The impact of non-controlling interest to our non-GAAP adjustments in Q1 2023 is expected to be insignificant and thus is not included in our reconciliation of non-GAAP measures. for a basic account. First-quarter GAAP revenue of $19.7 billion, down 1 percent year over year (YoY), and non-GAAP revenue of $18.6 billion, flat YoY, which exceeded January guidanc $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. 2 FAANG Stocks Billionaires Are Selling in Droves and 1 They Can't Stop Buying, 1 Unstoppable Growth Stock to Buy Hand Over Fist, According to Wall Street. Exhibit 10.1. However, a company's employees are among its most vital resources. 0 We exclude the catch-up charge related to prior periods for purposes of calculating certain non-GAAP measures because this adjustment facilitates comparison to past operating results and provides a useful evaluation of our current operating performance. In January 2023, DCAI launched its 4thGen Intel Xeon Scalable processors (formerly code-named Sapphire Rapids) with the support of customers and partners such as Dell Technologies, Google Cloud, Hewlett Packard Enterprise, Lenovo, Microsoft Azure, NVIDIA and many others, and is ramping production to meet a strong backlog of demand. On Intel 20A and Intel 18A, Intels first internal test chips, and those of a major potential foundry customer, have taped out with products undergoing fabrication. orpassword? 0000003058 00000 n Variations in results can also be caused by the timing of Intel product introductions and related expenses, including marketing programs and Intel's ability to respond quickly to technological developments and to introduce new products or incorporate new features into existing products, as well as decisions to exit product lines or businesses, which have resulted and can result in restructuring and asset impairment charges. Results can also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, including changes or uncertainty related to the US government entity list and changes in the ability to obtain export licenses, which can be changed without prior notice. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. 1 The impact of non-controlling interest to our non-GAAP adjustments in Q1 2023 is expected to be insignificant and thus is not included in our reconciliation of non-GAAP measures. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. . Intel said it expected around $18.3 billion in adjusted sales in the fourth quarter, compared with analysts' expectations of $18.24 billion. In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF). In depth view into Intel Revenue (Quarterly) including historical data from 1972, charts and stats. Despite the economic and market headwinds, we continued to make good progress on our strategic transformation in Q4, including advancing our product roadmap and improving our operational structure and processes to drive efficiencies while delivering at the low-end of our guided range, said Pat Gelsinger, Intel CEO. IFS provides differentiated full stack solutions including wafer fabrication, packaging, chiplet standard and software. Restrictions or disruptions of transportation, or disruptions in our customers operations and supply chains, may adversely affect our results of operations. Expenses for these groups are generally allocated to the operating segments. Is Intel stock worth owning with that catalyst gone? The expected cost savings resulting from these initiatives may not be realized and are subject to risks related to the timing and amount of related charges, local labor law requirements, and assumptions related to severance, post-retirement, and other costs. Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. Accordingly, the consumer graphics teams will join CCG, and the accelerated computing teams will join DCAI. Market Data powered by QuoteMedia. Intel's revenue totaled $79 . Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. These bonuses are determined based on Intel's quarterly profitability, subject to the terms of the QPB program. Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. 209 0 obj <> endobj Quarterly: 17 Sep 2021: 04 Nov 2021: 01 Dec . Intels Business Outlook and other statements in this release that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. Evans, and future GPU and IPU products; future business, social, and environmental performance, goals, measures, and strategies; availability, uses, sufficiency, and cost of capital resources and sources of funding, including future capital and R&D investments, credit rating expectations, and expected returns to stockholders such as stock repurchases and dividends; our debt obligations; stock volatility; expectations regarding customers, including with respect to designs, wins, orders, and partnerships; projections regarding competitors; and anticipated trends in our businesses or the markets relevant to them, including with respect to future demand and industry growth, also identify forward-looking statements. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. See also What is the average cost of a local move for a 3 bedroom house? 