| SUNNYVALE, Calif., Jan 21, 2010 (BUSINESS WIRE) -- AMD1 (NYSE:AMD) today reported revenue for the fourth quarter
of 2009 of $1.646 billion, an increase of 18 percent compared to the
previous quarter and 42 percent compared to the fourth quarter of 2008.
In the fourth quarter of 2009, AMD reported net income attributable to
AMD common stockholders of $1.178 billion, or $1.52 per share, which
includes a net favorable impact of $1.238 billion, or $1.57 per share.
AMD reported operating income of $1.288 billion in the quarter,
including a net favorable impact of $1.224 billion. The net favorable
impacts were primarilyfrom a legal settlement with Intel
Corp.2
For the year ended Dec. 26, 2009, AMD reported revenue of $5.403
billion. Fiscal 2009 net income attributable to AMD common stockholders
was $304 million. AMD reported revenue of $5.808 billion and a net loss
attributable to AMD common stockholders of $3.129 billion for fiscal
2008.
As of the first quarter of 2010, AMD will report operating results for
what was formerly referred to as AMD Product Company only and will no
longer consolidate the financial results of GLOBALFOUNDRIES. AMD's
investment in GLOBALFOUNDRIES will be accounted for using the equity
method.
"AMD's quarter marks another milestone in our transformation and
underscores our growing momentum," said Dirk Meyer, AMD president and
CEO. "We enter 2010 having completed the transition to a fabless
business model, reached a historic antitrust settlement, and made
significant progress strengthening our balance sheet. Our innovative
strategy for designing the world's most vivid digital experiences
continues to generate demand."
In the third quarter of 2009, AMD had revenue of $1.396 billion, a net
loss attributable to AMD common stockholders of $128 million and an
operating loss of $77 million. In the fourth quarter of 2008, AMD had
revenue of $1.162 billion, a net loss attributable to AMD common
stockholders of $1.436 billion and an operating loss of $1.274 billion.
In the fourth quarter of 2009, AMD Product Company reported non-GAAP net
income of $80 million and non-GAAP operating income of $169 million. In
the third quarter of 2009, AMD Product Company reported non-GAAP net
income of $2 million and a non-GAAP operating income of $47 million3.
AMD Product Company adjusted EBITDA for the fourth quarter was $282
million, up from $169 million in the prior quarter3.
Fourth quarter 2009 AMD gross margin was 45 percent compared to 42
percent in the prior quarter. Fourth quarter 2009 AMD Product Company
non-GAAP gross margin was 41 percent compared to 38 percent in the prior
quarter3.
Current Outlook
AMD's outlook statements are based on current expectations. The
following statements are forward looking, and actual results could
differ materially depending on market conditions and the factors set
forth under the "Cautionary Statement" below.
AMD expects revenue to be down seasonally for the first quarter of 2010.
Additional Highlights
-
Intel and AMD announced
a comprehensive agreement to end all outstanding legal disputes.
Both companies obtained patent rights under a new cross-license
agreement, Intel agreed to abide by a set of fair business practice
provisions, and Intel paid AMD $1.25 billion.
-
AMD redeemed the remaining amount outstanding of its 7.75% Senior
Notes due 2012 (approximately $390 million), reduced the aggregate
amount outstanding of its 5.75% Convertible
Senior Notes due 2012 by approximately $1 billion and issued $500
million of 8.125% Senior Notes due 2017. In the fourth quarter, AMD
decreased its debt due in 2012 by nearly $1.4 billion, to $485 million.
- Lenovo
announced its first AMD-powered notebooks, including the Lenovo
ThinkPad Edge and Lenovo ThinkPad X100e commercial notebooks based
on VISION
Pro Technology from AMD.
-
Acer, Dell, HP and Lenovo began selling consumer PCs based on the
latest AMD
Athlon(TM) II mainstream processors that offer low energy consumption
and reduced heat and noise.
-
AMD powers four of the top
five supercomputers in the world, including the world's
highest-performing supercomputer. AMD GPUs also power the world's
highest-performing supercomputer featuring graphics processors.
-
AMD extended its next-generation ATI
Radeon(TM) HD 5000 graphics cards, bringing the industry's only DirectX
11-capable cards to additional market segments and enabling new
levels of graphics performance for the mobile market. AMD shipped
more than two million DirectX 11 GPUs within three months of the
launch of the initial products.
AMD Teleconference
AMD will hold a conference call for the financial community at 2:00 p.m.
PT (5:00 p.m. ET) today to discuss its fourth quarter financial results.
AMD will provide a real-time audio broadcast of the teleconference on
the Investor
Relations page of its Web site at www.amd.com.
The webcast will be available for 10 days after the conference call.
