AMD Reports 2015 Fourth Quarter and Annual Results

2. AMD Internal Lab testing as of Oct 22, 2015 with an Intel Core i7 5960X with 2x8GB DDR4-2666 MHz memory, Gigabyte X99-UD4PC, AMD Radeon™ R9 Fury X, Windows 10 64bit. PC manufacturers may vary configurations yielding different results. Fable Legends @ 1080p scored 63.99 fps with AMD Catalyst™ 15.7.1 Driver and 76.88 fps with Radeon Software Crimson Edition. RS-2
3. AMD Internal Lab testing as of Nov 2, 2015 with an Intel Core i7 5960X with 2x8GB DDR4-2666 MHz memory, Gigabyte X99-UD4, AMD Radeon™ R9 380, Windows 10 64bit. PC manufacturers may vary configurations yielding different results. Frame Rate Target Control (FRTC) enables users to set a target maximum frame rate when playing an application in full screen mode, thereby reducing GPU power consumption, heat generation and fan speeds/noise. FRTC caps performance not only in 3D rendered in-game scenes, but also in splash screens, loading screens and menus. See http://www.amd.com/en-us/innovations/software-technologies/technologies-gaming/frtc for full details on FRTC. Rocketleague at 1080p Max quality consumed 180W using AMD Catalyst 15.7.1 Driver, 175W with Radeon Software Crimson Edition, and 61W when using FRTC=55fps in Radeon Software Crimson Edition. RS-7

                                                                            
ADVANCED MICRO DEVICES, INC.                                                
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                             
(Millions except per share amounts and percentages)                         
                                                                            
                            Three Months Ended              Year Ended      
                     --------------------------------  -------------------- 
                      December   September   December   December   December 
                        26,        26,         27,        26,        27,    
                        2015       2015        2014       2015       2014   
                     ---------  ----------  ---------  ---------  --------- 
Net revenue          $     958  $    1,061  $   1,239  $   3,991  $   5,506 
Cost of sales              675         822        879      2,911      3,667 
                     ---------  ----------  ---------  ---------  --------- 
Gross margin               283         239        360      1,080      1,839 
Gross margin %              30%         23%        29%        27%        33%
Research and                                                                
 development               229         241        238        947      1,072 
Marketing, general                                                          
 and administrative        109         108        144        482        604 
Amortization of                                                             
 acquired intangible                                                        
 assets                      -           -          4          3         14 
Restructuring and                                                           
 other special                                                              
 charges, net               (6)         48         71        129                71  
Goodwill  impairment                                                                                                                  
  charge                                            -                      -                233                    -                233  
                                          ---------    ----------    ---------    ---------    ---------  
Operating  loss                          (49)              (158)            (330)            (481)            (155)
Interest  expense                      (41)                (39)              (41)            (160)            (177)
Other  income                                                                                                                                
  (expense),  net                          (2)                    -                    4                  (5)              (66)
                                          ---------    ----------    ---------    ---------    ---------  
Loss  before  income                                                                                                                    
  taxes                                          (92)              (197)            (367)            (646)            (398)
Provision  (benefit)                                                                                                                  
  for  income  taxes                      10                      -                  (3)                14                    5  
                                          ---------    ----------    ---------    ---------    ---------  
Net  loss                          $        (102)  $          (197)  $        (364)  $        (660)  $        (403)
Net  loss  per  share                                                                                                                    
    Basic                            $      (0.13)  $        (0.25)  $      (0.47)  $      (0.84)  $      (0.53)
    Diluted                        $      (0.13)  $        (0.25)  $      (0.47)  $      (0.84)  $      (0.53)
                                          ---------    ----------    ---------    ---------    ---------  
Shares  used  in  per                                                                                                                    
  share  calculation                                                                                                                    
    Basic                                        791                  785                776                783                768  
    Diluted                                    791                  785                776                783                768  
                                          ---------    ----------    ---------    ---------    ---------  
                                                                                                                                                        
ADVANCED  MICRO  DEVICES,  INC.                                                                                                
CONDENSED  CONSOLIDATED  STATEMENTS  OF  COMPREHENSIVE  LOSS                                          
(Millions)                                                                                                                                    
                                                                                                                                                        
