AMD Reports First Quarter 2022 Financial Results

(*)		In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2022, AMD uses a projected non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments, reflecting currently available information. 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. In addition, AMD provided non-GAAP financial measures excluding Xilinx, including revenue, gross profit and operating income, and Xilinx pro forma revenue for the three months ended March 26, 2022 as supplemental information. 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. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables at the end of this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of May 3, 2022 and assumptions and beliefs that involve numerous risks and uncertainties. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.

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ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages) (Unaudited)

	Three Months Ended
	March 26, 2022			December 25, 2021			March 27, 2021
Net revenue	$	5,887		$	4,826		$	3,445
Cost of sales		2,883			2,400			1,858
Amortization of acquisition-related intangibles		186			—			—
Total cost of sales		3,069			2,400			1,858
Gross profit		2,818			2,426			1,587
Gross margin %		48	%		50	%		46	%
Research and development		1,060			811			610
Marketing, general and administrative		597			412			319
Amortization of acquisition-related intangibles		293			—			—
Licensing gain		(83	)		(4	)		(4	)
Operating income		951			1,207			662
Interest expense		(13	)		(8	)		(9	)
Other income (expense), net		(42	)		4			(11	)
Income before income taxes and equity income		896			1,203			642
Income tax provision		113			229			89
Equity income in investee		3			—			2
Net income	$	786		$	974		$	555
Earnings per share
Basic	$	0.56		$	0.81		$	0.46
Diluted	$	0.56		$	0.80		$	0.45
Shares used in per share calculation
Basic		1,393			1,208			1,213
Diluted		1,410			1,222			1,231

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