0000002927 00000 n 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. 0 33% of companies in the U.S. offer year-end bonuses. Cybersecurity incidents, whether or not successful, can affect Intel's results by causing us to incur significant costs or disrupting our operations or those of our customers and suppliers, and can result in reputational harm. 0000001321 00000 n 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. Intel 7 is now in high-volume manufacturing for both client and server. *Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. 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. Are They Buys Now? 0000061190 00000 n 0000005213 00000 n endstream endobj 244 0 obj <>/Size 209/Type/XRef>>stream 209 37 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. These adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. 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. 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. Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Intel 3 continues to progress and is on track. Intel Is Gutting Its Dividend. 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 following table presents intersegment revenue before eliminations: Less: Accelerated Computing Systems and Graphics intersegment revenue. The COVID-19 pandemic has previously adversely affected significant portions of Intel's business and could have a material adverse effect on Intel's financial condition and results of operations. 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. Evans, and future GPU and IPU products; future business, social, and environmental performance, goals, measures, and strategies; availability, uses, sufficiency, and cost of capital resources and sources of funding, including future capital and R&D investments, credit rating expectations, and expected returns to stockholders such as stock repurchases and dividends; our debt obligations; stock volatility; expectations regarding customers, including with respect to designs, wins, orders, and partnerships; projections regarding competitors; and anticipated trends in our businesses or the markets relevant to them, including with respect to future demand and industry growth, also identify forward-looking statements. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. Intel Corporation. Starting in the first quarter of 2022, we incrementally exclude from our non-GAAP results share-based compensation and all gains and losses on equity investments. Forgot your Intelusername Dear Patrick: Congratulations! Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. Fourth-quarter earnings (loss) per share (EPS) was $(0.16); non-GAAP EPS was $0.10. The pandemic has resulted in authorities imposing numerous measures to try to contain the virus, including manufacturing, transportation, and operational restrictions or disruptions, such as the Shanghai port shutdowns. The degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. 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.. The pandemic has caused us to modify our business practices. 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. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. Do you work for Intel? Intels Q1 2023 outlook includes an estimated $350 million to $500 million benefit to operating margin or $0.07 to $0.10 benefit to EPS from this change, split approximately 75% to cost of sales and 25% to operating expenses. xbbba`b``3 June 18, 2021. Results can also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, including changes or uncertainty related to the US government entity list and changes in the ability to obtain export licenses, which can be changed without prior notice. Accelerated Computing Systems and Graphics (AXG). 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. *Average returns of all recommendations since inception. Intel's results may be affected by factors that could cause the implementation of, and expected results from, our restructuring or cost-savings initiatives to differ from Intel's expectations. Annual Dividend. 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. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. Predictive analysis failure detection . 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. Intel's guidance for the first quarter of 2023 includes both GAAP and non-GAAP estimates. First, the economic outlook isn't the greatest, so consumers aren't rushing to upgrade their electronics. We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these adjustments provide better comparability to peer company results and because these charges are not viewed by management as part of our core operating performance. 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. 0000001501 00000 n Intel's expected tax rate is based on current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017 (TCJA), and current expected income and can be affected by changes in interpretations of TCJA and other laws, such as the Inflation Reduction Act of 2022; changes in the volume and mix of profits earned and location of assets across jurisdictions with varying tax rates; changes in the estimates of credits, benefits, and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets. Strong Results, Cautious Outlook. The next Intel Corp. dividend went ex 22 days ago for 36.5c and will be paid tomorrow. Listen Intel's expected tax rate is based on current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017 (TCJA), and current expected income and can be affected by changes in interpretations of TCJA and other laws, such as the Inflation Reduction Act of 2022; changes in the volume and mix of profits earned and location of assets across jurisdictions with varying tax rates; changes in the estimates of credits, benefits, and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets. The list of bullish arguments for Intel stock is now alarmingly low. . If you treat them right, you'll get the most out of them. Forecasting first-quarter 2022 revenue of approximately $18.3 billion; expecting first-quarter EPS of $0.70 (non-GAAP EPS of $0.80). suspension of bonuses, and a reduction in its 401(k) match. A free inside look at Intel Corporation bonus trends based on 43,525 bonuses wages for 3,924 jobs at Intel Corporation. 0000040250 00000 n Full-year EPS was $1.94; non-GAAP EPS was $1.84. The Motley Fool has a disclosure policy. 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. 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. 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. Income tax effects have been calculated using an appropriate tax rate for each adjustment, as applicable. 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. 0000008327 00000 n TTM = trailing 12 months. How Did It Fall So Far So Fast? 0000061688 00000 n 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. We exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our core operating performance. 0000004033 00000 n Prospectively, we believe this approach will facilitate comparison of our operating results and provide useful evaluation of our current operating performance. See section 1081(a), (b) of Pub. There are typically 4 dividends per year (excluding specials), and the dividend cover is approximately 2.1. . It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. Intel's results can be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, chemicals, antitrust, commercial, disclosure, and other issues, as well as by the impact and timing of settlements and dispute resolutions. IFS achieved record revenue for both the fourth quarter and full year, with active design engagements with seven of the 10 largest foundry customers. 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. Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $957 million and diluted earnings per share (EPS) of $1.58 for the quarter ended Feb. 3, 2023, compared to diluted EPS of $1.78 in . These measures have impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners. 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. Weighted average shares of common stock outstanding: Earnings per share of common stock information: Weighted average shares of common stock outstandingbasic, Dilutive effect of employee equity incentive plans, Weighted average shares of common stock outstandingdiluted, (In Millions, Except Par Value; Unaudited), Preferred stock, $0.001 par value, 50 shares authorized; none issued, Common stock, $0.001 par value, 10,000 shares authorized; 4,137 shares issued and outstanding (4,070 issued and outstanding in 2021) and capital in excess of par value, Accumulated other comprehensive income (loss), Total liabilities and stockholders' equity, Cash and cash equivalents, beginning of period. In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF). These bonuses are determined based on Intel's quarterly profitability, subject to the terms of the QPB plan. Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. 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. Intel Corporation. Demand for Intel's products is highly variable and can differ from expectations due to factors including changes in business and economic conditions; customer confidence or income levels, and the levels of customer capital spending; the introduction, availability, and market acceptance of Intel's products, products used together with Intel products, and competitors' products; competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns or forecasts including order cancellations; changes in customer needs and emerging technology trends; and changes in the level of inventory and computing capacity at customers. 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. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. 0000054337 00000 n Words such as "accelerate," "achieve," "adjust," "allow," "anticipates," "believes," "committed," "continues," "could," "deliver," "drive," "estimates," "expand," "expects," "focus," "forecast," "future," "goals," "grow," "guidance," "improve," "increasing," "manage," "may," "on-track," "opportunity," "outlook," "plan," "positioned," "potential," "progress," "ramp," "refocus," "regain," "sharpen," "should," "support," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. 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. Unfortunately, decreasing operating expenses this way might look good on the quarterly report, but it can poison a workplace culture and affect future output. In the eyes of some investors, the last great reason to own Intel(INTC 1.60%) is gone. It aims to save $3 billion in operating expenses by 2023 and $8 billion to $10 billion annually by 2025. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. See also What is the average cost of a local move for a 3 bedroom house? Fourth-quarter revenue was $14.0 billion, down 32 percent year-over-year (YoY) and down 28 percent YoY on a non-GAAP basis. January 13, 2021. Fourth-quarter revenue was $14.0 billion, down 32 percent year-over-year (YoY) and down 28 percent YoY on a non-GAAP basis. 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. 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. endstream endobj 210 0 obj <. Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. Actual results may differ materially from Intels Business Outlook as a result of, among other things, the factors described under Forward-Looking Statements below. Payout Frequency. Jan 21, 2021 8:00PM EST. Tags: Dividend , Financials Tags Cost basis and return based on previous market day close. Dont have an Intel account? 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. Is Intel stock worth owning with that catalyst gone? It is doing this, the company says, by "reducing compensation and rewards programs for employees and executives." Intel's peak quarterly revenue was $20.5B in 2021 (q4). Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. 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. Announces five percent increase to quarterly cash dividend. Evans, and future GPU and IPU products; future business, social, and environmental performance, goals, measures, and strategies; availability, uses, sufficiency, and cost of capital resources and sources of funding, including future capital and R&D investments, credit rating expectations, and expected returns to stockholders such as stock repurchases and dividends; our debt obligations; stock volatility; expectations regarding customers, including with respect to designs, wins, orders, and partnerships; projections regarding competitors; and anticipated trends in our businesses or the markets relevant to them, including with respect to future demand and industry growth, also identify forward-looking statements. Results can also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, including changes or uncertainty related to the US government entity list and changes in the ability to obtain export licenses, which can be changed without prior notice. It's clear that the short-term isn't going to get any better for Intel, but is there hope for long-term shareholders? 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. News Summary. Restrictions or disruptions of transportation, or disruptions in our customers operations and supply chains, may adversely affect our results of operations. Most Recent Quarter Revenue. Intel is also spending big money on its Ohio chip factory: a $20 billion investment that could potentially expand to $100 billion. 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. Intel completed the IPO of Mobileye, which achieved record revenue for both the fourth quarter and full year of 2022. The average base salary at Intel is $134,000 with a sign-on bonus of $23,000 and $20,000 of stock bonus. You can easily search the entire Intel.com site in several ways. Who is eligible for the Employee Cash Bonus Program (ECBP)? Share-based compensation consists of charges related to our employee equity incentive plans. // Performance varies by use, configuration and other factors. Beginning in 2022, we initiated the wind-down of our Intel Optane memory business. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Management is cutting employee pay to control operating expenses. Intel's revenue totaled $79 . Intel reported fourth-quarter earnings on Wednesday. 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. 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. 0000007471 00000 n These measures have impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners. December 31, 2021: 20.53B September 30, 2021: 19.19B June 30, 2021: 19.63B March 31, 2021: 19.67B December 31, 2020: 19.98B . Other names and brands may be claimed as the property of others. The degree to which COVID-19 impacts our results will depend on future developments, which are highly uncertain. Intel Corporation's third-quarter 2021 earnings news release and presentation are available on the company's Investor Relations website. Intel completed the IPO of Mobileye, which achieved record revenue for both the fourth quarter and full year of 2022. 0000000016 00000 n 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. Intels Business Outlook and other statements in this release that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. 0000002351 00000 n Intel Will Still Pay Roughly $2 Billion in Dividends Annually -- Should It Just Eliminate It? Adjustments for Tax Reform reflect the impact of a change in tax law from 2017 Tax Reform related to the capitalization of R&D costs. Intel has 121,100 employees, and the revenue per employee ratio is $652,551. 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