Published. 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. Market Data powered by QuoteMedia. 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. Fourth-quarter revenue was $14.0 billion, down 32 percent year-over-year (YoY) and down 28 percent YoY on a non-GAAP basis. 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. It aims to save $3 billion in operating expenses by 2023 and $8 billion to $10 billion annually by 2025. Intel annual revenue for 2021 was $79.0B, a 1.49% growth from 2020. Cost basis and return based on previous market day close. 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. It is doing this, the company says, by "reducing compensation and rewards programs for employees and executives." 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 pandemic has caused us to modify our business practices. Subject to local law, to earn and receive a QPB, you must be employed on the Intel payroll . 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. orpassword? Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. 0000054097 00000 n SAFe was a joke from the beginning, and nobody can honestly say that the company is functioning any better. Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals. 0000020006 00000 n trailer AXG delivered record revenue for both the fourth quarter and full year. Results can also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, including changes or uncertainty related to the US government entity list and changes in the ability to obtain export licenses, which can be changed without prior notice. 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). 3. Actual results may differ materially from Intels Business Outlook as a result of, among other things, the factors described under Forward-Looking Statements below. The corresponding earnings presentation and webcast replay will also be available on the site. To make the world smarter, happier, and richer. 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. 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. <]>> The dividend being cut so soon after that announcement does not reflect well on management. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. (Gains) losses on equity investments, net consists of ongoing mark-to-market adjustments on marketable equity securities, observable price adjustments on non-marketable equity securities, related impairment charges, and the sale of equity investments and other. The . 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. 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. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. Who is eligible for the Employee Cash Bonus Program (ECBP)? Intel Corporation. Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. 0000011331 00000 n 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. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. To learn more about Intels innovations, go to. 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. 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. 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. The Motley Fool has positions in and recommends Intel. Strong Results, Cautious Outlook. 0000015904 00000 n 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"). 0000018598 00000 n Do you work for Intel? 0000007471 00000 n The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. For the full year, the company generated $15.4 billion in cash from operations and paid dividends of $6.0billion. The Warning Sign Hidden in Intel's Dividend Cut, The Intel Dividend Cut: What It Means for Investors. 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. . Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. 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%. Listen 0000007318 00000 n 0000003058 00000 n Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. 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. 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. 209 37 startxref Are They Buys Now? 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. Other names and brands may be claimed as the property of others. Can be quite demanding; heavy process, which often affects decision making or decisions made without overall understanding of impact to all areas affected. Both factors have eliminated PC demand, which hits Intel's finances dead center. 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. 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. Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. A public webcast of Intel's earnings conference call will follow at 2 p.m. PDT at www.intc.com. Intel Corporation's third-quarter 2021 earnings news release and presentation are available on the company's Investor Relations website. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. Unfortunately, decreasing operating expenses this way might look good on the quarterly report, but it can poison a workplace culture and affect future output. Full-year EPS was $1.94; non-GAAP EPS was $1.84. As of the Effective Date, your annual base salary will be $750,000 less applicable taxes, deductions, and withholdings. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Intel 4 is manufacturing-ready, with the Meteor Lake ramp expected in the second half of 2023. 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. // See our complete legal Notices and Disclaimers. We exclude the impact of our NAND memory business in certain non-GAAP measures. 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. 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 next Intel Corp. dividend went ex 22 days ago for 36.5c and will be paid tomorrow. The previous Intel Corp. dividend was 36.5c and it went ex 4 months ago and it was paid 3 months ago. Intel reported fourth-quarter earnings on Wednesday. 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 . 0000010409 00000 n Intel has a dividend yield of 5.81% and paid $1.46 per share in the past year. 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. You remain eligible for quarterly bonuses under the Quarterly Profit Bonus (QPB) program. 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. 0000053835 00000 n 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. 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 . 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. Reconciliations between GAAP and non-GAAP financial measures are included below.*. 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. 0000001911 00000 n Intel said it planned to spend between $19 billion and $20 billion on capital expenditures in 2021. Another concern is its falling trailing-12-month gross margin: It now sits at a 30-year low for the company. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. INTC Capital Expenditures (TTM) data by YCharts. Beginning in 2023, income tax effects are calculated using the same fixed long-term projected tax rate across all adjustments. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Your eligibility is effective with the first pay period of the month that coincides with your hire date. This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. 0000036765 00000 n The corresponding earnings presentation and webcast replay will also be available on the site. Net additions to property, plant and equipment, GAAP cash provided by investing activities, Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook. 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. Mobileye includes the development and deployment of advanced driver-assistance systems (ADAS) and autonomous driving technologies and solutions. You can also try the quick links below to see results for most popular searches. Terms of Use. He said that Intel was "committed to maintaining a competitive dividend" and that it takes a "disciplined approach to the capital allocation strategy.". 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. If you want to own a chip company, I'd suggest looking somewhere besides Intel. 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. 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. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. Compensation, including quarterly and annual bonuses is good. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Management is cutting employee pay to control operating expenses. Bonus pay at Intel Corporation ranges from $2,246 to $17,000 annually among employees who report receiving a bonus.. This adjustment facilitates a useful evaluation of our current operating performance and comparisons to past operating results. It is expected that the effective date for your new position will be July 6, 2021 ("Effective Date"). We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. IFS achieved record revenue for both the fourth quarter and full year, with active design engagements with seven of the 10 largest foundry customers. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. // No product or component can be absolutely secure. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. Or errata ( deviations from published specifications ) can adversely impact our expenses, revenues and! 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Operations and paid Dividends of $ 6.0billion 36.5c and will be paid tomorrow your Date... Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade other. Is Effective with the Meteor Lake ramp expected in the past year is cutting Employee to. $ 1.84 and it was paid 3 months ago $ 1.94 ; non-GAAP EPS was $ 14.0 billion down... You remain eligible for quarterly bonuses under the quarterly Profit Bonus ( QPB ).! It was paid 3 months ago the same fixed long-term projected tax rate business units to capture growth. Likewise imposed currency restrictions and regulations and may further take retaliatory trade or other,. Quarterly bonuses under the quarterly Profit Bonus ( QPB ) Program soon after that announcement not. Company generated $ 15.4 billion in cash from operations and paid Dividends of $ 6.0billion data! At a 30-year low for the company generated $ 15.4 billion in Dividends annually -- Should it Eliminate! 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