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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Intel Corporation | NASDAQ:INTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.25 | 1.29% | 19.61 | 19.60 | 19.61 | 19.80 | 19.49 | 19.49 | 23,083,750 | 18:05:54 |
NEWS SUMMARY
Intel Corporation today reported second-quarter 2024 financial results.
“Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones. Second-half trends are more challenging than we previously expected, and we are leveraging our new operating model to take decisive actions that will improve operating and capital efficiencies while accelerating our IDM 2.0 transformation,” said Pat Gelsinger, Intel CEO. “These actions, combined with the launch of Intel 18A next year to regain process technology leadership, will strengthen our position in the market, improve our profitability and create shareholder value.”
“Second-quarter results were impacted by gross margin headwinds from the accelerated ramp of our AI PC product, higher than typical charges related to non-core businesses and the impact from unused capacity,” said David Zinsner, Intel CFO. “By implementing our spending reductions, we are taking proactive steps to improve our profits and strengthen our balance sheet. We expect these actions to meaningfully improve liquidity and reduce our debt balance while enabling us to make the right investments to drive long-term value for shareholders.”
Cost-Reduction Plan
As Intel nears the completion of rebuilding a sustainable engine of process technology leadership, it announced a series of initiatives to create a sustainable financial engine that accelerates profitable growth, enables further operational efficiency and agility, and creates capacity for ongoing strategic investment in technology and manufacturing leadership. These initiatives follow the establishment of separate financial reporting for Intel Products and Intel Foundry, which provides a "clean sheet" view of the business and has uncovered significant opportunities to drive meaningful operational and cost efficiencies. The actions include structural and operating realignment across the company, headcount reductions, and operating expense and capital expenditure reductions of more than $10 billion in 2025 compared to previous estimates. As a result of these actions, Intel aims to achieve clear line of sight toward a sustainable business model with the ongoing financial resources and liquidity needed to support the company’s long-term strategy.
The plan will enable the next phase of the company’s multiyear transformation strategy, and is focused on four key priorities:
Intel is taking the added step of suspending the dividend starting in the fourth quarter, recognizing the importance of prioritizing liquidity to support the investments needed to execute its strategy. The company reiterates its long-term commitment to a competitive dividend as cash flows improve to sustainably higher levels.
Q2 2024 Financial Highlights
GAAP
Non-GAAP
Q2 2024
Q2 2023
vs. Q2 2023
Q2 2024
Q2 2023
vs. Q2 2023
Revenue ($B)
$12.8
$12.9
down 1%
Gross Margin
35.4%
35.8%
down 0.4 ppt
38.7%
39.8%
down 1.1 ppts
R&D and MG&A ($B)
$5.6
$5.5
up 2%
$4.9
$4.7
up 5%
Operating Margin
(15.3)%
(7.8)%
down 7.5 ppts
0.2%
3.5%
down 3.3 ppts
Tax Rate
17.5%
280.5%
n/m**
13.0%
13.0%
—
Net Income (loss) Attributable to Intel ($B)
$(1.6)
$1.5
n/m**
$0.1
$0.5
down 85%
Earnings (loss) Per Share Attributable to Intel
$(0.38)
$0.35
n/m**
$0.02
$0.13
down 85%
In the second quarter, the company generated $2.3 billion in cash from operations and paid dividends of $0.5 billion.
*Gross capital expenditures refers to GAAP additions to property, plant, and equipment. Net capital spending, a non-GAAP financial measure, is defined as additions to property, plant, and equipment, net of proceeds from capital-related government incentives and partner contributions. See below for more information on and reconciliations of Intel's non-GAAP financial measures.
**Not meaningful
Business Unit Summary
Intel previously announced the implementation of an internal foundry operating model, which took effect in the first quarter of 2024 and created a foundry relationship between its Intel Products business (collectively CCG, DCAI and NEX) and its Intel Foundry business (including Foundry Technology Development, Foundry Manufacturing and Supply Chain, and Foundry Services (formerly IFS)). The foundry operating model is a key component of the company's strategy and is designed to reshape operational dynamics and drive greater transparency, accountability, and focus on costs and efficiency. The company also previously announced its intent to operate Altera® as a standalone business beginning in the first quarter of 2024. Altera was previously included in DCAI's segment results. As a result of these changes, the company modified its segment reporting in the first quarter of 2024 to align to this new operating model. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally receives information and manages and monitors its operating segment performance starting in fiscal year 2024. There are no changes to Intel’s consolidated financial statements for any prior periods.