                                                        Three  Months  Ended                            Year  Ended            
                                          --------------------------------    --------------------  
                                            December      September      December      December      December  
                                                26,                26,                  27,                26,                27,        
                                                2015              2015                2014              2015              2014      
                                          ---------    ----------    ---------    ---------    ---------  
Total  comprehensive                                                                                                                  
  loss                                $          (95)  $          (207)  $        (368)  $        (663)  $        (406)
                                          ---------    ----------    ---------    ---------    ---------  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
ADVANCED  MICRO  DEVICES,  INC.                                                                                                
CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                                                              
(Millions)                                                                                                                                    
                                                                                                                                                        
                                                                -------------    -------------    -------------  
                                                                December  26,      September  26,      December  27,  
                                                                          2015                      2015                      2014          
                                                                -------------    -------------    -------------  
Assets                                                                                                                                            
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents          $                  785    $                  755    $                  805  
    Marketable  securities                                          -                            -                        235  
    Accounts  receivable,  net                                533                        648                        818  
    Inventories,  net                                                678                        761                        685  
    Prepayment  and  other  -                                                                                                        
      GLOBALFOUNDRIES                                                  33                          20                        113  
    Prepaid  expenses                                                  43                          63                          32  
    Other  current  assets                                        248                        206                          48  
                                                                                                                                                        
                                                                -------------    -------------    -------------  
        Total  current  assets                                2,320                    2,453                    2,736  
Property,  plant  and  equipment,                                                                                            
  net                                                                            188                        194                        302  
Acquisition  related  intangible                                                                                            
  assets,  net                                                                -                            -                          65  
Goodwill                                                                    278                        283                        320  
Other  assets                                                            323                        286                        344  
                                                                -------------    -------------    -------------  
Total  Assets                                        $              3,109    $              3,216    $              3,767  
                                                                =============    =============    =============  
                                                                                                                                                        
Liabilities  and  Stockholders'                                                                                              
  Equity  (Deficit)                                                                                                                      
Current  liabilities:                                                                                                                
    Short-term  debt                              $                  230    $                  230    $                  177  
    Accounts  payable                                                279                        388                        415  
    Payable  to  GLOBALFOUNDRIES                            245                        226                        218  
    Accrued  liabilities                                          472                        395                        518  
    Other  current  liabilities                              124                        137                          40  
    Deferred  income  on  shipments                                                                                            
      to  distributors                                                  53                          60                          72  
                                                                                                                                                        
                                                                -------------    -------------    -------------  
        Total  current  liabilities                      1,403                    1,436                    1,440  
Long-term  debt                                                    2,032                    2,030                    2,035  
Other  long-term  liabilities                                86                          86                        105  
                                                                                                                                                        
Stockholders'  equity  (deficit):                                                                                          
    Capital  stock:                                                                                                                        
        Common  stock,  par  value                                  8                            8                            8  
        Additional  paid-in  capital                    7,017                    6,997                    6,949  
        Treasury  stock,  at  cost                            (123)                    (122)                    (119)
    Accumulated  deficit                                    (7,306)                (7,204)                (6,646)
    Accumulated  other                                                                                                                  
      comprehensive  loss                                            (8)                      (15)                        (5)
                                                                                                                                                        
                                                                -------------    -------------    -------------  
        Total  Stockholders'  equity                                                                                            
          (deficit)                                                      (412)                    (336)                      187  
                                                                -------------    -------------    -------------  
Total  Liabilities  and                                                                                                              
  Stockholders'  Equity  (Deficit)  $              3,109    $              3,216    $              3,767  
                                                                =============    =============    =============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
ADVANCED  MICRO  DEVICES,  INC.                                                                                                
CONDENSED  CONSOLIDATED  STATEMENT  OF  CASH  FLOWS                                                            
(Millions)                                                                                                                                    
                                                                                                                                                        
                                                                                                Three  Months                                
                                                                                                      Ended                Year  Ended    
                                                                                              -------------    -------------  
                                                                                              December  26,      December  26,    
                                                                                                        2015                      2015          
                                                                                              -------------    -------------  
                                                                                                                                                        
