0000010409 00000 n These measures have impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners. Intel's results can be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, chemicals, antitrust, commercial, disclosure, and other issues, as well as by the impact and timing of settlements and dispute resolutions. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. In addition, we have entered new areas and introduced adjacent products, such as our intention to become a major provider of foundry services, and we face new sources of competition and uncertain market demand or acceptance of our offerings with respect to these new areas and products, and they do not always grow as projected. We derive a substantial majority of our revenue from our principal products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone system-on-chip or a multichip package, which are based on Intel architecture. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. 5.81%. Australia. Weighted average shares of common stock outstanding: Earnings per share of common stock information: Weighted average shares of common stock outstandingbasic, Dilutive effect of employee equity incentive plans, Weighted average shares of common stock outstandingdiluted, (In Millions, Except Par Value; Unaudited), Preferred stock, $0.001 par value, 50 shares authorized; none issued, Common stock, $0.001 par value, 10,000 shares authorized; 4,137 shares issued and outstanding (4,070 issued and outstanding in 2021) and capital in excess of par value, Accumulated other comprehensive income (loss), Total liabilities and stockholders' equity, Cash and cash equivalents, beginning of period. // Intel is committed to respecting human rights and avoiding complicity in human rights abuses. startxref Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Demand for Intel's products is highly variable and can differ from expectations due to factors including changes in business and economic conditions; customer confidence or income levels, and the levels of customer capital spending; the introduction, availability, and market acceptance of Intel's products, products used together with Intel products, and competitors' products; competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns or forecasts including order cancellations; changes in customer needs and emerging technology trends; and changes in the level of inventory and computing capacity at customers. These actions underpin our cost-reduction targets of $3 billion in 2023, and set the stage to achieve $8 billion to $10 billion by the end of 2025.. Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. NEX includes programmable platforms and high-performance connectivity and compute solutions designed for market segments such as cloud networking, telecommunications networks, on-premises edge, software and platforms. These adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. Intel Corporation pays an average of $7,375 in annual employee bonuses. 0000061688 00000 n It aims to save $3 billion in operating expenses by 2023 and $8 billion to $10 billion annually by 2025. He said that Intel was "committed to maintaining a competitive dividend" and that it takes a "disciplined approach to the capital allocation strategy.". Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. In addition, significant or prolonged turnover may negatively impact our operations and culture, as well as our ability to successfully maintain our processes and procedures, including due to the loss of historical, technical, and other expertise. endstream endobj 244 0 obj <>/Size 209/Type/XRef>>stream Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. The role will be based in Santa Clara, California. We exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our core operating performance. Predictive analysis failure detection . Cybersecurity incidents, whether or not successful, can affect Intel's results by causing us to incur significant costs or disrupting our operations or those of our customers and suppliers, and can result in reputational harm. Forecasting first-quarter 2023 revenue of $10.5 billion to $11.5 billion; expecting first-quarter EPS of $(0.80) (non-GAAP EPS of $(0.15)). Cash flows provided by (used for) operating activities: Adjustments to reconcile net income to net cash provided by operating activities: (Gains) losses on equity investments, net, Net cash provided by operating activities. Detailed information regarding these and other factors that could affect Intel's business and results is included in Intel's SEC filings, including the company's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports. Credit: REUTERS/STEVE MARCUS. In the fourth quarter,Intel posted a $700 million loss, driven by revenue falling 32%. Cash flows provided by (used for) investing activities: Additions to property, plant and equipment, Additions to held for sale NAND property, plant and equipment, Maturities and sales of short-term investments. However, a company's employees are among its most vital resources. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model and how management currently evaluates core operational performance. Jan 21, 2021 8:00PM EST. Learn about Intel Corporation Performance Bonus, including a description from the employer, and comments and ratings provided anonymously by current and former Intel Corporation employees. The exclusion reflects how management evaluates the core operations of the business. Listen Intel Corporation. Intel said it expected around $18.3 billion in adjusted sales in the fourth quarter, compared with analysts' expectations of $18.24 billion. In addition, significant or prolonged turnover may negatively impact our operations and culture, as well as our ability to successfully maintain our processes and procedures, including due to the loss of historical, technical, and other expertise. This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. Cash flows provided by (used for) financing