Argentina. . Australia. See Intels Global Human Rights Principles. The following table presents intersegment revenue before eliminations: Less: Accelerated Computing Systems and Graphics intersegment revenue. 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. 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. IFS provides differentiated full stack solutions including wafer fabrication, packaging, chiplet standard and software. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. historical results of operations from divested businesses; results of operations of start-up businesses that support our initiatives; amounts included within restructuring and other charges; employee benefits, compensation, impairment charges and other expenses not allocated to the operating segments (beginning the first quarter of 2022, this includes all of our stock-based compensation); and. 0000004033 00000 n Feb 6, 2023. 0000007318 00000 n 33% of companies in the U.S. offer year-end bonuses. xbbba`b``3 0000007471 00000 n Glassdoor is your resource for information about the Performance Bonus benefits at Intel Corporation. This adjustment facilitates a useful evaluation of our current operating performance and comparisons to past operating results. Actual results may differ materially from Intels Business Outlook as a result of, among other things, the factors described under Forward-Looking Statements below. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. Exhibit 10.1. Intel's revenue has drastically fallen over the past year. Intel Corporation. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. 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. Intel's results can be affected by the impact and timing of closing of acquisitions, divestitures, and other significant transactions, such as the pending acquisition of Tower Semiconductor Inc. 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. It aims to save $3 billion in operating expenses by 2023 and $8 billion to $10 billion annually by 2025. 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. The corresponding earnings presentation and webcast replay will also be available on the site. Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions, including statements relating to Intel's strategy and its anticipated benefits, including our IDM 2.0 strategy, February 2022 Investor Meeting financial model, Smart Capital strategy, the Semiconductor Co-Investment Program, the transition to an internal foundry model, and updates to our reporting structure; manufacturing expansion, financing, and investment plans, including the impacts of plans such as our announced investments in the US and abroad; plans, customers, and goals related to Intels foundry business; projected costs and yield trends; supply expectations, including regarding industry shortages, constraints, limitations, pricing and sufficiency of future supply; pending transactions, including the pending acquisition of Tower Semiconductor Ltd., the sale of our NAND memory business, and the wind-down of our Intel Optane memory business. 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. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. 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. 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. Intel's revenue totaled $79 . The live public webcast can be accessed on Intel's Investor Relations website at. In depth view into Intel Revenue (Quarterly) including historical data from 1972, charts and stats. The live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. 0000002351 00000 n The dividend will be payable on June 1, 2021, to stockholders of record on May 7, 2021. The Motley Fool recommends the following options: long January 2023 $57.50 calls on Intel, long January 2025 $45 calls on Intel, and short January 2025 $45 puts on Intel. Annual Dividend. 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. Non-GAAP earnings (loss) per sharediluted. 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 company's common stock. 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. 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. 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. AXG includes CPUs for high performance computing (HPC) and graphic process units (GPUs) targeted for a range of workloads and platforms from gaming and content creation to HPC and artificial intelligence (AI) in the data center. Most Recent Quarter Revenue. Quarterly: 17 Sep 2021: 04 Nov 2021: 01 Dec . Learn More. Second, many consumers recently upgraded their PCs within the past few years, during the pandemic. Predictive analysis failure detection . Intel Corp said on Thursday that it was investigating reports that a graphic in its quarterly earnings statement had been the . Declares quarterly cash dividend of $0.365 per share. 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. Intel has managed to improve upon an . We exclude the catch-up charge related to prior periods for purposes of calculating certain non-GAAP measures because this adjustment facilitates comparison to past operating results and provides a useful evaluation of our current operating performance. 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. 0000054337 00000 n Forgot your Intelusername Add an Insight Submit Thanks for your submission! SANTA CLARA, Calif., Jan. 26, 2023 -- Intel Corporation today reported fourth-quarter and full-year 2022 financial results. 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. // Intel is committed to respecting human rights and avoiding complicity in human rights abuses. 0000000016 00000 n Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. There are typically 4 dividends per year (excluding specials), and the dividend cover is approximately 2.1. . SupportAssist automatically detects and proactively alerts Dell to: operating system issues, software upgrades, driver updates and patches, malware, virus infected files, failures of hard drives, batteries, memory, internal cables, thermal sensors, heat sinks, fans, solid state drives and video cards. He said that Intel was "committed to maintaining a competitive dividend" and that it takes a "disciplined approach to the capital allocation strategy.". Forecasting first-quarter 2022 revenue of approximately $18.3 billion; expecting first-quarter EPS of $0.70 (non-GAAP EPS of $0.80). In January 2023, DCAI launched its 4thGen Intel Xeon Scalable processors (formerly code-named Sapphire Rapids) with the support of customers and partners such as Dell Technologies, Google Cloud, Hewlett Packard Enterprise, Lenovo, Microsoft Azure, NVIDIA and many others, and is ramping production to meet a strong backlog of demand. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Intel completed the IPO of Mobileye, which achieved record revenue for both the fourth quarter and full year of 2022. 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. Income tax effects have been calculated using an appropriate tax rate for each adjustment, as applicable. 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. 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. 2 FAANG Stocks Billionaires Are Selling in Droves and 1 They Can't Stop Buying, 1 Unstoppable Growth Stock to Buy Hand Over Fist, According to Wall Street. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. The corresponding earnings presentation and webcast replay will also be available on the site. The company also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the companys common stock, which will be payable on March 1, 2023, to shareholders of record as of February 7, 2023. If you treat them right, you'll get the most out of them. 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. 0000006574 00000 n You must be on Intel's payroll by the cutoff date for each six-month bonus Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. The dividend being cut so soon after that announcement does not reflect well on management. In addition, significant or prolonged turnover may negatively impact our operations and culture, as well as our ability to successfully maintain our processes and procedures, including due to the loss of historical, technical, and other expertise. Keithen Drury has no position in any of the stocks mentioned. 