Intel 3 continues to progress and is on track. 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. Base Salary. 0000008327 00000 n 0000003058 00000 n 0000061190 00000 n SANTA CLARA, Calif., Jan. 26, 2023 -- Intel Corporation today reported fourth-quarter and full-year 2022 financial results. Intel Corporation. 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. Reconciliations between GAAP and non-GAAP financial measures are included below.*. 0000002964 00000 n As of the Effective Date, your annual base salary will be $750,000 less applicable taxes, deductions, and withholdings. 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. In making these adjustments, we have not made any changes to our methods for measuring and calculating revenue or other financial statement amounts. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. 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. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. 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. Market Data powered by QuoteMedia. Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. Intel said it expected around $18.3 billion in adjusted sales in the fourth quarter, compared with analysts' expectations of $18.24 billion. Accordingly, the consumer graphics teams will join CCG, and the accelerated computing teams will join DCAI. Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. The impact of the pandemic can also exacerbate other risks discussed in this section. Exhibit 10.1. Compensation, including quarterly and annual bonuses is good. 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. 0000005213 00000 n Cost basis and return based on previous market day close. 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"). Intel's board of directors declares a quarterly dividend on the company's common stock for stockholders of record on Nov. 7, 2021. . 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. Unfortunately, decreasing operating expenses this way might look good on the quarterly report, but it can poison a workplace culture and affect future output. 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. The exclusion reflects how management evaluates the core operations of the business. Intel 4 is manufacturing-ready, with the Meteor Lake ramp expected in the second half of 2023. 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. 0000004033 00000 n Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. You must be on Intel's payroll by the cutoff date for each six-month bonus The next Intel Corp. dividend went ex 22 days ago for 36.5c and will be paid tomorrow. // See our complete legal Notices and Disclaimers. 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. 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 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. Full-year EPS was $1.94; non-GAAP EPS was $1.84. In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF). January 13, 2021. // No product or component can be absolutely secure. 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. 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. 0000001911 00000 n 0000010409 00000 n In the eyes of some investors, the last great reason to own Intel(INTC 1.60%) is gone. 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. Is Intel stock worth owning with that catalyst gone? For the full year, the company generated $15.4 billion in cash from operations and paid dividends of $6.0billion. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. June 18, 2021. In addition, these transactions do not always achieve our financial or strategic objectives and can disrupt our ongoing business and adversely impact our results of operations. 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. INTC Capital Expenditures (TTM) data by YCharts. Management slashed its quarterly dividend from $0.365 to $0.125 to fund its long-term strategy, which . Australia. SAFe was a joke from the beginning, and nobody can honestly say that the company is functioning any better. The corresponding earnings presentation and webcast replay will also be available on the site. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. 0000007318 00000 n 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. 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. xbbba`b``3 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. 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. 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. Dear Patrick: Congratulations! 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 0000015904 00000 n We exclude these impairments for purposes of calculating certain non-GAAP measures because these charges do not reflect our current operating performance. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model, how management currently evaluates core operational performance, and additional means to evaluate expense trends, including in comparison to other peer companies. 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. *Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. for a basic account. 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). Intel's largest business, its Client Computing Group, was down 7% year-over-year to $10.1 billion, though it still beat analysts' estimates. You can also try the quick links below to see results for most popular searches. 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. Quarterly: 17 Sep 2021: 04 Nov 2021: 01 Dec . // Intel is committed to respecting human rights and avoiding complicity in human rights abuses. Share-based compensation consists of charges related to our employee equity incentive plans. Do you work for Intel? 0000018698 00000 n It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. 0000011331 00000 n The following table presents intersegment revenue before eliminations: Less: Accelerated Computing Systems and Graphics intersegment revenue. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. 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 These adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. 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. Intel Corporation pays an average of $7,375 in annual employee bonuses. As a result, the company modified its segment reporting in the first quarter of 2022 to align to the previously announced business reorganization. Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. Predictive analysis failure detection . 0000001321 00000 n Tags Corporate About Intel endstream endobj 210 0 obj <. Intel Corporation. The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results. _`"|Dtf+}5/0SMQ SHnt GjWg!3 X$' \O|Yj8X@~G%E(L3gyyS It is doing this, the company says, by "reducing compensation and rewards programs for employees and executives." As of 2021, the average bonus pay in the U.S. is 11% of salary for exempt employees, 6.8% for nonexempt salaried employees, and 5.6% for hourly employees. Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. . 2 Dividend Stocks With Yields Above 11%. 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. first-quarter 2022 revenue was down 7% from 2021). 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. 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. We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these adjustments provide better comparability to peer company results and because these charges are not viewed by management as part of our core operating performance. We have an "all other" category that includes revenue, expenses and charges such as: 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. 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. Investor Meeting Intel's Investor Meeting is now planned for February 17, 2022. 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. 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. Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. Can be quite demanding; heavy process, which often affects decision making or decisions made without overall understanding of impact to all areas affected. The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. The degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. Intel's peak quarterly revenue was $20.5B in 2021 (q4). Your eligibility is effective with the first pay period of the month that coincides with your hire date. Are They Buys Now? In addition to disclosing financial results in accordance with US GAAP, this document contains references to the non-GAAP financial measures below. Announces five percent increase to quarterly cash dividend. Tags: Dividend , Financials Tags Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. 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. This adjustment facilitates a useful evaluation of our current operating performance and comparisons to past operating results. 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. We reference a non-GAAP financial measure of adjusted free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and quality of earnings. The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. 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. Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? How Did It Fall So Far So Fast? 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. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. All general full-time, part-time, intern and Intel contract employees are eligible to participate. Intel offers two bonuses: Annual Performance Bonus (APB) based on employee target and company operational and financial performance, and Quarterly Profit Bonus (QPB) which uses 5% of Intel's net income to create a fund for eligible employees. IFS achieved record revenue for both the fourth quarter and full year, with active design engagements with seven of the 10 largest foundry customers. 2200 Mission College Blvd. Learn More. 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. 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. <]>> 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. Intel Corp said on Thursday that it was investigating reports that a graphic in its quarterly earnings statement had been the . 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 role will be based in Santa Clara, California. 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. Non-GAAP earnings (loss) per sharediluted. Intel reported fourth-quarter earnings on Wednesday. There are typically 4 dividends per year (excluding specials), and the dividend cover is approximately 2.1. . 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. Argentina. 0000061465 00000 n Net additions to property, plant and equipment, GAAP cash provided by investing activities, Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook. 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. The degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. xref 0000002351 00000 n 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. 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)). 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. Intel's guidance for the first quarter of 2023 includes both GAAP and non-GAAP estimates. 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. 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. Forgot your Intelusername Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Both factors have eliminated PC demand, which hits Intel's finances dead center. 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. Who is eligible for the Employee Cash Bonus Program (ECBP)? 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. You remain eligible for quarterly bonuses under the Quarterly Profit Bonus (QPB) program. In January 2023, AXG launched the Intel. 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. 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. 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. We exclude these non-operating gains and losses for purposes of calculating certain non-GAAP measures because it provides better comparability between periods. Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals. Invest better with The Motley Fool. . 0000009197 00000 n Consolidated Statements of Income and Other Information, (In Millions, Except Per Share Amounts; unaudited), Gains (losses) on equity investments, net, Less: Net income attributable to non-controlling interests, Earnings (loss) per share attributable to Intelbasic, Earnings (loss) per share attributable to Inteldiluted. 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 7 is now in high-volume manufacturing for both client and server. 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. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. Accelerated Computing Systems and Graphics (AXG). 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. 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