Intel Reports Fourth-Quarter and Full-Year 2023 Financial Results

Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals

Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the reconciliations from US GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.

 

 

Three Months Ended

 

Twelve Months Ended

(In Millions, Except Per Share Amounts)

 

Dec 30, 2023

 

Dec 31, 2022

 

Dec 30, 2023

 

Dec 31, 2022

GAAP gross margin

 

$

7,047

 

 

$

5,500

 

 

$

21,711

 

 

$

26,866

 

Acquisition-related adjustments

 

 

300

 

 

 

329

 

 

 

1,235

 

 

 

1,341

 

Share-based compensation

 

 

172

 

 

 

152

 

 

 

705

 

 

 

663

 

Patent settlement

 

 

 

 

 

 

 

 

 

 

 

204

 

Optane inventory impairment

 

 

 

 

 

164

 

 

 

 

 

 

723

 

Non-GAAP gross margin

 

$

7,519

 

 

$

6,145

 

 

$

23,651

 

 

$

29,797

 

GAAP gross margin percentage

 

 

45.7

%

 

 

39.2

%

 

 

40.0

%

 

 

42.6

%

Acquisition-related adjustments

 

 

1.9

%

 

 

2.3

%

 

 

2.3

%

 

 

2.1

%

Share-based compensation

 

 

1.1

%

 

 

1.1

%

 

 

1.3

%

 

 

1.0

%

Patent settlement

 

 

%

 

 

%

 

 

%

 

 

0.3

%

Optane inventory impairment

 

 

%

 

 

1.2

%

 

 

%

 

 

1.1

%

Non-GAAP gross margin percentage

 

 

48.8

%

 

 

43.8

%

 

 

43.6

%

 

 

47.3

%

GAAP R&D and MG&A

 

$

5,604

 

 

$

6,170

 

 

$

21,680

 

 

$

24,530

 

Acquisition-related adjustments

 

 

(42

)

 

 

(43

)

 

 

(172

)

 

 

(185

)

Share-based compensation

 

 

(623

)

 

 

(584

)

 

 

(2,524

)

 

 

(2,465

)

Non-GAAP R&D and MG&A

 

$

4,939

 

 

$

5,543

 

 

$

18,984

 

 

$

21,880

 

GAAP operating income (loss)

 

$

2,585

 

 

$

(1,132

)

 

$

93

 

 

$

2,334

 

Acquisition-related adjustments

 

 

342

 

 

 

372

 

 

 

1,407

 

 

 

1,526

 

Share-based compensation

 

 

795

 

 

 

736

 

 

 

3,229

 

 

 

3,128

 

Patent settlement

 

 

 

 

 

 

 

 

 

 

 

204

 

Optane inventory impairment

 

 

 

 

 

164

 

 

 

 

 

 

723

 

Restructuring and other charges

 

 

(1,142

)

 

 

462

 

 

 

(62

)

 

 

2

 

Non-GAAP operating income

 

$

2,580

 

 

$

602

 

 

$

4,667

 

 

$

7,917

 

GAAP operating margin (loss)

 

 

16.8

%

 

 

(8.1

)%

 

 

0.2

%

 

 

3.7

%

Acquisition-related adjustments

 

 

2.2

%

 

 

2.6

%

 

 

2.6

%

 

 

2.4

%

Share-based compensation

 

 

5.2

%

 

 

5.2

%

 

 

6.0

%

 

 

5.0

%

Patent settlement

 

 

%

 

 

%

 

 

%

 

 

0.3

%

Optane inventory impairment

 

 

%

 

 

1.2

%

 

 

%

 

 

1.1

%

Restructuring and other charges

 

 

(7.4

)%

 

 

3.3

%

 

 

(0.1

)%

 

 

%

Non-GAAP operating margin

 

 

16.7

%

 

 

4.3

%

 

 

8.6

%

 

 

12.6

%

GAAP tax rate

 

 

4.6

%

 

 

17.0

%

 

 

(119.8

)%

 

 

(3.2

)%

Income tax effects

 

 

8.4

%

 

 

(4.0

)%

 

