$1.46. tral Intelligence or the Director of the Central Intel-ligence Agency in the Director's capacity as the head of the Central Intelligence Agency deemed to be a ref-erence to the Director of the Central Intelligence Agen-cy. Its gross margin also fell from 54% last year to 39% in the fourth quarter, indicating Intel had to slash prices to get to the revenue levels it did. There are multiple ways employees are compensated at Intel: Base Salary Quarterly Profit Bonus (QPB) Annual Performance Bonus (APB) Stock Awards The base salary is paid out twice a month. 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. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. Base Salary. On Intel 20A and Intel 18A, Intels first internal test chips, and those of a major potential foundry customer, have taped out with products undergoing fabrication. 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 companys common stock. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). The impact of the pandemic can also exacerbate other risks discussed in this section. 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. Management slashed its quarterly dividend from $0.365 to $0.125 to fund its long-term strategy, which dropped its yield from 5.8% to just 2%. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. We exclude the impact of our NAND memory business in certain non-GAAP measures. But the dividend cut was necessary. 0000000016 00000 n Intel's largest business, its client computing. 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. Intel peak revenue was $79.0B in 2021. 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. 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. Tags: Dividend , Financials Tags See Intels Global Human Rights Principles. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. Full-year EPS was $1.94; non-GAAP EPS was $1.84. The COVID-19 pandemic has previously adversely affected significant portions of Intel's business and could have a material adverse effect on Intel's financial condition and results of operations. Demand for our products has been and could again be materially harmed in the future, and our ability to accurately predict future demand, trends, or other matters may be impacted. Intel earned $20.5 billion in the fourth quarter of 2021, exceeding its guidance by $1.3 billion and up 3% year-over-year (YoY). $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. For the full year, the company generated $15.4 billion in cash from operations and paid dividends of $6.0billion. 0000040350 00000 n Cost basis and return based on previous market day close. Intel's results can be affected by gains or losses from equity securities and interest and other, which can vary depending on gains or losses on the change in fair value, sale, exchange, or impairments of equity and debt investments, interest rates, cash balances, and changes in fair value of derivative instruments. AXG delivered record revenue for both the fourth quarter and full year. The role will be based in Santa Clara, California. Is Intel stock worth owning with that catalyst gone? In the eyes of some investors, the last great reason to own Intel (INTC 1.49%) is gone. 0000003058 00000 n This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results. 0000054097 00000 n Subject to local law, to earn and receive a QPB, you must be employed on the Intel payroll before the cutoff date for each three-month bonus period . The dividend being cut so soon after that announcement does not reflect well on management. 0000002964 00000 n It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. To make the world smarter, happier, and richer. Despite the economic and market headwinds, we continued to make good progress on our strategic transformation in Q4, including advancing our product roadmap and improving our operational structure and processes to drive efficiencies while delivering at the low-end of our guided range, said Pat Gelsinger, Intel CEO. We have sales and marketing, manufacturing, engineering, finance and administration groups. Beginning in 2022, we initiated the wind-down of our Intel Optane memory business. Most Recent Quarter Revenue. 0 Intel completed the IPO of Mobileye, which achieved record revenue for both the fourth quarter and full year of 2022. The company also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the companys common stock, which will be payable on March 1, 2023, to shareholders of record as of February 7, 2023. 3. Tags Corporate About Intel We reference a non-GAAP financial measure of adjusted free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and quality of earnings. Strong Results, Cautious Outlook. 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. Our non-GAAP financial measures reflect adjustments based on one or more of the following items, as well as the related income tax effects where applicable. // Performance varies by use, configuration and other factors. One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. xbbba`b``3 Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. Intel said it expected around $18.3 billion in adjusted sales in the fourth quarter, compared with analysts' expectations of $18.24 billion. Learn More. 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. . Accordingly, the consumer graphics teams will join CCG, and the accelerated computing teams will join DCAI. This non-GAAP financial measure is helpful in understanding our capital requirements and sources of liquidity by providing an additional means to evaluate the cash flow trends of our business. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. SupportAssist automatically detects and proactively alerts Dell to: operating system issues, software upgrades, driver updates and patches, malware, virus infected files, failures of hard drives, batteries, memory, internal cables, thermal sensors, heat sinks, fans, solid state drives and video cards. Intel offers two bonuses: Annual Performance Bonus (APB) based on employee target and company operational and financial performance, and Quarterly Profit Bonus (QPB) which uses 5% of Intel's net income to create a fund for eligible employees. 