EPYC 7763,
extending AMD per-socket and per-core performance leadership. The
processors provide up to two times better performance in
high-performance computing (HPC), cloud and enterprise workloads
compared to the competition, all with leadership security features.
A broad set of partners announced offerings based on the new EPYC
7003 series processors.
- Leading cloud providers announced new and upcoming instances
and solutions powered by EPYC 7003 series processors, including
Microsoft Azure HBv3 VMs and confidential computing VMs; Oracle
Cloud infrastructure; Tencent Cloud instances; Amazon Web Services;
and Google Cloud.
- Multiple server providers launched new platforms powered by
EPYC 7003 series processors and more than 100 new platforms are
expected to launch in 2021, including Cisco UCS® rack server
models; Dell Technologies PowerEdge servers; HPE ProLiant servers,
HPE Apollo systems; HPE Cray EX supercomputers; Lenovo ThinkSystem
servers and ThinkAgile HCI solutions; and Supermicro systems.
- AMD EPYC CPUs and AMD Instinct™ GPU accelerators are enabling
powerful new solutions.
- HPE and the KTH Royal Institute of Technology in Sweden
announced a new pre-exascale supercomputer that will use next
generation AMD EPYC processors and AMD Instinct GPUs.
- AMD EPYC CPUs and AMD Instinct GPUs are powering expanded
cloud-based HPC solutions, including Siemens NX and PTC Creo, both
on Microsoft Azure NVv4 instances.
- AMD customers are on track to increase the number of notebooks
based on the AMD Ryzen 5000 Series Mobile Processors and AMD Ryzen
PRO 5000 Series Mobile Processors by 50 percent compared to the
prior generation, as leading OEMs announced new systems for
businesses, gamers, creators and consumers.
- Acer introduced the new Nitro 5 and Aspire family of notebooks
as well as the Chromebook Spin 514, powered by the recently
announced Ryzen 3000 C-Series processors, the first Ryzen
processors designed for the Chrome OS.
- Asus unveiled a lineup of AMD-powered gaming notebooks, as well
as updated AMD-powered notebooks for consumers, including new
ZenBook, Chromebook Flip and VivoBook systems.
- HP’s latest portfolio of EliteBook and ProBook business
notebooks feature both Ryzen Mobile and Ryzen PRO Mobile 5000
Series Processors.
- Lenovo introduced twelve new Ryzen 5000 and Ryzen 5000 PRO
processor based notebooks, including ThinkBook models for
commercial users, Legion and IdeaPad gaming and Yoga
notebooks.
- AMD announced the Radeon RX 6700 XT GPU, delivering exceptional
1440p PC gaming experiences. Built on the AMD RDNA 2 gaming
architecture and leading edge 7nm process technology, it is
designed to deliver the optimal combination of performance and
power efficiency.
Current OutlookAMD’s outlook statements are
based on current expectations. The following statements are
forward-looking and actual results could differ materially
depending on market conditions and the factors set forth under
“Cautionary Statement” below.
For the second quarter of 2021, AMD expects revenue to be
approximately $3.6 billion, plus or minus $100 million, an increase
of approximately 86 percent year-over-year and 4 percent
quarter-over-quarter. The year-over-year increase is expected
to be driven by growth in all businesses. The quarter-over-quarter
increase is expected to be primarily driven by growth in data
center and gaming. AMD expects non-GAAP gross margin to be
approximately 47 percent in the second quarter of 2021.
For the full year 2021, AMD now expects revenue growth of
approximately 50 percent over 2020 driven by growth in all
businesses, up from prior guidance of approximately 37 percent
annual growth.
