8-KEarnings & Results

INTEL CORP 8-K Report, Financial Results (Apr 14, 2010)

Filed April 14, 2010For Securities:INTC

Summary

Intel Corporation (INTC) filed an 8-K report on April 14, 2010, detailing financial results for the quarter ended March 27, 2010. The report primarily references information posted on the company's investor website, including commentary from the CFO. A key aspect of this filing is the presentation of both Generally Accepted Accounting Principles (GAAP) and non-GAAP financial measures. The non-GAAP measures specifically exclude a significant $1.25 billion charge incurred in the fourth quarter of 2009 related to a settlement with Advanced Micro Devices, Inc. (AMD), along with its associated tax impacts. Intel's management utilizes these non-GAAP figures, which focus on operating income, net income, and earnings per share, to assess the ongoing performance of the business, enabling period-to-period comparisons that are not distorted by the large, one-time AMD settlement charge. The company provides this non-GAAP disclosure to facilitate investor analysis and comparison with management's internal evaluations.

Key Highlights

  • 1Intel reported financial results for the quarter ended March 27, 2010.
  • 2The filing references financial information and commentary posted on the company's investor website (intel.com).
  • 3Both GAAP and non-GAAP financial measures are presented.
  • 4Non-GAAP measures exclude a $1.25 billion charge from a Q4 2009 settlement with AMD and related tax impacts.
  • 5Management uses these non-GAAP figures to evaluate business performance and facilitate period-to-period comparisons.
  • 6The company aims to help investors assess performance on the same basis as management and ease comparisons.

Frequently Asked Questions

This 8-K filing primarily discloses Intel's financial results for the quarter ended March 27, 2010, along with forward-looking statements, as communicated through its investor website.

Intel is presenting non-GAAP financial measures to exclude a significant $1.25 billion charge from a settlement with AMD in Q4 2009 and its related tax impacts. Management uses these measures to better assess and compare the ongoing performance of the business, as the AMD charge was a one-time event that would distort period-to-period comparability.

No, the non-GAAP measures are different from GAAP measures. While Intel provides both, the non-GAAP figures exclude specific items (like the AMD settlement charge) that are included in GAAP. Investors are advised to evaluate both GAAP results and reconciliations carefully, and the non-GAAP measures should not be considered a substitute for or superior to GAAP.

The significant charge excluded from the non-GAAP results was a $1.25 billion charge incurred in the fourth quarter of 2009 related to a settlement agreement with Advanced Micro Devices, Inc. (AMD), along with its associated tax impacts.