AMD Reports Second Quarter 2020 Financial Results

        
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES        
 (In millions, except per share data) (Unaudited)                 
   Three Months Ended     
   June 27,
2020
  March 28,
2020
  June 29,
2019
        
  GAAP gross margin $   848     $   818     $   621          
  GAAP gross margin %  44 %     46 %     41 %        
 Stock-based compensation 2   2   2       
  Non-GAAP gross margin $   850     $   820     $   623          
  Non-GAAP gross margin %  44 %     46 %     41 %        
                         
  GAAP operating expenses $   675     $   641     $   562              
  GAAP operating expenses/revenue %   35 %       36 %       37 %              
  Stock-based compensation   58       57       43              
  Loss contingency on legal matter   -       -       7              
  Non-GAAP operating expenses $   617     $   584     $   512              
  Non-GAAP operating expenses/revenue%   32 %       33 %       33 %              
                         
  GAAP operating income $   173     $   177     $   59              
  GAAP operating margin %   9 %       10 %       4 %              
  Stock-based compensation   60       59       45              
  Loss contingency on legal matter   -       -       7              
  Non-GAAP operating income $   233     $   236     $   111              
  Non-GAAP operating margin %   12 %       13 %       7 %              
                         
    Three Months Ended
    June 27,
2020
  March 28,
2020
  June 29,
2019
  GAAP net income / earnings per share $   157     $   0.13     $   162     $   0.14   $   35     $   0.03
  Non-cash interest expense related to convertible debt   2       -       2       -     6       -
  Stock-based compensation   60       0.05       59       0.04     45       0.04
  Equity income in investee   (1 )     -       -       -     -       -
  Loss contingency on legal matter   -       -       -       -     7       0.01
  Income tax provision   (2 )     -       (1 )     -     (1 )     -
  Non-GAAP net income / earnings per share $   216     $   0.18     $   222     $   0.18   $   92     $   0.08
                         
  Shares used and net income adjustment in
earnings per share calculation (1)
                     
  Shares used in per share calculation (GAAP)   1,227       1,224     1,109
  Interest expense add-back to GAAP net income $ 3     $ 4   $ -
  Shares used in per share calculation (Non-GAAP)   1,227       1,224     1,210
  Interest expense add-back to Non-GAAP net income $ 1     $ 2   $ 5
                         
                         
(1 ) For the three months ended June 27, 2020 and March 28, 2020, GAAP diluted EPS calculations include 31 million shares related to the Company's 2026 Convertible Notes and the associated $3 million and $4 million interest expense, respectively, add-back to net income under the "if converted" method.
     
    For the three months ended June 29, 2019, the 100.6 million shares related to the Company's 2026 Convertible Notes were not included in the GAAP diluted EPS calculations as their inclusion would have been anti-dilutive.
     
    For the three months ended June 27, 2020,  March 28, 2020 and June 29, 2019, Non-GAAP diluted EPS calculations include 31 million, 31 million and 100.6 million shares, respectively, related to the Company's 2026 Convertible Notes and the associated $1 million, $2 million and $5 million interest expense, respectively, add-back to net income under the "if converted" method.
     

About AMD

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