Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. The live public webcast can be accessed on Intel's Investor Relations website at. Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. . 0000001321 00000 n Security vulnerabilities and any limitations of, or adverse effects resulting from, mitigation techniques can adversely affect our results of operations, financial condition, customer relationships, prospects, and reputation in a number of ways, any of which may be material, including incurring significant costs related to developing and deploying updates and mitigations, writing down inventory value, a reduction in the competitiveness of our products, defending against product claims and litigation, responding to regulatory inquiries or actions, paying damages, addressing customer satisfaction considerations, or taking other remedial steps with respect to third parties. 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. 0000036765 00000 n According to the website Neowin, this includes at least a 5% pay cut companywide, suspension of bonuses, and a reduction in its 401(k) match. Other names and brands may be claimed as the property of others. Starting with quarterly results, for the fourth quarter of 2021, Intel reported $20.5B in revenue, which is a small jump of 3% over the year-ago quarter. 0000053835 00000 n On Intel 20A and Intel 18A, Intels first internal test chips, and those of a major potential foundry customer, have taped out with products undergoing fabrication. In addition, these transactions do not always achieve our financial or strategic objectives and can disrupt our ongoing business and adversely impact our results of operations. This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. January 13, 2021. Share-based compensation consists of charges related to our employee equity incentive plans. As of 2021, the average bonus pay in the U.S. is 11% of salary for exempt employees, 6.8% for nonexempt salaried employees, and 5.6% for hourly employees. 0000005666 00000 n The average base salary at Intel is $134,000 with a sign-on bonus of $23,000 and $20,000 of stock bonus. The pandemic has caused us to modify our business practices. The company also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the companys common stock, which will be payable on March 1, 2023, to shareholders of record as of February 7, 2023. The degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. Intel is also spending big money on its Ohio chip factory: a $20 billion investment that could potentially expand to $100 billion. A public webcast of Intel's earnings conference call will follow at 2 p.m. PDT at www.intc.com. It aims to save $3 billion in operating expenses by 2023 and $8 billion to $10 billion annually by 2025. Intel Corporation. Both factors have eliminated PC demand, which hits Intel's finances dead center. 0000001911 00000 n There are multiple ways employees are compensated at Intel: Base Salary Quarterly Profit Bonus (QPB) Annual Performance Bonus (APB) Stock Awards The base salary is paid out twice a month. Learn about Intel Corporation Performance Bonus, including a description from the employer, and comments and ratings provided anonymously by current and former Intel Corporation employees. Intel 3 continues to progress and is on track. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. The previous Intel Corp. dividend was 36.5c and it went ex 4 months ago and it was paid 3 months ago. Fourth-quarter revenue was $14.0 billion, down 32 percent year-over-year (YoY) and down 28 percent YoY on a non-GAAP basis. 0000009197 00000 n In addition, these transactions do not always achieve our financial or strategic objectives and can disrupt our ongoing business and adversely impact our results of operations. News Summary. The corresponding earnings presentation and webcast replay will also be available on the site. We exclude the catch-up charge related to prior periods for purposes of calculating certain non-GAAP measures because this adjustment facilitates comparison to past operating results and provides a useful evaluation of our current operating performance. Second, many consumers recently upgraded their PCs within the past few years, during the pandemic. 0000018598 00000 n 0000003058 00000 n Reconciliations between GAAP and non-GAAP financial measures are included below.*. We derive a substantial majority of our revenue from our principal products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone system-on-chip or a multichip package, which are based on Intel architecture. 0000002964 00000 n 0000000016 00000 n While the second closing of the sale is still pending and subject to closing conditions, we deconsolidated this business in Q1 2022 and management does not view the historical results of the business as a part of our core operations. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. While I'm all for moving chip production back into the U.S., Intel may need to reduce the factory's footprint or capacity to right-size the building based on the lower demand, because Intel's falling gross margins indicate a supply glut. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions, including statements relating to Intel's strategy and its anticipated benefits, including our IDM 2.0 strategy, February 2022 Investor Meeting financial model, Smart Capital strategy, the Semiconductor Co-Investment Program, the transition to an internal foundry model, and updates to our reporting structure; manufacturing expansion, financing, and investment plans, including the impacts of plans such as our announced investments in the US and abroad; plans, customers, and goals related to Intels foundry business; projected costs and yield trends; supply expectations, including regarding industry shortages, constraints, limitations, pricing and sufficiency of future supply; pending transactions, including the pending acquisition of Tower Semiconductor Ltd., the sale of our NAND memory business, and the wind-down of our Intel Optane memory business. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. *Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. The expected cost savings resulting from these initiatives may not be realized and are subject to risks related to the timing and amount of related charges, local labor law requirements, and assumptions related to severance, post-retirement, and other costs. 0 0000061688 00000 n SANTA CLARA, Calif., Jan. 26, 2023 -- Intel Corporation today reported fourth-quarter and full-year 2022 financial results. This adjustment facilitates a useful evaluation of our current operating performance and comparisons to past operating results. The projected non-GAAP tax rate also considers factors such as our expected tax structure, our tax positions in various jurisdictions, and key legislation in significant jurisdictions where we operate. Forecasting first-quarter 2023 revenue of $10.5 billion to $11.5 billion; expecting first-quarter EPS of $(0.80) (non-GAAP EPS of $(0.15)). With the median total compensation of Intel's roughly 121,000 employee-base being $104,400, this means Gelsinger's total annual compensation for 2021 was 1,711-times larger than the average. Declares quarterly cash dividend of $0.365 per share. Management is cutting employee pay to control operating expenses. Intel Is Gutting Its Dividend. 2 FAANG Stocks Billionaires Are Selling in Droves and 1 They Can't Stop Buying, 1 Unstoppable Growth Stock to Buy Hand Over Fist, According to Wall Street. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. Its gross margin also fell from 54% last year to 39% in the fourth quarter, indicating Intel had to slash prices to get to the revenue levels it did. 0000054097 00000 n 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. June 18, 2021. This means Intel was using its cash reserves to fund the dividend -- not a sustainable strategy. 0000006574 00000 n NEX achieved a second consecutive year of double-digit revenue growth, hitting key product milestones with Intel IPU E2000 (Mount Evans), Raptor Lake P&S, Alder Lake N and Sapphire Rapids. 0000010025 00000 n Intel Corporation pays an average of $7,375 in annual employee bonuses. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Sign up here The browser version you are using is not recommended for this site.Please consider upgrading to the latest version of your browser by clicking one of the following links. Keithen Drury has no position in any of the stocks mentioned. 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. Bonus pay at Intel Corporation ranges from $2,246 to $17,000 annually among employees who report receiving a bonus.. orpassword? In making these adjustments, we have not made any changes to our methods for measuring and calculating revenue or other financial statement amounts. However, a company's employees are among its most vital resources. The impact of the pandemic can also exacerbate other risks discussed in this section. 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. How Did It Fall So Far So Fast? Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals. 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. 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). 0000003011 00000 n for a basic account. Intel said it expected around $18.3 billion in adjusted sales in the fourth quarter, compared with analysts' expectations of $18.24 billion. Intel plans to report its earnings for the fourth quarter of 2021 on January 26, 2022 promptly after close of market; related materials will be available at www.intc.com. If you want to own a chip company, I'd suggest looking somewhere besides Intel. Base Salary. Intel previously announced several organizational changes to accelerate its execution and innovation by allowing it to capture growth in both large traditional markets and high-growth emerging markets. The list of bullish arguments for Intel stock is now alarmingly low. NEX includes programmable platforms and high-performance connectivity and compute solutions designed for market segments such as cloud networking, telecommunications networks, on-premises edge, software and platforms. As a result, the company modified its segment reporting in the first quarter of 2022 to align to the previously announced business reorganization. If you treat them right, you'll get the most out of them. You can also try the quick links below to see results for most popular searches. The way the organization is setup needs to be redone, not compartmentalized, not dressed up with "fun" team names. In addition, significant or prolonged turnover may negatively impact our operations and culture, as well as our ability to successfully maintain our processes and procedures, including due to the loss of historical, technical, and other expertise. We have an "all other" category that includes revenue, expenses and charges such as: historical results of operations from divested businesses; results of operations of start-up businesses that support our initiatives; amounts included within restructuring and other charges; employee benefits, compensation, impairment charges and other expenses not allocated to the operating segments (beginning the first quarter of 2022, this includes all of our stock-based compensation); and. 