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Current Outlook
AMD's outlook statements are based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under "Cautionary Statement" below.
AMD expects revenue to decrease 9 percent, plus or minus three percent, sequentially for the first quarter of 2013.
For additional detail regarding AMD's results and outlook please see the CFO commentary posted at quarterlyearnings.amd.com.
AMD Teleconference
AMD will hold a conference call for the financial community at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its fourth quarter financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com. The webcast will be available for 10 days after the conference call.
Reconciliation of GAAP to Non-GAAP Gross Margin (1) ---------------------------------------------(Millions except percentages) Q4-12 Q3-12 Q4-11 2012 2011----------------------------------------------------------------------------GAAP Gross Margin $ 178 $ 392 $ 773 $ 1,235 $ 2,940----------------------------------------------------------------------------GAAP Gross Margin % 15% 31% 46% 23% 45%---------------------------------------------------------------------------- Lower of cost or market charge related to GF take- or-pay obligation (273) - - (273) ----------------------------------------------------------------------------- Limited waiver of exclusivity from GF - - - (703) ----------------------------------------------------------------------------- Payment to GF - - - - (24)---------------------------------------------------------------------------- Legal settlement - - - (5) (5)----------------------------------------------------------------------------Non-GAAP Gross Margin $ 451 $ 392 $ 773 $ 2,216 $ 2,969----------------------------------------------------------------------------Non-GAAP Gross Margin % 39% 31% 46% 41% 45%----------------------------------------------------------------------------Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Operating Income (Loss) ---------------------------------------------(Millions) Q4-12 Q3-12 Q4-11 2012 2011----------------------------------------------------------------------------GAAP operating income (loss) $ (422) $ (131) $ 71 $(1,056) $ 368---------------------------------------------------------------------------- Lower of cost or market charge related to GF take- or-pay obligation (273) - - (273) ----------------------------------------------------------------------------- Limited waiver of exclusivity from GF - - - (703) ----------------------------------------------------------------------------- Payment to GF - - - - (24)---------------------------------------------------------------------------- Legal settlement - - - (5) (5)---------------------------------------------------------------------------- Amortization of acquired intangible assets (4) (4) (3) (14) (29)---------------------------------------------------------------------------- Restructuring charges, net (90) (3) (98) (100) (98)---------------------------------------------------------------------------- SeaMicro acquistion costs - - - (6) -----------------------------------------------------------------------------Non-GAAP operating income (loss) $ (55) $ (124) $ 172 $ 45 $ 524----------------------------------------------------------------------------Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) ----------------------------------------------(Millions except per share amounts) Q4-12 Q3-12 Q4-11----------------------------------------------------------------------------GAAP net income (loss) / Earnings (loss) per share $(473) $(0.63) $(157) $(0.21) $(177) $(0.24)---------------------------------------------------------------------------- Lower of cost or market charge related to GF take- or-pay obligation (273) (0.37) - - - ----------------------------------------------------------------------------- Limited waiver of exclusivity from GF - - - - - ----------------------------------------------------------------------------- Dilution gain in investee, net - - - - - ----------------------------------------------------------------------------- Impairment of investment in GF - - - - (209) (0.28)---------------------------------------------------------------------------- Payment to GF - - - - - ----------------------------------------------------------------------------- Legal settlement - - - - - ----------------------------------------------------------------------------- Amortization of acquired intangible assets (4) (0.01) (4) (0.01) (3) ----------------------------------------------------------------------------- Restructuring charges, net (90) (0.12) (3) - (98) (0.13)---------------------------------------------------------------------------- SeaMicro acquistion costs - - - - - ----------------------------------------------------------------------------- Tax benefit related to SeaMicro acquisition - - - - - ----------------------------------------------------------------------------- Impairment charge on certain marketable securities (4) - - - - ----------------------------------------------------------------------------- Loss on debt repurchase - - - - (1) ----------------------------------------------------------------------------- Loss from discontinued operations - - - - (4) (0.01)----------------------------------------------------------------------------Non-GAAP net income (loss) / Earnings (loss) per share $(102) $(0.14) $(150) $(0.20) $ 138 $ 0.19---------------------------------------------------------------------------- -------------------------------(Millions except per share amounts) 2012 2011-------------------------------------------------------------GAAP net income (loss) / Earnings (loss) per share $(1,183) $(1.60) $ 491 $ 0.66------------------------------------------------------------- Lower of cost or market charge related to GF take- or-pay obligation (273) (0.37) - -------------------------------------------------------------- Limited waiver of exclusivity from GF (703) (0.95) - -------------------------------------------------------------- Dilution gain in investee, net - - 492 0.66------------------------------------------------------------- Impairment of investment in GF - - (209) (0.28)------------------------------------------------------------- Payment to GF - - (24) (0.03)------------------------------------------------------------- Legal settlement (5) (0.01) (5) (0.01)------------------------------------------------------------- Amortization of acquired intangible assets (14) (0.02) (29) (0.04)------------------------------------------------------------- Restructuring charges, net (100) (0.14) (98) (0.13)------------------------------------------------------------- SeaMicro acquistion costs (6) (0.01) - -------------------------------------------------------------- Tax benefit related to SeaMicro acquisition 36 0.05 - -------------------------------------------------------------- Impairment charge on certain marketable securities (4) (0.01) - -------------------------------------------------------------- Loss on debt repurchase - - (6) (0.01)------------------------------------------------------------- Loss from discontinued operations - - (4) (0.01)-------------------------------------------------------------Non-GAAP net income (loss) / Earnings (loss) per share $ (114) $(0.16) $ 374 $ 0.50-------------------------------------------------------------