|
Reconciliation of GAAP Net Income (Loss) Attributable to AMD
Common Stockholders to AMD Product Company Non-GAAP Net Income
(Loss) 1,2,3,4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions except per share amounts)
|
|
Q4-09 |
|
Q3-09 |
|
Q4-08 |
|
2009 |
|
2008 |
|
GAAP net income (loss) attributable to AMD common stockholders / EPS
|
|
$
|
1,178
|
|
|
$
|
1.52
|
|
|
$
|
(128
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(1,436
|
)
|
|
$
|
(2.36
|
)
|
|
$
|
304
|
|
|
$
|
0.45
|
|
|
$
|
(3,129
|
)
|
|
$
|
(5.17
|
)
|
|
Loss from discontinued operations
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(10
|
)
|
|
|
(0.02
|
)
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
(684
|
)
|
|
|
(1.12
|
)
|
|
Income (loss) attributable to AMD stockholders from continuing
operations
|
|
$
|
1,181
|
|
|
$
|
1.52
|
|
|
$
|
(128
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(1,426
|
)
|
|
$
|
(2.34
|
)
|
|
$
|
307
|
|
|
$
|
0.45
|
|
|
$
|
(2,445
|
)
|
|
$
|
(4.03
|
)
|
|
Process technology license revenue
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
191
|
|
|
|
0.31
|
|
|
Incremental write-down of inventory
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(227
|
)
|
|
|
(0.37
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(227
|
)
|
|
|
(0.37
|
)
|
|
Gross margin benefit from sales of inventory written down in Q4-08
|
|
|
-
|
|
|
|
-
|
|
|
|
9
|
|
|
|
0.01
|
|
|
|
-
|
|
|
|
-
|
|
|
|
171
|
|
|
|
0.25
|
|
|
|
-
|
|
|
|
-
|
|
|
Amortization of acquired intangibles
|
|
|
(18
|
)
|
|
|
(0.02
|
)
|
|
|
(17
|
)
|
|
|
(0.02
|
)
|
|
|
(30
|
)
|
|
|
(0.05
|
)
|
|
|
(70
|
)
|
|
|
(0.10
|
)
|
|
|
(137
|
)
|
|
|
(0.23
|
)
|
|
ATI impairment of goodwill and acquired intangible assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(684
|
)
|
|
|
(1.12
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,089
|
)
|
|
|
(1.79
|
)
|
|
Legal settlements
|
|
|
1,267
|
|
|
|
1.60
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,267
|
|
|
|
1.87
|
|
|
|
-
|
|
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
(0.01
|
)
|
|
|
(50
|
)
|
|
|
(0.08
|
)
|
|
|
(65
|
)
|
|
|
(0.10
|
)
|
|
|
(90
|
)
|
|
|
(0.15
|
)
|
|
AMD Product Company formation costs associated with GLOBALFOUNDRIES
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(23
|
)
|
|
|
(0.04
|
)
|
|
|
(21
|
)
|
|
|
(0.03
|
)
|
|
|
(23
|
)
|
|
|
(0.04
|
)
|
|
Gain on sale of 200 millimeter equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
193
|
|
|
|
0.32
|
|
|
Investment net charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(21
|
)
|
|
|
(0.03
|
)
|
|
|
(9
|
)
|
|
|
(0.01
|
)
|
|
|
(66
|
)
|
|
|
(0.11
|
)
|
|
Gain (loss) on debt redemption, net
|
|
|
(11
|
)
|
|
|
(0.01
|
)
|
|
|
66
|
|
|
|
0.10
|
|
|
|
33
|
|
|
|
0.05
|
|
|
|
169
|
|
|
|
0.25
|
|
|
|
33
|
|
|
|
0.05
|
|
|
Gain on sale of Handheld assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28
|
|
|
|
0.04
|
|
|
|
-
|
|
|
|
-
|
|
|
Incremental tax provision related to the formation of GLOBALFOUNDRIES
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(114
|
)
|
|
|
(0.17
|
)
|
|
|
-
|
|
|
|
-
|
|
|
Net favorable (unfavorable) impact subtotal
|
|
$
|
1,238
|
|
|
$
|
1.57
|
|
|
$
|
54
|
|
|
$
|
0.08
|
|
|
$
|
(1,002
|
)
|
|
$
|
(1.65
|
)
|
|
$
|
1,356
|
|
|
$
|
2.00
|
|
|
$
|
(1,215
|
)
|
|
$
|
(2.00
|
)
|
|
Non-GAAP net income (loss) attributable to AMD common stockholders
|
|
$
|
(57
|
)
|
|
|
|
$
|
(182
|
)
|
|
|
|
$
|
(424
|
)
|
|
|
|
$
|
(1,049
|
)
|
|
|
|
$
|
(1,230
|
)
|
|
|
|
Net income (loss) from Foundry segment and intersegment eliminations
|
|
|
(138
|
)
|
|
|
(0.17
|
)
|
|
|
(191
|
)
|
|
|
(0.28
|
)
|
|
|
|
|
|
|
(823
|
)
|
|
|
(1.21
|
)
|
|
|
|
|
|
Incremental tax provision related to the formation of GLOBALFOUNDRIES
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
114
|
|
|
|
0.17
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interest
|
|
|
23
|
|
|
|
0.03
|
|
|
|
29
|
|
|
|
0.04
|
|
|
|
|
|
|
|
83
|
|
|
|
0.12
|
|
|
|
|
|
|
Class B preferred accretion
|
|
|
(22
|
)
|
|
|
(0.03
|
)
|
|
|
(22
|
)
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
(72
|
)
|
|
|
(0.11
|
)
|
|
|
|
|
|
AMD Product Company non-GAAP net income (loss)
|
|
$
|
80
|
|
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
$
|
(351
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to AMD Product Company Non-GAAP
Operating Income (Loss) 1,2,3,4
|
|
(Millions)
|
|
Q4-09 |
|
Q3-09 |
|
Q4-08 |
|
|
2009 |
|
|
|
2008 |
|
|
GAAP operating income (loss)
|
|
$
|
1,288
|
|
|
$
|
(77
|
)
|
|
$
|
(1,274
|
)
|
|
$
|
664
|
|
|
$
|
(1,955
|
)
|
|
Process technology license revenue
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
191
|
|
|
Incremental write-down of inventory
|
|
|
-
|
|
|
|
-
|
|
|
|
(227
|
)
|
|
|
-
|
|
|
|
(227
|
)
|
|
Gross margin benefit from sales of inventory written down in Q4-08
|
|
|
-
|
|
|
|
9
|
|
|
|
-
|
|
|
|
171
|
|
|
|
-
|
|
|
Amortization of acquired intangibles
|
|
|
(18
|
)
|
|
|
(17
|
)
|
|
|
(30
|
)
|
|
|
(70
|
)
|
|
|
(137
|
)
|
|
ATI impairment of goodwill and acquired intangible assets
|
|
|
-
|
|
|
|
-
|
|
|
|
(684
|
)
|
|
|
-
|
|
|
|
(1,089
|
)
|
|
Legal settlement (Intel)
|
|
|
1,242
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,242
|
|
|
|
-
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
(50
|
)
|
|
|
(65
|
)
|
|
|
(90
|
)
