0000002488false00000024882025-02-042025-02-04
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
February 4, 2025
Date of Report (Date of earliest event reported)
ADVANCED MICRO DEVICES, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | 001-07882 | | 94-1692300 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
2485 Augustine Drive
Santa Clara, California 95054
(Address of principal executive offices) (Zip Code)
(408) 749-4000
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value | AMD | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 4, 2025, Advanced Micro Devices, Inc. (the "AMD") announced its financial position and results of operations as of and for its fiscal quarter and fiscal year ended December 28, 2024 in a press release that is attached hereto as Exhibit 99.1. Attached hereto as Exhibit 99.2 is a presentation regarding AMD's fiscal quarter and fiscal year ended December 28, 2024.
The attached Exhibits 99.1 and 99.2 include references to certain non-U.S. Generally Accepted Accounting Principles (“GAAP”) financial information and forward-looking financial guidance. Certain of these non-GAAP measures will be used in AMD’s earnings conference call. A reconciliation of these non-GAAP financial measures to their nearest GAAP equivalents is provided in the data tables at the end of the attached Exhibits 99.1 and 99.2. These non-GAAP financial measures should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP.
The information in this report furnished pursuant to Items 2.02 and 7.01, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references the information furnished pursuant to Items 2.02 and 7.01 of this report.
Item 7.01 Regulation FD Disclosure.
The information set forth under Item 2.02 “Results of Operations and Financial Condition” is incorporated into this Item 7.01 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| | | | | | | | | |
EXHIBIT INDEX
| |
Exhibit No. | | Description | |
| 99.1 | | | |
| 99.2 | | | |
| 104 | | Inline XBRL for the cover page of this Current Report on Form 8-K | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | |
| |
| | | |
| | | |
| Date: February 4, 2025 | ADVANCED MICRO DEVICES, INC. | |
| | | |
| By: | /s/ Jean Hu | |
| Name: | Jean Hu | |
| Title: | Executive Vice President, Chief Financial Officer & Treasurer | |
NEWS RELEASE
Media Contact:
Drew Prairie
AMD Communications
512-602-4425
drew.prairie@amd.com
Investor Contact:
Matt Ramsay
AMD Investor Relations
512-602-0113
matthew.ramsay@amd.com
AMD Reports Fourth Quarter and Full Year 2024 Financial Results
SANTA CLARA, Calif. ― February 4, 2025 ― AMD (NASDAQ:AMD) today announced financial results for the fourth quarter and full year of 2024. Fourth quarter revenue was a record $7.7 billion, gross margin was 51%, operating income was $871 million, net income was $482 million and diluted earnings per share was $0.29. On a non-GAAP(*) basis, gross margin was 54%, operating income was a record $2.0 billion, net income was a record $1.8 billion and diluted earnings per share was $1.09.
For the full year 2024, AMD reported record revenue of $25.8 billion, gross margin of 49%, operating income of $1.9 billion, net income of $1.6 billion, and diluted earnings per share of $1.00. On a non-GAAP(*) basis, gross margin was a record 53%, operating income was $6.1 billion, net income was $5.4 billion and diluted earnings per share was $3.31.
“2024 was a transformative year for AMD as we delivered record annual revenue and strong earnings growth,” said AMD Chair and CEO Dr. Lisa Su. “Data Center segment annual revenue nearly doubled as EPYC processor adoption accelerated and we delivered more than $5 billion of AMD Instinct accelerator revenue. Looking into 2025, we see clear opportunities for continued growth based on the strength of our product portfolio and growing demand for high-performance and adaptive computing.”
“We closed 2024 with a strong fourth quarter, delivering record revenue up 24% year-over-year, and accelerated earnings expansion while investing aggressively in AI and innovation to position us for long-term growth and value creation,” said AMD EVP, CFO and Treasurer Jean Hu.
GAAP Quarterly Financial Results
| | | | | | | | | | | | | | | | | |
| Q4 2024 | Q4 2023 | Y/Y | Q3 2024 | Q/Q |
| Revenue ($M) | $7,658 | $6,168 | Up 24% | $6,819 | Up 12% |
| Gross profit ($M) | $3,882 | $2,911 | Up 33% | $3,419 | Up 14% |
| Gross margin | 51% | 47% | Up 4 ppts | 50% | Up 1% |
| Operating expenses ($M) | $3,022 | $2,575 | Up 17% | $2,709 | Up 12% |
| Operating income ($M) | $871 | $342 | Up 155% | $724 | Up 20% |
| Operating margin | 11% | 6% | Up 5 ppts | 11% | Flat |
| Net income ($M) | $482 | $667 | Down 28% | $771 | Down 37% |
| Diluted earnings per share | $0.29 | $0.41 | Down 29% | $0.47 | Down 38% |
Non-GAAP(*) Quarterly Financial Results
| | | | | | | | | | | | | | | | | |
| Q4 2024 | Q4 2023 | Y/Y | Q3 2024 | Q/Q |
| Revenue ($M) | $7,658 | $6,168 | Up 24% | $6,819 | Up 12% |
| Gross profit ($M) | $4,140 | $3,133 | Up 32% | $3,657 | Up 13% |
| Gross margin | 54% | 51% | Up 3 ppts | 54% | Flat |
| Operating expenses ($M) | $2,125 | $1,727 | Up 23% | $1,956 | Up 9% |
| Operating income ($M) | $2,026 | $1,412 | Up 43% | $1,715 | Up 18% |
| Operating margin | 26% | 23% | Up 3 ppts | 25% | Up 1 ppt |
| Net income ($M) | $1,777 | $1,249 | Up 42% | $1,504 | Up 18% |
| Diluted earnings per share | $1.09 | $0.77 | Up 42% | $0.92 | Up 18% |
Annual Financial Results
| | | | | | | | | | | | | | | | | | | | | | |
| GAAP | Non-GAAP(*) |
| 2024 | 2023 | | Y/Y | 2024 | 2023 | | Y/Y |
| Revenue ($M) | $25,785 | $22,680 | | Up 14% | $25,785 | $22,680 | | Up 14% |
| Gross profit ($M) | $12,725 | $10,460 | | Up 22% | $13,759 | $11,436 | | Up 20% |
| Gross margin % | 49% | 46% | | Up 3 ppts | 53% | 50% | | Up 3 ppts |
| Operating expenses ($M) | $10,873 | $10,093 | | Up 8% | $7,669 | $6,616 | | Up 16% |
| Operating income ($M) | $1,900 | $401 | | Up 374% | $6,138 | $4,854 | | Up 26% |
| Operating margin % | 7% | 2% | | Up 5 ppts | 24% | 21% | | Up 3 ppts |
| Net income ($M) | $1,641 | $854 | | Up 92% | $5,420 | $4,302 | | Up 26% |
Diluted earnings per share | $1.00 | $0.53 | | Up 89% | $3.31 | $2.65 | | Up 25% |
Segment Summary
•Data Center segment revenue in the quarter was a record $3.9 billion, up 69% year-over-year primarily driven by the strong ramp of AMD Instinct™ GPU shipments and growth in AMD EPYC™ CPU sales.
◦For 2024, Data Center segment revenue was a record $12.6 billion, an increase of 94% compared to the prior year, driven by growth in both AMD Instinct and EPYC processors.
•Client segment revenue in the quarter was a record $2.3 billion, up 58% year-over-year primarily driven by strong demand for AMD Ryzen™ processors.
◦For 2024, Client segment revenue was a record $7.1 billion, up 52% compared to the prior year, due to strong demand for AMD Ryzen processors in desktop and mobile.
•Gaming segment revenue in the quarter was $563 million, down 59% year-over-year, primarily due to a decrease in semi-custom revenue.
