0000004033 00000 n If you want to own a chip company, I'd suggest looking somewhere besides Intel. These non-GAAP financial measures are used in our performance-based RSUs and our cash bonus plans. 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. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. Strong Results, Cautious Outlook. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. In January 2023, AXG launched the Intel Xeon CPU Max Series (formerly code-named Sapphire Rapids HBM) and the Intel Data Center GPU Max Series (formerly code-named Ponte Vecchio). . 0000040350 00000 n 0000061766 00000 n Intel 3 continues to progress and is on track. You can easily search the entire Intel.com site in several ways. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. // Performance varies by use, configuration and other factors. 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. The corresponding earnings presentation and webcast replay will also be available on the site. 40.5% of all U.S. workers have access to nonproduction bonuses. 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. Share-based compensation consists of charges related to our employee equity incentive plans. %PDF-1.6 % 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. 0000002927 00000 n 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. 0000008327 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. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. Full-year EPS was $1.94; non-GAAP EPS was $1.84. 5.81%. Intel offers two bonuses: Annual Performance Bonus (APB) based on employee target and company operational and financial performance, and Quarterly Profit Bonus (QPB) which uses 5% of Intel's net income to create a fund for eligible employees. Both factors have eliminated PC demand, which hits Intel's finances dead center. Who is eligible for the Employee Cash Bonus Program (ECBP)? The corresponding earnings presentation and webcast replay will also be available on the site. Tags Corporate About Intel Fourth-quarter revenue was $14.0 billion, down 32 percent year-over-year (YoY) and down 28 percent YoY on a non-GAAP basis. Credit: REUTERS/STEVE MARCUS. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. Other charges include a benefit in Q1 2022 related to the annulled EC fine, a charge in Q1 2021 related to the VLSI litigation, periodic goodwill and asset impairments, certain pension charges, and costs associated with restructuring activity. 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 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 dividend will be payable on June 1, 2021, to stockholders of record on May 7, 2021. Intel technologies may require enabled hardware, software or service activation. This charge related to prior periods is excluded from our non-GAAP results; amortization related to the right to use the patents in the current and ongoing periods is included. We exclude these impairments for purposes of calculating certain non-GAAP measures because these charges do not reflect our current operating performance. The company also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the company's common stock, which will be payable on March 1, 2023, to shareholders of record as of February 7, 2023. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Mobileye includes the development and deployment of advanced driver-assistance systems (ADAS) and autonomous driving technologies and solutions. Listen Beginning in 2023, income tax effects are calculated using the same fixed long-term projected tax rate across all adjustments. 0000001072 00000 n Intel Corporation. Intel peak revenue was $79.0B in 2021. These actions underpin our cost-reduction targets of $3 billion in 2023, and set the stage to achieve $8 billion to $10 billion by the end of 2025.. A portion of the charge from our IP settlements represents a catch-up of cumulative amortization that would have been incurred for the right to use the related patents in prior periods. The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results. 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. 0000001321 00000 n You remain eligible for quarterly bonuses under the Quarterly Profit Bonus (QPB) program. According to the website Neowin, this includes at least a 5% pay cut companywide, suspension of bonuses, and a reduction in its 401(k) match. 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. 0000036765 00000 n In making these adjustments, we have not made any changes to our methods for measuring and calculating revenue or other financial statement amounts. Forgot your Intelusername Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. The pandemic has resulted in authorities imposing numerous measures to try to contain the virus, including manufacturing, transportation, and operational restrictions or disruptions, such as the Shanghai port shutdowns. 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. December 31, 2021: 20.53B September 30, 2021: 19.19B June 30, 2021: 19.63B March 31, 2021: 19.67B December 31, 2020: 19.98B . Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Invest better with The Motley Fool. Mobileye continued to execute well in its core advanced driver-assistance systems (ADAS) business, as it launched systems into 233 distinct vehicle models in 2022. In the eyes of some investors, the last great reason to own Intel(INTC 1.60%) is gone. 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. We have sales and marketing, manufacturing, engineering, finance and administration groups. Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. 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. There are multiple ways employees are compensated at Intel: Base Salary Quarterly Profit Bonus (QPB) Annual Performance Bonus (APB) Stock Awards The base salary is paid out twice a month. One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. 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. Prospectively, we believe this approach will facilitate comparison of our operating results and provide useful evaluation of our current operating performance. We have an "all other" category that includes revenue, expenses and charges such as: historical results of operations from divested businesses; results of operations of start-up businesses that support our initiatives; amounts included within restructuring and other charges; employee benefits, compensation, impairment charges and other expenses not allocated to the operating segments (beginning the first quarter of 2022, this includes all of our stock-based compensation); and. . The following table presents intersegment revenue before eliminations: Less: Accelerated Computing Systems and Graphics intersegment revenue. In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF). You remain eligible for quarterly bonuses under the Quarterly Profit Bonus (QPB) plan. 0000020006 00000 n 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. // Intel is committed to respecting human rights and avoiding complicity in human rights abuses. 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. June 18, 2021. You can also try the quick links below to see results for most popular searches. SANTA CLARA, Calif., Jan. 26, 2023 -- Intel Corporation today reported fourth-quarter and full-year 2022 financial results. orpassword? 