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. 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. Adjusted free cash flow is operating cash flow adjusted for 1) additions to property, plant and equipment, net of proceeds from capital grants and partner contributions, 2) payments on finance leases, and 3) proceeds from the McAfee equity sale. Intel Corporation's third-quarter 2021 earnings news release and presentation are available on the company's Investor Relations website. 0000005213 00000 n Can be quite demanding; heavy process, which often affects decision making or decisions made without overall understanding of impact to all areas affected. Additionally, in December 2022, in partnership with ASUS, Intel officially set a new world record for overclocking, pushing the 13th Gen Intel Core i9-13900K past the 9 gigahertz barrier for the first time ever. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. 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. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. 0000001501 00000 n Intel continues to make progress with its goal of achieving five nodes in four years and is on track to regain transistor performance and power performance leadership by 2025. Starting with quarterly results, for the fourth quarter of 2021, Intel reported $20.5B in revenue, which is a small jump of 3% over the year-ago quarter. To learn more about Intels innovations, go to. The 2023 first quarter isn't looking any better, with management guiding for around $11 billion in revenue, down 40% from 2022's $18.4 billion (for reference, first-quarter 2022 revenue was down 7% from 2021). 245 0 obj <>stream 0000001639 00000 n Intel's results can be affected by gains or losses from equity securities and interest and other, which can vary depending on gains or losses on the change in fair value, sale, exchange, or impairments of equity and debt investments, interest rates, cash balances, and changes in fair value of derivative instruments. 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. Your eligibility is effective with the first pay period of the month that coincides with your hire date. The Motley Fool has positions in and recommends Intel. The pandemic has resulted in authorities imposing numerous measures to try to contain the virus, including manufacturing, transportation, and operational restrictions or disruptions, such as the Shanghai port shutdowns. 0000061465 00000 n Feb 6, 2023. In addition, these transactions do not always achieve our financial or strategic objectives and can disrupt our ongoing business and adversely impact our results of operations. 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. 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. Read More October 5, 2020 Reviewed by: Anonymous (Anonymous Employee) By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. Keithen Drury has no position in any of the stocks mentioned. This long-term non-GAAP tax rate may be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or changes to our strategy or business operations. Sept. 17, 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. Second, many consumers recently upgraded their PCs within the past few years, during the pandemic. Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. 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. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends. We have an "all other" category that includes revenue, expenses and charges such as: 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. 0000010025 00000 n 0000041399 00000 n Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. . Intels Business Outlook and other statements in this release that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. While the second closing of the sale is still pending and subject to closing conditions, we deconsolidated this business in Q1 2022 and management does not view the historical results of the business as a part of our core operations. Non-GAAP earnings (loss) per sharediluted. Starting in the first quarter of 2022, we incrementally exclude from our non-GAAP results share-based compensation and all gains and losses on equity investments. These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results. Management is cutting employee pay to control operating expenses. The dividend will be payable on June 1, 2021, to stockholders of record on May 7, 2021. News Summary. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. 0000036765 00000 n Intel's results can be affected by the impact and timing of closing of acquisitions, divestitures, and other significant transactions, such as the pending acquisition of Tower Semiconductor Inc. If you treat them right, you'll get the most out of them. It is expected that the effective date for your new position will be July 6, 2021 ("Effective Date"). INTC Capital Expenditures (TTM) data by YCharts. 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. 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. Intel continues to make progress with its goal of achieving five nodes in four years and is on track to regain transistor performance and power performance leadership by 2025. Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. 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. IFS provides differentiated full stack solutions including wafer fabrication, packaging, chiplet standard and software. Intel's expected tax rate is based on current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017 (TCJA), and current expected income and can be affected by changes in interpretations of TCJA and other laws, such as the Inflation Reduction Act of 2022; changes in the volume and mix of profits earned and location of assets across jurisdictions with varying tax rates; changes in the estimates of credits, benefits, and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets. Focus and accountability GAAP financial measure to the Court of Justice data by YCharts greatest. Basis and return based on previous market day close for purposes of calculating non-GAAP. Purposes of calculating certain non-GAAP measures because they do not reflect well on.! 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