01—Abstract
Summary
Summary of the 8-K filed May 2, 2023. Cited figures are marked; the original filing is the authoritative source.
Advanced Micro Devices Inc. (AMD) filed an 8-K on May 2, 2023, to report its first-quarter 2023 financial results and provide forward-looking guidance.
The filing includes a press release (Exhibit 99.1) and a presentation (Exhibit 99.2) detailing the company's financial performance. Investors should note that AMD will be discussing both GAAP and non-GAAP financial measures, including non-GAAP gross profit, operating income, net income, diluted earnings per share, adjusted EBITDA, and free cash flow.
The company emphasizes that these non-GAAP measures are intended to supplement, not replace, GAAP results, and are provided to enhance comparability across reporting periods by excluding items not indicative of core operating performance. A normalized non-GAAP tax rate of 13%a is being used for fiscal 2023.
02—Key points
Key Highlights
- AMD announced its Q1 2023 financial results and provided forward-looking guidance on May 2, 2023.
- The report references a press release (Exhibit 99.1) and a financial presentation (Exhibit 99.2) for detailed financial information.
- AMD will host a conference call on May 2, 2023, to discuss Q1 2023 results and future outlook.
- The company is providing both GAAP and non-GAAP financial measures, including key metrics like gross profit, operating income, net income, and earnings per share.
- Non-GAAP measures are used to offer a clearer view of core operating performance and facilitate period-over-period comparisons.
- AMD is using a projected non-GAAP tax rate of 13% for fiscal year 2023.
- The information furnished in this 8-K is considered 'furnished' and not 'filed' under Section 18 of the Exchange Act.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
This 8-K filing primarily serves to announce and provide access to Advanced Micro Devices Inc.'s (AMD) first-quarter 2023 financial results and forward-looking guidance through an attached press release and presentation. It also informs investors about the upcoming conference call to discuss these results.
What types of financial measures are being presented by AMD?
AMD is presenting both U.S. Generally Accepted Accounting Principles (GAAP) and non-GAAP financial measures. The non-GAAP measures include non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share, adjusted EBITDA, and free cash flow. These are intended to provide additional insight into the company's core operating performance.
How should investors interpret the non-GAAP financial measures?
AMD states that its non-GAAP financial measures should be viewed in addition to, and not as a substitute for or superior to, their reported GAAP results. They are provided to help investors compare operating results across current and historical periods more consistently by excluding items not considered indicative of core operating performance. Reconciliations to the most directly comparable GAAP measures are available in the earnings press release and presentation.
What is the significance of the information being 'furnished' rather than 'filed'?
The distinction means that while the information is publicly disclosed, it is not subject to the same liabilities under Section 18 of the Securities Exchange Act of 1934 as 'filed' information. However, this furnished information can be incorporated by reference into other SEC filings if specifically referenced.
04—Continue