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AMD Financial Analyst Day 2015

AMD presented an overview of its business and strategy at its 2015 Financial Analyst Day. The presentation discussed AMD's technology investments in high-performance CPU and GPU cores, its goal of expanding into new markets beyond PCs like gaming, immersive platforms, and datacenters, and its plans to return to profitability and growth between 2015-2018 by gaining market share in profitable segments through new product launches and diversifying its revenue base. The document also contained a cautionary statement about the risks and uncertainties that could impact AMD's projections.

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2015 FINANCIAL ANALYST DAY CONTENT OVERVIEW
2 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 CAUTIONARY STATEMENT This presentation contains forward-looking statements concerning Advanced Micro Devices, Inc. (“AMD” or the “Company”) including, that AMD’s next-generation technologies will launch on time, in sufficient volume, achieve expected performance gains and drive profitable growth for the company; that AMD will be successful in its use of die-stacked high-bandwidth memory; that AMD will make a significant return to the server market; that AMD will recover market share in traditional PC markets; that AMD’s network-on-chip strategy will meet its stated goals; and that AMD’s 6th Generation APU products will meet their stated goals; which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this document and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include that Intel Corporation’s dominance of the microprocessor market and its aggressive business practices may limit AMD’s ability to compete effectively; that AMD relies on GF to manufacture most of its microprocessor and APU products and certain of its GPU and semi-custom products. If GF is not able to satisfy its manufacturing requirements, AMD’s business could be adversely impacted; that AMD relies on third parties to manufacture its products, and if they are unable to do so on a timely basis in sufficient quantities and using competitive technologies, AMD’s business could be materially adversely affected; failure to achieve expected manufacturing yields for AMD’s products could negatively impact its financial results; the success of its business is dependent upon its ability to introduce products on a timely basis with features and performance levels that provide value to its customers while supporting and coinciding with significant industry transitions; if AMD cannot generate sufficient revenue and operating cash flow or obtain external financing, it may face a cash shortfall and be unable to make all of its planned investments in research and development or other strategic investments; that AMD may not be able to successfully implement its business strategy to refocus its business to address markets beyond AMD’s core PC market to high-growth adjacent markets; the completion and impact of the 2014 restructuring plan and its transformation initiatives could adversely affect AMD; global economic uncertainty may adversely impact AMD’s business and operating results; AMD may not be able to generate sufficient cash to service its debt obligations or meet its working capital requirements; AMD has a substantial amount of indebtedness which could adversely affect its financial position and prevent it from implementing its strategy or fulfilling its contractual obligations; the agreements governing AMD’s notes and its amended and restated senior secured asset based line of credit for a principal amount up to $500 million (Secured Revolving Line of Credit) impose restrictions on AMD that may adversely affect AMD’s ability to operate its business; the markets in which AMD’s products are sold are highly competitive; the loss of a significant customer may have a material adverse effect on it; AMD’s receipt of revenue from its semi-custom SoC products is dependent upon AMD’s technology being designed into third-party products and the success of those products; the demand for AMD’s products depends in part on the market conditions in the industries into which they are sold. Fluctuations in demand for AMD’s products or a market decline in any of these industries could have a material adverse effect on AMD’s results of operations; AMD’s ability to design and introduce new products in a timely manner is dependent upon third-party intellectual property; AMD depends on third-party companies for the design, manufacture and supply of motherboards, BIOS software and other computer platform components to support its business; if AMD loses Microsoft Corporation’s support for its products or other software vendors do not design and develop software to run on AMD’s products, its ability to sell AMD products could be materially adversely affected; AMD may incur future impairments of goodwill; uncertainties involving the ordering and shipment of AMD’s products could materially adversely affect AMD; AMD’s reliance on third-party distributors and AIB partners subjects AMD to certain risks; AMD’s inability to continue to attract and retain qualified personnel may hinder its product development programs; in the event of a change of control, AMD may not be able to repurchase all of the outstanding debt as required by the applicable indentures and its Secured Revolving Line of Credit, which would result in a default under the indentures and its Secured Revolving Line of Credit; the semiconductor industry is highly cyclical and has experienced severe downturns that have materially adversely affected, and may continue to materially adversely affect, AMD’s business in the future; AMD’s business is dependent upon the proper functioning of its internal business processes and information systems and modification or interruption of such systems may disrupt AMD’s business, processes and internal controls; data breaches and cyber-attacks could compromise AMD’s intellectual property or other sensitive information and cause significant damage to AMD’s business and reputation; AMD’s operating results are subject to quarterly and seasonal sales patterns; if essential equipment or materials are not available to manufacture AMD’s products, AMD could be materially adversely affected; if AMD’s products are not compatible with some or all industry-standard software and hardware, AMD could be materially adversely affected; costs related to defective products could have a material adverse effect on AMD; if AMD fails to maintain the efficiency of its supply chain as it responds to changes in customer demand for AMD’s products, AMD’s business could be materially adversely affected; AMD outsources to third parties certain supply-chain logistics functions, including portions of its product distribution, transportation management and information technology support services; acquisitions could disrupt its business, harm its financial condition and operating results or dilute, or adversely affect the price of, its common stock; AMD’s worldwide operations are subject to political, legal and economic risks and natural disasters, which could have a material adverse effect on AMD; worldwide political conditions may adversely affect demand for AMD’s products; unfavorable currency exchange rate fluctuations could adversely affect AMD; AMD’s inability to effectively control the sales of its products on the gray market could have a material adverse effect on AMD; if AMD cannot adequately protect its technology or other intellectual property in the United States and abroad, through patents, copyrights, trade secrets, trademarks and other measures, AMD may lose a competitive advantage and incur significant expenses; AMD is party to litigation and may become a party to other claims or litigation that could cause it to incur substantial costs or pay substantial damages or prohibits AMD from selling its products; a variety of environmental laws that AMD are subject to could result in additional costs and liabilities; higher health care costs and labor costs could adversely affect AMD’s business; and, AMD’s business is subject to potential tax liabilities. Investors are urged to review in detail the risks and uncertainties in the Company's Securities and Exchange Commission filings, including but not limited to AMD’s Quarterly Report on Form 10-Q for the quarter ended March 28, 2015.
