AMD Reports Second Quarter 2023 Financial Results


 
ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)
     
  Three Months Ended Six Months Ended
  July 1,
2023
 June 25,
2022
 July 1,
2023
 June 25,
2022
Cash flows from operating activities:        
Net income (loss) 27  447  (112) 1,233 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization 849  1,180  1,831  1,789 
Stock-based compensation 348  292  657  491 
Amortization of operating lease right-of-use assets 24  21  48  40 
Amortization of inventory fair value adjustment 1  96  3  185 
Loss on sale or disposal of property and equipment 1       7     15  
Deferred income taxes   (274 )   (276 )   (582 )   (618 )
(Gains) losses on equity investments, net   3     10     2     54  
Other   (18 )   (2 )   (20 )   (4 )
Changes in operating assets and liabilities                
Accounts receivable, net   (272 )   (344 )   (186 )   (1,016 )
Inventories   (332 )   (248 )   (796 )   (274 )
Receivables from related parties               (1 )
Prepaid expenses and other assets   (46 )   23     (237 )   (237 )
Payables to related parties   (41 )   156     (150 )   277  
Accounts payable   236     24     309     28  
Accrued and other liabilities   (127 )   (341 )   91     71  
Net cash provided by operating activities   379     1,038     865     2,033  
Cash flows from investing activities:                
Purchases of property and equipment   (125 )   (132 )   (283 )   (203 )
Purchases of short-term investments   (1,113 )   (520 )   (2,816 )   (620 )
Proceeds from maturity of short-term investments   698     1,285     1,171     2,248  
Proceeds from sale of short-term investments   103         248     1  
Cash received from acquisition of Xilinx               2,366  
Acquisition of Pensando, net of cash acquired       (1,558 )       (1,558 )
Other   (1 )   (3 )   5     (4 )
Net cash provided by (used in) investing activities   (438 )   (928 )   (1,675 )   2,230  
Cash flows from financing activities:                
Proceeds from debt, net of issuance costs       991         991  
Proceeds from sales of common stock through employee equity plans   141     76     144     78  
Repurchases of common stock       (921 )   (241 )   (2,835 )
Common stock repurchases for tax withholding on employee equity plans   (66 )   (31 )   (87 )   (66 )
Other       (1 )       (2 )
Net cash provided by (used in) financing activities   75     114     (184 )   (1,834 )
Net increase (decrease) in cash and cash equivalents   16     224     (994 )   2,429  
Cash and cash equivalents at beginning of period   3,825     4,740     4,835     2,535  
Cash and cash equivalents at end of period   3,841     4,964     3,841     4,964  
                         

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