◦For 2024, Gaming segment revenue was $2.6 billion, down 58% compared to the prior year, primarily due to a decrease in semi-custom revenue.
•Embedded segment revenue in the quarter was $923 million, down 13% year-over-year, as end market demand continues to be mixed.
◦For 2024, Embedded segment revenue was $3.6 billion, down 33% from the prior year, primarily due to customers normalizing their inventory levels.
Recent PR Highlights
•AMD continues expanding its partnerships to deliver highly performant AI infrastructure at scale:
◦IBM announced plans to deploy AMD Instinct MI300X accelerators to power generative AI and HPC applications on IBM Cloud.
◦Vultr and AMD announced a strategic collaboration to leverage AMD Instinct MI300X accelerators and AMD ROCm™ open software to power Vultr’s cloud infrastructure for enterprise AI development and deployment.
◦Aleph Alpha announced that it will leverage AMD Instinct MI300 Series accelerators and ROCm software to enable its tokenizer-free LLM architecture, a new approach to generative AI that aims to simplify the development of sovereign AI solutions for governments and enterprises.
◦Fujitsu and AMD announced a strategic partnership to develop more sustainable computing infrastructure to accelerate open source AI.
◦AMD expanded strategic investments to advance the AI ecosystem and solutions, including investments in LiquidAI, Vultr and Absci.
•AMD is accelerating its AI software roadmap to deliver a robust open AI stack for the ecosystem:
◦AMD released ROCm 6.3 with numerous performance enhancements enabling faster inferencing on AMD Instinct accelerators as well as additional compiler tools and libraries.
◦AMD shared an update on its 2025 plans for the ROCm software stack to enable easier adoption of and improved out of box support for both inferencing and training applications.
•Dell and AMD announced that AMD Ryzen AI PRO processors will power new Dell Pro notebook and desktop PCs, bringing exceptional battery life, on-device AI, Copilot+ experiences and dependable productivity to enterprise users. For the first time, Dell will offer a full portfolio of commercial PCs based on Ryzen processors, marking a significant milestone in the companies’ collaboration.
•AMD expanded its broad consumer and commercial AI PC portfolio:
◦New AMD Ryzen AI Max and Ryzen AI Max PRO Series processors deliver workstation-level performance and next-gen AI performance for gaming, content creation and complex AI-accelerated workloads.
◦Expanded Ryzen AI 300 and Ryzen AI 300 PRO Series processors bring premium AI capabilities to mainstream and entry-level notebooks, as well as enhanced security, manageability and support for Microsoft Copilot+ experiences tailored for business users.
◦Additional Ryzen 200 and Ryzen 200 PRO Series processors offer incredible AI experiences, performance and battery life for everyday users and professionals.
◦More than 150 Ryzen AI platforms are expected to be available from leading OEMs this year.
•AMD extended its leadership in high performance computing (HPC), enabling the most powerful and many of the most energy efficient supercomputers in the world:
◦The El Capitan supercomputer at Lawrence Livermore National Laboratory became the second AMD supercomputer to surpass the exascale barrier, placing #1 on the latest Top500 list.
◦The Hunter supercomputer at the High-Performance Computing Center of the University of Stuttgart (HLRS), powered by AMD Instinct MI300A APUs, began service, delivering HPC and AI resources for scientists, researchers, industry and the public sector.
◦AMD EPYC processors and AMD Instinct accelerators power many new supercomputing projects and AI deployments, including the Eni HPC 6 system, the University of Paderborn’s latest supercomputer and the Sigma2 AS system which is slated to be the fastest system in Norway.
•AMD powers incredible experiences for gamers across a broad range of devices:
◦At CES 2025, AMD announced new AMD Ryzen 9000X3D, Ryzen Z2 and Ryzen 9000HX processors, extending its leadership in desktop, mobile and handheld gaming.
◦AMD shared the latest version of AMD Software: Adrenalin Edition™, 24.9.1, continuing to enhance gaming experiences with AMD Fluid Motion Frames 2 and AMD HYPR-RX.
•AMD continues to deliver leadership compute performance and capabilities at the edge with an expanded portfolio of solutions:
◦New AMD Versal™ Gen 2 portfolio with next-generation interface and memory technologies for data-intensive applications in the data center, communications, test and measurement and aerospace and defense markets.
◦AMD Versal RF Series adaptive SoCs, combining high-resolution radio frequency data converters, dedicated DSP hard IP, AI engines and programmable logic in a single chip.
◦Vodafone and AMD announced they are collaborating on mobile base station silicon chip designs to enable higher-capacity AI and digital services.
Current Outlook
AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.
For the first quarter of 2025, AMD expects revenue to be approximately $7.1 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 30% and a sequential decline of approximately 7%. Non-GAAP gross margin is expected to be approximately 54%.
AMD Teleconference
AMD will hold a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its fourth quarter and full year 2024 financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | | | | |
(in millions, except per share data) (Unaudited) | | | | | | |
| | Three Months Ended | | Year Ended |
| | December 28,
2024 | | September 28,
2024 | | December 30,
2023 | | December 28,
2024 | | December 30,
2023 | |
| GAAP gross profit | | $ | 3,882 | | | $ | 3,419 | | | $ | 2,911 | | | $ | 12,725 | | | $ | 10,460 | | |
| GAAP gross margin | | 51 | % | | 50 | % | | 47 | % | | 49 | % | | 46 | % | |
| Stock-based compensation | | 6 | | | 5 | | | 6 | | | 22 | | | 30 | | |
| Amortization of acquisition-related intangibles | | 252 | | | 233 | | | 215 | | | 946 | | | 942 | | |
Acquisition-related and other costs (1) | | — | | | — | | | 1 | | | 1 | | | 4 | | |
Inventory loss at contract manufacturer (2) | | — | | | — | | | — | | | 65 | | | — | | |
| Non-GAAP gross profit | | $ | 4,140 | | | $ | 3,657 | | | $ | 3,133 | | | $ | 13,759 | | | $ | 11,436 | | |
| Non-GAAP gross margin | | 54 | % | | 54 | % | | 51 | % | | 53 | % | | 50 | % | |
| | | | | | | | | | | |
| GAAP operating expenses | | $ | 3,022 | | | $ | 2,709 | | | $ | 2,575 | | | $ | 10,873 | | | $ | 10,093 | | |
| GAAP operating expenses/revenue % | | 39 | % | | 40 | % | | 42 | % | | 42 | % | | 45 | % | |
| Stock-based compensation | | 333 | | | 346 | | | 368 | | | 1,385 | | | 1,350 | | |
| Amortization of acquisition-related intangibles | | 332 | | | 352 | | | 420 | | | 1,448 | | | 1,869 | | |
Acquisition-related and other costs (1) | | 46 | | | 55 | | | 60 | | | 185 | | | 258 | | |
Restructuring charges (3) | | 186 | | | — | | | — | | | 186 | | | — | | |
