AMD Reports Fourth Quarter and Annual 2019 Financial Results

(*)In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share. These non-GAAP financial measures reflect certain adjustments as presented in the tables in this earnings press release. 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. Refer to the data tables at the end of this earnings press release.

AMD, the AMD Arrow logo, EPYC, Radeon, Ryzen, 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 Year Ended
 December 28,
2019
September 28,
2019
December 29,
2018
 December 28,
2019
December 29,
2018
Net revenue$2,127 $1,801 $1,419  $6,731 $6,475 
Cost of sales 1,178  1,024  882   3,863  4,028 
Gross margin 949  777  537   2,868  2,447 
Gross margin % 45% 43 %   38 %     43 %   38 %
Research and development   395     406     371       1,547     1,434  
Marketing, general and administrative   206     185     138       750     562  
Licensing gain   -     -     -       (60 )   -  
Operating income   348     186     28       631     451  
Interest expense   (18 )   (24 )   (29 )     (94 )   (121 )
Other income (expense), net   (125 )   (36 )   4       (165 )   -  
Income before income taxes and equity income (loss)   205     126     3       372     330  
Provision for (benefit from) for income taxes   35     7     (35 )     31     (9 )
Equity income (loss) in investee   -     1     -       -     (2 )
Net Income $ 170   $ 120   $ 38     $ 341   $ 337  
Earnings per share            
Basic $ 0.15   $ 0.11   $ 0.04     $ 0.31   $ 0.34  
Diluted $ 0.15   $ 0.11   $ 0.04     $ 0.30   $ 0.32  
Shares used in per share calculation            
Basic   1,140     1,097     1,002       1,091     982  
Diluted   1,188     1,117     1,079       1,120     1,064  

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