\n| Ear\u00adnings (loss) per share<\/td>\n | $(0.16)<\/td>\n | $1.13<\/td>\n | down 114%<\/td>\n | <\/td>\n | $0.10<\/td>\n | $1.15<\/td>\n | down 92%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n In the fourth quar\u00adter, the com\u00adpa\u00adny gene\u00adra\u00adted $7.7 bil\u00adli\u00adon in cash from ope\u00adra\u00adti\u00adons and paid divi\u00addends of $1.5 billion.<\/p>\n Full-Year 2022 Finan\u00adcial Results<\/u><\/p>\n\n\n\n| <\/td>\n | GAAP<\/span><\/strong><\/b><\/td>\n| <\/td>\n | Non-GAAP<\/strong><\/b><\/td>\n<\/tr>\n\n| <\/td>\n | 2022<\/strong><\/b><\/td>\n2021<\/strong><\/b><\/td>\nvs. 2021<\/strong><\/b><\/td>\n| <\/td>\n | 2022<\/strong><\/b><\/td>\n2021<\/strong><\/b><\/td>\nvs. 2021<\/strong><\/b><\/td>\n<\/tr>\n\n| Reve\u00adnue ($B)<\/td>\n | $63.1<\/td>\n | $79.0<\/td>\n | down 20%<\/td>\n | <\/td>\n | $63.1^<\/td>\n | $74.7<\/td>\n | down 16%<\/td>\n<\/tr>\n | \n| Gross mar\u00adgin<\/td>\n | 42.6%<\/td>\n | 55.4%<\/td>\n | down 12.8 ppts<\/td>\n | <\/td>\n | 47.3%<\/td>\n | 58.1%<\/td>\n | down 10.8 ppts<\/td>\n<\/tr>\n | \n| R&<\/span>D and MG<\/span>&<\/span>A ($B)<\/td>\n | $24.5<\/td>\n | $21.7<\/td>\n | up 13%<\/td>\n | <\/td>\n | $21.9<\/td>\n | $19.2<\/td>\n | up 14%<\/td>\n<\/tr>\n | \n| Ope\u00adra\u00adting margin<\/td>\n | 3.7%<\/td>\n | 24.6%<\/td>\n | down 20.9 ppts<\/td>\n | <\/td>\n | 12.6%<\/td>\n | 32.4%<\/td>\n | down 19.9 ppts<\/td>\n<\/tr>\n | \n| Tax rate<\/td>\n | (3.2)%<\/td>\n | 8.5%<\/td>\n | down 11.7 ppts<\/td>\n | <\/td>\n | 4.1%<\/td>\n | 8.7%<\/td>\n | down 4.6 ppts<\/td>\n<\/tr>\n | \n| Net inco\u00adme ($B)<\/td>\n | $8.0<\/td>\n | $19.9<\/td>\n | down 60%<\/td>\n | <\/td>\n | $7.6<\/td>\n | $21.7<\/td>\n | down 65%<\/td>\n<\/tr>\n | \n| Ear\u00adnings per share<\/td>\n | $1.94<\/td>\n | $4.86<\/td>\n | down 60%<\/td>\n | <\/td>\n | $1.84<\/td>\n | $5.30<\/td>\n | down 65%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n For the full year, the com\u00adpa\u00adny gene\u00adra\u00adted $15.4 bil\u00adli\u00adon in cash from ope\u00adra\u00adti\u00adons and paid divi\u00addends of $6.0 billion.<\/p>\n <\/span><\/p>\nBusi\u00adness Unit Summary<\/u><\/p>\n Intel pre\u00advious\u00adly announ\u00adced seve\u00adral orga\u00adniza\u00adtio\u00adnal chan\u00adges to acce\u00adle\u00adra\u00adte its exe\u00adcu\u00adti\u00adon and inno\u00adva\u00adti\u00adon by allo\u00adwing it to cap\u00adtu\u00adre growth in both lar\u00adge tra\u00addi\u00adtio\u00adnal mar\u00adkets and high-growth emer\u00adging mar\u00adkets. This includes the reor\u00adga\u00adniza\u00adti\u00adon of Intel\u2019s busi\u00adness units to cap\u00adtu\u00adre this growth and pro\u00advi\u00adde increased trans\u00adpa\u00adren\u00adcy, focus and accoun\u00adta\u00adbi\u00adli\u00adty. As a result, the com\u00adpa\u00adny modi\u00adfied its seg\u00adment report\u00ading in the first quar\u00adter of 2022 to ali\u00adgn to the pre\u00advious\u00adly announ\u00adced busi\u00adness reor\u00adga\u00adniza\u00adti\u00adon. All pri\u00ador-peri\u00adod seg\u00adment data has been retro\u00ads\u00adpec\u00adtively adjus\u00adted to reflect the way the com\u00adpa\u00adny intern\u00adal\u00adly mana\u00adges and moni\u00adtors ope\u00adra\u00adting seg\u00adment per\u00adfor\u00admance start\u00ading in fis\u00adcal year 2022.<\/p>\n \n\n\nBusi\u00adness Unit Reve\u00adnue and Trends<\/strong><\/b><\/td>\n| <\/td>\n | Q4<\/span> 2022<\/strong><\/b><\/td>\n| <\/td>\n | vs. Q4<\/span> 2021<\/strong><\/b><\/td>\n| <\/td>\n | 2022<\/strong><\/b><\/td>\n| <\/td>\n | vs. 2021<\/strong><\/b><\/td>\n<\/tr>\n\n| Cli\u00adent Com\u00adpu\u00adting Group (CCG<\/span>)<\/td>\n | <\/td>\n | $6.6 bil\u00adli\u00adon<\/td>\n | <\/td>\n | down<\/td>\n | 36%<\/td>\n | <\/td>\n | $31.7 bil\u00adli\u00adon<\/td>\n | <\/td>\n | down<\/td>\n | 23%<\/td>\n<\/tr>\n | \n| Data Cen\u00adter and AI<\/span> (DCAI<\/span>)<\/td>\n | <\/td>\n | $4.3 bil\u00adli\u00adon<\/td>\n | <\/td>\n | down<\/td>\n | 33%<\/td>\n | <\/td>\n | $19.2 bil\u00adli\u00adon<\/td>\n | <\/td>\n | down<\/td>\n | 15%<\/td>\n<\/tr>\n | \n| Net\u00adwork and Edge (NEX<\/span>)<\/td>\n | <\/td>\n | $2.1 bil\u00adli\u00adon<\/td>\n | <\/td>\n | down<\/td>\n | 1%<\/td>\n | <\/td>\n | $8.9 bil\u00adli\u00adon<\/td>\n | <\/td>\n | up<\/td>\n | 11%<\/td>\n<\/tr>\n | \n| Mobi\u00adleye<\/td>\n | <\/td>\n | $565 mil\u00adli\u00adon<\/td>\n | <\/td>\n | up<\/td>\n | 59%<\/td>\n | <\/td>\n | $1.9 bil\u00adli\u00adon<\/td>\n | <\/td>\n | up<\/td>\n | 35%<\/td>\n<\/tr>\n | \n| Acce\u00adle\u00adra\u00adted Com\u00adpu\u00adting Sys\u00adtems and Gra\u00adphics (AXG<\/span>)<\/td>\n | <\/td>\n | $247 mil\u00adli\u00adon<\/td>\n | <\/td>\n | up<\/td>\n | 1%<\/td>\n | <\/td>\n | $837 mil\u00adli\u00adon<\/td>\n | <\/td>\n | up<\/td>\n | 8%<\/td>\n<\/tr>\n | \n| Intel Foundry Ser\u00advices (IFS<\/span>)<\/td>\n | <\/td>\n | $319 mil\u00adli\u00adon<\/td>\n | <\/td>\n | up<\/td>\n | 30%<\/td>\n | <\/td>\n | $895 mil\u00adli\u00adon<\/td>\n | <\/td>\n | up<\/td>\n | 14%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Busi\u00adness Highlights<\/strong><\/b><\/p>\n <\/strong><\/b><\/p>\n\u25aa Intel con\u00adti\u00adnues to make pro\u00adgress with its goal of achie\u00adving five nodes in four years and is on track to regain tran\u00adsis\u00adtor per\u00adfor\u00admance and power per\u00adfor\u00admance lea\u00adder\u00adship by 2025. Intel 7 is now in high-volu\u00adme manu\u00adfac\u00adtu\u00adring for both cli\u00adent and ser\u00adver. Intel 4 is manu\u00adfac\u00adtu\u00adring-rea\u00addy, with the Mete\u00ador Lake ramp expec\u00adted in the second half of 2023. Intel 3 con\u00adti\u00adnues to pro\u00adgress and is on track. On Intel 20A<\/span> and Intel 18A<\/span>, Intel\u2019s first inter\u00adnal test chips, and tho\u00adse of a major poten\u00adti\u00adal foundry cus\u00adto\u00admer, have taped out with pro\u00adducts under\u00adgo\u00ading fabrication.<\/p>\n\u25aa In the fourth quar\u00adter of 2022, CCG<\/span>\u2019s 13th Gen Intel\u00ae<\/sup> Core\u2122 desk\u00adtop pro\u00adces\u00adsor fami\u00adly beca\u00adme available, start\u00ading with desk\u00adtop \u201cK\u201d pro\u00adces\u00adsors and the Intel\u00ae<\/sup> Z790<\/span> chip\u00adset. Addi\u00adtio\u00adnal\u00adly, in Decem\u00adber 2022, in part\u00adner\u00adship with ASUS<\/span>, Intel offi\u00adci\u00adal\u00adly set a new world record for over\u00adclo\u00adcking, pushing the 13th Gen Intel Core i9-13900K past the 9 giga\u00adhertz bar\u00adri\u00ader for the first time ever.<\/p>\n\u25aa In Janu\u00adary 2023, DCAI<\/span> laun\u00adched its 4th Gen Intel\u00ae<\/sup> Xeon\u00ae<\/sup> Sca\u00adlable pro\u00adces\u00adsors (form\u00ader\u00adly code-named Sap\u00adphi\u00adre Rapids) with the sup\u00adport of cus\u00adto\u00admers and part\u00adners such as Dell Tech\u00adno\u00adlo\u00adgies, Goog\u00adle Cloud, Hew\u00adlett Packard Enter\u00adpri\u00adse, Leno\u00advo, Micro\u00adsoft Azu\u00adre, NVIDIA<\/span> and many others, and is ram\u00adping pro\u00adduc\u00adtion to meet a strong back\u00adlog of demand.<\/p>\n\u25aa NEX<\/span> achie\u00adved a second con\u00adse\u00adcu\u00adti\u00adve year of dou\u00adble-digit reve\u00adnue growth, hit\u00adting key pro\u00adduct mile\u00adsto\u00adnes with Intel\u00ae<\/sup> IPU<\/span> E2000<\/span> (Mount Evans), Rap\u00adtor Lake P&<\/span>S, Alder Lake N and Sap\u00adphi\u00adre Rapids.<\/p>\n\u25aa AXG<\/span> deli\u00adver\u00aded record reve\u00adnue for both the fourth quar\u00adter and full year. In Janu\u00adary 2023, AXG<\/span> laun\u00adched the Intel\u00ae<\/sup> Xeon\u00ae<\/sup> CPU<\/span> Max Series (form\u00ader\u00adly code-named Sap\u00adphi\u00adre Rapids HBM<\/span>) and the Intel\u00ae<\/sup> Data Cen\u00adter GPU<\/span> Max Series (form\u00ader\u00adly code-named Pon\u00adte Vec\u00adchio). Intel also announ\u00adced that with AXG<\/span>\u2019s flag\u00adship pro\u00adducts now in pro\u00adduc\u00adtion, the com\u00adpa\u00adny is evol\u00adving AXG<\/span>\u2019s struc\u00adtu\u00adre to acce\u00adle\u00adra\u00adte and sca\u00adle its impact and dri\u00adve go-to-mar\u00adket stra\u00adte\u00adgies with a uni\u00adfied voice to cus\u00adto\u00admers. Accor\u00addin\u00adgly, the con\u00adsu\u00admer gra\u00adphics teams will join CCG<\/span>, and the acce\u00adle\u00adra\u00adted com\u00adpu\u00adting teams will join DCAI<\/span>. <\/p>\n\u25aa IFS<\/span> achie\u00adved record reve\u00adnue for both the fourth quar\u00adter and full year, with acti\u00adve design enga\u00adge\u00adments with seven of the 10 lar\u00adgest foundry cus\u00adto\u00admers. It also added a lea\u00adding cloud, edge and data cen\u00adter solu\u00adti\u00adons pro\u00advi\u00adder as a cus\u00adto\u00admer to Intel 3.<\/p>\n\u25aa Intel com\u00adple\u00adted the IPO<\/span> of Mobi\u00adleye, which achie\u00adved record reve\u00adnue for both the fourth quar\u00adter and full year of 2022. Mobi\u00adleye con\u00adtin\u00adued to exe\u00adcu\u00adte well in its core advan\u00adced dri\u00adver-assis\u00adtance sys\u00adtems (ADAS<\/span>) busi\u00adness, as it laun\u00adched sys\u00adtems into 233 distinct vehic\u00adle models in 2022.<\/p>\n <\/span><\/p>\nBusi\u00adness Outlook<\/u><\/p>\n Intel\u2019s gui\u00addance for the first quar\u00adter of 2023 includes both GAAP<\/span> and non-GAAP esti\u00adma\u00adtes. Recon\u00adci\u00adlia\u00adti\u00adons bet\u00adween GAAP<\/span> and non-GAAP finan\u00adcial mea\u00adsu\u00adres are included below.