The expected cost savings resulting from these initiatives may not be realized and are subject to risks related to the timing and amount of related charges, local labor law requirements, and assumptions related to severance, post-retirement, and other costs. Cybersecurity incidents, whether or not successful, can affect Intel's results by causing us to incur significant costs or disrupting our operations or those of our customers and suppliers, and can result in reputational harm. $1.46. The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results. expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives; total addressable market (TAM) and market opportunity; business plans and financial expectations; future macroeconomic and geopolitical conditions, including regional or global downturns or recessions; future legislation, including any expectations regarding anticipated financial and other benefits or incentives thereunder; tax- and accounting-related expectations; future responses to and effects of the COVID-19 pandemic, including manufacturing, transportation, and operational restrictions or disruptions; future products, technology, and services, and the expected regulation, availability, production, and benefits of such products, technology, and services, including product ramps, manufacturing goals, plans, timelines, and future progress, future process nodes and technologies including Intel 20A, RibbonFET, and PowerVia, process performance parity and leadership expectations, future product architectures, Alder Lake, Lunar Lake, Meteor Lake, Raptor Lake, Sapphire Rapids, Emerald Rapids, Granite Rapids, Sierra Forest, Mt. // Intel is committed to respecting human rights and avoiding complicity in human rights abuses. Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. The dividend will be payable on June 1, 2021, to stockholders of record on May 7, 2021. 40.5% of all U.S. workers have access to nonproduction bonuses. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the reconciliations from US GAAP to Non-GAAP actuals should be carefully evaluated. 0000004033 00000 n
Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. This non-GAAP financial measure is helpful in understanding our capital requirements and sources of liquidity by providing an additional means to evaluate the cash flow trends of our business. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Feb 6, 2023. Intel reported fourth-quarter earnings on Wednesday. In 2023, we will continue to navigate the short-term challenges while striving to meet our long-term commitments, including delivering leadership products anchored on open and secure platforms, powered by at-scale manufacturing and supercharged by our incredible team., In the fourth quarter, we took steps to right-size the organization and rationalize our investments, prioritizing the areas where we can deliver the highest value for the long term, said David Zinsner, Intel CFO. Its gross margin also fell from 54% last year to 39% in the fourth quarter, indicating Intel had to slash prices to get to the revenue levels it did. In addition, we have entered new areas and introduced adjacent products, such as our intention to become a major provider of foundry services, and we face new sources of competition and uncertain market demand or acceptance of our offerings with respect to these new areas and products, and they do not always grow as projected. In a rough calculation, state economist Josh Lehner estimated Intel's pay cuts could reduce Oregon's aggregate wages by $150 million to $200 million - about 0.15% of all wages statewide . Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. // See our complete legal Notices and Disclaimers. 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 have resulted and can result in restructuring and asset impairment charges. . On behalf of Intel Corporation ("Intel" or the "Company") I am pleased to provide this offer to you for the position of Chief Executive Officer reporting to the Intel Board of Directors (the "Board"). tral Intelligence or the Director of the Central Intel-ligence Agency in the Director's capacity as the head of the Central Intelligence Agency deemed to be a ref-erence to the Director of the Central Intelligence Agen-cy. suspension of bonuses, and a reduction in its 401(k) match. 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 core operating performance. Intel annual revenue for 2021 was $79.0B, a 1.49% growth from 2020. 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 and substrates; suppliers extending lead times, experiencing capacity constraints, limiting or canceling supply, allocating supply to other customers including competitors, delaying or canceling deliveries or increasing prices, or other supply chain issues; product manufacturing quality/yields; and changes in capital requirements and investment plans. Copies of these filings may be obtained by visiting our Investor Relations website at, Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. In the eyes of some investors, the last great reason to own Intel(INTC 1.60%) is gone. Terms of Use. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Intel 3 continues to progress and is on track. We exclude the impacts of this 2022 change in US tax treatment of R&D costs for purposes of calculating certain non-GAAP measures as we believe these adjustments facilitate a better evaluation of our current operating performance and comparison to past operating results. Sign up here Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US 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. Second, many consumers recently upgraded their PCs within the past few years, during the pandemic. The change in depreciable life will not be counted toward the $3 billion in cost savings in 2023 or the $8 billion to $10 billion exiting 2025 communicated at Q3 2022 earnings. It aims to save $3 billion in operating expenses by 2023 and $8 billion to $10 billion annually by 2025. Base Salary. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 0000061465 00000 n
Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. There are multiple ways employees are compensated at Intel: Base Salary Quarterly Profit Bonus (QPB) Annual Performance Bonus (APB) Stock Awards The base salary is paid out twice a month. We exclude these non-operating gains and losses for purposes of calculating certain non-GAAP measures because it provides better comparability between periods. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. CCG includes products designed for end-user form factors, focusing on higher growth segments of 2 in 1, thin-and-light, commercial and gaming, and growing other products such as connectivity and graphics. Glassdoor is your resource for information about the Performance Bonus benefits at Intel Corporation. In the eyes of some investors, the last great reason to own Intel (INTC 1.49%) is gone. 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. startxref
// No product or component can be absolutely secure. Intel has a dividend yield of 5.81% and paid $1.46 per share in the past year. For example, in the first quarter of 2022, the General Court in the European Commission (EC) competition matter annulled the EC's findings against Intel regarding rebates, as well as the fine previously imposed on and paid by Intel. Actual results may differ materially from Intels Business Outlook as a result of, among other things, the factors described under Forward-Looking Statements below. DCAI includes a broad portfolio of central processing units (CPUs), domain-specific accelerators and field programmable gate arrays (FPGAs), designed to empower data center and hyperscale solutions for diverse computing needs. For example, in response to Russias war with Ukraine, numerous countries and organizations have imposed financial and other sanctions and export controls against Russia and Belarus, while businesses, including the company, have limited or suspended Russian operations. NEX achieved a second consecutive year of double-digit revenue growth, hitting key product milestones with Intel IPU E2000 (Mount Evans), Raptor Lake P&S, Alder Lake N and Sapphire Rapids. The browser version you are using is not recommended for this site.Please consider upgrading to the latest version of your browser by clicking one of the following links. The company also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the company's common stock, which will be payable on March 1, 2023, to shareholders of record as of February 7, 2023. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. This means Intel was using its cash reserves to fund the dividend -- not a sustainable strategy. 0000061688 00000 n
Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. Compensation, including quarterly and annual bonuses is good. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. We may not realize the expected benefits of portfolio decisions due to numerous risks, including unfavorable prices and terms; changes in market conditions; changes in applicable laws; limitations due to regulatory or governmental approvals, contractual terms, or other conditions; and potential continued financial obligations associated with such transactions. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. 0000001321 00000 n
Predictive analysis failure detection . Management slashed its quarterly dividend from $0.365 to $0.125 to fund its long-term strategy, which dropped its yield from 5.8% to just 2%. Intel Corporation. The pandemic has resulted in authorities imposing numerous measures to try to contain the virus, including manufacturing, transportation, and operational restrictions or disruptions, such as the Shanghai port shutdowns. Annual Dividend. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends. As described in our explanation of non-GAAP measures above, and consistent with the use of our other non-GAAP adjustments, beginning in 2023 management uses this non-GAAP tax rate in managing internal short- and long-term operating plans and in evaluating our performance. Invest better with The Motley Fool. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. The degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. Other charges include a benefit in Q1 2022 related to the annulled EC fine, a charge in Q1 2021 related to the VLSI litigation, periodic goodwill and asset impairments, certain pension charges, and costs associated with restructuring activity. Prospectively, we believe this approach will facilitate comparison of our operating results and provide useful evaluation of our current operating performance. In January 2023, AXG launched the Intel Xeon CPU Max Series (formerly code-named Sapphire Rapids HBM) and the Intel Data Center GPU Max Series (formerly code-named Ponte Vecchio). Adjustments for Tax Reform reflect the impact of a change in tax law from 2017 Tax Reform related to the capitalization of R&D costs. In the fourth quarter of 2022, CCGs 13th Gen Intel Core desktop processor family became available, starting with desktop K processors and the Intel Z790 chipset. Last month, Intel said it was expecting earnings of $4 per share and revenue of $72 billion. 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 and substrates; suppliers extending lead times, experiencing capacity constraints, limiting or canceling supply, allocating supply to other customers including competitors, delaying or canceling deliveries or increasing prices, or other supply chain issues; product manufacturing quality/yields; and changes in capital requirements and investment plans. Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $957 million and diluted earnings per share (EPS) of $1.58 for the quarter ended Feb. 3, 2023, compared to diluted EPS of $1.78 in . 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. The impact of the pandemic can also exacerbate other risks discussed in this section. Intel 7 is now in high-volume manufacturing for both client and server. Intels 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. Intel's guidance for the first quarter of 2023 includes both GAAP and non-GAAP estimates. One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. In addition to disclosing financial results in accordance with US GAAP, this document contains references to the non-GAAP financial measures below. Cash flows provided by (used for) investing activities: Additions to property, plant and equipment, Additions to held for sale NAND property, plant and equipment, Maturities and sales of short-term investments. Sign in here. Income tax effects have been calculated using an appropriate tax rate for each adjustment, as applicable. This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. It is doing this, the company says, by "reducing compensation and rewards programs for employees and executives." Add an Insight Submit Thanks for your submission! 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. Santa Clara, CA, 95054-1549. %PDF-1.6
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In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF). Weighted average shares of common stock outstanding: Earnings per share of common stock information: Weighted average shares of common stock outstandingbasic, Dilutive effect of employee equity incentive plans, Weighted average shares of common stock outstandingdiluted, (In Millions, Except Par Value; Unaudited), Preferred stock, $0.001 par value, 50 shares authorized; none issued, Common stock, $0.001 par value, 10,000 shares authorized; 4,137 shares issued and outstanding (4,070 issued and outstanding in 2021) and capital in excess of par value, Accumulated other comprehensive income (loss), Total liabilities and stockholders' equity, Cash and cash equivalents, beginning of period. 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 changes in interpretations of TCJA and other laws, such as the Inflation Reduction Act of 2022; 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. Accelerated Computing Systems and Graphics (AXG). SANTA CLARA, Calif., March 11, 2021 Intel Corporation today announced that its board of directors has declared a quarterly dividend of $0.3475 per share ($1.39 per share on an annual basis) on the companys common stock. These bonuses are determined based on Intel's quarterly profitability, subject to the terms of the QPB plan. Your eligibility is effective with the first pay period of the month that coincides with your hire date. Forgot your Intelusername Beginning in 2023, income tax effects are calculated using the same fixed long-term projected tax rate across all adjustments. All general full-time, part-time, intern and Intel contract employees are eligible to participate. Jan 21, 2021 8:00PM EST. The primary driver of this demand evaporation is an atrocious PC market. These actions underpin our cost-reduction targets of $3 billion in 2023, and set the stage to achieve $8 billion to $10 billion by the end of 2025.. . *Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. See also What is the average cost of a local move for a 3 bedroom house? Intel's revenue totaled $79 . To learn more about Intels innovations, go to. 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 or forecasts including order cancellations; changes in customer needs and emerging technology trends; and changes in the level of inventory and computing capacity at customers. SAFe was a joke from the beginning, and nobody can honestly say that the company is functioning any better. To make the world smarter, happier, and richer. 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. Expenses for these groups are generally allocated to the operating segments. In making these adjustments, we have not made any changes to our methods for measuring and calculating revenue or other financial statement amounts. Forecasting first-quarter 2022 revenue of approximately $18.3 billion; expecting first-quarter EPS of $0.70 (non-GAAP EPS of $0.80). You must be on Intel's payroll by the cutoff date for each six-month bonus 1 The impact of non-controlling interest to our non-GAAP adjustments in Q1 2023 is expected to be insignificant and thus is not included in our reconciliation of non-GAAP measures. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model and how management currently evaluates core operational performance. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. Forecasting first-quarter 2023 revenue of $10.5 billion to $11.5 billion; expecting first-quarter EPS of $(0.80) (non-GAAP EPS of $(0.15)). Demand for our products has been and could again be materially harmed in the future, and our ability to accurately predict future demand, trends, or other matters may be impacted. There are typically 4 dividends per year (excluding specials), and the dividend cover is approximately 2.1. . Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements. Intels Q1 2023 outlook includes an estimated $350 million to $500 million benefit to operating margin or $0.07 to $0.10 benefit to EPS from this change, split approximately 75% to cost of sales and 25% to operating expenses. Reconciliations between GAAP and non-GAAP financial measures are included below.*. orpassword? Intel's largest business, its client computing. Cash flows provided by (used for) financing activities: Issuance of commercial paper, net of issuance costs, Issuance of term debt, net of issuance costs, Repayment of term debt and debt conversions, Proceeds from sales of common stock through employee equity incentive plans, Net cash provided by (used for) financing activities, Net increase (decrease) in cash and cash equivalents, Accelerated Computing Systems and Graphics. We may not realize the expected benefits of portfolio decisions due to numerous risks, including unfavorable prices and terms; changes in market conditions; changes in applicable laws; limitations due to regulatory or governmental approvals, contractual terms, or other conditions; and potential continued financial obligations associated with such transactions. // Performance varies by use, configuration and other factors. 0000015904 00000 n
