Summary
This 8-K filing from Advanced Micro Devices, Inc. (AMD) reports on the approval of annual cash performance bonuses for its executive officers for the fiscal year 2013. The bonuses were based on pre-established company-wide financial measures, including revenue, adjusted non-GAAP free cash flow, and adjusted non-GAAP net income. A key condition for bonus payout was maintaining a cash balance of at least $700 million throughout fiscal year 2013, a threshold the company successfully met. The bonuses are scheduled to be paid in March 2014, with further details to be provided in the company's 2014 proxy statement.
Key Highlights
- 1AMD approved annual cash performance bonuses for its Named Executive Officers for fiscal year 2013, excluding the CEO initially, with the CEO's bonus approved separately.
- 2Bonuses were contingent on meeting specific company-wide financial performance metrics: revenue, adjusted non-GAAP free cash flow, and adjusted non-GAAP net income.
- 3A crucial condition for bonus payout was maintaining a minimum cash balance of $700 million at the end of each quarter in fiscal year 2013.
- 4The company confirmed it met the minimum cash balance requirement throughout fiscal year 2013.
- 5The CEO, Rory P. Read, received a bonus of $705,000.
- 6Other named executive officers, including the CFO, Chief Sales Officer, CTO, and SVP of Global Business Units, received bonuses ranging from $213,850 to $270,250.
- 7These bonuses are to be paid in March 2014, and more detailed information will be disclosed in the company's 2014 proxy statement.
Frequently Asked Questions
This 8-K filing announces the approval and details of annual cash performance bonuses awarded to Advanced Micro Devices, Inc.'s (AMD) executive officers for their performance during the fiscal year 2013. It also confirms that the company met its financial performance and cash balance requirements for these bonuses to be paid.
The bonuses were based on the company's performance against pre-established company-wide financial measures for fiscal year 2013. These measures included revenue, adjusted non-GAAP free cash flow, and adjusted non-GAAP net income.
Yes, a critical condition for the payout of these bonuses was that AMD must have maintained a cash balance (including cash, cash equivalents, and marketable securities) of at least $700 million on the last day of each quarter in fiscal year 2013. The company confirmed that this requirement was met throughout the year.
The approved bonuses are scheduled to be paid in March 2014. AMD intends to provide further comprehensive details regarding these 2013 annual cash performance bonuses in its proxy statement for the 2014 Annual Meeting of Stockholders, expected to be filed in March 2014.