0000061190 00000 n Other names and brands may be claimed as the property of others. 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. Accordingly, the consumer graphics teams will join CCG, and the accelerated computing teams will join DCAI. Bonuses posted anonymously by Intel Corporation employees. Dont have an Intel account? Intel said it expected around $18.3 billion in adjusted sales in the fourth quarter, compared with analysts' expectations of $18.24 billion. 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. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. We completed the first closing of the divestiture of our NAND memory business to SK hynix on December 29, 2021 and fully deconsolidated our ongoing interests in the NAND OpCo Business in the first quarter of 2022. Mobileye includes the development and deployment of advanced driver-assistance systems (ADAS) and autonomous driving technologies and solutions. How Did It Fall So Far So Fast? 0000018598 00000 n The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results. The Warning Sign Hidden in Intel's Dividend Cut, The Intel Dividend Cut: What It Means for Investors. 0000061766 00000 n 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. 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. Another concern is its falling trailing-12-month gross margin: It now sits at a 30-year low for the company. The . 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. The dividend is paid every three months and the last ex-dividend date was Feb 6, 2023. Dividend Yield. In making these adjustments, we have not made any changes to our methods for measuring and calculating revenue or other financial statement amounts. The Motley Fool has positions in and recommends Intel. Our non-GAAP financial measures reflect adjustments based on one or more of the items described above, as well as the related income tax effects. This means Intel was using its cash reserves to fund the dividend -- not a sustainable strategy. News Summary. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. 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. Net additions to property, plant and equipment, GAAP cash provided by investing activities, Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook. Credit: REUTERS/STEVE MARCUS. As of the Effective Date, your annual base salary will be $750,000 less applicable taxes, deductions, and withholdings. It is expected that the effective date for your new position will be July 6, 2021 ("Effective Date"). 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. 3. 0000015904 00000 n Fourth-quarter revenue was $14.0 billion, down 32 percent year-over-year (YoY) and down 28 percent YoY on a non-GAAP basis. 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. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. // Your costs and results may vary. Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. First, the economic outlook isn't the greatest, so consumers aren't rushing to upgrade their electronics. 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. 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. Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. Intel said it planned to spend between $19 billion and $20 billion on capital expenditures in 2021. 0 Expenses for these groups are generally allocated to the operating segments. 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. Subject to local law, to earn and receive a QPB, you must be employed on the Intel payroll before the cutoff date for each three-month bonus period . 0000011331 00000 n 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. 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. This charge related to prior periods is excluded from our non-GAAP results; amortization related to the right to use the patents in the current and ongoing periods is included. Cost basis and return based on previous market day close. An Intel filing with the Securities and Exchange Commission last year revealed that Mr. Gelsinger's base salary was $1.1 million in 2021, alongside a hiring bonus of $1.75 million. 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. Beginning in 2023, income tax effects are calculated using the same fixed long-term projected tax rate across all adjustments. Intel's results can be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, chemicals, antitrust, commercial, disclosure, and other issues, as well as by the impact and timing of settlements and dispute resolutions. 0000009197 00000 n One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. 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. 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. 0000001501 00000 n Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions, including statements relating to Intel's strategy and its anticipated benefits, including our IDM 2.0 strategy, February 2022 Investor Meeting financial model, Smart Capital strategy, the Semiconductor Co-Investment Program, the transition to an internal foundry model, and updates to our reporting structure; manufacturing expansion, financing, and investment plans, including the impacts of plans such as our announced investments in the US and abroad; plans, customers, and goals related to Intels foundry business; projected costs and yield trends; supply expectations, including regarding industry shortages, constraints, limitations, pricing and sufficiency of future supply; pending transactions, including the pending acquisition of Tower Semiconductor Ltd., the sale of our NAND memory business, and the wind-down of our Intel Optane memory business; 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. 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. By signing in, you agree to our Terms of Service. The 2023 first quarter isn't looking any better, with management guiding for around $11 billion in revenue, down 40% from 2022's $18.4 billion (for reference, first-quarter 2022 revenue was down 7% from 2021). Starting in the first quarter of 2022, we incrementally exclude from our non-GAAP results share-based compensation and all gains and losses on equity investments. Payout Frequency. 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. 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. 2 Dividend Stocks With Yields Above 11%. 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. Intel's results can be affected by the impact and timing of closing of acquisitions, divestitures, and other significant transactions, such as the pending acquisition of Tower Semiconductor Inc. In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF). Intel also announced that with AXGs flagship products now in production, the company is evolving AXGs structure to accelerate and scale its impact and drive go-to-market strategies with a unified voice to customers. 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. trailer Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. To make the world smarter, happier, and richer. Intel 7 is now in high-volume manufacturing for both client and server. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. TTM = trailing 12 months. Intel's largest business, its client computing. When compared to the estimated useful life in place as of the end of 2022, Intel expects total depreciation expense in 2023 to reduce by roughly $4.2 billion, including an approximate $2.6 billion increase to gross profit, a $400 million decrease in R&D expenses and a $1.2 billion decrease in 2023 ending inventory values. suspension of bonuses, and a reduction in its 401(k) match. 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. These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results. 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