Intel Reports Second-Quarter 2024 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

(In Millions, Except Per Share Amounts)

 

Jun 29, 2024

 

Jul 1, 2023

GAAP gross margin

 

$

4,547

 

 

$

4,638

 

Acquisition-related adjustments

 

 

224

 

 

 

306

 

Share-based compensation

 

 

195

 

 

 

210

 

Non-GAAP gross margin

 

$

4,966

 

 

$

5,154

 

GAAP gross margin percentage

 

 

35.4

%

 

 

35.8

%

Acquisition-related adjustments

 

 

1.7

%

 

 

2.4

%

Share-based compensation

 

 

1.5

%

 

 

1.6

%

Non-GAAP gross margin percentage

 

 

38.7

%

 

 

39.8

%

GAAP R&D and MG&A

 

$

5,568

 

 

$

5,454

 

Acquisition-related adjustments

 

 

(41

)

 

 

(44

)

Share-based compensation

 

 

(585

)

 

 

(712

)

Non-GAAP R&D and MG&A

 

$

4,942

 

 

$

4,698

 

GAAP operating income (loss)

 

$

(1,964

)

 

$

(1,016

)

Acquisition-related adjustments

 

 

265

 

 

 

350

 

Share-based compensation

 

 

780

 

 

 

922

 

Restructuring and other charges

 

 

943

 

 

 

200

 

Non-GAAP operating income

 

$

24

 

 

$

456

 

GAAP operating margin (loss)

 

 

(15.3

)%

 

 

(7.8

)%

Acquisition-related adjustments

 

 

2.1

%

 

 

2.7

%

Share-based compensation

 

 

6.1

%

 

 

7.1

%

Restructuring and other charges

 

 

7.3

%

 

 

1.5

%

Non-GAAP operating margin

 

 

0.2

%

 

 

3.5

%

GAAP tax rate

 

 

17.5

%

 

 

280.5

%

Income tax effects

 

 

(4.5

)%

 

 

(267.5

)%

Non-GAAP tax rate

 

 

13.0

%

 

 

13.0

%

GAAP net income (loss) attributable to Intel

 

$

(1,610

)

 

$

1,481

 

Acquisition-related adjustments

 

 

265

 

 

 

350

 

Share-based compensation

 

 

780

 

 

 

922

 

Restructuring and other charges

 

 

943

 

 

 

200

 

(Gains) losses on equity investments, net

 

 

120

 

 

 

24

 

(Gains) losses from divestiture

 

 

(39

)

 

 

(39

)

Adjustments attributable to non-controlling interest

 

 

(18

)

 

 

(18

)

Income tax effects

 

 

(358

)

 

 

(2,373

)

Non-GAAP net income attributable to Intel

 

$

83

 

 

$

547

 

 

 

 

 

 

(In Millions, Except Per Share Amounts)

 

Jun 29, 2024

 

Jul 1, 2023

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

 

$

(0.38

)

 

$

0.35

 

Acquisition-related adjustments

 

 

0.06

 

 

 

0.08

 

Share-based compensation

 

 

0.18

 

 

 

0.22

 

Restructuring and other charges

 

 

0.22

 

 

 

0.05

 

(Gains) losses on equity investments, net

 

 

0.03

 

 

 

0.01

 

(Gains) losses from divestiture

 

 

(0.01

)

 

 

(0.01

)

Adjustments attributable to non-controlling interest

 

 

 

 

 

 

Income tax effects

 

 

(0.08

)

 

 

(0.57

)

Non-GAAP earnings per share attributable to Intel—diluted

 

$

0.02

 

 

$

0.13

 

 

 

 

 

 

GAAP net cash provided by (used for) operating activities

 

$

2,292

 

 

$

2,808

 

Net partner contributions and incentives received (cash expended) for property plant and equipment

 

 

5,863

 

 

 

(5,454

)

Payments on finance leases

 

 

 

 

 

(81

)

Adjusted free cash flow

 

$

8,155

 

 

$

(2,727

)

GAAP net cash provided by (used for) investing activities

 

$

(9,165

)

 

$

(2,808

)

GAAP net cash provided by (used for) financing activities

 

$

11,237

 

 

$

117

 

                 

Intel Corporation

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