| Non-GAAP operating expenses | | $ | 2,125 | | | $ | 1,956 | | | $ | 1,727 | | | $ | 7,669 | | | $ | 6,616 | | |
| Non-GAAP operating expenses/revenue % | | 28 | % | | 29 | % | | 28 | % | | 30 | % | | 29 | % | |
| | | | | | | | | | | |
| GAAP operating income | | $ | 871 | | | $ | 724 | | | $ | 342 | | | $ | 1,900 | | | $ | 401 | | |
| GAAP operating margin | | 11 | % | | 11 | % | | 6 | % | | 7 | % | | 2 | % | |
| Stock-based compensation | | 339 | | | 351 | | | 374 | | | 1,407 | | | 1,380 | | |
| Amortization of acquisition-related intangibles | | 584 | | | 585 | | | 635 | | | 2,394 | | | 2,811 | | |
Acquisition-related and other costs (1) | | 46 | | | 55 | | | 61 | | | 186 | | | 262 | | |
Inventory loss at contract manufacturer (2) | | — | | | — | | | — | | | 65 | | | — | | |
Restructuring charges (3) | | 186 | | | — | | | — | | | 186 | | | — | | |
| Non-GAAP operating income | | $ | 2,026 | | | $ | 1,715 | | | $ | 1,412 | | | $ | 6,138 | | | $ | 4,854 | | |
| Non-GAAP operating margin | | 26 | % | | 25 | % | | 23 | % | | 24 | % | | 21 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | Year Ended | |
| | December 28,
2024 | | September 28, 2024 | | December 30,
2023 | | December 28,
2024 | | December 30,
2023 | |
| GAAP net income / earnings per share | | $ | 482 | | | $ | 0.29 | | | $ | 771 | | | $ | 0.47 | | | $ | 667 | | | $ | 0.41 | | | $ | 1,641 | | | $ | 1.00 | | | $ | 854 | | | $ | 0.53 | | |
| (Gains) losses on equity investments, net | | — | | | — | | | (1) | | | — | | | 1 | | | — | | | 2 | | | — | | | (1) | | | — | | |
| Stock-based compensation | | 339 | | | 0.21 | | | 351 | | | 0.21 | | | 374 | | | 0.23 | | | 1,407 | | | 0.86 | | | 1,380 | | | 0.85 | | |
| Equity income in investee | | (12) | | | (0.01) | | | (7) | | | — | | | (6) | | | — | | | (33) | | | (0.02) | | | (16) | | | (0.01) | | |
| Amortization of acquisition-related intangibles | | 584 | | | 0.36 | | | 585 | | | 0.36 | | | 635 | | | 0.39 | | | 2,394 | | | 1.46 | | | 2,811 | | | 1.73 | | |
Acquisition-related and other costs (1) | | 46 | | | 0.03 | | | 56 | | | 0.03 | | | 61 | | | 0.04 | | | 187 | | | 0.11 | | | 262 | | | 0.16 | | |
Inventory loss at contract manufacturer (2) | | — | | | — | | | — | | | — | | | — | | | — | | | 65 | | | 0.04 | | | — | | | — | | |
Restructuring charges (3) | | 186 | | | 0.11 | | | — | | | — | | | — | | | — | | | 186 | | | 0.11 | | | — | | | — | | |
| Income tax provision | | 152 | | | 0.10 | | | (251) | | | (0.15) | | | (483) | | | (0.30) | | | (429) | | | (0.25) | | | (988) | | | (0.61) | | |
| Non-GAAP net income / earnings per share | | $ | 1,777 | | | $ | 1.09 | | | $ | 1,504 | | | $ | 0.92 | | | $ | 1,249 | | | $ | 0.77 | | | $ | 5,420 | | | $ | 3.31 | | | $ | 4,302 | | | $ | 2.65 | | |
| | | | | | | | |
| (1) | | Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments for inventory, certain compensation charges, contract termination costs and workforce rebalancing charges. |
| (2) | | Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility. |
| (3) | | Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments. |
About AMD
For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.
Cautionary Statement
This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as, the opportunities for continued growth based on AMD’s product portfolio and growing demand for high-performance and adaptive computing; AMD’s ability to position itself for long-term growth and value creation; the features, functionality, performance, availability, timing and expected benefits of future AMD products; and AMD’s expected first quarter 2025 financial outlook, including revenue and non-GAAP gross margin, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD's control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD's ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD's ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD's products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD's ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD's reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD's reliance on Microsoft and other software vendors' support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD's supply chain; AMD's ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses; our ability to complete the acquisition of ZT Systems; impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.
| | | | | | | | |
| (*) | | In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue%, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024, AMD used a non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments. AMD also provided adjusted EBITDA, free cash flow and free cash flow margin as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of February 4, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP gross margin outlook typically include stock-based compensation, amortization of acquired intangible assets and acquisition-related and other costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD's control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law. |
-30-
©2025 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, 3D V-Cache, Alveo, AMD Instinct, EPYC, FidelityFX, Kria, Radeon, Ryzen, Threadripper, Ultrascale+, Versal, Zynq, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.
ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended | |
| | | December 28,
2024 | | September 28,
2024 | | December 30,
2023 | | December 28,
2024 | | December 30,
2023 | |
| Net revenue | | $ | 7,658 | | | $ | 6,819 | | | $ | 6,168 | | | $ | 25,785 | | | $ | 22,680 | | |
| Cost of sales | | 3,524 | | | 3,167 | | | 3,042 | | | 12,114 | | | 11,278 | | |
| Amortization of acquisition-related intangibles | | 252 | | | 233 | | | 215 | | | 946 | | | 942 | | |
| Total cost of sales | | 3,776 | | | 3,400 | | | 3,257 | | | 13,060 | | | 12,220 | | |
| Gross profit | | 3,882 | | | 3,419 | | | 2,911 | | | 12,725 | | | 10,460 | | |
| Gross margin | | 51 | % | | 50 | % | | 47 | % | | 49 | % | | 46 | % | |
| Research and development | | 1,712 | | | 1,636 | | | 1,511 | | | 6,456 | | | 5,872 | | |
| Marketing, general and administrative | | 792 | | | 721 | | | 644 | | | 2,783 | | | 2,352 | | |
| Amortization of acquisition-related intangibles | | 332 | | | 352 | | | 420 | | | 1,448 | | | 1,869 | | |
| Licensing gain | | (11) | | | (14) | | | (6) | | | (48) | | | (34) | | |
| Restructuring charges | | 186 | | | — | | | — | | | 186 | | | — | | |
| Operating income | | 871 | | | 724 | | | 342 | | | 1,900 | | | 401 | | |
| Interest expense | | (19) | | | (23) | | | (27) | | | (92) | | | (106) | | |
| Other income (expense), net | | 37 | | | 36 | | | 49 | | | 181 | | | 197 | | |
| Income before income taxes and equity income | | 889 | | | 737 | | | 364 | | | 1,989 | | | 492 | | |
| Income tax provision (benefit) | | 419 | | | (27) | | | (297) | | | 381 | | | (346) | | |
| Equity income in investee | | 12 | | | 7 | | | 6 | | | 33 | | | 16 | | |