3 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015  Progress to Date  Sharpening AMD’s Focus  Technology Innovation  Market Opportunities  Market Share Drivers  Financial Execution TODAY’S DISCUSSION
4 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 Brings World’s first APUs to market 2011 Breaks 1GHz GPU Barrier with Radeon HD 4890 2009 First proprietary device: Am2501 logic counter introduced 1970 First to break the historic 1GHz barrier with the AMD Athlon™ 2000 World’s first x86-64 bit architecture 2003 World’s first x86 dual-core processor 2004 2014 First to break teraflop performance barrier 2006 2012 Industry’s first quad-core x86 SoCs Inside every major next generation gaming console 2013 BUILT ON A FOUNDATION SPANNING INNOVATION AND LEADERSHIP HERITAGE SPANNING OVER 45 YEARS Powered the World’s most efficient Super Computer
5 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 TRANSITIONED FOCUS Enterprise, Embedded and Semi-Custom segment revenue DIVERSIFYING REVENUE BASE AND GROWING IN NEW MARKETS 2012 $5.4B ~10% ~90% ~30% ~70% 2013 $5.3B Computing and Graphics segment revenue 2014 ~40% ~60% $5.5B
6 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 OUR GAME PLAN  PC Market Stabilization  Prioritize Investments  Return to Profitability in 2H* 2015  Server/Infrastructure Market Share Gains  Margin Expansion  Improved Profitability and Cash Generation* 2017/2018 2016  Gain Profitable Graphics, PC, and Embedded Market Share  New Semi-Custom Products Ramp  Consistent Profitability* * non-GAAP
7 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 FROM AN INTERNET OF THINGS TO IMMERSIVE PLATFORMS CLOUD/DATACENTER Store/Analyze Data and Serve Information INFRASTRUCTURE Data Transmission ENDPOINTS Sensor and Compute-Driven Data Collection and Data Interaction Networking/ Telecom 50B DEVICES By 2020 Source: Cisco
8 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 FROM AN INTERNET OF THINGS TO IMMERSIVE PLATFORMS CLOUD/DATACENTER Store/Analyze Data and Serve Information INFRASTRUCTURE Data Transmission INTELLIGENT CONTROLLERS AND IMMERSIVE DEVICES Compute-Driven Data Collection and Data Interaction ENDPOINTS Sensor-Driven Data Collection Networking/ Telecom 50B DEVICES By 2020 Source: Cisco and AMD Estimates WHERE AMD WILL PLAY $60B+ TAM
9 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015  New generation x86 and ARM cores  High performance, power efficient scalable design  Multi-Generation roadmap CPU TECHNOLOGY  Performance/Watt leadership  Unique Virtual Reality features  Leadership API performance  First to High Bandwidth Memory GRAPHICS TECHNOLOGY  Modular design  Open software investments  Expanded IP ecosystem with partners PLATFORM SOLUTIONS HOW DO WE WIN – BIG TECHNOLOGY INVESTMENTS
10 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 TECHNOLOGY TO SOLVE TODAY’S COMPLEX CHALLENGES CPU CORES GPU CORES SOFTWARE ENABLEMENT ACCELERATORS SECURITY
11 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 NEXT-GENERATION, HIGH-PERFORMANCE x86 CORE “ZEN”  Totally New High-performance Core Design  Simultaneous Multithreading (SMT) for High Throughput  New High-Bandwidth, Low Latency Cache System  Energy-efficient FinFET Design Scales from Client to Enterprise-class Products  Availability in 2016
12 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 AMD x86 CORES: DRIVING COMPETITIVE PERFORMANCE “Bulldozer” Core “Excavator” Core “Zen+” Cores INSTRUCTIONSPERCLOCK MORE INSTRUCTIONS PER CLOCK140% “Zen” Core 2015 20162012 2013 2014
13 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 CUSTOM, HIGH-PERFORMANCE ARM® CORE “K12”  Extends ARM to New Server and Embedded Applications and Performance Levels  Highly-leveraged with x86 Core Development  Availability in 2017
14 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 GRAPHICS TECHNOLOGY LEADERSHIP 2012: GRAPHICS CORE NEXT (GCN) LAUNCH  Efficient and Scalable Architecture Optimized for Graphics and Parallel Compute  Easier for Software to Use  Unique Asynchronous Compute Capability 2013-2015: GCN ENHANCEMENTS  High-performance API Support (Mantle, DirectX®12, and Vulkan™)  Advanced Memory Techniques  Virtual Reality Enablement 2016: GCN OPTIMIZATIONS  High-performance with 2x Energy Efficiency2  FinFET Process Technology
15 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 GRAPHICS TECHNOLOGY LEADERSHIP HIGH BANDWIDTH MEMORY  First in the Industry with High Bandwidth Memory (HBM) Technology  3D HBM DRAM Die Stack on Silicon Interposer  >3X Performance/Watt Compared to GDDR53  >50% Power Savings Versus GDDR54