2200 Mission College Blvd. Intel annual revenue for 2020 was $77.9B, a 8.2% growth from 2019. . IFS provides differentiated full stack solutions including wafer fabrication, packaging, chiplet standard and software. This long-term non-GAAP tax rate may be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or changes to our strategy or business operations. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. For the full year, the company generated $15.4 billion in cash from operations and paid dividends of $6.0billion. See Intels Global Human Rights Principles. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. 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. INTC gross profit margin data by YCharts. Declares quarterly cash dividend of $0.365 per share. Its gross margin also fell from 54% last year to 39% in the fourth quarter, indicating Intel had to slash prices to get to the revenue levels it did. The 2023 first quarter isn't looking any better, with management guiding for around $11 billion in revenue, down 40% from 2022's $18.4 billion (for reference, first-quarter 2022 revenue was down 7% from 2021). Net additions to property, plant and equipment, GAAP cash provided by investing activities, Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook. 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. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. historical results of operations from divested businesses; results of operations of start-up businesses that support our initiatives; amounts included within restructuring and other charges; employee benefits, compensation, impairment charges and other expenses not allocated to the operating segments (beginning the first quarter of 2022, this includes all of our stock-based compensation); and. The pandemic has caused us to modify our business practices. SAFe was a joke from the beginning, and nobody can honestly say that the company is functioning any better. By signing in, you agree to our Terms of Service. Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Dear Patrick: Congratulations! 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. Santa Clara, CA, 95054-1549. Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? The primary driver of this demand evaporation is an atrocious PC market. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. In depth view into Intel Revenue (Quarterly) including historical data from 1972, charts and stats. Market Data powered by QuoteMedia. Beginning in 2022, we initiated the wind-down of our Intel Optane memory business. 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. 0000009197 00000 n The role will be based in Santa Clara, California. Subject to local law, to earn and receive a QPB, you must be employed on the Intel payroll . 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 The COVID-19 pandemic has previously adversely affected significant portions of Intel's business and could have a material adverse effect on Intel's financial condition and results of operations. Since the 2017 divestiture, McAfee equity distributions and sales have contributed to operating and free cash flow, and while the McAfee equity sale in Q1 2022 would typically be excluded from adjusted free cash flow as an equity sale, we believe including the sale proceeds in adjusted free cash flow facilitate a better, more consistent comparison to past presentations of liquidity. 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. IFS provides differentiated full stack solutions including wafer fabrication, packaging, chiplet standard and software. 0 Base Salary. When compared to the estimated useful life in place as of the end of 2022, Intel expects total depreciation expense in 2023 to reduce by roughly $4.2 billion, including an approximate $2.6 billion increase to gross profit, a $400 million decrease in R&D expenses and a $1.2 billion decrease in 2023 ending inventory values. IFS achieved record revenue for both the fourth quarter and full year, with active design engagements with seven of the 10 largest foundry customers. The browser version you are using is not recommended for this site.Please consider upgrading to the latest version of your browser by clicking one of the following links. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). 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. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. 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. Reconciliations between GAAP and non-GAAP financial measures are included below.*. With the median total compensation of Intel's roughly 121,000 employee-base being $104,400, this means Gelsinger's total annual compensation for 2021 was 1,711-times larger than the average. 0000054337 00000 n Tags: Dividend , Financials Tags Quarterly: 17 Sep 2021: 04 Nov 2021: 01 Dec . $1.46. See section 1081(a), (b) of Pub. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends. The previous Intel Corp. dividend was 36.5c and it went ex 4 months ago and it was paid 3 months ago. Read More October 5, 2020 Reviewed by: Anonymous (Anonymous Employee) An Intel filing with the Securities and Exchange Commission last year revealed that Mr. Gelsinger's base salary was $1.1 million in 2021, alongside a hiring bonus of $1.75 million. However, a company's employees are among its most vital resources. Additionally, in December 2022, in partnership with ASUS, Intel officially set a new world record for overclocking, pushing the 13th Gen Intel Core i9-13900K past the 9 gigahertz barrier for the first time ever. We or third parties regularly identify security vulnerabilities with respect to our processors and other products as well as the operating systems and workloads running on them. Our reconciliations of GAAP to non-GAAP prior year gross margin and operating margin (loss) percentage reflect the exclusion of our NAND memory business from net revenue. As described in our explanation of non-GAAP measures above, and consistent with the use of our other non-GAAP adjustments, beginning in 2023 management uses this non-GAAP tax rate in managing internal short- and long-term operating plans and in evaluating our performance. Do you work for Intel? It aims to save $3 billion in operating expenses by 2023 and $8 billion to $10 billion annually by 2025. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. 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. Mobileye continued to execute well in its core advanced driver-assistance systems (ADAS) business, as it launched systems into 233 distinct vehicle models in 2022. Management slashed its quarterly dividend from $0.365 to $0.125 to fund its long-term strategy, which dropped its yield from 5.8% to just 2%. Fourth-quarter revenue was $14.0 billion, down 32 percent year-over-year (YoY) and down 28 percent YoY on a non-GAAP basis. Intel's largest business, its Client Computing Group, was down 7% year-over-year to $10.1 billion, though it still beat analysts' estimates. Intel earned $20.5 billion in the fourth quarter of 2021, exceeding its guidance by $1.3 billion and up 3% year-over-year (YoY). Declares quarterly cash dividend of $0.365 per share. Intels Q1 2023 outlook includes an estimated $350 million to $500 million benefit to operating margin or $0.07 to $0.10 benefit to EPS from this change, split approximately 75% to cost of sales and 25% to operating expenses. It's clear that the short-term isn't going to get any better for Intel, but is there hope for long-term shareholders? 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. 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