*<\/p>\n\n\n\nQ1<\/span> 2023<\/strong><\/b><\/td>\n| <\/td>\n | GAAP<\/span>*<\/strong><\/b><\/td>\n| <\/td>\n | Non-GAAP*<\/strong><\/b><\/td>\n<\/tr>\n\n| <\/td>\n | <\/td>\n | Appro\u00adxi\u00adm\u00adate\u00adly<\/td>\n | <\/td>\n | Appro\u00adxi\u00adm\u00adate\u00adly<\/td>\n<\/tr>\n | \n| Reve\u00adnue<\/td>\n | <\/td>\n | $10.5\u201311.5 bil\u00adli\u00adon<\/td>\n | <\/td>\n | $10.5\u201311.5 bil\u00adli\u00adon^<\/td>\n<\/tr>\n | \n| Gross mar\u00adgin<\/td>\n | <\/td>\n | 34.1%<\/td>\n | <\/td>\n | 39.0%<\/td>\n<\/tr>\n | \n| Tax rate<\/td>\n | <\/td>\n | (84)%<\/td>\n | <\/td>\n | 13%<\/td>\n<\/tr>\n | \n| Ear\u00adnings (loss) per share<\/td>\n | <\/td>\n | $(0.80)<\/td>\n | <\/td>\n | $(0.15)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n Actu\u00adal results may dif\u00adfer mate\u00adri\u00adal\u00adly from Intel\u2019s Busi\u00adness Out\u00adlook as a result of, among other things, the fac\u00adtors descri\u00adbed under \u201cFor\u00adward-Loo\u00adking State\u00adments\u201d below.<\/p>\n *Effec\u00adti\u00adve Janu\u00adary 2023, Intel increased the esti\u00adma\u00adted useful life of cer\u00adtain pro\u00adduc\u00adtion machi\u00adnery and equip\u00adment from five years to eight years. When com\u00adpared to the esti\u00adma\u00adted useful life in place as of the end of 2022, Intel expects total depre\u00adcia\u00adti\u00adon expen\u00adse in 2023 to redu\u00adce by rough\u00adly $4.2 bil\u00adli\u00adon, inclu\u00adding an appro\u00adxi\u00adma\u00adte $2.6 bil\u00adli\u00adon increase to gross pro\u00adfit, a $400 mil\u00adli\u00adon decrease in R&<\/span>D expen\u00adses and a $1.2 bil\u00adli\u00adon decrease in 2023 ending inven\u00adto\u00adry values. Intel\u2019s Q1<\/span> 2023 out\u00adlook includes an esti\u00adma\u00adted $350 mil\u00adli\u00adon to $500 mil\u00adli\u00adon bene\u00adfit to ope\u00adra\u00adting mar\u00adgin or $0.07 to $0.10 bene\u00adfit to EPS<\/span> from this chan\u00adge, split appro\u00adxi\u00adm\u00adate\u00adly 75% to cost of sales and 25% to ope\u00adra\u00adting expen\u00adses. The chan\u00adge in depre\u00adcia\u00adble life will not be coun\u00adted toward the $3 bil\u00adli\u00adon in cost savings in 2023 or the $8 bil\u00adli\u00adon to $10 bil\u00adli\u00adon exi\u00adting 2025 com\u00admu\u00adni\u00adca\u00adted at Q3<\/span> 2022 earnings. <\/p>\n <\/p>\n Ear\u00adnings Webcast<\/u><\/p>\n Intel will hold a public web\u00adcast at 2 p.m. PST<\/span> today to dis\u00adcuss the results for its fourth-quar\u00adter and full-year 2022. The live public web\u00adcast can be acces\u00adsed on Intel\u2019s Inves\u00adtor Rela\u00adti\u00adons web\u00adsite at www.intc.com. The cor\u00adre\u00adspon\u00adding ear\u00adnings pre\u00adsen\u00adta\u00adti\u00adon and web\u00adcast replay will also be available on the site. <\/p>\n <\/p>\n <\/span><\/p>\nFor\u00adward-Loo\u00adking Statements<\/u><\/p>\n Intel\u2019s Busi\u00adness Out\u00adlook and other state\u00adments in this release that refer to future plans and expec\u00adta\u00adti\u00adons are for\u00adward-loo\u00adking state\u00adments that invol\u00adve a num\u00adber of risks and uncer\u00adtain\u00adties. Words such as \u201cacce\u00adle\u00adra\u00adte,\u201d \u201cachie\u00adve,\u201d \u201cadjust,\u201d \u201callow,\u201d \u201canti\u00adci\u00adpa\u00adtes,\u201d \u201cbelie\u00adves,\u201d \u201ccom\u00admit\u00adted,\u201d \u201ccon\u00adti\u00adnues,\u201d \u201ccould,\u201d \u201cdeli\u00adver,\u201d \u201cdri\u00adve,\u201d \u201cesti\u00adma\u00adtes,\u201d \u201cexpand,\u201d \u201cexpects,\u201d \u201cfocus,\u201d \u201cfore\u00adcast,\u201d \u201cfuture,\u201d \u201cgoals,\u201d \u201cgrow,\u201d \u201cgui\u00addance,\u201d \u201cimpro\u00adve,\u201d \u201cincre\u00adasing,\u201d \u201cmana\u00adge,\u201d \u201cmay,\u201d \u201con-track,\u201d \u201coppor\u00adtu\u00adni\u00adty,\u201d \u201cout\u00adlook,\u201d \u201cplan,\u201d \u201cposi\u00adtio\u00adned,\u201d \u201cpoten\u00adti\u00adal,\u201d \u201cpro\u00adgress,\u201d \u201cramp,\u201d \u201crefo\u00adcus,\u201d \u201cregain,\u201d \u201cshar\u00adpen,\u201d \u201cshould,\u201d \u201csup\u00adport,\u201d \u201cwill,\u201d \u201cwould,\u201d and varia\u00adti\u00adons of such words and simi\u00adlar expres\u00adsi\u00adons are inten\u00added to iden\u00adti\u00adfy such for\u00adward-loo\u00adking state\u00adments. State\u00adments that refer to or are based on esti\u00adma\u00adtes, fore\u00adcasts, pro\u00adjec\u00adtions, uncer\u00adtain events or assump\u00adti\u00adons, inclu\u00adding state\u00adments rela\u00adting to Intel\u2019s stra\u00adtegy and its anti\u00adci\u00adpa\u00adted bene\u00adfits, inclu\u00adding our IDM<\/span> 2.0 stra\u00adtegy, Febru\u00adary 2022 Inves\u00adtor Mee\u00adting finan\u00adcial model, Smart Capi\u00adtal stra\u00adtegy, the Semi\u00adcon\u00adduc\u00adtor Co-Invest\u00adment Pro\u00adgram, the tran\u00adsi\u00adti\u00adon to an inter\u00adnal foundry model, and updates to our report\u00ading struc\u00adtu\u00adre; manu\u00adfac\u00adtu\u00adring expan\u00adsi\u00adon, finan\u00adcing, and invest\u00adment plans, inclu\u00adding the impacts of plans such as