8-KEarnings & ResultsRegulation FDExhibits & Filings

ADVANCED MICRO DEVICES INC 8-K Report, Financial Results (Oct 27, 2020)

Filed October 27, 2020For Securities:AMD

Summary

Advanced Micro Devices, Inc. (AMD) filed an 8-K on October 27, 2020, to announce its financial results for the third quarter ended September 26, 2020. The filing includes a press release and a presentation detailing the company's performance and financial guidance. Investors should note that AMD provided both GAAP and non-GAAP financial measures, including non-GAAP gross margin, operating expenses, net income, and earnings per share, along with Adjusted EBITDA and free cash flow. The company utilizes a normalized non-GAAP tax rate of approximately 3% for fiscal 2020 to enhance comparability across periods. The company also scheduled a conference call for October 27, 2020, to discuss these results and provide forward-looking guidance. This report serves to furnish information regarding AMD's financial condition and operational results, emphasizing supplementary non-GAAP metrics which management believes offer a clearer view of the company's core performance and comparability. Investors are advised to review these non-GAAP measures in conjunction with the provided GAAP figures and reconciliations.

Key Highlights

  • 1AMD announced its Q3 2020 financial results on October 27, 2020, via an 8-K filing.
  • 2The filing includes a press release (Exhibit 99.1) and a financial results presentation (Exhibit 99.2).
  • 3The company discussed both GAAP and non-GAAP financial results, including key metrics like non-GAAP gross margin, operating income, net income, and EPS.
  • 4Adjusted EBITDA and free cash flow were also provided as supplementary non-GAAP measures.
  • 5AMD is using a projected non-GAAP tax rate of approximately 3% for fiscal 2020.
  • 6A conference call was scheduled for October 27, 2020, to discuss Q3 results and provide financial guidance.
  • 7The company stresses the importance of evaluating both GAAP and non-GAAP financial measures, providing reconciliations for clarity.

Frequently Asked Questions

AMD reported its Q3 2020 financial results, including both GAAP and non-GAAP measures. Key non-GAAP metrics highlighted in the filing and press release include 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. Specific figures would be found within the attached press release (Exhibit 99.1) and presentation (Exhibit 99.2).

AMD provides non-GAAP financial measures to offer investors a more consistent and comparable view of its operating results across different reporting periods. These measures exclude certain items that the company believes are not indicative of its underlying operating performance, such as specific tax impacts, allowing for easier comparison of core business performance.

For fiscal 2020, AMD is using a projected non-GAAP tax rate of approximately 3%. This rate excludes the direct tax impacts of pre-tax non-GAAP adjustments and is intended to provide better consistency across reporting periods.

More detailed information regarding AMD's Q3 2020 financial results and forward-looking financial guidance can be found in the press release dated October 27, 2020 (Exhibit 99.1) and the Third Quarter 2020 Financial Results Presentation (Exhibit 99.2) attached to this 8-K filing. A conference call was also held on October 27, 2020, to discuss these details.