ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 28,
2024 | September 30,
2023 | September 28,
2024 | September 30,
2023 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income | $ | 771 | $ | 299 | $ | 1,159 | $ | 187 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 756 | 823 | 2,309 | 2,654 | |||||||||||
| Stock-based compensation | 351 | 353 | 1,068 | 1,010 | |||||||||||
| Amortization of operating lease right-of-use assets | 30 | 25 | 82 | 73 | |||||||||||
| Deferred income taxes | (607 | ) | (218 | ) | (863 | ) | (800 | ) | |||||||
| Inventory loss at contract manufacturer | — | — | 65 | — | |||||||||||
| Other | (13 | ) | (23 | ) | (50 | ) | (31 | ) | |||||||
| Changes in operating assets and liabilities | |||||||||||||||
| Accounts receivable, net | (1,489 | ) | (743 | ) | (1,862 | ) | (929 | ) | |||||||
| Inventories | (386 | ) | 122 | (1,096 | ) | (674 | ) | ||||||||
| Prepaid expenses and other assets | (16 | ) | (143 | ) | (250 | ) | (380 | ) | |||||||
| Receivables from and payables to related parties, net | 36 | 14 | 78 | (136 | ) | ||||||||||
| Accounts payable | 832 | (547 | ) | 476 | (238 | ) | |||||||||
| Accrued and other liabilities | 363 | 459 | 626 | 550 | |||||||||||
| Net cash provided by operating activities | 628 | 421 | 1,742 | 1,286 | |||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchases of property and equipment | (132 | ) | (124 | ) | (428 | ) | (407 | ) | |||||||
| Purchases of short-term investments | (142 | ) | (496 | ) | (707 | ) | (3,312 | ) | |||||||
| Proceeds from maturity of short-term investments | 149 | 746 | 1,351 | 1,917 | |||||||||||
| Proceeds from sale of short-term investments | 589 | — | 591 | 248 | |||||||||||
| Acquisitions, net of cash acquired | (548 | ) | (14 | ) | (548 | ) | (14 | ) | |||||||
| Related party equity method investment | (17 | ) | — | (17 | ) | — | |||||||||
| Other | (37 | ) | (10 | ) | (129 | ) | (5 | ) | |||||||
| Net cash provided by (used in) investing activities | (138 | ) | 102 | 113 | (1,573 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||
| Repayment of debt | — | — | (750 | ) | — | ||||||||||
| Proceeds from sales of common stock through employee equity plans | 4 | 4 | 152 | 148 | |||||||||||
| Repurchases of common stock | (250 | ) | (511 | ) | (606 | ) | (752 | ) | |||||||
| Common stock repurchases for tax withholding on employee equity plans | (460 | ) | (295 | ) | (686 | ) | (382 | ) | |||||||
| Other | — | (1 | ) | (1 | ) | 1 | |||||||||
| Net cash used in financing activities | (706 | ) | (803 | ) | (1,891 | ) | (987 | ) | |||||||
| Net decrease in cash and cash equivalents | $ | (216 | ) | $ | (280 | ) | $ | (36 | ) | $ | (1,274 | ) | |||
| Cash and cash equivalents at beginning of period | 4,113 | 3,841 | 3,933 | 4,835 | |||||||||||
| Cash and cash equivalents at end of period | $ | 3,897 | $ | 3,561 | $ | 3,897 | $ | 3,561 | |||||||
