AMD Reports 2014 First Quarter Results

SUNNYVALE, CA -- (Marketwired) -- Apr 17, 2014 -- AMD (NYSE: AMD)

Q1 2014 Results

  • Revenue of $1.40 billion, decreased 12 percent sequentially and increased 28 percent year-over-year
  • Gross margin of 35 percent
  • Operating income of $49 million and non-GAAP(1) operating income of $66 million
  • Net loss of $20 million, loss per share of $0.03 and non-GAAP(1) net income of $12 million, earnings per share of $0.02

AMD (NYSE: AMD) today announced revenue for the first quarter of 2014 of $1.40 billion, operating income of $49 million and net loss of $20 million, or $0.03 per share. The company reported non-GAAP operating income of $66 million and non-GAAP net income of $12 million, or $0.02 per share.

"AMD continued our momentum by building on the solid foundation we set in the second half of 2013, further transforming the company," said Rory Read, AMD president and CEO. "Backed by our powerful x86 processor cores and hands-down best graphics experiences, we achieved 28 percent revenue growth from the year-ago quarter. We are well positioned to continue to grow profitably as we diversify our business and enable our customers to drive change and win."

                                                                            
                           GAAP Financial Results                           
                                                                            
----------------------------------------------------------------------------
                                    Q1-14          Q4-13          Q1-13     
----------------------------------------------------------------------------
Revenue                             $1.40B         $1.59B         $1.09B    
----------------------------------------------------------------------------
Operating income (loss)              $49M          $135M          $(98)M    
----------------------------------------------------------------------------
Net income (loss) / Earnings                                                
(loss) per share                $(20)M/$(0.03)   $89M/$0.12  $(146)M/$(0.19)
----------------------------------------------------------------------------
                                                                            
                       Non-GAAP Financial Results (1)                       
                                                                            
----------------------------------------------------------------------------
                                    Q1-14          Q4-13          Q1-13     
----------------------------------------------------------------------------
Revenue                             $1.40B         $1.59B         $1.09B    
----------------------------------------------------------------------------
Operating income (loss)              $66M           $91M          $(46)M    
----------------------------------------------------------------------------
Net income (loss) / Earnings                                                
(loss) per share                  $12M/$0.02     $45M/$0.06   $(94)M/$(0.13)
----------------------------------------------------------------------------
                                                                            

Quarterly Financial Summary

  • Gross margin was 35 percent in Q1 2014.
    • Gross margin was flat sequentially.
  • Cash, cash equivalents and marketable securities, including long-term marketable securities, were $982 million at the end of the quarter, close to the optimal balance of $1 billion and well above the target minimum of $600 million.
    • In Q1 2014, AMD made the final $200 million cash payment to GLOBALFOUNDRIES related to the reduction of the "take or pay" wafer obligation commitments for 2012.
  • Total debt, long-term and short-term, at the end of the quarter was $2.14 billion, up from $2.06 billion in Q4 2013.
    • During Q1 2014, AMD focused on re-profiling its near-term debt maturities. The company issued $600 million in aggregate principal value of 6.75% Senior Notes due 2019, utilizing proceeds to repurchase approximately $423 million aggregate principal amount of its 6.00% Convertible Senior Notes due 2015 and approximately $48 million aggregate principal amount of its 8.125% Senior Notes due 2017 during the quarter.
    • Additionally, AMD repurchased approximately $64 million aggregate principal amount of its 6.00% Convertible Senior Notes due 2015 in the open market utilizing cash balances in Q1 2014.
  • Computing Solutions segment revenue decreased 8 percent sequentially and 12 percent year-over-year. The sequential and year-over-year declines were due to decreased client unit shipments.
    • Operating loss was $3 million, an improvement from an operating loss of $7 million in Q4 2013 and $39 million in Q1 2013 driven by lower operating expenses.
    • Microprocessor average selling price (ASP) was flat sequentially and decreased slightly year-over-year.
  • Graphics and Visual Solutions segment revenue decreased 15 percent sequentially and increased 118 percent year-over-year driven largely by semi-custom SoCs. GPU revenue increased sequentially and year-over-year due to strong demand for the AMD Radeon™ R7 and R9 family of products.
    • Operating income was $91 million compared with $121 million in Q4 2013 and $16 million in Q1 2013. The sequential decline was primarily due to decreased revenue from semi-custom SoCs while the year-over-year increase was driven by higher sales of semi-custom SoCs.
    • GPU ASP increased sequentially and year-over-year driven by the Radeon™ R7 and R9 family of products.


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