AMD Teleconference AMD will hold a conference
call for the financial community at 2:00 p.m. PT (5:00 p.m. ET)
today to discuss its first quarter 2021 financial results. AMD will
provide a real-time audio broadcast of the teleconference on the
Investor Relations page of its website at www.amd.com. The webcast
will be available for 12 months after the conference call.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
(In millions,
except per share data) (Unaudited) |
Three Months Ended |
|
March 27,2021 |
|
December 26,2020 |
|
March 28,2020 |
GAAP gross profit |
$ |
1,587 |
|
|
$ |
1,451 |
|
|
$ |
818 |
|
GAAP gross margin % |
46 |
% |
|
45 |
% |
|
46 |
% |
Stock-based compensation |
1 |
|
|
1 |
|
|
2 |
|
Non-GAAP
gross profit |
$ |
1,588 |
|
|
$ |
1,452 |
|
|
$ |
820 |
|
Non-GAAP gross margin % |
46 |
% |
|
45 |
% |
|
46 |
% |
|
|
|
|
|
|
GAAP
operating expenses |
$ |
929 |
|
|
$ |
881 |
|
|
$ |
641 |
|
GAAP operating expenses/revenue % |
27 |
% |
|
27 |
% |
|
36 |
% |
Stock-based compensation |
84 |
|
|
78 |
|
|
57 |
|
Acquisition-related costs |
15 |
|
|
14 |
|
|
— |
|
Non-GAAP
operating expenses |
$ |
830 |
|
|
$ |
789 |
|
|
$ |
584 |
|
Non-GAAP operating expenses/revenue% |
24 |
% |
|
24 |
% |
|
33 |
% |
|
|
|
|
|
|
GAAP
operating income |
$ |
662 |
|
|
$ |
570 |
|
|
$ |
177 |
|
GAAP operating margin % |
19 |
% |
|
18 |
% |
|
10 |
% |
Stock-based compensation |
85 |
|
|
79 |
|
|
59 |
|
Acquisition-related costs |
15 |
|
|
14 |
|
|
— |
|
Non-GAAP
operating income |
$ |
762 |
|
|
$ |
663 |
|
|
$ |
236 |
|
Non-GAAP operating margin % |
22 |
% |
|
20 |
% |
|
13 |
% |
|
|
Three Months Ended |
|
|
March 27,2021 |
|
December 26,2020 |
|
March 28,2020 |
GAAP net income / earnings per share |
|
$ |
555 |
|
|
$ |
0.45 |
|
|
$ |
1,781 |
|
|
$ |
1.45 |
|
|
$ |
162 |
|
|
$ |
0.14 |
|
Loss on debt redemption/conversion |
|
6 |
|
|
0.01 |
|
|
16 |
|
|
0.01 |
|
|
— |
|
|
— |
|
Non-cash interest expense related to convertible debt |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
Stock-based compensation |
|
85 |
|
|
0.07 |
|
|
79 |
|
|
0.06 |
|
|
59 |
|
|
0.04 |
|
Equity income in investee |
|
(2 |
) |
|
— |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
— |
|
Acquisition-related costs |
|
15 |
|
|
0.01 |
|
|
14 |
|
|
0.01 |
|
|
— |
|
|
— |
|
Release of valuation allowance on deferred tax assets |
|
— |
|
|
— |
|
|
(1,301 |
) |
|
(1.06 |
) |
|
— |
|
|
— |
|
Impairment of investment |
|
8 |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income tax provision (benefit) |
|
(25 |
) |
|
(0.03 |
) |
|
50 |
|
|
0.05 |
|
|
(1 |
) |
|
— |
|
Non-GAAP net income /
earnings per share |
|
$ |
642 |
|
|
$ |
0.52 |
|
|
$ |
636 |
|
|
$ |
0.52 |
|
|
$ |
222 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used and net
income adjustment inearnings per share
calculation (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per share
calculation (GAAP) |
|
1,231 |
|
|
1,226 |
|
|
1,224 |
|
Interest expense add-back to GAAP net income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4 |
|
Shares used in per share calculation (Non-GAAP) |
|
1,233 |
|
|
1,232 |
|
|
1,224 |
|
Interest expense add-back to
Non-GAAP net income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
(1 |
) |
|
For the three months ended
December 26, 2020 and March 28, 2020, GAAP diluted EPS calculations
include 3 million and 31 million shares, respectively, related to
the assumed conversion of the Company's 2026 Convertible Notes and
the associated $0 million and $4 million interest expense,
respectively, add-back to net income under the "if converted"
method.For the three months ended March 27, 2021, December 26, 2020
and March 28, 2020, Non-GAAP diluted EPS calculations include 2
million, 9 million and 31 million shares, respectively, related to
the assumed conversion of the Company's 2026 Convertible Notes and
the associated $0 million, $0 million and $2 million interest
expense, respectively, add-back to net income under the "if
converted" method. |
About AMDFor more than 50
years, AMD has driven innovation in high-performance computing,
graphics and visualization technologies – the building blocks for
gaming, immersive platforms and the data center. Hundreds of
millions of consumers, leading Fortune 500 businesses and
cutting-edge scientific research facilities around the world rely
on AMD technology daily to improve how they live, work and play.
