Current Outlook
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 second quarter of 2023, AMD expects revenue to be approximately $5.3 billion, plus or minus $300 million. AMD expects non-GAAP gross margin to be approximately 50%.

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 first quarter 2023 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.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share data) (Unaudited)
		Three Months Ended
		April 1, 2023				March 26, 2022
GAAP gross profit		$	2,359			$	2,818
GAAP gross margin %			44	%			48	%
Stock-based compensation			8				4
Acquisition-related costs (1)			3				92
Amortization of acquired intangible assets			305				186
Non-GAAP gross profit		$	2,675			$	3,100
Non-GAAP gross margin %			50	%			53	%
GAAP operating expenses		$	2,514			$	1,950
GAAP operating expenses/revenue %			47	%			33	%
Stock-based compensation			297				170
Acquisition-related costs (1)			112				141
Amortization of acquired intangible assets			518				293
Non-GAAP operating expenses		$	1,587			$	1,346
Non-GAAP operating expenses/revenue %			30	%			23	%
GAAP operating income (loss)		$	(145	)		$	951
GAAP operating margin %			(3)	%			16	%
Stock-based compensation			305				174
Acquisition-related costs (1)			115				233
Amortization of acquired intangible assets			823				479
Non-GAAP operating income		$	1,098			$	1,837
Non-GAAP operating margin %			21	%			31	%

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