Cash  flows  from  operating  activities:                                                                              
    Net  Loss                                                                          $                (102)  $                (660)
    Adjustments  to  reconcile  net  loss  to  net                                                                    
      cash  used  in  operating  activities:                                                                              
        Depreciation  and  amortization                                                  34                        167  
        Stock-based  compensation  expense                                            16                          63  
        Non-cash  interest  expense                                                            3                          11  
        Restructuring  and  other  special  charges,                                                                
          net                                                                                                      -                          83  
        Other                                                                                                (10)                        (3)
    Changes  in  operating  assets  and  liabilities:                                                            
        Accounts  receivable                                                                    116                        280  
        Inventories                                                                                      82                        (11)
        Prepayment  and  other  -  GLOBALFOUNDRIES                              (13)                        84  
        Prepaid  expenses  and  other  assets                                          (9)                    (122)
        Accounts  payable,  accrued  liabilities  and                                                              
          other                                                                                              (82)                    (156)
        Payable  to  GLOBALFOUNDRIES                                                        18                          27  
                                                                                              -------------    -------------  
Net  cash  provided  by  (used  in)  operating                                                                        
  activities                                                                        $                    53    $                (237)
                                                                                              -------------    -------------  
                                                                                                                                                        
Cash  flows  from  investing  activities:                                                                              
    Purchases  of  available-for-sale  securities                              -                      (227)
    Purchases  of  property,  plant  and  equipment                          (32)                      (96)
    Proceeds  from  maturities  of  available-for-                                                                
      sale  securities                                                                                  -                        462  
    Proceeds  from  sale  of  property,  plant  and                                                                  
      equipment                                                                                              -                            8  
                                                                                              -------------    -------------  
Net  cash  provided  by  (used  in)  investing                                                                        
  activities                                                                        $                  (32)  $                  147  
                                                                                              -------------    -------------  
                                                                                                                                                        
Cash  flows  from  financing  activities:                                                                              
    Net  proceeds  from  grants                                                                  6                          14  
    Proceeds  from  issuance  of  common  stock                                      3                            4  
    Proceeds  from  borrowings,  net                                                        -                        100  
    Repayments  of  long-term  debt  and  capital                                                                    
      lease  obligations                                                                              -                        (44)
    Other                                                                                                        -                          (4)
                                                                                              -------------    -------------  
Net  cash  provided  by  financing  activities            $                      9    $                    70  
                                                                                              -------------    -------------  
Net  increase  (decrease)  in  cash  and  cash                                                                        
  equivalents                                                                                            30                        (20)
                                                                                              -------------    -------------  
Cash  and  cash  equivalents  at  beginning  of                                                                      
  period                                                                                $                  755    $                  805  
                                                                                              -------------    -------------  
Cash  and  cash  equivalents  at  end  of  period          $                  785    $                  785  
                                                                                              -------------    -------------  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
ADVANCED  MICRO  DEVICES,  INC.                                                                                                
SELECTED  CORPORATE  DATA                                                                                                          
(Millions  except  headcount)                                                                                                  
                                                                                                                                                        
                                              Three  Months  Ended                                      Year  Ended            
---------------------------------------------------  ------------------------
    Segment  and      December        September        December          December        December    
        Category            26,                  26,                    27,                    26,                  27,          
    Information          2015                2015                  2014                  2015                2014        
---------------------------------------------------  ------------------------
                                                                                                                                                        
  Computing  and                                                                                                                            
    Graphics  (1)                                                                                                                            
    Net  revenue    $          470      $            424      $          662        $      1,805      $      3,132    
    Operating                                                                                                                                  
      loss                $          (99)    $          (181)    $          (56)      $        (502)    $          (76)  
                                                                                                                                                        
  Enterprise,                                                                                                                                
    Embedded  and                                                                                                                            
    Semi-Custom                                                                                                                              
    (2)                                                                                                                                              
    Net  revenue    $          488      $            637      $          577        $      2,186      $      2,374    
    Operating                                                                                                                                  
      income            $            59      $              84      $          109        $          215      $          399    
                                                                                                                                                        
  All  Other  (3)                                                                                                                            
    Net  revenue                    -                        -                      -                        -                      -    
    Operating                                                                                                                                  
      loss                $            (9)    $            (61)    $        (383)      $        (194)    $        (478)  
                                                                                                                                                        
  Total                                                                                                                                            
    Net  revenue    $          958      $        1,061      $      1,239        $      3,991      $      5,506    
    Operating                                                                                                                                  
      loss                $          (49)    $          (158)    $        (330)      $        (481)    $        (155)  
                                                                                                                                                        
