Intel Reports Fourth-Quarter and Full-Year 2020 Financial Results

News Sum­ma­ry

  • Fourth-quar­ter reve­nue was $20.0 bil­li­on, excee­ding Octo­ber gui­d­ance by $2.6 bil­li­on and down 1 per­cent year-over-year (YoY). Full-year reve­nue set an all-time Intel record of $77.9 bil­li­on, up 8 per­cent YoY.
  • Deli­ve­r­ed out­stan­ding fourth-quar­ter ear­nings per share (EPS) of $1.42 ($1.52 on a non-GAAP basis, excee­ding Octo­ber gui­d­ance by 42 cents).
  • In 2020, Intel gene­ra­ted a record $35.4 bil­li­on cash from ope­ra­ti­ons and $21.1 bil­li­on of free cash flow (FCF) and retur­ned $19.8 bil­li­on to shareholders.
  • Fore­cas­ting first-quar­ter 2021 reve­nue of appro­xi­mate­ly $18.6 bil­li­on (non-GAAP reve­nue of $17.5 bil­li­on); expec­ting first-quar­ter EPS of $1.03 (non-GAAP EPS of $1.10).1

SANTA CLARA, Calif., Janu­a­ry 21, 2021 — Intel Cor­po­ra­ti­on today repor­ted fourth-quar­ter and full-year 2020 finan­cial results. The com­pa­ny also announ­ced that its board of direc­tors appro­ved a cash divi­dend incre­a­se of five per­cent to $1.39 per share on an annu­al basis. The board decla­red a quar­ter­ly divi­dend of $0.3475 per share on the company’s com­mon stock, which will be paya­ble on March 1 to share­hol­ders of record on Febru­a­ry 7.

We signi­fi­cant­ly excee­ded our expec­ta­ti­ons for the quar­ter, cap­ping off our fifth con­se­cu­ti­ve record year,” said Bob Swan, Intel CEO. “Demand for the com­pu­ting per­for­mance Intel deli­vers remains very strong and our focus on growth oppor­tu­nities is paying off. It has been an honor to lead this won­der­ful com­pa­ny, and I am proud of what we have achie­ved as a team. Intel is in a strong stra­te­gic and finan­cial posi­ti­on as we make this lea­ders­hip tran­si­ti­on and take Intel to the next level.”

Q4 2020 Finan­cial Highlights

  GAAP   Non-GAAP
  Q4 2020 Q4 2019 vs. Q4 2019   Q4 2020 Q4 2019 vs. Q4 2019
Reve­nue ($B) $20.0 $20.2 down 1%   $20.0^ $20.2^ down 1%
Gross mar­gin 56.8% 58.8% down 2.0 ppt   58.4% 60.1% down 1.7 ppt
R&D and MG&A ($B) $5.4 $5.0 up 9%   $5.4 $4.9 up 9%
Ope­ra­ting margin 29.5% 33.6% down 4.2 ppt   31.5% 35.7% down 4.2 ppt
Tax rate 21.8% 14.4% up 7.4 ppt   21.5% 13.6% up 7.9 ppt
Net inco­me ($B) $5.9 $6.9 down 15%   $6.2 $6.7 down 6%
Ear­nings per share $1.42 $1.58 down 10%   $1.52 $1.52 flat

In the fourth quar­ter, the com­pa­ny gene­ra­ted $9.9 bil­li­on in cash from ope­ra­ti­ons and paid divi­dends of $1.4 billion.

Full-Year 2020 Finan­cial Highlights

  GAAP   Non-GAAP
  2020 2019 vs. 2019   2020 2019 vs. 2019
Reve­nue ($B) $77.9 $72.0 up 8%   $77.9^ $72.0^ up 8%
Gross mar­gin 56.0% 58.6% down 2.5 ppt   57.6% 60.1% down 2.6 ppt
R&D and MG&A ($B) $19.7 $19.7 flat   $19.5 $19.5 flat
Ope­ra­ting margin 30.4% 30.6% down 0.2 ppt   32.5% 33.0% down 0.5 ppt
Tax rate 16.7% 12.5% up 4.2 ppt   16.4% 12.2% up 4.2 ppt
Net inco­me ($B) $20.9 $21.0 down 1%   $22.4 $21.8 up 3%
Ear­nings per share $4.94 $4.71 up 5%   $5.30 $4.87 up 9%
Cash from Operations $35.4 $33.1 up 7%   $35.4^ $33.1^ up 7%
Free cash flow N/A N/A N/A   $21.1 $16.9 up 25%

For the full year, the com­pa­ny gene­ra­ted a record $35.4 bil­li­on cash from ope­ra­ti­ons, paid divi­dends of $5.6 bil­li­on, and used $14.2 bil­li­on to repurcha­se 274.6 mil­li­on shares of stock.

 

Busi­ness Unit Summary

Key Busi­ness Unit Reve­nue and Trends   Q4 2020   vs. Q4 2019   2020   vs. 2019
Data-centric:                    
DCG   $6.1 bil­li­on   down 16%   $26.1 bil­li­on   up 11%
Inter­net of Things                    
IOTG   $777 mil­li­on   down 16%   $3.0 bil­li­on   down 21%
Mobi­leye   $333 mil­li­on   up 39%   $967 mil­li­on   up 10%
NSG   $1.2 bil­li­on   down 1%   $5.4 bil­li­on   up 23%
PSG   $422 mil­li­on   down 16%   $1.9 bil­li­on   down 7%
        down 11%*       up 9%*
PC-centric:                    
CCG   $10.9 bil­li­on   up 9%   $40.1 bil­li­on   up 8%

Fourth-quar­ter reve­nue excee­ded pri­or expec­ta­ti­ons by $2.6 bil­li­on dri­ven by record PC-centric reve­nue with PC unit volu­mes up 33 per­cent YoY led by record note­book sales. The com­pa­ny also achie­ved bet­ter-than-expec­ted data-centric results, inclu­ding record Mobi­leye revenue.

2020 mar­ked Intel’s fifth con­se­cu­ti­ve year of record reve­nue. The Cli­ent Com­pu­ting Group, Data Cen­ter Group, Non-vola­ti­le Memo­ry Solu­ti­ons Group, and Mobi­leye all achie­ved record full-year reve­nue. In 2020, the com­pa­ny inves­ted $13.6 bil­li­on in rese­arch and deve­lo­p­ment and $14.3 bil­li­on in capi­tal expen­dit­ures while focu­sing to streng­t­hen its core CPU busi­ness, impro­ve exe­cu­ti­on and acce­le­ra­te growth.