| Net income | | $ | 482 | | | $ | 771 | | | $ | 667 | | | $ | 1,641 | | | $ | 854 | | |
| Earnings per share | | | | | | | | | | | |
| Basic | | $ | 0.30 | | | $ | 0.48 | | | $ | 0.41 | | | $ | 1.01 | | | $ | 0.53 | | |
| Diluted | | $ | 0.29 | | | $ | 0.47 | | | $ | 0.41 | | | $ | 1.00 | | | $ | 0.53 | | |
| Shares used in per share calculation | | | | | | | | | | | |
| Basic | | 1,623 | | | 1,620 | | | 1,616 | | | 1,620 | | | 1,614 | | |
| Diluted | | 1,634 | | | 1,636 | | | 1,628 | | | 1,637 | | | 1,625 | | |
ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions) | | | | | | | | | | | | | | |
| | December 28,
2024 | | December 30,
2023 |
| | (Unaudited) | | |
| ASSETS | | | | |
| Current assets: | | | | |
| Cash and cash equivalents | | $ | 3,787 | | | $ | 3,933 | |
| Short-term investments | | 1,345 | | | 1,840 | |
| Accounts receivable, net | | 6,192 | | | 4,323 | |
| Inventories | | 5,734 | | | 4,351 | |
| Receivables from related parties | | 113 | | | 9 | |
| Prepaid expenses and other current assets | | 1,878 | | | 2,312 | |
| Total current assets | | 19,049 | | | 16,768 | |
| Property and equipment, net | | 1,802 | | | 1,589 | |
| Operating lease right-of-use assets | | 623 | | | 633 | |
| Goodwill | | 24,839 | | | 24,262 | |
| Acquisition-related intangibles, net | | 18,930 | | | 21,363 | |
| Investment: equity method | | 149 | | | 99 | |
| Deferred tax assets | | 688 | | | 366 | |
| Other non-current assets | | 3,146 | | | 2,805 | |
| Total Assets | | $ | 69,226 | | | $ | 67,885 | |
| | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
| Current liabilities: | | | | |
| Accounts payable | | $ | 1,990 | | | $ | 2,055 | |
| Payables to related parties | | 476 | | | 363 | |
| Accrued liabilities | | 4,260 | | | 3,082 | |
| Current portion of long-term debt, net | | — | | | 751 | |
| Other current liabilities | | 555 | | | 438 | |
| Total current liabilities | | 7,281 | | | 6,689 | |
| Long-term debt, net of current portion | | 1,721 | | | 1,717 | |
| Long-term operating lease liabilities | | 491 | | | 535 | |
| Deferred tax liabilities | | 349 | | | 1,202 | |
| Other long-term liabilities | | 1,816 | | | 1,850 | |
| | | | |
| Stockholders' equity: | | | | |
| Capital stock: | | | | |
| Common stock, par value | | 17 | | | 17 | |
| Additional paid-in capital | | 61,362 | | | 59,676 | |
| Treasury stock, at cost | | (6,106) | | | (4,514) | |
| Retained earnings | | 2,364 | | | 723 | |
| Accumulated other comprehensive loss | | (69) | | | (10) | |
| Total stockholders' equity | | 57,568 | | | 55,892 | |
| Total Liabilities and Stockholders' Equity | | $ | 69,226 | | | $ | 67,885 | |
ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended | | | | | | | | | | | | | | | |
| December 28, 2024 | | December 30, 2023 | | December 28, 2024 | | December 30, 2023 | | | | | | | | | | | | | | | |
| Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | | | |
| Net income | $ | 482 | | | $ | 667 | | | $ | 1,641 | | | $ | 854 | | | | | | | | | | | | | | | | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | | | |
| Depreciation and amortization | 172 | | | 164 | | | 671 | | | 642 | | | | | | | | | | | | | | | | |
| Amortization of acquisition-related intangibles | 583 | | | 635 | | | 2,393 | | | 2,811 | | | | | | | | | | | | | | | | |
| Stock-based compensation | 339 | | | 374 | | | 1,407 | | | 1,384 | | | | | | | | | | | | | | | | |
| Amortization of operating lease right-of-use assets | 31 | | | 25 | | | 113 | | | 98 | | | | | | | | | | | | | | | | |
| Deferred income taxes | (300) | | | (219) | | | (1,163) | | | (1,019) | | | | | | | | | | | | | | | | |
| Inventory loss at contract manufacturer | — | | | — | | | 65 | | | — | | | | | | | | | | | | | | | | |
| Other | 62 | | | (23) | | | 12 | | | (54) | | | | | | | | | | | | | | | | |
| Changes in operating assets and liabilities | | | | | | | | | | | | | | | | | | | | | | |
| Accounts receivable, net | 96 | | | (379) | | | (1,865) | | | (1,339) | | | | | | | | | | | | | | | | |
| Inventories | (362) | | | 94 | | | (1,458) | | | (580) | | | | | | | | | | | | | | | | |
| Prepaid expenses and other assets | 494 | | | (34) | | | 343 | | | (383) | | | | | | | | | | | | | | | | |
| Receivables from and payables to related parties, net | 30 | | | 29 | | | 108 | | | (107) | | | | | | | | | | | | | | | | |
| Accounts payable | (585) | | | (181) | | | (109) | | | (419) | | | | | | | | | | | | | | | | |
| Accrued and other liabilities | 257 | | | (771) | | | 883 | | | (221) | | | | | | | | | | | | | | | | |
| Net cash provided by operating activities | 1,299 | | | 381 | | | 3,041 | | | 1,667 | | | | | | | | | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | | |
| Purchases of property and equipment | (208) | | | (139) | | | (636) | | | (546) | | | | | | | | | | | | | | | | |
| Purchases of short-term investments | (786) | | | (410) | | | (1,493) | | | (3,722) | | | | | | | | | | | | | | | | |
| Proceeds from maturity of short-term investments | 65 | | | 770 | | | 1,416 | | | 2,687 | | | | | | | | | | | | | | | | |
| Proceeds from sale of short-term investments | 25 | | | 52 | | | 616 | | | 300 | | | | | | | | | | | | | | | | |
| Acquisitions, net of cash acquired | — | | | (117) | | | (548) | | | (131) | | | | | | | | | | | | | | | | |
| Related party equity method investment | — | | | — | | | (17) | | | — | | | | | | | | | | | | | | | | |
| Issuance of loan to related party | (100) | | | — | | | (100) | | | — | | | | | | | | | | | | | | | | |
| Purchase of strategic investments | (210) | | | (6) | | | (341) | | | (11) | | | | | | | | | | | | | | | | |
| Other | — | | | — | | | 2 | | | — | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) investing activities | (1,214) | | | 150 | | | (1,101) | | | (1,423) | | | | | | | | | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | | |
| Repayment of debt | — | | | — | | | (750) | | | — | | | | | | | | | | | | | | | | |
| Proceeds from sales of common stock through employee equity plans | 127 | | | 120 | | | 279 | | | 268 | | | | | | | | | | | | | | | | |
| Repurchases of common stock | (256) | | | (233) | | | (862) | | | (985) | | | | | | | | | | | | | | | | |
| Common stock repurchases for tax withholding on employee equity plans | (42) | | | (45) | | | (728) | | | (427) | | | | | | | | | | | | | | | | |
| Other | — | | | (1) | | | (1) | | | (2) | | | | | | | | | | | | | | | | |
| Net cash used in financing activities | (171) | | | (159) | | | (2,062) | | | (1,146) | | | | | | | | | | | | | | | | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (86) | | | 372 | | | (122) | | | (902) | | | | | | | | | | | | | | | | |
| Cash, cash equivalents and restricted cash at beginning of period | 3,897 | | | 3,561 | | | 3,933 | | | 4,835 | | | | | | | | | | | | | | | | |
| Cash, cash equivalents and restricted cash at end of period | $ | 3,811 | | | $ | 3,933 | | | $ | 3,811 | | | $ | 3,933 | | | | | | | | | | | | | | | | |
ADVANCED MICRO DEVICES, INC.
