Industry AnaylsisUSD ($) shares in Millions, $ in Millions201620162015201520142014Advanced Micro DevicesIntelAdvanced Micro DevicesIntelAdvanced Micro DevicesIntelAnnual Percentage Change In Revenue7.04%7.28%-27.52%-0.92%3.91%27.65%Annual Percentage Change in Net Income-9.67%-2.43%-39.35%Annual Percentage Change in Net Loss24.70%-63.77%-385.54%Current Ratio187.96%174.90%165.36%244.92%190.00%112.81%Quick Ratio38.11%147.55%117.03%211.89%142.43%111.32%Days Receivables Outstanding26.5728.8348.7531.5654.23363.82Days Inventory Held83.7287.3862.0191.2168.180.44Debt/Total Capital78.94%30.32%121.56%29.46%92.53%1.57%Net Income/Total Cash From OperationsTotal Cash From Operations/Total Of All Cash InflowsReturn On EquityProfit MarginTotal Asset TurnoverEquity Multiplier
AMD Statement of OperationsConsolidated Statements of Operations - USD ($) shares in Millions, $ in Millions12 Months EndedDec. 31, 2016Dec. 26, 2015Dec. 27, 2014Income Statement [Abstract]Net revenue$ 4,272$ 3,991$ 5,506Cost of sales3,2742,9113,667Gross margin9981,0801,839Research and development1,0089471,072Marketing, general and administrative460482604Amortization of acquired intangible assets0314Restructuring and other special charges, net(10)12971Licensing gain(88)00Goodwill impairment charge00233Operating loss(372)(481)(155)Interest expense(156)(160)(177)Other income (expense), net80(5)(66)Loss before equity loss and income taxes(448)(646)(398)Provision for income taxes39145Equity in income (loss) of ATMP JV(10)00Net loss$ (497)$ (660)$ (403)Net loss per shareBasic (USD per share)$ (0.60)$ (0.84)$ (0.53)Diluted (USD per share)$ (0.60)$ (0.84)$ (0.53)Shares used in per share calculationBasic (shares)835783768Diluted (shares)835783768
AMD Balance SheetsConsolidated Balance Sheets - USD ($) $ in MillionsDec. 31, 2016Dec. 26, 2015Current assets:Cash and cash equivalents$ 1,264$ 785Accounts receivable, net311533Inventories, net751678Prepayment and other - GLOBALFOUNDRIES3233Prepaid expenses6343Other current assets[1]109248Total current assets2,5302,320Property, plant and equipment, net164188Goodwill289278Investment in ATMP JV590Other assets[1],[2]279298Total assets3,3213,084Current liabilities:Short-term debt0230Accounts payable440279Payable to GLOBALFOUNDRIES255245Payable to ATMP JV1280Accrued liabilities[1]391472Other current liabilities69124Deferred income on shipments to distributors6353Total current liabilities1,3461,403Long-term debt, net[2]1,4352,007Other long-term liabilities[1]12486Commitments and contingencies (see Notes 16 and 17)Stockholders’ equity (deficit):Common stock, par value $0.01; 1,500 shares authorized on December 31, 2016 and December 26, 2015; shares issued: 949 shares on December 31, 2016 and 806 shares on December 26, 2015; shares outstanding: 935 shares on December 31, 2016 and 792 shares on December 26, 201598Additional paid-in capital8,3347,017Treasury stock, at cost (14 shares on December 31, 2016 and December 26, 2015 )(119)(123)Accumulated deficit(7,803).
