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AMD Reports Second Quarter 2022 Financial Results
4:05 PM ET 8/2/22 | GlobeNewswire

AMD Reports Second Quarter 2022 Financial Results

_ Record quarterly revenue of $6.6 billion grew 70% year-over-year;

Record quarterly operating cash flow exceeded $1 billion _

SANTA CLARA, Calif., Aug. 02, 2022 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the second quarter of 2022 of $6.6 billion, gross margin of 46%, operating income of $526 million, operating margin of 8%, net income of $447 million and diluted earnings per share of $0.27. On a non-GAAP(*) basis, gross margin was 54%, operating income was $2.0 billion, operating margin was 30%, net income was $1.7 billion and diluted earnings per share was $1.05.

GAAP Quarterly Financial Results
                            Q2 2022  Q2 2021      Y/Y  ------------------------  -------  -------  ------------  Revenue ($M)               $6,550   $3,850        Up 70%  ------------------------  -------  -------  ------------  Gross profit ($M)          $3,028   $1,830        Up 65%  ------------------------  -------  -------  ------------  Gross margin %                46%      48%  Down 140 bps  ------------------------  -------  -------  ------------  Operating expenses ($M)    $2,508   $1,000       Up 151%  ------------------------  -------  -------  ------------  Operating income ($M)        $526     $831      Down 37%  ------------------------  -------  -------  ------------  Operating margin %             8%      22%    Down 14 pp  ------------------------  -------  -------  ------------  Net income ($M)              $447     $710      Down 37%  ------------------------  -------  -------  ------------  Earnings per share          $0.27    $0.58      Down 53%  ------------------------  -------  -------  ------------   

Non-GAAP(*) Quarterly Financial Results
                            Q2 2022  Q2 2021     Y/Y  ------------------------  -------  -------  ----------  Revenue ($M)               $6,550   $3,850      Up 70%  ------------------------  -------  -------  ----------  Gross profit ($M)          $3,538   $1,832      Up 93%  ------------------------  -------  -------  ----------  Gross margin %                54%      48%  Up 640 bps  ------------------------  -------  -------  ----------  Operating expenses ($M)    $1,562     $909      Up 72%  ------------------------  -------  -------  ----------  Operating income ($M)      $1,982     $924     Up 115%  ------------------------  -------  -------  ----------  Operating margin %            30%      24%     Up 6 pp  ------------------------  -------  -------  ----------  Net income ($M)            $1,707     $778     Up 119%  ------------------------  -------  -------  ----------  Earnings per share          $1.05    $0.63      Up 67%  ------------------------  -------  -------  ----------   

"We delivered our eighth straight quarter of record revenue based on our strong execution and expanded product portfolio," said AMD Chair and CEO Dr. Lisa Su. "Each of our segments grew significantly year-over-year, led by higher sales of our data center and embedded products. We see continued growth in the back half of the year highlighted by our next generation 5nm product shipments and supported by our diversified business model."

Q2 2022 Financial Summary
   -- Revenue of $6.6 billion increased 70% year-over-year driven by growth        across all segments and the inclusion of Xilinx revenue.       -- Gross margin was 46%, a decrease of 2 percentage points year-over-year,        primarily due to amortization of intangible assets associated with the        Xilinx acquisition. Non-GAAP gross margin was 54%, an increase of 6        percentage points year-over-year, primarily driven by higher Data Center        and Embedded segment revenue.       -- Operating income was $526 million, or 8% of revenue, compared to $831        million or 22% a year ago primarily due to amortization of intangible        assets associated with the Xilinx acquisition. Record non-GAAP operating        income was $2.0 billion, or 30% of revenue, up from $924 million or 24% a        year ago primarily driven by higher revenue and gross profit.       -- Net income was $447 million compared to $710 million a year ago primarily        due to lower operating income. Record non-GAAP net income was $1.7        billion, up from $778 million a year ago primarily driven by higher        operating income.       -- Diluted earnings per share was $0.27 compared to $0.58 a year ago        primarily due to lower net income and a higher share count as a result of        the Xilinx acquisition. Non-GAAP diluted earnings per share was $1.05        compared to $0.63 a year ago primarily driven by higher net income.       -- Cash, cash equivalents and short-term investments were $6.0 billion at        the end of the quarter and debt was $2.8 billion. AMD repurchased $920        million of common stock during the quarter.       -- Cash from operations was a record $1.04 billion in the quarter, compared        to $952 million a year ago. Free cash flow was $906 million in the        quarter compared to $888 million a year ago.       -- Goodwill and acquisition-related intangible assets associated with the        acquisitions of Xilinx and Pensando were $50.4 billion. 

