Share-based compensation consists of charges related to our employee equity incentive plans. 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. According to the website Neowin, this includes at least a 5% pay cut companywide, suspension of bonuses, and a reduction in its 401(k) match. Odd Lots. 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. // Performance varies by use, configuration and other factors. Tags: Dividend , Financials Tags There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus, and illness and workforce disruptions could lead to unavailability of our key personnel and harm our ability to perform critical functions. As a result, the company modified its segment reporting in the first quarter of 2022 to align to the previously announced business reorganization. The role will be based in Santa Clara, California. 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. 0000040350 00000 n Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. The impact of the pandemic can also exacerbate other risks discussed in this section. In the fourth quarter, the company generated $7.7 billion in cash from operations and paid dividends of $1.5billion. 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. SANTA CLARA, Calif., Jan. 26, 2023 -- Intel Corporation today reported fourth-quarter and full-year 2022 financial results. . Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. 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. The projected non-GAAP tax rate also considers factors such as our expected tax structure, our tax positions in various jurisdictions, and key legislation in significant jurisdictions where we operate. The COVID-19 pandemic has previously adversely affected significant portions of Intel's business and could have a material adverse effect on Intel's financial condition and results of operations. Based on our ongoing obligation under the NAND wafer manufacturing and sale agreement entered into in connection with the first closing of the sale of our NAND memory business on December 29, 2021, a portion of the initial closing consideration was deferred and will be recognized between first and second closing. Do you work for Intel? Revenue for our reportable and non-reportable operating segments is primarily related to the following product lines: 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. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. 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. Last month, Intel said it was expecting earnings of $4 per share and revenue of $72 billion. It's clear that the short-term isn't going to get any better for Intel, but is there hope for long-term shareholders? 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 2020 was $77.9B, a 8.2% growth from 2019. 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. However, a company's employees are among its most vital resources. 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. Intel completed the IPO of Mobileye, which achieved record revenue for both the fourth quarter and full year of 2022. 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. Sign in here. INTC Capital Expenditures (TTM) data by YCharts. Intel's revenue has drastically fallen over the past year. INTC gross profit margin data by YCharts. The pandemic has caused us to modify our business practices. 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. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. Beginning in 2022, we initiated the wind-down of our Intel Optane memory business. Compensation, including quarterly and annual bonuses is good. In depth view into Intel Revenue (Quarterly) including historical data from 1972, charts and stats. 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. Listen We exclude gains or losses resulting from divestitures for purposes of calculating certain non-GAAP measures because they do not reflect our current operating performance. First-quarter GAAP revenue of $19.7 billion, down 1 percent year over year (YoY), and non-GAAP revenue of $18.6 billion, flat YoY, which exceeded January guidanc The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. Is Intel stock worth owning with that catalyst gone? The exclusion reflects how management evaluates the core operations of the business. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. 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. The way the organization is setup needs to be redone, not compartmentalized, not dressed up with "fun" team names. 245 0 obj <>stream The list of bullish arguments for Intel stock is now alarmingly low. Non-GAAP earnings (loss) per sharediluted. . Can be quite demanding; heavy process, which often affects decision making or decisions made without overall understanding of impact to all areas affected. The COVID-19 pandemic has previously adversely affected significant portions of Intel's business and could have a material adverse effect on Intel's financial condition and results of operations. 0000002351 00000 n As of the Effective Date, your annual base salary will be $750,000 less applicable taxes, deductions, and withholdings. On Intel 20A and Intel 18A, Intels first internal test chips, and those of a major potential foundry customer, have taped out with products undergoing fabrication. Intel 7 is now in high-volume manufacturing for both client and server. %%EOF Intel plans to report its earnings for the fourth quarter of 2021 on January 26, 2022 promptly after close of market; related materials will be available at www.intc.com. Words such as "accelerate," "achieve," "adjust," "allow," "anticipates," "believes," "committed," "continues," "could," "deliver," "drive," "estimates," "expand," "expects," "focus," "forecast," "future," "goals," "grow," "guidance," "improve," "increasing," "manage," "may," "on-track," "opportunity," "outlook," "plan," "positioned," "potential," "progress," "ramp," "refocus," "regain," "sharpen," "should," "support," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. In the fourth quarter,Intel posted a $700 million loss, driven by revenue falling 32%. Income tax effects have been calculated using an appropriate tax rate for each adjustment, as applicable. 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. 0000000016 00000 n Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. TTM = trailing 12 months. Copies of these filings may be obtained by visiting our Investor Relations website at www.intc.com or the SEC's website at www.sec.gov. Exhibit 10.1. Prospectively, we believe this approach will facilitate comparison of our operating results and provide useful evaluation of our current operating performance. The following table presents intersegment revenue before eliminations: Less: Accelerated Computing Systems and Graphics intersegment revenue. See section 1081(a), (b) of Pub. Annual Dividend. 0000008327 00000 n _`"|Dtf+}5/0SMQ SHnt GjWg!3 X$' \O|Yj8X@~G%E(L3gyyS Intel 4 is manufacturing-ready, with the Meteor Lake ramp expected in the second half of 2023. Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. While the second closing of the sale is still pending and subject to closing conditions, we deconsolidated this business in Q1 2022 and management does not view the historical results of the business as a part of our core operations. 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. 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. *Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. Mobileye continued to execute well in its core advanced driver-assistance systems (ADAS) business, as it launched systems into 233 distinct vehicle models in 2022. 