On Intel 20A and Intel 18A, Intels first internal test chips, and those of a major potential foundry customer, have taped out with products undergoing fabrication. Intel plans to report its earnings for the fourth quarter of 2021 on January 26, 2022 promptly after close of market; related materials will be available at www.intc.com. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. Variations in results can also be caused by the timing of Intel product introductions and related expenses, including marketing programs and Intel's ability to respond quickly to technological developments and to introduce new products or incorporate new features into existing products, as well as decisions to exit product lines or businesses, which have resulted and can result in restructuring and asset impairment charges. Forecasting first-quarter 2023 revenue of $10.5 billion to $11.5 billion; expecting first-quarter EPS of $(0.80) (non-GAAP EPS of $(0.15)). For example, in response to Russias war with Ukraine, numerous countries and organizations have imposed financial and other sanctions and export controls against Russia and Belarus, while businesses, including the company, have limited or suspended Russian operations. 0000002964 00000 n These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results. The company also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the company's common stock, which will be payable on March 1, 2023, to shareholders of record as of February 7, 2023. For example, in response to Russias war with Ukraine, numerous countries and organizations have imposed financial and other sanctions and export controls against Russia and Belarus, while businesses, including the company, have limited or suspended Russian operations. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. Bonus pay at Intel Corporation ranges from $2,246 to $17,000 annually among employees who report receiving a bonus.. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the reconciliations from US GAAP to Non-GAAP actuals should be carefully evaluated. However, a company's employees are among its most vital resources. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. Intel's results can vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources, including as a result of ongoing industry shortages of components and substrates; suppliers extending lead times, experiencing capacity constraints, limiting or canceling supply, allocating supply to other customers including competitors, delaying or canceling deliveries or increasing prices, or other supply chain issues; product manufacturing quality/yields; and changes in capital requirements and investment plans. Cybersecurity incidents, whether or not successful, can affect Intel's results by causing us to incur significant costs or disrupting our operations or those of our customers and suppliers, and can result in reputational harm. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Intel is also spending big money on its Ohio chip factory: a $20 billion investment that could potentially expand to $100 billion. This charge related to prior periods is excluded from our non-GAAP results; amortization related to the right to use the patents in the current and ongoing periods is included. The pandemic has resulted in authorities imposing numerous measures to try to contain the virus, including manufacturing, transportation, and operational restrictions or disruptions, such as the Shanghai port shutdowns. Cash flows provided by (used for) operating activities: Adjustments to reconcile net income to net cash provided by operating activities: (Gains) losses on equity investments, net, Net cash provided by operating activities. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. Its business is struggling worse than that of its competitors, and with the company being behind on cutting-edge technologies like 3- and 5-nanometer chips, there are not a lot of compelling reasons to own the stock, especially with the dividend reduction. There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus, and illness and workforce disruptions could lead to unavailability of our key personnel and harm our ability to perform critical functions. Tags Corporate About Intel 0000061190 00000 n Intel 3 continues to progress and is on track. Most Recent Quarter Revenue. Argentina. Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. In the fourth quarter, the company generated $7.7 billion in cash from operations and paid dividends of $1.5billion. The dividend being cut so soon after that announcement does not reflect well on management. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn about Intel Corporation Performance Bonus, including a description from the employer, and comments and ratings provided anonymously by current and former Intel Corporation employees. Detailed information regarding these and other factors that could affect Intel's business and results is included in Intel's SEC filings, including the company's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports. Market Data powered by QuoteMedia. // Performance varies by use, configuration and other factors. These actions underpin our cost-reduction targets of $3 billion in 2023, and set the stage to achieve $8 billion to $10 billion by the end of 2025.. 