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. Terms of Use. 0000009197 00000 n Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. 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. 209 0 obj <> endobj 0000002927 00000 n 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. Intel annual revenue for 2021 was $79.0B, a 1.49% growth from 2020. Intel 3 continues to progress and is on track. The pandemic has caused us to modify our business practices. Making the world smarter, happier, and richer. 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. *Average returns of all recommendations since inception. Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. The previous Intel Corp. dividend was 36.5c and it went ex 4 months ago and it was paid 3 months ago. He said that Intel was "committed to maintaining a competitive dividend" and that it takes a "disciplined approach to the capital allocation strategy.". Intel said it expected around $18.3 billion in adjusted sales in the fourth quarter, compared with analysts' expectations of $18.24 billion. Credit: REUTERS/STEVE MARCUS. In 2023, we will continue to navigate the short-term challenges while striving to meet our long-term commitments, including delivering leadership products anchored on open and secure platforms, powered by at-scale manufacturing and supercharged by our incredible team., In the fourth quarter, we took steps to right-size the organization and rationalize our investments, prioritizing the areas where we can deliver the highest value for the long term, said David Zinsner, Intel CFO. 0000007471 00000 n We completed the first closing of the divestiture of our NAND memory business to SK hynix on December 29, 2021 and fully deconsolidated our ongoing interests in the NAND OpCo Business in the first quarter of 2022. You can also try the quick links below to see results for most popular searches. 0000004033 00000 n 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. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. // No product or component can be absolutely secure. 33% of companies in the U.S. offer year-end bonuses. 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. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. SAFe was a joke from the beginning, and nobody can honestly say that the company is functioning any better. L. 108-458, set out as a note under section 3001 of Title 50, War and National Defense. 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. 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. Other names and brands may be claimed as the property of others. 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. Quarterly: 17 Sep 2021: 04 Nov 2021: 01 Dec . Listen The dividend being cut so soon after that announcement does not reflect well on management. 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. 0000053835 00000 n Feb 6, 2023. startxref The live public webcast can be accessed on Intel's Investor Relations website at. In the eyes of some investors, the last great reason to own Intel (INTC 1.49%) is gone. 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. . 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. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results. 0000061465 00000 n 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. Intel said it planned to spend between $19 billion and $20 billion on capital expenditures in 2021. Prospectively, we believe this approach will facilitate comparison of our operating results and provide useful evaluation of our current operating performance. 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. 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. Tags Corporate About Intel Your eligibility is effective with the first pay period of the month that coincides with your hire date. Actual results may differ materially from Intels Business Outlook as a result of, among other things, the factors described under Forward-Looking Statements below. Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals. Base Salary. Odd Lots. 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. (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. Intel Corporation. *Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, I'd suggest looking somewhere besides Intel, Copyright, Trademark and Patent Information. 0000015904 00000 n $1.46. Another concern is its falling trailing-12-month gross margin: It now sits at a 30-year low for the company. 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 . See section 1081(a), (b) of Pub. By signing in, you agree to our Terms of Service. 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. Payout Frequency. Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements. 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. tral Intelligence or the Director of the Central Intel-ligence Agency in the Director's capacity as the head of the Central Intelligence Agency deemed to be a ref-erence to the Director of the Central Intelligence Agen-cy. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. 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.. 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 pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. 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. 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. These bonuses are determined based on Intel's quarterly profitability, subject to the terms of the QPB plan. Jan 21, 2021 8:00PM EST. Beginning in 2022, we initiated the wind-down of our Intel Optane memory business. Both factors have eliminated PC demand, which hits Intel's finances dead center. 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. 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. These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results. 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. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. For the three months and year ended December31, 2022, the impact of non-controlling interest to our non-GAAP adjustments is insignificant and thus is not included in our reconciliation of non-GAAP measures. Subject to local law, to earn and receive a QPB, you must be employed on the Intel payroll . The Motley Fool has a disclosure policy. 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%. 63.1 billion, down 20 percent YoY and down 16 percent YoY and down 16 percent on. 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