SELECTED CORPORATE DATA
(Millions) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Year Ended | | | | |
| | | December 28,
2024 | | September 28, 2024 | | December 30, 2023 | | December 28,
2024 | | December 30,
2023 | | | | | | | | |
Segment and Category Information(1) | | | | | | | | | | | | | | | | | | |
| Data Center | | | | | | | | | | | | | | | | | | |
| Net revenue | | $ | 3,859 | | | $ | 3,549 | | | $ | 2,282 | | | $ | 12,579 | | | $ | 6,496 | | | | | | | | | |
| Operating income | | $ | 1,157 | | | $ | 1,041 | | | $ | 666 | | | $ | 3,482 | | | $ | 1,267 | | | | | | | | | |
| Client | | | | | | | | | | | | | | | | | | |
| Net revenue | | $ | 2,313 | | | $ | 1,881 | | | $ | 1,461 | | | $ | 7,054 | | | $ | 4,651 | | | | | | | | | |
| Operating income (loss) | | $ | 446 | | | $ | 276 | | | $ | 55 | | | $ | 897 | | | $ | (46) | | | | | | | | | |
| Gaming | | | | | | | | | | | | | | | | | | |
| Net revenue | | $ | 563 | | | $ | 462 | | | $ | 1,368 | | | $ | 2,595 | | | $ | 6,212 | | | | | | | | | |
| Operating income | | $ | 50 | | | $ | 12 | | | $ | 224 | | | $ | 290 | | | $ | 971 | | | | | | | | | |
| Embedded | | | | | | | | | | | | | | | | | | |
| Net revenue | | $ | 923 | | | $ | 927 | | | $ | 1,057 | | | $ | 3,557 | | | $ | 5,321 | | | | | | | | | |
| Operating income | | $ | 362 | | | $ | 372 | | | $ | 461 | | | $ | 1,421 | | | $ | 2,628 | | | | | | | | | |
| All Other | | | | | | | | | | | | | | | | | | |
| Net revenue | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | |
| Operating loss | | $ | (1,144) | | | $ | (977) | | | $ | (1,064) | | | $ | (4,190) | | | $ | (4,419) | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | |
| Net revenue | | $ | 7,658 | | | $ | 6,819 | | | $ | 6,168 | | | $ | 25,785 | | | $ | 22,680 | | | | | | | | | |
| Operating income | | $ | 871 | | | $ | 724 | | | $ | 342 | | | $ | 1,900 | | | $ | 401 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| Other Data | | | | | | | | | | | | | | | | | | |
| Capital expenditures | | $ | 208 | | | $ | 132 | | | $ | 139 | | | $ | 636 | | | $ | 546 | | | | | | | | | |
Adjusted EBITDA (2) | | $ | 2,212 | | | $ | 1,887 | | | $ | 1,576 | | | $ | 6,824 | | | $ | 5,496 | | | | | | | | | |
| Cash, cash equivalents and short-term investments | | $ | 5,132 | | | $ | 4,544 | | | $ | 5,773 | | | $ | 5,132 | | | $ | 5,773 | | | | | | | | | |
Free cash flow (3) | | $ | 1,091 | | | $ | 496 | | | $ | 242 | | | $ | 2,405 | | | $ | 1,121 | | | | | | | | | |
| Total assets | | $ | 69,226 | | | $ | 69,636 | | | $ | 67,885 | | | $ | 69,226 | | | $ | 67,885 | | | | | | | | | |
| Total debt | | $ | 1,721 | | | $ | 1,720 | | | $ | 2,468 | | | $ | 1,721 | | | $ | 2,468 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | | The Data Center segment primarily includes Artificial Intelligence (AI) accelerators, server microprocessors (CPUs), graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), Smart Network Interface Cards (SmartNICs) and Adaptive System-on-Chip (SoC) products for data centers. |
| | The Client segment primarily includes CPUs, APUs, and chipsets for desktops and notebooks. |
| | The Gaming segment primarily includes discrete GPUs, and semi-custom SoC products and development services. |
| | The Embedded segment primarily includes embedded CPUs, GPUs, APUs, FPGAs, System on Modules (SOMs), and Adaptive SoC products. |
| | From time to time, the Company may also sell or license portions of its IP portfolio. |
| | All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as amortization of acquisition-related intangible asset, employee stock-based compensation expense, acquisition-related and other costs, inventory loss at contract manufacturer, restructuring charges and licensing gain. |
| | | | | | | | |
| (2) | | Reconciliation of GAAP Net Income to Adjusted EBITDA |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Year Ended | | | | |
| (Millions) (Unaudited) | | December 28,
2024 | | September 28,
2024 | | December 30,
2023 | | December 28,
2024 | | December 30,
2023 | | | | | | | | |
| GAAP net income | | $ | 482 | | | $ | 771 | | | $ | 667 | | | $ | 1,641 | | | $ | 854 | | | | | | | | | |
| Interest expense | | 19 | | | 23 | | | 27 | | | 92 | | | 106 | | | | | | | | | |
| Other (income) expense, net | | (37) | | | (36) | | | (49) | | | (181) | | | (197) | | | | | | | | | |
| Income tax provision (benefit) | | 419 | | | (27) | | | (297) | | | 381 | | | (346) | | | | | | | | | |
| Equity income in investee | | (12) | | | (7) | | | (6) | | | (33) | | | (16) | | | | | | | | | |
| Stock-based compensation | | 339 | | | 351 | | | 374 | | | 1,407 | | | 1,380 | | | | | | | | | |
| Depreciation and amortization | | 186 | | | 171 | | | 164 | | | 685 | | | 642 | | | | | | | | | |
| Amortization of acquisition-related intangibles | | 584 | | | 585 | | | 635 | | | 2,394 | | | 2,811 | | | | | | | | | |
| Inventory loss at contract manufacturer | | — | | | — | | | — | | | 65 | | | — | | | | | | | | | |
| Acquisition-related and other costs | | 46 | | | 56 | | | 61 | | | 187 | | | 262 | | | | | | | | | |
| Restructuring charges | | 186 | | | — | | | — | | | 186 | | | — | | | | | | | | | |
| Adjusted EBITDA | | $ | 2,212 | | | $ | 1,887 | | | $ | 1,576 | | | $ | 6,824 | | | $ | 5,496 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other (income) expense, net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense, amortization of acquisition-related intangibles, inventory loss at contract manufacturer, acquisition-related and other costs, and restructuring charges. The Company calculates and presents Adjusted EBITDA because management believes it is of importance to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds. In addition, the Company presents Adjusted EBITDA because it believes this measure assists investors in comparing its performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of income or GAAP liquidity measures of cash flows from operating, investing and financing activities. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities that can affect cash flows. |
| | | | | | | | |
| (3) | | Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Year Ended | | | |
| (Millions except percentages) (Unaudited) | | December 28, 2024 | | September 28, 2024 | | December 30, 2023 | | December 28, 2024 | | December 30, 2023 | | | | | | | |
| GAAP net cash provided by operating activities | | $ | 1,299 | | | $ | 628 | | | $ | 381 | | | $ | 3,041 | | | $ | 1,667 | | | | | | | | |
| Operating cash flow margin % | | 17 | % | | 9 | % | | 6 | % | | 12 | % | | 7 | % | | | | | | | |
| Purchases of property and equipment | | (208) | | | (132) | | | (139) | | | (636) | | | (546) | | | | | | | | |
| Free cash flow | | $ | 1,091 | | | $ | 496 | | | $ | 242 | | | $ | 2,405 | | | $ | 1,121 | | | | | | | | |
| Free cash flow margin % | | 14 | % | | 7 | % | | 4 | % | | 9 | % | | 5 | % | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities for capital expenditures, and free cash flow margin % is free cash flow expressed as a percentage of the Company's net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of free cash flow may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities. |
AMD FINANCIAL RESULTS Fourth Quarter and Full Year 2024 February 4, 2025
2 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 20252 CAUTIONARY STATEMENT This presentation contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD), such as the features, functionality, performance, availability, timing and expected benefits of future AMD products; AMD's large growth opportunities across diverse set of markets; AMD’s expected first quarter 2025 financial outlook, including revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP Interest Expense/Other Income (Expense), net, non-GAAP tax rate and diluted share count; AMD’s large and compelling TAM; AMD’s ability to expand Data Center and AI leadership; and AMD’s ability to drive long- term shareholder returns, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this presentation are based on current beliefs, assumptions and expectations, speak only as of the date of this presentation and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD's control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD's ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD's ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD's products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD's ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD's reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD's reliance on Microsoft and other software vendors' support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD's supply chain; AMD's ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses; our ability to complete the acquisition of ZT Systems; impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. NON-GAAP FINANCIAL MEASURES In this presentation, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit and margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue percent, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non- GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024 and 2025, AMD used a non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance. The non- GAAP financial measures disclosed in this presentation should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the Appendices at the end of this presentation. This presentation also contains forward-looking non-GAAP measures concerning AMD’s financial outlook such as gross margin and operating expenses. These forward-looking non-GAAP measures are based on current expectations as of February 4, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. AMD undertakes no intent or obligation to publicly update or revise its forward-looking statements made in this presentation except as may be required by law.
