AMD Reports Second Quarter 2018 Financial Results

1.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 expense, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP earnings (loss) 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, Radeon Instinct, Ryzen, 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)
 Three Months Ended Six Months Ended
 June 30,
2018
March 31,
2018
July 1,
2017
 June 30,
2018
July 1,
2017
Net revenue$1,756 $1,647 $1,151  $3,403 $2,329 
Cost of sales 1,104  1,050  765   2,154  1,565 
Gross margin 652  597  386   1,249  764 
Gross margin % 37% 36% 34%  37% 33%
Research and development 357  343  285   700  556 
Marketing, general and administrative 142  134  127   276  250 
Licensing gain -  -  (25)  -  (52)
Operating income (loss) 153  120  (1)  273  10 
Interest expense  (31 )   (31 )   (32 )     (62 )   (64 )
Other income (expense), net   1     1     (3 )     2     (8 )
Income (loss) before equity loss and income taxes   123     90     (36 )     213     (62 )
Provision for income taxes   6     8     3       14     8  
Equity loss in investee   (1 )   (1 )   (3 )     (2 )   (5 )
Net Income (loss) $ 116   $ 81   $ (42 )   $ 197   $ (75 )
Earnings (loss) per share            
Basic $ 0.12   $ 0.08   $ (0.04 )   $ 0.20   $ (0.08 )
Diluted $ 0.11   $ 0.08   $ (0.04 )   $ 0.19   $ (0.08 )
Shares used in per share calculation            
Basic   972     968     945       970     942  
Diluted   1,147     1,039     945       1,043     942  
                                 
For the three months ended June 30, 2018, diluted EPS includes the impact of the 2026 Convertible Notes as their inclusion is dilutive under the “if-converted” method. Accordingly, $11 million of interest expense is added back to net income and diluted shares includes 100.6 million shares.
             

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