0000006574 00000 n Intel 4 is manufacturing-ready, with the Meteor Lake ramp expected in the second half of 2023. While I'm all for moving chip production back into the U.S., Intel may need to reduce the factory's footprint or capacity to right-size the building based on the lower demand, because Intel's falling gross margins indicate a supply glut. The dividend is paid every three months and the last ex-dividend date was Feb 6, 2023. Dividend Yield. According to the website Neowin, this includes at least a 5% pay cut companywide, suspension of bonuses, and a reduction in its 401(k) match. December 31, 2021: 20.53B September 30, 2021: 19.19B June 30, 2021: 19.63B March 31, 2021: 19.67B December 31, 2020: 19.98B . . 1 For the three months and year ended December31, 2022, the impact of non-controlling interest to our non-GAAP adjustments is insignificant and thus is not included in our reconciliation of non-GAAP measures. Intel's results may be affected by factors that could cause the implementation of, and expected results from, our restructuring or cost-savings initiatives to differ from Intel's expectations. AXG includes CPUs for high performance computing (HPC) and graphic process units (GPUs) targeted for a range of workloads and platforms from gaming and content creation to HPC and artificial intelligence (AI) in the data center. 0000001911 00000 n The previous Intel Corp. dividend was 36.5c and it went ex 4 months ago and it was paid 3 months ago. Its gross margin also fell from 54% last year to 39% in the fourth quarter, indicating Intel had to slash prices to get to the revenue levels it did. 0000054337 00000 n Demand for our products has been and could again be materially harmed in the future, and our ability to accurately predict future demand, trends, or other matters may be impacted. Intel 3 continues to progress and is on track. 0000007471 00000 n In January 2023, AXG launched the Intel Xeon CPU Max Series (formerly code-named Sapphire Rapids HBM) and the Intel Data Center GPU Max Series (formerly code-named Ponte Vecchio). Making the world smarter, happier, and richer. startxref Beginning in 2022, we initiated the wind-down of our Intel Optane memory business. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results. NEX achieved a second consecutive year of double-digit revenue growth, hitting key product milestones with Intel IPU E2000 (Mount Evans), Raptor Lake P&S, Alder Lake N and Sapphire Rapids. Exhibit 10.1. Payout Frequency. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. The COVID-19 pandemic has previously adversely affected significant portions of Intel's business and could have a material adverse effect on Intel's financial condition and results of operations. Results can also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, including changes or uncertainty related to the US government entity list and changes in the ability to obtain export licenses, which can be changed without prior notice. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. Non-GAAP earnings (loss) per sharediluted. Adjustments for Tax Reform reflect the impact of a change in tax law from 2017 Tax Reform related to the capitalization of R&D costs. The live public webcast can be accessed on Intel's Investor Relations website at. Management slashed its quarterly dividend from $0.365 to $0.125 to fund its long-term strategy, which . Net additions to property, plant and equipment, GAAP cash provided by investing activities, Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook. In the eyes of some investors, the last great reason to own Intel(INTC 1.60%) is gone. We derive a substantial majority of our revenue from our principal products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone system-on-chip or a multichip package, which are based on Intel architecture. 0000004033 00000 n IFS provides differentiated full stack solutions including wafer fabrication, packaging, chiplet standard and software. Intels Business Outlook and other statements in this release that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. Terms of Use. In addition, significant or prolonged turnover may negatively impact our operations and culture, as well as our ability to successfully maintain our processes and procedures, including due to the loss of historical, technical, and other expertise. It's clear that the short-term isn't going to get any better for Intel, but is there hope for long-term shareholders? Accordingly, the consumer graphics teams will join CCG, and the accelerated computing teams will join DCAI. Forgot your Intelusername AXG delivered record revenue for both the fourth quarter and full year. Forecasting first-quarter 2022 revenue of approximately $18.3 billion; expecting first-quarter EPS of $0.70 (non-GAAP EPS of $0.80). 