Quarterly Segment Financial Summary
   -- AMD previously announced new segments beginning the second quarter to        align financial reporting with the way AMD now manages its business in        strategic end markets.              -- Data Center segment includes server CPUs, data center GPUs,               Pensando and Xilinx data center products.              -- Client segment includes desktop and notebook PC processors and               chipsets.              -- Gaming segment includes discrete graphics processors and               semi-custom game console products.              -- Embedded segment includes AMD and Xilinx embedded products.       -- Prior period results have been conformed to the new reporting segments        for comparison purposes.       -- Data Center segment revenue was $1.5 billion, up 83% year-over-year        driven by strong sales of EPYC(TM) server processors. Operating income        was $472 million, or 32% of revenue, compared to $204 million or 25% a        year ago. Operating income improvement was primarily driven by higher        revenue, partially offset by higher operating expenses.       -- Client segment revenue was $2.2 billion, up 25% year-over-year driven by        Ryzen(TM) mobile processor sales. Client processor ASP increased        year-over-year driven by a richer mix of Ryzen mobile processor sales.        Operating income was $676 million, or 32% of revenue, compared to $538        million or 31% a year ago. Operating income improvement was primarily        driven by higher revenue, partially offset by higher operating expenses.       -- Gaming segment revenue was $1.7 billion, up 32% year-over-year driven by        higher semi-custom product sales, partially offset by a decline in gaming        graphics revenue. Operating income was $187 million, or 11% of revenue,        compared to $175 million or 14% a year ago. Operating income improvement        was primarily driven by higher revenue, partially offset by higher        operating expenses. Operating margin was lower primarily due to lower        graphics revenue and higher operating expenses.       -- Embedded segment revenue was $1.3 billion, up 2,228% year-over-year        driven by the inclusion of Xilinx embedded revenue. Operating income was        $641 million, or 51% of revenue, compared to $6 million or 11% a year        ago. Operating income and margin improvement was primarily driven by the        inclusion of Xilinx revenue.       -- All Other operating loss was $1.5 billion as compared to $92 million a        year ago due to amortization of intangible assets largely associated with        the Xilinx acquisition. 

Recent PR Highlights
   -- At its Financial Analyst Day, AMD detailed leadership roadmaps and an        expanded product portfolio to deliver its next phase of growth across the        estimated $300 billion market for high-performance and adaptive computing        solutions, including:              -- New details on the "Zen 4" core architecture, expected to deliver               significant performance and power efficiency improvements over the               previous generation.              -- The "Zen 5" core planned for 2024, which is built from the ground               up to extend performance and efficiency leadership across a broad               range of workloads.              -- AMD CDNA(TM) 3 graphics architecture featuring 3D die stacking,               4th generation Infinity Architecture, next-generation AMD Infinity               Cache(TM) technology and HBM memory in a single package to power               what are expected to be the world's first data center APUs, AMD               Instinct(TM) MI300 accelerators.              -- AMD RDNA(TM) 3 next generation graphics architecture expected to               deliver more than 50% greater performance-per-watt compared to the               prior generation.              -- AMD XDNA(TM) technology, the foundational architecture IP from               Xilinx that consists of key technologies including the FPGA fabric               and AI Engine (AIE), which is planned to be integrated across the               AMD product lineup starting with the "Zen 4"-architecture based               "Phoenix Point" mobile processors planned for 2023.              -- An expanded data center CPU portfolio, including the first AMD               EPYC processor optimized for intelligent edge and communications               deployments, codenamed "Siena," and the "Bergamo" processors,               expected to be the highest performance server processors for cloud               native computing at their launch planned for the first half of               2023.       -- AMD completed the acquisition of Pensando Systems in a transaction valued        at approximately $1.9 billion to expand AMD's data center product 

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August 02, 2022 16:05 ET (20:05 GMT)


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