|
|
AMD Product Company formation costs associated with GLOBALFOUNDRIES
|
|
|
-
|
|
|
|
-
|
|
|
|
(23
|
)
|
|
|
(21
|
)
|
|
|
(23
|
)
|
|
Gain on sale of 200 millimeter equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
193
|
|
|
Non-GAAP operating income (loss)
|
|
$
|
64
|
|
|
$
|
(65
|
)
|
|
$
|
(260
|
)
|
|
$
|
(593
|
)
|
|
$
|
(773
|
)
|
|
Operating income (loss) from Foundry segment and intersegment
eliminations
|
|
|
(105
|
)
|
|
|
(112
|
)
|
|
|
|
|
(481
|
)
|
|
|
|
AMD Product Company non-GAAP operating income (loss)
|
|
$
|
169
|
|
|
$
|
47
|
|
|
|
|
$
|
(112
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to AMD Product Company Non-GAAP Gross
Margin 1,2,3,4
|
|
(Millions, except percentages)
|
|
Q4-09 |
|
Q3-09 |
|
Q4-08 |
|
|
2009 |
|
|
|
2008 |
|
|
GAAP Gross Margin
|
|
$
|
735
|
|
|
$
|
585
|
|
|
$
|
272
|
|
|
$
|
2,272
|
|
|
$
|
2,320
|
|
|
GAAP Gross Margin %
|
|
|
45
|
%
|
|
|
42
|
%
|
|
|
23
|
%
|
|
|
42
|
%
|
|
|
40
|
%
|
|
Process technology license revenue
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
191
|
|
|
Incremental write-down of inventory
|
|
|
-
|
|
|
|
-
|
|
|
|
(227
|
)
|
|
|
-
|
|
|
|
-
|
|
|
Gross margin benefit from sales of inventory written down in Q4-08
|
|
|
-
|
|
|
|
9
|
|
|
|
-
|
|
|
|
171
|
|
|
|
-
|
|
|
Non-GAAP Gross Margin
|
|
$
|
735
|
|
|
$
|
576
|
|
|
$
|
499
|
|
|
$
|
2,101
|
|
|
$
|
2,129
|
|
|
Non-GAAP Gross Margin %
|
|
|
45
|
%
|
|
|
41
|
%
|
|
|
43
|
%
|
|
|
39
|
%
|
|
|
38
|
%
|
|
Gross margin from Foundry segment and intersegment eliminations
|
|
|
56
|
|
|
|
49
|
|
|
|
|
|
159
|
|
|
|
|
AMD Product Company non-GAAP Gross Margin
|
|
$
|
679
|
|
|
$
|
527
|
|
|
|
|
$
|
1,942
|
|
|
|
|
AMD Product Company non-GAAP Gross Margin %
|
|
|
41
|
%
|
|
|
38
|
%
|
|
|
|
|
36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Segment Information 4
|
|
(Millions, except percentages)
|
|
Q4-09 |
|
vs Q3-09 |
|
vs Q4-08 |
|
|
2009 |
|
|
vs 2008 |
| Computing Solutions |
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
1,214
|
|
|
|
14
|
%
|
|
|
39
|
%
|
|
$
|
4,131
|
|
|
|
-9
|
%
|
|
Microprocessor Units
|
|
|
|
up
|
|
up
|
|
|
|
up
|
|
Microprocessor Average Selling Prices (ASP)
|
|
|
|
up
|
|
down
|
|
|
|
down
|
| Graphics |
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
427
|
|
|
|
40
|
%
|
|
|
58
|
%
|
|
$
|
1,206
|
|
|
|
4
|
%
|
|
Graphic Processor Units
|
|
|
|
up
|
|
up
|
|
|
|
up
|
|
Graphic Processor Average Selling Prices (ASP)
|
|
|
|
up
|
|
down
|
|
|
|
down
|
About AMD
Advanced Micro Devices (NYSE:AMD) is an innovative technology company
dedicated to collaborating with customers and technology partners to
ignite the next generation of computing and graphics solutions at work,
home and play. For more information, visit http://www.amd.com
Cautionary Statement
This release contains forward-looking statements concerning AMD,
including its first quarter 2010 revenue and anticipated future demand
for its products which are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are commonly identified by words such as "would," "may,"
"expects," "believes," "plans," "intends," "projects," and other terms
with similar meaning. Investors are cautioned that the forward-looking
statements in this release are based on current beliefs, assumptions and
expectations, speak only as of the date of this release and involve
risks and uncertainties that could cause actual results to differ
materially from current expectations. Risks include the possibility that
Intel Corporation's pricing, marketing and rebating programs, product
bundling, standard setting, new product introductions or other
activities targeting the company's business will prevent attainment of
the company's current plans; global business and economic conditions
will worsen resulting in lower than currently expected revenue in the
first quarter of 2010 and beyond; demand for computers and consumer
electronics products and, in turn, demand for the company's products
will be lower than currently expected; customers stop buying the
company's products or materially reduce their demand for its products;
the company will require additional funding and may not be able to raise
funds on favorable terms or at all; the company will be unable to
develop, launch and ramp new products and technologies in the volumes
and mix required by the market and at mature yields on a timely basis;
there will be unexpected variations in market growth and demand for the
company's products and technologies in light of the product mix that it
may have available at any particular time or a decline in demand; the
company will be unable to transition its products to advanced
manufacturing process technologies in a timely and effective way; the
company will be unable to maintain the level of investment in research
and development and capacity that is required to remain competitive; and
the company will be unable to obtain sufficient manufacturing capacity
or components to meet demand for its products or will under-utilize its
commitment with respect to GLOBALFOUNDRIES' microprocessor manufacturing
facilities. Investors are urged to review in detail the risks and
uncertainties in the company's Securities and Exchange Commission
filings, including but not limited to the Quarterly Report on Form 10-Q
for the quarter ended September 26, 2009.
