ADVANCED MICRO DEVICES, INC. 
By SUNNYVALE, CA, Jan 24, 2012 (MARKETWIRE via COMTEX) --AMD (NYSE: AMD)
Q4 2011 Results
-- AMD revenue $1.69 billion, flat sequentially and increased two percent
year-over-year
-- Net loss $177 million, loss per share $0.24, operating income $71
million
-- Non-GAAP(1) net income $138 million, earnings per share $0.19,
operating income $172 million
-- Gross margin 46 percent
2011 Annual Results
-- AMD revenue $6.57 billion, flat year-over-year
-- Net income $491 million, earnings per share $0.66, operating income
$368 million
-- Non-GAAP(1) net income $374 million, earnings per share $0.50,
operating income $524 million
-- Gross margin 45 percent
-- More than 30 million Accelerated Processor Unit (APU) shipments in
2011 drives record annual notebook revenue
AMD (NYSE: AMD) today announced revenue for the fourth quarter of 2011 of $1.69 billion, net loss of $177 million, or $0.24 per share, and operating income of $71 million. The company reported non-GAAP net income of $138 million, or $0.19 per share, and non-GAAP operating income of $172 million. Fourth quarter non-GAAP net income excludes an impairment of AMD's investment in GLOBALFOUNDRIES of $209 million, restructuring charges of $98 million, the loss from discontinued operations of $4 million, the amortization of acquired intangible assets of $3 million and a loss on debt repurchase of $1 million.
For the year ended December 31, 2011, AMD reported revenue of $6.57 billion, net income of $491 million, or $0.66 per share, and operating income of $368 million. Full year non-GAAP net income was $374 million, or $0.50 per share, and non-GAAP operating income was $524 million.
"AMD shipped more than 30 million APU's in 2011, resulting in record annual notebook revenue," said Rory Read, AMD president and CEO. "The unmatched combination of computing and graphics capabilities in our low-power 'Brazos' platform has made it our fastest ramping platform ever, paving the way for continued growth in key segments and geographies. Our server business has re-gained momentum, delivering two consecutive quarters of strong sequential growth.
"We continued optimizing our financial model in 2011, consistently delivering operating income and creating the foundation for sustained success. We begin 2012 clear on our priorities and opportunities. We are building an AMD that consistently delivers on its commitments."
GAAP Financial Results(2)
----------------------------------------------------------------------------
Q4-11 Q3-11 Q4-10 2011 2010
----------------------------------------------------------------------------
Revenue $1.69B $1.69B $1.65B $6.57B $6.49B
----------------------------------------------------------------------------
Operating
income $71M $138M $413M $368M $848M
----------------------------------------------------------------------------
Net income
(loss) /
Earnings
(loss) per
share $(177)M/$(0.24) $97M/$0.13 $375M/$0.50 $491M/$0.66 $471M/$0.64
----------------------------------------------------------------------------
Non-GAAP Financial Results(1)
----------------------------------------------------------------------------
Q4-11 Q3-11 Q4-10 2011 2010
----------------------------------------------------------------------------
Revenue $1.69B $1.69B $1.65B $6.57B $6.49B
----------------------------------------------------------------------------
Operating income $172M $146M $141M $524M $553M
----------------------------------------------------------------------------
Net income /
Earnings per
share $138M/$0.19 $110M/$0.15 $106M/$0.14 $374M/$0.50 $360M/$0.49
----------------------------------------------------------------------------
Quarterly Summary
-- Gross margin was 46 percent, a sequential increase of one percent.
-- Cash, cash equivalents and marketable securities balance, including
long-term marketable securities, was $1.91 billion at the end of the
quarter.
-- Computing Solutions segment revenue increased two percent sequentially
and seven percent year-over-year. The sequential increase was driven
by double digit growth in Server and Chipset revenue. The
year-over-year increase was driven by higher mobile processor and
Chipset revenue.
-- Operating income was $165 million, compared with $149 million in
Q3 11 and $91 million in Q4 10.
-- Microprocessor ASP increased sequentially and was flat
year-over-year.
-- AMD launched its "Bulldozer"-based AMD Opteron(TM) 6200 Series
and AMD Opteron 4200 Series processors, delivering
industry-leading performance(3) for business, increased
scalability for virtualization and more efficient economics for
the cloud.
