ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30,
2023 | September 24,
2022 | September 30,
2023 | September 24,
2022 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income | $ | 299 | $ | 66 | $ | 187 | $ | 1,299 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 823 | 1,165 | 2,654 | 2,954 | |||||||||||
| Stock-based compensation | 353 | 275 | 1,010 | 766 | |||||||||||
| Amortization of operating lease right-of-use assets | 25 | 23 | 73 | 63 | |||||||||||
| Amortization of inventory fair value adjustment | — | 2 | 3 | 187 | |||||||||||
| Loss on sale or disposal of property and equipment | 3 | — | 10 | 15 | |||||||||||
| Deferred income taxes | (218 | ) | (710 | ) | (800 | ) | (1,328 | ) | |||||||
| (Gains) losses on equity investments, net | (3 | ) | 3 | (1 | ) | 57 | |||||||||
| Other | (23 | ) | (5 | ) | (43 | ) | (9 | ) | |||||||
| Changes in operating assets and liabilities | |||||||||||||||
| Accounts receivable, net | (743 | ) | (285 | ) | (929 | ) | (1,301 | ) | |||||||
| Inventories | 122 | (723 | ) | (674 | ) | (997 | ) | ||||||||
| Receivables from related parties | 1 | — | 1 | (1 | ) | ||||||||||
| Prepaid expenses and other assets | (143 | ) | (588 | ) | (380 | ) | (825 | ) | |||||||
| Payables to related parties | 13 | 36 | (137 | ) | 313 | ||||||||||
| Accounts payable | (547 | ) | 783 | (238 | ) | 811 | |||||||||
| Accrued and other liabilities | 459 | 923 | 550 | 994 | |||||||||||
| Net cash provided by operating activities | 421 | 965 | 1,286 | 2,998 | |||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchases of property and equipment | (124 | ) | (123 | ) | (407 | ) | (326 | ) | |||||||
| Purchases of short-term investments | (496 | ) | (1,779 | ) | (3,312 | ) | (2,399 | ) | |||||||
| Proceeds from maturity of short-term investments | 746 | 615 | 1,917 | 2,864 | |||||||||||
| Proceeds from sale of short-term investments | — | — | 248 | — | |||||||||||
| Cash received from acquisition of Xilinx | — | — | — | 2,366 | |||||||||||
| Acquisitions, net of cash acquired | (14 | ) | — | (14 | ) | (1,558 | ) | ||||||||
| Other | (10 | ) | (11 | ) | (5 | ) | (15 | ) | |||||||
| Net cash provided by (used in) investing activities | 102 | (1,298 | ) | (1,573 | ) | 932 | |||||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from debt, net of issuance costs | — | — | — | 991 | |||||||||||
| Repayment of debt | — | (312 | ) | — | (312 | ) | |||||||||
| Proceeds from sales of common stock through employee equity plans | 4 | 1 | 148 | 79 | |||||||||||
| Repurchases of common stock | (511 | ) | (617 | ) | (752 | ) | (3,452 | ) | |||||||
| Common stock repurchases for tax withholding on employee equity plans | (295 | ) | (305 | ) | (382 | ) | (371 | ) | |||||||
| Other | (1 | ) | — | (1 | ) | (2 | ) | ||||||||
| Net cash used in financing activities | (803 | ) | (1,233 | ) | (987 | ) | (3,067 | ) | |||||||
| Net increase (decrease) in cash and cash equivalents | (280 | ) | (1,566 | ) | (1,274 | ) | 863 | ||||||||
| Cash and cash equivalents at beginning of period | 3,841 | 4,964 | 4,835 | 2,535 | |||||||||||
| Cash and cash equivalents at end of period | $ | 3,561 | $ | 3,398 | $ | 3,561 | $ | 3,398 | |||||||
