Financials

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financial report from intel

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Financials

  1. 1. INTEL CORPORATION 2011Selected Financial DataFive Years Ended December 31, 2011(In Millions, Except Per Share Amounts) 2011 2010 2009 2008 2007Net revenue $ 53,999 $ 43,623 $ 35,127 $ 37,586 $ 38,334Gross margin $ 33,757 $ 28,491 $ 19,561 $ 20,844 $ 19,904Research and development $ 8,350 $ 6,576 $ 5,653 $ 5,722 $ 5,755Operating income $ 17,477 $ 15,588 $ 5,711 $ 8,954 $ 8,216Net income $ 12,942 $ 11,464 $ 4,369 $ 5,292 $ 6,976Earnings per common share Basic $ 2.46 $ 2.06 $ 0.79 $ 0.93 $ 1.20 Diluted $ 2.39 $ 2.01 $ 0.77 $ 0.92 $ 1.18Weighted average diluted common shares outstanding 5,411 5,696 5,645 5,748 5,936Dividends per common share Declared $ 0.7824 $ 0.63 $ 0.56 $ 0.5475 $ 0.45 Paid $ 0.7824 $ 0.63 $ 0.56 $ 0.5475 $ 0.45Net cash provided by operating activities $ 20,963 $ 16,692 $ 11,170 $ 10,926 $ 12,625Additions to property, plant and equipment $ 10,764 $ 5,207 $ 4,515 $ 5,197 $ 5,000(Dollars in Millions) Dec. 31, 2011 Dec. 25, 2010 Dec. 26, 2009 Dec. 27, 2008 Dec. 29, 2007Property, plant and equipment, net $ 23,627 $ 17,899 $ 17,225 $ 17,574 $ 16,938Total assets $ 71,119 $ 63,186 $ 53,095 $ 50,472 $ 55,664Long-term debt $ 7,084 $ 2,077 $ 2,049 $ 1,185 $ 1,269Stockholders’ equity $ 45,911 $ 49,430 $ 41,704 $ 39,546 $ 43,220Employees (in thousands) 100.1 82.5 79.8 83.9 86.3In 2011, we acquired McAfee, Inc. and the Wireless Solutions business of Infineon Technologies AG, which operates as Intel MobileCommunications. For further information, see “Note 14: Acquisitions” in the Notes to Consolidated Financial Statements in the 2011Form 10-K filed with the SEC.
  2. 2. INTEL CORPORATION 2011Consolidated Statements of IncomeThree Years Ended December 31, 2011(In Millions, Except Per Share Amounts) 2011 2010 2009Net revenue $ 53,999 $ 43,623 $ 35,127Cost of sales 20,242 15,132 15,566Gross margin 33,757 28,491 19,561Research and development 8,350 6,576 5,653Marketing, general and administrative 7,670 6,309 7,931Restructuring and asset impairment charges — — 231Amortization of acquisition-related intangibles 260 18 35Operating expenses 16,280 12,903 13,850Operating income 17,477 15,588 5,711Gains (losses) on equity investments, net 112 348 (170)Interest and other, net 192 109 163Income before taxes 17,781 16,045 5,704Provision for taxes 4,839 4,581 1,335Net income $ 12,942 $ 11,464 $ 4,369Basic earnings per common share $ 2.46 $ 2.06 $ 0.79Diluted earnings per common share $ 2.39 $ 2.01 $ 0.77Weighted average common shares outstanding: Basic 5,256 5,555 5,557 Diluted 5,411 5,696 5,645See Notes to Consolidated Financial Statements in the 2011 Form 10-K filed with the SEC.