0000053835 00000 n Fourth-quarter revenue was $14.0 billion, down 32 percent year-over-year (YoY) and down 28 percent YoY on a non-GAAP basis. . _`"|Dtf+}5/0SMQ SHnt GjWg!3 X$' \O|Yj8X@~G%E(L3gyyS 0000001911 00000 n Words such as "accelerate," "achieve," "adjust," "allow," "anticipates," "believes," "committed," "continues," "could," "deliver," "drive," "estimates," "expand," "expects," "focus," "forecast," "future," "goals," "grow," "guidance," "improve," "increasing," "manage," "may," "on-track," "opportunity," "outlook," "plan," "positioned," "potential," "progress," "ramp," "refocus," "regain," "sharpen," "should," "support," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. Intel has managed to improve upon an . Mobileye includes the development and deployment of advanced driver-assistance systems (ADAS) and autonomous driving technologies and solutions. Accelerated Computing Systems and Graphics (AXG). We completed the first closing of the divestiture of our NAND memory business to SK hynix on December 29, 2021 and fully deconsolidated our ongoing interests in the NAND OpCo Business in the first quarter of 2022. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Starting with quarterly results, for the fourth quarter of 2021, Intel reported $20.5B in revenue, which is a small jump of 3% over the year-ago quarter. Bonuses posted anonymously by Intel Corporation employees. Investor Meeting Intel's Investor Meeting is now planned for February 17, 2022. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Reconciliations between GAAP and non-GAAP financial measures are included below.*. The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. These measures have impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners. Do you work for Intel? To learn more about Intels innovations, go to newsroom.intel.com and intel.com. Intel Corporation pays an average of $7,375 in annual employee bonuses. Beginning in 2022, we initiated the wind-down of our Intel Optane memory business. Strong Results, Cautious Outlook. // See our complete legal Notices and Disclaimers. 0000041399 00000 n Intel Corporation today announced that its board of directors has declared a quarterly dividend of $0.3475 per share ($1.39 per share on an annual basis) on the companys common stock. . Dear Patrick: Congratulations! Intel annual revenue for 2021 was $79.0B, a 1.49% growth from 2020. In addition, we have entered new areas and introduced adjacent products, such as our intention to become a major provider of foundry services, and we face new sources of competition and uncertain market demand or acceptance of our offerings with respect to these new areas and products, and they do not always grow as projected. Management is cutting employee pay to control operating expenses. Intel's results can be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, chemicals, antitrust, commercial, disclosure, and other issues, as well as by the impact and timing of settlements and dispute resolutions. TTM = trailing 12 months. Dont have an Intel account? How Did It Fall So Far So Fast? Intel previously announced several organizational changes to accelerate its execution and innovation by allowing it to capture growth in both large traditional markets and high-growth emerging markets. The live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. Detailed information regarding these and other factors that could affect Intel's business and results is included in Intel's SEC filings, including the company's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports. . The Motley Fool recommends the following options: long January 2023 $57.50 calls on Intel, long January 2025 $45 calls on Intel, and short January 2025 $45 puts on Intel. Demand for our products has been and could again be materially harmed in the future, and our ability to accurately predict future demand, trends, or other matters may be impacted. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. The corresponding earnings presentation and webcast replay will also be available on the site. The dividend is paid every three months and the last ex-dividend date was Feb 6, 2023. Dividend Yield. Income tax effects have been calculated using an appropriate tax rate for each adjustment, as applicable. Intel's results can be affected by the impact and timing of closing of acquisitions, divestitures, and other significant transactions, such as the pending acquisition of Tower Semiconductor Inc. Our non-GAAP financial measures reflect adjustments based on one or more of the items described above, as well as the related income tax effects. Demand for Intel's products is highly variable and can differ from expectations due to factors including changes in business and economic conditions; customer confidence or income levels, and the levels of customer capital spending; the introduction, availability, and market acceptance of Intel's products, products used together with Intel products, and competitors' products; competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns or forecasts including order cancellations; changes in customer needs and emerging technology trends; and changes in the level of inventory and computing capacity at customers. Intel continues to make progress with its goal of achieving five nodes in four years and is on track to regain transistor performance and power performance leadership by 2025. The earnings conference call for investors begins at 2 p.m. PDT today; a public webcast will be available at www.intc.com. 33% of companies in the U.S. offer year-end bonuses. In making these adjustments, we have not made any changes to our methods for measuring and calculating revenue or other financial statement amounts. 0000005213 00000 n 1 For the three months and year ended December31, 2022, the impact of non-controlling interest to our non-GAAP adjustments is insignificant and thus is not included in our reconciliation of non-GAAP measures. 