AMD, the AMD Arrow logo, AMD Opteron and combinations thereof, and
ATI, the ATI logo, and Radeon 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.
1 For financial reporting purposes, AMD consolidated the
operating results of GLOBALFOUNDRIES Inc. in its results from March 2,
2009 through December 26, 2009 and created the Foundry segment as of the
start of fiscal 2009. References to "AMD" in this announcement include
these consolidated operating results which are reported for GAAP
purposes. "AMD Product Company" refers to AMD, excluding the operating
results of the Foundry segment and Intersegment eliminations. Foundry
segment includes the operating results attributable to the front end
wafer manufacturing operations and related activities as of the
beginning of the first quarter of 2009, which includes the operating
results of GLOBALFOUNDRIES from March 2, 2009 through December 26, 2009.
Intersegment eliminations consist of revenues, cost of sales and profits
on inventory between AMD Product Company and the Foundry segment.
2 In this press release, in addition to GAAP financial
results, the Company has provided non-GAAP financial measures for AMD
net income (loss) attributable to AMD common stockholders and operating
income (loss). These non-GAAP financial measures reflect certain
adjustments as presented in the tables in this press release. Management
believes this non-GAAP presentation makes it easier for investors to
compare current and historical period operating results by, among other
things, excluding items that are not indicative of ongoing operating
performance.
3 The Company is providing non-GAAP financial measures for
AMD Product Company such as a statement of operations and selected
balance sheet items as reflected in this press release. In addition, for
AMD Product Company, the Company is providing non-GAAP financial
measures such as net income (loss), operating income (loss) and gross
margin which exclude certain adjustments as reflected in the tables
above. Adjusted EBITIDA is also provided as a non-GAAP financial measure
and is defined in the selected corporate data tables. AMD is providing
these financial measures because it believes it is important for
investors to have visibility into AMD's financial results excluding the
Foundry segment, intersegment eliminations and certain adjustments as
reflected in the tables in this press release and to better understand
the Company's financial results absent the requirement to consolidate
the financial results of GLOBALFOUNDRIES.
4 Refer to corresponding tables at the end of this press
release for additional AMD and AMD Product Company data.
| ADVANCED MICRO DEVICES, INC. |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Millions except per share amounts and percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
Dec. 26,
|
|
Sept. 26,
|
|
Dec. 27,
|
|
|
|
Dec. 26,
|
|
Dec. 27,
|
|
|
|
2009
|
|
2009
|
|
2008(1)
|
|
|
|
2009
|
|
2008(1)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
1,646
|
|
|
$
|
1,396
|
|
|
$
|
1,162
|
|
|
|
|
$
|
5,403
|
|
|
$
|
5,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
911
|
|
|
|
811
|
|
|
|
890
|
|
|
|
|
|
3,131
|
|
|
|
3,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
735
|
|
|
|
585
|
|
|
|
272
|
|
|
|
|
|
2,272
|
|
|
|
2,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin %
|
|
|
45
|
%
|
|
|
42
|
%
|
|
|
23
|
%
|
|
|
|
|
42
|
%
|
|
|
40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
432
|
|
|
|
420
|
|
|
|
465
|
|
|
|
|
|
1,721
|
|
|
|
1,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative
|
|
|
239
|
|
|
|
221
|
|
|
|
317
|
|
|
|
|
|
994
|
|
|
|
1,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal settlement
|
|
|
(1,242
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
(1,242
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
18
|
|
|
|
17
|
|
|
|
30
|
|
|
|
|
|
70
|
|
|
|
137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill and acquired intangible assets
|
|
|
-
|
|
|
|
-
|
|
|
|
684
|
|
|
|
|
|
-
|
|
|
|
1,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
4
|
|
|
|
50
|
|
|
|
|
|
65
|
|
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of 200 millimeter equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
(193
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income (loss) |
|
|
1,288
|
|
|
|
(77
|
)
|
|
|
(1,274
|
)
|
|
|
|
|
664
|
|
|
|
(1,955
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
3
|
|
|
|
4
|
|
|
|
7
|
