ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)
| Three Months Ended | Year Ended | ||||||||||||||
|
December 30,
2023 |
December 31,
2022 |
December 30,
2023 |
December 31,
2022 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income | $ | 667 | $ | 21 | $ | 854 | $ | 1,320 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 799 | 1,220 | 3,453 | 4,174 | |||||||||||
| Stock-based compensation | 374 | 315 | 1,384 | 1,081 | |||||||||||
| Amortization of operating lease right-of-use assets | 25 | 25 | 98 | 88 | |||||||||||
| Amortization of inventory fair value adjustment | — | 2 | 3 | 189 | |||||||||||
| Loss on sale or disposal of property and equipment | 1 | 1 | 11 | 16 | |||||||||||
| Deferred income taxes | (219 | ) | (177 | ) | (1,019 | ) | (1,505 | ) | |||||||
| (Gains) losses on equity investments, net | — | 5 | (1 | ) | 62 | ||||||||||
| Other | (24 | ) | (5 | ) | (67 | ) | (14 | ) | |||||||
| Changes in operating assets and liabilities | |||||||||||||||
| Accounts receivable, net | (321 | ) | 210 | (1,250 | ) | (1,091 | ) | ||||||||
| Inventories | 94 | (404 | ) | (580 | ) | (1,401 | ) | ||||||||
| Receivables from related parties | (8 | ) | (12 | ) | (7 | ) | (13 | ) | |||||||
| Prepaid expenses and other assets | (92 | ) | (372 | ) | (472 | ) | (1,197 | ) | |||||||
| Payables to related parties | 37 | 66 | (100 | ) | 379 | ||||||||||
| Accounts payable | (181 | ) | 120 | (419 | ) | 931 | |||||||||
| Accrued and other liabilities | (771 | ) | (448 | ) | (221 | ) | 546 | ||||||||
| Net cash provided by operating activities | 381 | 567 | 1,667 | 3,565 | |||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchases of property and equipment | (139 | ) | (124 | ) | (546 | ) | (450 | ) | |||||||
| Purchases of short-term investments | (410 | ) | (268 | ) | (3,722 | ) | (2,667 | ) | |||||||
| Proceeds from maturity of short-term investments | 770 | 1,446 | 2,687 | 4,310 | |||||||||||
| Proceeds from sale of short-term investments | 52 | — | 300 | — | |||||||||||
| Cash received from acquisition of Xilinx | — | — | — | 2,366 | |||||||||||
| Acquisitions, net of cash acquired | (117 | ) | 14 | (131 | ) | (1,544 | ) | ||||||||
| Other | (6 | ) | (1 | ) | (11 | ) | (16 | ) | |||||||
| Net cash provided by (used in) investing activities | 150 | 1,067 | (1,423 | ) | 1,999 | ||||||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from debt, net of issuance costs | — | — | — | 991 | |||||||||||
| Repayment of debt | — | — | — | (312 | ) | ||||||||||
| Proceeds from sales of common stock through employee equity plans | 120 | 88 | 268 | 167 | |||||||||||
| Repurchases of common stock | (233 | ) | (250 | ) | (985 | ) | (3,702 | ) | |||||||
| Common stock repurchases for tax withholding on employee equity plans | (45 | ) | (35 | ) | (427 | ) | (406 | ) | |||||||
| Other | (1 | ) | — | (2 | ) | (2 | ) | ||||||||
| Net cash used in financing activities | (159 | ) | (197 | ) | (1,146 | ) | (3,264 | ) | |||||||
| Net increase (decrease) in cash and cash equivalents | 372 | 1,437 | (902 | ) | 2,300 | ||||||||||
| Cash and cash equivalents at beginning of period | 3,561 | 3,398 | 4,835 | 2,535 | |||||||||||
| Cash and cash equivalents at end of period | $ | 3,933 | $ | 4,835 | $ | 3,933 | $ | 4,835 | |||||||
