Advanced Micro Devices, Inc. reported earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net revenue of $1,106 million compared to $958 million a year ago. Operating loss was $3 million compared to $49 million a year ago. Loss before income taxes was $44 million compared to $92 million a year ago. Net loss was $51 million compared to $102 million a year ago. Basic and diluted net loss per share was $0.06 compared to $0.13 a year ago. Net cash provided by operating activities was $188 million compared to $53 million a year ago. Purchases of property, plant and equipment was $21 million compared to $32 million a year ago. Adjusted EBITDA was $60 million compared to adjusted LBITDA of $5 million a year ago. Non-GAAP free cash flow was $167 million compared to $27 million a year ago. The year over year increase was primarily driven by higher GPU sales. The quarter over quarter increase was primarily due to higher GPU and client processor sales. Non-GAAP operating income was $26 million compared to non-GAAP operating loss of $39 million a year ago. Non-GAAP net loss was $8 million or $0.01 per share compared to non-GAAP operating loss of $79 million or $0.10 per share a year ago.

For the full year, the company reported net revenue of $4,272 million compared to $3,991 million a year ago. Operating loss was $372 million compared to $481 million a year ago. Loss before income tax was $448 million compared to $646 million a year ago. Net loss was $497 million compared to $660 million a year ago. Basic and diluted net loss per share was $0.60 compared to $0.84 a year ago. Net cash used in operating activities was $90 million compared to $237 million a year ago. Purchases of property, plant and equipment was $77 million compared to $96 million a year ago. Adjusted EBITDA was $177 million compared to adjusted LBITDA of $89 million a year ago. Non-GAAP free cash flow was at $13 million compared to negative free cash flow of $322 million a year ago. Non-GAAP operating income was $44 million compared to non-GAAP operating loss of $253 million a year ago. Non-GAAP net loss was $117 million or $0.14 per share compared to non-GAAP operating loss of $253 million or $0.54 per share a year ago.

For the first quarter of 2017, based on a 13 week quarter, the company expects revenue to decrease 11% quarter over quarter, plus or minus 3%. The midpoint of revenue guidance would result in first quarter of 2017 revenue increasing approximately 18% year over year, non-GAAP gross margin to be approximately 33%, and non-GAAP interest expense, taxes and other to be approximately $30 million.

For the full year 2017, based on 52 weeks, the company expects to grow annual revenue, expand gross margin and deliver non-GAAP net income, Thatic jv-related licensing gain of approximately $50 million, and capital expenditures of approximately $80 million.