Business Unit Revenue and Trends
Q2 2024
vs. Q2 2023
Intel Products:
Client Computing Group (CCG)
$7.4 billion
up 9%
Data Center and AI (DCAI)
$3.0 billion
down 3%
Network and Edge (NEX)
$1.3 billion
down 1%
Total Intel Products revenue
$11.8 billion
up 4%
Intel Foundry
$4.3 billion
up 4%
All other:
Altera
$361 million
down 57%
Mobileye
$440 million
down 3%
Other
$167 million
up 43%
Total all other revenue
$968 million
down 32%
Intersegment eliminations
$(4.3) billion
Total net revenue
$12.8 billion
down 1%
Intel Products Highlights
Intel Foundry Highlights
Other Highlights
Intel announced its second Semiconductor Co-Investment Program (SCIP) agreement, the formation of a joint venture with Apollo related to Intel’s Fab 34 in Ireland. SCIP is an element of Intel’s Smart Capital strategy, a funding approach designed to create financial flexibility to accelerate the company’s strategy, including investing in its global manufacturing operations, while maintaining a strong balance sheet.
Q3 2024 Dividend
The company announced that its board of directors has declared a quarterly dividend of $0.125 per share on the company’s common stock, which will be payable Sept. 1, 2024, to shareholders of record as of Aug. 7, 2024.
As noted earlier, Intel is suspending the dividend starting in the fourth quarter.
Business Outlook
Intel's guidance for the third quarter of 2024 includes both GAAP and non-GAAP estimates as follows:
Q3 2024
GAAP
Non-GAAP
Revenue
$12.5-13.5 billion
Gross Margin
34.5%
38.0%
Tax Rate
34%
13%
Earnings (Loss) Per Share Attributable to Intel—Diluted
$(0.24)
$(0.03)
Reconciliations between GAAP and non-GAAP financial measures are included below. Actual results may differ materially from Intel’s business outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below. The gross margin and EPS outlook are based on the mid-point of the revenue range.
Earnings Webcast
Intel will hold a public webcast at 2 p.m. PDT today to discuss the results for its second quarter of 2024. The live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. The corresponding earnings presentation and webcast replay will also be available on the site.
Forward-Looking Statements
This release contains forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate", "achieve", "aim", "ambitions", "anticipate", "believe", "committed", "continue", "could", "designed", "estimate", "expect", "forecast", "future", "goals", "grow", "guidance", "intend", "likely", "may", "might", "milestones", "next generation", "objective", "on track", "opportunity", "outlook", "pending", "plan", "position", "possible", "potential", "predict", "progress", "ramp", "roadmap", "seek", "should", "strive", "targets", "to be", "upcoming", "will", "would", and variations of such words and similar expressions are intended to identify such forward-looking statements, which may include statements regarding:
Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:
Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.
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 filing. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.
About Intel
Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. 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. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.
© Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.
Intel Corporation
Consolidated Condensed Statements of Income and Other Information
Three Months Ended
(In Millions, Except Per Share Amounts; Unaudited)
Jun 29, 2024
Jul 1, 2023
Net revenue
$
12,833
$
12,949
Cost of sales
8,286
8,311
Gross margin
4,547
4,638
Research and development
4,239
4,080
Marketing, general, and administrative
1,329
1,374
Restructuring and other charges
943
200
Operating expenses
6,511
5,654
Operating income (loss)
(1,964
)
(1,016
)
Gains (losses) on equity investments, net
(120
)
(24
)
Interest and other, net
80
224
Income (loss) before taxes
(2,004
)
(816
)
Provision for (benefit from) taxes
(350
)
(2,289
)
Net income (loss)
(1,654
)
1,473
Less: Net income (loss) attributable to non-controlling interests
(44
)
(8
)
Net income (loss) attributable to Intel
$
(1,610
)
$
1,481
Earnings (loss) per share attributable to Intel—basic
$
(0.38
)
$
0.35
Earnings (loss) per share attributable to Intel—diluted
$
(0.38
)
$
0.35
Weighted average shares of common stock outstanding:
Basic
4,267
4,182
Diluted
4,267
4,196
Three Months Ended
(In Millions; Unaudited)
Jun 29, 2024
Jul 1, 2023
Earnings per share of common stock information:
Weighted average shares of common stock outstanding—basic
4,267
4,182
Dilutive effect of employee equity incentive plans
—
14
Weighted average shares of common stock outstanding—diluted
4,267
4,196
Other information:
(In Thousands; Unaudited)
Jun 29, 2024
Mar 30, 2024
Jul 1, 2023
Employees
Intel
116.5
116.4
118.1
Mobileye and other subsidiaries
5.3
5.2
4.7
NAND1
3.5
3.6
4.0
Total Intel
125.3
125.2
126.8
1 Employees of the NAND memory business, which we divested to SK hynix on completion of the first closing on December 29, 2021 and fully deconsolidated in Q1 2022. Upon completion of the second closing of the divestiture, which remains pending and subject to closing conditions, the NAND employees will be excluded from the total Intel employee number.