-- HP introduced five new ProLiant systems, including the
industry's fastest dual-socket database server.
-- Dell introduced four new PowerEdge systems, including the
world's most power-efficient blade server. The AMD-powered
PowerEdge R715 was awarded Technology of the Year from
InfoWorld magazine based on its outstanding virtualization
performance.
-- The AMD Opteron 6200 Series Processors were honored with the
Analysts' Choice Award for Best Server Processor by the Linley
Group and "Technology of the Year" from InfoWorld.
-- AMD Opteron processor adoption in the HPC market continued, as
the National Science Foundation announced a new supercomputer
at the University of Illinois' National Center for
Supercomputing Applications (NCSA) will be powered by
approximately 50,000 AMD Opteron 6200 series processors.
-- Worldwide demand for AMD APUs continued to increase throughout the
fourth quarter. AMD shipped more than 30 million APUs in 2011,
including a record number of mobile processors found in notebooks
from Acer, Asus, Dell, HP, Lenovo, MSI Samsung, Sony and Toshiba.
-- AMD introduced new A-Series notebook and desktop APUs that offer
improved performance and enhanced features. We expect that systems
based on the refreshed A-Series APU will be offered from the
world's largest PC companies in early 2012.
-- Graphics segment revenue decreased five percent sequentially and 10
percent year-over-year. The sequential decrease was driven primarily
by a decline in mobile graphics processor unit (GPU) shipments,
partially offset by a seasonal increase in game console revenue. The
year-over-year decrease was primarily driven by decreased desktop and
Add-in Board (AIB) graphics revenue.
-- Operating income was $27 million, compared with $12 million in Q3
11 and $68 million in Q4 10.
-- GPU ASP increased sequentially and year-over-year.
-- In December, AMD launched the world's fastest single-GPU graphics
card(4) and the first member of its AMD Radeon(TM) HD 7000
Series graphics family, the AMD Radeon HD 7970. The HD 7970
delivers up to 150% performance improvement per square millimeter
compared to our previous generation GPU, and is the industry's
first 28nm GPU(5).
-- AMD launched the AMD Radeon HD 7000M series mobile graphics
processors for smaller form factor notebooks. Both HP and Lenovo
announced new notebooks powered by the new GPU.
-- AMD is the industry leader in leading-edge graphics technology,
having shipped more than 100 million DirectX(R) 11 graphics
engines across its GPUs and APUs that enable superior visual
experiences.
-- Corporate
-- The Company announced a restructuring plan and implementation of
operational efficiency initiatives designed to strengthen the
Company's competitive positioning. The Company plans to reinvest a
significant portion of the anticipated savings to fund initiatives
designed to accelerate AMD's strategies for lower power, emerging
markets, and the cloud.
-- AMD strengthened its leadership team with the additions of Mark
Papermaster as senior vice president and chief technology officer,
Rajan Naik as senior vice president and chief strategy officer,
and Dr. Lisa Su as senior vice president and general manager,
global business units.
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 "Cautionary Statement" below.
AMD expects revenue to decrease eight percent, plus or minus three percent, sequentially for the first quarter of 2012.
For additional detail regarding AMD's results and outlook please see the CFO commentary posted at quarterlyearnings.amd.com.
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 AMD. The webcast will be available for 10 days after the conference call.
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income(1)
------------------------------------------------
(Millions except per share
amounts) Q4-11 Q3-11 Q4-10
----------------------------------------------------------------------------
GAAP net income (loss) /
Earnings (loss) per share $(177) $(0.24) $97 $0.13 $375 $0.50
----------------------------------------------------------------------------
Gross margin benefit due
to deconsolidation of
GLOBALFOUNDRIES - - - - - -
----------------------------------------------------------------------------
Deconsolidation gain on
the fair value assessment
of investment in
GLOBALFOUNDRIES - - - - - -
----------------------------------------------------------------------------
Equity income (loss) and
dilution gain in
investee, net - - - - 27 0.05
----------------------------------------------------------------------------
Payment to GLOBALFOUNDRIES - - - - - -
----------------------------------------------------------------------------
Impairment of investment
in GLOBALFOUNDRIES (209) (0.28) - - - -
----------------------------------------------------------------------------
Non-GAAP net income
excluding GLOBALFOUNDRIES
related items 32 0.04 97 0.13 348 0.47
----------------------------------------------------------------------------
Amortization of acquired
intangible assets (3) - (8) (0.01) (11) (0.01)
----------------------------------------------------------------------------
Legal settlement - - - - 283 0.39
----------------------------------------------------------------------------
Income tax related to
legal settlement - - - - (47) (0.06)
----------------------------------------------------------------------------
Gain on investment sale - - - - 17 0.02
----------------------------------------------------------------------------
Loss on debt repurchase (1) - (5) (0.01) - -
----------------------------------------------------------------------------
Restructuring (charges)
reversals, net (98) (0.13) - - - -
----------------------------------------------------------------------------
Loss from discontinued
operations* (4) (0.01) - - - -
----------------------------------------------------------------------------
Non-GAAP net income /
Earnings per share $138 $0.19 $110 $0.15 $106 $0.14
----------------------------------------------------------------------------
* Loss on discontinued operations consists of charges related to the sale of
our DTV division to Broadcom which occurred in 2008.
