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. Predictive analysis failure detection . In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF). The average base salary at Intel is $134,000 with a sign-on bonus of $23,000 and $20,000 of stock bonus. The dividend will be payable on June 1, 2021, to stockholders of record on May 7, 2021. It is doing this, the company says, by "reducing compensation and rewards programs for employees and executives." 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. 0000054097 00000 n
In the fourth quarter of 2022, CCGs 13th Gen Intel Core desktop processor family became available, starting with desktop K processors and the Intel Z790 chipset. Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Beginning in 2023, income tax effects are calculated using the same fixed long-term projected tax rate across all adjustments. Exhibit 10.1. Cybersecurity incidents, whether or not successful, can affect Intel's results by causing us to incur significant costs or disrupting our operations or those of our customers and suppliers, and can result in reputational harm. 0
TTM = trailing 12 months. 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. 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 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. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. 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. Feb 6, 2023. 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. 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. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. orpassword? Gains (losses) are recognized at the close of a divestiture, or over a specified deferral period when deferred consideration is received at the time of closing. SANTA CLARA, Calif., Jan. 26, 2023 -- Intel Corporation today reported fourth-quarter and full-year 2022 financial results. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. 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. 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. Odd Lots. The impact of the pandemic can also exacerbate other risks discussed in this section. *Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. startxref
Intel 3 continues to progress and is on track. Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. 0000015904 00000 n
One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. You must be on Intel's payroll by the cutoff date for each six-month bonus Intel also announced that with AXGs flagship products now in production, the company is evolving AXGs structure to accelerate and scale its impact and drive go-to-market strategies with a unified voice to customers. 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. This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. 0000040250 00000 n
Both factors have eliminated PC demand, which hits Intel's finances dead center. Making the world smarter, happier, and richer. Intel 3 continues to progress and is on track. As a result, the company modified its segment reporting in the first quarter of 2022 to align to the previously announced business reorganization. We exclude these non-operating gains and losses for purposes of calculating certain non-GAAP measures because it provides better comparability between periods. 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 . 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. Based on our ongoing obligation under the NAND wafer manufacturing and sale agreement entered into in connection with the first closing of the sale of our NAND memory business on December 29, 2021, a portion of the initial closing consideration was deferred and will be recognized between first and second closing. By signing in, you agree to our Terms of Service. The role will be based in Santa Clara, California. 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. The pandemic has caused us to modify our business practices. 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. 0000001501 00000 n
Forgot your Intelusername 40.5% of all U.S. workers have access to nonproduction bonuses. Non-GAAP earnings (loss) per sharediluted. Sign up here See Intels Global Human Rights Principles. 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. Intel 7 is now in high-volume manufacturing for both client and server. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. These measures have impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners. Published. 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. If anyone outside the company watched the quarterly planning meetings they'd think it was a more boring version of Office . You can easily search the entire Intel.com site in several ways. 209 37
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We exclude the impact of our NAND memory business in certain non-GAAP measures. On behalf of Intel Corporation ("Intel" or the "Company") I am pleased to provide this offer to you for the position of Chief Executive Officer reporting to the Intel Board of Directors (the "Board"). 2200 Mission College Blvd. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. 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. Intel 4 is manufacturing-ready, with the Meteor Lake ramp expected in the second half of 2023. The corresponding earnings presentation and webcast replay will also be available on the site. The live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. 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). The list of bullish arguments for Intel stock is now alarmingly low. Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements. 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)). 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. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). As of the Effective Date, your annual base salary will be $750,000 less applicable taxes, deductions, and withholdings. For example, in the first quarter of 2022, the General Court in the European Commission (EC) competition matter annulled the EC's findings against Intel regarding rebates, as well as the fine previously imposed on and paid by Intel. 0000054337 00000 n