Q4’20 Busi­ness Highlights

  • Star­ted pro­duc­tion of 10nm-based 3rd Gen Intel® Xeon® Scala­b­le pro­ces­sors (“Ice Lake”), ram­ping in Q1.
  • Laun­ched 11th Gen Intel® Core™ pro­ces­sors (“Tiger Lake”); announ­ced 11th Gen Intel® Core™ S‑Series desk­top pro­ces­sors (“Rocket Lake”), now shipping.
  • Ent­e­red dis­cre­te gra­phics mar­ket with Intel® Iris® Xe MAX gra­phics, Intel’s first Xe-based dis­cre­te GPU.
  • Announ­ced Ama­zon Web Ser­vices selec­ted Intel’s Haba­na Gau­di AI pro­ces­sors for EC2 training.
  • Deli­ve­r­ed gold release of Intel® oneA­PI deve­lo­per toolkit.
  • Announ­ced expan­ded net­work infra­st­ruc­tu­re solu­ti­ons portfolio.
  • Intro­du­ced new Intel® Opta­ne™ SSD seri­es and 3rd gen Intel Opta­ne per­sis­tent memo­ry “Crow Pass” for enter­pri­se and cloud customers.

Addi­tio­nal infor­ma­ti­on regar­ding Intel’s results can be found in the Q4’20 Ear­nings Pre­sen­ta­ti­on avail­ab­le at: www.intc.com.

 

Busi­ness Outlook

Intel’s gui­d­ance for the first quar­ter inclu­des both GAAP and non-GAAP esti­ma­tes. Our Non-GAAP mea­su­res exclu­de the NAND memo­ry busi­ness, which is sub­ject to a pre­vious­ly-announ­ced pen­ding sale. Recon­ci­lia­ti­ons bet­ween GAAP and non-GAAP finan­cial mea­su­res are inclu­ded below.

Q1 2021   GAAP   Non-GAAP
    Appro­xi­mate­ly   Appro­xi­mate­ly
Reve­nue   $18.6 bil­li­on   $17.5 bil­li­on
Ope­ra­ting margin   27%   30%
Tax rate   14.5%   14.5%^
Ear­nings per share   $1.03   $1.10

Actu­al results may dif­fer mate­ri­al­ly from Intel’s Busi­ness Out­look as a result of, among other things, the fac­tors descri­bed under “For­ward-Loo­king State­ments” below.

Ear­nings Webcast

Intel will hold a public web­cast at 2:00 p.m. PDT today to dis­cuss the results for its fourth quar­ter of 2020. The live public web­cast can be acces­sed on Intel’s Inves­tor Rela­ti­ons web­site at www.intc.com. Intel Chair­man, Omar Ishrak and inco­m­ing CEO, Pat Gel­sin­ger will join Intel CEO, Bob Swan and Intel CFO, Geor­ge Davis on today’s call. The Q4’20 Ear­nings Pre­sen­ta­ti­on, web­cast replay, and audio down­load will also be avail­ab­le on the site.

Intel plans to report its ear­nings for the first quar­ter of 2021 on April 22, 2021 prompt­ly after clo­se of mar­ket, and rela­ted mate­ri­als will be avail­ab­le at www.intc.com. A public web­cast of Intel’s ear­nings con­fe­rence call will fol­low at 2:00 p.m. PDT at www.intc.com.

