8-KEarnings & Results

INTEL CORP 8-K Report, Financial Results (Jul 21, 2011)

Filed July 21, 2011For Securities:INTC

Summary

Intel Corporation (INTC) filed an 8-K on July 20, 2011, to report financial results for the quarter ended July 2, 2011. The filing includes financial information and commentary from the Senior Vice President and Chief Financial Officer, Stacy J. Smith, as posted on the company's investor website. Investors should note that while GAAP results are presented, the commentary primarily focuses on non-GAAP financial measures. These non-GAAP measures, including net revenue, gross margin, operating income, net income, and diluted earnings per share, are provided to offer additional insights into the company's performance. Intel also provided forward-looking outlook for non-GAAP net revenue and gross margin percentage for 2011 and the third quarter of 2011. This report highlights Intel's use of non-GAAP financial measures, explaining management's rationale for their utility to investors. However, the company cautions that these non-GAAP measures have limitations and should not replace GAAP-based financial reporting. Investors are encouraged to review the reconciliation tables provided in Exhibit 99.1 for a complete understanding of the adjustments made to arrive at the non-GAAP figures and to compare them against historical GAAP results.

Key Highlights

  • 1Intel released its financial results for the quarter ended July 2, 2011, via an 8-K filing on July 20, 2011.
  • 2The filing includes commentary from the CFO, Stacy J. Smith, with forward-looking statements.
  • 3Intel reported both GAAP and non-GAAP financial results, with a significant focus on non-GAAP measures.
  • 4Key non-GAAP metrics disclosed include net revenue, gross margin, operating income, net income, and diluted earnings per share.
  • 5The company provided a forward-looking outlook for non-GAAP net revenue and gross margin percentage for the full year 2011 and Q3 2011.
  • 6Intel explains the use of non-GAAP measures by management and their perceived value to investors.
  • 7A disclaimer is included, stating that non-GAAP measures should not be considered superior to or a substitute for GAAP measures.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report Intel Corporation's financial results for the quarter ended July 2, 2011, and to provide forward-looking statements regarding the company's financial outlook. It also serves to present management's commentary on these results and outlook.

Non-GAAP financial measures are financial metrics that exclude certain items from GAAP (Generally Accepted Accounting Principles) results. Intel uses them to provide investors with additional insights into its operational performance by excluding items that management believes are not indicative of ongoing business trends. The company believes these measures can offer a more useful perspective for investors, though they come with limitations and are not a replacement for GAAP.

More detailed financial information, including the reconciliation of GAAP to non-GAAP results and forward-looking outlook, is provided in Exhibit 99.1, which is attached to this 8-K filing and incorporated by reference. This exhibit also contains an explanation of the non-GAAP results.

This 8-K filing itself does not list the specific financial numbers. Instead, it directs investors to Exhibit 99.1, which contains the financial information and commentary. Investors need to access Exhibit 99.1, likely found on the SEC's EDGAR database or Intel's investor relations website, to find the actual figures for net revenue, gross margin, earnings per share, and the forward-looking outlook.