ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Millions)
Three Months
Ended Year Ended
------------- -------------
December 31, December 31,
2016 2016
------------- -------------
Cash flows from operating activities:
Net loss $ (51) $ (497)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Net gain on sale of equity interests in
ATMP JV - (146)
Equity in loss of ATMP JV 1 2
Depreciation and amortization 34 133
Provision for deferred income taxes - 11
Stock-based compensation expense 29 86
Non-cash interest expense 10 21
Loss on debt redemption 7 68
Fair value of warrant issued related to
sixth amendment to the WSA - 240
Other (3) (8)
Changes in operating assets and liabilities:
Accounts receivable 329 222
Inventories 21 (73)
Prepayment and other - GLOBALFOUNDRIES (19) 1
Prepaid expenses and other assets (32) (166)
Payable to ATMP JV (16) 128
Payable to GLOBALFOUNDRIES (29) 10
Accounts payable, accrued liabilities and
other (93) 58
------------- -------------
Net cash provided by operating activities $ 188 $ 90
------------- -------------
Cash flows from investing activities:
Purchases of property, plant and equipment (21) (77)
Net proceeds from sale of equity interests
in ATMP JV (4) 342
Other (1) 2
------------- -------------
Net cash provided by (used in) investing
activities $ (26) $ 267
------------- -------------
Cash flows from financing activities:
Proceeds from issuance of common stock, net
of issuance costs (1) 667
Proceeds from issuance of convertible senior
notes, net of issuance costs 101 782
Proceeds from issuance of common stock under
stock-based compensation equity plans 8 20
Repayments of long-term debt (265) (1,113)
Repayments of borrowings, net - (230)
Other 1 (4)
------------- -------------
Net cash provided by (used in) financing
activities $ (156) $ 122
------------- -------------
Net increase in cash and cash equivalents 6 479
------------- -------------
Cash and cash equivalents at beginning of
period $ 1,258 $ 785
------------- -------------
Cash and cash equivalents at end of period $ 1,264 $ 1,264
------------- -------------
ADVANCED MICRO DEVICES, INC.
SELECTED CORPORATE DATA
(Millions)
Three Months Ended Year Ended
-------------------------------------------------------- -------------------
Segment and Category December September December December December
Information 31, 2016 24, 2016 26, 2015 31, 2016 26, 2015
-------------------------------------------------------- -------------------
Computing and Graphics
(1)
Net revenue $ 600 $ 472 $ 470 $ 1,967 $ 1,805
Operating loss $ (21) $ (66) $ (99) $ (238) $ (502)
Enterprise, Embedded and
Semi-Custom (2)
Net revenue $ 506 $ 835 $ 488 $ 2,305 $ 2,186
Operating income $ 47 $ 136 $ 59 $ 283 $ 215
All Other (3)
Net revenue - - - - -
Operating loss $ (29) $ (363) $ (9) $ (417) $ (194)
Total
Net revenue $ 1,106 $ 1,307 $ 958 $ 4,272 $ 3,991
Operating loss $ (3) $ (293) $ (49) $ (372) $ (481)
-------------------------------------------------------- -------------------
Other Data
Depreciation and
amortization, excluding
amortization of
acquired intangible
assets $ 34 $ 33 $ 34 $ 133 $ 164
Capital additions $ 21 $ 9 $ 32 $ 77 $ 96
Adjusted EBITDA (4) $ 60 $ 103 $ (5) $ 177 $ (89)
Cash and cash
equivalents $ 1,264 $ 1,258 $ 785 $ 1,264 $ 785
Non-GAAP free cash flow
(5) $ 167 $ 20 $ 27 $ 13 $ (322)
Total assets $ 3,321 $ 3,616 $ 3,084 $ 3,321 $ 3,084
Total debt $ 1,435 $ 1,632 $ 2,237 $ 1,435 $ 2,237
-------------------------------------------------------- -------------------
(1) Computing and Graphics segment primarily includes desktop and notebook
processors and chipsets, discrete graphics processing units (GPUs) and
professional graphics.