3 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 20253 Expanding Customer & Partner Ecosystem Data Center and AI Growth Strong Financial Foundation Leadership Product Portfolio OUR JOURNEY
4 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 Leadership Foundational IP Accelerating innovation in silicon architecture, advanced packaging, and software Open, Proven Software Ecosystem Delivering flexibility, transparency and choice to Developers Breadth and Depth of Portfolio Scaling compute engines from Cloud to Edge to Endpoints with leadership performance per watt Deep, Collaborative Partnerships Computing partner of choice across AI, data center, embedded, PCs, and gaming HIGH PERFORMANCE & ADAPTIVE COMPUTING LEADERSHIP
5 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 20255 LARGE GROWTH OPPORTUNITIES Across a Diverse Set of Markets Embedded Computing leadership for diverse markets and devices Client Performance and energy efficiency for productivity, AI, gaming and content creation Data Center Leadership performance and TCO across cloud, enterprise and AI workloads Gaming Stunning visuals and immersive experiences for PC and console gaming
6 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 Fastest supercomputer, El Capitan, breaking Exascale Barrier Second AMD powered supercomputer to break exascale barrier AMD Instinct MI300X accelerators in IBM Cloud Bringing AMD Instinct MI300X into IBM Cloud for AI and HPC Workloads Launched ROCm 6.3 Continued evolution of open AI software ecosystem X86 Ecosystem Advisory Group LEADING-EDGE DATA CENTER INNOVATION Q4 Announcements Industry group will shape the future of the world’s most widely used computing architecture
7 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 AMD Ryzen AI Max and Ryzen AI Max PRO Series The power of a workstation in a thin and light laptop AMD Ryzen AI 300 and Ryzen AI 300 PRO Series Expanded lineup for the world’s best AI PCs AMD Ryzen 9950X3D Desktop Processors Extended gaming performance leadership 100+ Ryzen enterprise platforms through 2025 Systems from all leading OEMs EXPANDED CONSUMER AND COMMERCIAL AI PC PORTFOLIO Announced at CES 2025
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 20258 REVENUE Q4 2024 ▪ Record revenue of $7.7 billion increased 24% y/y ▪ Revenue growth in Data Center and Client segments partially offset by lower revenue in Gaming and Embedded segments $6.2B $7.7B Q4 2023 Q4 2024
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 20259 GROSS MARGIN Q4 2024 1. See Appendices for GAAP to Non-GAAP reconciliation Non-GAAP1 47% 51% Q4 2023 Q4 2024 GAAP Increase in gross margin driven by a favorable shift in revenue mix with higher Data Center and Client revenues, lower Gaming revenue, partially offset by the impact of lower Embedded revenue 51% 54% Q4 2023 Q4 2024
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202510 Q4 2023 Q4 2024 $0.3B $0.9B OPERATING INCOME Q4 2024 1. See Appendices for GAAP to Non-GAAP reconciliation GAAP Non-GAAP1 $1.4B $2.0B Q4 2023 Q4 2024 Increase in both GAAP and non-GAAP operating income driven by higher revenue and gross margin
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202511 $0.77 $1.09 Q4 2023 Q4 2024 EARNINGS PER SHARE Q4 2024 1. See Appendices for GAAP to Non-GAAP reconciliation GAAP Non-GAAP1 ▪ GAAP net income of $482 million ▪ GAAP EPS down 29% y/y, primarily driven by higher revenue and gross margin, more than offset by higher operating expenses and a one-time tax provision $0.41 $0.29 Q4 2023 Q4 2024 ▪ Record non-GAAP net income of $1.8 billion ▪ Non-GAAP EPS up 42% y/y, primarily driven by higher revenue and gross margin, partially offset by higher operating expenses
12 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 $ in millions, except per share data and % Q4’24 Q4’23 Y/Y Q3’24 Q/Q Revenue $7,658 $6,168 Up 24% $6,819 Up 12% Gross Profit $3,882 $2,911 Up 33% $3,419 Up 14% Gross Margin 51% 47% Up 4 ppts 50% Up 1 ppt Operating Expenses $3,022 $2,575 Up 17% $2,709 Up 12% Operating Expense/Revenue % 39% 42% Down 3 ppts 40% Down 1 ppt Operating Income $871 $342 Up 155% $724 Up 20% Operating Margin 11% 6% Up 5 ppts 11% Flat Net Income $482 $667 Down 28% $771 Down 37% Earnings Per Share $0.29 $0.41 Down 29% $0.47 Down 38% Q4 2024 SUMMARY P&L | GAAP
13 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 $ in millions, except per share data and % Q4’24 Q4’23 Y/Y Q3’24 Q/Q Revenue $7,658 $6,168 Up 24% $6,819 Up 12% Gross Profit $4,140 $3,133 Up 32% $3,657 Up 13% Gross Margin 54% 51% Up 3 ppts 54% Flat Operating Expenses $2,125 $1,727 Up 23% $1,956 Up 9% Operating Expense/Revenue % 28% 28% Flat 29% Down 1 ppt Operating Income $2,026 $1,412 Up 43% $1,715 Up 18% Operating Margin 26% 23% Up 3 ppts 25% Up 1 ppt Net Income $1,777 $1,249 Up 42% $1,504 Up 18% Earnings Per Share $1.09 $0.77 Up 42% $0.92 Up 18% Q4 2024 SUMMARY P&L | NON-GAAP 1 1. See Appendices for GAAP to Non-GAAP reconciliation
14 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 Q4 2024 SEGMENT RESULTS ($ in millions) Q4’24 Q4’23 Y/Y Q3’24 Q/Q Data Center Net Revenue $3,859 $2,282 Up 69% $3,549 Up 9% Operating Income $1,157 $666 Up 74% $1,041 Up 11% Client Net Revenue $2,313 $1,461 Up 58% $1,881 Up 23% Operating Income $446 $55 Up 711% $276 Up 62% Gaming Net Revenue $563 $1,368 Down 59% $462 Up 22% Operating Income $50 $224 Down 78% $12 Up 317% Embedded Net Revenue $923 $1,057 Down 13% $927 Flat Operating Income $362 $46 Down 21% $372 Down 3%
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202515 REVENUE FY 2024 ▪ Record revenue of $25.8 billion increased 14% y/y ▪ Revenue growth in Data Center and Client segments partially offset by lower revenue in Gaming and Embedded segments $22.7B $25.8B FY 2023 FY 2024
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202516 GROSS MARGIN FY 2024 1. See Appendices for GAAP to Non-GAAP reconciliation Non-GAAP1 46% 49% FY 2023 FY 2024 GAAP Increase in gross margin driven by a favorable shift in revenue mix with higher Data Center and Client revenues, lower Gaming revenue, partially offset by the impact of lower Embedded revenue 50% 53% FY 2023 FY 2024
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202517 FY 2023 FY 2024 $0.4B $1.9B OPERATING INCOME FY 2024 1. See Appendices for GAAP to Non-GAAP reconciliation GAAP Non-GAAP1 $4.9B $6.1B FY 2023 FY 2024 ▪ GAAP operating income increased y/y primarily driven by higher revenue and gross margin, and lower amortization of acquisition-related intangibles, partially offset by higher operating expenses ▪ Non-GAAP operating income increased y/y primarily driven by higher revenue and gross margin, partially offset by higher operating expenses
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202518 $2.65 $3.31 FY 2023 FY 2024 EARNINGS PER SHARE FY 2024 1. See Appendices for GAAP to Non-GAAP reconciliation GAAP Non-GAAP1 ▪ GAAP net income of $1.6 billion, up 92% y/y ▪ GAAP EPS of $1.00, up 89% y/y, primarily driven by higher revenue and gross margin, and lower amortization of acquisition-related intangible assets, partially offset by higher operating expenses and a one-time tax provision $0.53 $1.00 FY 2023 FY 2024 ▪ Non-GAAP net income of $5.4 billion, up 26% y/y ▪ Non-GAAP EPS of $3.31, up 25% y/y, primarily driven by higher revenue and gross margin, partially offset by higher operating expenses