AMD employees around the world are focused on building great
products that push the boundaries of what is possible. For more
information about how AMD is enabling today and inspiring tomorrow,
visit the AMD (NASDAQ: AMD) website, blog, Facebook and Twitter
pages.
Cautionary Statement
This press release contains forward-looking
statements concerning Advanced Micro Devices, Inc. (AMD) such as
AMD’s expectation for strong growth across its business; AMD’s
growth opportunities and customer relationships; the features,
functionality, performance, availability, timing and expected
benefits of AMD products; and AMD’s expected second quarter 2021
and fiscal 2021 financial outlook, including revenue and non-GAAP
gross margin and expected drivers based on current expectations,
which are made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are commonly identified by words such as "would," "may,"
"expects," "believes," "plans," "intends," "projects" and other
terms with similar meaning. Investors are cautioned that the
forward-looking statements in this presentation are based on
current beliefs, assumptions and expectations, speak only as of the
date of this release and involve risks and uncertainties that could
cause actual results to differ materially from current
expectations. Such statements are subject to certain known and
unknown risks and uncertainties, many of which are difficult to
predict and generally beyond AMD's control, that could cause actual
results and other future events to differ materially from those
expressed in, or implied or projected by, the forward-looking
information and statements. Material factors that could cause
actual results to differ materially from current expectations
include, without limitation, the following: Intel Corporation’s
dominance of the microprocessor market and its aggressive business
practices; global economic uncertainty; the loss of a significant
customer; the impact of the COVID-19 pandemic on AMD’s business,
financial condition and results of operations; the competitive
markets in which AMD’s products are sold; quarterly and seasonal
sales patterns; market conditions of the industries in which AMD
products are sold; the cyclical nature of the semiconductor
industry; AMD's ability to adequately protect its technology or
other intellectual property; unfavorable currency exchange rate
fluctuations; the ability of third party manufacturers to
manufacture AMD's products on a timely basis in sufficient
quantities and using competitive technologies; expected
manufacturing yields for AMD’s products; the availability of
essential equipment, materials, substrates, or manufacturing
processes; AMD's ability to introduce products on a timely basis
with features and performance levels that provide value to its
customers; AMD's ability to generate revenue from its semi-custom
SoC products; potential security vulnerabilities; potential IT
outages, data loss, data breaches and cyber-attacks; uncertainties
involving the ordering and shipment of AMD’s products; AMD’s
reliance on third-party intellectual property to design and
introduce new products in a timely manner; AMD's reliance on
third-party companies for the design, manufacture and supply of
motherboards, software and other computer platform components;
AMD's reliance on Microsoft Corporation and other software vendors'
support to design and develop software to run on AMD’s products;
AMD’s reliance on third-party distributors and add-in-board
partners; the impact of modification or interruption of AMD’s
internal business processes and information systems; compatibility
of AMD’s products with some or all industry-standard software and
hardware; costs related to defective products; the efficiency of
AMD's supply chain; AMD's ability to rely on third party
supply-chain logistics functions; AMD’s ability to effectively
control the sales of its products on the gray market; the impact of
government actions and regulations such as export administration
regulations, tariffs and trade protection measures; AMD’s ability
to realize its deferred tax assets; potential tax liabilities;
current and future claims and litigation; the impact of
environmental laws, conflict minerals-related provisions and other
laws or regulations; the impact of acquisitions, joint ventures
and/or investments on AMD's business, including the announced
acquisition of Xilinx, and the failure to integrate acquired
businesses; AMD’s ability to complete the Xilinx merger; the impact
of the announcement and pendency of the Xilinx merger on AMD’s
business; the impact of any impairment of the combined company’s
assets on the combined company’s financial position and results of
operation; the restrictions imposed by agreements governing AMD’s
notes and the revolving credit facility; the potential dilutive
effect if the 2.125% Convertible Senior Notes due 2026 are
converted; AMD's indebtedness; AMD's ability to generate sufficient
cash to service its debt obligations or meet its working capital
requirements; AMD's ability to repurchase its outstanding debt in
the event of a change of control; AMD's ability to generate
sufficient revenue and operating cash flow or obtain external
financing for research and development or other strategic
investments; political, legal, economic risks and natural
disasters; future impairments of goodwill and technology license
purchases; AMD’s ability to attract and retain qualified personnel;
AMD’s stock price volatility; and worldwide political conditions.