Industry AnaylsisUSD ($) shares in Millions, $ in Millions20162016.docx
1. Industry AnaylsisUSD ($) shares in Millions, $ in
Millions201620162015201520142014Advanced Micro
DevicesIntelAdvanced Micro DevicesIntelAdvanced Micro
DevicesIntelAnnual Percentage Change In
Revenue7.04%7.28%-27.52%-0.92%3.91%27.65%Annual
Percentage Change in Net Income-9.67%-2.43%-39.35%Annual
Percentage Change in Net Loss24.70%-63.77%-385.54%Current
Ratio187.96%174.90%165.36%244.92%190.00%112.81%Quick
Ratio38.11%147.55%117.03%211.89%142.43%111.32%Days
Receivables Outstanding26.5728.8348.7531.5654.23363.82Days
Inventory Held83.7287.3862.0191.2168.180.44Debt/Total
Capital78.94%30.32%121.56%29.46%92.53%1.57%Net
Income/Total Cash From OperationsTotal Cash From
Operations/Total Of All Cash InflowsReturn On EquityProfit
MarginTotal Asset TurnoverEquity Multiplier
AMD Statement of OperationsConsolidated Statements of
Operations - USD ($) shares in Millions, $ in Millions12
Months EndedDec. 31, 2016Dec. 26, 2015Dec. 27, 2014Income
Statement [Abstract]Net revenue$ 4,272$ 3,991$ 5,506Cost of
sales3,2742,9113,667Gross margin9981,0801,839Research and
development1,0089471,072Marketing, general and
administrative460482604Amortization of acquired intangible
assets0314Restructuring and other special charges,
net(10)12971Licensing gain(88)00Goodwill impairment
charge00233Operating loss(372)(481)(155)Interest
expense(156)(160)(177)Other income (expense),
net80(5)(66)Loss before equity loss and income
taxes(448)(646)(398)Provision for income taxes39145Equity in
income (loss) of ATMP JV(10)00Net loss$ (497)$ (660)$
(403)Net loss per shareBasic (USD per share)$ (0.60)$ (0.84)$
(0.53)Diluted (USD per share)$ (0.60)$ (0.84)$ (0.53)Shares
used in per share calculationBasic (shares)835783768Diluted
(shares)835783768
AMD Balance SheetsConsolidated Balance Sheets - USD ($) $
2. in MillionsDec. 31, 2016Dec. 26, 2015Current assets:Cash and
cash equivalents$ 1,264$ 785Accounts receivable,
net311533Inventories, net751678Prepayment and other -
GLOBALFOUNDRIES3233Prepaid expenses6343Other current
assets[1]109248Total current assets2,5302,320Property, plant
and equipment, net164188Goodwill289278Investment in ATMP
JV590Other assets[1],[2]279298Total assets3,3213,084Current
liabilities:Short-term debt0230Accounts payable440279Payable
to GLOBALFOUNDRIES255245Payable to ATMP
JV1280Accrued liabilities[1]391472Other current
liabilities69124Deferred income on shipments to
distributors6353Total current liabilities1,3461,403Long-term
debt, net[2]1,4352,007Other long-term
liabilities[1]12486Commitments and contingencies (see Notes
16 and 17)Stockholders’ equity (deficit):Common stock, par
value $0.01; 1,500 shares authorized on December 31, 2016 and
December 26, 2015; shares issued: 949 shares on December 31,
2016 and 806 shares on December 26, 2015; shares outstanding:
935 shares on December 31, 2016 and 792 shares on December
26, 201598Additional paid-in capital8,3347,017Treasury stock,
at cost (14 shares on December 31, 2016 and December 26,
2015 )(119)(123)Accumulated
deficit(7,803)(7,306)Accumulated other comprehensive
loss(5)(8)Total stockholders’ equity (deficit)416(412)Total
liabilities and stockholders’ equity (deficit)$ 3,321$
3,084[1]Amounts reflected adoption of FASB ASU 2015-17,
Balance Sheet Classification of Deferred Taxes beginning in the
first quarter of 2016.[2]Amounts reflected adoption of FASB
ASU 2015-03, Simplifying the Presentation of Debt Issuance
Costs beginning in the first quarter of 2016.