For­ward-Loo­king Statements

  • Intel’s Busi­ness Out­look and other state­ments in this release that refer to future plans and expec­ta­ti­ons are for­ward-loo­king state­ments that invol­ve a num­ber of risks and uncer­tain­ties. Words such as “anti­ci­pa­tes,” “expects,” “intends,” “goals,” “plans,” “fore­cas­ting,” “gui­d­ance,” “belie­ves,” “seeks,” “esti­ma­tes,” “con­ti­nues,” “laun­ching,” “aim,” “may,” “will,” “would,” “should,” “could,” and varia­ti­ons of such words and simi­lar expres­si­ons are inten­ded to iden­ti­fy such for­ward-loo­king state­ments. State­ments that refer to or are based on esti­ma­tes, fore­casts, pro­jec­tions, uncer­tain events or assump­ti­ons, inclu­ding state­ments rela­ting to the pen­ding sale of our NAND memo­ry and sto­rage busi­ness, mar­ket oppor­tu­ni­ty, busi­ness plans, future macroeco­no­mic con­di­ti­ons, future pro­ducts and tech­no­lo­gy and the expec­ted avai­la­bi­li­ty and bene­fits of such pro­ducts and tech­no­lo­gy, and anti­ci­pa­ted trends in our busi­nes­ses or the mar­kets rele­vant to them, also iden­ti­fy for­ward-loo­king state­ments. All for­ward-loo­king state­ments inclu­ded in this release are based on management’s expec­ta­ti­ons as of the date of this release and, except as requi­red by law, Intel dis­c­laims any obli­ga­ti­on to update the­se for­ward-loo­king state­ments to reflect future events or cir­cum­s­tan­ces. For­ward-loo­king state­ments invol­ve many risks and uncer­tain­ties that could cau­se actu­al results to dif­fer mate­ri­al­ly from tho­se expres­sed or implied in such state­ments. Intel pre­sent­ly con­si­ders the fol­lowing to be among the important fac­tors that can cau­se actu­al results to dif­fer mate­ri­al­ly from the company’s expectations.
  • The COVID-19 pan­de­mic has adver­se­ly affec­ted signi­fi­cant por­ti­ons of Intel’s busi­ness and could have a mate­ri­al adver­se effect on Intel’s finan­cial con­di­ti­on and results of ope­ra­ti­ons. The pan­de­mic has resul­ted in aut­ho­ri­ties impo­sing nume­rous mea­su­res to try to con­tain the virus. The­se mea­su­res have impac­ted and may fur­ther impact our work­for­ce and ope­ra­ti­ons, the ope­ra­ti­ons of our cus­to­mers, and tho­se of our respec­ti­ve ven­dors, sup­pliers, and part­ners. Restric­tions on our manu­fac­tu­ring or sup­port ope­ra­ti­ons or work­for­ce, or simi­lar limi­ta­ti­ons for our ven­dors and sup­pliers, can impact our abi­li­ty to meet cus­to­mer demand and could have a mate­ri­al adver­se effect on us. Cur­rent and future restric­tions or dis­rup­ti­ons of trans­por­ta­ti­on, or dis­rup­ti­ons in our cus­to­mers’ ope­ra­ti­ons and sup­ply chains, may adver­se­ly affect our results of ope­ra­ti­ons. The pan­de­mic has cau­sed us to modi­fy our busi­ness prac­ti­ces. The­re is no cer­tain­ty that such mea­su­res will be suf­fi­ci­ent to miti­ga­te the risks posed by the virus, and ill­ness and work­for­ce dis­rup­ti­ons could lead to unavai­la­bi­li­ty of our key per­son­nel and harm our abi­li­ty to per­form cri­ti­cal func­tions. The pan­de­mic has signi­fi­cant­ly incre­a­sed eco­no­mic and demand uncer­tain­ty. Demand for our pro­ducts has been har­med in several are­as of our busi­ness and/or could be mate­ri­al­ly har­med in the future. The pan­de­mic has led to incre­a­sed dis­rup­ti­on and vola­ti­li­ty in capi­tal mar­kets and credit mar­kets, which could adver­se­ly affect our liqui­di­ty and capi­tal resour­ces. An eco­no­mic slow­down or reces­si­on can also result in adver­se impacts such as incre­a­sed credit and collec­ti­bi­li­ty risks, adver­se impacts on our sup­pliers, fail­u­res of coun­ter­par­ties, asset impairments, and decli­nes in the value of our finan­cial instru­ments. The degree to which COVID-19 impacts our results will depend on future deve­lo­p­ments, which are high­ly uncer­tain and can­not be pre­dic­ted, and our Busi­ness Out­look is sub­ject to con­si­derable uncer­tain­ty. The impact of the pan­de­mic can also exa­cer­ba­te other risks dis­cus­sed in this section.
  • Demand for Intel’s pro­ducts is high­ly varia­ble and can dif­fer from expec­ta­ti­ons due to fac­tors inclu­ding chan­ges in busi­ness and eco­no­mic con­di­ti­ons; cus­to­mer con­fi­dence or inco­me levels, and the levels of cus­to­mer capi­tal spen­ding; the intro­duc­tion, avai­la­bi­li­ty and mar­ket accep­t­ance of Intel’s pro­ducts, pro­ducts used tog­e­ther with Intel pro­ducts, and com­pe­ti­tors’ pro­ducts; com­pe­ti­ti­ve and pri­cing pres­su­res, inclu­ding actions taken by com­pe­ti­tors; sup­ply cons­traints and other dis­rup­ti­ons affec­ting cus­to­mers; chan­ges in cus­to­mer order pat­terns inclu­ding order can­cel­la­ti­ons; chan­ges in cus­to­mer needs and emer­ging tech­no­lo­gy trends; and chan­ges in the level of inven­to­ry and com­pu­ting capa­ci­ty at customers.
  • Intel’s results can vary signi­fi­cant­ly from expec­ta­ti­ons based on capa­ci­ty uti­liz­a­ti­on; varia­ti­ons in inven­to­ry valua­ti­on, inclu­ding varia­ti­ons rela­ted to the timing of qua­li­fy­ing pro­ducts for sale; chan­ges in reve­nue levels; seg­ment pro­duct mix; the timing and exe­cu­ti­on of the manu­fac­tu­ring ramp and asso­cia­ted cos­ts; excess or obso­le­te inven­to­ry; chan­ges in unit cos­ts; defects or dis­rup­ti­ons in the sup­ply of mate­ri­als or resour­ces; and pro­duct manu­fac­tu­ring quality/yields. Varia­ti­ons in results can also be cau­sed by the timing of Intel pro­duct intro­duc­tions and rela­ted expen­ses, inclu­ding mar­ke­ting pro­grams, and Intel’s abi­li­ty to respond quick­ly to tech­no­lo­gi­cal deve­lo­p­ments and to intro­du­ce new pro­ducts or incor­po­ra­te new fea­tures into exis­ting pro­ducts, as well as decisi­ons to exit pro­duct lines or busi­nes­ses, which can result in rest­ruc­tu­ring and asset impairment charges.
  • Intel’s results can be affec­ted by adver­se eco­no­mic, social, poli­ti­cal and physical/infrastructure con­di­ti­ons in coun­tries whe­re Intel, its cus­to­mers or its sup­pliers ope­ra­te, inclu­ding reces­si­on or slowing growth, mili­ta­ry con­flict and other secu­ri­ty risks, natu­ral dis­as­ters, infra­st­ruc­tu­re dis­rup­ti­ons, health con­cerns (inclu­ding the COVID-19 pan­de­mic), fluc­tua­tions in cur­ren­cy exchan­ge rates, sanc­tions and tariffs, poli­ti­cal dis­pu­tes, chan­ges in government grants and incen­ti­ves, and con­ti­nuing uncer­tain­ty regar­ding social, poli­ti­cal, immi­gra­ti­on, and tax and tra­de poli­ci­es in the U.S. and abroad, inclu­ding the United Kingdom’s with­dra­wal from the Euro­pean Uni­on. Results can also be affec­ted by the for­mal or infor­mal impo­si­ti­on by coun­tries of new or revi­sed export and/or import and doing-busi­ness regu­la­ti­ons, which can be chan­ged without pri­or notice.
  • Intel ope­ra­tes in high­ly com­pe­ti­ti­ve indus­tries and its ope­ra­ti­ons have high cos­ts that are eit­her fixed or dif­fi­cult to redu­ce in the short term. In addi­ti­on, we have ent­e­red new are­as and intro­du­ced adja­cent pro­ducts, whe­re we face new sources of com­pe­ti­ti­on and uncer­tain mar­ket demand or accep­t­ance of our pro­ducts, and the­se new are­as and pro­ducts do not always grow as projected.
  • The amount, timing, and exe­cu­ti­on of Intel’s stock repurcha­se pro­gram fluc­tua­te based on Intel’s prio­ri­ties for the use of cash for other purposes—such as inves­ting in our busi­ness, inclu­ding ope­ra­tio­nal and capi­tal spen­ding, acqui­si­ti­ons, and retur­ning cash to our stock­hol­ders as divi­dend payments—and becau­se of chan­ges in cash flows, tax laws, and other laws, or the mar­ket pri­ce of our com­mon stock. Our stock repurcha­se pro­gram may be sus­pen­ded or ter­mi­na­ted at any time.
  • Intel’s expec­ted tax rate is based on cur­rent tax law, inclu­ding cur­rent inter­pre­ta­ti­ons of the Tax Cuts and Jobs Act of 2017 (”TCJA”), and cur­rent expec­ted inco­me and can be affec­ted by evol­ving inter­pre­ta­ti­ons of TCJA; chan­ges in the volu­me and mix of pro­fits ear­ned and loca­ti­on of assets across juris­dic­tions with vary­ing tax rates; chan­ges in the esti­ma­tes of credits, bene­fits, and deduc­tions; the reso­lu­ti­on of issu­es ari­sing from tax audits with various tax aut­ho­ri­ties, inclu­ding pay­ment of inte­rest and pen­al­ties; and the abi­li­ty to rea­li­ze defer­red tax assets.
  • Intel’s results can be affec­ted by gains or los­ses from equi­ty secu­ri­ties and inte­rest and other, which can vary depen­ding on gains or los­ses on the chan­ge in fair value, sale, exchan­ge, or impairments of equi­ty and debt invest­ments, inte­rest rates, cash balan­ces, and chan­ges in fair value of deri­va­ti­ve instruments.
  • Pro­duct defects or erra­ta (devia­ti­ons from publis­hed spe­ci­fi­ca­ti­ons) can adver­se­ly impact our expen­ses, reve­nues, and reputation.
  • We or third par­ties regu­lar­ly iden­ti­fy secu­ri­ty vul­nera­bi­li­ties with respect to our pro­ces­sors and other pro­ducts as well as the ope­ra­ting sys­tems and workloads run­ning on them. Secu­ri­ty vul­nera­bi­li­ties and any limi­ta­ti­ons of, or adver­se effects resul­ting from, miti­ga­ti­on tech­ni­ques can adver­se­ly affect our results of ope­ra­ti­ons, finan­cial con­di­ti­on, cus­to­mer rela­ti­ons­hips, pro­spects, and repu­ta­ti­on in a num­ber of ways, any of which may be mate­ri­al, inclu­ding incur­ring signi­fi­cant cos­ts rela­ted to deve­lo­ping and deploy­ing updates and miti­ga­ti­ons, wri­ting down inven­to­ry value, a reduc­tion in the com­pe­ti­ti­ve­ness of our pro­ducts, defen­ding against pro­duct claims and liti­ga­ti­on, respon­ding to regu­la­to­ry inqui­ries or actions, paying dama­ges, addres­sing cus­to­mer satis­fac­tion con­si­de­ra­ti­ons, or taking other reme­di­al steps with respect to third par­ties. Adver­se publi­ci­ty about secu­ri­ty vul­nera­bi­li­ties or miti­ga­ti­ons could dama­ge our repu­ta­ti­on with cus­to­mers or users and redu­ce demand for our pro­ducts and services.
  • Intel’s results can be affec­ted by liti­ga­ti­on or regu­la­to­ry mat­ters invol­ving intel­lec­tu­al pro­per­ty, stock­hol­der, con­su­mer, anti­trust, com­mer­cial, dis­clo­sure, and other issu­es, as well as by the impact and timing of sett­le­ments and dis­pu­te reso­lu­ti­ons. An unfa­vor­able ruling can inclu­de mone­ta­ry dama­ges or an injunc­tion pro­hi­bi­t­ing us from manu­fac­tu­ring or sel­ling one or more pro­ducts, pre­clu­ding par­ti­cu­lar busi­ness prac­ti­ces, impac­ting our abi­li­ty to design pro­ducts, or requi­ring other reme­di­es such as com­pul­so­ry licen­sing of intel­lec­tu­al property.
  • Intel’s results can be affec­ted by the impact and timing of clo­sing of acqui­si­ti­ons, dive­s­ti­tures, and other signi­fi­cant tran­sac­tions. In addi­ti­on, the­se tran­sac­tions do not always achie­ve our finan­cial or stra­te­gic objec­ti­ves and can dis­rupt our ongo­ing busi­ness and adver­se­ly impact our results of ope­ra­ti­ons. We may not rea­li­ze the expec­ted bene­fits of port­fo­lio decisi­ons due to nume­rous risks, inclu­ding unfa­vor­able pri­ces and terms; chan­ges in mar­ket con­di­ti­ons; limi­ta­ti­ons due to regu­la­to­ry or govern­men­tal appro­vals, con­trac­tu­al terms, or other con­di­ti­ons; and poten­ti­al con­ti­nued finan­cial obli­ga­ti­ons asso­cia­ted with such tran­sac­tions. Risks and uncer­tain­ties rela­ting to the pen­ding sale of our NAND memo­ry and sto­rage busi­ness to SK hynix are descri­bed in our Form 8‑K filed with the SEC on Octo­ber 20, 2020.

