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