our announ\u00adced invest\u00adments in the US<\/span> and abroad; plans, cus\u00adto\u00admers, and goals rela\u00adted to Intel\u2019s foundry busi\u00adness; pro\u00adjec\u00adted cos\u00adts and yield trends; sup\u00adp\u00adly expec\u00adta\u00adti\u00adons, inclu\u00adding regar\u00adding indus\u00adtry shorta\u00adges, cons\u00adtraints, limi\u00adta\u00adti\u00adons, pri\u00adcing and suf\u00adfi\u00adci\u00aden\u00adcy of future sup\u00adp\u00adly; pen\u00adding tran\u00adsac\u00adtions, inclu\u00adding the pen\u00adding acqui\u00adsi\u00adti\u00adon of Tower Semi\u00adcon\u00adduc\u00adtor Ltd., the sale of our NAND<\/span> memo\u00adry busi\u00adness, and the wind-down of our Intel\u00ae Opta\u00adne\u2122 memo\u00adry busi\u00adness; expec\u00adted com\u00adple\u00adti\u00adon and impacts of res\u00adtruc\u00adtu\u00adring acti\u00advi\u00adties and cost-saving or effi\u00adci\u00aden\u00adcy initia\u00adti\u00adves; total addressa\u00adble mar\u00adket (TAM<\/span>) and mar\u00adket oppor\u00adtu\u00adni\u00adty; busi\u00adness plans and finan\u00adcial expec\u00adta\u00adti\u00adons; future macroe\u00adco\u00adno\u00admic and geo\u00adpo\u00adli\u00adti\u00adcal con\u00addi\u00adti\u00adons, inclu\u00adding regio\u00adnal or glo\u00adbal down\u00adturns or reces\u00adsi\u00adons; future legis\u00adla\u00adti\u00adon, inclu\u00adding any expec\u00adta\u00adti\u00adons regar\u00adding anti\u00adci\u00adpa\u00adted finan\u00adcial and other bene\u00adfits or incen\u00adti\u00adves the\u00adreun\u00adder; tax- and accoun\u00adting-rela\u00adted expec\u00adta\u00adti\u00adons; future respon\u00adses to and effects of the COVID-19<\/span> pan\u00adde\u00admic, inclu\u00adding manu\u00adfac\u00adtu\u00adring, trans\u00adpor\u00adta\u00adti\u00adon, and ope\u00adra\u00adtio\u00adnal rest\u00adric\u00adtions or dis\u00adrup\u00adti\u00adons; future pro\u00adducts, tech\u00adno\u00adlo\u00adgy, and ser\u00advices, and the expec\u00adted regu\u00adla\u00adti\u00adon, avai\u00adla\u00adbi\u00adli\u00adty, pro\u00adduc\u00adtion, and bene\u00adfits of such pro\u00adducts, tech\u00adno\u00adlo\u00adgy, and ser\u00advices, inclu\u00adding pro\u00adduct ramps, manu\u00adfac\u00adtu\u00adring goals, plans, time\u00adlines, and future pro\u00adgress, future pro\u00adcess nodes and tech\u00adno\u00adlo\u00adgies inclu\u00adding Intel 20A<\/span>, Rib\u00adbon\u00adFET, and Power\u00adVia, pro\u00adcess per\u00adfor\u00admance pari\u00adty and lea\u00adder\u00adship expec\u00adta\u00adti\u00adons, future pro\u00adduct archi\u00adtec\u00adtures, Alder Lake, Lunar Lake, Mete\u00ador Lake, Rap\u00adtor Lake, Sap\u00adphi\u00adre Rapids, Emer\u00adald Rapids, Gra\u00adni\u00adte Rapids, Sier\u00adra Forest, Mt. Evans, and future GPU<\/span> and IPU<\/span> pro\u00adducts; future busi\u00adness, social, and envi\u00adron\u00admen\u00adtal per\u00adfor\u00admance, goals, mea\u00adsu\u00adres, and stra\u00adte\u00adgies; avai\u00adla\u00adbi\u00adli\u00adty, uses, suf\u00adfi\u00adci\u00aden\u00adcy, and cost of capi\u00adtal resour\u00adces and sources of fun\u00adding, inclu\u00adding future capi\u00adtal and R&<\/span>D invest\u00adments, cre\u00addit rating expec\u00adta\u00adti\u00adons, and expec\u00adted returns to stock\u00adhol\u00adders such as stock repurcha\u00adses and divi\u00addends; our debt obli\u00adga\u00adti\u00adons; stock vola\u00adti\u00adli\u00adty; expec\u00adta\u00adti\u00adons regar\u00adding cus\u00adto\u00admers, inclu\u00adding with respect to designs, wins, orders, and part\u00adner\u00adships; pro\u00adjec\u00adtions regar\u00adding com\u00adpe\u00adti\u00adtors; and anti\u00adci\u00adpa\u00adted trends in our busi\u00adnesses or the mar\u00adkets rele\u00advant to them, inclu\u00adding with respect to future demand and indus\u00adtry growth, also iden\u00adti\u00adfy for\u00adward-loo\u00adking state\u00adments. All for\u00adward-loo\u00adking state\u00adments included in this release are based on management\u2019s expec\u00adta\u00adti\u00adons as of the date of this release and, except as requi\u00adred by law, Intel dis\u00adclaims any obli\u00adga\u00adti\u00adon to update the\u00adse for\u00adward-loo\u00adking state\u00adments to reflect future events or cir\u00adcum\u00ads\u00adtances. Unless spe\u00adci\u00adfi\u00adcal\u00adly indi\u00adca\u00adted other\u00adwi\u00adse, the for\u00adward-loo\u00adking state\u00adments in this release do not reflect the poten\u00adti\u00adal impact of any dives\u00adti\u00adtures, mer\u00adgers, acqui\u00adsi\u00adti\u00adons, or other busi\u00adness com\u00adbi\u00adna\u00adti\u00adons that have not been com\u00adple\u00adted as of the date of this release. For\u00adward-loo\u00adking state\u00adments invol\u00adve many risks and uncer\u00adtain\u00adties that could cau\u00adse actu\u00adal results to dif\u00adfer mate\u00adri\u00adal\u00adly from tho\u00adse expres\u00adsed or impli\u00aded in such state\u00adments. Intel pre\u00adsent\u00adly con\u00adsiders the fol\u00adlo\u00adwing to be among the important fac\u00adtors that can cau\u00adse actu\u00adal results to dif\u00adfer mate\u00adri\u00adal\u00adly from the company\u2019s expectations.