16 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 PLATFORM ENABLEMENT: ENERGY EFFICIENCY 25x20 ENERGY EFFICIENCY INITIATIVE  High Performance, Power Efficient IP  World Class Power Management  Leadership Power Features TYPICAL-USEENERGYEFFICIENCY5 ADDITIONAL ENERGY EFFICIENCY BY 2020 (2014-2020)5 25X INCREASE IN ENERGY EFFICIENCY (2008-2014) 10X 2009 2010 2011 2012 2013 2014 2015 “Carrizo” “Kaveri” “Richland” “Trinity” “Llano” “Danube” “Tigris”
17 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 PLATFORM ENABLEMENT: SECURITY TECHNOLOGY HARDWARE-BASED SECURITY  Root-of-Trust  Dedicated, AMD Secure Processor SOFTWARE-BASED SECURITY  Open Standards-based Architecture  ARM® TrustZone® Technology Isolates and Protects Sensitive Applications and Interfaces
18 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 GROWTH OPPORTUNITIES: GROWING BEYOND THE TRADITIONAL PC NEW LEVELS OF REALITY GAMING INTELLIGENT AND INTERACTIVE EXPERIENCES IMMERSIVE PLATFORMS DATACENTER INFRASTRUCTURE FOR THE NEXT WAVE
19 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015  Visualization requirements increasing exponentially  AMD Gaming leadership from casinos to consoles to PCs  Virtual Reality a key driver for future platforms  AMD Technology Enablers: – High-Performance CPUs, Graphics, Software APIs – Semi-Custom business model  AMD Business: – Annual revenue ~$3B today GAMING The international games market will rocket past the $100 Billion mark in the next three years to reach $102.9 Billion by 2017.” Newzoo #1 CONSOLE TECHNOLOGY LEADER 1.7B GAMERS WORLDWIDE
20 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015  Fast growing segment of IoT Connected Devices  New user interfaces and experiences enabled with VR/AR – the importance of “Presence”  Broad set of applications in traditional and new areas  AMD Technology Enablers: – High-performance x86 and ARM CPUs, Graphics & Visualization, software/APIs, ecosystem partners  AMD Business: – Annual revenue ~$1.5B today IMMERSIVE PLATFORMS Augmented and virtual reality to grow to $150B by 2020.” Digi-Capital INTELLIGENT & INTERACTIVE EXPERIENCES
21 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015  Explosive data growth with IoT and immersive content  Software defined everything disrupting the datacenter  AMD history of innovation and success: x86 64-bit, multicore, silicon virtualization  AMD Technology Enablers: – High-performance x86 and ARM CPUs, GPU compute, Security, Enterprise class development  AMD Business: – Annual revenues <$300M today DATACENTER The datacenter must serve as the primary point of engagement and information exchange with employees, partners, and customers in today's interconnected world.” IDC GROW MARGIN ACCRETIVE MARKET SHARE
22 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 NEW CPU CORES FULLY LEVERAGE AMD IP PURSUE INNOVATIVE, DIFFERENTIATED DESIGNS BUILD GREAT PROCESSORS COMPUTING & GRAPHICS TENETS WIN GAMING INFLECTION POINTS GROW GRAPHICS SHARE CREATE PLATFORMS FOR INDUSTRY INNOVATION
23 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 2015 2016 DESIGNING WITH AMD GETS EVEN SIMPLER NEW CPU CORES ADD MAJOR PERFORMANCE UPLIFT DESKTOP MOBILE 7th Gen A-Series Mobile APUs FT3b FP4 AM3 “Vishera” AMD FX CPUs 7th Gen A-Series Desktop APUs All New AMD FX CPU FM2+ “Kaveri” APUs 6th Gen A-Series “Carrizo” APUs “Carrizo-L” APUs “Mullins” APUs AM4“Zen” CPU cores AM4 FP4
24 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 COMPUTING AND GRAPHICS ROADMAP: 2016 Software Enablement Security FX CPUs 7th Generation APUs High-Performance GPUs Based on Next-Gen x86 “Zen” Core Performance-per-Watt Efficiency Gains 2x Performance- per-Watt Efficiency High Core Count with Multi-Threading HSA 1.0, OpenCL 2.0 FinFET Process Technology AM4 Platform Shared with Desktop APUs FP4 Mobile Infrastructure AM4 for Desktop VR/AR Acceleration DDR4 Compatibility DDR3/DDR4 Compatibility 2nd Gen HBM
25 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 ENTERPRISE, EMBEDDED, & SEMI-CUSTOM TENETS FOCUS ON KEY VERTICAL SOLUTIONS GPU + CPU COMPUTE OPEN APPROACH TAKING AN CUSTOM PLATFORMS SCALABLE CAPABILITIES ENABLING HIGH PERFORMANCE
26 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 DATACENTER ROADMAP: 2016 - 2017 Semi-Custom Capability Enabling End-Customer Innovation Security Next Generation Opteron Next Generation ARM High-Performance Server APU Based on Next Gen x86 “Zen” Core Based on Custom “K12” Core Multi-Teraflops for HPC and Workstation High Core Count with Multi-Threading Highest Performance ARM Servers HSA Performance Delivered Disruptive Memory Bandwidth Storage, Networking, & Embedded Apps Transformational Memory Architecture High Native I/O Capacity Designed for Efficiency Scale-Up Graphics Performance