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. Actual results may differ materially from Intels Business Outlook as a result of, among other things, the factors described under Forward-Looking Statements below. 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. . 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. These actions underpin our cost-reduction targets of $3 billion in 2023, and set the stage to achieve $8 billion to $10 billion by the end of 2025.. Accelerated Computing Systems and Graphics (AXG). 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. The change in depreciable life will not be counted toward the $3 billion in cost savings in 2023 or the $8 billion to $10 billion exiting 2025 communicated at Q3 2022 earnings. The corresponding earnings presentation and webcast replay will also be available on the site. We have sales and marketing, manufacturing, engineering, finance and administration groups. For the full year, the company generated $15.4 billion in cash from operations and paid dividends of $6.0billion. 209 37 0000004033 00000 n 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. To make the world smarter, happier, and richer. (Gains) losses on equity investments, net consists of ongoing mark-to-market adjustments on marketable equity securities, observable price adjustments on non-marketable equity securities, related impairment charges, and the sale of equity investments and other. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. 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. The . We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. Predictive analysis failure detection . Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. 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 company's common stock. . Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. For example, in the first quarter of 2022, the General Court in the European Commission (EC) competition matter annulled the EC's findings against Intel regarding rebates, as well as the fine previously imposed on and paid by Intel. Gains (losses) are recognized at the close of a divestiture, or over a specified deferral period when deferred consideration is received at the time of closing. Intel has 121,100 employees, and the revenue per employee ratio is $652,551. In depth view into Intel Revenue (Quarterly) including historical data from 1972, charts and stats. 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. 0000002351 00000 n In the fourth quarter of 2022, CCGs 13th Gen Intel Core desktop processor family became available, starting with desktop K processors and the Intel Z790 chipset. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. Income tax effects have been calculated using an appropriate tax rate for each adjustment, as applicable. Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. Read More October 5, 2020 Reviewed by: Anonymous (Anonymous Employee) Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, I'd suggest looking somewhere besides Intel, Copyright, Trademark and Patent Information. Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? 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. 0000008327 00000 n When compared to the estimated useful life in place as of the end of 2022, Intel expects total depreciation expense in 2023 to reduce by roughly $4.2 billion, including an approximate $2.6 billion increase to gross profit, a $400 million decrease in R&D expenses and a $1.2 billion decrease in 2023 ending inventory values. Feb 6, 2023. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. Intel technologies may require enabled hardware, software or service activation. 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. . Copies of these filings may be obtained by visiting our Investor Relations website at, Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. 0000040250 00000 n Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions, including statements relating to Intel's strategy and its anticipated benefits, including our IDM 2.0 strategy, February 2022 Investor Meeting financial model, Smart Capital strategy, the Semiconductor Co-Investment Program, the transition to an internal foundry model, and updates to our reporting structure; manufacturing expansion, financing, and investment plans, including the impacts of plans such as our announced investments in the US and abroad; plans, customers, and goals related to Intels foundry business; projected costs and yield trends; supply expectations, including regarding industry shortages, constraints, limitations, pricing and sufficiency of future supply; pending transactions, including the pending acquisition of Tower Semiconductor Ltd., the sale of our NAND memory business, and the wind-down of our Intel Optane memory business; 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. We may not realize the expected benefits of portfolio decisions due to numerous risks, including unfavorable prices and terms; changes in market conditions; changes in applicable laws; limitations due to regulatory or governmental approvals, contractual terms, or other conditions; and potential continued financial obligations associated with such transactions. 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). 3. SupportAssist automatically detects and proactively alerts Dell to: operating system issues, software upgrades, driver updates and patches, malware, virus infected files, failures of hard drives, batteries, memory, internal cables, thermal sensors, heat sinks, fans, solid state drives and video cards. And administration groups it Just Eliminate it impacts our results will depend on future developments, which are highly.... 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