Non-GAAP(*) Quarterly Financial Results (Excluding Xilinx)
| Q1 2022 | Q1 2021 | Y/Y | Q4 2021 | Q/Q | |
| Revenue ($M) | $5,328 | $3,445 | Up 55% | $4,826 | Up 10% |
| Gross profit ($M) | $2,712 | $1,588 | Up 71% | $2,427 | Up 12% |
| Gross margin % | 51% | 46% | Up 480 bps | 50% | Up 60 bps |
| Operating income ($M) | $1,604 | $762 | Up 110% | $1,328 | Up 21% |
| Operating margin % | 30% | 22% | Up 8pp | 27% | Up 3pp |
Q1 2022 Results
- Revenue of $5.9 billion was up 71% year-over-year and 22% quarter-over-quarter driven by higher revenue in the Computing and Graphics and Enterprise, Embedded and Semi-Custom segments and the inclusion of Xilinx revenue.
- Gross margin was 48%, an increase of 2 percentage points year-over-year and a decrease of 2 percentage points quarter-over-quarter. The year-over-year increase was primarily driven by higher server processor revenue and high margin Xilinx revenue, partially offset by amortization of intangible assets and acquisition-related costs. The quarter-over-quarter decrease was primarily due to amortization of intangible assets and acquisition-related costs.
- Non-GAAP gross margin was 53%, an increase of 7 percentage points year-over-year and 3 percentage points quarter-over-quarter. The year-over-year increase was primarily driven by higher server processor revenue and high margin Xilinx revenue. The quarter-over-quarter increase was primarily driven by high margin Xilinx revenue, higher server processor revenue and richer client product mix.
- Operating income was $951 million compared to $662 million a year ago and $1.2 billion in the prior quarter. The year-over-year increase was primarily driven by higher revenue and gross profit, partially offset by amortization of intangible assets and acquisition-related costs. The quarter-over-quarter decrease was primarily due to amortization of intangible assets and acquisition-related costs.
- Record non-GAAP operating income was $1.8 billion compared to $762 million a year ago and $1.3 billion in the prior quarter. The year-over-year and quarter-over-quarter increases were primarily driven by higher gross profit.
- Net income was $786 million compared to $555 million a year ago and $974 million in the prior quarter. The year-over-year increase was primarily driven by higher operating income. The quarter-over-quarter decrease was primarily due to lower operating income related to amortization of intangible assets and acquisition-related costs.
- Record non-GAAP net income was $1.6 billion compared to $642 million a year ago and $1.1 billion in the prior quarter. The year-over-year and quarter-over-quarter increases were primarily driven by higher operating income.
- Diluted earnings per share was $0.56 compared to $0.45 a year ago and $0.80 in the prior quarter. Record non-GAAP diluted earnings per share was $1.13 compared to $0.52 a year ago and $0.92 in the prior quarter.
- Cash, cash equivalents and short-term investments were $6.5 billion at the end of the quarter. The company repurchased $1.9 billion of common stock during the quarter.
- Record cash from operations was $995 million in the quarter compared to $898 million a year ago and $822 million in the prior quarter. Record free cash flow was $924 million in the quarter compared to $832 million a year ago and $736 million in the prior quarter.
- AMD’s balance sheet reflects $49.6 billion of goodwill and acquisition-related intangible assets associated with the acquisition of Xilinx.