<\/p>\n\u25aa Demand for Intel\u2019s pro\u00adducts is high\u00adly varia\u00adble and can dif\u00adfer from expec\u00adta\u00adti\u00adons due to fac\u00adtors inclu\u00adding chan\u00adges in busi\u00adness and eco\u00adno\u00admic con\u00addi\u00adti\u00adons; cus\u00adto\u00admer con\u00adfi\u00addence or inco\u00adme levels, and the levels of cus\u00adto\u00admer capi\u00adtal spen\u00adding; the intro\u00adduc\u00adtion, avai\u00adla\u00adbi\u00adli\u00adty, and mar\u00adket accep\u00adtance of Intel\u2019s pro\u00adducts, pro\u00adducts used tog\u00ade\u00adther with Intel pro\u00adducts, and com\u00adpe\u00adti\u00adtors\u2019 pro\u00adducts; com\u00adpe\u00adti\u00adti\u00adve and pri\u00adcing pres\u00adsu\u00adres, inclu\u00adding actions taken by com\u00adpe\u00adti\u00adtors; sup\u00adp\u00adly cons\u00adtraints and other dis\u00adrup\u00adti\u00adons affec\u00adting cus\u00adto\u00admers; chan\u00adges in cus\u00adto\u00admer order pat\u00adterns or fore\u00adcasts inclu\u00adding order can\u00adcel\u00adla\u00adti\u00adons; chan\u00adges in cus\u00adto\u00admer needs and emer\u00adging tech\u00adno\u00adlo\u00adgy trends; and chan\u00adges in the level of inven\u00adto\u00adry and com\u00adpu\u00adting capa\u00adci\u00adty at customers.<\/p>\n \u25aa Intel\u2019s results can vary signi\u00adfi\u00adcant\u00adly from expec\u00adta\u00adti\u00adons based on capa\u00adci\u00adty uti\u00adliza\u00adti\u00adon; varia\u00adti\u00adons in inven\u00adto\u00adry valua\u00adti\u00adon, inclu\u00adding varia\u00adti\u00adons rela\u00adted to the timing of qua\u00adli\u00adfy\u00ading pro\u00adducts for sale; chan\u00adges in reve\u00adnue levels; seg\u00adment pro\u00adduct mix; the timing and exe\u00adcu\u00adti\u00adon of the manu\u00adfac\u00adtu\u00adring ramp and asso\u00adcia\u00adted cos\u00adts; excess or obso\u00adle\u00adte inven\u00adto\u00adry; chan\u00adges in unit cos\u00adts; defects or dis\u00adrup\u00adti\u00adons in the sup\u00adp\u00adly of mate\u00adri\u00adals or resour\u00adces, inclu\u00adding as a result of ongo\u00ading indus\u00adtry shorta\u00adges of com\u00adpon\u00adents and sub\u00adstra\u00adtes; sup\u00adpli\u00aders exten\u00adding lead times, expe\u00adri\u00aden\u00adcing capa\u00adci\u00adty cons\u00adtraints, limi\u00adting or can\u00adce\u00adling sup\u00adp\u00adly, allo\u00adca\u00adting sup\u00adp\u00adly to other cus\u00adto\u00admers inclu\u00adding com\u00adpe\u00adti\u00adtors, delay\u00ading or can\u00adce\u00adling deli\u00adveries or incre\u00adasing pri\u00adces, or other sup\u00adp\u00adly chain issues; pro\u00adduct manu\u00adfac\u00adtu\u00adring quality\/yields; and chan\u00adges in capi\u00adtal requi\u00adre\u00adments and invest\u00adment plans. Varia\u00adti\u00adons in results can also be cau\u00adsed by the timing of Intel pro\u00adduct intro\u00adduc\u00adtions and rela\u00adted expen\u00adses, inclu\u00adding mar\u00adke\u00adting pro\u00adgrams and Intel\u2019s abili\u00adty to respond quick\u00adly to tech\u00adno\u00adlo\u00adgi\u00adcal deve\u00adlo\u00adp\u00adments and to intro\u00addu\u00adce new pro\u00adducts or incor\u00adpo\u00adra\u00adte new fea\u00adtures into exis\u00adting pro\u00adducts, as well as decis\u00adi\u00adons to exit pro\u00adduct lines or busi\u00adnesses, which have resul\u00adted and can result in res\u00adtruc\u00adtu\u00adring and asset impair\u00adment charges.<\/p>\n \u25aa Intel\u2019s results may be affec\u00adted by fac\u00adtors that could cau\u00adse the imple\u00admen\u00adta\u00adti\u00adon of, and expec\u00adted results from, our res\u00adtruc\u00adtu\u00adring or cost-savings initia\u00adti\u00adves to dif\u00adfer from Intel\u2019s expec\u00adta\u00adti\u00adons. The expec\u00adted cost savings resul\u00adting from the\u00adse initia\u00adti\u00adves may not be rea\u00adli\u00adzed and are sub\u00adject to risks rela\u00adted to the timing and amount of rela\u00adted char\u00adges, local labor law requi\u00adre\u00adments, and assump\u00adti\u00adons rela\u00adted to sever\u00adance, post-reti\u00adre\u00adment, and other cos\u00adts. In addi\u00adti\u00adon, signi\u00adfi\u00adcant or pro\u00adlon\u00adged tur\u00adno\u00adver may nega\u00adtively impact our ope\u00adra\u00adti\u00adons and cul\u00adtu\u00adre, as well as our abili\u00adty to suc\u00adcessful\u00adly main\u00adtain our pro\u00adces\u00adses and pro\u00adce\u00addu\u00adres, inclu\u00adding due to the loss of his\u00adto\u00adri\u00adcal, tech\u00adni\u00adcal, and other expertise.