AMD Reports First Quarter 2018 Financial Results

1.In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross margin, non-GAAP operating expense, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP earnings (loss) per share. These non-GAAP financial measures reflect certain adjustments as presented in the tables in this earnings press release. AMD also provided adjusted EBITDA and free cash flow as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. Refer to the data tables at the end of this earnings press release.


AMD, the AMD Arrow logo, EPYC, Radeon, Radeon Instinct, Ryzen, and combinations thereof, are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and used to identify companies and products and may be trademarks of their respective owner.


  
ADVANCED MICRO DEVICES, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(Millions except per share amounts and percentages) 
 Three Months Ended 
 March 31,
2018
December 30,
2017
April 1,
2017
 
Net revenue$  1,647 $  1,340 $  1,178  
Cost of sales   1,050   888   800  
Gross margin   597   452   378  
Gross margin % 36% 34% 32% 
Research and development   343   320   271  
Marketing, general and administrative   134   134   123  
Licensing gain   -     -   (27) 
Operating income (loss)   120   (2)  11  
Interest expense   (31)  (31)  (32) 
Other income (expense), net   1   2   (5) 
Income (loss) before equity loss and income taxes   90   (31)  (26) 
Provision (benefit) for income taxes   8   (12)  5  
Equity loss in investee   (1)    -      (2 )  
Net Income (loss) $   81   $   (19 ) $   (33 )  
Earnings (loss) per share        
Basic $   0.08   $   (0.02 ) $   (0.04 )  
Diluted $   0.08   $   (0.02 ) $   (0.04 )  
Shares used in per share calculation        
Basic     968      965      939    
Diluted     1,039      965      939    
         

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