Intel Corporation
Consolidated Condensed Balance Sheets
(In Millions; Unaudited)
Jun 29, 2024
Dec 30, 2023
Assets
Current assets:
Cash and cash equivalents
$
11,287
$
7,079
Short-term investments
17,986
17,955
Accounts receivable, net
3,131
3,402
Inventories
Raw materials
1,284
1,166
Work in process
6,294
6,203
Finished goods
3,666
3,758
11,244
11,127
Other current assets
7,181
3,706
Total current assets
50,829
43,269
Property, plant, and equipment, net
103,398
96,647
Equity investments
5,824
5,829
Goodwill
27,442
27,591
Identified intangible assets, net
4,383
4,589
Other long-term assets
14,329
13,647
Total assets
$
206,205
$
191,572
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt
$
4,695
$
2,288
Accounts payable
9,618
8,578
Accrued compensation and benefits
2,651
3,655
Income taxes payable
1,856
1,107
Other accrued liabilities
13,207
12,425
Total current liabilities
32,027
28,053
Debt
48,334
46,978
Other long-term liabilities
5,410
6,576
Stockholders’ equity:
Common stock and capital in excess of par value, 4,276 issued and outstanding (4,228 issued and outstanding as of December 30, 2023)
49,763
36,649
Accumulated other comprehensive income (loss)
(696
)
(215
)
Retained earnings
66,162
69,156
Total Intel stockholders' equity
115,229
105,590
Non-controlling interests
5,205
4,375
Total stockholders' equity
120,434
109,965
Total liabilities and stockholders’ equity
$
206,205
$
191,572
Intel Corporation
Consolidated Condensed Statements of Cash Flows
Six Months Ended
(In Millions; Unaudited)
Jun 29, 2024
Jul 1, 2023
Cash and cash equivalents, beginning of period
$
7,079
$
11,144
Cash flows provided by (used for) operating activities:
Net income (loss)
(2,091
)
(1,295
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation
4,403
3,733
Share-based compensation
1,959
1,661
Restructuring and other charges
1,291
255
Amortization of intangibles
717
909
(Gains) losses on equity investments, net
(84
)
(146
)
Changes in assets and liabilities:
Accounts receivable
272
1,137
Inventories
(116
)
1,240
Accounts payable
184
(1,102
)
Accrued compensation and benefits
(1,309
)
(1,340
)
Income taxes
(2,174
)
(2,186
)
Other assets and liabilities
(1,983
)
(1,843
)
Total adjustments
3,160
2,318
Net cash provided by (used for) operating activities
1,069
1,023
Cash flows provided by (used for) investing activities:
Additions to property, plant, and equipment
(11,652
)
(13,301
)
Proceeds from capital-related government incentives
699
49
Purchases of short-term investments
(17,634
)
(25,696
)
Maturities and sales of short-term investments
17,214
26,957
Other investing
(355
)
662
Net cash provided by (used for) investing activities
(11,728
)
(11,329
)
Cash flows provided by (used for) financing activities:
Issuance of commercial paper, net of issuance costs
5,804
—
Repayment of commercial paper
(2,609
)
(3,944
)
Payments on finance leases
—
(96
)
Partner contributions
11,861
834
Proceeds from sales of subsidiary shares
—
1,573
Issuance of long-term debt, net of issuance costs
2,975
10,968
Repayment of debt
(2,288
)
—
Proceeds from sales of common stock through employee equity incentive plans
631
665
Payment of dividends to stockholders
(1,063
)
(2,036
)
Other financing
(444
)
(453
)
Net cash provided by (used for) financing activities
14,867
7,511
Net increase (decrease) in cash and cash equivalents
4,208
(2,795
)
Cash and cash equivalents, end of period
$
11,287
$
8,349
Intel Corporation
Supplemental Operating Segment Results
Three Months Ended
(In Millions)
Jun 29, 2024
Jul 1, 2023
Operating segment revenue:
Intel Products:
Client Computing Group
Desktop
$
2,527
$
2,370
Notebook
4,480
3,896
Other
403
514
7,410
6,780
Data Center and AI
3,045
3,155
Network and Edge
1,344
1,364
Total Intel Products revenue
$
11,799
$
11,299
Intel Foundry
$
4,320
$
4,172
All other
Altera
361
848
Mobileye
440
454
Other
167
117
Total all other revenue
968
1,419
Total operating segment revenue
$
17,087
$
16,890
Intersegment eliminations
(4,254
)
(3,941
)
Total net revenue
$
12,833
$
12,949
Segment operating income (loss):
Intel Products:
Client Computing Group
$
2,497
$
1,986
Data Center and AI
276
469
Network and Edge
139
64
Total Intel Products operating income (loss)
$
2,912
$
2,519
Intel Foundry
$
(2,830
)
$
(1,869
)
All Other
Altera
(25
)
346
Mobileye
72
129
Other
(82
)
(120
)
Total all other operating income (loss)
(35
)
355
Total segment operating income (loss)
$
47
$
1,005
Intersegment eliminations
(291
)
(413
)
Corporate unallocated expenses
(1,720
)
(1,608
)
Total operating income (loss)
$
(1,964
)
$
(1,016
)
For information about our operating segments, including the nature of segment revenues and expenses, and a reconciliation of our operating segment revenue and operating income (loss) to our consolidated results, refer to our Form 10-K filed on January 26, 2024, Form 8-K furnished on April 2, 2024 and 10-Q filed on August 1, 2024.
