Intel Reports Record Year
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INTEL CORPORATION
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SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
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Set forth below are reconciliations of the non-GAAP financial
measures to the most directly comparable GAAP financial measures.
The non-GAAP financial measures disclosed by the company have
limitations and should not be considered a substitute for, or
superior to, financial measures prepared in accordance with GAAP,
and the financial results prepared in accordance with GAAP and
reconciliations from these results should be carefully evaluated.
Please refer to "Explanation of Non-GAAP Measures" in this document
for a detailed explanation of the adjustments made to comparable
GAAP measures, the ways management uses these non-GAAP measures, and
the reasons why management believes these non-GAAP measures provide
useful information for investors.
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(In millions, except per share amounts)
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Three Months Ended
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Twelve Months Ended
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Dec. 31,
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Dec. 25,
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Dec. 31,
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Dec. 25,
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2011
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2010
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2011
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2010
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GAAP NET REVENUE
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$
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13,887
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$
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11,457
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$
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53,999
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$
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43,623
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Adjustment for deferred revenue write-down
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35
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-
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204
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-
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NON-GAAP NET REVENUE
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$
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13,922
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$
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11,457
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$
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54,203
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$
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43,623
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GAAP GROSS MARGIN
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$
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8,952
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$
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7,406
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$
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33,757
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$
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28,491
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Adjustment for:
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Deferred revenue write-down and associated costs
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32
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-
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190
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-
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Amortization of acquisition-related intangibles
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137
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17
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482
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65
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Inventory valuation
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-
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-
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33
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-
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NON-GAAP GROSS MARGIN
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$
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9,121
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$
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7,423
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$
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34,462
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$
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28,556
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GAAP GROSS MARGIN PERCENTAGE
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64.5%
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64.6%
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62.5%
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65.3%
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Adjustment for:
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Deferred revenue write-down and associated costs
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-
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-
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0.1%
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-
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Amortization of acquisition-related intangibles
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1.0%
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0.2%
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0.9%
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0.2%
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Inventory valuation
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-
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-
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0.1%
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-
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NON-GAAP GROSS MARGIN PERCENTAGE
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65.5%
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64.8%
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63.6%
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65.5%
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GAAP OPERATING INCOME
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$
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4,599
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$
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4,023
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$
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17,477
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$
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15,588
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Adjustment for:
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Deferred revenue write-down and associated costs
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32
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-
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190
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-
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Amortization of acquisition-related intangibles
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209
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24
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742
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83
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Inventory valuation
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-
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-
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33
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-
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NON-GAAP OPERATING INCOME
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$
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4,840
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$
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4,047
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$
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18,442
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$
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15,671
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GAAP NET INCOME
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$
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3,360
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$
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3,180
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$
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12,942
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$
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11,464
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Adjustment for:
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Deferred revenue write-down and associated costs
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32
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-
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190
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-
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Amortization of acquisition-related intangibles
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209
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24
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742
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83
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Inventory valuation
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-
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-
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33
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-
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Income tax effect
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(56)
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(8)
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(215)
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(29)
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NON-GAAP NET INCOME
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$
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3,545
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$
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3,196
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$
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13,692
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$
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11,518
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GAAP DILUTED EARNINGS PER COMMON SHARE
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$
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0.64
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$
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0.56
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$
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2.39
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$
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2.01
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Adjustment for:
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Deferred revenue write-down and associated costs
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0.01
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-
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0.03
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-
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Amortization of acquisition-related intangibles
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0.04
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-
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0.14
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0.01
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Inventory valuation
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-
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-
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0.01
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-
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Income tax effect
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(0.01)
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-
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(0.04)
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-
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NON-GAAP DILUTED EARNINGS PER COMMON SHARE
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$
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0.68
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$
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0.56
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$
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2.53
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$
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2.02
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