What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to announce and provide the financial results for Advanced Micro Devices' (AMD) fiscal quarter ended March 30, 2013, along with detailed commentary and reconciliations of non-GAAP financial measures.

Why does AMD provide non-GAAP financial measures?

AMD provides non-GAAP financial measures because it believes these measures make it easier for investors to compare current and historical operating results and to assess the company's performance across reporting periods on a consistent basis by excluding items that management does not believe are indicative of core operating performance.

What are some of the significant one-time charges excluded from AMD's non-GAAP results?

Significant one-time charges excluded from non-GAAP results include a $320 million termination fee related to GF's waiver of take-or-pay obligations (recorded as a $273 million LCM charge), a $703 million charge related to a limited waiver of exclusivity from GF, amortization of acquired intangible assets, net restructuring and other special charges, and costs associated with the SeaMicro acquisition.

How does AMD define Adjusted EBITDA and non-GAAP Free Cash Flow?

Adjusted EBITDA is defined by adjusting operating income (loss) for depreciation and amortization, employee stock-based compensation, amortization of acquired intangibles, net restructuring and other special charges, and specific one-time charges like the GF LCM charge or SeaMicro acquisition costs. Non-GAAP Free Cash Flow is calculated by adjusting GAAP net cash provided by (used in) operating activities for capital expenditures.

AMD 8-K: Earnings & Results & Regulation FD

Summary

This 8-K filing from Advanced Micro Devices (AMD) on April 18, 2013, primarily serves to announce the company's financial results for the fiscal quarter ended March 30, 2013. A significant portion of the filing is dedicated to detailing and reconciling non-GAAP financial measures, which the company believes offer a clearer view of its ongoing operating performance by excluding certain charges and one-time events. Investors should note the recurring adjustments made to GAAP figures, such as excluding amortization of acquired intangible assets, restructuring charges, and specific large charges related to agreements with GLOBALFOUNDRIES (GF) and the acquisition of SeaMicro. These adjustments are presented to provide a more comparable view of core operations across periods. The company emphasizes that these non-GAAP measures, including Adjusted EBITDA and non-GAAP free cash flow, are supplemental and should be considered alongside GAAP results.

Key Highlights

1AMD announced its financial results for the fiscal quarter ended March 30, 2013.
2The company provided extensive detail and reconciliation of non-GAAP financial measures.
3Key non-GAAP adjustments include exclusion of charges related to GLOBALFOUNDRIES (GF) agreements, amortization of acquired intangibles, and restructuring costs.
4The filing includes information on the acquisition of SeaMicro and associated costs/benefits that are excluded from non-GAAP reporting.
5Adjusted EBITDA and non-GAAP free cash flow are presented as supplemental performance measures.
6The company believes non-GAAP measures offer better comparability of ongoing operating performance across reporting periods.
7Information furnished under Items 2.02 and 7.01 is not considered 'filed' and is intended to supplement the official GAAP reporting.

ADVANCED MICRO DEVICES INC 8-K Report, Financial Results (Apr 18, 2013)

Summary

Key Highlights

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