AMD Reports First Quarter 2019 Financial Results

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions)

	March 30, 2019 ⁽¹⁾			December 29, 2018
Assets
Current assets:
Cash and cash equivalents	$	978		$	1,078
Marketable securities		216			78
Accounts receivable, net		1,241			1,235
Inventories, net		955			845
Prepayment and receivables - related parties		50			52
Prepaid expenses		65			57
Other current assets		172			195

Total current assets		3,677			3,540

Property and equipment, net		377			348
Operating lease right-of-use assets		214			-
Goodwill		289			289
Investment: equity method		57			58
Other assets		317			321

Total Assets	$	4,931		$	4,556

Liabilities and Stockholders' Equity
Current liabilities:
Short-term debt, net	$	70		$	136
Accounts payable		484			528
Payables to related parties		446			533
Accrued liabilities		719			763
Other current liabilities		45			24

Total current liabilities		1,764			1,984

Long-term debt, net		1,024			1,114
Long-term operating lease liabilities		213			-
Other long-term liabilities		142			192

Stockholders' equity:
Capital stock:
Common stock, par value		11			10
Additional paid-in capital		9,246			8,750
Treasury stock, at cost		(48	)		(50	)
Accumulated deficit		(7,420	)		(7,436	)
Accumulated other comprehensive loss		(1	)		(8	)

Total Stockholders' equity		1,788			1,266
Total Liabilities and Stockholders' Equity	$	4,931		$	4,556

⁽¹⁾ During the first quarter of 2019, the Company adopted the new lease accounting standard, ASC 842, Leases , which resulted in an increase to assets of $214 million and to liabilities of $251 million ($213 million in Long-term operating lease liabilities and $38 million in Other current liabilities) for leases primarily related to office buildings. The adoption of this standard had no impact to the Company's results of operations or statement of cash flows.

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