Advanced Micro Devices, Inc. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter and Full Year of 2017
January 01, 2017 at 02:46 am IST
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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.
Advanced Micro Devices, Inc. specializes in the design, manufacturing and marketing of semiconductors and microprocessors. The group sells processors, chips, cards, connection products, adapters, etc. intended primarily for computers, servers, workstations, telephones, and game consoles.
Net sales are distributed geographically as follows: the United States (34.6%), China (15.1%), Japan (20.4%), Singapore (9.8%), Europe (8.9%), Taiwan (8.1%) and others (3.1%).
Advanced Micro Devices, Inc. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter and Full Year of 2017