Intel said it planned to spend between $19 billion and $20 billion on capital expenditures in 2021. Market Data powered by QuoteMedia. L. 108-458, set out as a note under section 3001 of Title 50, War and National Defense. Despite the economic and market headwinds, we continued to make good progress on our strategic transformation in Q4, including advancing our product roadmap and improving our operational structure and processes to drive efficiencies while delivering at the low-end of our guided range, said Pat Gelsinger, Intel CEO. You can also try the quick links below to see results for most popular searches. 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. 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. Add an Insight Submit Thanks for your submission! Intel technologies may require enabled hardware, software or service activation. Restrictions on our manufacturing or support operations or workforce, or similar limitations for our vendors and suppliers, can impact our ability to meet customer demand and could have a material adverse effect on us. 0000001639 00000 n Non-GAAP earnings (loss) per sharediluted. 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. In the fourth quarter,Intel posted a $700 million loss, driven by revenue falling 32%. orpassword? Intel's largest business, its client computing. $1.46. expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives; total addressable market (TAM) and market opportunity; business plans and financial expectations; future macroeconomic and geopolitical conditions, including regional or global downturns or recessions; future legislation, including any expectations regarding anticipated financial and other benefits or incentives thereunder; tax- and accounting-related expectations; future responses to and effects of the COVID-19 pandemic, including manufacturing, transportation, and operational restrictions or disruptions; future products, technology, and services, and the expected regulation, availability, production, and benefits of such products, technology, and services, including product ramps, manufacturing goals, plans, timelines, and future progress, future process nodes and technologies including Intel 20A, RibbonFET, and PowerVia, process performance parity and leadership expectations, future product architectures, Alder Lake, Lunar Lake, Meteor Lake, Raptor Lake, Sapphire Rapids, Emerald Rapids, Granite Rapids, Sierra Forest, Mt. A public webcast of Intel's earnings conference call will follow at 2 p.m. PDT at www.intc.com. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. 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. 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). In depth view into Intel Revenue (Quarterly) including historical data from 1972, charts and stats. trailer 0000002927 00000 n Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. Credit: REUTERS/STEVE MARCUS. A portion of the charge from our IP settlements represents a catch-up of cumulative amortization that would have been incurred for the right to use the related patents in prior periods. 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 annual revenue for 2020 was $77.9B, a 8.2% growth from 2019. Market Data copyright 2023 QuoteMedia. 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. Most Recent Quarter Revenue. Intel's guidance for the first quarter of 2023 includes both GAAP and non-GAAP estimates. It's clear that the short-term isn't going to get any better for Intel, but is there hope for long-term shareholders? Intel's largest business, its Client Computing Group, was down 7% year-over-year to $10.1 billion, though it still beat analysts' estimates. 0000018698 00000 n Learn More. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. All forward-looking statements included in this release are based on management's expectations as of the date of this release and, except as required by law, Intel disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. Intel Is Gutting Its Dividend. To make the world smarter, happier, and richer. startxref We reference a non-GAAP financial measure of adjusted free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and quality of earnings. 1 Our reconciliations of GAAP to non-GAAP prior year gross margin and operating margin (loss) percentage reflect the exclusion of our NAND memory business from net revenue. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. 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 outlook prepared in accordance with US GAAP and the reconciliations from this Business Outlook should be carefully evaluated. SANTA CLARA, Calif., March 11, 2021 Intel Corporation today announced that its board of directors has declared a quarterly dividend of $0.3475 per share ($1.39 per share on an annual basis) on the companys common stock. 0000054337 00000 n Intel has 121,100 employees, and the revenue per employee ratio is $652,551. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. 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. 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. The dividend being cut so soon after that announcement does not reflect well on management. first-quarter 2022 revenue was down 7% from 2021). 0000041399 00000 n xref Intel peak revenue was $79.0B in 2021. 209 0 obj <> endobj _`"|Dtf+}5/0SMQ SHnt GjWg!3 X$' \O|Yj8X@~G%E(L3gyyS Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. 0000006574 00000 n The dividend will be payable on June 1, 2021, to stockholders of record on May 7, 2021. As a result, the company modified its segment reporting in the first quarter of 2022 to align to the previously announced business reorganization. *Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. There are typically 4 dividends per year (excluding specials), and the dividend cover is approximately 2.1. . Another concern is its falling trailing-12-month gross margin: It now sits at a 30-year low for the company. 