--------------------------------
(Millions except per share
amounts) 2011 2010
------------------------------------------------------------
GAAP net income (loss) /
Earnings (loss) per share $491 $0.66 $471 $0.64
------------------------------------------------------------
Gross margin benefit due
to deconsolidation of
GLOBALFOUNDRIES - - 69 0.09
------------------------------------------------------------
Deconsolidation gain on
the fair value assessment
of investment in
GLOBALFOUNDRIES - - 325 0.44
------------------------------------------------------------
Equity income (loss) and
dilution gain in
investee, net 492 0.66 (462) (0.63)
------------------------------------------------------------
Payment to GLOBALFOUNDRIES (24) (0.03) - -
------------------------------------------------------------
Impairment of investment
in GLOBALFOUNDRIES (209) (0.28) - -
------------------------------------------------------------
Non-GAAP net income
excluding GLOBALFOUNDRIES
related items 232 0.31 539 0.73
------------------------------------------------------------
Amortization of acquired
intangible assets (29) (0.04) (61) (0.08)
------------------------------------------------------------
Legal settlement (5) (0.01) 283 0.39
------------------------------------------------------------
Income tax related to
legal settlement - - (47) (0.06)
------------------------------------------------------------
Gain on investment sale - - 24 0.03
------------------------------------------------------------
Loss on debt repurchase (6) (0.01) (24) (0.03)
------------------------------------------------------------
Restructuring (charges)
reversals, net (98) (0.13) 4 0.01
------------------------------------------------------------
Loss from discontinued
operations* (4) (0.01) - -
------------------------------------------------------------
Non-GAAP net income /
Earnings per share $374 $0.50 $360 $0.49
------------------------------------------------------------
* Loss on discontinued operations consists of charges
related to the sale of our DTV division to Broadcom which
occurred in 2008.
Reconciliation of GAAP to Non-GAAP
Operating Income(1)
----------------------------------------
(Millions) Q4-11 Q3-11 Q4-10 2011 2010
----------------------------------------------------------------------------
GAAP operating income $71 $138 $413 $368 $848
----------------------------------------------------------------------------
Gross margin benefit due to the
deconsolidation of GLOBALFOUNDRIES - - - - 69
----------------------------------------------------------------------------
Payment to GLOBALFOUNDRIES - - - (24) -
----------------------------------------------------------------------------
Amortization of acquired intangible
assets (3) (8) (11) (29) (61)
----------------------------------------------------------------------------
Legal settlement - - 283 (5) 283
----------------------------------------------------------------------------
Restructuring (charges) reversals,
net (98) - - (98) 4
----------------------------------------------------------------------------
Non-GAAP operating income $172 $146 $141 $524 $553
----------------------------------------------------------------------------
Reconciliation of GAAP to Non-GAAP Gross Margin (1)
----------------------------------------
(Millions except percentages) Q4-11 Q3-11 Q4-10 2011 2010
----------------------------------------------------------------------------
GAAP Gross Margin $773 $756 $743 $2,940 $2,961
----------------------------------------------------------------------------
GAAP Gross Margin % 46% 45% 45% 45% 46%
----------------------------------------------------------------------------
Gross margin benefit due to the
deconsolidation of GLOBALFOUNDRIES - - - - 69
----------------------------------------------------------------------------
Payment to GLOBALFOUNDRIES - - - (24) -
----------------------------------------------------------------------------
Legal settlement - - - (5) -
----------------------------------------------------------------------------
Non-GAAP Gross Margin $773 $756 $743 $2,969 $2,892
----------------------------------------------------------------------------
Non-GAAP Gross Margin % 46% 45% 45% 45% 45%
----------------------------------------------------------------------------
About AMD AMD (NYSE: AMD) is a semiconductor design innovator leading the next era of vivid digital experiences with its groundbreaking AMD Fusion Accelerated Processing Units (APUs) that power a wide range of computing devices. AMD's server computing products are focused on driving industry-leading cloud computing and virtualization environments. AMD's superior graphics technologies are found in a variety of solutions ranging from game consoles, PCs to supercomputers. For more information, visit http://www.amd.com.
