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 2017, AMD expects revenue to increase approximately 23 percent sequentially, plus or minus 3 percent. The midpoint of guidance would result in third quarter 2017 revenue increasing approximately 15 percent year-over-year. AMD now expects annual revenue to increase by a mid to high-teens percentage, compared to prior guidance of low double digit percentage revenue growth.
For additional details regarding AMD’s results and outlook please see the CFO commentary posted at quarterlyearnings.amd.com.
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 second quarter 2017 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 Gross Margin | ||||||||||||
| (Millions except percentages) | Q2-17 | Q1-17 | Q2-16 | |||||||||
| GAAP Gross Margin | $ | 404 | $ | 331 | $ | 319 | ||||||
| GAAP Gross Margin % | 33 | % | 34 | % | 31 | % | ||||||
| Stock-based compensation | 1 | — | — | |||||||||
| Non-GAAP Gross Margin | $ | 405 | $ | 331 | $ | 319 | ||||||
| Non-GAAP Gross Margin % | 33 | % | 34 | % | 31 | % | ||||||
| Reconciliation of GAAP to Non-GAAP Operating Income (Loss) | ||||||||||||
| (Millions) | Q2-17 | Q1-17 | Q2-16 | |||||||||
| GAAP operating income (loss) | $ | 25 | $ | (29 | ) | $ | (8 | ) | ||||
| Restructuring and other special charges, net | — | — | (7 | ) | ||||||||
| Stock-based compensation | 24 | 23 | 18 | |||||||||
| Non-GAAP operating income (loss) | $ | 49 | $ | (6 | ) | $ | 3 | |||||
| Reconciliation of GAAP to Non-GAAP Net Income (Loss) / Income (Loss) per share | ||||||||||||||||||||||||
| (Millions except per share amounts) | Q2-17 | Q1-17 | Q2-16 | |||||||||||||||||||||
| GAAP net income (loss) / income (loss) per share | $ | (16 | ) | $ | (0.02 | ) | $ | (73 | ) | $ | (0.08 | ) | $ | 69 | $ | 0.08 | ||||||||
| Loss on debt redemption | 3 | — | 4 | — | — | — | ||||||||||||||||||
| Non-cash interest expense related to convertible debt | 5 | 0.01 | 6 | 0.01 | — | — | ||||||||||||||||||
| Restructuring and other special charges, net | — | — | — | — | (7 | ) | (0.01 | ) | ||||||||||||||||
| Stock-based compensation | 24 | 0.02 | 23 | 0.02 | 18 | 0.02 | ||||||||||||||||||
| Equity loss in investee | 3 | — | 2 | — | 3 | — | ||||||||||||||||||
| Gain on sale of 85% of ATMP JV | — | — | — | — | (150 | ) | (0.19 | ) | ||||||||||||||||
| Tax provision related to sale of 85% of ATMP JV | — | — | — | — | 27 | 0.03 | ||||||||||||||||||
| Non-GAAP net income (loss) / income (loss) per share* | $ | 19 | $ | 0.02 | $ | (38 | ) | $ | (0.04 | ) | $ | (40 | ) | $ | (0.05 | ) | ||||||||
| *Q2 2017 GAAP net loss per share is calculated based on 945 million basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based on 1,036 million diluted weighted-average shares of common stock. | ||||||||||||||||||||||||