<\/p>\n \u25aa Intel\u2019s results can be affec\u00adted by adver\u00adse eco\u00adno\u00admic, social, poli\u00adti\u00adcal, regu\u00adla\u00adto\u00adry, and physical\/infrastructure con\u00addi\u00adti\u00adons in count\u00adries whe\u00adre Intel, its cus\u00adto\u00admers, or its sup\u00adpli\u00aders ope\u00adra\u00adte, inclu\u00adding reces\u00adsi\u00adon or slo\u00adwing growth, mili\u00adta\u00adry con\u00adflict and other secu\u00adri\u00adty risks, natu\u00adral dis\u00adas\u00adters, infra\u00adstruc\u00adtu\u00adre dis\u00adrup\u00adti\u00adons, health con\u00adcerns (inclu\u00adding the COVID-19<\/span> pan\u00adde\u00admic), fluc\u00adtua\u00adtions in cur\u00adren\u00adcy exch\u00adan\u00adge rates, infla\u00adti\u00adon, inte\u00adrest rate risks, sanc\u00adtions and tariffs, poli\u00adti\u00adcal dis\u00adpu\u00adtes, chan\u00adges in govern\u00adment grants and incen\u00adti\u00adves, and con\u00adti\u00adnuing uncer\u00adtain\u00adty regar\u00adding social, poli\u00adti\u00adcal, immi\u00adgra\u00adti\u00adon, and tax and trade poli\u00adci\u00ades in the US<\/span> and abroad. Results can also be affec\u00adted by the for\u00admal or infor\u00admal impo\u00adsi\u00adti\u00adon by count\u00adries of new or revi\u00adsed export and\/or import and doing-busi\u00adness regu\u00adla\u00adti\u00adons, inclu\u00adding chan\u00adges or uncer\u00adtain\u00adty rela\u00adted to the US<\/span> govern\u00adment enti\u00adty list and chan\u00adges in the abili\u00adty to obtain export licen\u00adses, which can be chan\u00adged wit\u00adhout pri\u00ador noti\u00adce. For exam\u00adp\u00adle, in respon\u00adse to Russia\u2019s war with Ukrai\u00adne, num\u00ade\u00adrous count\u00adries and orga\u00adniza\u00adti\u00adons have impo\u00adsed finan\u00adcial and other sanc\u00adtions and export con\u00adtrols against Rus\u00adsia and Bela\u00adrus, while busi\u00adnesses, inclu\u00adding the com\u00adpa\u00adny, have limi\u00adt\u00aded or sus\u00adpen\u00added Rus\u00adsi\u00adan ope\u00adra\u00adti\u00adons. Rus\u00adsia has like\u00adwi\u00adse impo\u00adsed cur\u00adren\u00adcy rest\u00adric\u00adtions and regu\u00adla\u00adti\u00adons and may fur\u00adther take reta\u00adli\u00ada\u00adto\u00adry trade or other actions, inclu\u00adding the natio\u00adna\u00adliza\u00adti\u00adon of for\u00adeign businesses.<\/p>\n\u25aa The COVID-19<\/span> pan\u00adde\u00admic has pre\u00advious\u00adly adver\u00adse\u00adly affec\u00adted signi\u00adfi\u00adcant por\u00adti\u00adons of Intel\u2019s busi\u00adness and could have a mate\u00adri\u00adal adver\u00adse effect on Intel\u2019s finan\u00adcial con\u00addi\u00adti\u00adon and results of ope\u00adra\u00adti\u00adons. The pan\u00adde\u00admic has resul\u00adted in aut\u00adho\u00adri\u00adties impo\u00adsing num\u00ade\u00adrous mea\u00adsu\u00adres to try to con\u00adtain the virus, inclu\u00adding manu\u00adfac\u00adtu\u00adring, trans\u00adpor\u00adta\u00adti\u00adon, and ope\u00adra\u00adtio\u00adnal rest\u00adric\u00adtions or dis\u00adrup\u00adti\u00adons, such as the Shang\u00adhai port shut\u00addowns. The\u00adse mea\u00adsu\u00adres have impac\u00adted and may fur\u00adther impact our work\u00adforce and ope\u00adra\u00adti\u00adons, the ope\u00adra\u00adti\u00adons of our cus\u00adto\u00admers, and tho\u00adse of our respec\u00adti\u00adve ven\u00addors, sup\u00adpli\u00aders, and part\u00adners. Rest\u00adric\u00adtions on our manu\u00adfac\u00adtu\u00adring or sup\u00adport ope\u00adra\u00adti\u00adons or work\u00adforce, or simi\u00adlar limi\u00adta\u00adti\u00adons for our ven\u00addors and sup\u00adpli\u00aders, can impact our abili\u00adty to meet cus\u00adto\u00admer demand and could have a mate\u00adri\u00adal adver\u00adse effect on us. Rest\u00adric\u00adtions or dis\u00adrup\u00adti\u00adons of trans\u00adpor\u00adta\u00adti\u00adon, or dis\u00adrup\u00adti\u00adons in our cus\u00adto\u00admers\u2019 ope\u00adra\u00adti\u00adons and sup\u00adp\u00adly chains, may adver\u00adse\u00adly affect our results of ope\u00adra\u00adti\u00adons. The pan\u00adde\u00admic has cau\u00adsed us to modi\u00adfy our busi\u00adness prac\u00adti\u00adces. The\u00adre is no cer\u00adtain\u00adty that such mea\u00adsu\u00adres will be suf\u00adfi\u00adci\u00adent to miti\u00adga\u00adte the risks posed by the virus, and ill\u00adness and work\u00adforce dis\u00adrup\u00adti\u00adons could lead to unavai\u00adla\u00adbi\u00adli\u00adty of our key per\u00adson\u00adnel and harm our abili\u00adty to per\u00adform cri\u00adti\u00adcal func\u00adtions. The pan\u00adde\u00admic has also pre\u00advious\u00adly resul\u00adted in sub\u00adstan\u00adti\u00adal eco\u00adno\u00admic uncer\u00adtain\u00adty and vola\u00adti\u00adli\u00adty and dis\u00adrupt\u00aded his\u00adto\u00adri\u00adcal pat\u00adterns rela\u00adted to demand for our pro\u00adducts and ser\u00advices. Demand for our pro\u00adducts has been and could again be mate\u00adri\u00adal\u00adly har\u00admed in the future, and our abili\u00adty to accu\u00adra\u00adte\u00adly pre\u00addict future demand, trends, or other mat\u00adters may be impac\u00adted. The degree to which COVID-19<\/span> impacts our results will depend on future deve\u00adlo\u00adp\u00adments, which are high\u00adly uncer\u00adtain. The impact of the pan\u00adde\u00admic can also exa\u00adcer\u00adba\u00adte other risks dis\u00adcus\u00adsed in this section.