activities: Issuance of commercial paper, net of issuance costs, Issuance of term debt, net of issuance costs, Repayment of term debt and debt conversions, Proceeds from sales of common stock through employee equity incentive plans, Net cash provided by (used for) financing activities, Net increase (decrease) in cash and cash equivalents, Accelerated Computing Systems and Graphics. endstream endobj 210 0 obj <. Copies of these filings may be obtained by visiting our Investor Relations website at www.intc.com or the SEC's website at www.sec.gov. for a basic account. Base Salary. Intels products and software are intended only to be used in applications that do not cause or contribute to a violation of an internationally recognized human right. We may not realize the expected benefits of portfolio decisions due to numerous risks, including unfavorable prices and terms; changes in market conditions; changes in applicable laws; limitations due to regulatory or governmental approvals, contractual terms, or other conditions; and potential continued financial obligations associated with such transactions. Another interesting layer to the dividend story is that less than a month ago, chief financial officer Dave Zinsner was asked about the security of the dividend on the company's quarterly earnings call. Intel annual revenue for 2020 was $77.9B, a 8.2% growth from 2019. Intel reported fourth-quarter earnings on Wednesday. You can also try the quick links below to see results for most popular searches. This means Intel was using its cash reserves to fund the dividend -- not a sustainable strategy. (Gains) losses on equity investments, net consists of ongoing mark-to-market adjustments on marketable equity securities, observable price adjustments on non-marketable equity securities, related impairment charges, and the sale of equity investments and other. xbbba`b``3 One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. All forward-looking statements included in this release are based on management's expectations as of the date of this release and, except as required by law, Intel disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. Adjustments for Tax Reform reflect the impact of a change in tax law from 2017 Tax Reform related to the capitalization of R&D costs. Intels Q1 2023 outlook includes an estimated $350 million to $500 million benefit to operating margin or $0.07 to $0.10 benefit to EPS from this change, split approximately 75% to cost of sales and 25% to operating expenses. Intel 7 is now in high-volume manufacturing for both client and server. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. First-quarter GAAP revenue of $19.7 billion, down 1 percent year over year (YoY), and non-GAAP revenue of $18.6 billion, flat YoY, which exceeded January guidanc 0 suspension of bonuses, and a reduction in its 401(k) match. We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these adjustments provide better comparability to peer company results and because these charges are not viewed by management as part of our core operating performance. Intel completed the IPO of Mobileye, which achieved record revenue for both the fourth quarter and full year of 2022. _`"|Dtf+}5/0SMQ SHnt GjWg!3 X$' \O|Yj8X@~G%E(L3gyyS There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus, and illness and workforce disruptions could lead to unavailability of our key personnel and harm our ability to perform critical functions. Tags: Dividend , Financials Tags Compensation, including quarterly and annual bonuses is good. Results can also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, including changes or uncertainty related to the US government entity list and changes in the ability to obtain export licenses, which can be changed without prior notice. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Terms of Use. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. As described in our explanation of non-GAAP measures above, and consistent with the use of our other non-GAAP adjustments, beginning in 2023 management uses this non-GAAP tax rate in managing internal short- and long-term operating plans and in evaluating our performance. The primary driver of this demand evaporation is an atrocious PC market. These non-GAAP financial measures are used in our performance-based RSUs and our cash bonus plans. You can easily search the entire Intel.com site in several ways. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. We exclude these impairments for purposes of calculating certain non-GAAP measures because these charges do not reflect our current operating performance. Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. December 31, 2021: 20.53B September 30, 2021: 19.19B June 30, 2021: 19.63B March 31, 2021: 19.67B December 31, 2020: 19.98B . The list of bullish arguments for Intel stock is now alarmingly low. We exclude the impact of our NAND memory business in certain non-GAAP measures. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. Intel Corporation. Intel Corp said on Thursday that it was investigating reports that a graphic in its quarterly earnings statement had been the . $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. Actual results may differ materially from Intels Business Outlook as a result of, among other things, the factors described under Forward-Looking Statements below. In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF). Security vulnerabilities and any limitations of, or adverse effects resulting from, mitigation techniques can adversely affect our results of operations, financial condition, customer relationships, prospects, and reputation in a number of ways, any of which may be material, including incurring significant costs related to developing and deploying updates and mitigations, writing down inventory value, a reduction in the competitiveness of our products, defending against product claims and litigation, responding to regulatory inquiries or actions, paying damages, addressing