Accordingly, the consumer graphics teams will join CCG, and the accelerated computing teams will join DCAI. Credit: REUTERS/STEVE MARCUS. 0000061465 00000 n While the second closing of the sale is still pending and subject to closing conditions, we deconsolidated this business in Q1 2022 and management does not view the historical results of the business as a part of our core operations. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. 0000061688 00000 n 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. Terms of Use. Reconciliations between GAAP and non-GAAP financial measures are included below.*. 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. Sign in here. 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. Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions, including statements relating to Intel's strategy and its anticipated benefits, including our IDM 2.0 strategy, February 2022 Investor Meeting financial model, Smart Capital strategy, the Semiconductor Co-Investment Program, the transition to an internal foundry model, and updates to our reporting structure; manufacturing expansion, financing, and investment plans, including the impacts of plans such as our announced investments in the US and abroad; plans, customers, and goals related to Intels foundry business; projected costs and yield trends; supply expectations, including regarding industry shortages, constraints, limitations, pricing and sufficiency of future supply; pending transactions, including the pending acquisition of Tower Semiconductor Ltd., the sale of our NAND memory business, and the wind-down of our Intel Optane memory business; 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. IFS achieved record revenue for both the fourth quarter and full year, with active design engagements with seven of the 10 largest foundry customers. 0000007318 00000 n The impact of the pandemic can also exacerbate other risks discussed in this section. The impact of non-controlling interest to our non-GAAP adjustments in Q1 2023 is expected to be insignificant and thus is not included in our reconciliation of non-GAAP measures. To learn more about Intels innovations, go to. For example, in the first quarter of 2022, the General Court in the European Commission (EC) competition matter annulled the EC's findings against Intel regarding rebates, as well as the fine previously imposed on and paid by Intel. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. 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. $1.46. See also What is the average cost of a local move for a 3 bedroom house? By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. 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. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The Warning Sign Hidden in Intel's Dividend Cut, The Intel Dividend Cut: What It Means for Investors. Published. 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. 0000054097 00000 n We have sales and marketing, manufacturing, engineering, finance and administration groups. Forecasting first-quarter 2023 revenue of $10.5 billion to $11.5 billion; expecting first-quarter EPS of $(0.80) (non-GAAP EPS of $(0.15)). 245 0 obj <>stream In depth view into Intel Revenue (Quarterly) including historical data from 1972, charts and stats. RT=Real-Time, EOD=End of Day, PD=Previous Day. Most Recent Quarter Revenue. Exhibit 10.1. Management slashed its quarterly dividend from $0.365 to $0.125 to fund its long-term strategy, which . The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. All general full-time, part-time, intern and Intel contract employees are eligible to participate. // Your costs and results may vary. Intel 4 is manufacturing-ready, with the Meteor Lake ramp expected in the second half of 2023. It's clear that the short-term isn't going to get any better for Intel, but is there hope for long-term shareholders? Adjusted free cash flow is operating cash flow adjusted for 1) additions to property, plant and equipment, net of proceeds from capital grants and partner contributions, 2) payments on finance leases, and 3) proceeds from the McAfee equity sale. Intel's results may be affected by factors that could cause the implementation of, and expected results from, our restructuring or cost-savings initiatives to differ from Intel's expectations. 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. 0000004033 00000 n SANTA CLARA, Calif., March 11, 2021 Intel Corporation today announced that its board of directors has declared a quarterly dividend of $0.3475 per share ($1.39 per share on an annual basis) on the companys common stock. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. We exclude the catch-up charge related to prior periods for purposes of calculating certain non-GAAP measures because this adjustment facilitates comparison to past operating results and provides a useful evaluation of our current operating performance. Odd Lots. June 18, 2021. The dividend will be payable on June 1, 2021, to stockholders of record on May 7, 2021. Intel's expected tax rate is based on current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017 (TCJA), and current expected income and can be affected by changes in interpretations of TCJA and other laws, such as the Inflation Reduction Act of 2022; changes in the volume and mix of profits earned and location of assets across jurisdictions with varying tax rates; changes in the estimates of credits, benefits, and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets. Accelerated Computing Systems and Graphics (AXG). We exclude these impairments for purposes of calculating certain non-GAAP measures because these charges do not reflect our current operating performance. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. 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 outlook prepared in accordance with US GAAP and the reconciliations from this Business Outlook should be carefully evaluated. Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. 0000003058 00000 n Intel Corporation pays an average of $7,375 in annual employee bonuses. The company also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the companys common stock, which will be payable on March 1, 2023, to shareholders of record as of February 7, 2023. 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. In making these adjustments, we have not made any changes to our methods for measuring and calculating revenue or other financial statement amounts. Invest better with The Motley Fool. Intel's results can be affected by gains or losses from equity securities and interest and other, which can vary depending on gains or losses on the change in fair value, sale, exchange, or impairments of equity and debt investments, interest rates, cash balances, and changes in fair value of derivative instruments. Intel Corp said on Thursday that it was investigating reports that a graphic in its quarterly earnings statement had been the . orpassword? 