Income tax effects have been calculated using an appropriate tax rate for each adjustment, as applicable. CCG includes products designed for end-user form factors, focusing on higher growth segments of 2 in 1, thin-and-light, commercial and gaming, and growing other products such as connectivity and graphics. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. _`"|Dtf+}5/0SMQ SHnt GjWg!3 X$' \O|Yj8X@~G%E(L3gyyS
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IFS achieved record revenue for both the fourth quarter and full year, with active design engagements with seven of the 10 largest foundry customers. 0000009197 00000 n
Cost basis and return based on previous market day close. 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)). Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. Intel's peak quarterly revenue was $20.5B in 2021 (q4). Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals. Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? 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. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. 0000001321 00000 n
Argentina. 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. 0000010409 00000 n
Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. Intel annual revenue for 2020 was $77.9B, a 8.2% growth from 2019. Management is cutting employee pay to control operating expenses. Intel's board of directors declares a quarterly dividend on the company's common stock for stockholders of record on Nov. 7, 2021. . 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. 0000000016 00000 n
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RT=Real-Time, EOD=End of Day, PD=Previous Day. Dear Patrick: Congratulations! 5.81%. Management slashed its quarterly dividend from $0.365 to $0.125 to fund its long-term strategy, which . Intel Corporation pays an average of $7,375 in annual employee bonuses. // See our complete legal Notices and Disclaimers. Forecasting first-quarter 2022 revenue of approximately $18.3 billion; expecting first-quarter EPS of $0.70 (non-GAAP EPS of $0.80). We reference a non-GAAP financial measure of adjusted free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and quality of earnings. 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. The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. Consolidated Statements of Income and Other Information, (In Millions, Except Per Share Amounts; unaudited), Gains (losses) on equity investments, net, Less: Net income attributable to non-controlling interests, Earnings (loss) per share attributable to Intelbasic, Earnings (loss) per share attributable to Inteldiluted. . 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. 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. Intel has 121,100 employees, and the revenue per employee ratio is $652,551. 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. Accelerated Computing Systems and Graphics (AXG). 0000010025 00000 n
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. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. 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. Australia. 0000036765 00000 n
Declares quarterly cash dividend of $0.365 per share. 0000004033 00000 n
The pandemic has caused us to modify our business practices. Full-year EPS was $1.94; non-GAAP EPS was $1.84. 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. Terms of Use. 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. News Summary. 0000011331 00000 n
By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. 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. Intel's largest business, its Client Computing Group, was down 7% year-over-year to $10.1 billion, though it still beat analysts' estimates. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. 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. Copies of these filings may be obtained by visiting our Investor Relations website at www.intc.com or the SEC's website at www.sec.gov. 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. %PDF-1.6
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(Gains) losses on equity investments, net consists of ongoing mark-to-market adjustments on marketable equity securities, observable price adjustments on non-marketable equity securities, related impairment charges, and the sale of equity investments and other. Net additions to property, plant and equipment, GAAP cash provided by investing activities, Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook. Strong Results, Cautious Outlook. 0000003011 00000 n
January 13, 2021. 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. Intel's results can be affected by the impact and timing of closing of acquisitions, divestitures, and other significant transactions, such as the pending acquisition of Tower Semiconductor Inc. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally manages and monitors operating segment performance starting in fiscal year 2022. Quarterly: 17 Sep 2021: 04 Nov 2021: 01 Dec . Intel's results can be affected by adverse economic, social, political, regulatory, and physical/infrastructure conditions in countries where Intel, its customers, or its suppliers operate, including recession or slowing growth, military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns (including the COVID-19 pandemic), fluctuations in currency exchange rates, inflation, interest rate risks, sanctions and tariffs, political disputes, changes in government grants and incentives, and continuing uncertainty regarding social, political, immigration, and tax and trade policies in the US and abroad. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. We may not realize the expected benefits of portfolio decisions due to numerous risks, including unfavorable prices and terms; changes in market conditions; changes in applicable laws; limitations due to regulatory or governmental approvals, contractual terms, or other conditions; and potential continued financial obligations associated with such transactions. 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. Copies of these filings may be obtained by visiting our Investor Relations website at www.intc.com or SEC! 5 to 8 years and a fixed long-term projected non-GAAP tax rate across all adjustments customers users! 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