Investors are urged to review in detail the risks and uncertainties
in AMD’s Securities and Exchange Commission filings, including but
not limited to AMD’s most recent reports on Forms 10-K and
10-Q.
(*) In this earnings
press release, in addition to GAAP financial results, AMD has
provided non-GAAP financial measures including non-GAAP gross
profit, non-GAAP operating expenses, non-GAAP operating income,
non-GAAP net income and non-GAAP earnings per share. AMD uses a
normalized tax rate in its computation of the non-GAAP income tax
provision to provide better consistency across the reporting
periods. For fiscal 2021, AMD uses a projected non-GAAP tax rate of
15%, which excludes the tax impact of pre-tax non-GAAP adjustments,
reflecting currently available information. AMD also provided
adjusted EBITDA and free cash flow as supplemental non-GAAP
measures of its performance. These items are defined in the
footnotes to the selected corporate data tables provided at the end
of this earnings press release. AMD is providing these financial
measures because it believes this non-GAAP presentation makes it
easier for investors to compare its operating results for current
and historical periods and also because AMD believes it assists
investors in comparing AMD’s performance across reporting periods
on a consistent basis by excluding items that it does not believe
are indicative of its core operating performance and for the other
reasons described in the footnotes to the selected data tables. The
non-GAAP financial measures disclosed in this earnings press
release should be viewed in addition to and not as a substitute for
or superior to AMD’s reported results prepared in accordance with
GAAP and should be read only in conjunction with AMD’s Consolidated
Financial Statements prepared in accordance with GAAP. These
non-GAAP financial measures referenced are reconciled to their most
directly comparable GAAP financial measures in the data tables at
the end of this earnings press release. This earnings press release
also contains forward-looking non-GAAP gross margin concerning
AMD’s financial outlook, which is based on current expectations as
of April 27, 2021 and assumptions and beliefs that involve numerous
risks and uncertainties. AMD undertakes no intent or obligation to
publicly update or revise its outlook statements as a result of new
information, future events or otherwise, except as may be required
by law.
AMD, the AMD Arrow logo, EPYC, Radeon,
Ryzen, Instinct, Threadripper and combinations thereof, are
trademarks of Advanced Micro Devices, Inc. Other names are for
informational purposes only and used to identify companies and
products and may be trademarks of their respective
owner.
