AMD Reports 2014 First Quarter Results

Recent Highlights

  • Industry veterans Nora Denzel and Mike Inglis were appointed to AMD's board of directors, each bringing a diverse set of management, technology, sales and marketing expertise.
  • AMD announced an amendment to the Wafer Supply Agreement with GLOBALFOUNDRIES that established fixed pricing and other terms which apply to products AMD will purchase in 2014. AMD expects to purchase approximately $1.2 billion of wafers from GLOBALFOUNDRIES in 2014, in line with the company's current market expectations.
  • AMD expanded its latest industry-leading family of graphics chips with the introduction of the AMD Radeon™ R7 250X, R7 265 and R9 280 for mainstream users and the AMD Radeon™ R9 295X2, the world's fastest and most powerful graphics card powered by two AMD Radeon™ R9 Series GPUs on a single card.
  • AMD launched the AMD FirePro™ W9100 professional graphics card for next-generation workstations, delivering an industry-first 16GB DDR5 memory, more than 2 TFLOPS of double precision compute performance and 4K support on up to six displays.
  • AMD's momentum as the hardware development platform of choice for the gaming community continued in the quarter.
    • The Mantle graphics API, designed to alleviate software inefficiencies that have historically stifled PC gaming performance and take advantage of AMD's Graphics Core Next (GCN) architecture to deliver console-like experiences, continues to see strong developer adoption. Since being announced late last year, support has been announced from seven developers spanning four game engines and more than 20 titles. New additions include developer Crytek and the eagerly anticipated title "Sid Meier's Civilization®: Beyond Earth™."
    • Rebellion Developments, Square Enix® and Xaviant are the latest developers to join the AMD Gaming Evolved program and will optimize their future PC games to make them look and run better on AMD hardware.
  • AMD announced support for Microsoft® DirectX® 12, a new version of the graphics API, on all AMD Radeon™ GPUs that feature the GCN architecture.
  • AMD announced further details of the AMD Opteron™ A1100 Series, the first 64-bit ARM-based server CPU at 28 nanometer. The company also displayed a comprehensive development platform which includes an evaluation board and a comprehensive software suite to enable a robust 64-bit software ecosystem for ARM-based server designs in advance of general availability planned for later this year. AMD also announced it would contribute a new micro-server design using the AMD Opteron A-Series to the Open Compute Project.
  • AMD announced global availability of its new AM1 platform, bringing an unprecedented level of graphics and compute capabilities to the mainstream market at very attractive price-points. The socketed quad-core and dual-core variants of the AMD Athlon™ and AMD Sempron™ APUs are based on award-winning GCN architecture and "Jaguar" CPU core.
  • AMD made a strong showing at Mobile World Congress with the debut of the company's 2014 Mobile APU line-up. AMD also earned a " Best of Mobile World Congress 2014" award for the "Nano PC" design concept, a full-feature Windows 8 PC reference design the size of a smart phone.
  • AMD and Adobe announced numerous performance optimizations for video-based applications in Adobe® Creative Cloud™ on AMD's discrete GPUs and APUs. The work by both companies builds on the already impressive optimizations for Adobe® Premiere® Pro CC, Adobe SpeedGrade™ CC, and Adobe Media Encoder CC, made in recent months.
  • AMD continued to expand its immersive graphics, bringing 3D and 4K graphics to embedded gaming machines, digital signage, medical imaging, commercial aerospace, conventional military and other embedded applications with the introduction of the AMD Embedded Radeon™ E8860 GPU.

Current Outlook

AMD's outlook statements are based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under "Cautionary Statement" below.

For the second quarter of 2014, AMD expects revenue to increase 3 percent, plus or minus 3 percent, sequentially.

For additional details regarding AMD's results and outlook please see the CFO commentary posted at quarterlyearnings.amd.com.

AMD Teleconference

AMD will hold a conference call for the financial community at 2:30 p.m. PT (5:30 p.m. ET) today to discuss its first quarter financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its web site at www.amd.com. The webcast will be available for 12 months after the conference call.

Reconciliation of GAAP to Non-GAAP Operating Income (Loss)(1)

                                                                            
Reconciliation of GAAP to Non-GAAP Operating                                
 Income (Loss)                                                              
                                            --------------------------------
(Millions)                                       Q1-14      Q4-13      Q1-13
----------------------------------------------------------------------------
GAAP operating income (loss)                $       49 $      135 $     (98)
----------------------------------------------------------------------------
  Workforce rebalancing severance charges           14          -          -
----------------------------------------------------------------------------
  Amortization of acquired intangible assets         3          4          5
----------------------------------------------------------------------------
  Restructuring and other special charges,                                  
   net                                               -          -         47
----------------------------------------------------------------------------
  Legal settlements, net                             -       (48)          -
----------------------------------------------------------------------------
Non-GAAP operating income (loss)            $       66 $          91  $          (46)
----------------------------------------------------------------------------
                                                                                                                                                        
 

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