|
|
|
|
|
16
|
|
|
|
39
|
|
|
Interest expense
|
|
|
(119
|
)
|
|
|
(114
|
)
|
|
|
(95
|
)
|
|
|
|
|
(438
|
)
|
|
|
(391
|
)
|
|
Other income (expense), net
|
|
|
19
|
|
|
|
47
|
|
|
|
11
|
|
|
|
|
|
166
|
|
|
|
(37
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
1,191
|
|
|
|
(140
|
)
|
|
|
(1,351
|
)
|
|
|
|
|
408
|
|
|
|
(2,344
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes
|
|
|
11
|
|
|
|
(5
|
)
|
|
|
69
|
|
|
|
|
|
112
|
|
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
1,180
|
|
|
|
(135
|
)
|
|
|
(1,420
|
)
|
|
|
|
|
296
|
|
|
|
(2,412
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
(10
|
)
|
|
|
|
|
(3
|
)
|
|
|
(684
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$
|
1,177
|
|
|
$
|
(135
|
)
|
|
$
|
(1,430
|
)
|
|
|
|
$
|
293
|
|
|
$
|
(3,096
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interest
|
|
|
23
|
|
|
|
29
|
|
|
|
(6
|
)
|
|
|
|
|
83
|
|
|
|
(33
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B preferred accretion
|
|
|
(22
|
)
|
|
|
(22
|
)
|
|
|
-
|
|
|
|
|
|
(72
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income (loss) attributable to AMD common stockholders |
|
$
|
1,178
|
|
|
$
|
(128
|
)
|
|
$
|
(1,436
|
)
|
|
|
|
$
|
304
|
|
|
$
|
(3,129
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) attributable to AMD common stockholders per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
1.68
|
|
|
$
|
(0.18
|
)
|
|
$
|
(2.34
|
)
|
|
|
|
$
|
0.46
|
|
|
$
|
(4.03
|
)
|
|
Discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.02
|
)
|
|
|
|
|
-
|
|
|
|
(1.12
|
)
|
|
Basic net income (loss) attributable to AMD common stockholders per
common share
|
|
$
|
1.68
|
|
|
$
|
(0.18
|
)
|
|
$
|
(2.36
|
)
|
|
|
|
$
|
0.46
|
|
|
$
|
(5.15
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
1.52
|
|
|
$
|
(0.18
|
)
|
|
$
|
(2.34
|
)
|
|
|
|
$
|
0.45
|
|
|
$
|
(4.03
|
)
|
|
Discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.02
|
)
|
|
|
|
|
-
|
|
|
$
|
(1.12
|
)
|
|
Diluted net income (loss) attributable to AMD common stockholders
per common share
|
|
$
|
1.52
|
|
|
$
|
(0.18
|
)
|
|
$
|
(2.36
|
)
|
|
|
|
$
|
0.45
|
|
|
$
|
(5.15
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per share calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
705
|
|
|
|
694
|
|
|
|
609
|
|
|
|
|
|
673
|
|
|
|
607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
791
|
|
|
|
694
|
|
|
|
609
|
|
|
|
|
|
678
|
|
|
|
607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes retrospective adoption of FASB Staff Position
Accounting Principles Board No. 14-1, Accounting for Convertible
Debt Instruments That May Be Settled in Cash upon Conversion
(Including Partial Cash Settlement) (FSP APB 14-1) codified
principally in Accounting Standards Codification (ASC) Topic 470,
Debt (ASC 470) and FASB Statement No. 160, Noncontrolling
Interests in Consolidated Financial Statements - An Amendment of ARB
No. 51 (SFAS 160) now codified in ASC Topic 810, Consolidation
(ASC 810) in the first quarter of 2009.
|
|
| ADVANCED MICRO DEVICES, INC. |
| AMD NON-GAAP AND RECONCILIATIONS TO CONSOLIDATED STATEMENTS OF
OPERATIONS(2) |
| (Millions except per share amounts and percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
Dec. 26, 2009
|
|
Sept. 26, 2009
|
|
Dec. 26, 2009
|
|
|
|
AMD Product Company (3) |
|
Foundry segment and Intersegment Eliminations (4) |
|
AMD
|
|
AMD Product Company (3) |
|
Foundry segment and Intersegment Eliminations (4) |
|
AMD
|
|
AMD Product Company (3) |
|
Foundry segment and Intersegment Eliminations (4) |
|
AMD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
1,646
|
|
|
$
|
-
|
|
|
$
|
1,646
|
|
|
$
|
1,396
|
|
|
$
|
-
|
|
|
$
|
1,396
|
|
|
$
|
5,403
|
|
|
$
|
-
|
|
|
$
|
5,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
967
|
|
|
|
(56
|
)
|
|
|
911
|
|
|
|
860
|
|
|
|
(49
|
)
|
|
|
811
|
|
|
|
3,290
|
|
|
|
(159
|
)
|
|
|
3,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
679
|
|
|
|
56
|
|
|
|
735
|
|
|
|
536
|
|
|
|
49
|
|
|
|
585
|
|
|
|
2,113
|
|
|
|
159
|
|
|
|
2,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin %
|
|
|
41
|
%
|
|
|
|
|
45
|
%
|
|
|
38
|
%
|
|
|
|
|
42
|
%
|
|
|
39
|
%
|
|
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
301
|
|
|
|
131
|
|
|
|
432
|
|
|
|
285
|
|
|
|
135
|
|
|
|
420
|
|
|
|
1,197
|
|
|
|
524
|
|
|
|
1,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative
|
|
|
209
|
|
|
|
30
|
|
|
|
239
|
|
|
|
195
|
|
|
|
26
|
|
|
|
221
|
|
|
|
878
|
|
|
|
116
|
