AMD Reports Fourth Quarter and Annual 2019 Financial Results

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 first quarter of 2020, AMD expects revenue to be approximately $1.8 billion, plus or minus $50 million, an increase of approximately 42 percent year-over-year and a decrease of approximately 15 percent sequentially. The year-over-year increase is expected to be driven by strong growth of Ryzen, EPYC and Radeon product sales. The sequential decrease is driven primarily by negligible semi-custom revenue which continues to soften in advance of the ramp of next generation products, in addition to seasonality. AMD expects non-GAAP gross margin to be approximately 46 percent in the first quarter of 2020.

For the full year 2020, AMD expects revenue growth of approximately 28 to 30 percent over 2019 driven by strength across all businesses. AMD expects non-GAAP gross margin to be approximately 45 percent for 2020.

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 fourth quarter and fiscal year 2019 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  Year Ended
   December 28,
2019
  September 28,
2019
  December 29,
2018
  December 28,
2019
  December 29,
2018
GAAP gross margin  $ 949   $ 777   $ 537   $ 2,868   $ 2,447 
GAAP gross margin %  45 %  43 %  38 %  43 %  38 %
Impairment of technology licenses     45    45 
Stock-based compensation 1  2  1  6  4 
Non-GAAP gross margin  $ 950     $ 779     $ 583     $ 2,874     $ 2,496  
Non-GAAP gross margin %   45 %   43 %   41 %   43 %   39 %
                     
GAAP operating expenses   $ 601     $ 591     $ 509     $ 2,297     $ 1,996  
Stock-based compensation   56     52     35     191     133  
Loss contingency on legal matter               12      
Non-GAAP operating expenses   $ 545     $ 539     $ 474     $ 2,094     $ 1,863  
                     
GAAP operating income   $ 348     $ 186     $ 28     $ 631     $ 451  
Impairment of technology licenses           45         45  
Stock-based compensation   57     54     36     197     137  
Loss contingency on legal matter               12      
Non-GAAP operating income   $ 405     $ 240     $ 109     $ 840     $ 633  

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