27 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 MARKET SHARE DRIVERS  2H15 Product Ramps  Seasonal Improvement in PCs and Game Consoles  Inventory Re-Balanced 2015 2017/2018 2016  Semi-Custom and Embedded Products Ramp  Graphics and Commercial Client Growth  New High Performance CPUs  Strong Datacenter Portfolio  Additional Semi-Custom Design Wins Ramp  Multi-Generation Roadmap Investments Deployed
28 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 2015 FINANCIAL FOCUS STABILIZE THE PC BUSINESS INVEST IN ENTERPRISE, EMBEDDED AND SEMI-CUSTOM BUSINESSES CONTINUE OPEX DISCIPLINE WHILE FUNDING THE ROADMAP MANAGE CASH AND LIQUIDITY LAY FOUNDATION FOR GROWTH AND PROFITABILITY
29 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 OUR TEAM’S MISSION
30 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 SHARPENING FINANCIAL AND STRATEGIC EXECUTION  Significant Market Opportunities  Prioritized Technology Investments  Roadmap for Profitable and Sustained Growth
32 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 APPENDICES RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES Reconciliation of GAAP to Non-GAAP Operating Income (Loss) (Millions) 2014 2013 2012 GAAP operating expenses $ 1,994 $ 1,875 $ 2,291 Goodwill Impairment 233 - - Restructuring and other special charges (gains), net 71 30 101 Amortization of acquired intangible assets 14 18 13 Workforce rebalancing severance charges 14 - - Legal settlements, net - (48) - SeaMicro acquisition costs - - 6 Stock-based compensation* 78 86 89 Non-GAAP operating expenses $ 1,584 $ 1,789 $ 2,082 *Beginning in Q1 2015, AMD started excluding the impact of stock-based compensation from Non-GAAP results. Prior periods have been adjusted accordingly. (Millions) Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 Q1-12 GAAP operating expenses $ 690 $ 431 $ 435 $ 438 $ 418 $ 426 $ 488 $ 543 $ 600 $ 523 $ 561 $ 607 Goodwill Impairment 233 - - - - - - - - - - - Restructuring and other special charges (gains), net 71 - - - - (22) 5 47 90 3 - 8 Amortization of acquired intangible assets 4 3 4 3 4 5 4 5 4 4 4 1 Workforce rebalancing severance charges - - - 14 - - - - - - - - Legal settlements, net - - - - (48) - - - - - - - SeaMicro acquisition costs - - - - - - - - - - - 6 Stock-based compensation* 16 20 20 22 23 22 19 22 21 25 24 19 Non-GAAP operating expenses $ 366 $ 408 $ 411 $ 399 $ 439 $ 421 $ 460 $ 469 $ 485 $ 491 $ 533 $ 573
33 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 FOOTNOTES 1. Based on internal AMD estimates for “Zen” x86 CPU core compared to “Excavator” x86 CPU core. 2. Based on internal AMD estimates for 2016 Graphics Core Next GPU compared to previous generation GPU. 3. Based on internal AMD estimates. 4. Based on internal AMD estimates. 5. 25x20 Initiative: AMD has an improvement goal to achieve 25x typical-use energy efficiency for mobile platforms from 2014-2020.
34 | 2015 FINANCIAL ANALYST DAY | MAY 6, 2015 DISCLAIMER & ATTRIBUTION The information presented in this document is for informational purposes only and may contain technical inaccuracies, omissions and typographical errors. The information contained herein is subject to change and may be rendered inaccurate for many reasons, including but not limited to product and roadmap changes, component and motherboard version changes, new model and/or product releases, product differences between differing manufacturers, software changes, BIOS flashes, firmware upgrades, or the like. AMD assumes no obligation to update or otherwise correct or revise this information. However, AMD reserves the right to revise this information and to make changes from time to time to the content hereof without obligation of AMD to notify any person of such revisions or changes. AMD MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE CONTENTS HEREOF AND ASSUMES NO RESPONSIBILITY FOR ANY INACCURACIES, ERRORS OR OMISSIONS THAT MAY APPEAR IN THIS INFORMATION. AMD SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT WILL AMD BE LIABLE TO ANY PERSON FOR ANY DIRECT, INDIRECT, SPECIAL OR OTHER CONSEQUENTIAL DAMAGES ARISING FROM THE USE OF ANY INFORMATION CONTAINED HEREIN, EVEN IF AMD IS EXPRESSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. ATTRIBUTION © 2015 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo and combinations thereof are trademarks of Advanced Micro Devices, Inc. in the United States and/or other jurisdictions. Other names are for informational purposes only and may be trademarks of their respective owners.

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AMD Financial Analyst Day 2015

  • 1.