Intel Corp said on Thursday that it was investigating reports that a graphic in its quarterly earnings statement had been the . Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? If anyone outside the company watched the quarterly planning meetings they'd think it was a more boring version of Office . Learn More. Intel's board of directors declares a quarterly dividend on the company's common stock for stockholders of record on Nov. 7, 2021. . This long-term non-GAAP tax rate may be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or changes to our strategy or business operations. In the fourth quarter,Intel posted a $700 million loss, driven by revenue falling 32%. INTC gross profit margin data by YCharts. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. 1 Our reconciliations of GAAP to non-GAAP prior year gross margin and operating margin (loss) percentage reflect the exclusion of our NAND memory business from net revenue. Do you work for Intel? We derive a substantial majority of our revenue from our principal products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone system-on-chip or a multichip package, which are based on Intel architecture. 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. Declares quarterly cash dividend of $0.365 per share. The Warning Sign Hidden in Intel's Dividend Cut, The Intel Dividend Cut: What It Means for Investors. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. December 31, 2021: 20.53B September 30, 2021: 19.19B June 30, 2021: 19.63B March 31, 2021: 19.67B December 31, 2020: 19.98B . Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. NEX includes programmable platforms and high-performance connectivity and compute solutions designed for market segments such as cloud networking, telecommunications networks, on-premises edge, software and platforms. 209 0 obj
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The Motley Fool has a disclosure policy. DCAI includes a broad portfolio of central processing units (CPUs), domain-specific accelerators and field programmable gate arrays (FPGAs), designed to empower data center and hyperscale solutions for diverse computing needs. 0000061766 00000 n
Additionally, in December 2022, in partnership with ASUS, Intel officially set a new world record for overclocking, pushing the 13th Gen Intel Core i9-13900K past the 9 gigahertz barrier for the first time ever. AXG delivered record revenue for both the fourth quarter and full year. 0000007318 00000 n
Accordingly, the consumer graphics teams will join CCG, and the accelerated computing teams will join DCAI. Mobileye includes the development and deployment of advanced driver-assistance systems (ADAS) and autonomous driving technologies and solutions. Intel said it expected around $18.3 billion in adjusted sales in the fourth quarter, compared with analysts' expectations of $18.24 billion. Intel's results can be affected by adverse economic, social, political, regulatory, 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, inflation, interest rate risks, 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 US and abroad. Learn about Intel Corporation Performance Bonus, including a description from the employer, and comments and ratings provided anonymously by current and former Intel Corporation employees. 0000018698 00000 n
Intel previously announced several organizational changes to accelerate its execution and innovation by allowing it to capture growth in both large traditional markets and high-growth emerging markets. Despite the economic and market headwinds, we continued to make good progress on our strategic transformation in Q4, including advancing our product roadmap and improving our operational structure and processes to drive efficiencies while delivering at the low-end of our guided range, said Pat Gelsinger, Intel CEO. June 18, 2021. 1 For the three months and year ended December31, 2022, the impact of non-controlling interest to our non-GAAP adjustments is insignificant and thus is not included in our reconciliation of non-GAAP measures. Another concern is its falling trailing-12-month gross margin: It now sits at a 30-year low for the company. 0000002927 00000 n
Bonus pay at Intel Corporation ranges from $2,246 to $17,000 annually among employees who report receiving a bonus.. Compensation, including quarterly and annual bonuses is good. Intel's results may be affected by factors that could cause the implementation of, and expected results from, our restructuring or cost-savings initiatives to differ from Intel's expectations. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. To get instant access to our top analyst recommendations, in-depth research, investing,. Will Still pay Roughly $ 2 billion in operating expenses by 2023 and $ billion... Be among the important factors that can cause actual results to differ materially from the company 's expectations your date! Billion was returned to Intel 3 there are typically 4 dividends per year ( excluding specials ), the! The terms of the non-GAAP financial measures are included below. * doing,... 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