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. 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. Actual results may differ materially from Intels Business Outlook as a result of, among other things, the factors described under Forward-Looking Statements below. Declares quarterly cash dividend of $0.365 per share. 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. 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. 0000015904 00000 n Intel reported fourth-quarter earnings on Wednesday. Invest better with The Motley Fool. Mobileye continued to execute well in its core advanced driver-assistance systems (ADAS) business, as it launched systems into 233 distinct vehicle models in 2022. In the eyes of some investors, the last great reason to own Intel (INTC 1.49%) is gone. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. Since the 2017 divestiture, McAfee equity distributions and sales have contributed to operating and free cash flow, and while the McAfee equity sale in Q1 2022 would typically be excluded from adjusted free cash flow as an equity sale, we believe including the sale proceeds in adjusted free cash flow facilitate a better, more consistent comparison to past presentations of liquidity. Intel 3 continues to progress and is on track. 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 . 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. We project this long-term non-GAAP tax rate on an annual basis using a five-year non-GAAP financial projection that excludes the income tax effects of each adjustment. 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. 2 Dividend Stocks With Yields Above 11%. 33% of companies in the U.S. offer year-end bonuses. 0000011331 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. 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. In January 2023, AXG launched the Intel. Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. 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. Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, I'd suggest looking somewhere besides Intel, Copyright, Trademark and Patent Information. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. SAFe was a joke from the beginning, and nobody can honestly say that the company is functioning any better. 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. Second, many consumers recently upgraded their PCs within the past few years, during the pandemic. Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. To learn more about Intels innovations, go to. Published. Dear Sandra: Congratulations! 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. It aims to save $3 billion in operating expenses by 2023 and $8 billion to $10 billion annually by 2025. Intel's revenue totaled $79 . 0000061190 00000 n endstream endobj 244 0 obj <>/Size 209/Type/XRef>>stream 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. This means Intel was using its cash reserves to fund the dividend -- not a sustainable strategy. Intel's board of directors declares a quarterly dividend on the company's common stock for stockholders of record on Nov. 7, 2021. . You must be on Intel's payroll by the cutoff date for each six-month bonus 0000054337 00000 n 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. The . 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. Cash flows provided by (used for) operating activities: Adjustments to reconcile net income to net cash provided by operating activities: (Gains) losses on equity investments, net, Net cash provided by operating activities. Forecasting first-quarter 2022 revenue of approximately $18.3 billion; expecting first-quarter EPS of $0.70 (non-GAAP EPS of $0.80). Restrictions or disruptions of transportation, or disruptions in our customers operations and supply chains, may adversely affect our results of operations. Sept. 17, 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. Intel earned $20.5 billion in the fourth quarter of 2021, exceeding its guidance by $1.3 billion and up 3% year-over-year (YoY). Its business is struggling worse than that of its competitors, and with the company being behind on cutting-edge technologies like 3- and 5-nanometer chips, there are not a lot of compelling reasons to own the stock, especially with the dividend reduction. Intel's largest business, its client computing. 5.81%. // See our complete legal Notices and Disclaimers. The average base salary at Intel is $134,000 with a sign-on bonus of $23,000 and $20,000 of stock bonus. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. 0000010409 00000 n Tags Corporate About Intel 0000041399 00000 n AXG delivered record revenue for both the fourth quarter and full year. Payout Frequency. Intel continues to make progress with its goal of achieving five nodes in four years and is on track to regain transistor performance and power performance leadership by 2025. 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. In the eyes of some investors, the last great reason to own Intel(INTC 1.60%) is gone. 0000001501 00000 n Feb 6, 2023. Making the world smarter, happier, and richer. 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)). Reconciliations between GAAP and non-GAAP financial measures are included below.*. If anyone outside the company watched the quarterly planning meetings they'd think it was a more boring version of Office . All forward-looking statements included in this release are based on management's expectations as of the date of this release and, except as required by law, Intel disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. Strong Results, Cautious Outlook. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. 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. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. The pandemic has caused us to modify our business practices. Evans, and future GPU and IPU products; future business, social, and environmental performance, goals, measures, and strategies; availability, uses, sufficiency, and cost of capital resources and sources of funding, including future capital and R&D investments, credit rating expectations, and expected returns to stockholders such as stock repurchases and dividends; our debt obligations; stock volatility; expectations regarding customers, including with respect to designs, wins, orders, and partnerships; projections regarding competitors; and anticipated trends in our businesses or the markets relevant to them, including with respect to future demand and industry growth, also identify forward-looking statements. 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. 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. 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. One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. 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 . 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. 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. See Intels Global Human Rights Principles. 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. Prospectively, we continuously work to advance the design and manufacturing of semiconductors to help address our customers challenges... Obtained by visiting our Investor Relations website at www.intc.com or the SEC 's website at www.intc.com the! Non-Gaap basis items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives INTC is... Many consumers recently upgraded their PCs within the past year currency restrictions and and. Operations and paid dividends of $ 4 per share section 1081 ( a ) (... 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