Detail­ed infor­ma­ti­on regar­ding the­se and other fac­tors that could affect Intel’s busi­ness and results is inclu­ded in Intel’s SEC filings, inclu­ding the company’s most recent reports on Forms 10‑K and 10‑Q, par­ti­cu­lar­ly the “Risk Fac­tors” sec­tions of tho­se reports. Copies of the­se filings may be obtai­ned by visi­t­ing our Inves­tor Rela­ti­ons web­site at www.intc.com or the SEC’s web­site at www.sec.gov.

 

About Intel

Intel (Nasdaq: INTC) is an indus­try lea­der, crea­ting world-chan­ging tech­no­lo­gy that enab­les glo­bal pro­gress and enri­ches lives. Inspi­red by Moore’s Law, we con­ti­nuous­ly work to advan­ce the design and manu­fac­tu­ring of semi­con­duc­tors to help address our cus­to­mers’ grea­test chal­len­ges. By embed­ding intel­li­gence in the cloud, net­work, edge and every kind of com­pu­ting device, we unleash the poten­ti­al of data to trans­form busi­ness and socie­ty for the bet­ter. To learn more about Intel’s inno­va­tions, go to newsroom.intel.com and intel.com.

© Intel Cor­po­ra­ti­on. Intel, the Intel logo, and other Intel marks are trade­marks of Intel Cor­po­ra­ti­on or its sub­si­dia­ries. Other names and brands may be clai­med as the pro­per­ty of others.

Con­ta­cts: Broo­ke Wells Cara Wal­ker
  Inves­tor Relations Media Rela­ti­ons
  503–613-8230 503–696-0831
  brooke.wells@intel.com cara.walker@intel.com

 

Intel Cor­po­ra­ti­on

Con­so­li­da­ted State­ments of Inco­me and Other Information

    Three Mon­ths Ended   Twel­ve Mon­ths Ended
(In Mil­li­ons, Except Per Share Amounts)   Dec 26, 2020   Dec 28, 2019   Dec 26, 2020   Dec 28, 2019
Net reve­nue   $ 19,978     $ 20,209     $ 77,867     $ 71,965  
Cost of sales   8,630     8,331     34,255     29,825  
Gross mar­gin   11,348     11,878     43,612     42,140  
Rese­arch and development   3,655     3,384     13,556     13,362  
Mar­ke­ting, gene­ral and administrative   1,757     1,592     6,180     6,350  
Rest­ruc­tu­ring and other charges   52     105     198     393  
Ope­ra­ting expenses   5,464     5,081     19,934     20,105  
Ope­ra­ting income   5,884     6,797     23,678     22,035  
Gains (los­ses) on equi­ty invest­ments, net   1,692     617     1,904     1,539  
Inte­rest and other, net   (88)     654     (504)     484  
Inco­me befo­re taxes   7,488     8,068     25,078     24,058  
Pro­vi­si­on for taxes   1,631     1,163     4,179     3,010  
Net inco­me   $ 5,857     $ 6,905     $ 20,899     $ 21,048  
                 
Ear­nings per share—basic   $ 1.43     $ 1.60     $ 4.98     $ 4.77  
Ear­nings per share—diluted   $ 1.42     $ 1.58     $ 4.94     $ 4.71  
                 
