Intel Reports Fourth-Quarter 2017 Financial Results



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,
2017

 

Dec 31,
2016

 

Dec 30,
2017

 

Dec 31,
2016

               

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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