|
|
|
994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal settlement
|
|
|
(1,242
|
)
|
|
|
-
|
|
|
|
(1,242
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,242
|
)
|
|
|
-
|
|
|
|
(1,242
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
18
|
|
|
|
-
|
|
|
|
18
|
|
|
|
17
|
|
|
|
-
|
|
|
|
17
|
|
|
|
70
|
|
|
|
-
|
|
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
-
|
|
|
|
4
|
|
|
|
65
|
|
|
|
-
|
|
|
|
65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income (loss) |
|
|
1,393
|
|
|
|
(105
|
)
|
|
|
1,288
|
|
|
|
35
|
|
|
|
(112
|
)
|
|
|
(77
|
)
|
|
|
1,145
|
|
|
|
(481
|
)
|
|
|
664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
3
|
|
|
|
-
|
|
|
|
3
|
|
|
|
3
|
|
|
|
1
|
|
|
|
4
|
|
|
|
15
|
|
|
|
1
|
|
|
|
16
|
|
|
Interest expense
|
|
|
(71
|
)
|
|
|
(48
|
)
|
|
|
(119
|
)
|
|
|
(70
|
)
|
|
|
(44
|
)
|
|
|
(114
|
)
|
|
|
(286
|
)
|
|
|
(152
|
)
|
|
|
(438
|
)
|
|
Other income (expense), net
|
|
|
13
|
|
|
|
6
|
|
|
|
19
|
|
|
|
64
|
|
|
|
(17
|
)
|
|
|
47
|
|
|
|
221
|
|
|
|
(55
|
)
|
|
|
166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
1,338
|
|
|
|
(147
|
)
|
|
|
1,191
|
|
|
|
32
|
|
|
|
(172
|
)
|
|
|
(140
|
)
|
|
|
1,095
|
|
|
|
(687
|
)
|
|
|
408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes
|
|
|
20
|
|
|
|
(9
|
)
|
|
|
11
|
|
|
|
(24
|
)
|
|
|
19
|
|
|
|
(5
|
)
|
|
|
(24
|
)
|
|
|
136
|
|
|
|
112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
1,318
|
|
|
|
(138
|
)
|
|
|
1,180
|
|
|
|
56
|
|
|
|
(191
|
)
|
|
|
(135
|
)
|
|
|
1,119
|
|
|
|
(823
|
)
|
|
|
296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$
|
1,315
|
|
|
$
|
(138
|
)
|
|
$
|
1,177
|
|
|
$
|
56
|
|
|
$
|
(191
|
)
|
|
$
|
(135
|
)
|
|
$
|
1,116
|
|
|
$
|
(823
|
)
|
|
$
|
293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interest
|
|
|
|
|
|
|
23
|
|
|
|
|
|
|
|
29
|
|
|
|
|
|
|
|
83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B preferred accretion
|
|
|
|
|
|
|
(22
|
)
|
|
|
|
|
|
|
(22
|
)
|
|
|
|
|
|
|
(72
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) attributable to AMD common stockholders |
|
|
|
|
|
$
|
1,178
|
|
|
|
|
|
|
$
|
(128
|
)
|
|
|
|
|
|
$
|
304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
The Company believes this non-GAAP presentation makes it easier
for investors to understand what AMD financial results would be if
it were not required to consolidate the operations of
GLOBALFOUNDRIES. |
|
(3)
|
Consists of the results of the Computing Solutions and Graphics
segments and the All other category. |
|
(4)
|
See footnotes 3 and 5 in Selected Corporate Data |
|
|
| ADVANCED MICRO DEVICES, INC. |
| CONSOLIDATED BALANCE SHEETS |
| (Millions) |
|
|
|
|
Dec. 26,
|
|
Dec. 27,
|
|
|
|
|
2009
|
|
2008(5)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
$
|
2,676
|
|
|
$
|
1,096
|
|
|
Accounts receivable, net
|
|
745
|
|
|
|
320
|
|
|
Inventories
|
|
567
|
|
|
|
656
|
|
|
Deferred income taxes
|
|
9
|
|
|
|
28
|
|
|
Prepaid expenses and other current assets
|
|
278
|
|
|
|
279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
4,275
|
|
|
|
2,379
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
3,809
|
|
|
|
4,296
|
|
|
Acquisition related intangible assets, net
|
|
98
|
|
|
|
168
|
|
|
Goodwill
|
|
|
323
|
|
|
|
323
|
|
|
Other assets
|
|
573
|
|
|
|
506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
$
|
9,078
|
|
|
$
|
7,672
|
|
|
|
|
|
|
|
|
| Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
$
|
647
|
|
|
$
|
631
|
|
|
Accrued compensation and benefits
|
|
179
|
|
|
|
162
|
|
|
Accrued liabilities
|
|
612
|
|
|
|
785
|
|
|
Deferred income on shipments to distributors
|
|
138
|
|
|
|
50
|
|
|
Other short-term obligations
|
|
171
|
|
|
|
86
|
|
|
Current portion of long-term debt and capital lease obligations
|
|
308
|
|
|
|
286
|
|
|
Other current liabilities
|
|
155
|
|
|
|
226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
2,210
|
|
|
|
2,226
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
197
|
|
|
|
91
|
|
|
Long-term debt and capital lease obligations, less current portion
|
|
4,252
|
|
|
|
4,490
|
|
|
Other long-term liabilities
|
|
695
|
|
|
|
569
|
|
|
Noncontrolling interest
|
|
1,076
|
|
|
|
169
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Capital stock:
|
|
|
|
|
|
Common stock, par value
|
|
7
|
|
|
|
6
|
|
|
|
Capital in excess of par value
|
|
6,426
|
|
|
|
6,257
|
|
|
Retained earnings (deficit)
|
|
(5,939
|
)
|
|
|
(6,244
|
)
|
|
Accumulated other comprehensive income