AMD Statement of Cash FlowConsolidated Statements of Cash
Flows - USD ($) $ in Millions12 Months EndedDec. 31,
2016Dec. 26, 2015Dec. 27, 2014Cash flows from operating
activities:Net loss-$497-$660-$403Adjustments to reconcile net
loss to net cash provided by (used in) operating activities:Net
gain on sale of equity interests in ATMP JV-14600Equity in
3. loss of ATMP JV200Depreciation and
amortization133167203Provision for deferred income
taxes1100Stock-based compensation expense866381Non-cash
interest expense211117Goodwill impairment
charge00233Restructuring and other special charges,
net08314Net loss on debt redemption68061Fair value of warrant
issued related to sixth amendment to the WSA24000Other-8-3-
13Changes in operating assets and liabilities:Accounts
receivable2222807Inventories-73-11199Prepayment and other -
GLOBALFOUNDRIES184-113Prepaid expenses and other
assets-166-111-7Payable to ATMP JV12800Payable to
GLOBALFOUNDRIES1027-146Accounts payables, accrued
liabilities and other58-156-231Net cash provided by (used in)
operating activities90-226-98Cash flows from investing
activities:Net Proceeds from sale of equity interests in ATMP
JV34200Purchases of available-for-sale securities0-227-
790Purchases of property, plant and equipment-77-96-
95Proceeds from maturities of available-for-sale
securities0462873Proceeds from sale of property, plant and
equipment080Other200Net cash provided by (used in) investing
activities267147-12Cash flows from financing
activities:Proceeds from (repayments of) borrowings, net-
23010075Proceeds from issuance of senior notes, net of
issuance costs78201,080Proceeds from issuance of common
stock, net of issuance costs66700Proceeds from issuance of
common stock under stock-based compensation equity
plans2054Repayments of long-term debt and capital lease
obligations-1,113-44-1,115Other-4-22Net cash provided by
financing activities1225946Net increase (decrease) in cash and
cash equivalents479-20-64Cash and cash equivalents at
beginning of year785805869Cash and cash equivalents at end of
year1,264785805Supplemental disclosures of cash flow
information:Cash paid during the year for
interest149149138Cash paid during the year for income
taxes2037Non-cash financing activity:Issuance of common
stock to partially settle the 7.00% Notes$8$0$0
4. INTEL Statement of OperationsConsolidated Statements of
Income - USD ($) shares in Millions, $ in Millions12 Months
EndedDec. 31, 2016Dec. 26, 2015Dec. 27, 201430-Sep-
13Income Statement [Abstract]Net revenue$ 59,387$ 55,355$
55,870$ 43,768Cost of sales23,19620,67620,261Gross
margin36,19134,67935,609Research and
development12,74012,12811,537Marketing, general and
administrative8,3977,9308,136Restructuring and other
charges1,886354295Amortization of acquisition-related
intangibles294265294Operating
expenses23,31720,67720,262Operating
income12,87414,00215,347Gains (losses) on equity
investments, net506315411Interest and other,
net(444)(105)43Income before
taxes12,93614,21215,801Provision for taxes2,6202,7924,097Net
income$ 10,316$ 11,420$ 11,704$19.30Basic earnings per share
of common stock$ 2.18$ 2.41$ 2.39Diluted earnings per share
of common stock$ 2.12$ 2.33$ 2.31Weighted average shares of
common stock outstanding:Basic
(shares)4,7304,7424,901Diluted (shares)4,8754,8945,056
INTEL Balance SheetsConsolidated Balance Sheets - USD ($) $
in MillionsDec. 31, 2016Dec. 26, 2015Current assets:Cash and
cash equivalents$ 5,560$ 15,308Short-term
investments3,2252,682Trading assets8,3147,323Accounts
receivable, net of allowance for doubtful accounts of $37 ($40
in 2015)4,6904,787Inventories5,5535,167Assets held for
sale5,21071Other current assets2,9562,982Total current
assets35,50838,320Property, plant and equipment,
net36,17131,858Marketable equity securities6,1805,960Other
long-term
investments4,7161,891Goodwill14,09911,332Identified
intangible assets, net9,4943,933Other long-term
assets7,1598,165Total assets113,327101,459Current
