Summary
This Form 8-K filing by Advanced Micro Devices, Inc. (AMD) on July 18, 2013, primarily serves to announce the company's financial results for its fiscal second quarter ended June 29, 2013, along with commentary from the CFO. The report highlights a renaming of the 'Graphics' reportable segment to 'Graphics and Visual Solutions' for greater clarity, reflecting the growing importance of gaming and semi-custom offerings. Investors should note AMD's use of various non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating income/loss, net income/loss, earnings/loss per share, Adjusted EBITDA, and free cash flow. The company states these measures are provided to facilitate comparisons across reporting periods and with industry peers by excluding items it deems not indicative of core operating performance, such as amortization of acquired intangibles, restructuring charges, and legal settlements. Reconciliations to GAAP measures are available within the provided exhibits.
Key Highlights
- 1AMD announced its financial results for the fiscal second quarter ended June 29, 2013.
- 2The 'Graphics' reportable segment has been renamed 'Graphics and Visual Solutions' to better reflect its product lines and strategic importance.
- 3The company continues to report results across two segments: Computing Solutions and Graphics and Visual Solutions.
- 4AMD utilizes and provides several non-GAAP financial measures, including Adjusted EBITDA and non-GAAP free cash flow, to offer investors a clearer view of core operating performance.
- 5Exclusions from non-GAAP measures in Q2 2013 include amortization of acquired intangible assets and restructuring/special charges.
- 6For Q2 2012, non-GAAP adjustments included a charge related to a legal settlement.
- 7The filing incorporates by reference a press release (Exhibit 99.1) and CFO commentary (Exhibit 99.2) for detailed financial information and analysis.