<\/p>\n\u25aa Intel ope\u00adra\u00adtes in high\u00adly com\u00adpe\u00adti\u00adti\u00adve indus\u00adtries and its ope\u00adra\u00adti\u00adons have high cos\u00adts that are eit\u00adher fixed or dif\u00adfi\u00adcult to redu\u00adce in the short term. In addi\u00adti\u00adon, we have ente\u00adred new are\u00adas and intro\u00addu\u00adced adja\u00adcent pro\u00adducts, such as our inten\u00adti\u00adon to beco\u00adme a major pro\u00advi\u00adder of foundry ser\u00advices, and we face new sources of com\u00adpe\u00adti\u00adti\u00adon and uncer\u00adtain mar\u00adket demand or accep\u00adtance of our offe\u00adrings with respect to the\u00adse new are\u00adas and pro\u00adducts, and they do not always grow as projected.<\/p>\n \u25aa Intel\u2019s expec\u00adted tax rate is based on cur\u00adrent tax law, inclu\u00adding cur\u00adrent inter\u00adpre\u00adta\u00adti\u00adons of the Tax Cuts and Jobs Act of 2017 (TCJA<\/span>), and cur\u00adrent expec\u00adted inco\u00adme and can be affec\u00adted by chan\u00adges in inter\u00adpre\u00adta\u00adti\u00adons of TCJA<\/span> and other laws, such as the Infla\u00adti\u00adon Reduc\u00adtion Act of 2022; chan\u00adges in the volu\u00adme and mix of pro\u00adfits ear\u00adned and loca\u00adti\u00adon of assets across juris\u00addic\u00adtions with vary\u00ading tax rates; chan\u00adges in the esti\u00adma\u00adtes of cre\u00addits, bene\u00adfits, and deduc\u00adtions; the reso\u00adlu\u00adti\u00adon of issues ari\u00adsing from tax audits with various tax aut\u00adho\u00adri\u00adties, inclu\u00adding pay\u00adment of inte\u00adrest and pen\u00adal\u00adties; and the abili\u00adty to rea\u00adli\u00adze defer\u00adred tax assets.<\/p>\n\u25aa Intel\u2019s results can be affec\u00adted by gains or los\u00adses from equi\u00adty secu\u00adri\u00adties and inte\u00adrest and other, which can vary depen\u00adding on gains or los\u00adses on the chan\u00adge in fair value, sale, exch\u00adan\u00adge, or impairm\u00adents of equi\u00adty and debt invest\u00adments, inte\u00adrest rates, cash balan\u00adces, and chan\u00adges in fair value of deri\u00adva\u00adti\u00adve instruments. <\/p>\n \u25aa Pro\u00adduct defects or erra\u00adta (devia\u00adti\u00adons from published spe\u00adci\u00adfi\u00adca\u00adti\u00adons) can adver\u00adse\u00adly impact our expen\u00adses, reve\u00adnues, and reputation.<\/p>\n \u25aa We or third par\u00adties regu\u00adlar\u00adly iden\u00adti\u00adfy secu\u00adri\u00adty vul\u00adnerabi\u00adli\u00adties with respect to our pro\u00adces\u00adsors and other pro\u00adducts as well as the ope\u00adra\u00adting sys\u00adtems and workloads run\u00adning on them. Secu\u00adri\u00adty vul\u00adnerabi\u00adli\u00adties and any limi\u00adta\u00adti\u00adons of, or adver\u00adse effects resul\u00adting from, miti\u00adga\u00adti\u00adon tech\u00adni\u00adques can adver\u00adse\u00adly affect our results of ope\u00adra\u00adti\u00adons, finan\u00adcial con\u00addi\u00adti\u00adon, cus\u00adto\u00admer rela\u00adti\u00adonships, pro\u00ads\u00adpects, and repu\u00adta\u00adti\u00adon in a num\u00adber of ways, any of which may be mate\u00adri\u00adal, inclu\u00adding incur\u00adring signi\u00adfi\u00adcant cos\u00adts rela\u00adted to deve\u00adlo\u00adping and deploy\u00ading updates and miti\u00adga\u00adti\u00adons, wri\u00adting down inven\u00adto\u00adry value, a reduc\u00adtion in the com\u00adpe\u00adti\u00adti\u00adve\u00adness of our pro\u00adducts, defen\u00adding against pro\u00adduct claims and liti\u00adga\u00adti\u00adon, respon\u00adding to regu\u00adla\u00adto\u00adry inqui\u00adries or actions, pay\u00ading dama\u00adges, addres\u00adsing cus\u00adto\u00admer satis\u00adfac\u00adtion con\u00adside\u00adra\u00adti\u00adons, or taking other reme\u00addi\u00adal steps with respect to third par\u00adties. Adver\u00adse publi\u00adci\u00adty about secu\u00adri\u00adty vul\u00adnerabi\u00adli\u00adties or miti\u00adga\u00adti\u00adons could dama\u00adge our repu\u00adta\u00adti\u00adon with cus\u00adto\u00admers or users and redu\u00adce demand for our pro\u00adducts and services.<\/p>\n \u25aa Cyber\u00adse\u00adcu\u00adri\u00adty inci\u00addents, whe\u00adther or not suc\u00adcessful, can affect Intel\u2019s results by caus\u00ading us to incur signi\u00adfi\u00adcant cos\u00adts or dis\u00adrupt\u00ading our ope\u00adra\u00adti\u00adons or tho\u00adse of our cus\u00adto\u00admers and sup\u00adpli\u00aders, and can result in repu\u00adta\u00adtio\u00adnal harm.