Cautionary Statement This release contains forward-looking statements concerning AMD, its first quarter 2012 revenue, its future growth in key segments and geographies, the momentum of its server business, its ability to deliver sustained success, the timing of future products that incorporate the company's products, and the company's restructuring plan implemented in the fourth quarter of 2011, the anticipated operational savings resulting from the restructuring and the company's plans for reinvesting these savings, 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; 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; GLOBALFOUNDRIES will be unable to manufacture the company's products on a timely basis in sufficient quantities and using competitive technologies; 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; the company will be unable to transition its products to advanced manufacturing process technologies in a timely and effective way; global business and economic conditions will not continue to improve or will worsen resulting in lower than currently expected demand; 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; 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; and the company will be unable to maintain the level of investment in research and development that is required to remain competitive. 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 October 1, 2011.
AMD, the AMD Arrow logo, AMD Opteron, AMD Radeon, 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.
(1) In this press release, in addition to GAAP financial results, the Company has provided non-GAAP financial measures, including for non-GAAP net income excluding GLOBALFOUNDRIES related items, non-GAAP net income, non-GAAP operating income, non-GAAP earnings per share and non-GAAP gross margin. These non-GAAP financial measures reflect certain adjustments as presented in the tables in this press release. The Company also provided Adjusted EBITDA and non-GAAP Adjusted free cash flow as supplemental measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this press release. The Company 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 the Company believes it assists investors in comparing the Company'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 corresponding tables at the end of this press release for additional AMD data.
(2) For the year 2010, the Company accounted for its investment in GLOBALFOUNDRIES under the equity method of accounting. Starting in the first quarter of 2011, the Company started accounting for its investment in GLOBALFOUNDRIES under the cost method of accounting.
(3) The highest 2P TPC-C performance score ever was achieved by an AMD Opteron(TM) processor-powered server. Based on results published by the Transaction Processing Performance Council as of November 15, 2011, an AMD Opteron(TM) processor-based server achieved the highest TPC-C performance score of any 2P server. 1,207,982 tpmC using 2 x AMD Opteron(TM) processors Model 6282 SE in HP ProLiant DL385 G7 server, 512GB memory, Microsoft(R) Windows Server(R) 2008 R2 Enterprise x64 Edition, Microsoft(R) SQL Server(R) 2005 Enterprise x64 Edition SP3. http://www.tpc.org/results/individual_results/HP/HP_ProLiant_DL385G7_TPCC_111114_01_es.pdf. For the latest TPC-C results, visit www.tpc.org. TPC Benchmark and TPC-C are trademarks of the Transaction Processing Performance Council. SVR-105
(4) As of December 22, 2011, the AMD Radeon(TM) HD 7970 scores in excess of X2700 in 3DMark(R) 11, the highest single-GPU graphics card score achieved on a stock platform to date.
(5) The AMD Radeon(TM) HD 7970 Series GPU offers more than 1.54X times the compute power/mm2 when compared to the AMD Radeon(TM) HD 6970 Series GPU: the AMD Radeon(TM) HD 6970 Series GPU has been calculated at 2.703 TFLOPs of compute power with a measured die size of 389mm2, while the AMD Radeon(TM) HD 7970 Series GPU has been calculated at 3.789 TFLOPs of compute power with a die size of 352mm2.