|
ADVANCED
MICRO DEVICES, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(Millions except per share
amounts and percentages) (Unaudited) |
|
|
|
Three Months Ended |
|
March 27,2021 |
|
December 26,2020 |
|
March 28,2020 |
Net revenue |
$ |
3,445 |
|
|
|
$ |
3,244 |
|
|
|
$ |
1,786 |
|
|
Cost of sales |
1,858 |
|
|
|
1,793 |
|
|
|
968 |
|
|
Gross profit |
1,587 |
|
|
|
1,451 |
|
|
|
818 |
|
|
Gross margin % |
46 |
|
% |
|
45 |
|
% |
|
46 |
|
% |
Research and development |
610 |
|
|
|
573 |
|
|
|
442 |
|
|
Marketing, general and
administrative |
319 |
|
|
|
308 |
|
|
|
199 |
|
|
Licensing gain |
(4 |
) |
|
|
— |
|
|
|
— |
|
|
Operating income |
662 |
|
|
|
570 |
|
|
|
177 |
|
|
Interest expense |
(9 |
) |
|
|
(9 |
) |
|
|
(13 |
) |
|
Other income (expense),
net |
(11 |
) |
|
|
(15 |
) |
|
|
4 |
|
|
Income before income taxes and equity income |
642 |
|
|
|
546 |
|
|
|
168 |
|
|
Income tax provision
(benefit) |
89 |
|
|
|
(1,232 |
) |
|
|
6 |
|
|
Equity income in investee |
2 |
|
|
|
3 |
|
|
|
— |
|
|
Net Income |
$ |
555 |
|
|
|
$ |
1,781 |
|
|
|
$ |
162 |
|
|
Earnings per share |
|
|
|
|
|
Basic |
$ |
0.46 |
|
|
|
$ |
1.48 |
|
|
|
$ |
0.14 |
|
|
Diluted |
$ |
0.45 |
|
|
|
$ |
1.45 |
|
|
|
$ |
0.14 |
|
|
Shares used in per share
calculation |
|
|
|
|
|
Basic |
1,213 |
|
|
|
1,205 |
|
|
|
1,170 |
|
|
Diluted |
1,231 |
|
|
|
1,226 |
|
|
|
1,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADVANCED
MICRO DEVICES, INC.CONDENSED CONSOLIDATED BALANCE
SHEETS (Millions) |
|
|
|
|
|
|
|
March 27,2021 |
|
December 26,2020 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,763 |
|
|
|
$ |
1,595 |
|
|
Short-term investments |
|
1,353 |
|
|
|
695 |
|
|
Accounts receivable, net |
|
2,178 |
|
|
|
2,066 |
|
|
Inventories |
|
1,653 |
|
|
|
1,399 |
|
|
Receivables from related parties |
|
7 |
|
|
|
10 |
|
|
Prepaid expenses and other current assets |
|
243 |
|
|
|
378 |
|
|
Total current
assets |
|
7,197 |
|
|
|
6,143 |
|
|
Property and equipment,
net |
|
681 |
|
|
|
641 |
|
|
Operating lease right-of use
assets |
|
241 |
|
|
|
208 |
|
|
Goodwill |
|
289 |
|
|
|
289 |
|
|
Investment: equity method |
|
65 |
|
|
|
63 |
|
|
Deferred tax assets |
|
1,162 |
|
|
|
1,245 |
|
|
Other non-current assets |
|
412 |
|
|
|
373 |
|
|
Total
Assets |
|
$ |
10,047 |
|
|
|
$ |
8,962 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
949 |
|
|
|
$ |
468 |
|
|
Payables to related parties |
|
40 |
|
|
|
78 |
|
|
Accrued liabilities |
|
1,779 |
|
|
|
1,796 |
|
|
Other current liabilities |
|
96 |
|
|
|
75 |
|
|
Total current
liabilities |
|
2,864 |
|
|
|
2,417 |
|
|
Long-term debt, net |
|
313 |
|
|
|
330 |
|
|
Long-term operating lease
liabilities |
|
238 |
|
|
|
201 |
|
|
Other long-term
liabilities |
|
155 |
|
|
|
177 |
|
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
Capital stock: |
|
|
|
|
Common stock, par value |
|
12 |
|
|
|
12 |
|
|
Additional paid-in capital |
|
10,658 |
|
|
|
10,544 |
|
|
Treasury stock, at cost |
|
(141 |
) |
|
|
(131 |
) |
|
Accumulated deficit (1) |
|
(4,058 |
) |
|
|
(4,605 |
) |
|
Accumulated other
comprehensive income |
|
6 |
|
|
|
17 |
|
|
Total stockholders'
equity |
|
$ |
6,477 |
|
|
|
$ |
5,837 |
|
|
Total Liabilities and
Stockholders' Equity |
|
$ |
10,047 |
|
|
|
$ |
8,962 |
|
|
(1) |
|
During the first quarter of 2021,
