AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.
For the first quarter of 2022, AMD expects revenue to be approximately $5.0 billion, plus or minus $100 million, an increase of approximately 45 percent year-over-year and approximately 4 percent quarter-over-quarter. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and client processor revenue. AMD expects non-GAAP gross margin to be approximately 50.5 percent in the first quarter of 2022.
For the full year 2022, AMD expects revenue to be approximately $21.5 billion, an increase of approximately 31 percent over 2021 driven by growth across all businesses. AMD expects non-GAAP gross margin to be approximately 51 percent for 2022.
AMD Teleconference
AMD will hold a conference call for the financial community at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its fourth quarter and full year 2021 financial results. AMD will provide a real-time audio broadcast of the teleconference on the
Investor Relations page of its website at
www.amd.com.
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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
| ||||||||||||||||||||
| (In millions, except per share data) (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
|
December 25,
2021 |
September 25,
2021 |
December 26,
2020 |
December 25,
2021 |
December 26,
2020 | ||||||||||||||||
| GAAP gross profit | $ | 2,426 | $ | 2,086 | $ | 1,451 | $ | 7,929 | $ | 4,347 | ||||||||||
| GAAP gross margin % | 50 | % | 48 | % | 45 | % | 48 | % | 45 | % | ||||||||||
| Stock-based compensation | 1 | 1 | 1 | 5 | 6 | |||||||||||||||
| Non-GAAP gross profit | $ | 2,427 | $ | 2,087 | $ | 1,452 | $ | 7,934 | $ | 4,353 | ||||||||||
| Non-GAAP gross margin % | 50 | % | 48 | % | 45 | % | 48 | % | 45 | % | ||||||||||
| GAAP operating expenses | $ | 1,223 | $ | 1,141 | $ | 881 | $ | 4,293 | $ | 2,978 | ||||||||||
| GAAP operating expenses/revenue % | 25 | % | 26 | % | 27 | % | 26 | % | 31 | % | ||||||||||
| Stock-based compensation | 111 | 98 | 78 | 374 | 268 | |||||||||||||||
| Acquisition-related costs | 9 | 8 | 14 | 42 | 14 | |||||||||||||||
| Non-GAAP operating expenses | $ | 1,103 | $ | 1,035 | $ | 789 | $ | 3,877 | $ | 2,696 | ||||||||||
| Non-GAAP operating expenses/revenue% | 23 | % | 24 | % | 24 | % | 24 | % | 28 | % | ||||||||||
| GAAP operating income | $ | 1,207 | $ | 948 | $ | 570 | $ | 3,648 | $ | 1,369 | ||||||||||
| GAAP operating margin % | 25 | % | 22 | % | 18 | % | 22 | % | 14 | % | ||||||||||
| Stock-based compensation | 112 | 99 | 79 | 379 | 274 | |||||||||||||||
| Acquisition-related costs | 9 | 8 | 14 | 42 | 14 | |||||||||||||||
| Non-GAAP operating income | $ | 1,328 | $ | 1,055 | $ | 663 | $ | 4,069 | $ | 1,657 | ||||||||||
| Non-GAAP operating margin % | 27 | % | 24 | % | 20 | % | 25 | % | 17 | % | ||||||||||
