Intel Provides Financial Update and Full-year Business Outlook

Expects Full-year 2021 Non-GAAP Reve­nue of $72 bil­li­on and Non-GAAP EPS of $4.55

SANTA CLARA, Calif., March 23, 2021 — Intel Cor­po­ra­ti­on today pro­vi­ded a finan­cial update and full-year 2021 busi­ness outlook.

The com­pa­ny expects to exceed its pre­vious­ly com­mu­ni­ca­ted first-quar­ter 2021 non-GAAP reve­nue and ear­nings-per-share (EPS) gui­d­ance, dri­ven by con­ti­nued strong note­book demand.

For the full year, Intel expects con­ti­nued strong PC demand with dou­ble-digit PC TAM per­cen­ta­ge growth. Intel cli­ent CPU sup­ply is also expec­ted to be up dou­ble-digits year-over-year. Howe­ver, PC reve­nue will be tem­pe­red by the indus­try-wide shor­ta­ge of cri­ti­cal third-par­ty com­pon­ents, such as sub­stra­tes, which the com­pa­ny is working with its sup­ply chain part­ners to miti­ga­te. Intel’s full-year busi­ness out­look also reflects enti­ty list uncertainty.

2021 is a tran­si­tio­nal year as we acce­le­ra­te Intel’s tra­jec­to­ry, invest in our future and impro­ve our exe­cu­ti­on,” said Pat Gel­sin­ger, Intel CEO. “We’re working aggres­si­ve­ly with our sup­ply chain part­ners and lever­aging our uni­que manu­fac­tu­ring capa­bi­li­ties to sol­ve for indus­try-wide com­po­nent shor­ta­ges and out­per­form this gui­de. Given the incredi­ble demand for com­pu­ting, the strength of our IDM 2.0 stra­te­gy and the tech­no­lo­gy invest­ments we’re making, I’m cer­tain Intel’s best days are in front of us.”

Full-Year 2021 Busi­ness Outlook

Intel’s gui­d­ance for the full-year 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, as well as cer­tain other items. Recon­ci­lia­ti­ons bet­ween GAAP and non-GAAP finan­cial mea­su­res are inclu­ded below.

 

Full-Year 2021   GAAP   Non-GAAP
    Appro­xi­mate­ly   Appro­xi­mate­ly
Reve­nue   $76.5 bil­li­on   $72.0 bil­li­on
Gross mar­gin   54.5%   56.5%
Tax rate   19%   13%
Ear­nings per share   $4.00   $4.55
Full-year capi­tal spending   $19.0–20.0 bil­li­on   $19.0–20.0 bil­li­on^
Free cash flow   N/A   $10.0 bil­li­on

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.

Intel Unleas­hed Webcast

Today, Intel CEO Pat Gel­sin­ger out­lined the company’s path for­ward to manu­fac­tu­re, design and deli­ver lea­ders­hip pro­ducts and crea­te long-term value for sta­ke­hol­ders. During the company’s glo­bal “Intel Unleas­hed: Engi­nee­ring the Future” web­cast, Gel­sin­ger shared his visi­on for ‘IDM 2.0,’ a major evo­lu­ti­on of Intel’s inte­gra­ted device manu­fac­tu­ring (IDM) model. A replay and mate­ri­als from today’s web­cast are avail­ab­le at www.intel.com/newsroom.

Q1 Ear­nings Webcast

As pre­vious­ly announ­ced, 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,” “fore­cast,” “gui­d­ance,” “belie­ves,” “seeks,” “esti­ma­tes,” “con­ti­nues,” “acce­le­ra­te,” “for­ward,” “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 busi­ness, mar­ket oppor­tu­ni­ty and total address­able mar­ket (TAM), future pro­duct demand, sup­ply expec­ta­ti­ons, com­po­nent shor­ta­ges and the impact of such shor­ta­ges, enti­ty list restric­tions and the impact of such restric­tions, future finan­cial per­for­mance, busi­ness plans and their anti­ci­pa­ted bene­fits, 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.

  • 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, inclu­ding as a result of ongo­ing indus­try shor­ta­ges of com­pon­ents such as sub­stra­tes; pro­duct manu­fac­tu­ring quality/yields; and chan­ges in capi­tal requi­re­ments and invest­ment plans. 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. 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, inclu­ding chan­ges or uncer­tain­ty rela­ted to the U.S. government enti­ty list and chan­ges in the abi­li­ty to obtain export licen­ses, which can be chan­ged without pri­or notice.
  • 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.
  • 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. For examp­le, Intel’s full-year GAAP ear­nings per share gui­d­ance reflects the impact of a char­ge rela­ted to a ver­dict in liti­ga­ti­on invol­ving VLSI Tech­no­lo­gy LLC (VLSI). 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 busi­ness to SK hynix are descri­bed in our Form 10‑K filed with the SEC on Janu­a­ry 22, 2021.

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.

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. The 2021 char­ge rela­ted to the VLSI ver­dict is expec­ted to be deduc­ti­ble for tax pur­po­ses. 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 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 a char­ge rela­ted to the VLSI ver­dict, 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.
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 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.

    Full-Year 2021
    Appro­xi­mate­ly
GAAP net revenue   $ 76.5   
NAND memo­ry business   (4.5)  
Non-GAAP net revenue   $ 72.0   
     
GAAP gross margin   54.5  %
Acqui­si­ti­on-rela­ted adjustments   1.7  %
NAND memo­ry business   0.3  %
Non-GAAP gross mar­gin1   56.5  %
     
GAAP tax rate   19  %
Inco­me tax effects   (6) %
Non-GAAP tax rate   13  %
     
GAAP ear­nings per share—diluted   $ 4.00   
Acqui­si­ti­on-rela­ted adjustments   0.35   
Rest­ruc­tu­ring and other charges   0.57   
(Gains) los­ses from divestiture   (0.24)  
NAND memo­ry business   (0.39)  
Inco­me tax effects   0.26   
Non-GAAP ear­nings per share—diluted   $ 4.55   

1    Our recon­ci­lia­ti­on of GAAP Out­look to non-GAAP Out­look gross mar­gin per­cen­ta­ge reflects the exclu­si­on of our NAND memo­ry busi­ness from net revenue.

(In Bil­li­ons)   Full-Year 2021
GAAP cash from operations   $ 29.7   
Addi­ti­ons to pro­per­ty, plant and equipment   $ (19.7)  
Free cash flow   $ 10.0   

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