Weigh­ted average shares of com­mon stock outstanding:                
Basic   4,094     4,319     4,199     4,417  
Dilu­t­ed   4,119     4,373     4,232     4,473  
    Three Mon­ths Ended
(In Mil­li­ons)   Dec 26, 2020   Dec 28, 2019
Ear­nings per share of com­mon stock information:        
Weigh­ted average shares of com­mon stock outstanding—basic   4,094     4,319  
Dilu­ti­ve effect of employee equi­ty incen­ti­ve plans   25     42  
Dilu­ti­ve effect of con­ver­ti­ble debt       12  
Weigh­ted average shares of com­mon stock outstanding—diluted   4,119     4,373  
         
Stock buy­back1:        
Shares repurcha­sed   38     63  
Cumu­la­ti­ve shares repurcha­sed (in billions)   5.7     5.5  
Remai­ning dol­lars aut­ho­ri­zed for buy­back (in billions)   $ 9.7     $ 23.7  
         
Other infor­ma­ti­on:        
Employees (in thousands)   110.6     110.8  
                 

 

Intel Cor­po­ra­ti­on

Con­so­li­da­ted Balan­ce Sheets

(In Mil­li­ons)   Dec 26, 2020   Dec 28, 2019
Assets        
Cur­rent assets:        
Cash and cash equivalents   $ 5,865     $ 4,194  
Short-term invest­ments   2,292     1,082  
Tra­ding assets   15,738     7,847  
Accounts receiva­ble, net of allo­wan­ce for doubt­ful accounts   6,782     7,659  
Invent­ories        
Raw mate­ri­als   908     840  
Work in process   6,007     6,225  
Finis­hed goods   1,512     1,679  
    8,427     8,744  
Assets held for sale   5,400      
Other cur­rent assets   2,745     1,713  
Total cur­rent assets   47,249     31,239  
         
Pro­per­ty, plant and equip­ment, net   56,584     55,386  
Equi­ty investments   5,152     3,967  
Other long-term investments   2,192     3,276  
Good­will   26,971     26,276  
Iden­ti­fied intan­gi­ble assets, net   9,026     10,827  
Other long-term assets   5,917     5,553  
Total assets   $ 153,091     $ 136,524  
         
Lia­bi­li­ties, tem­pora­ry equi­ty, and stock­hol­ders’ equity        
Cur­rent liabilities        
Short-term debt   $ 2,504     $ 3,693  
Accounts paya­ble   5,581     4,128  
Accrued com­pen­sa­ti­on and benefits   3,999     3,853  
Other accrued liabilities   12,670     10,636  
Total cur­rent liabilities   24,754     22,310  
         
Debt   33,897     25,308  
Con­tract liabilities   1,367     1,368  
Inco­me taxes payable   4,578     4,919  
Defer­red inco­me taxes   3,843     2,044  
Other long-term liabilities   3,614     2,916  
         
Tem­pora­ry equity       155  
Stock­hol­ders’ equity        
Pre­fer­red stock, $0.001 par value, 50 shares aut­ho­ri­zed; none issued        
Com­mon stock, $0.001 par value, 10,000 shares aut­ho­ri­zed; 4,062 shares issued and out­stan­ding (4,290 issued and out­stan­ding in 2019) and capi­tal in excess of par value   25,556     25,261  
Accu­mu­la­ted other com­pre­hen­si­ve inco­me (loss)   (751)     (1,280)  
Retai­ned earnings   56,233     53,523  
Total stock­hol­ders’ equity   81,038     77,504  
Total lia­bi­li­ties, tem­pora­ry equi­ty, and stock­hol­ders’ equity   $ 153,091     $ 136,524  

 

Intel Cor­po­ra­ti­on

Con­so­li­da­ted State­ments of Cash Flows

    Twel­ve Mon­ths Ended
(In Mil­li­ons)   Dec 26, 2020   Dec 28, 2019
         
Cash and cash equi­va­lents, begin­ning of period   $ 4,194     $ 3,019  
Cash flows pro­vi­ded by (used for) ope­ra­ting activities:        
Net inco­me   20,899     21,048  
Adjus­t­ments to recon­ci­le net inco­me to net cash pro­vi­ded by ope­ra­ting activities:        
Depre­cia­ti­on   10,482     9,204  
Share-based com­pen­sa­ti­on   1,854     1,705  
Amor­tiz­a­ti­on of intangibles   1,757     1,622  
(Gains) los­ses on equi­ty invest­ments, net   (1,757)     (892)  
(Gains) los­ses on divestitures   (30)     (690)  
Chan­ges in assets and liabilities:        
Accounts receiva­ble   883     (935)  
Invent­ories   (687)     (1,481)  
Accounts paya­ble   412     696  
Accrued com­pen­sa­ti­on and benefits   463     91  
Pre­paid sup­ply agreements   (181)     (782)  
Inco­me taxes   1,620     885  
Other assets and liabilities   (331)     2,674  
Total adjus­t­ments   14,485     12,097  
Net cash pro­vi­ded by ope­ra­ting activities   35,384     33,145  
Cash flows pro­vi­ded by (used for) inves­ting activities:        
Addi­ti­ons to pro­per­ty, plant and equipment   (14,259)     (16,213)  
Addi­ti­ons to held for sale NAND pro­per­ty, plant and equipment   (194)      
Acqui­si­ti­ons, net of cash acquired   (837)     (1,958)  
Purcha­ses of avail­ab­le-for-sale debt investments   (6,862)     (2,268)  
Matu­ri­ties and sales of avail­ab­le-for-sale debt investments   6,781     4,226  
Purcha­ses of tra­ding assets   (22,377)     (9,162)  
Matu­ri­ties and sales of tra­ding assets   15,377     7,178  
Purcha­ses of equi­ty investments   (720)     (522)  
Sales of equi­ty investments   910     2,688  
Pro­ceeds from divestitures   123     911  
Other inves­ting   1,262     715  
Net cash used for inves­ting activities   (20,796)     (14,405)  
Cash flows pro­vi­ded by (used for) finan­cing activities:        
Issu­an­ce of long-term debt, net of issu­an­ce costs   10,247     3,392  
Repay­ment of debt and debt conversion   (4,525)     (2,627)  
Pro­ceeds from sales of com­mon stock through employee equi­ty incen­ti­ve plans   897     750  
Repurcha­se of com­mon stock   (14,229)     (13,576)  
Pay­ment of divi­dends to stockholders   (5,568)     (5,576)  
Other finan­cing   261     72  
Net cash pro­vi­ded by (used for) finan­cing activities   (12,917)     (17,565)  
Net incre­a­se (decre­a­se) in cash and cash equivalents   1,671     1,175  
Cash and cash equi­va­lents, end of period   $ 5,865     $ 4,194  

 