 

132.8

%

 

 

16.2

%

Non-GAAP tax rate

 

 

13.0

%

 

 

13.0

%

 

 

13.0

%

 

 

13.0

%

 

(In Millions, Except Per Share Amounts)

 

Dec 30, 2023

 

Dec 31, 2022

 

Dec 30, 2023

 

Dec 31, 2022

GAAP net income (loss) attributable to Intel

 

$

2,669

 

 

$

(664

)

 

$

1,689

 

 

$

8,014

 

Acquisition-related adjustments

 

 

342

 

 

 

372

 

 

 

1,407

 

 

 

1,526

 

Share-based compensation

 

 

795

 

 

 

736

 

 

 

3,229

 

 

 

3,128

 

Patent settlement

 

 

 

 

 

 

 

 

 

 

 

204

 

Optane inventory impairment

 

 

 

 

 

164

 

 

 

 

 

 

723

 

Restructuring and other charges

 

 

(1,142

)

 

 

462

 

 

 

(62

)

 

 

2

 

(Gains) losses on equity investments, net

 

 

(86

)

 

 

(186

)

 

 

(40

)

 

 

(4,268

)

(Gains) losses from divestiture

 

 

(39

)

 

 

(26

)

 

 

(153

)

 

 

(1,166

)

Adjustments attributable to non-controlling interest

 

 

(18

)

 

 

6

 

 

 

(66

)

 

 

6

 

Income tax effects

 

 

(218

)

 

 

(229

)

 

 

(1,581

)

 

 

(1,278

)

Non-GAAP net income attributable to Intel

 

$

2,303

 

 

$

635

 

 

$

4,423

 

 

$

6,891

 

 

 

 

 

 

 

 

 

 

GAAP earnings (loss) per share attributable to Intel—diluted

 

$

0.63

 

 

$

(0.16

)

 

$

0.40

 

 

$

1.94

 

Acquisition-related adjustments

 

 

0.08

 

 

 

0.09

 

 

 

0.33

 

 

 

0.37

 

Share-based compensation

 

 

0.18

 

 

 

0.18

 

 

 

0.77

 

 

 

0.76

 

Patent settlement

 

 

 

 

 

 

 

 

 

 

 

0.05

 

Optane inventory impairment

 

 

 

 

 

0.04

 

 

 

 

 

 

0.18

 

Restructuring and other charges

 

 

(0.27

)

 

 

0.11

 

 

 

(0.01

)

 

 

 

(Gains) losses on equity investments, net

 

 

(0.02

)

 

 

(0.04

)

 

 

(0.01

)

 

 

(1.04

)

(Gains) losses from divestiture

 

 

(0.01

)

 

 

(0.01

)

 

 

(0.04

)

 

 

(0.28

)

Adjustments attributable to non-controlling interest

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

Income tax effects

 

 

(0.05

)

 

 

(0.06

)

 

 

(0.37

)

 

 

(0.31

)

Non-GAAP earnings per share attributable to Intel—diluted

 

$

0.54

 

 

$

0.15

 

 

$

1.05

 

 

$

1.67

 

 

 

 

 

 

 

 

 

 

GAAP net cash provided by operating activities

 

$

4,624

 

 

$

7,703

 

 

$

11,471

 

 

$

15,433

 

Net additions to property, plant, and equipment

 

 

(5,929

)

 

 

(4,635

)

 

 

(23,228

)

 

 

(23,724

)

Payments on finance leases

 

 

 

 

 

(4

)

 

 

(96

)

 

 

(345

)

Sale of equity investment

 

 

 

 

 

 

 

 

 

 

 

4,561

 

Adjusted free cash flow

 

$

(1,305

)

 

$

3,064

 

 

$

(11,853

)

 

$

(4,075

)

GAAP net cash used for investing activities

 

$

(5,318

)

 

$

(3,241

)

 

$

(24,041

)

 

$

(10,231

)

GAAP net cash provided by financing activities

 

$

152

 

 

$

2,153

 

 

$

8,505

 

 

$

1,115

 

 

Intel Corporation

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