8-KEarnings & ResultsRegulation FDExhibits & Filings

ADVANCED MICRO DEVICES INC 8-K Report, Financial Results (Jul 28, 2020)

Filed July 28, 2020For Securities:AMD

Summary

Advanced Micro Devices, Inc. (AMD) filed an 8-K on July 28, 2020, announcing its financial results for the second quarter ended June 27, 2020. The filing includes a press release and a presentation detailing the company's performance, along with forward-looking guidance to be discussed in a conference call. Investors should note the company's use of non-GAAP financial measures to provide a clearer view of core operational performance, excluding items that may not be indicative of underlying business trends. Reconciliations between GAAP and non-GAAP figures are provided, and investors are advised to consider both when evaluating the company's financial health. The company's commitment to providing supplemental non-GAAP information aims to enhance comparability across reporting periods and with industry peers. This approach, while offering valuable insights into AMD's operational efficiency, should be used in conjunction with the standard GAAP reporting to form a comprehensive understanding of the company's financial position and results.

Key Highlights

  • 1AMD announced its Q2 2020 financial results on July 28, 2020, via an 8-K filing.
  • 2The filing includes a press release (Exhibit 99.1) and a financial presentation (Exhibit 99.2) for Q2 2020.
  • 3A conference call was scheduled for July 28, 2020, to discuss Q2 results and provide forward-looking financial guidance.
  • 4The company utilized non-GAAP financial measures such as gross margin, operating expenses, net income, and earnings per share.
  • 5Non-GAAP measures are intended to help investors compare operating results across periods by excluding certain items.
  • 6AMD is using a projected non-GAAP tax rate of approximately 3% for fiscal 2020.
  • 7The provided information (Items 2.02 and 7.01) is furnished and not deemed 'filed' for certain regulatory purposes.

Frequently Asked Questions

This 8-K filing primarily references AMD's Q2 2020 financial results, which are detailed in the attached press release and presentation. The company is reporting both GAAP and non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share, Adjusted EBITDA, and free cash flow.

AMD uses non-GAAP financial measures to provide investors with a more consistent and comparable view of its core operating performance. These measures exclude certain items that the company believes are not indicative of its underlying operational performance, making it easier to compare results across different reporting periods and against other companies.

The company is using a projected non-GAAP tax rate of approximately 3% for fiscal 2020. This rate excludes the direct tax impacts of pre-tax non-GAAP adjustments and is intended to provide better consistency in its non-GAAP income tax provision across reporting periods.

The detailed financial results for the second quarter ended June 27, 2020, are available in the press release attached as Exhibit 99.1 and the financial presentation attached as Exhibit 99.2 to this 8-K filing.