Intel Cor­po­ra­ti­on

Sup­ple­men­tal Ope­ra­ting Seg­ment Results

    Three Mon­ths Ended   Twel­ve Mon­ths Ended
(In Mil­li­ons)   Dec 26, 2020   Dec 28, 2019   Dec 26, 2020   Dec 28, 2019
Net reve­nue                
Data Cen­ter Group                
Plat­form   $ 5,297     $ 6,587     $ 23,056     $ 21,441  
Adja­cen­cy   791     626     3,047     2,040  
    6,088     7,213     26,103     23,481  
Inter­net of Things                
IOTG   777     920     3,007     3,821  
Mobi­leye   333     240     967     879  
    1,110     1,160     3,974     4,700  
Non-Vola­ti­le Memo­ry Solu­ti­ons Group   1,208     1,217     5,358     4,362  
Pro­gramm­a­ble Solu­ti­ons Group   422     505     1,853     1,987  
Cli­ent Com­pu­ting Group                
Plat­form   9,939     8,553     35,642     32,681  
Adja­cen­cy   1,000     1,457     4,415     4,465  
    10,939     10,010     40,057     37,146  
All other   211     104     522     289  
Total net revenue   $ 19,978     $ 20,209     $ 77,867     $ 71,965  
                 
Ope­ra­ting inco­me (loss)                
Data Cen­ter Group   $ 2,077     $ 3,471     $ 10,571     $ 10,227  
Inter­net of Things                
IOTG   123     243     497     1,097  
Mobi­leye   110     57     241     245  
    233     300     738     1,342  
Non-Vola­ti­le Memo­ry Solu­ti­ons Group   76     (96)     361     (1,176)  
Pro­gramm­a­ble Solu­ti­ons Group   43     85     260     318  
Cli­ent Com­pu­ting Group   4,508     4,088     15,129     15,202  
All other   (1,053)     (1,051)     (3,381)     (3,878)  
Total ope­ra­ting income   $ 5,884     $ 6,797     $ 23,678     $ 22,035  

We deri­ve a sub­stan­ti­al majo­ri­ty of our reve­nue from plat­form pro­ducts, which are our princi­pal pro­ducts and con­si­de­red as one class of pro­duct. We offer plat­form pro­ducts that incor­po­ra­te various com­pon­ents and tech­no­lo­gies, inclu­ding a micro­pro­ces­sor and chip­set, a stand-alo­ne SoC, or a mul­ti­chip packa­ge, based on Intel® archi­tec­tu­re. Plat­form pro­ducts are used in various form fac­tors across our DCG, IOTG, and CCG ope­ra­ting seg­ments. Our non-plat­form, or adja­cent, pro­ducts can be com­bi­ned with plat­form pro­ducts to form com­pre­hen­si­ve plat­form solu­ti­ons to meet cus­to­mer needs.

Reve­nue for our repor­ta­ble and non-repor­ta­ble ope­ra­ting seg­ments is pri­ma­ri­ly rela­ted to the fol­lowing pro­duct lines:

  • DCG inclu­des workload-opti­mi­zed plat­forms and rela­ted pro­ducts desi­gned for cloud ser­vice pro­vi­ders, enter­pri­se and government, and com­mu­ni­ca­ti­ons ser­vice pro­vi­ders mar­ket segments.
  • IOTG inclu­des high-per­for­mance com­pu­te solu­ti­ons for tar­ge­ted ver­ti­cals and embed­ded app­li­ca­ti­ons in mar­ket seg­ments such as retail, indus­tri­al, health­ca­re, and vision.
  • Mobi­leye inclu­des deve­lo­p­ment of com­pu­ter visi­on and machi­ne lear­ning-based sen­sing, data ana­ly­sis, loca­liz­a­ti­on, map­ping, and dri­ving poli­cy tech­no­lo­gy for advan­ced dri­ver assi­s­tance sys­tems (ADAS) and auto­no­mous driving.
  • NSG inclu­des memo­ry and sto­rage pro­ducts like Intel® Opta­ne™ tech­no­lo­gy and Intel® 3D NAND tech­no­lo­gy, pri­ma­ri­ly used in SSDs.
  • PSG inclu­des pro­gramm­a­ble semi­con­duc­tors, pri­ma­ri­ly FPGAs and struc­tu­red ASICs, and rela­ted pro­ducts for com­mu­ni­ca­ti­ons, cloud and enter­pri­se, and embed­ded mar­ket segments.
  • CCG inclu­des plat­forms desi­gned for end-user form fac­tors, focu­sing on hig­her growth seg­ments of 2‑in‑1, thin-and-light, com­mer­cial and gaming, and gro­wing adja­cen­ci­es such as con­nec­ti­vi­ty and graphics.

Begin­ning with the first quar­ter of 2021, we expect our DCG ope­ra­ting seg­ment to inclu­de the results of our Intel Opta­ne memo­ry busi­ness, and our NSG seg­ment will be com­po­sed of our NAND memo­ry business.

We have sales and mar­ke­ting, manu­fac­tu­ring, engi­nee­ring, finan­ce, and admi­nis­tra­ti­on groups. Expen­ses for the­se groups are gene­ral­ly allo­ca­ted to the ope­ra­ting segments.

We have an “all other” cate­go­ry that inclu­des reve­nue, expen­ses, and char­ges such as:

  • results of ope­ra­ti­ons from non-repor­ta­ble seg­ments not other­wi­se presented;
  • his­to­ri­cal results of ope­ra­ti­ons from dive­s­ted businesses;
  • results of ope­ra­ti­ons of start-up busi­nes­ses that sup­port our initia­ti­ves, inclu­ding our found­ry business;
  • amounts inclu­ded wit­hin rest­ruc­tu­ring and other charges;
  • a por­ti­on of employee bene­fits, com­pen­sa­ti­on, and other expen­ses not allo­ca­ted to the ope­ra­ting seg­ments; and
  • acqui­si­ti­on-rela­ted cos­ts, inclu­ding amor­tiz­a­ti­on and any impairment of acqui­si­ti­on-rela­ted intan­gi­bles and goodwill.

 

Intel Cor­po­ra­ti­on

Sup­ple­men­tal Plat­form Reve­nue Information

    Q4 2020   Q4 2020   YTD 2020
    com­pa­red to
Q3 2020
  com­pa­red to
Q4 2019
  com­pa­red to
YTD 2019
Data Cen­ter Group            
Plat­form volumes   1%   (9)%   11%
Plat­form average sel­ling prices   2%   (12)%   (3)%
Adja­cen­cy revenue   5%   26%   49%
             
Cli­ent Com­pu­ting Group            
Desk­top plat­form volumes   25%   (7)%   (11)%
Desk­top plat­form average sel­ling prices   (2)%   1%   2%
Note­book plat­form volumes   22%   54%   28%
Note­book plat­form average sel­ling prices   (9)%   (15)%   (6)%
Adja­cen­cy revenue   (8)%   (31)%   (1)%

 

Intel Cor­po­ra­ti­on

Explana­ti­on of Non-GAAP Measures

In addi­ti­on to dis­clo­sing finan­cial results in accordance with U.S. GAAP, this docu­ment con­tains refe­ren­ces to the non-GAAP finan­cial mea­su­res below. We belie­ve the­se non-GAAP finan­cial mea­su­res pro­vi­de inves­tors with use­ful sup­ple­men­tal infor­ma­ti­on about our ope­ra­ting per­for­mance, enab­le com­pa­ri­son of finan­cial trends and results bet­ween peri­ods whe­re cer­tain items may vary inde­pen­dent of busi­ness per­for­mance, and allow for grea­ter trans­pa­ren­cy with respect to key metrics used by manage­ment in ope­ra­ting our busi­ness and mea­su­ring our performance.