    2015 FINANCIAL ANALYSTDAY CONTENT OVERVIEW
  • 2.
    2 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 CAUTIONARY STATEMENT This presentation contains forward-looking statements concerning Advanced Micro Devices, Inc. (“AMD” or the “Company”) including, that AMD’s next-generation technologies will launch on time, in sufficient volume, achieve expected performance gains and drive profitable growth for the company; that AMD will be successful in its use of die-stacked high-bandwidth memory; that AMD will make a significant return to the server market; that AMD will recover market share in traditional PC markets; that AMD’s network-on-chip strategy will meet its stated goals; and that AMD’s 6th Generation APU products will meet their stated goals; which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this document and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include that Intel Corporation’s dominance of the microprocessor market and its aggressive business practices may limit AMD’s ability to compete effectively; that AMD relies on GF to manufacture most of its microprocessor and APU products and certain of its GPU and semi-custom products. If GF is not able to satisfy its manufacturing requirements, AMD’s business could be adversely impacted; that AMD relies on third parties to manufacture its products, and if they are unable to do so on a timely basis in sufficient quantities and using competitive technologies, AMD’s business could be materially adversely affected; failure to achieve expected manufacturing yields for AMD’s products could negatively impact its financial results; the success of its business is dependent upon its ability to introduce products on a timely basis with features and performance levels that provide value to its customers while supporting and coinciding with significant industry transitions; if AMD cannot generate sufficient revenue and operating cash flow or obtain external financing, it may face a cash shortfall and be unable to make all of its planned investments in research and development or other strategic investments; that AMD may not be able to successfully implement its business strategy to refocus its business to address markets beyond AMD’s core PC market to high-growth adjacent markets; the completion and impact of the 2014 restructuring plan and its transformation initiatives could adversely affect AMD; global economic uncertainty may adversely impact AMD’s business and operating results; AMD may not be able to generate sufficient cash to service its debt obligations or meet its working capital requirements; AMD has a substantial amount of indebtedness which could adversely affect its financial position and prevent it from implementing its strategy or fulfilling its contractual obligations; the agreements governing AMD’s notes and its amended and restated senior secured asset based line of credit for a principal amount up to $500 million (Secured Revolving Line of Credit) impose restrictions on AMD that may adversely affect AMD’s ability to operate its business; the markets in which AMD’s products are sold are highly competitive; the loss of a significant customer may have a material adverse effect on it; AMD’s receipt of revenue from its semi-custom SoC products is dependent upon AMD’s technology being designed into third-party products and the success of those products; the demand for AMD’s products depends in part on the market conditions in the industries into which they are sold. Fluctuations in demand for AMD’s products or a market decline in any of these industries could have a material adverse effect on AMD’s results of operations; AMD’s ability to design and introduce new products in a timely manner is dependent upon third-party intellectual property; AMD depends on third-party companies for the design, manufacture and supply of motherboards, BIOS software and other computer platform components to support its business; if AMD loses Microsoft Corporation’s support for its products or other software vendors do not design and develop software to run on AMD’s products, its ability to sell AMD products could be materially adversely affected; AMD may incur future impairments of goodwill; uncertainties involving the ordering and shipment of AMD’s products could materially adversely affect AMD; AMD’s reliance on third-party distributors and AIB partners subjects AMD to certain risks; AMD’s inability to continue to attract and retain qualified personnel may hinder its product development programs; in the event of a change of control, AMD may not be able to repurchase all of the outstanding debt as required by the applicable indentures and its Secured Revolving Line of Credit, which would result in a default under the indentures and its Secured Revolving Line of Credit; the semiconductor industry is highly cyclical and has experienced severe downturns that have materially adversely affected, and may continue to materially adversely affect, AMD’s business in the future; AMD’s business is dependent upon the proper functioning of its internal business processes and information systems and modification or interruption of such systems may disrupt AMD’s business, processes and internal controls; data breaches and cyber-attacks could compromise AMD’s intellectual property or other sensitive information and cause significant damage to AMD’s business and reputation; AMD’s operating results are subject to quarterly and seasonal sales patterns; if essential equipment or materials are not available to manufacture AMD’s products, AMD could be materially adversely affected; if AMD’s products are not compatible with some or all industry-standard software and hardware, AMD could be materially adversely affected; costs related to defective products could have a material adverse effect on AMD; if AMD fails to maintain the efficiency of its supply chain as it responds to changes in customer demand for AMD’s products, AMD’s business could be materially adversely affected; AMD outsources to third parties certain supply-chain logistics functions, including portions of its product distribution, transportation management and information technology support services; acquisitions could disrupt its business, harm its financial condition and operating results or dilute, or adversely affect the price of, its common stock; AMD’s worldwide operations are subject to political, legal and economic risks and natural disasters, which could have a material adverse effect on AMD; worldwide political conditions may adversely affect demand for AMD’s products; unfavorable currency exchange rate fluctuations could adversely affect AMD; AMD’s inability to effectively control the sales of its products on the gray market could have a material adverse effect on AMD; if AMD cannot adequately protect its technology or other intellectual property in the United States and abroad, through patents, copyrights, trade secrets, trademarks and other measures, AMD may lose a competitive advantage and incur significant expenses; AMD is party to litigation and may become a party to other claims or litigation that could cause it to incur substantial costs or pay substantial damages or prohibits AMD from selling its products; a variety of environmental laws that AMD are subject to could result in additional costs and liabilities; higher health care costs and labor costs could adversely affect AMD’s business; and, AMD’s business is subject to potential tax liabilities. Investors are urged to review in detail the risks and uncertainties in the Company's Securities and Exchange Commission filings, including but not limited to AMD’s Quarterly Report on Form 10-Q for the quarter ended March 28, 2015.