0000009197 00000 n In addition to disclosing financial results in accordance with US GAAP, this document contains references to the non-GAAP financial measures below. Payout Frequency. Cash flows provided by (used for) investing activities: Additions to property, plant and equipment, Additions to held for sale NAND property, plant and equipment, Maturities and sales of short-term investments. 0000061190 00000 n By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. %%EOF Intel's results can be affected by adverse economic, social, political, regulatory, and physical/infrastructure conditions in countries where Intel, its customers, or its suppliers operate, including recession or slowing growth, military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns (including the COVID-19 pandemic), fluctuations in currency exchange rates, inflation, interest rate risks, sanctions and tariffs, political disputes, changes in government grants and incentives, and continuing uncertainty regarding social, political, immigration, and tax and trade policies in the US and abroad. Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $957 million and diluted earnings per share (EPS) of $1.58 for the quarter ended Feb. 3, 2023, compared to diluted EPS of $1.78 in . Starting in the first quarter of 2022, we incrementally exclude from our non-GAAP results share-based compensation and all gains and losses on equity investments. On behalf of Intel Corporation ("Intel" or the "Company") I am pleased to provide this offer to you for the position of Chief Executive Officer reporting to the Intel Board of Directors (the "Board"). expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives; total addressable market (TAM) and market opportunity; business plans and financial expectations; future macroeconomic and geopolitical conditions, including regional or global downturns or recessions; future legislation, including any expectations regarding anticipated financial and other benefits or incentives thereunder; tax- and accounting-related expectations; future responses to and effects of the COVID-19 pandemic, including manufacturing, transportation, and operational restrictions or disruptions; future products, technology, and services, and the expected regulation, availability, production, and benefits of such products, technology, and services, including product ramps, manufacturing goals, plans, timelines, and future progress, future process nodes and technologies including Intel 20A, RibbonFET, and PowerVia, process performance parity and leadership expectations, future product architectures, Alder Lake, Lunar Lake, Meteor Lake, Raptor Lake, Sapphire Rapids, Emerald Rapids, Granite Rapids, Sierra Forest, Mt. suspension of bonuses, and a reduction in its 401(k) match. 0000036765 00000 n Intel is also spending big money on its Ohio chip factory: a $20 billion investment that could potentially expand to $100 billion. Credit: REUTERS/STEVE MARCUS. If you treat them right, you'll get the most out of them. NEX achieved a second consecutive year of double-digit revenue growth, hitting key product milestones with Intel IPU E2000 (Mount Evans), Raptor Lake P&S, Alder Lake N and Sapphire Rapids. The . In addition, significant or prolonged turnover may negatively impact our operations and culture, as well as our ability to successfully maintain our processes and procedures, including due to the loss of historical, technical, and other expertise. Other names and brands may be claimed as the property of others. There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus, and illness and workforce disruptions could lead to unavailability of our key personnel and harm our ability to perform critical functions. Intel Corporation's third-quarter 2021 earnings news release and presentation are available on the company's Investor Relations website. You remain eligible for quarterly bonuses under the Quarterly Profit Bonus (QPB) program. News Summary. Listen The degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. In addition, we have entered new areas and introduced adjacent products, such as our intention to become a major provider of foundry services, and we face new sources of competition and uncertain market demand or acceptance of our offerings with respect to these new areas and products, and they do not always grow as projected. Intel has a dividend yield of 5.81% and paid $1.46 per share in the past year. Forecasting first-quarter 2023 revenue of $10.5 billion to $11.5 billion; expecting first-quarter EPS of $(0.80) (non-GAAP EPS of $(0.15)). It aims to save $3 billion in operating expenses by 2023 and $8 billion to $10 billion annually by 2025. . IFS provides differentiated full stack solutions including wafer fabrication, packaging, chiplet standard and software. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. We reference a non-GAAP financial measure of adjusted free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and quality of earnings. Non-GAAP earnings (loss) per sharediluted. Its business is struggling worse than that of its competitors, and with the company being behind on cutting-edge technologies like 3- and 5-nanometer chips, there are not a lot of compelling reasons to own the stock, especially with the dividend reduction. 