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. suspension of bonuses, and a reduction in its 401(k) match. One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus, and illness and workforce disruptions could lead to unavailability of our key personnel and harm our ability to perform critical functions. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. Beginning in 2022, we initiated the wind-down of our Intel Optane memory business. 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. 1 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. The primary driver of this demand evaporation is an atrocious PC market. Intel's results can vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources, including as a result of ongoing industry shortages of components and substrates; suppliers extending lead times, experiencing capacity constraints, limiting or canceling supply, allocating supply to other customers including competitors, delaying or canceling deliveries or increasing prices, or other supply chain issues; product manufacturing quality/yields; and changes in capital requirements and investment plans. Jan 21, 2021 8:00PM EST. The pandemic has caused us to modify our business practices. 33% of companies in the U.S. offer year-end bonuses. 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. Argentina. 0000002964 00000 n 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. To make the world smarter, happier, and richer. 0000009197 00000 n NEX achieved a second consecutive year of double-digit revenue growth, hitting key product milestones with Intel IPU E2000 (Mount Evans), Raptor Lake P&S, Alder Lake N and Sapphire Rapids. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. Other names and brands may be claimed as the property of others. Add an Insight Submit Thanks for your submission! These adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. Intel reported fourth-quarter earnings on Wednesday. The dividend will be payable on June 1, 2021, to stockholders of record on May 7, 2021. 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). trailer Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as developed technology, brands, and customer relationships acquired in connection with business combinations. 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. 0000001072 00000 n We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. How Did It Fall So Far So Fast? Security vulnerabilities and any limitations of, or adverse effects resulting from, mitigation techniques can adversely affect our results of operations, financial condition, customer relationships, prospects, and reputation in a number of ways, any of which may be material, including incurring significant costs related to developing and deploying updates and mitigations, writing down inventory value, a reduction in the competitiveness of our products, defending against product claims and litigation, responding to regulatory inquiries or actions, paying damages, addressing customer satisfaction considerations, or taking other remedial steps with respect to third parties. The live public webcast can be accessed on Intel's Investor Relations website at. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. Market Data powered by QuoteMedia. Intel annual revenue for 2021 was $79.0B, a 1.49% growth from 2020. News Summary. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. 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%. // See our complete legal Notices and Disclaimers. 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. Adjustments for Tax Reform reflect the impact of a change in tax law from 2017 Tax Reform related to the capitalization of R&D costs. Bonuses posted anonymously by Intel Corporation employees. Intel plans to report its earnings for the fourth quarter of 2021 on January 26, 2022 promptly after close of market; related materials will be available at www.intc.com. Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. There are typically 4 dividends per year (excluding specials), and the dividend cover is approximately 2.1. . 0000002351 00000 n 0000041399 00000 n Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. xref Do you work for Intel? 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. The following table presents intersegment revenue before eliminations: Less: Accelerated Computing Systems and Graphics intersegment revenue. The list of bullish arguments for Intel stock is now alarmingly low. Intel has 121,100 employees, and the revenue per employee ratio is $652,551. These bonuses are determined based on Intel's quarterly profitability, subject to the terms of the QPB plan. Full-year EPS was $1.94; non-GAAP EPS was $1.84. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. In a rough calculation, state economist Josh Lehner estimated Intel's pay cuts could reduce Oregon's aggregate wages by $150 million to $200 million - about 0.15% of all wages statewide . 0000008327 00000 n Intel's results can be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, chemicals, antitrust, commercial, disclosure, and other issues, as well as by the impact and timing of settlements and dispute resolutions. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. In addition, these transactions do not always achieve our financial or strategic objectives and can disrupt our ongoing business and adversely impact our results of operations. 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. // Performance varies by use, configuration and other factors. The corresponding earnings presentation and webcast replay will also be available on the site. In addition, significant or prolonged turnover may negatively impact our operations and culture, as well as our ability to successfully maintain our processes and procedures, including due to the loss of historical, technical, and other expertise. The pandemic has caused us to modify our business practices. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. Ex-Dividend Date. Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements. Intel Corporation. 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. 0000005213 00000 n Intel technologies may require enabled hardware, software or service activation. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model, how management currently evaluates core operational performance, and additional means to evaluate expense trends, including in comparison to other peer companies. 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