  • 3.
    3 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015  Progress to Date  Sharpening AMD’s Focus  Technology Innovation  Market Opportunities  Market Share Drivers  Financial Execution TODAY’S DISCUSSION
  • 4.
    4 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 Brings World’s first APUs to market 2011 Breaks 1GHz GPU Barrier with Radeon HD 4890 2009 First proprietary device: Am2501 logic counter introduced 1970 First to break the historic 1GHz barrier with the AMD Athlon™ 2000 World’s first x86-64 bit architecture 2003 World’s first x86 dual-core processor 2004 2014 First to break teraflop performance barrier 2006 2012 Industry’s first quad-core x86 SoCs Inside every major next generation gaming console 2013 BUILT ON A FOUNDATION SPANNING INNOVATION AND LEADERSHIP HERITAGE SPANNING OVER 45 YEARS Powered the World’s most efficient Super Computer
  • 5.
    5 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 TRANSITIONED FOCUS Enterprise, Embedded and Semi-Custom segment revenue DIVERSIFYING REVENUE BASE AND GROWING IN NEW MARKETS 2012 $5.4B ~10% ~90% ~30% ~70% 2013 $5.3B Computing and Graphics segment revenue 2014 ~40% ~60% $5.5B
  • 6.
    6 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 OUR GAME PLAN  PC Market Stabilization  Prioritize Investments  Return to Profitability in 2H* 2015  Server/Infrastructure Market Share Gains  Margin Expansion  Improved Profitability and Cash Generation* 2017/2018 2016  Gain Profitable Graphics, PC, and Embedded Market Share  New Semi-Custom Products Ramp  Consistent Profitability* * non-GAAP
  • 7.
    7 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 FROM AN INTERNET OF THINGS TO IMMERSIVE PLATFORMS CLOUD/DATACENTER Store/Analyze Data and Serve Information INFRASTRUCTURE Data Transmission ENDPOINTS Sensor and Compute-Driven Data Collection and Data Interaction Networking/ Telecom 50B DEVICES By 2020 Source: Cisco
  • 8.
    8 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 FROM AN INTERNET OF THINGS TO IMMERSIVE PLATFORMS CLOUD/DATACENTER Store/Analyze Data and Serve Information INFRASTRUCTURE Data Transmission INTELLIGENT CONTROLLERS AND IMMERSIVE DEVICES Compute-Driven Data Collection and Data Interaction ENDPOINTS Sensor-Driven Data Collection Networking/ Telecom 50B DEVICES By 2020 Source: Cisco and AMD Estimates WHERE AMD WILL PLAY $60B+ TAM
  • 9.
    9 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015  New generation x86 and ARM cores  High performance, power efficient scalable design  Multi-Generation roadmap CPU TECHNOLOGY  Performance/Watt leadership  Unique Virtual Reality features  Leadership API performance  First to High Bandwidth Memory GRAPHICS TECHNOLOGY  Modular design  Open software investments  Expanded IP ecosystem with partners PLATFORM SOLUTIONS HOW DO WE WIN – BIG TECHNOLOGY INVESTMENTS
  • 10.
    10 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 TECHNOLOGY TO SOLVE TODAY’S COMPLEX CHALLENGES CPU CORES GPU CORES SOFTWARE ENABLEMENT ACCELERATORS SECURITY
  • 11.
    11 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 NEXT-GENERATION, HIGH-PERFORMANCE x86 CORE “ZEN”  Totally New High-performance Core Design  Simultaneous Multithreading (SMT) for High Throughput  New High-Bandwidth, Low Latency Cache System  Energy-efficient FinFET Design Scales from Client to Enterprise-class Products  Availability in 2016
  • 12.
    12 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 AMD x86 CORES: DRIVING COMPETITIVE PERFORMANCE “Bulldozer” Core “Excavator” Core “Zen+” Cores INSTRUCTIONSPERCLOCK MORE INSTRUCTIONS PER CLOCK140% “Zen” Core 2015 20162012 2013 2014
  • 13.
    13 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 CUSTOM, HIGH-PERFORMANCE ARM® CORE “K12”  Extends ARM to New Server and Embedded Applications and Performance Levels  Highly-leveraged with x86 Core Development  Availability in 2017
  • 14.
    14 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 GRAPHICS TECHNOLOGY LEADERSHIP 2012: GRAPHICS CORE NEXT (GCN) LAUNCH  Efficient and Scalable Architecture Optimized for Graphics and Parallel Compute  Easier for Software to Use  Unique Asynchronous Compute Capability 2013-2015: GCN ENHANCEMENTS  High-performance API Support (Mantle, DirectX®12, and Vulkan™)  Advanced Memory Techniques  Virtual Reality Enablement 2016: GCN OPTIMIZATIONS  High-performance with 2x Energy Efficiency2  FinFET Process Technology
  • 15.