0000020006 00000 n DCAI includes a broad portfolio of central processing units (CPUs), domain-specific accelerators and field programmable gate arrays (FPGAs), designed to empower data center and hyperscale solutions for diverse computing needs. These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). For example, in the first quarter of 2022, the General Court in the European Commission (EC) competition matter annulled the EC's findings against Intel regarding rebates, as well as the fine previously imposed on and paid by Intel. Making the world smarter, happier, and richer. Restrictions or disruptions of transportation, or disruptions in our customers operations and supply chains, may adversely affect our results of operations. Let's find out. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the financial results calculated in accordance with US 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 the comparable US 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. All forward-looking statements included in this release are based on management's expectations as of the date of this release and, except as required by law, Intel disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. Terms of Use. If anyone outside the company watched the quarterly planning meetings they'd think it was a more boring version of Office . Base Salary. Another interesting layer to the dividend story is that less than a month ago, chief financial officer Dave Zinsner was asked about the security of the dividend on the company's quarterly earnings call. We exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our core operating performance. Intel's results can be affected by gains or losses from equity securities and interest and other, which can vary depending on gains or losses on the change in fair value, sale, exchange, or impairments of equity and debt investments, interest rates, cash balances, and changes in fair value of derivative instruments. Intel 4 is manufacturing-ready, with the Meteor Lake ramp expected in the second half of 2023. 0000004033 00000 n The projected non-GAAP tax rate also considers factors such as our expected tax structure, our tax positions in various jurisdictions, and key legislation in significant jurisdictions where we operate. Demand for Intel's products is highly variable and can differ from expectations due to factors including changes in business and economic conditions; customer confidence or income levels, and the levels of customer capital spending; the introduction, availability, and market acceptance of Intel's products, products used together with Intel products, and competitors' products; competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns or forecasts including order cancellations; changes in customer needs and emerging technology trends; and changes in the level of inventory and computing capacity at customers. Revenue for our reportable and non-reportable operating segments is primarily related to the following product lines: CCG includes products designed for end-user form factors, focusing on higher growth segments of 2 in 1, thin-and-light, commercial and gaming, and growing other products such as connectivity and graphics. Australia. Intel's expected tax rate is based on current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017 (TCJA), and current expected income and can be affected by changes in interpretations of TCJA and other laws, such as the Inflation Reduction Act of 2022; changes in the volume and mix of profits earned and location of assets across jurisdictions with varying tax rates; changes in the estimates of credits, benefits, and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets. First, the economic outlook isn't the greatest, so consumers aren't rushing to upgrade their electronics. You can also try the quick links below to see results for most popular searches. The pandemic has caused us to modify our business practices. Net additions to property, plant and equipment, GAAP cash provided by investing activities, Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook. Intel's largest business, its client computing. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these adjustments provide better comparability to peer company results and because these charges are not viewed by management as part of our core operating performance. Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. The impact of the pandemic can also exacerbate other risks discussed in this section. 0000010409 00000 n Detailed information regarding these and other factors that could affect Intel's business and results is included in Intel's SEC filings, including the company's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports. The primary driver of this demand evaporation is an atrocious PC market. In the eyes of some investors, the last great reason to own Intel (INTC 1.49%) is gone. IFS achieved record revenue for both the fourth quarter and full year, with active design engagements with seven of the 10 largest foundry customers. Invest better with The Motley Fool. Who is eligible for the Employee Cash Bonus Program (ECBP)? Gains (losses) are recognized at the close of a divestiture, or over a specified deferral period when deferred consideration is received at the time of closing. AXG includes CPUs for high performance computing (HPC) and graphic process units (GPUs) targeted for a range of workloads and platforms from gaming and content creation to HPC and artificial intelligence (AI) in the data center. NEX includes programmable platforms and high-performance connectivity and compute solutions designed for market segments such as cloud networking, telecommunications networks, on-premises edge, software and platforms. Declares quarterly cash dividend of $0.365 per share. 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