Intel Reports Fourth-Quarter 2017 Financial Results

Restructuring and other charges: Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements. Other charges include asset impairments, pension charges, and costs associated with the Intel Security Group divestiture. We exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures. We believe that these costs do not reflect our current operating performance. Consequently, our non-GAAP adjustments exclude these charges to facilitate an evaluation of our current operating performance and comparisons to our past operating performance.

Gains or losses from divestiture: We recognized a gain in the second quarter of 2017 as a result of our divestiture of the Intel Security Group. We have excluded this gain for purposes of calculating certain non-GAAP measures. We believe making these adjustments facilitates a better evaluation of our current operating performance and comparisons to past operating results.

Income tax reform: We recognized a higher income tax expense in the fourth quarter of 2017 as a result of the U.S. tax reform. We have excluded the one-time tax adjustment relating to the transition tax on our previously untaxed foreign earnings and the re-measurement of our deferred income taxes to the new U.S. statutory tax rate for purposes of calculating certain non-GAAP measures. We believe making these adjustments facilitates a better evaluation of our current operating performance and comparisons to past operating results.

Gross cash and other longer term investments: We reference non-GAAP financial measures of gross cash and other longer term investments, which are used by management when assessing our sources of liquidity and capital resources. We believe these non-GAAP financial measures are helpful to investors in understanding our capital structure and how we manage our resources.

Free cash flow: We reference a non-GAAP financial measure of free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and operating performance. We believe this non-GAAP financial measure is helpful to investors in understanding our capital structure and provides an additional means to reflect the cash flow trends of our business.



INTEL CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP OUTLOOK TO NON-GAAP OUTLOOK

Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measures disclosed by the company have limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP, and the financial outlook prepared in accordance with GAAP and the reconciliations from this Business Outlook 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 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.

 

Q1 2018 Outlook

 

Full-Year 2018

               

GAAP OPERATING MARGIN

25

%

 

approximately

 

28

%

 

approximately

Amortization of acquisition-related intangibles

2

%

     

2

%

   

NON-GAAP OPERATING MARGIN

27

%

 

approximately

 

30

%

 

approximately

               

GAAP EARNINGS PER SHARE

$

0.65

   

+/- 5 cents

 

$

3.30

   

+/- 5%

Amortization of acquisition-related intangibles

0.06

       

0.28

     

Income tax effect

(0.01)

       

(0.03)

     

NON-GAAP EARNINGS PER SHARE

$

0.70

   

+/- 5 cents

 

$

3.55

   

+/- 5%

 
(In Billions)    

Full-Year 2018

GAAP CASH FROM OPERATIONS (In Billions)

       

 

 

$

27.0

   

 

Additions to property, plant and equipment

 

 

     

(14.0)

     

FREE CASH FLOW

       

 

 

$

13.0

   

+/- $500 million


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