|
|
154
|
|
|
|
108
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
648
|
|
|
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders' Equity |
$
|
9,078
|
|
|
$
|
7,672
|
|
|
|
|
|
|
|
|
| (5) |
Amounts for the year ended December 27, 2008 were derived from
the December 27, 2008 audited financial statements, including
retrospective adoption of FSP APB 14-1 (now codified in ASC 470) and
SFAS 160 (now codified in ASC 810) implemented in the first quarter
of 2009. |
|
|
| ADVANCED MICRO DEVICES, INC. |
| SELECTED CORPORATE DATA |
| (Unaudited) |
| (Millions except headcount and percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
|
|
Dec. 26, |
|
Sept. 26, |
|
Dec. 27, |
|
Dec. 26, |
|
Dec. 27, |
|
Segment and Category Information
from Continuing Operations
|
|
|
2009 |
|
|
|
2009 |
|
|
|
2008 |
|
|
|
2009 |
|
|
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computing Solutions (1)
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
1,214
|
|
|
$
|
1,069
|
|
|
$
|
873
|
|
|
$
|
4,131
|
|
|
$
|
4,559
|
|
|
Operating income (loss)
|
|
$
|
158
|
|
|
$
|
76
|
|
|
$
|
(431
|
)
|
|
$
|
127
|
|
|
$
|
(461
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Graphics (2)
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
|
427
|
|
|
|
306
|
|
|
|
270
|
|
|
|
1,206
|
|
|
|
1,165
|
|
|
Operating income (loss)
|
|
|
53
|
|
|
|
8
|
|
|
|
(10
|
)
|
|
|
50
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundry (3)
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
|
309
|
|
|
|
256
|
|
|
|
|
|
1,101
|
|
|
|
|
Operating income (loss)
|
|
|
(99
|
)
|
|
|
(101
|
)
|
|
|
|
|
(433
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other (4)
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
|
5
|
|
|
|
21
|
|
|
|
19
|
|
|
|
66
|
|
|
|
84
|
|
|
Operating income (loss)
|
|
|
1,182
|
|
|
|
(49
|
)
|
|
|
(833
|
)
|
|
|
968
|
|
|
|
(1,506
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment Eliminations (5)
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
|
(309
|
)
|
|
|
(256
|
)
|
|
|
|
|
(1,101
|
)
|
|
|
|
Operating income (loss)
|
|
|
(6
|
)
|
|
|
(11
|
)
|
|
|
|
|
(48
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total from Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
1,646 |
|
|
$ |
1,396 |
|
|
$ |
1,162 |
|
|
$ |
5,403 |
|
|
$ |
5,808 |
|
|
Operating income (loss) |
|
$ |
1,288 |
|
|
$ |
(77 |
) |
|
$ |
(1,274 |
) |
|
$ |
664 |
|
|
$ |
(1,955 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMD Product Company (excludes Foundry segment and Intersegment
Eliminations) |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
(excluding amortization of acquired intangible assets)
|
|
$
|
95
|
|
|
$
|
96
|
|
|
|
|
$
|
398
|
|
|
|
|
Capital additions
|
|
$
|
37
|
|
|
$
|
19
|
|
|
|
|
$
|
88
|
|
|
|
|
Adjusted EBITDA (6)
|
|
$
|
282
|
|
|
$
|
169
|
|
|
|
|
$
|
527
|
|
|
|
|
Cash, cash equivalents and marketable securities (7)
|
|
$
|
1,772
|
|
|
$
|
1,536
|
|
|
|
|
$
|
1,772
|
|
|
|
|
Total assets (7)
|
|
$
|
4,846
|
|
|
$
|
4,376
|
|
|
|
|
$
|
4,846
|
|
|
|
|
Long-term debt (7)
|
|
$
|
2,607
|
|
|
$
|
3,541
|
|
|
|
|
$
|
2,607
|
|
|
|
|
Headcount
|
|
|
10,352
|
|
|
|
10,412
|
|
|
|
|
|
10,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMD |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
(excluding amortization of acquired intangible assets)
|
|
$
|
266
|
|
|
$
|
265
|
|
|
$
|
271
|
|
|
$
|
1,058
|
|
|
$
|
1,068
|
|
|
Capital additions
|
|
$
|
173
|
|
|
$
|
97
|
|
|
$
|
112
|
|
|
$
|
466
|
|
|
$
|
621
|
|
|
Adjusted EBITDA (6)
|
|
$
|
348
|
|
|
$
|
227
|
|
|
$
|
(219
|
)
|
|
$
|
711
|
|
|
$
|
531
|
|
|
Headcount
|
|
|
13,395
|
|
|
|
13,379
|
|
|
|
14,652
|
|
|
|
13,395
|
|
|
|
14,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Computing Solutions segment includes microprocessors, chipsets and
embedded processors.
|
|
(2)
|
Graphics segment includes graphics, video and multimedia products
developed for use in desktop and notebook computers, including home
media PCs, professional workstations, servers and also includes
royalties received in connection with the sale of game console
systems that incorporate the Company's graphics technology.
|
|
(3)
|
Foundry segment includes the operating results attributable to the
front end wafer manufacturing operations and related activities as
of the beginning of the first quarter of 2009, which includes the
operating results of GLOBALFOUNDRIES from March 2, 2009 onward.
Prior periods have not been recast.