Intel Corporation Explanation of Non-GAAP Measures
In addition to disclosing financial results in accordance with US GAAP, this document contains references to the non-GAAP financial measures below. 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. Some of these non-GAAP financial measures are used in our performance-based RSUs and our cash bonus plans.
Our non-GAAP financial measures reflect adjustments based on one or more of the following items, as well as the related income tax effects. Income tax effects are calculated using a fixed long-term projected tax rate of 13% across all adjustments. We project this long-term non-GAAP tax rate on at least an annual basis using a five-year non-GAAP financial projection that excludes the income tax effects of each adjustment. The projected non-GAAP tax rate also considers factors such as our tax structure, our tax positions in various jurisdictions, and key legislation in significant jurisdictions where we operate. 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. Management uses this non-GAAP tax rate in managing internal short- and long-term operating plans and in evaluating our performance; we believe this approach facilitates comparison of our operating results and provides useful evaluation of our current operating performance.
Our 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.
Non-GAAP adjustment or measure
Definition
Usefulness to management and investors
Acquisition-related adjustments
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. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years.
We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. 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.
Share-based compensation
Share-based compensation consists of charges related to our employee equity incentive plans.
We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these adjustments provide comparability to peer company results and because these charges are not viewed by management as part of our core operating performance. 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.
Restructuring and other charges
Restructuring charges are costs associated with a restructuring plan and are primarily related to employee severance and benefit arrangements. Other charges include periodic goodwill and asset impairments, and costs associated with restructuring activity. Q2 2024 includes a charge arising out of the R2 litigation.
We exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our core operating performance. 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.
(Gains) losses on equity investments, net
(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.
We exclude these non-operating gains and losses for purposes of calculating certain non-GAAP measures because it provides comparability between periods. The exclusion reflects how management evaluates the core operations of the business.
(Gains) losses from divestiture
(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. 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.
We exclude gains or losses resulting from divestitures for purposes of calculating certain non-GAAP measures because they do not reflect our current operating performance. These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results.
Adjusted free cash flow
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. Adjusted free cash flow is operating cash flow adjusted for (1) additions to property, plant, and equipment, net of proceeds from capital-related government incentives and partner contributions, and (2) payments on finance leases.
This non-GAAP financial measure is helpful in understanding our capital requirements and sources of liquidity by providing an additional means to evaluate the cash flow trends of our business.
Net capital spending
We reference a non-GAAP financial measure of net capital spending, which is additions to property, plant, and equipment, net of proceeds from capital-related government incentives and partner contributions.
We believe this measure provides investors with useful supplemental information about our capital investment activities and capital offsets, and allows for greater transparency with respect to a key metric used by management in operating our business and measuring our performance.
Intel Corporation Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals
Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. 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 reconciliations from US GAAP to Non-GAAP actuals should be carefully evaluated. 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.