the Company adopted ASU 2019-12, Income Taxes (Topic 740):
Simplifying the Accounting for Income Taxes, using the modified
retrospective adoption method, which resulted in $8 million of
deferred tax liability associated with book-tax differences in a
foreign equity method investment recognized in Accumulated
deficit. |
|
ADVANCED
MICRO DEVICES, INC.SELECTED CASH FLOW
INFORMATION(Millions) (Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
March 27, 2021 |
|
December 26, 2020 |
|
March 28, 2020 |
Net cash provided by
(used in) |
|
|
|
|
|
|
Operating activities |
|
$ |
898 |
|
|
|
$ |
554 |
|
|
|
$ |
(65 |
) |
|
Investing activities |
|
$ |
(722 |
) |
|
|
$ |
(294 |
) |
|
|
$ |
(73 |
) |
|
Financing activities |
|
$ |
(8 |
) |
|
|
$ |
35 |
|
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
CORPORATE DATA(Millions) (Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
March 27, 2021 |
|
December 26, 2020 |
|
March 28, 2020 |
Segment
Information |
|
|
|
|
|
|
Computing and Graphics (1) |
|
|
|
|
|
|
Net revenue |
|
$ |
2,100 |
|
|
|
$ |
1,960 |
|
|
|
$ |
1,438 |
|
|
Operating income |
|
$ |
485 |
|
|
|
$ |
420 |
|
|
|
$ |
262 |
|
|
Enterprise, Embedded and Semi-Custom (2) |
|
|
|
|
|
|
Net revenue |
|
$ |
1,345 |
|
|
|
$ |
1,284 |
|
|
|
$ |
348 |
|
|
Operating income (loss) |
|
$ |
277 |
|
|
|
$ |
243 |
|
|
|
$ |
(26 |
) |
|
All Other (3) |
|
|
|
|
|
|
Net revenue |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
Operating loss |
|
$ |
(100 |
) |
|
|
$ |
(93 |
) |
|
|
$ |
(59 |
) |
|
Total |
|
|
|
|
|
|
Net revenue |
|
$ |
3,445 |
|
|
|
$ |
3,244 |
|
|
|
$ |
1,786 |
|
|
Operating income |
|
$ |
662 |
|
|
|
$ |
570 |
|
|
|
$ |
177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data |
|
|
|
|
|
|
Capital expenditures |
|
$ |
66 |
|
|
|
$ |
74 |
|
|
|
$ |
55 |
|
|
Adjusted EBITDA (4) |
|
$ |
857 |
|
|
|
$ |
753 |
|
|
|
$ |
304 |
|
|
Cash, cash equivalents and
short-term investments |
|
$ |
3,116 |
|
|
|
$ |
2,290 |
|
|
|
$ |
1,385 |
|
|
Free cash flow (5) |
|
$ |
832 |
|
|
|
$ |
480 |
|
|
|
$ |
(120 |
) |
|
Total assets |
|
$ |
10,047 |
|
|
|
$ |
8,962 |
|
|
|
$ |
5,864 |
|
|
Total debt |
|
$ |
313 |
|
|
|
$ |
330 |
|
|
|
$ |
488 |
|
|
(1) |
|
The Computing and
Graphics segment primarily includes desktop and notebook
microprocessors, accelerated processing units that integrate
microprocessors and graphics, chipsets, discrete graphics
processing units (GPUs), data center and professional GPUs and
development services. From time to time, the Company may also sell
or license portions of its IP portfolio. |
|
|
|
(2) |
|
The Enterprise,
Embedded and Semi-Custom segment primarily includes server and
embedded processors, semi-custom System-on-Chip (SoC) products,
development services and technology for game consoles. From time to
time, the Company may also sell or license portions of its IP
portfolio. |
|
|
|
(3) |
|
All Other
category primarily includes certain expenses and credits that are
not allocated to any of the operating segments. Also included in
this category is stock-based compensation expense and
acquisition-related costs. |
|
|
|
(4) |
|
Reconciliation of GAAP Net Income to Adjusted
EBITDA* |
|
|
|
|
Three Months Ended |
|
|
March 27,2021 |
|
December 26,2020 |
|
March 28,2020 |
|
|
GAAP net income |
|
$ |
555 |
|
|
|
$ |
1,781 |