  3. 3. INTEL CORPORATION 2011Consolidated Balance SheetsDecember 31, 2011 and December 25, 2010(In Millions, Except Par Value) 2011 2010AssetsCurrent assets: Cash and cash equivalents $ 5,065 $ 5,498 Short-term investments 5,181 11,294 Trading assets 4,591 5,093 Accounts receivable, net of allowance for doubtful accounts of $36 ($28 in 2010) 3,650 2,867 Inventories 4,096 3,757 Deferred tax assets 1,700 1,488 Other current assets 1,589 1,614Total current assets 25,872 31,611Property, plant and equipment, net 23,627 17,899Marketable equity securities 562 1,008Other long-term investments 889 3,026Goodwill 9,254 4,531Identified intangible assets, net 6,267 860Other long-term assets 4,648 4,251 Total assets $ 71,119 $ 63,186Liabilities and stockholders’ equityCurrent liabilities: Short-term debt $ 247 $ 38 Accounts payable 2,956 2,290 Accrued compensation and benefits 2,948 2,888 Accrued advertising 1,134 1,007 Deferred income 1,929 747 Other accrued liabilities 2,814 2,357Total current liabilities 12,028 9,327Long-term debt 7,084 2,077Long-term deferred tax liabilities 2,617 926Other long-term liabilities 3,479 1,426Commitments and contingenciesStockholders’ equity: Preferred stock, $0.001 par value, 50 shares authorized; none issued — — Common stock, $0.001 par value, 10,000 shares authorized; 5,000 issued and outstanding (5,581 issued and 5,511 outstanding in 2010) and capital in excess of par value 17,036 16,178 Accumulated other comprehensive income (loss) (781) 333 Retained earnings 29,656 32,919Total stockholders’ equity 45,911 49,430 Total liabilities and stockholders’ equity $ 71,119 $ 63,186See Notes to Consolidated Financial Statements in the 2011 Form 10-K filed with the SEC.
  4. 4. INTEL CORPORATION 2011Consolidated Statements of Cash FlowsThree Years Ended December 31, 2011(In Millions) 2011 2010 2009Cash and cash equivalents, beginning of year $ 5,498 $ 3,987 $ 3,350Cash flows provided by (used for) operating activities: Net income 12,942 11,464 4,369 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,141 4,398 4,744 Share-based compensation 1,053 917 889 Restructuring, asset impairment, and net loss on retirement of assets 96 67 368 Excess tax benefit from share-based payment arrangements (37) (65) (9) Amortization of intangibles 923 240 308 (Gains) losses on equity investments, net (112) (348) 170 (Gains) losses on divestitures (164) — — Deferred taxes 790 (46) 271 Changes in assets and liabilities: Trading assets — — 299 Accounts receivable (678) (584) (535) Inventories (243) (806) 796 Accounts payable 596 407 (506) Accrued compensation and benefits (95) 161 247 Income taxes payable and receivable 660 53 110 Other assets and liabilities 91 834 (351) Total adjustments 8,021 5,228 6,801Net cash provided by operating activities 20,963 16,692 11,170Cash flows provided by (used for) investing activities: Additions to property, plant and equipment (10,764) (5,207) (4,515) Acquisitions, net of cash acquired (8,721) (218) (853) Purchases of available-for-sale investments (11,230) (17,675) (8,655) Sales of available-for-sale investments 9,076 506 220 Maturities of available-for-sale investments 11,029 12,627 7,536 Purchases of trading assets (11,314) (8,944) (4,186) Maturities and sales of trading assets 11,771 8,846 2,543 Origination of loans receivable (206) (498) (343) Collection of loans receivable 134 — — Investments in non-marketable equity investments (693) (393) (250) Return of equity method investments 263 199 449 Proceeds from divestitures 50 — — Other investing 304 218 89Net cash used for investing activities (10,301) (10,539) (7,965)Cash flows provided by (used for) financing activities: Increase (decrease) in short-term debt, net 209 23 (87) Proceeds from government grants 124 79 — Excess tax benefit from share-based payment arrangements 37 65 9 Issuance of long-term debt 4,962 — 1,980 Repayment of debt — (157) — Proceeds from sales of shares through employee equity incentive plans 2,045 587 400 Repurchase of common stock (14,340) (1,736) (1,762) Payment of dividends to stockholders (4,127) (3,503) (3,108) Other financing (10) — —Net cash used for financing activities (11,100) (4,642) (2,568)Effect of exchange rate fluctuations on cash and cash equivalents 5 — —Net increase (decrease) in cash and cash equivalents (433) 1,511 637Cash and cash equivalents, end of year $ 5,065 $ 5,498 $ 3,987Supplemental disclosures of cash flow information: Cash paid during the year for: Interest, net of amounts capitalized $ — $ — $ 4 Income taxes, net of refunds $ 3,338 $ 4,627 $ 943See Notes to Consolidated Financial Statements in the 2011 Form 10-K filed with the SEC.