0000005213 00000 n Intel continues to make progress with its goal of achieving five nodes in four years and is on track to regain transistor performance and power performance leadership by 2025. Demand for Intel's products is highly variable and can differ from expectations due to factors including changes in business and economic conditions; customer confidence or income levels, and the levels of customer capital spending; the introduction, availability, and market acceptance of Intel's products, products used together with Intel products, and competitors' products; competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns or forecasts including order cancellations; changes in customer needs and emerging technology trends; and changes in the level of inventory and computing capacity at customers. Intel Corporation. Intel said it planned to spend between $19 billion and $20 billion on capital expenditures in 2021. Odd Lots. In addition, these transactions do not always achieve our financial or strategic objectives and can disrupt our ongoing business and adversely impact our results of operations. We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these adjustments provide better comparability to peer company results and because these charges are not viewed by management as part of our core operating performance. SANTA CLARA, Calif., Jan. 26, 2023 -- Intel Corporation today reported fourth-quarter and full-year 2022 financial results. The next Intel Corp. dividend went ex 22 days ago for 36.5c and will be paid tomorrow. Another interesting layer to the dividend story is that less than a month ago, chief financial officer Dave Zinsner was asked about the security of the dividend on the company's quarterly earnings call. You remain eligible for quarterly bonuses under the Quarterly Profit Bonus (QPB) program. 0000053835 00000 n Intel said it expected around $18.3 billion in adjusted sales in the fourth quarter, compared with analysts' expectations of $18.24 billion. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. Other charges include a benefit in Q1 2022 related to the annulled EC fine, a charge in Q1 2021 related to the VLSI litigation, periodic goodwill and asset impairments, certain pension charges, and costs associated with restructuring activity. Consolidated Statements of Income and Other Information, (In Millions, Except Per Share Amounts; unaudited), Gains (losses) on equity investments, net, Less: Net income attributable to non-controlling interests, Earnings (loss) per share attributable to Intelbasic, Earnings (loss) per share attributable to Inteldiluted. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. Intel's revenue has drastically fallen over the past year. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the financial results calculated in accordance with US GAAP and reconciliations from these results should be carefully evaluated. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally manages and monitors operating segment performance starting in fiscal year 2022. 0000008327 00000 n Credit: REUTERS/STEVE MARCUS. The pandemic has also previously resulted in substantial economic uncertainty and volatility and disrupted historical patterns related to demand for our products and services. Intel Corporation. Intel has a dividend yield of 5.81% and paid $1.46 per share in the past year. Annual Dividend. Listen Intel's revenue totaled $79 . Starting in the first quarter of 2022, we incrementally exclude from our non-GAAP results share-based compensation and all gains and losses on equity investments. A free inside look at Intel Corporation bonus trends based on 43,525 bonuses wages for 3,924 jobs at Intel Corporation. Intel's results can be affected by adverse economic, social, political, regulatory, and physical/infrastructure conditions in countries where Intel, its customers, or its suppliers operate, including recession or slowing growth, military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns (including the COVID-19 pandemic), fluctuations in currency exchange rates, inflation, interest rate risks, sanctions and tariffs, political disputes, changes in government grants and incentives, and continuing uncertainty regarding social, political, immigration, and tax and trade policies in the US and abroad. 209 37 Intel offers two bonuses: Annual Performance Bonus (APB) based on employee target and company operational and financial performance, and Quarterly Profit Bonus (QPB) which uses 5% of Intel's net income to create a fund for eligible employees. Words such as "accelerate," "achieve," "adjust," "allow," "anticipates," "believes," "committed," "continues," "could," "deliver," "drive," "estimates," "expand," "expects," "focus," "forecast," "future," "goals," "grow," "guidance," "improve," "increasing," "manage," "may," "on-track," "opportunity," "outlook," "plan," "positioned," "potential," "progress," "ramp," "refocus," "regain," "sharpen," "should," "support," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. These bonuses are determined based on Intel's quarterly profitability, subject to the terms of the QPB plan. Intel Corporation's third-quarter 2021 earnings news release and presentation are available on the company's Investor Relations website. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. Strong Results, Cautious Outlook. 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