liabilities:Short-term debt4,6342,634Accounts
payable2,4752,063Accrued compensation and
benefits3,4653,138Accrued advertising810960Deferred
5. income1,7182,188Liabilities held for sale1,92056Other accrued
liabilities5,2804,607Total current liabilities20,30215,646Long-
term debt20,64920,036Long-term deferred tax
liabilities1,730954Other long-term
liabilities3,5382,841Commitments and Contingencies (Note
20)Temporary equity882897Stockholders' equity:Preferred
stock, $0.001 par value, 50 shares authorized; none
issued00Common stock, $0.001 par value, 10,000 shares
authorized; 4,730 shares issued and outstanding (4,725 issued
and outstanding in 2015) and capital in excess of par
value25,37323,411Accumulated other comprehensive income
(loss)10660Retained earnings40,74737,614Total stockholders’
equity66,22661,085Total liabilities, temporary equity, and
stockholders’ equity$ 113,327$ 101,459
INTEL Statement of Cash FlowConsolidated Statements of Cash
Flows - USD ($) $ in Millions12 Months EndedDec. 31,
2016Dec. 26, 2015Dec. 27, 2014Statement of Cash Flows
[Abstract]Cash and cash equivalents, beginning of period$
15,308$ 2,561$ 5,674Cash flows provided by (used for)
operating activities:Net income10,31611,42011,704Adjustments
to reconcile net income to net cash provided by operating
activities:Depreciation6,2667,8217,380Share-based
compensation1,4441,3051,148Excess tax benefit from share-
based payment arrangements(121)(159)(122)Restructuring and
other charges1,886354295Amortization of
intangibles1,5248901,169(Gains) losses on equity investments,
net(432)(263)(354)Deferred taxes257(1,270)(703)Changes in
assets and liabilities:1Accounts
receivable65(355)(861)Inventories119(764)(98)Accounts
payable182(312)(249)Accrued compensation and
benefits(1,595)(711)4Income taxes payable and
receivable1,382386(286)Other assets and
liabilities5156751,391Total adjustments11,4927,5978,714Net
cash provided by operating activities21,80819,01720,418Cash
flows provided by (used for) investing activities:Additions to
property, plant and
6. equipment(9,625)(7,326)(10,105)Acquisitions, net of cash
acquired(15,470)(913)(934)Purchases of available-for-sale
investments(9,269)(8,259)(7,007)Sales of available-for-sale
investments3,8522,0901,227Maturities of available-for-sale
investments5,6546,1688,944Purchases of trading
assets(12,237)(11,485)(14,397)Maturities and sales of trading
assets10,90713,37213,165Investments in loans receivable and
reverse repurchase agreements(223)(2,550)(150)Collection of
loans receivable and reverse repurchase
agreements9112,116117Investments in non-marketable equity
investments(963)(2,011)(1,377)Other investing646615612Net
cash used for investing activities(25,817)(8,183)(9,905)Cash
flows provided by (used for) financing activities:Increase
(decrease) in short-term debt, net(15)(474)235Excess tax
benefit from share-based payment
arrangements121159122Issuance of long-term debt, net of
issuance costs2,7349,4760Repayments of Long-term
Debt(1,500)00Proceeds from sales of common stock through
employee equity incentive plans1,1088661,660Repurchase of
common stock(2,587)(3,001)(10,792)Restricted stock unit
withholdings(464)(442)(332)Payment of dividends to
stockholders(4,925)(4,556)(4,409)Collateral associated with
repurchase of common stock0325(325)Increase (decrease) in
liability due to collateral associated with repurchase of common
stock0(325)325Other financing(211)(116)(95)Net cash provided
by (used for) financing activities(5,739)1,912(13,611)Effect of
exchange rate fluctuations on cash and cash
equivalents01(15)Net increase (decrease) in cash and cash
equivalents(9,748)12,747(3,113)Cash and cash equivalents, end
of period5,56015,3082,561Supplemental
disclosures:Acquisitions of property, plant, and equipment
included in accounts payable and accrued
liabilities979392985Interest, net of capitalized interest and
interest rate swap payments/receipts682186167Income taxes,
net of refunds$ 877$ 3,439$ 4,639