AMD Reports Third Quarter 2023 Financial Results


ADVANCED MICRO DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)

 Three Months Ended Nine Months Ended
 September 30,
2023
 September 24,
2022
 September 30,
2023
 September 24,
2022
Cash flows from operating activities:       
Net income$299  $66  $187  $1,299 
Adjustments to reconcile net income to net cash provided by operating activities:       
Depreciation and amortization 823   1,165   2,654   2,954 
Stock-based compensation 353   275   1,010   766 
Amortization of operating lease right-of-use assets 25   23   73   63 
Amortization of inventory fair value adjustment       2       3       187  
Loss on sale or disposal of property and equipment   3             10       15  
Deferred income taxes   (218 )     (710 )     (800 )     (1,328 )
(Gains) losses on equity investments, net   (3 )     3       (1 )     57  
Other   (23 )     (5 )     (43 )     (9 )
Changes in operating assets and liabilities              
Accounts receivable, net   (743 )     (285 )     (929 )     (1,301 )
Inventories   122       (723 )     (674 )     (997 )
Receivables from related parties   1             1       (1 )
Prepaid expenses and other assets   (143 )     (588 )     (380 )     (825 )
Payables to related parties   13       36       (137 )     313  
Accounts payable   (547 )     783       (238 )     811  
Accrued and other liabilities   459       923       550       994  
Net cash provided by operating activities   421       965       1,286       2,998  
Cash flows from investing activities:              
Purchases of property and equipment   (124 )     (123 )     (407 )     (326 )
Purchases of short-term investments   (496 )     (1,779 )     (3,312 )     (2,399 )
Proceeds from maturity of short-term investments   746       615       1,917       2,864  
Proceeds from sale of short-term investments               248        
Cash received from acquisition of Xilinx                     2,366  
Acquisitions, net of cash acquired   (14 )           (14 )     (1,558 )
Other   (10 )     (11 )     (5 )     (15 )
Net cash provided by (used in) investing activities   102       (1,298 )     (1,573 )     932  
Cash flows from financing activities:              
Proceeds from debt, net of issuance costs                     991  
Repayment of debt         (312 )           (312 )
Proceeds from sales of common stock through employee equity plans   4       1       148       79  
Repurchases of common stock   (511 )     (617 )     (752 )     (3,452 )
Common stock repurchases for tax withholding on employee equity plans   (295 )     (305 )     (382 )     (371 )
Other   (1 )           (1 )     (2 )
Net cash used in financing activities   (803 )     (1,233 )     (987 )     (3,067 )
Net increase (decrease) in cash and cash equivalents   (280 )     (1,566 )     (1,274 )     863  
Cash and cash equivalents at beginning of period   3,841       4,964       4,835       2,535  
Cash and cash equivalents at end of period $ 3,561     $ 3,398     $ 3,561     $ 3,398  

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