Intel Reports Fifth Consecutive Quarter of Record Revenue

INTEL CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
         
Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measures disclosed by the company have limitations and should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. Please refer to "Explanation of Non-GAAP Results" in this earnings release for a detailed explanation of the adjustments made to comparable GAAP measures, the ways management uses these non-GAAP measures, and the reasons why management believes these non-GAAP measures provide useful information for investors.
 
(In millions, except per share amounts)
Three Months Ended Six Months Ended
July 2, June 26, July 2, June 26,
2011 2010 2011 2010
 
GAAP NET REVENUE $ 13,032 $ 10,765 $ 25,879 $ 21,064
Adjustment for deferred revenue write-down   80   -   110   -
NON-GAAP NET REVENUE $ 13,112 $ 10,765 $ 25,989 $ 21,064
 
GAAP GROSS MARGIN $ 7,902 $ 7,235 $ 15,787 $ 13,764
Adjustment for:
Deferred revenue write-down and associated costs 75 - 103 -
Amortization of acquisition-related intangibles 136 16 210 32
Inventory valuation   -   -   33   -
NON-GAAP GROSS MARGIN $ 8,113 $ 7,251 $ 16,133 $ 13,796
 
GAAP GROSS MARGIN PERCENTAGE 60.6% 67.2% 61.0% 65.3%
Adjustment for:
Deferred revenue write-down and associated costs 0.2% - 0.1% -
Amortization of acquisition-related intangibles 1.1% 0.2% 0.9% 0.2%
Inventory valuation   -   -   0.1%   -
NON-GAAP GROSS MARGIN PERCENTAGE 61.9% 67.4% 62.1% 65.5%
 
GAAP OPERATING INCOME $ 3,935 $ 3,981 $ 8,093 $ 7,429
Adjustment for:
Deferred revenue write-down and associated costs 75 - 103 -
Amortization of acquisition-related intangibles 212 20 322 39
Inventory valuation   -   -   33   -
NON-GAAP OPERATING INCOME $ 4,222 $ 4,001 $ 8,551 $ 7,468
 
GAAP NET INCOME $ 2,954 $ 2,887 $ 6,114 $ 5,329
Adjustment for:
Deferred revenue write-down and associated costs 75 - 103 -
Amortization of acquisition-related intangibles 212 20 322 39
Inventory valuation - - 33 -
Income tax effect   (51)   (7)   (98)   (14)
NON-GAAP NET INCOME $ 3,190 $ 2,900 $ 6,474 $ 5,354
 
GAAP DILUTED EARNINGS PER COMMON SHARE $ 0.54 $ 0.51 $ 1.11 $ 0.94
Adjustment for:
Deferred revenue write-down and associated costs 0.02 - 0.02 -
Amortization of acquisition-related intangibles 0.04 - 0.06 0.01
Inventory valuation - - - -
Income tax effect   (0.01)   -   (0.02)   (0.01)
NON-GAAP DILUTED EARNINGS PER COMMON SHARE $ 0.59 $ 0.51 $ 1.17 $ 0.94

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