    15 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 GRAPHICS TECHNOLOGY LEADERSHIP HIGH BANDWIDTH MEMORY  First in the Industry with High Bandwidth Memory (HBM) Technology  3D HBM DRAM Die Stack on Silicon Interposer  >3X Performance/Watt Compared to GDDR53  >50% Power Savings Versus GDDR54
  • 16.
    16 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 PLATFORM ENABLEMENT: ENERGY EFFICIENCY 25x20 ENERGY EFFICIENCY INITIATIVE  High Performance, Power Efficient IP  World Class Power Management  Leadership Power Features TYPICAL-USEENERGYEFFICIENCY5 ADDITIONAL ENERGY EFFICIENCY BY 2020 (2014-2020)5 25X INCREASE IN ENERGY EFFICIENCY (2008-2014) 10X 2009 2010 2011 2012 2013 2014 2015 “Carrizo” “Kaveri” “Richland” “Trinity” “Llano” “Danube” “Tigris”
  • 17.
    17 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 PLATFORM ENABLEMENT: SECURITY TECHNOLOGY HARDWARE-BASED SECURITY  Root-of-Trust  Dedicated, AMD Secure Processor SOFTWARE-BASED SECURITY  Open Standards-based Architecture  ARM® TrustZone® Technology Isolates and Protects Sensitive Applications and Interfaces
  • 18.
    18 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 GROWTH OPPORTUNITIES: GROWING BEYOND THE TRADITIONAL PC NEW LEVELS OF REALITY GAMING INTELLIGENT AND INTERACTIVE EXPERIENCES IMMERSIVE PLATFORMS DATACENTER INFRASTRUCTURE FOR THE NEXT WAVE
  • 19.
    19 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015  Visualization requirements increasing exponentially  AMD Gaming leadership from casinos to consoles to PCs  Virtual Reality a key driver for future platforms  AMD Technology Enablers: – High-Performance CPUs, Graphics, Software APIs – Semi-Custom business model  AMD Business: – Annual revenue ~$3B today GAMING The international games market will rocket past the $100 Billion mark in the next three years to reach $102.9 Billion by 2017.” Newzoo #1 CONSOLE TECHNOLOGY LEADER 1.7B GAMERS WORLDWIDE
  • 20.
    20 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015  Fast growing segment of IoT Connected Devices  New user interfaces and experiences enabled with VR/AR – the importance of “Presence”  Broad set of applications in traditional and new areas  AMD Technology Enablers: – High-performance x86 and ARM CPUs, Graphics & Visualization, software/APIs, ecosystem partners  AMD Business: – Annual revenue ~$1.5B today IMMERSIVE PLATFORMS Augmented and virtual reality to grow to $150B by 2020.” Digi-Capital INTELLIGENT & INTERACTIVE EXPERIENCES
  • 21.
    21 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015  Explosive data growth with IoT and immersive content  Software defined everything disrupting the datacenter  AMD history of innovation and success: x86 64-bit, multicore, silicon virtualization  AMD Technology Enablers: – High-performance x86 and ARM CPUs, GPU compute, Security, Enterprise class development  AMD Business: – Annual revenues <$300M today DATACENTER The datacenter must serve as the primary point of engagement and information exchange with employees, partners, and customers in today's interconnected world.” IDC GROW MARGIN ACCRETIVE MARKET SHARE
  • 22.
    22 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 NEW CPU CORES FULLY LEVERAGE AMD IP PURSUE INNOVATIVE, DIFFERENTIATED DESIGNS BUILD GREAT PROCESSORS COMPUTING & GRAPHICS TENETS WIN GAMING INFLECTION POINTS GROW GRAPHICS SHARE CREATE PLATFORMS FOR INDUSTRY INNOVATION
  • 23.
    23 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 2015 2016 DESIGNING WITH AMD GETS EVEN SIMPLER NEW CPU CORES ADD MAJOR PERFORMANCE UPLIFT DESKTOP MOBILE 7th Gen A-Series Mobile APUs FT3b FP4 AM3 “Vishera” AMD FX CPUs 7th Gen A-Series Desktop APUs All New AMD FX CPU FM2+ “Kaveri” APUs 6th Gen A-Series “Carrizo” APUs “Carrizo-L” APUs “Mullins” APUs AM4“Zen” CPU cores AM4 FP4
  • 24.
    24 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 COMPUTING AND GRAPHICS ROADMAP: 2016 Software Enablement Security FX CPUs 7th Generation APUs High-Performance GPUs Based on Next-Gen x86 “Zen” Core Performance-per-Watt Efficiency Gains 2x Performance- per-Watt Efficiency High Core Count with Multi-Threading HSA 1.0, OpenCL 2.0 FinFET Process Technology AM4 Platform Shared with Desktop APUs FP4 Mobile Infrastructure AM4 for Desktop VR/AR Acceleration DDR4 Compatibility DDR3/DDR4 Compatibility 2nd Gen HBM
  • 25.
    25 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 ENTERPRISE, EMBEDDED, & SEMI-CUSTOM TENETS FOCUS ON KEY VERTICAL SOLUTIONS GPU + CPU COMPUTE OPEN APPROACH TAKING AN CUSTOM PLATFORMS SCALABLE CAPABILITIES ENABLING HIGH PERFORMANCE
  • 26.
