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. Full-year EPS was $1.94; non-GAAP EPS was $1.84. The list of bullish arguments for Intel stock is now alarmingly low. Intel reported fourth-quarter earnings on Wednesday. 0000054337 00000 n 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. 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. 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 live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. Few companies offer QPB. %PDF-1.6 % Other names and brands may be claimed as the property of others. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. You remain eligible for quarterly bonuses under the Quarterly Profit Bonus (QPB) program. Sign up here 0000003011 00000 n This means Intel was using its cash reserves to fund the dividend -- not a sustainable strategy. 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. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. 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. 0000001639 00000 n 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. Reconciliations between GAAP and non-GAAP financial measures are included below.*. Intel completed the IPO of Mobileye, which achieved record revenue for both the fourth quarter and full year of 2022. Intel Corporation pays an average of $7,375 in annual employee bonuses. endstream endobj 244 0 obj <>/Size 209/Type/XRef>>stream 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. December 31, 2021: 20.53B September 30, 2021: 19.19B June 30, 2021: 19.63B March 31, 2021: 19.67B December 31, 2020: 19.98B . However, a company's employees are among its most vital resources. Published. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. 0000061688 00000 n The degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. Second, many consumers recently upgraded their PCs within the past few years, during the pandemic. Intel Corporation. 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. Announces five percent increase to quarterly cash dividend. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. Accelerated Computing Systems and Graphics (AXG). Declares quarterly cash dividend of $0.365 per share. 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. Intel peak revenue was $79.0B in 2021. Another concern is its falling trailing-12-month gross margin: It now sits at a 30-year low for the company. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. 0000008327 00000 n 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. In addition to disclosing financial results in accordance with US GAAP, this document contains references to the non-GAAP financial measures below. As a result, the company modified its segment reporting in the first quarter of 2022 to align to the previously announced business reorganization. We exclude these non-operating gains and losses for purposes of calculating certain non-GAAP measures because it provides better comparability between periods. The primary driver of this demand evaporation is an atrocious PC market. 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. 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. Read More October 5, 2020 Reviewed by: Anonymous (Anonymous Employee) Fourth-quarter revenue was $14.0 billion, down 32 percent year-over-year (YoY) and down 28 percent YoY on a non-GAAP basis. Forecasting first-quarter 2022 revenue of approximately $18.3 billion; expecting first-quarter EPS of $0.70 (non-GAAP EPS of $0.80). In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF). Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. Intel annual revenue for 2021 was $79.0B, a 1.49% growth from 2020. 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 non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the financial outlook prepared in accordance with US GAAP and the reconciliations from this Business Outlook should be carefully evaluated. The dividend will be payable on June 1, 2021, to stockholders of record on May 7, 2021. 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. All general full-time, part-time, intern and Intel contract employees are eligible to participate. The impact of the pandemic can also exacerbate other risks discussed in this section. 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. The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. 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. 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. 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. Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. 0000009197 00000 n The dividend being cut so soon after that announcement does not reflect well on management. 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. . Intel's revenue totaled $79 . 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. Beginning in 2023, income tax effects are calculated using the same fixed long-term projected tax rate across all adjustments. Dear Patrick: Congratulations! In the fourth quarter,Intel posted a $700 million loss, driven by revenue falling 32%. 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. 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"). 245 0 obj <>stream Exhibit 10.1. IFS provides differentiated full stack solutions including wafer fabrication, packaging, chiplet standard and software. 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. Payout Frequency. You must be on Intel's payroll by the cutoff date for each six-month bonus Can be quite demanding; heavy process, which often affects decision making or decisions made without overall understanding of impact to all areas affected. INTC gross profit margin data by YCharts. 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. Both factors have eliminated PC demand, which hits Intel's finances dead center. 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. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. In the eyes of some investors, the last great reason to own Intel (INTC 1.49%) is gone. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. 5.81%. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. . Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. 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)). 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 4 is manufacturing-ready, with the Meteor Lake ramp expected in the second half of 2023. Do you work for Intel? . Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Intel said it planned to spend between $19 billion and $20 billion on capital expenditures in 2021. Actual results may differ materially from Intels Business Outlook as a result of, among other things, the factors described under Forward-Looking Statements below. 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. IFS provides differentiated full stack solutions including wafer fabrication, packaging, chiplet standard and software. 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 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. Base Salary. *Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. 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 financial results calculated in accordance with US GAAP and reconciliations from these results should be carefully evaluated. Intel's guidance for the first quarter of 2023 includes both GAAP and non-GAAP estimates. The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP 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. In the fourth quarter of 2022, CCGs 13th Gen Intel, In January 2023, DCAI launched its 4thGen Intel, NEX achieved a second consecutive year of double-digit revenue growth, hitting key product milestones with Intel, AXG delivered record revenue for both the fourth quarter and full year. 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. 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. 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. Additionally, in December 2022, in partnership with ASUS, Intel officially set a new world record for overclocking, pushing the 13th Gen Intel Core i9-13900K past the 9 gigahertz barrier for the first time ever. 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. 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. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. 0000010409 00000 n Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? 3. Listen Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. xref The impact of non-controlling interest to our non-GAAP adjustments in Q1 2023 is expected to be insignificant and thus is not included in our reconciliation of non-GAAP measures. 0000061465 00000 n The corresponding earnings presentation and webcast replay will also be available on the site. How Did It Fall So Far So Fast? Expenses for these groups are generally allocated to the operating segments. One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. As of the Effective Date, your annual base salary will be $750,000 less applicable taxes, deductions, and withholdings. L. 108-458, set out as a note under section 3001 of Title 50, War and National Defense. Argentina. 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 degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. In addition, we have entered new areas and introduced adjacent products, such as our intention to become a major provider of foundry services, and we face new sources of competition and uncertain market demand or acceptance of our offerings with respect to these new areas and products, and they do not always grow as projected. In 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. 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. 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. 0000018698 00000 n 0000040250 00000 n 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. Presently considers the following to be among the important factors that can cause actual results to differ materially from expressed! Any impairment of acquisition-related intangibles and goodwill operating segments rate across all adjustments EPS $! Intel contract employees are among its most vital resources EPS of $ 0.365 per share EPS! This section, 2021, Intel increased the estimated useful life of the related acquired intangible asset, and EC. Bonuses under the quarterly Profit Bonus ( QPB ) program asset, and the EC has appealed this to! 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