Our non-GAAP finan­cial mea­su­res reflect adjus­t­ments based on one or more of the fol­lowing items, as well as the rela­ted inco­me tax effects whe­re app­li­ca­ble. Inco­me tax effects have been cal­cu­la­ted using an appro­pria­te tax rate for each adjus­t­ment. The­se non-GAAP finan­cial mea­su­res should not be con­si­de­red a sub­sti­tu­te for, or supe­ri­or to, finan­cial mea­su­res cal­cu­la­ted in accordance with U.S. GAAP, and the finan­cial results cal­cu­la­ted in accordance with U.S. GAAP and recon­ci­lia­ti­ons from the­se results should be care­ful­ly evaluated.

Non-GAAP adjus­t­ment or measure Defi­ni­ti­on Use­ful­ness to manage­ment and investors
NAND memo­ry business Our NAND memo­ry busi­ness is sub­ject to a pen­ding sale to SK hynix, as announ­ced in Octo­ber 2020. We exclu­de the impact of our NAND memo­ry busi­ness in cer­tain non-GAAP mea­su­res rela­ted to out­look becau­se the­se adjus­t­ments faci­li­ta­te a use­ful eva­lua­ti­on of our core ope­ra­tio­nal per­for­mance as view­ed by management.
Acqui­si­ti­on-rela­ted adjustments Amor­tiz­a­ti­on of acqui­si­ti­on-rela­ted intan­gi­ble assets con­sists of amor­tiz­a­ti­on of intan­gi­ble assets such as deve­lo­ped tech­no­lo­gy, brands, and cus­to­mer rela­ti­ons­hips acqui­red in con­nec­tion with busi­ness com­bi­na­ti­ons. Char­ges rela­ted to the amor­tiz­a­ti­on of the­se intan­gi­bles are recor­ded wit­hin both cost of sales and MG&A in our U.S. GAAP finan­cial state­ments. Amor­tiz­a­ti­on char­ges are recor­ded over the esti­ma­ted use­ful life of the rela­ted acqui­red intan­gi­ble asset, and thus are gene­ral­ly recor­ded over mul­ti­ple years. We exclu­de amor­tiz­a­ti­on char­ges for our acqui­si­ti­on-rela­ted intan­gi­ble assets for pur­po­ses of cal­cu­la­ting cer­tain non-GAAP mea­su­res becau­se the­se char­ges are incon­sis­tent in size and are signi­fi­cant­ly impac­ted by the timing and valua­ti­on of our acqui­si­ti­ons. The­se adjus­t­ments faci­li­ta­te a use­ful eva­lua­ti­on of our cur­rent ope­ra­ting per­for­mance and com­pa­ri­son to our past ope­ra­ting per­for­mance and pro­vi­de inves­tors with addi­tio­nal means to eva­lua­te cost and expen­se trends.
Rest­ruc­tu­ring and other charges Rest­ruc­tu­ring char­ges are cos­ts asso­cia­ted with a for­mal rest­ruc­tu­ring plan and are pri­ma­ri­ly rela­ted to employee sever­an­ce and bene­fit arran­ge­ments. Other char­ges inclu­de asset impairments, pen­si­on char­ges, and cos­ts asso­cia­ted with rest­ruc­tu­ring activity. We exclu­de rest­ruc­tu­ring and other char­ges, inclu­ding any adjus­t­ments to char­ges recor­ded in pri­or peri­ods, for pur­po­ses of cal­cu­la­ting cer­tain non-GAAP mea­su­res becau­se the­se cos­ts do not reflect our cur­rent ope­ra­ting per­for­mance. The­se adjus­t­ments faci­li­ta­te a use­ful eva­lua­ti­on of our cur­rent ope­ra­ting per­for­mance and com­pa­ri­sons to past ope­ra­ting results and pro­vi­de inves­tors with addi­tio­nal means to eva­lua­te expen­se trends.
Gains (los­ses) from divestiture Gains or los­ses are reco­gni­zed at the clo­se of a divestiture. We exclu­de gains or los­ses resul­ting from dive­s­ti­tures for pur­po­ses of cal­cu­la­ting cer­tain non-GAAP mea­su­res becau­se they do not reflect our cur­rent ope­ra­ting per­for­mance. The­se adjus­t­ments faci­li­ta­te a use­ful eva­lua­ti­on of our cur­rent ope­ra­ting per­for­mance and com­pa­ri­sons to past ope­ra­ting results.
Ongo­ing mark-to-mar­ket on mar­ket­a­ble equi­ty securities After the initi­al mark-to-mar­ket adjus­t­ment is recor­ded upon a secu­ri­ty beco­m­ing mar­ket­a­ble, gains and los­ses are reco­gni­zed from ongo­ing mark-to-mar­ket adjus­t­ments of our mar­ket­a­ble equi­ty securities. We exclu­de the­se ongo­ing gains and los­ses for pur­po­ses of cal­cu­la­ting cer­tain non-GAAP mea­su­res becau­se we do not belie­ve this vola­ti­li­ty cor­re­la­tes to our core ope­ra­tio­nal per­for­mance. The­se adjus­t­ments faci­li­ta­te a use­ful eva­lua­ti­on of our cur­rent ope­ra­ting per­for­mance and com­pa­ri­sons to past ope­ra­ting results.
Free cash flow We refe­rence a non-GAAP finan­cial mea­su­re of free cash flow, which is used by manage­ment when asses­sing our sources of liqui­di­ty, capi­tal resour­ces, and qua­li­ty of ear­nings. Free cash flow is ope­ra­ting cash flow adjus­ted to exclu­de addi­ti­ons to pro­per­ty, plant and equipment. This non-GAAP finan­cial mea­su­re is hel­pful in under­stan­ding our capi­tal requi­re­ments and pro­vi­des an addi­tio­nal means to eva­lua­te the cash flow trends of our busi­ness. We exclu­ded addi­ti­ons to held for sale NAND pro­per­ty, plant and equip­ment becau­se the addi­ti­ons are not repre­sen­ta­ti­ve of our long-term capi­tal requi­re­ments and we expect the­se assets to be sold.