0000003011 00000 n Cash flows provided by (used for) financing activities: Issuance of commercial paper, net of issuance costs, Issuance of term debt, net of issuance costs, Repayment of term debt and debt conversions, Proceeds from sales of common stock through employee equity incentive plans, Net cash provided by (used for) financing activities, Net increase (decrease) in cash and cash equivalents, Accelerated Computing Systems and Graphics. // Intel is committed to respecting human rights and avoiding complicity in human rights abuses. Intel Corporation. We project this long-term non-GAAP tax rate on an annual basis using a five-year non-GAAP financial projection that excludes the income tax effects of each adjustment. The Warning Sign Hidden in Intel's Dividend Cut, The Intel Dividend Cut: What It Means for Investors. Russia has likewise imposed currency restrictions and regulations and may further take retaliatory trade or other actions, including the nationalization of foreign businesses. The corresponding earnings presentation and webcast replay will also be available on the site. As described in our explanation of non-GAAP measures above, and consistent with the use of our other non-GAAP adjustments, beginning in 2023 management uses this non-GAAP tax rate in managing internal short- and long-term operating plans and in evaluating our performance. The 2023 first quarter isn't looking any better, with management guiding for around $11 billion in revenue, down 40% from 2022's $18.4 billion (for reference, first-quarter 2022 revenue was down 7% from 2021). 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. First, the economic outlook isn't the greatest, so consumers aren't rushing to upgrade their electronics. The pandemic has caused us to modify our business practices. We or third parties regularly identify security vulnerabilities with respect to our processors and other products as well as the operating systems and workloads running on them. The . 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. The earnings conference call for investors begins at 2 p.m. PDT today; a public webcast will be available at www.intc.com. Intel 7 is now in high-volume manufacturing for both client and server. Dont have an Intel account? Payout Frequency. To learn more about Intels innovations, go to. The impact of the pandemic can also exacerbate other risks discussed in this section. The previous Intel Corp. dividend was 36.5c and it went ex 4 months ago and it was paid 3 months ago. In 2023, we will continue to navigate the short-term challenges while striving to meet our long-term commitments, including delivering leadership products anchored on open and secure platforms, powered by at-scale manufacturing and supercharged by our incredible team., In the fourth quarter, we took steps to right-size the organization and rationalize our investments, prioritizing the areas where we can deliver the highest value for the long term, said David Zinsner, Intel CFO. Strong Results, Cautious Outlook. Predictive analysis failure detection . AXG delivered record revenue for both the fourth quarter and full year. We exclude the impact of our NAND memory business in certain non-GAAP measures. 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. Base Salary. Mobileye continued to execute well in its core advanced driver-assistance systems (ADAS) business, as it launched systems into 233 distinct vehicle models in 2022. June 18, 2021. Intel earned $20.5 billion in the fourth quarter of 2021, exceeding its guidance by $1.3 billion and up 3% year-over-year (YoY). 0000001321 00000 n Compensation, including quarterly and annual bonuses is good. Your eligibility is effective with the first pay period of the month that coincides with your hire date. We exclude these impairments for purposes of calculating certain non-GAAP measures because these charges do not reflect our current operating performance. 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. 0000061688 00000 n The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. In addition, we have entered new areas and introduced adjacent products, such as our intention to become a major provider of foundry services, and we face new sources of competition and uncertain market demand or acceptance of our offerings with respect to these new areas and products, and they do not always grow as projected. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. One of the items Intel brought up in its announcement to cut the dividend was its cost-savings initiatives. In the fourth quarter, the company generated $7.7 billion in cash from operations and paid dividends of $1.5billion. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. Intel also announced that with AXGs flagship products now in production, the company is evolving AXGs structure to accelerate and scale its impact and drive go-to-market strategies with a unified voice to customers. Mobileye includes the development and deployment of advanced driver-assistance systems (ADAS) and autonomous driving technologies and solutions. 0000011331 00000 n Intel's results can be affected by the impact and timing of closing of acquisitions, divestitures, and other significant transactions, such as the pending acquisition of Tower Semiconductor Inc. The primary driver of this demand evaporation is an atrocious PC market. 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. 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