Summary
Advanced Micro Devices (AMD) filed an 8-K on October 31, 2023, to report its third-quarter 2023 financial results and provide forward-looking guidance. The company announced its financial position and operational results for the quarter ending September 30, 2023. Investors should note that AMD is supplementing its U.S. Generally Accepted Accounting Principles (GAAP) results with non-GAAP financial measures, including non-GAAP gross profit, operating income, net income, diluted earnings per share, adjusted EBITDA, and free cash flow. These non-GAAP measures, which exclude certain items not indicative of core operating performance, are provided to facilitate easier comparison of operating results across reporting periods. The company also stated its use of a normalized non-GAAP tax rate of 13% for fiscal year 2023 to ensure consistency. Reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures are available in the accompanying earnings press release and presentation, which are attached as exhibits to this filing.
Key Highlights
- 1AMD has officially released its third-quarter 2023 financial results and operational performance on October 31, 2023.
- 2The company is providing both GAAP and non-GAAP financial measures to investors.
- 3Key non-GAAP metrics include gross profit, operating expenses, operating income, net income, diluted earnings per share, adjusted EBITDA, and free cash flow.
- 4AMD is using a normalized non-GAAP tax rate of 13% for fiscal year 2023.
- 5The use of non-GAAP measures aims to enhance comparability of results across current and historical periods.
- 6Investors are directed to the earnings press release (Exhibit 99.1) and presentation (Exhibit 99.2) for detailed financial information and reconciliations.
- 7The filing includes a conference call scheduled for October 31, 2023, to discuss Q3 results and provide financial guidance.