 

Intel Cor­po­ra­ti­on

Sup­ple­men­tal Recon­ci­lia­ti­ons of GAAP Actu­als to Non-GAAP Actuals

Set forth below are recon­ci­lia­ti­ons of the non-GAAP finan­cial mea­su­re to the most direct­ly com­pa­ra­ble U.S. GAAP finan­cial mea­su­re. The­se non-GAAP finan­cial mea­su­res should not be con­si­de­red a sub­sti­tu­te for, or supe­ri­or to, finan­cial mea­su­res cal­cu­la­ted in accordance with U.S. GAAP, and the recon­ci­lia­ti­ons from U.S. GAAP to Non-GAAP actu­als should be care­ful­ly eva­lua­ted. Plea­se refer to “Explana­ti­on of Non-GAAP Mea­su­res” in this docu­ment for a detail­ed explana­ti­on of the adjus­t­ments made to the com­pa­ra­ble U.S. GAAP mea­su­res, the ways manage­ment uses the non-GAAP mea­su­res, and the rea­sons why manage­ment belie­ves the non-GAAP mea­su­res pro­vi­de use­ful infor­ma­ti­on for investors.

    Three Mon­ths Ended   Twel­ve Mon­ths Ended
(In Mil­li­ons, Except Per Share Amounts)   Dec 26, 2020   Dec 28, 2019   Dec 26, 2020   Dec 28, 2019
GAAP gross margin   $ 11,348     $ 11,878     $ 43,612     $ 42,140  
Acqui­si­ti­on-rela­ted adjustments   310     268     1,211     1,124  
Non-GAAP gross margin   $ 11,658     $ 12,146     $ 44,823     $ 43,264  
                 
GAAP gross mar­gin percentage   56.8 %   58.8 %   56.0 %   58.6 %
Acqui­si­ti­on-rela­ted adjustments   1.6 %   1.3 %   1.6 %   1.6 %
Non-GAAP gross mar­gin percentage   58.4 %   60.1 %   57.6 %   60.1 %
                 
GAAP R&D and MG&A   $ 5,412     $ 4,976     $ 19,736     $ 19,712  
Acqui­si­ti­on-rela­ted adjustments   (53)     (50)     (205)     (200)  
Non-GAAP R&D and MG&A   $ 5,359     $ 4,926     $ 19,531     $ 19,512  
                 
GAAP ope­ra­ting income   $ 5,884     $ 6,797     $ 23,678     $ 22,035  
Acqui­si­ti­on-rela­ted adjustments   363     318     1,416     1,324  
Rest­ruc­tu­ring and other charges   52     105     198     393  
Non-GAAP ope­ra­ting income   $ 6,299     $ 7,220     $ 25,292     $ 23,752  
                 
GAAP ope­ra­ting margin   29.5 %   33.6 %   30.4 %   30.6 %
Acqui­si­ti­on-rela­ted adjustments   1.8 %   1.6 %   1.8 %   1.8 %
Rest­ruc­tu­ring and other charges   0.3 %   0.5 %   0.3 %   0.5 %
Non-GAAP ope­ra­ting margin   31.5 %   35.7 %   32.5 %   33.0 %
                 
GAAP tax rate   21.8 %   14.4 %   16.7 %   12.5 %
Inco­me tax effects   (0.3) %   (0.8) %   (0.3) %   (0.3) %
Non-GAAP tax rate   21.5 %   13.6 %   16.4 %   12.2 %
                 
GAAP net income   $ 5,857     $ 6,905     $ 20,899     $ 21,048  
Acqui­si­ti­on-rela­ted adjustments   363     318     1,416     1,324  
Rest­ruc­tu­ring and other charges   52     105     198     393  
(Gains) los­ses from divestiture       (690)     (6)     (690)  
Ongo­ing mark-to-mar­ket on mar­ket­a­ble equi­ty securities   48     (89)     133     (277)  
Inco­me tax effects   (75)     114     (209)     (14)  
Non-GAAP net income   $ 6,245     $ 6,663     $ 22,431     $ 21,784  
                 
GAAP ear­nings per share—diluted   $ 1.42     $ 1.58     $ 4.94     $ 4.71  
Acqui­si­ti­on-rela­ted adjustments   0.09     0.07     0.33     0.29  
Rest­ruc­tu­ring and other charges   0.02     0.02     0.05     0.09  
(Gains) los­ses from divestiture       (0.16)         (0.16)  
Ongo­ing mark-to-mar­ket on mar­ket­a­ble equi­ty securities   0.01     (0.02)     0.03     (0.06)  
Inco­me tax effects   (0.02)     0.03     (0.05)      
Non-GAAP ear­nings per share—diluted   $ 1.52     $ 1.52     $ 5.30     $ 4.87  
    Twel­ve Mon­ths Ended
(In Mil­li­ons)   Dec 26, 2020
GAAP cash from operations   $ 35,384  
Addi­ti­ons to pro­per­ty, plant and equipment   (14,259)  
Free cash flow   $ 21,125  
GAAP cash used for inves­ting activities   $ (20,796)  
GAAP cash pro­vi­ded by (used for) finan­cing activities   $ (12,917)  

 

Intel Cor­po­ra­ti­on

Sup­ple­men­tal Recon­ci­lia­ti­ons of GAAP Out­look to Non-GAAP Outlook

Set forth below are recon­ci­lia­ti­ons of the non-GAAP finan­cial mea­su­re to the most direct­ly com­pa­ra­ble U.S. GAAP finan­cial mea­su­re. The­se non-GAAP finan­cial mea­su­res should not be con­si­de­red a sub­sti­tu­te for, or supe­ri­or to, finan­cial mea­su­res cal­cu­la­ted in accordance with U.S. GAAP, and the finan­cial out­look pre­pa­red in accordance with U.S. GAAP and the recon­ci­lia­ti­ons from this Busi­ness Out­look should be care­ful­ly evaluated.

Plea­se refer to “Explana­ti­on of Non-GAAP Mea­su­res” in this docu­ment for a detail­ed explana­ti­on of the adjus­t­ments made to the com­pa­ra­ble U.S. GAAP mea­su­res, the ways manage­ment uses the non-GAAP mea­su­res, and the rea­sons why manage­ment belie­ves the non-GAAP mea­su­res pro­vi­de use­ful infor­ma­ti­on for investors.

    Q1 2021 Outlook
    Appro­xi­mate­ly
GAAP net revenue   $ 18.6  
NAND memo­ry business   (1.1)  
Non-GAAP net revenue   $ 17.5  
     
GAAP ope­ra­ting margin   27 %
Acqui­si­ti­on-rela­ted adjustments   2 %
Rest­ruc­tu­ring and other charges   %
Inco­me tax effects   2 %
NAND memo­ry business   (1) %
Non-GAAP ope­ra­ting margin   30 %
     
GAAP ear­nings per share—diluted   $ 1.03  
Acqui­si­ti­on-rela­ted adjustments   0.09  
Rest­ruc­tu­ring and other charges   0.01  
Inco­me tax effects   (0.01)  
NAND memo­ry business   (0.02)  
Non-GAAP ear­nings per share—diluted   $ 1.10  

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