---------------------------------------------------  ------------------------
                                                                                                                                                        
Other  Data                                                                                                                                    
                                                                                                                                                        
  Depreciation                                                                                                                              
    and                                                                                                                                              
    amortization,                                                                                                                          
    excluding                                                                                                                                  
    amortization                                                                                                                            
    of  acquired                                                                                                                              
    intangible                                                                                                                                
    assets              $            34      $              42      $            44        $          164      $          189    
  Capital                                                                                                                                        
    additions        $            32      $              25      $            22        $            96      $            95    
  Adjusted                                                                                                                                      
    EBITDA  (4)      $            (5)    $            (55)    $            96        $          (89)    $          505    
  Cash,  cash                                                                                                                                  
    equivalents                                                                                                                              
    and                                                                                                                                              
    marketable                                                                                                                                
    securities      $          785      $            755      $      1,040        $          785      $      1,040    
  Non-GAAP  free                                                                                                                            
    cash  flow                                                                                                                                  
    (5)                    $            21      $            (84)    $            94        $        (333)    $        (193)  
  Total  assets    $      3,109      $        3,216      $      3,767        $      3,109      $      3,767    
  Total  debt        $      2,262      $        2,260      $      2,212        $      2,262      $      2,212    
  Headcount                  9,139                9,475              9,687                9,139              9,687    
---------------------------------------------------  ------------------------
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
(1)    Computing  and  Graphics  segment  primarily  includes  desktop  and  notebook  
          processors,  chipsets,  discrete  graphics  processing  units  (GPUs)  and        
          professional  graphics.                                                                                                  
(2)    Enterprise,  Embedded  and  Semi-Custom  segment  primarily  includes  server  
          and  embedded  processors,  semi-custom  System-on-Chip  (SoC)  products,        
          development  services  and  technology  for  game  consoles.                                  
(3)    All  Other  category  primarily  includes  certain  expenses  and  credits          
          that  are  not  allocated  to  any  of  the  operating  segments.  Also  included  
          in  this  category  are  amortization  of  acquired  intangible  assets  and        
          stock-based  compensation  expense.  In  addition,  the  Company  also                
          included  the  following  adjustments  for  the  indicated  periods:  for  the    
          fourth  and  third  quarters  of  2015  and  for  2015,  the  Company  included      
          restructuring  and  other  special  charges,  net;  for  the  fourth  quarter      
          of  2014,  the  Company  included  a  goodwill  impairment,  net  restructuring  
          and  other  special  charges  and  a  lower  of  cost  or  market  inventory            
          adjustment;  and  for  2014,  the  Company  included  a  goodwill  impairment,    
          net  restructuring  and  other  special  charges,  a  lower  of  cost  or  market  
          inventory  adjustment  and  workforce  rebalancing  severance  charges;            
                                                                                                                                                        
(4)    Reconciliation  of  GAAP  Operating  Loss  to  Adjusted  EBITDA*                            
                                                                                                                                                        
                                                        Three  Months  Ended                            Year  Ended            
                                          --------------------------------    --------------------  
                                            December      September      December      December      December  
                                                26,                26,                  27,                26,                27,        
                                                2015              2015                2014              2015              2014      
                                          ---------    ----------    ---------    ---------    ---------  
          GAAP  operating                                                                                                                  
            loss                      $          (49)  $          (158)  $        (330)  $        (481)  $        (155)
          Goodwill                                                                                                                              
            impairment                          -                      -                233                    -                233  
          Restructuring                                                                                                                    
            and  other                                                                                                                          
            special                                                                                                                              
            charges,  net                    (6)                  48                  71                129                  71  
          Workforce                                                                                                                            
            rebalancing                                                                                                                      
            severance                                                                                                                          
            charges                                -                      -                    -                    -                  14  
          Lower  of  cost                                                                                                                    
            or  market                                                                                                                          
            inventory                                                                                                                          
            adjustment                          -                      -                  58                    -                  58  
          Technology  node                                                                                                                
            transition                                                                                                                        
            charge                                  -                      -                    -                  33                    -  
          Stock-based                                                                                                                        
            compensation                                                                                                                    
            expense                              16                    13                  16                  63                  81  
          Amortization  of                                                                                                                
            acquired                                                                                                                            
            intangible                                                                                                                        
            assets                                  -                      -                    4                    3                  14  
          Depreciation                                                                                                                      
            and                                                                                                                                      
            amortization                    34                    42                  44                164                189  
                                          ---------    ----------    ---------    ---------    ---------  
          Adjusted  EBITDA  $            (5)  $            (55)  $            96    $          (89)  $          505  
                                          =========    ==========    =========    =========    =========  
                                                                                                                                                        