Three Months Ended
(In Millions, Except Per Share Amounts)
Jun 29, 2024
Jul 1, 2023
GAAP gross margin
$
4,547
$
4,638
Acquisition-related adjustments
224
306
Share-based compensation
195
210
Non-GAAP gross margin
$
4,966
$
5,154
GAAP gross margin percentage
35.4
%
35.8
%
Acquisition-related adjustments
1.7
%
2.4
%
Share-based compensation
1.5
%
1.6
%
Non-GAAP gross margin percentage
38.7
%
39.8
%
GAAP R&D and MG&A
$
5,568
$
5,454
Acquisition-related adjustments
(41
)
(44
)
Share-based compensation
(585
)
(712
)
Non-GAAP R&D and MG&A
$
4,942
$
4,698
GAAP operating income (loss)
$
(1,964
)
$
(1,016
)
Acquisition-related adjustments
265
350
Share-based compensation
780
922
Restructuring and other charges
943
200
Non-GAAP operating income
$
24
$
456
GAAP operating margin (loss)
(15.3
)%
(7.8
)%
Acquisition-related adjustments
2.1
%
2.7
%
Share-based compensation
6.1
%
7.1
%
Restructuring and other charges
7.3
%
1.5
%
Non-GAAP operating margin
0.2
%
3.5
%
GAAP tax rate
17.5
%
280.5
%
Income tax effects
(4.5
)%
(267.5
)%
Non-GAAP tax rate
13.0
%
13.0
%
GAAP net income (loss) attributable to Intel
$
(1,610
)
$
1,481
Acquisition-related adjustments
265
350
Share-based compensation
780
922
Restructuring and other charges
943
200
(Gains) losses on equity investments, net
120
24
(Gains) losses from divestiture
(39
)
(39
)
Adjustments attributable to non-controlling interest
(18
)
(18
)
Income tax effects
(358
)
(2,373
)
Non-GAAP net income attributable to Intel
$
83
$
547
(In Millions, Except Per Share Amounts)
Jun 29, 2024
Jul 1, 2023
GAAP earnings (loss) per share attributable to Intel—diluted
$
(0.38
)
$
0.35
Acquisition-related adjustments
0.06
0.08
Share-based compensation
0.18
0.22
Restructuring and other charges
0.22
0.05
(Gains) losses on equity investments, net
0.03
0.01
(Gains) losses from divestiture
(0.01
)
(0.01
)
Adjustments attributable to non-controlling interest
—
—
Income tax effects
(0.08
)
(0.57
)
Non-GAAP earnings per share attributable to Intel—diluted
$
0.02
$
0.13
GAAP net cash provided by (used for) operating activities
$
2,292
$
2,808
Net partner contributions and incentives received (cash expended) for property plant and equipment
5,863
(5,454
)
Payments on finance leases
—
(81
)
Adjusted free cash flow
$
8,155
$
(2,727
)
GAAP net cash provided by (used for) investing activities
$
(9,165
)
$
(2,808
)
GAAP net cash provided by (used for) financing activities
$
11,237
$
117
Intel Corporation Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook
Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. 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. 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.
Q3 2024 Outlook1
Approximately
GAAP gross margin percentage
34.5
%
Acquisition-related adjustments
1.7
%
Share-based compensation
1.8
%
Non-GAAP gross margin percentage
38.0
%
GAAP tax rate
34
%
Income tax effects
(21
)%
Non-GAAP tax rate
13
%
GAAP earnings (loss) per share attributable to Intel—diluted
$
(0.24
)
Acquisition-related adjustments
0.06
Share-based compensation
0.23
Restructuring and other charges
0.06
(Gains) losses from divestiture
(0.01
)
Adjustments attributable to non-controlling interest
—
Income tax effects
(0.13
)
Non-GAAP earnings (loss) per share attributable to Intel—diluted
$
(0.03
)
1 Non-GAAP gross margin percentage and non-GAAP EPS outlook based on the mid-point of the revenue range.
Intel Corporation Supplemental Reconciliations of Other GAAP to Non-GAAP Forward-Looking Estimates
Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. 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 reconciliations should be carefully evaluated. 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.
(In Billions)
Full-Year 2024
Full-Year 2025
Approximately
Approximately
GAAP R&D and MG&A
$ 22.9
$ 20.1
Acquisition-related adjustments
(0.2)
(0.1)
Share-based compensation
(2.7)
(2.5)
Non-GAAP R&D and MG&A
$ 20.0
$ 17.5
GAAP additions to property, plant and equipment (gross capital expenditures)
$25.0 - $27.0
$20.0 - $23.0
Proceeds from capital-related government incentives
(1.5 - 3.5)
(4.0 - 6.0)
Partner contributions
(12.5)
(4.0 - 5.0)
Non-GAAP net capital spending
$11.0 - 13.0
$12.0 - $14.0
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801042170/en/
Kylie Altman Investor Relations 1-916-356-0320 kylie.altman@intel.com Penny Bruce Media Relations 1-408-893-0601 penelope.bruce@intel.com
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