|
|
|
$ |
162 |
|
|
|
|
Interest expense |
|
9 |
|
|
|
9 |
|
|
|
13 |
|
|
|
|
Other (income) expense, net |
|
11 |
|
|
|
15 |
|
|
|
(4 |
) |
|
|
|
Income tax provision (benefit) |
|
89 |
|
|
|
(1,232 |
) |
|
|
6 |
|
|
|
|
Equity income in investee |
|
(2 |
) |
|
|
(3 |
) |
|
|
— |
|
|
|
|
Stock-based compensation |
|
85 |
|
|
|
79 |
|
|
|
59 |
|
|
|
|
Depreciation and amortization |
|
95 |
|
|
|
90 |
|
|
|
68 |
|
|
|
|
Acquisition-related costs |
|
15 |
|
|
|
14 |
|
|
|
— |
|
|
|
|
Adjusted EBITDA |
|
$ |
857 |
|
|
|
$ |
753 |
|
|
|
$ |
304 |
|
|
(5) |
|
Reconciliation of GAAP Net Cash Provided by Operating
Activities to Free Cash Flow** |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 27,2021 |
|
December 26,2020 |
|
March 28,2020 |
|
|
GAAP net cash provided by operating activities |
|
$ |
898 |
|
|
|
$ |
554 |
|
|
|
$ |
(65 |
) |
|
|
|
Purchases of property and equipment |
|
(66 |
) |
|
|
(74 |
) |
|
|
(55 |
) |
|
|
|
Free cash flow |
|
$ |
832 |
|
|
|
$ |
480 |
|
|
|
$ |
(120 |
) |
|
* |
|
The Company presents “Adjusted EBITDA” as a supplemental measure of
its performance. Adjusted EBITDA for the Company is determined by
adjusting GAAP net income for interest expense, other income
(expense), net, income tax provision (benefit), equity income on
investee, stock-based compensation, and depreciation and
amortization expense. The Company also included acquisition-related
costs for the quarter ended March 27, 2021 and December 26, 2020.
The Company calculates and presents Adjusted EBITDA because
management believes it is of importance to investors and lenders in
relation to its overall capital structure and its ability to borrow
additional funds. In addition, the Company presents Adjusted EBITDA
because it believes this measure assists investors in comparing its
performance across reporting periods on a consistent basis by
excluding items that the Company does not believe are indicative of
its core operating performance. The Company’s calculation of
Adjusted EBITDA may or may not be consistent with the calculation
of this measure by other companies in the same industry. Investors
should not view Adjusted EBITDA as an alternative to the GAAP
operating measure of income or GAAP liquidity measures of cash
flows from operating, investing and financing activities. In
addition, Adjusted EBITDA does not take into account changes in
certain assets and liabilities that can affect cash flows. |
|
|
|
** |
|
The Company also presents free cash flow as a supplemental Non-GAAP
measure of its performance. Free cash flow is determined by
adjusting GAAP net cash provided by operating activities for
capital expenditures. The Company calculates and communicates free
cash flow in the financial earnings press release because
management believes it is of importance to investors to understand
the nature of these cash flows. The Company’s calculation of free
cash flow may or may not be consistent with the calculation of this
measure by other companies in the same industry. Investors should
not view free cash flow as an alternative to GAAP liquidity
measures of cash flows from operating activities. |
Advanced Micro Devices (NASDAQ:AMD)
Historical Stock Chart
From Mar 2024 to May 2024
Advanced Micro Devices (NASDAQ:AMD)
Historical Stock Chart
From May 2023 to May 2024