(5)    Non-GAAP  free                                                                                                                    
            cash  flow                                                                                                                          
            reconciliation**                                                                                                            
                                                        Three  Months  Ended                            Year  Ended            
                                          --------------------------------    --------------------  
                                            December      September      December      December      December  
                                                26,                26,                  27,                26,                27,        
                                                2015              2015                2014              2015              2014      
                                          ---------    ----------    ---------    ---------    ---------  
          GAAP  net  cash                                                                                                                    
            provided  by                                                                                                                      
            (used  in)                                                                                                                          
            operating                                                                                                                          
            activities          $            53    $            (59)  $          116    $        (237)  $          (98)
          Purchases  of                                                                                                                      
            property,                                                                                                                          
            plant  and                                                                                                                          
            equipment                        (32)                (25)              (22)              (96)              (95)
                                          ---------    ----------    ---------    ---------    ---------  
          Non-GAAP  free                                                                                                                    
            cash  flow            $            21    $            (84)  $            94    $        (333)  $        (193)
                                          =========    ==========    =========    =========    =========  
                                                                                                                                                        
                                                                                                                                                        
*        The  Company  presents  "Adjusted  EBITDA"  as  a  supplemental  measure  of        
          its  performance.  Adjusted  EBITDA  for  the  Company  is  determined  by            
          adjusting  operating  income  (loss)  for  depreciation  and  amortization,      
          stock-based  compensation  expense  and  restructuring  and  other  special      
          charges,  net.  In  addition,  the  Company  also  excluded  the  following          
          adjustments  for  the  indicated  periods:  for  2015,  the  Company  excluded    
          a  technology  node  transition  charge  and  amortization  of  acquired              
          intangible  assets;  for  the  fourth  quarter  of  2014  and  for  2014,  the        
          Company  excluded  an  adjustment  for  a  goodwill  impairment  charge,              
          restructuring  and  other  special  charges  and  lower  of  cost  or  market        
          inventory  adjustment  and  amortization  of  acquired  intangible  assets.      
          In  addition,  for  2014,  the  Company  also  excluded  workforce  rebalancing  
          severance  charges.  The  Company  calculates  and  communicates  Adjusted        
          EBITDA  because  the  Company's  management  believes  it  is  of  importance      
          to  investors  and  lenders  in  relation  to  its  overall  capital  structure    
          and  its  ability  to  borrow  additional  funds.  In  addition,  the  Company      
          presents  Adjusted  EBITDA  because  it  believes  this  measure  assists            
          investors  in  comparing  its  performance  across  reporting  periods  on  a      
          consistent  basis  by  excluding  items  that  the  Company  does  not  believe    
          are  indicative  of  its  core  operating  performance.  The  Company's                
          calculation  of  Adjusted  EBITDA  may  or  may  not  be  consistent  with  the      
          calculation  of  this  measure  by  other  companies  in  the  same  industry.      
          Investors  should  not  view  Adjusted  EBITDA  as  an  alternative  to  the          
          GAAP  operating  measure  of  operating  income  (loss)  or  GAAP  liquidity        
          measures  of  cash  flows  from  operating,  investing  and  financing                  
          activities.  In  addition,  Adjusted  EBITDA  does  not  take  into  account        
          changes  in  certain  assets  and  liabilities  as  well  as  interest  and            
          income  taxes  that  can  affect  cash  flows.                                                              
**      The  Company  also  presents  non-GAAP  free  cash  flow  as  a  supplemental        
          measure  of  its  performance.  Non-GAAP  free  cash  flow  is  determined  by      
          adjusting  GAAP  net  cash  provided  by  (used  in)  operating  activities  for  
          capital  expenditures.  The  Company  calculates  and  communicates  non-GAAP  
          free  cash  flow  in  the  financial  earnings  press  release  because  the          
          Company's  management  believes  it  is  of  importance  to  investors  to            
          understand  the  nature  of  these  cash  flows.  The  Company's  calculation      
          of  non-GAAP  free  cash  flow  may  or  may  not  be  consistent  with  the              
          calculation  of  this  measure  by  other  companies  in  the  same  industry.      
          Investors  should  not  view  non-GAAP  free  cash  flow  as  an  alternative  to  
          GAAP  liquidity  measures  of  cash  flows  from  operating  activities.  The      
          Company  has  provided  reconciliations  within  the  earnings  press  release  
          of  these  non-GAAP  financial  measures  to  the  most  directly  comparable      
          GAAP  financial  measures.                                                                                              
                                                                                                                                                        
 

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