AMD Reports Fourth Quarter and Full Year 2022 Financial Results

Current Outlook
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 first quarter of 2023, AMD expects revenue to be approximately $5.3 billion, plus or minus $300 million, a decrease of approximately 10% year-over-year. Year-over-year the Client and Gaming segments are expected to decline, partially offset by Embedded and Data Center segment growth. AMD expects non-GAAP gross margin to be approximately 50% in the first quarter of 2023.

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 fourth quarter and full-year 2022 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.

    
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share data) (Unaudited)
   Three Months Ended  Year Ended
   December 31,
2022
  December 25,
2021
  December 31,
2022
  December 25,
2021
GAAP gross profit  $ 2,403   $ 2,426   $ 10,603   $ 7,929 
GAAP gross margin %   43 %   50 %   45 %   48 %
Stock-based compensation  9   1   29   5 
Acquisition-related costs(1)  4           193        
Amortization of acquired intangible assets     443             1,448        
Non-GAAP gross profit   $ 2,859     $ 2,427     $ 12,273     $ 7,934  
Non-GAAP gross margin %     51 %     50 %     52 %     48 %
                 
GAAP operating expenses   $ 2,557     $ 1,223     $ 9,441     $ 4,293  
GAAP operating expenses/revenue %     46 %     25 %     40 %     26 %
Stock-based compensation     301       111       983       374  
Acquisition-related costs (1)     53       9       328       42  
Amortization of acquired intangible assets     601             2,100        
Non-GAAP operating expenses   $ 1,602     $ 1,103     $ 6,030     $ 3,877  
Non-GAAP operating expenses/revenue %     29 %     23 %     26 %     24 %
                 
GAAP operating income (loss)   $ (149 )   $ 1,207     $ 1,264     $ 3,648  
GAAP operating margin %   (3) %     25 %     5 %     22 %
Stock-based compensation     310       112       1,012       379  
Acquisition-related costs (1)     57       9       521       42  
Amortization of acquired intangible assets     1,044             3,548        
Non-GAAP operating income   $ 1,262     $ 1,328     $ 6,345     $ 4,069  
Non-GAAP operating margin %     23 %     27 %     27 %     25 %

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