<\/p>\n \u25aa Intel\u2019s results can be affec\u00adted by liti\u00adga\u00adti\u00adon or regu\u00adla\u00adto\u00adry mat\u00adters invol\u00adving intellec\u00adtu\u00adal pro\u00adper\u00adty, stock\u00adhol\u00adder, con\u00adsu\u00admer, che\u00admi\u00adcals, anti\u00adtrust, com\u00admer\u00adcial, dis\u00adclo\u00adsure, and other issues, as well as by the impact and timing of sett\u00adle\u00adments and dis\u00adpu\u00adte reso\u00adlu\u00adti\u00adons. For exam\u00adp\u00adle, in the first quar\u00adter of 2022, the Gene\u00adral Court in the Euro\u00adpean Com\u00admis\u00adsi\u00adon (EC<\/span>) com\u00adpe\u00adti\u00adti\u00adon mat\u00adter annul\u00adled the EC<\/span>\u2019s fin\u00addings against Intel regar\u00adding reba\u00adtes, as well as the fine pre\u00advious\u00adly impo\u00adsed on and paid by Intel. $1.2 bil\u00adli\u00adon was retur\u00adned to Intel in Febru\u00adary 2022, and the EC<\/span> has appea\u00adled this decis\u00adi\u00adon to the Court of Justice.<\/p>\n\u25aa Intel\u2019s results can be affec\u00adted by the impact and timing of clo\u00adsing of acqui\u00adsi\u00adti\u00adons, dives\u00adti\u00adtures, and other signi\u00adfi\u00adcant tran\u00adsac\u00adtions, such as the pen\u00adding acqui\u00adsi\u00adti\u00adon of Tower Semi\u00adcon\u00adduc\u00adtor Inc. In addi\u00adti\u00adon, the\u00adse tran\u00adsac\u00adtions do not always achie\u00adve our finan\u00adcial or stra\u00adte\u00adgic objec\u00adti\u00adves and can dis\u00adrupt our ongo\u00ading busi\u00adness and adver\u00adse\u00adly impact our results of ope\u00adra\u00adti\u00adons. We may not rea\u00adli\u00adze the expec\u00adted bene\u00adfits of port\u00adfo\u00adlio decis\u00adi\u00adons due to num\u00ade\u00adrous risks, inclu\u00adding unfa\u00advorable pri\u00adces and terms; chan\u00adges in mar\u00adket con\u00addi\u00adti\u00adons; chan\u00adges in appli\u00adca\u00adble laws; limi\u00adta\u00adti\u00adons due to regu\u00adla\u00adto\u00adry or govern\u00admen\u00adtal appr\u00adovals, con\u00adtrac\u00adtu\u00adal terms, or other con\u00addi\u00adti\u00adons; and poten\u00adti\u00adal con\u00adtin\u00adued finan\u00adcial obli\u00adga\u00adti\u00adons asso\u00adcia\u00adted with such transactions.<\/p>\n <\/p>\n Detail\u00aded infor\u00adma\u00adti\u00adon regar\u00adding the\u00adse and other fac\u00adtors that could affect Intel\u2019s busi\u00adness and results is included in Intel\u2019s SEC<\/span> filings, inclu\u00adding the company\u2019s most recent reports on Forms 10\u2011K and 10\u2011Q, par\u00adti\u00adcu\u00adlar\u00adly the \u201cRisk Fac\u00adtors\u201d sec\u00adtions of tho\u00adse reports. Copies of the\u00adse filings may be obtai\u00adned by visi\u00adting our Inves\u00adtor Rela\u00adti\u00adons web\u00adsite at www.intc.com or the SEC<\/span>\u2019s web\u00adsite at www.sec.gov.<\/p>\n <\/span><\/p>\nAbout Intel<\/u><\/p>\n Intel (Nasdaq: INTC<\/span>) is an indus\u00adtry lea\u00adder, crea\u00adting world-chan\u00adging tech\u00adno\u00adlo\u00adgy that enables glo\u00adbal pro\u00adgress and enri\u00adches lives. Inspi\u00adred by Moore\u2019s Law, we con\u00adti\u00adnuous\u00adly work to advan\u00adce the design and manu\u00adfac\u00adtu\u00adring of semi\u00adcon\u00adduc\u00adtors to help address our cus\u00adto\u00admers\u2019 grea\u00adtest chal\u00adlenges. By embed\u00adding intel\u00adli\u00adgence in the cloud, net\u00adwork, edge and every kind of com\u00adpu\u00adting device, we unleash the poten\u00adti\u00adal of data to trans\u00adform busi\u00adness and socie\u00adty for the bet\u00adter. To learn more about Intel\u2019s inno\u00adva\u00adtions, go to newsroom.intel.com and intel.com.<\/p>\n\u00a9 Intel Cor\u00adpo\u00adra\u00adti\u00adon. Intel, the Intel logo, and other Intel marks are trade\u00admarks of Intel Cor\u00adpo\u00adra\u00adti\u00adon or its sub\u00adsi\u00addia\u00adries. Other names and brands may be clai\u00admed as the pro\u00adper\u00adty of others.<\/p>\n <\/p>\n <\/em><\/strong><\/b><\/p>\n <\/u><\/strong><\/b><\/p>\n <\/p>\n <\/span><\/p>\nIntel Cor\u00adpo\u00adra\u00adti\u00adon<\/p>\n Con\u00adso\u00adli\u00adda\u00adted State\u00adments of Inco\u00adme and Other Information<\/p>\n \n\n\n| <\/td>\n | <\/td>\n | Three Months Ended<\/strong><\/b><\/td>\n| <\/td>\n | Twel\u00adve Months Ended<\/strong><\/b><\/td>\n<\/tr>\n\n(In Mil\u00adli\u00adons, Except Per Share Amounts; unaudited)<\/strong><\/b><\/td>\n| <\/td>\n | Dec 31, 2022<\/strong><\/b><\/td>\n| <\/td>\n | Dec 25, 2021<\/strong><\/b><\/td>\n| <\/td>\n | Dec 31, 2022<\/strong><\/b><\/td>\n| <\/td>\n | Dec 25, 2021<\/strong><\/b><\/td>\n<\/tr>\n\nNet reve\u00adnue<\/strong><\/b><\/td>\n| <\/td>\n | $ 14,042<\/strong><\/b><\/td>\n| <\/td>\n | $ 20,528<\/strong><\/b><\/td>\n| <\/td>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |