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ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions) (Unaudited) | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| July 1,
2023 | June 25,
2022 | July 1,
2023 | June 25,
2022 | |||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income (loss) | 27 | 447 | (112 | ) | 1,233 | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 849 | 1,180 | 1,831 | 1,789 | ||||||||
| Stock-based compensation | 348 | 292 | 657 | 491 | ||||||||
| Amortization of operating lease right-of-use assets | 24 | 21 | 48 | 40 | ||||||||
| Amortization of inventory fair value adjustment | 1 | 96 | 3 | 185 | ||||||||
| Loss on sale or disposal of property and equipment | 1 | — | 7 | 15 | ||||||||
| Deferred income taxes | (274 | ) | (276 | ) | (582 | ) | (618 | ) | ||||
| (Gains) losses on equity investments, net | 3 | 10 | 2 | 54 | ||||||||
| Other | (18 | ) | (2 | ) | (20 | ) | (4 | ) | ||||
| Changes in operating assets and liabilities | ||||||||||||
| Accounts receivable, net | (272 | ) | (344 | ) | (186 | ) | (1,016 | ) | ||||
| Inventories | (332 | ) | (248 | ) | (796 | ) | (274 | ) | ||||
| Receivables from related parties | — | — | — | (1 | ) | |||||||
| Prepaid expenses and other assets | (46 | ) | 23 | (237 | ) | (237 | ) | |||||
| Payables to related parties | (41 | ) | 156 | (150 | ) | 277 | ||||||
| Accounts payable | 236 | 24 | 309 | 28 | ||||||||
| Accrued and other liabilities | (127 | ) | (341 | ) | 91 | 71 | ||||||
| Net cash provided by operating activities | 379 | 1,038 | 865 | 2,033 | ||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchases of property and equipment | (125 | ) | (132 | ) | (283 | ) | (203 | ) | ||||
| Purchases of short-term investments | (1,113 | ) | (520 | ) | (2,816 | ) | (620 | ) | ||||
| Proceeds from maturity of short-term investments | 698 | 1,285 | 1,171 | 2,248 | ||||||||
| Proceeds from sale of short-term investments | 103 | — | 248 | 1 | ||||||||
| Cash received from acquisition of Xilinx | — | — | — | 2,366 | ||||||||
| Acquisition of Pensando, net of cash acquired | — | (1,558 | ) | — | (1,558 | ) | ||||||
| Other | (1 | ) | (3 | ) | 5 | (4 | ) | |||||
| Net cash provided by (used in) investing activities | (438 | ) | (928 | ) | (1,675 | ) | 2,230 | |||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from debt, net of issuance costs | — | 991 | — | 991 | ||||||||
| Proceeds from sales of common stock through employee equity plans | 141 | 76 | 144 | 78 | ||||||||
| Repurchases of common stock | — | (921 | ) | (241 | ) | (2,835 | ) | |||||
| Common stock repurchases for tax withholding on employee equity plans | (66 | ) | (31 | ) | (87 | ) | (66 | ) | ||||
| Other | — | (1 | ) | — | (2 | ) | ||||||
| Net cash provided by (used in) financing activities | 75 | 114 | (184 | ) | (1,834 | ) | ||||||
| Net increase (decrease) in cash and cash equivalents | 16 | 224 | (994 | ) | 2,429 | |||||||
| Cash and cash equivalents at beginning of period | 3,825 | 4,740 | 4,835 | 2,535 | ||||||||
| Cash and cash equivalents at end of period | 3,841 | 4,964 | 3,841 | 4,964 | ||||||||
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AMD Reports Second Quarter 2023 Financial Results
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