(2) Enterprise, Embedded and Semi-Custom segment primarily includes server
and embedded processors, semi-custom System-on-Chip (SoC) products and
technology for game consoles. We also license portions of our
intellectual property portfolio.
(3) All Other category primarily includes certain expenses and credits that
are not allocated to any of the operating segments. Also included in
this category is stock-based compensation expense. In addition, the
Company also included charges related to: restructuring and other
special charges, net for 2016, the fourth quarter of 2015 and 2015, the
sixth amendment to the WSA with GF for the third quarter of 2016 and
2016 and amortization of acquired intangible assets for 2015.
(4) Reconciliation of GAAP Operating Loss to Adjusted EBITDA*
Three Months Ended Year Ended
----------------------------- ------------------
December September December December December
31, 2016 24, 2016 26, 2015 31, 2016 26, 2015
-------- --------- -------- -------- --------
GAAP operating loss $ (3) $ (293) $ (49) $ (372) $ (481)
Charge related to the
sixth amendment to
the WSA with GF - 340 - 340 -
Restructuring and
other special
charges, net - - (6) (10) 129
Technology node
transition charge - - - - 33
Stock-based
compensation expense 29 23 16 86 63
Amortization of
acquired intangible
assets - - - - 3
Depreciation and
amortization 34 33 34 133 164
-------- --------- -------- -------- --------
Adjusted EBITDA $ 60 $ 103 $ (5) $ 177 $ (89)
======== ========= ======== ======== ========
(5) Non-GAAP free cash flow reconciliation**
Three Months Ended Year Ended
----------------------------- ------------------
December September December December December
31, 2016 24, 2016 26, 2015 31, 2016 26, 2015
-------- --------- -------- -------- --------
GAAP net cash provided
by (used in)
operating activities $ 188 $ 29 $ 59 $ 90 $ (226)
Purchases of property,
plant and equipment (21) (9) (32) (77) (96)
-------- --------- -------- -------- --------
Non-GAAP free cash
flow $ 167 $ 20 $ 27 $ 13 $ (322)
======== ========= ======== ======== ========
* The Company presents "Adjusted EBITDA" as a supplemental measure of its
performance. Adjusted EBITDA for the Company is determined by adjusting
operating income (loss) for depreciation and amortization and stock-
based compensation expense. In addition, the Company excluded a charge
related to the sixth amendment to the WSA with GF for the third quarter
of 2016 and 2016, restructuring and other special charges, net for
2016, the fourth quarter of 2015 and 2015, a technology node transition
charge and amortization of acquired intangible assets for 2015. The
Company calculates and communicates Adjusted EBITDA because the
Company's management believes it is of importance to investors and
lenders in relation to its overall capital structure and its ability to
borrow additional funds. In addition, the Company presents Adjusted
EBITDA because it believes this measure assists investors in comparing
its performance across reporting periods on a consistent basis by
excluding items that the Company does not believe are indicative of its
core operating performance. The Company's calculation of Adjusted
EBITDA may or may not be consistent with the calculation of this
measure by other companies in the same industry. Investors should not
view Adjusted EBITDA as an alternative to the GAAP operating measure of
operating income (loss) or GAAP liquidity measures of cash flows from
operating, investing and financing activities. In addition, Adjusted
EBITDA does not take into account changes in certain assets and
liabilities as well as interest and income taxes that can affect cash
flows.
** The Company also presents non-GAAP free cash flow as a supplemental
measure of its performance. Non-GAAP free cash flow is determined by
adjusting GAAP net cash provided by (used in) operating activities for
capital expenditures. The Company calculates and communicates non-GAAP
free cash flow in the financial earnings press release because the
Company's management believes it is of importance to investors to
understand the nature of these cash flows. The Company's calculation of
non-GAAP free cash flow may or may not be consistent with the
calculation of this measure by other companies in the same industry.
Investors should not view non-GAAP free cash flow as an alternative to
GAAP liquidity measures of cash flows from operating activities. The
Company has provided reconciliations within the earnings press release
of these non-GAAP financial measures to the most directly comparable
GAAP financial measures.
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AMD Reports Fourth Quarter and Annual 2016 Financial Results
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