ADVANCED MICRO DEVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages)
Quarter Ended Year Ended
------------------------------- --------------------
Dec. 31, Oct. 1, Dec. 25, Dec. 31, Dec. 25,
2011 2011 2010 2011 2010
--------- --------- --------- --------- ---------
Net revenue $ 1,691 $ 1,690 $ 1,649 $ 6,568 $ 6,494
Cost of sales 918 934 906 3,628 3,533
--------- --------- --------- --------- ---------
Gross margin 773 756 743 2,940 2,961
Gross margin % 46% 45% 45% 45% 46%
Research and
development 358 361 352 1,453 1,405
Marketing, general
and administrative 243 249 250 992 934
Legal settlement - - (283) - (283)
Amortization of
acquired intangible
assets 3 8 11 29 61
Restructuring charges
(reversals), net 98 - - 98 (4)
--------- --------- --------- --------- ---------
Operating income 71 138 413 368 848
Interest income 2 3 2 10 11
Interest expense (43) (42) (39) (180) (199)
Other income
(expense), net (207) (7) 14 (199) 311
--------- --------- --------- --------- ---------
Income before equity
income (loss) and
dilution gain in
investee and income
taxes (177) 92 390 (1) 971
Provision (benefit)
for income taxes (4) (5) 42 (4) 38
Equity income (loss)
and dilution gain in
investee, net - - 27 492 (462)
--------- --------- --------- --------- ---------
Income (loss) from
continuing
operations $ (173) $ 97 $ 375 $ 495 $ 471
Loss from
discontinued
operations, net of
tax (4) - - (4) -
--------- --------- --------- --------- ---------
Net income (loss) $ (177) $ 97 $ 375 $ 491 $ 471
--------- --------- --------- --------- ---------
Net income (loss) per
share
Basic
Continuing
operations $ (0.24) $ 0.13 $ 0.52 $ 0.68 $ 0.66
Discontinued
operations (0.01) - - (0.01) -
--------- --------- --------- --------- ---------
Basic net income
(loss) per share $ (0.24) $ 0.13 $ 0.52 $ 0.68 $ 0.66
Diluted
Continuing
operations $ (0.24) $ 0.13 $ 0.50 $ 0.67 $ 0.64
Discontinued
operations (0.01) - - (0.01) -
--------- --------- --------- --------- ---------
Diluted net income
(loss) per share $ (0.24) $ 0.13 $ 0.50 $ 0.66 $ 0.64
--------- --------- --------- --------- ---------
Shares used in per
share calculation
Basic 732 729 717 727 711
Diluted 732 741 758 742 733
ADVANCED MICRO DEVICES, INC.
CONSOLIDATED BALANCE SHEETS
(Millions)
--------- --------- ---------
Dec. 31, Oct. 1, Dec. 25,
2011 2011 2010
--------- --------- ---------
Assets
Current assets:
Cash, cash equivalents and marketable
securities $ 1,765 $ 1,807 $ 1,789
Accounts receivable, net 919 908 968
Inventories, net 476 540 632
Prepaid expenses and other current assets 69 157 205
--------- --------- ---------
Total current assets 3,229 3,412 3,594
Long-term marketable securities 149 50 -
Property, plant and equipment, net 726 697 700
Investment in GLOBALFOUNDRIES 278 486 -
Goodwill 323 323 323
Other assets 249 268 347
--------- --------- ---------
Total Assets $ 4,954 $ 5,236 $ 4,964
========= ========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 363 $ 467 $ 376
Accounts payable to GLOBALFOUNDRIES 177 151 205
Accrued liabilities 550 590 698
Deferred income on shipments to
distributors 123 131 143
Other short-term obligations - - 229
Current portion of long-term debt and
capital lease obligations 489 489 4
Other current liabilities 72 27 19
--------- --------- ---------
Total current liabilities 1,774 1,855 1,674
Long-term debt and capital lease
obligations, less current portion 1,527 1,571 2,188
Other long-term liabilities 63 66 89
Stockholders' equity:
Capital stock:
Common stock, par value 7 7 7
Additional paid-in capital 6,672 6,652 6,575
Treasury stock, at cost (107) (107) (102)
Accumulated deficit (4,977) (4,800) (5,468)
Accumulated other comprehensive income
(loss) (5) (8) 1
--------- --------- ---------
Total stockholders' equity 1,590 1,744 1,013
--------- --------- ---------
Total Liabilities and Stockholders' Equity $ 4,954 $ 5,236 $ 4,964
========= ========= =========
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