AMD Reports Second Quarter 2018 Financial Results

Q2 2018 Highlights

  • At Computex 2018, AMD showcased the next-generation of leadership CPU and GPU products including the first public demonstrations of:
    • The 12nm “Zen+”-based 2nd Generation Ryzen ThreadripperTM CPU, featuring an industry-leading 32-cores and 64-threads of HEDT computing power, scheduled to launch in Q3 2018.
    • The 7nm Radeon “Vega” architecture-based GPU for servers and workstations that is planned to launch later in 2018.
  • One year after its market debut, AMD EPYC™ datacenter processor sales continue to accelerate, with new platform deployments and commitments from industry leaders:
    • HPE launched two new AMD EPYC platforms, including the ProLiant DL325 Gen10 server delivering two-socket performance in a one-socket server.
    • Cisco launched the first ever AMD-based UCS server, with EPYC processors powering Cisco’s highest density offering with 128% more cores, 50% more servers and 20% more storage per rack compared to their existing rack offerings.
    • Tencent Cloud now offers an EPYC processor-based SA1 Cloud instance, delivering exceptional performance at a lower total cost of ownership compared to other solutions.
    • The National Institute for Nuclear Physics in Italy selected the AMD EPYC 7351 processor to power its high-performance computing cluster.
  • AMD announced unprecedented adoption of its AMD Ryzen PRO processors with Radeon Vega graphics, with new commercial notebooks and desktops now available from Dell, HP and Lenovo.
  • AMD continued to expand its offerings for gamers:
    • AMD announced that Radeon FreeSync™ technology is now supported across Samsung’s QLED TV family, bringing the ultimate 4K gaming experience to large-screen TVs.
    • PowerColor unveiled the Radeon RX Vega56 Nano Edition graphics card, enabling enthusiast 4K gaming in small form factor PCs.
    • At E3, AMD announced an expanded partnership with Ubisoft to leverage DirectX12 technology to optimize their next-generation games for Radeon GPU users, including the highly anticipated "Tom Clancy’s Division 2" title.

Current Outlook
AMD’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 third quarter of 2018, AMD expects revenue to be approximately $1.7 billion, plus or minus $50 million, an increase of approximately 7 percent year-over-year, and non-GAAP gross margin to increase to approximately 38 percent, driven by the sales growth of Ryzen and EPYC products, partially offset by lower sales of GPU products in the blockchain market.

AMD Teleconference
AMD will hold a conference call for the financial community at 2:30 p.m. PT (5:30 p.m. ET) today to discuss its second quarter 2018 financial results and forward looking financial guidance. 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. A slide presentation of quarterly financial results can be found at ir.amd.com.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES    
 (In millions, except per share data)  Three Months Ended
   June 30,
2018
  March 31,
2018
  July 1,
2017
GAAP gross margin  $ 652   $ 597   $ 386 
GAAP gross margin %  37 %  36 %  34 %
Stock-based compensation 1  1  1 
Non-GAAP gross margin  $ 653   $ 598   $ 387 
Non-GAAP gross margin %  37 %  36 %  34 %
       
GAAP operating expenses  $ 499   $ 477   $ 412 
Stock-based compensation 32  31  23 
Non-GAAP operating expenses  $ 467   $ 446   $ 389  
             
GAAP operating income (loss)   $ 153     $ 120     $ (1 )
Stock-based compensation   33     32     24  
Non-GAAP operating income   $ 186     $ 152     $ 23  

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