19 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 ($ in millions, except per share data) 2024 2023 Y/Y Revenue $25,785 $22,680 Up 14% Gross Profit $12,725 $10,460 Up 22% Gross Margin 49% 46% Up 3 ppts Operating Expenses $10,873 $10,093 Up 8% Operating Expense/Revenue % 42% 45% Down 3 ppts Operating Income $1,900 $401 Up 374% Operating Margin 7% 2% Up 5 ppts Net Income $1,641 $854 Up 92% Earnings Per Share $1.00 $0.53 Up 89% FY 2024 SUMMARY P&L | GAAP
20 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 ($ in millions, except per share data) 2024 2023 Y/Y Revenue $25,785 $22,680 Up 14% Gross Profit $13,759 $11,436 Up 20% Gross Margin 53% 50% Up 3 ppts Operating Expenses $7,669 $6,616 Up 16% Operating Expense/Revenue % 30% 29% Up 1 ppt Operating Income $6,138 $4,854 Up 26% Operating Margin 24% 21% Up 3 ppts Net Income $5,420 $4,302 Up 26% Earnings Per Share $3.31 $2.65 Up 25% FY 2024 SUMMARY P&L | NON-GAAP 1 1. See Appendices for GAAP to Non-GAAP reconciliation
21 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 FY 2024 SEGMENT RESULTS ($ in millions) 2024 2023 Y/Y Data Center Net Revenue $12,579 $6,496 Up 94% Operating Income $3,482 $1,267 Up 175% Client Net Revenue $7,054 $4,651 Up 52% Operating Income (Loss) $897 ($46) Up 2,050% Gaming Net Revenue $2,595 $6,212 Down 58% Operating Income $290 $971 Down 70% Embedded Net Revenue $3,557 $5,321 Down 33% Operating Income $1,421 $2,628 Down 46%
22 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 Q4 2024 SUMMARY BALANCE SHEET ITEMS ($ in millions) Q4’24 Q3’24 Q/Q Cash, Cash Equivalents and Short-term Investments $5,132 $4,544 Up 13% Accounts Receivable, Net 1 $6,192 $6,288 Down 2% Inventories $5,734 $5,374 Up 7% Total Debt $1,721 $1,720 Flat 1 Unbilled receivables of $953 million as of Q3’24 were reclassified from within Accounts receivable, net to within Prepaid expenses and other current assets to conform to current period presentation.
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202523 DATA CENTER SEGMENT Q4 2024 Strategic Highlights $2.3B $3.9B Q4 2023 Q4 2024 29% 30% Q4 2023 Q4 2024 Revenue Operating Margin Revenue $3.9 Billion Up 69% y/y Operating Income $1.2 Billion vs. $666 Million a year ago Primarily driven by higher revenue, partially offset by higher operating expenses Driven primarily by strong ramp of AMD Instinct GPU shipments and strong growth in AMD EPYC CPU sales ▪ Strong growth in public cloud deployments with 1,000+ EPYC instances exiting 2024. Microsoft, Google, AWS, Tencent, and Alibaba launched 100+ AMD general- purpose and AI instances in Q4’24. ▪ Growing pull from enterprise customers highlighted by new deployments with Akamai, Hitachi, LG, ServiceNow, Verizon, Visa and others. ▪ 450+ EPYC platforms available from leading OEMs and ODMs, including 120 “Turin” platforms launched in Q4 from Cisco, Dell, HPE, Lenovo and Supermicro. ▪ For enterprise customers, 25+ MI300 series platforms in production with the largest OEMs and ODMs, including new Dell AI Factory offerings with MI300X. ▪ Released ROCm 6.3 with performance optimizations and new features that increased AMD Instinct MI300X inference performance 2.7x since launch. ▪ AMD powers 5 of 10 fastest and 15 of 25 most energy- efficient supercomputers in the world on latest TOP500.
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202524 CLIENT SEGMENT Q4 2024 ▪ Announced AMD Ryzen AI PRO processors will power Dell Pro notebook and desktop PCs for enterprise users; first full portfolio of Dell commercial PCs based on Ryzen processors. ▪ Expanded consumer and commercial AI PC portfolio with new AMD Ryzen AI Max, Ryzen AI Max PRO, Ryzen AI 300 and Ryzen AI 300 PRO Series processors at CES 2025. ▪ Announced new AMD Ryzen 9000X3D, Ryzen 9000HX, and Ryzen Z2 processors that extend AMD leadership in desktop, mobile and handheld gaming. ▪ 150+ Ryzen AI platforms expected to be available from leading OEMs this year. Strategic Highlights$1.5B $2.3B Q4 2023 Q4 2024 4% 19% Q4 2023 Q4 2024 Revenue Operating Margin Revenue $2.3 Billion Up 58% y/y Primarily driven by strong demand for AMD Ryzen processors Operating Income $446 Million vs. $55 Million a year ago Primarily driven by higher revenue, partially offset by higher operating expenses
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202525 16% 9% Q4 2023 Q4 2024 GAMING SEGMENT Q4 2024 ▪ Released latest version of AMD Software: Adrenalin Edition , 24.9.1, to enhance gaming experiences with AMD Fluid Motion Frames 2 and AMD HYPR-RX. ▪ Next-generation Radeon 9070 series GPUs powered by RDNA 4 architecture will launch later this quarter with significantly higher raytracing performance and new AI-powered upscaling. ▪ Strong current console generation with cumulative unit shipments surpassing 100 million in Q4’24. Strategic Highlights $1.4B $0.6B Q4 2023 Q4 2024 Revenue Operating Margin Revenue $563 Million Down 59% y/y Operating Income $50 Million vs. $224 Million a year ago Primarily due to lower revenuePrimarily due to lower semi-custom revenue
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202526 EMBEDDED SEGMENT Q4 2024 ▪ Announced AMD Versal Gen 2 portfolio for data- intensive applications in the data center, communications, test and measurement and aerospace and defense markets. ▪ Introduced AMD Versal RF Series adaptive SoCs, combining high-resolution radio frequency data converters, dedicated DSP hard IP, AI Engines, and programmable logic in a single chip. ▪ Announced Vodafone and AMD collaboration on mobile base station silicon chip designs for higher- capacity AI and digital services. Strategic Highlights $0.9B Q4 2023 Q4 2024 44% 39% Q4 2023 Q4 2024 Revenue Operating Margin Revenue $923 Million Down 13% y/y Primarily due to mixed end market demand Operating Income $362 Million vs. $461 Million a year ago $1.1B Primarily due to lower revenue
27 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 ($ in millions) Q1’25 Revenue ~$7.1 Billion, +/- $300 Million Gross Margin ~54% Operating Expenses ~$2.1 Billion Interest Expense/Other Income (Expense), net ~$24 Million Effective Tax Rate ~13% of pre-tax income Diluted Share Count² ~1.64 Billion shares FINANCIAL OUTLOOK – NON-GAAP1 1. 1. See Cautionary Statement on Slide 2. These forward-looking outlook statements and non-GAAP measures are based on current expectations as of February 4, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law. All items, except revenue, are on a non-GAAP basis. Adjustments to arrive at the GAAP financial outlook typically include stock-based compensation, amortization of acquired intangible assets, income tax provision, and other non-recurring items such as impairment charges and acquisition-related costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD's control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. 2. 2. Refer to Diluted Share Count overview in the Appendices
28 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202528 Data Center Segment Revenue $3.9B Up 69% y/y Gross Margin 51% Non-GAAP Gross Margin 54% EPS $0.29 Non-GAAP EPS $1.09 Record Revenue $7.7B Up 24% y/y Q4 2024 SUMMARY 1 RECORD QUARTERLY DATA CENTER SEGMENT AND CLIENT SEGMENT REVENUE 1. See Appendices for GAAP to Non-GAAP reconciliation
29 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202529 Data Center Segment Revenue Up 94% y/y, Client Up 52% y/y Gross Margin 49% Non-GAAP Gross Margin 53% EPS $1.00 Non-GAAP EPS $3.31 Record Revenue $25.8B Up 14% y/y FY 2024 SUMMARY 1 RECORD ANNUAL DATA CENTER SEGMENT AND CLIENT SEGMENT REVENUE 1. See Appendices for GAAP to Non-GAAP reconciliation.