|
|
(4)
|
All Other category includes non-Foundry segment employee
stock-based compensation expense and certain operating expenses
and credits that are not allocated to the operating segments. Also
included in this category is a gain for a legal settlement,
charges for the impairment of goodwill and acquired intangible
assets, amortization of acquired intangible assets, restructuring
and AMD Product Company formation costs associated with
GLOBALFOUNDRIES. Details of these significant items are shown
below. The All Other category also includes the results of our
Handheld business unit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal settlement gain, employee stock-based compensation expense,
ATI acquisition-related charges, restructuring charges and AMD
Product Company formation costs associated with GLOBALFOUNDRIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
Q409
|
|
Q309
|
|
Q408
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
Legal settlement
|
$
|
(1,242
|
)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(1,242
|
)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Employee stock-based compensation expense
|
|
18
|
|
|
|
17
|
|
|
|
20
|
|
|
|
70
|
|
|
|
79
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill and acquired intangible assets
|
|
-
|
|
|
|
-
|
|
|
|
684
|
|
|
|
-
|
|
|
|
1,089
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
18
|
|
|
|
17
|
|
|
|
30
|
|
|
|
70
|
|
|
|
137
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
-
|
|
|
|
4
|
|
|
|
50
|
|
|
|
65
|
|
|
|
90
|
|
|
|
|
|
|
|
|
|
|
AMD Product Company formation costs associated with GLOBALFOUNDRIES
|
|
-
|
|
|
|
-
|
|
|
|
23
|
|
|
|
21
|
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1,206
|
)
|
|
$
|
38
|
|
|
$
|
807
|
|
|
$
|
(1,016
|
)
|
|
$
|
1,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Represents intersegment eliminations in revenue and in cost of sales
and profits on inventory between AMD Product Company and the Foundry
segment. For the quarters ended December 26, 2009 and September 26,
2009, and year ended December 26, 2009, intersegment eliminations of
revenue was $309 million, $256 million and $1,101 million,
respectively. For the quarters ended December 26, 2009 and September
26, 2009, and year ended December 26, 2009, intersegment
eliminations of cost of sales and profits on inventory was $303
million, $245 million and $1,053 million, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
AMD reconciliation of operating income (loss) to AMD Product
Company (excluding Foundry segment and Intersegment Eliminations)
Adjusted EBITDA* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
Q409
|
|
Q309
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
$
|
1,288
|
|
|
$
|
(77
|
)
|
|
|
|
$
|
664
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundry segment and Intersegment Eliminations operating loss
|
|
105
|
|
|
|
112
|
|
|
|
|
|
481
|
|
|
|
|
|
|
|
|
|
|
|
|
AMD Product Company net income (loss)
|
$
|
1,393
|
|
|
$
|
35
|
|
|
|
|
$
|
1,145
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal settlement
|
|
(1,242
|
)
|
|
|
-
|
|
|
|
|
|
(1,242
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
95
|
|
|
|
96
|
|
|
|
|
|
398
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee stock-based compensation expense
|
|
18
|
|
|
|
17
|
|
|
|
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
18
|
|
|
|
17
|
|
|
|
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
-
|
|
|
|
4
|
|
|
|
|
|
65
|
|
|
|
|
|
|
|
|
|
|
|
|
AMD Product Company formation costs associated with GLOBALFOUNDRIES
|
|
-
|
|
|
|
-
|
|
|
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
|
282
|
|
|
$
|
169
|
|
|
|
|
$
|
527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMD reconciliation of operating income (loss) to Adjusted EBITDA* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
Q409
|
|
Q309
|
|
Q408
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
$
|
1,288
|
|
|
$
|
(77
|
)
|
|
$
|
(1,274
|
)
|
|
$
|
664
|
|
|
$
|
(1,955
|
)
|
|
|
|
|
|
|
|
|
|
Legal settlement
|
|
(1,242
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,242
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill and acquired intangible assets
|
|
-
|
|
|
|
-
|
|
|
|
684
|
|
|
|
-
|
|
|
|
1,089
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
266
|
|
|
|
265
|
|
|
|
271
|
|
|
|
1,058
|
|
|
|
1,068
|
|
|
|
|
|
|
|
|
|
|
Employee stock-based compensation expense
|
|
18
|
|
|
|
18
|
|
|
|
20
|
|
|
|
75
|
|
|
|
79
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
18
|
|
|
|
17
|
|
|
|
30
|
|
|
|
70
|
|
|
|
137
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
-
|
|
|
|
4
|
|
|
|
50
|
|
|
|
65
|
|
|
|
90
|
|
|
|
|
|
|
|
|
|
|
AMD Product Company formation costs associated with GLOBALFOUNDRIES
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
21
|
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
|
348
|
|
|
$
|
227
|
|
|
$
|
(219
|
)
|
|
$
|
711
|
|
|
$
|
531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
Reconciliation of select balance sheet items |
|
|
Q409
|
|
Q309
|
|
|
Cash, cash equivalents and marketable securities
|
|
Total Assets
|
|
Long-term debt**
|
|
Cash, cash equivalents and marketable securities
|
|
Total Assets
|
|
Long-term debt**
|
|
AMD Product Company
|
$
|
1,772
|
|
$
|
4,846
|
|
|
$
|
2,607
|
|
$
|
1,536
|
|
$
|
4,376
|
|
$
|
3,541
|
|
Foundry segment and intersegment eliminations
|
|
904
|
|
|
4,232
|
|
|
|
1,953
|
|
|
975
|
|
|
4,371
|
|
|
2,029
|
|
AMD
|
$
|
2,676
|
|
$
|
9,078
|
|
|
$
|
4,560
|
|
$
|
2,511
|
|
$
|
8,747
|
|
$
|
5,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Starting with the quarter ended December 26, 2009, the Company
defines Adjusted EBITDA as operating income (loss) adjusted for a
legal settlement gain, impairment of goodwill and acquired
intangible assets, depreciation & amortization, employee
stock-based compensation expense, amortization of acquired
intangible assets, restructuring charges, and AMD Product Company
formation costs associated with GLOBALFOUDNRIES. The Company
calculates and communicates Adjusted EBITDA because management
believes it is of interest to investors and lenders in relation to
its overall capital structure and its ability to borrow additional
funds. The Company's calculation of Adjusted EBITDA may or may
not be consistent with the calculation of this measure by other
companies in the same industry. Investors should not view Adjusted
EBITDA as an alternative to the U.S. GAAP operating measure of
operating income or U.S. GAAP liquidity measures of cash flows
from operating, investing and financing activities. In addition,
Adjusted EBITDA does not take into account changes in certain
assets and liabilities as well as interest and income taxes that
can affect cash flows.
|
|
** Long-term debt also includes the current portion of long-term
debt and capital lease obligations.
|
SOURCE: AMD
AMD
EDITORIAL CONTACT:
Drew Prairie, 512-602-4425
drew.prairie@amd.com
INVESTOR CONTACT:
Ruth Cotter, 408-749-3887
ruth.cotter@amd.com |
