INTEL CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS
Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustment made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
|
Three Months Ended |
Twelve Months Ended |
||||||||||||||
|
(In Millions, Except Per Share Amounts) |
Dec 30,
|
Dec 31,
|
Dec 30,
|
Dec 31,
|
|||||||||||
|
GAAP NET REVENUE |
$ |
17,053 |
$ |
16,374 |
$ |
62,761 |
$ |
59,387 |
|||||||
|
Deferred revenue write-down |
— |
— |
— |
99 |
|||||||||||
|
NON-GAAP NET REVENUE |
$ |
17,053 |
$ |
16,374 |
$ |
62,761 |
$ |
59,486 |
|||||||
|
GAAP GROSS MARGIN |
$ |
10,767 |
$ |
10,105 |
$ |
39,069 |
$ |
36,191 |
|||||||
|
Deferred revenue write-down, net of cost of sales |
— |
— |
— |
64 |
|||||||||||
|
Inventory valuation |
28 |
— |
55 |
387 |
|||||||||||
|
Amortization of acquisition-related intangibles |
262 |
232 |
912 |
937 |
|||||||||||
|
NON-GAAP GROSS MARGIN |
$ |
11,057 |
$ |
10,337 |
$ |
40,036 |
$ |
37,579 |
|||||||
|
GAAP GROSS MARGIN PERCENTAGE |
63.1 |
% |
61.7 |
% |
62.3 |
% |
60.9 |
% |
|||||||
|
Deferred revenue write-down, net of cost of sales |
— |
% |
— |
% |
— |
% |
— |
% |
|||||||
|
Inventory valuation |
0.2 |
% |
— |
% |
0.1 |
% |
0.7 |
% |
|||||||
|
Amortization of acquisition-related intangibles |
1.5 |
% |
1.4 |
% |
1.4 |
% |
1.6 |
% |
|||||||
|
NON-GAAP GROSS MARGIN PERCENTAGE |
64.8 |
% |
63.1 |
% |
63.8 |
% |
63.2 |
% |
|||||||
|
GAAP R&D PLUS MG&A SPENDING |
$ |
5,124 |
$ |
5,438 |
$ |
20,572 |
$ |
21,137 |
|||||||
|
Other acquisition-related charges |
— |
— |
(113) |
(100) |
|||||||||||
|
NON-GAAP R&D PLUS MG&A SPENDING |
$ |
5,124 |
$ |
5,438 |
$ |
20,459 |
$ |
21,037 |
|||||||
|
GAAP OPERATING INCOME |
$ |
5,395 |
$ |
4,526 |
$ |
17,936 |
$ |
12,874 |
|||||||
|
Deferred revenue write-down, net of cost of sales |
— |
— |
— |
64 |
|||||||||||
|
Inventory valuation |
28 |
— |
55 |
387 |
|||||||||||
|
Amortization of acquisition-related intangibles |
315 |
273 |
1,089 |
1,231 |
|||||||||||
|
Restructuring and other charges |
195 |
100 |
384 |
1,886 |
|||||||||||
|
Other acquisition-related charges |
— |
— |
113 |
100 |
|||||||||||
|
NON-GAAP OPERATING INCOME |
$ |
5,933 |
$ |
4,899 |
$ |
19,577 |
$ |
16,542 |
|||||||
|
GAAP TAX RATE |
111.4 |
% |
19.8 |
% |
52.8 |
% |
20.3 |
% |
|||||||
|
Divestiture of Intel Security |
— |
% |
— |
% |
(3.6 |
)% |
— |
% |
|||||||
|
Income tax reform |
(90.2 |
)% |
— |
% |
(26.7 |
)% |
— |
% |
|||||||
|
NON-GAAP TAX RATE |
21.2 |
% |
19.8 |
% |
22.5 |
% |
20.3 |
% |
|||||||
|
GAAP NET INCOME (LOSS) |
$ |
(687) |
$ |
3,562 |
$ |
9,601 |
$ |
10,316 |
|||||||
|
Deferred revenue write-down, net of cost of sales |
— |
— |
— |
64 |
|||||||||||
|
Inventory valuation |
28 |
— |
55 |
387 |
|||||||||||
|
Amortization of acquisition-related intangibles |
315 |
273 |
1,089 |
1,231 |
|||||||||||
|
Restructuring and other charges |
195 |
100 |
384 |
1,886 |
|||||||||||
|
Other acquisition-related charges |
— |
— |
113 |
100 |
|||||||||||
|
(Gains) Losses from divestiture |
— |
— |
(387) |
— |
|||||||||||
|
Income tax reform |
5,444 |
— |
5,444 |
— |
|||||||||||
|
Income tax effect |
(114) |
(70) |
454 |
(745) |
|||||||||||
|
NON-GAAP NET INCOME |
$ |
5,181 |
$ |
3,865 |
$ |
16,753 |
$ |
13,239 |
|||||||
|
GAAP DILUTED EARNINGS PER COMMON SHARE |
$ |
(0.15) |
$ |
0.73 |
$ |
1.99 |
$ |
2.12 |
|||||||
|
Deferred revenue write-down, net of cost of sales |
— |
— |
— |
0.01 |
|||||||||||
|
Inventory valuation |
0.01 |
— |
0.01 |
0.08 |
|||||||||||
|
Amortization of acquisition-related intangibles |
0.06 |
0.06 |
0.22 |
0.25 |
|||||||||||
|
Restructuring and other charges |
0.04 |
0.02 |
0.08 |
0.39 |
|||||||||||
|
Other acquisition-related charges |
— |
— |
0.02 |
0.02 |
|||||||||||
|
(Gains) Losses from divestiture |
— |
— |
(0.08) |
— |
|||||||||||
|
Income tax reform |
1.14 |
— |
1.13 |
— |
|||||||||||
|
Income tax effect |
(0.02) |
(0.02) |
0.09 |
(0.15) |
|||||||||||
|
NON-GAAP DILUTED EARNINGS PER COMMON SHARE 1 |
$ |
1.08 |
$ |
0.79 |
$ |
3.46 |
$ |
2.72 |
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