30 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202530 CORPORATE RESPONSIBILITY AT AMD Governance Integrating corporate responsibility and governance across product design, supply chain, operations and external engagement Social Fostering a culture of diversity, belonging and inclusion, partnering with suppliers and positively impacting our communities Environmental Advancing environmental solutions in our products, supply chain and operations, while accelerating energy efficiency for IT users
31 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202531 Large and Compelling TAM World-Class Execution and Focus Technology Leadership Expanding Data Center and AI Leadership Strong Balance Sheet OUR MOMENTUM DRIVING LONG-TERM SHAREHOLDER RETURNS
32 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND GROSS MARGIN ($ in millions, except %) (Unaudited) Q4’24 Q4’23 Q3’24 2024 2023 GAAP gross profit $3,882 $2,911 $3,419 $12,725 $10,460 GAAP gross margin 51% 47% 50% 49% 46% Stock-based compensation 6 6 5 22 30 Amortization of acquisition-related intangibles 252 215 233 946 942 Acquisition-related and other costs (1) - 1 - 1 4 Inventory loss at contract manufacturer (2) - - - 65 - Non-GAAP gross profit $4,140 $3,133 $3,657 $13,759 $11,436 Non-GAAP gross margin 54% 51% 54% 53% 50% RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES ($ in millions, except %) (Unaudited) Q4’24 Q4’23 Q3’24 2024 2023 GAAP operating expenses $3,022 $2,575 $2,709 $10,873 $10,093 GAAP operating expenses/revenue % 39% 42% 40% 42% 45% Stock-based compensation 333 368 346 1,385 1,350 Amortization of acquisition-related intangibles 332 420 352 1,448 1,869 Acquisition-related and other costs (1) 46 60 55 185 258 Restructuring charges (3) 186 - - 186 - Non-GAAP operating expenses $2,125 $1,727 $1,956 $7,669 $6,616 Non-GAAP operating expenses/revenue % 28% 28% 29% 30% 29% APPENDICES (1) Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments for inventory, certain compensation charges, contract termination costs and workforce rebalancing charges. (2) Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility. (3) Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments.
33 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 APPENDICES RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME ($ in millions, except %) (Unaudited) Q4’24 Q4’23 Q3’24 2024 2023 GAAP operating income $ 871 $ 342 $ 724 $ 1,900 $ 401 GAAP operating margin 11% 6% 11% 7% 2% Stock-based compensation 339 374 351 1,407 1,380 Amortization of acquisition-related intangibles 584 635 585 2,394 2,811 Acquisition-related and other costs (1) 46 61 55 186 262 Inventory loss at contract manufacturer (2) - - - 65 - Restructuring charges (3) 186 - - 186 - Non-GAAP operating income $ 2,026 $ 1,412 $ 1,715 $ 6,138 $ 4,854 Non-GAAP operating margin 26% 23% 25% 24% 21% (1) Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments for inventory, certain compensation charges, contract termination costs and workforce rebalancing charges. (2) Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility. (3) Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments.
34 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 RECONCILIATION OF GAAP TO NON-GAAP NET INCOME / EARNINGS PER SHARE APPENDICES (Millions, except per share data) (Unaudited) Q4’24 Q4’23 Q3’24 2024 2023 GAAP net income / earnings per share $ 482 $ 0.29 $ 667 $ 0.41 $ 771 $ 0.47 $1,641 $ 1.00 $ 854 $ 0.53 (Gains) losses on equity investments, net – – 1 – (1) – 2 – (1) – Stock-based compensation 339 0.21 374 0.23 351 0.21 1,407 0.86 1,380 0.85 Equity income in investee (12) (0.01) (6) – (7) – (33) (0.02) (16) (0.01) Amortization of acquisition-related intangibles 584 0.36 635 0.39 585 0.36 2,394 1.46 2,811 1.73 Acquisition-related and other costs (1) 46 0.03 61 0.04 56 0.03 187 0.11 262 0.16 Inventory loss at contract manufacturer (2) – – – – – – 65 0.04 – – Restructuring charges (3) 186 0.11 – – – – 186 0.11 – – Income tax provision 152 0.10 (483) (0.30) (251) (0.15) (429) (0.25) (988) (0.61) Non-GAAP net income / earnings per share $1,777 $ 1.09 $1,249 $ 0.77 $1,504 $ 0.92 $5,420 $ 3.31 $4,302 $ 2.65 Shares used in earnings per share calculation Shares used in per share calculation (GAAP and Non-GAAP) 1,634 1,628 1,636 1,637 1,625 (1) Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments for inventory, certain compensation charges, contract termination costs and workforce rebalancing charges. (2) Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility. (3) Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments.
35 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 Shares (millions) (1) Q4’24 2024 Q1’25 Actual Actual Estimate Basic shares 1,623 1,620 1,623 Dilutive impact from employee equity grants (2) 11 17 12 Diluted shares 1,634 1,637 1,635 APPENDICES SHARE COUNT OVERVIEW The table above provides actual share count for Q4’24 and 2024 and an estimate of share count to use when calculating GAAP and non-GAAP diluted earnings per share for Q1’25. (1) Share counts are weighted average shares. (2) The dilutive impact of employee equity grants is based on the Treasury Stock method and is dependent upon the average stock price during the period. The Q4’24 average stock price was $144.92. The Q4’24 average stock price of $144.92 was assumed for Q1’25 average stock price estimates.
36 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 ENDNOTES STX-04: Based on AMD product specifications and competitive products announced as of May 2024. AMD RyzenTM AI 300 Series processors’ NPU offer up to 50 peak TOPS. AI PC is defined as a laptop PC with a processor that includes a neural processing unit (NPU). STX-04. GD-220c: RyzenTM AI is defined as the combination of a dedicated AI engine, AMD RadeonTM graphics engine, and Ryzen processor cores that enable AI capabilities. OEM and ISV enablement is required, and certain AI features may not yet be optimized for Ryzen AI processors. Ryzen AI is compatible with: (a) AMD Ryzen 7040 and 8040 Series processors except Ryzen 5 7540U, Ryzen 5 8540U, Ryzen 3 7440U, and Ryzen 3 8440U processors; (b) AMD Ryzen AI 300 Series processors, and (c) all AMD Ryzen 8000G Series desktop processors except the Ryzen 5 8500G/GE and Ryzen 3 8300G/GE. Please check with your system manufacturer for feature availability prior to purchase. GD- 220c.
Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 202537
v3.25.0.1
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Advanced Micro Devices (NASDAQ:AMD)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Advanced Micro Devices (NASDAQ:AMD)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