    26 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 DATACENTER ROADMAP: 2016 - 2017 Semi-Custom Capability Enabling End-Customer Innovation Security Next Generation Opteron Next Generation ARM High-Performance Server APU Based on Next Gen x86 “Zen” Core Based on Custom “K12” Core Multi-Teraflops for HPC and Workstation High Core Count with Multi-Threading Highest Performance ARM Servers HSA Performance Delivered Disruptive Memory Bandwidth Storage, Networking, & Embedded Apps Transformational Memory Architecture High Native I/O Capacity Designed for Efficiency Scale-Up Graphics Performance
  • 27.
    27 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 MARKET SHARE DRIVERS  2H15 Product Ramps  Seasonal Improvement in PCs and Game Consoles  Inventory Re-Balanced 2015 2017/2018 2016  Semi-Custom and Embedded Products Ramp  Graphics and Commercial Client Growth  New High Performance CPUs  Strong Datacenter Portfolio  Additional Semi-Custom Design Wins Ramp  Multi-Generation Roadmap Investments Deployed
  • 28.
    28 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 2015 FINANCIAL FOCUS STABILIZE THE PC BUSINESS INVEST IN ENTERPRISE, EMBEDDED AND SEMI-CUSTOM BUSINESSES CONTINUE OPEX DISCIPLINE WHILE FUNDING THE ROADMAP MANAGE CASH AND LIQUIDITY LAY FOUNDATION FOR GROWTH AND PROFITABILITY
  • 29.
    29 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 OUR TEAM’S MISSION
  • 30.
    30 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 SHARPENING FINANCIAL AND STRATEGIC EXECUTION  Significant Market Opportunities  Prioritized Technology Investments  Roadmap for Profitable and Sustained Growth
  • 32.
    32 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 APPENDICES RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES Reconciliation of GAAP to Non-GAAP Operating Income (Loss) (Millions) 2014 2013 2012 GAAP operating expenses $ 1,994 $ 1,875 $ 2,291 Goodwill Impairment 233 - - Restructuring and other special charges (gains), net 71 30 101 Amortization of acquired intangible assets 14 18 13 Workforce rebalancing severance charges 14 - - Legal settlements, net - (48) - SeaMicro acquisition costs - - 6 Stock-based compensation* 78 86 89 Non-GAAP operating expenses $ 1,584 $ 1,789 $ 2,082 *Beginning in Q1 2015, AMD started excluding the impact of stock-based compensation from Non-GAAP results. Prior periods have been adjusted accordingly. (Millions) Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 Q1-12 GAAP operating expenses $ 690 $ 431 $ 435 $ 438 $ 418 $ 426 $ 488 $ 543 $ 600 $ 523 $ 561 $ 607 Goodwill Impairment 233 - - - - - - - - - - - Restructuring and other special charges (gains), net 71 - - - - (22) 5 47 90 3 - 8 Amortization of acquired intangible assets 4 3 4 3 4 5 4 5 4 4 4 1 Workforce rebalancing severance charges - - - 14 - - - - - - - - Legal settlements, net - - - - (48) - - - - - - - SeaMicro acquisition costs - - - - - - - - - - - 6 Stock-based compensation* 16 20 20 22 23 22 19 22 21 25 24 19 Non-GAAP operating expenses $ 366 $ 408 $ 411 $ 399 $ 439 $ 421 $ 460 $ 469 $ 485 $ 491 $ 533 $ 573
  • 33.
    33 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 FOOTNOTES 1. Based on internal AMD estimates for “Zen” x86 CPU core compared to “Excavator” x86 CPU core. 2. Based on internal AMD estimates for 2016 Graphics Core Next GPU compared to previous generation GPU. 3. Based on internal AMD estimates. 4. Based on internal AMD estimates. 5. 25x20 Initiative: AMD has an improvement goal to achieve 25x typical-use energy efficiency for mobile platforms from 2014-2020.
  • 34.
    34 | 2015FINANCIAL ANALYST DAY | MAY 6, 2015 DISCLAIMER & ATTRIBUTION The information presented in this document is for informational purposes only and may contain technical inaccuracies, omissions and typographical errors. The information contained herein is subject to change and may be rendered inaccurate for many reasons, including but not limited to product and roadmap changes, component and motherboard version changes, new model and/or product releases, product differences between differing manufacturers, software changes, BIOS flashes, firmware upgrades, or the like. AMD assumes no obligation to update or otherwise correct or revise this information. However, AMD reserves the right to revise this information and to make changes from time to time to the content hereof without obligation of AMD to notify any person of such revisions or changes. AMD MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE CONTENTS HEREOF AND ASSUMES NO RESPONSIBILITY FOR ANY INACCURACIES, ERRORS OR OMISSIONS THAT MAY APPEAR IN THIS INFORMATION. AMD SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT WILL AMD BE LIABLE TO ANY PERSON FOR ANY DIRECT, INDIRECT, SPECIAL OR OTHER CONSEQUENTIAL DAMAGES ARISING FROM THE USE OF ANY INFORMATION CONTAINED HEREIN, EVEN IF AMD IS EXPRESSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. ATTRIBUTION © 2015 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo and combinations thereof are trademarks of Advanced Micro Devices, Inc. in the United States and/or other jurisdictions. Other names are for informational purposes only and may be trademarks of their respective owners.