  5. 5. INTEL CORPORATION 2011Consolidated Statements of Stockholders’ Equity Common Stock and Capital Accumulated in Excess of Par Value OtherThree Years Ended December 31, 2011 Number of Comprehensive Retained(In Millions, Except Per Share Amounts) Shares Amount Income (Loss) Earnings TotalBalance as of December 27, 2008 5,562 $ 13,402 $ (393) $ 26,537 $ 39,546Components of comprehensive income, net of tax: Net income — — — 4,369 4,369 Other comprehensive income (loss) — — 786 — 786 Total comprehensive income 5,155Proceeds from sales of shares through employee equity incentive plans, net tax deficiency, and other 55 381 — — 381Issuance of convertible debt — 603 — — 603Share-based compensation — 889 — — 889Repurchase of common stock (94) (282) — (1,480) (1,762)Cash dividends declared ($0.56 per common share) — — — (3,108) (3,108)Balance as of December 26, 2009 5,523 14,993 393 26,318 41,704Components of comprehensive income, net of tax: Net income — — — 11,464 11,464 Other comprehensive income (loss) — — (60) — (60) Total comprehensive income 11,404Proceeds from sales of shares through employee equity incentive plans, net excess tax benefit, and other 68 644 — — 644Share-based compensation — 917 — — 917Repurchase of common stock (80) (376) — (1,360) (1,736)Cash dividends declared ($0.63 per common share) — — — (3,503) (3,503)Balance as of December 25, 2010 5,511 16,178 333 32,919 49,430Components of comprehensive income, net of tax: Net income — — — 12,942 12,942 Other comprehensive income (loss) — — (1,114) — (1,114) Total comprehensive income 11,828Proceeds from sales of shares through employee equity incentive plans, net excess tax deficiency, and other 142 2,019 — — 2,019Assumption of equity awards in connection with acquisitions — 48 — — 48Share-based compensation — 1,053 — — 1,053Repurchase of common stock (653) (2,262) — (12,078) (14,340)Cash dividends declared ($0.7824 per common share) — — — (4,127) (4,127)Balance as of December 31, 2011 5,000 $ 17,036 $ (781) $ 29,656 $ 45,911See Notes to Consolidated Financial Statements in the 2011 Form 10-K filed with the SEC.
  6. 6. INTEL CORPORATION 2011 Financial Information by Quarter (Unaudited) 2011 for Quarter Ended (In Millions, Except Per Share Amounts) December 31 October 1 July 2 April 2 Net revenue $ 13,887 $ 14,233 $ 13,032 $ 12,847 Gross margin $ 8,952 $ 9,018 $ 7,902 $ 7,885 Net income $ 3,360 $ 3,468 $ 2,954 $ 3,160 Basic earnings per common share $ 0.66 $ 0.67 $ 0.56 $ 0.58 Diluted earnings per common share $ 0.64 $ 0.65 $ 0.54 $ 0.56 Dividends per common share Declared $ — $ 0.42 $ — $ 0.3624 Paid $ 0.21 $ 0.21 $ 0.1812 $ 0.1812 Market price range common stock1 High $ 25.66 $ 23.23 $ 23.88 $ 22.14 Low $ 20.62 $ 19.19 $ 19.49 $ 19.72 2010 for Quarter Ended (In Millions, Except Per Share Amounts) December 25 September 25 June 26 March 27 Net revenue $ 11,457 $ 11,102 $ 10,765 $ 10,299 Gross margin $ 7,406 $ 7,321 $ 7,235 $ 6,529 Net income $ 3,180 $ 2,955 $ 2,887 $ 2,442 Basic earnings per common share $ 0.57 $ 0.53 $ 0.52 $ 0.44 Diluted earnings per common share $ 0.56 $ 0.52 $ 0.51 $ 0.43 Dividends per common share Declared $ — $ 0.315 $ — $ 0.315 Paid $ 0.1575 $ 0.1575 $ 0.1575 $ 0.1575 Market price range common stock1 High $ 21.91 $ 21.78 $ 24.22 $ 22.67 Low $ 18.87 $ 17.67 $ 19.93 $ 19.02_________________________ 1 Intel’s common stock (symbol INTC) trades on The NASDAQ Global Select Market*. All stock prices are closing prices per The NASDAQ Global Select Market.* Other names and brands may be claimed as the property of others.

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