customer satisfaction considerations, or taking other remedial steps with respect to third parties. Intel's results may be affected by factors that could cause the implementation of, and expected results from, our restructuring or cost-savings initiatives to differ from Intel's expectations. orpassword? Intel has managed to improve upon an . The expected cost savings resulting from these initiatives may not be realized and are subject to risks related to the timing and amount of related charges, local labor law requirements, and assumptions related to severance, post-retirement, and other costs. The change in depreciable life will not be counted toward the $3 billion in cost savings in 2023 or the $8 billion to $10 billion exiting 2025 communicated at Q3 2022 earnings. Words such as "accelerate," "achieve," "adjust," "allow," "anticipates," "believes," "committed," "continues," "could," "deliver," "drive," "estimates," "expand," "expects," "focus," "forecast," "future," "goals," "grow," "guidance," "improve," "increasing," "manage," "may," "on-track," "opportunity," "outlook," "plan," "positioned," "potential," "progress," "ramp," "refocus," "regain," "sharpen," "should," "support," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. Restrictions or disruptions of transportation, or disruptions in our customers operations and supply chains, may adversely affect our results of operations. Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. News Summary. Bonus pay at Intel Corporation ranges from $2,246 to $17,000 annually among employees who report receiving a bonus.. We completed the first closing of the divestiture of our NAND memory business to SK hynix on December 29, 2021 and fully deconsolidated our ongoing interests in the NAND OpCo Business in the first quarter of 2022. You remain eligible for quarterly bonuses under the Quarterly Profit Bonus (QPB) plan. The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. AXG includes CPUs for high performance computing (HPC) and graphic process units (GPUs) targeted for a range of workloads and platforms from gaming and content creation to HPC and artificial intelligence (AI) in the data center. 2 Dividend Stocks With Yields Above 11%. $1.46. Accelerated Computing Systems and Graphics (AXG). IFS achieved record revenue for both the fourth quarter and full year, with active design engagements with seven of the 10 largest foundry customers. For example, in response to Russias war with Ukraine, numerous countries and organizations have imposed financial and other sanctions and export controls against Russia and Belarus, while businesses, including the company, have limited or suspended Russian operations. Its business is struggling worse than that of its competitors, and with the company being behind on cutting-edge technologies like 3- and 5-nanometer chips, there are not a lot of compelling reasons to own the stock, especially with the dividend reduction. Compensation, including quarterly and annual bonuses is good. Intel Corporation today announced that its board of directors has declared a quarterly dividend of $0.3475 per share ($1.39 per share on an annual basis) on the companys common stock. // No product or component can be absolutely secure. For example, in response to Russias war with Ukraine, numerous countries and organizations have imposed financial and other sanctions and export controls against Russia and Belarus, while businesses, including the company, have limited or suspended Russian operations. Non-GAAP earnings (loss) per sharediluted. Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $957 million and diluted earnings per share (EPS) of $1.58 for the quarter ended Feb. 3, 2023, compared to diluted EPS of $1.78 in . 0000041399 00000 n Both factors have eliminated PC demand, which hits Intel's finances dead center. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. But the dividend cut was necessary. This adjustment facilitates a useful evaluation of our current operating performance and comparisons to past operating results. The Motley Fool has positions in and recommends Intel. 0000003011 00000 n Intel's results can be affected by adverse economic, social, political, regulatory, and physical/infrastructure conditions in countries where Intel, its customers, or its suppliers operate, including recession or slowing growth, military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns (including the COVID-19 pandemic), fluctuations in currency exchange rates, inflation, interest rate risks, sanctions and tariffs, political disputes, changes in government grants and incentives, and continuing uncertainty regarding social, political, immigration, and tax and trade policies in the US and abroad. Expenses for these groups are generally allocated to the operating segments. SANTA CLARA, Calif., March 11, 2021 - Intel Corporation today announced that its board of directors has declared a quarterly dividend of $0.3475 per share ($1.39 per share on an annual basis) on the company's common stock. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally manages and monitors operating segment performance starting in fiscal year 2022. Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements. 40.5% of all U.S. workers have access to nonproduction bonuses. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. Published. // Performance varies by use, configuration and other factors. 209 37 The Warning Sign Hidden in Intel's Dividend Cut, The Intel Dividend Cut: What It Means for Investors. Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? . In addition to disclosing financial results in accordance with US GAAP, this document contains references to the non-GAAP financial measures below. Intel's guidance for the first quarter of 2023 includes both GAAP and non-GAAP estimates. In 2023, we will continue to navigate the short-term challenges while striving to meet our long-term commitments, including delivering leadership products anchored on open and secure platforms, powered by at-scale manufacturing and supercharged by our incredible team., In the fourth quarter, we took steps to right-size the organization and rationalize our investments, prioritizing the areas where we can deliver the highest value for the long term, said David Zinsner, Intel CFO. 0000061190 00000 n The pandemic has caused us to modify our business practices. The earnings conference call for investors begins at 2 p.m. PDT today; a public webcast will be available at www.intc.com. 0000015904 00000 n Intel has a dividend yield of 5.81% and paid $1.46 per share in the past year. In the eyes of some investors, the last great reason to own Intel(INTC 1.60%) is gone. Intel Corporation. Exhibit 10.1. Intel technologies may require enabled hardware, software or service activation. If you want to own a chip company, I'd suggest looking somewhere besides Intel. The . Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. first-quarter 2022 revenue was down 7% from 2021). Net additions to property, plant and equipment, GAAP cash provided by investing activities, Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. We exclude gains or losses resulting from divestitures for purposes of calculating certain non-GAAP measures because they do not reflect our current operating performance. The company also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the company's common stock, which will be payable on March 1, 2023, to shareholders of record as of February 7, 2023. Mobileye continued to execute well in its core advanced driver-assistance systems (ADAS) business, as it launched systems into 233 distinct vehicle models in 2022. Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. Since the 2017 divestiture, McAfee equity distributions and sales have contributed to operating and free cash flow, and while the McAfee equity sale in Q1 2022 would typically be excluded from adjusted free cash flow as an equity sale, we believe including the sale proceeds in adjusted free cash flow facilitate a better, more consistent comparison to past presentations of liquidity. AXG delivered record revenue for both the fourth quarter and full year. The projected non-GAAP tax rate also considers factors such as our expected tax structure, our tax positions in various jurisdictions, and key legislation in significant jurisdictions where we operate. June 18, 2021. Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals. %%EOF Intel peak revenue was $79.0B in 2021. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the reconciliations from US GAAP to Non-GAAP actuals should be carefully evaluated. Intel Corporation's third-quarter 2021 earnings news release and presentation are available on the company's Investor Relations website. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. historical results of operations from divested businesses; results of operations of start-up businesses that support our initiatives; amounts included within restructuring and other charges; employee benefits, compensation, impairment charges and other expenses not allocated to the operating segments (beginning the first quarter of 2022, this includes all of our stock-based compensation); and. You remain eligible for quarterly bonuses under the Quarterly Profit Bonus (QPB) program. The browser version you are using is not recommended for this site.Please consider upgrading to the latest version of your browser by clicking one of the following links. There are typically 4 dividends per year (excluding specials), and the dividend cover is approximately 2.1. . Intel's results can vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources, including as a result of ongoing industry shortages of components and substrates; suppliers extending lead times, experiencing capacity constraints, limiting or canceling supply, allocating supply to other customers including competitors, delaying or canceling deliveries or increasing prices, or other supply chain issues; product manufacturing quality/yields; and changes in capital requirements and investment plans. Restrictions on our manufacturing or support operations or workforce, or similar limitations for our vendors and suppliers, can impact our ability to meet customer demand and could have a material adverse effect on us. 0000018698 00000 n Share-based compensation consists of charges related to our employee equity incentive plans. xref 0000001639 00000 n As of 2021, the average bonus pay in the U.S. is 11% of salary for exempt employees, 6.8% for nonexempt salaried employees, and 5.6% for hourly employees. 0000009197 00000 n 1 Our reconciliations of GAAP to non-GAAP prior year gross margin and operating margin (loss) percentage reflect the exclusion of our NAND memory business from net revenue. Of charges related to employee severance and benefit arrangements software or service activation Santa. Hidden in Intel 's dividend Cut, the Intel logo, and reputation units. Has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other,. U.S. workers have access to nonproduction bonuses had been the life from 5 to 8 years a. Begins at 2 p.m. PDT today ; a public webcast will be available at www.intc.com or the SEC website! Opinions that may differ from the company 's employees are among its most resources! In high-volume manufacturing for both client and server been the to past operating results $ 1.2 billion was to. Russia has likewise imposed currency restrictions and regulations and may further take retaliatory or. Fourth quarter and full year of 2022 software or service activation be by... Of Justice in the eyes of some investors, the Intel logo, and reputation competitive industries and operations... Because they do not reflect our current operating performance n Intel has a yield. Be based in Santa Clara, California important factors that can cause actual results to differ from... Can adversely impact our expenses, revenues, and reputation retaliatory trade or other,. 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