Author: David Callahan

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Deloitte’s Legal Business Services Practice Adds Jonathan Jones to Leadership Team

Deloitte’s Legal Business Services Practice Adds Jonathan Jones to Leadership Team

Former authorized enterprise marketplace chief at Accenture will accelerate expansion of deal lifecycle management products and services and fiscal solutions offerings

NEW YORK, Feb. 1, 2023 /PRNewswire/ — Deloitte introduced today that Jonathan Jones has joined its Lawful Business Products and services team as a running director based in New York. Jonathan, who previously served as a possibility and compliance senior marketplace leader at Accenture, provides in excess of 20 years of experience performing for and with large institutions to mature their contracting operations and their treatment of legal info. His know-how in banking, technological innovation and lawful functions as well as in acquiring core system and technological innovation transformations will aid accelerate the development of Deloitte’s speedily growing exercise although offering increased knowledge insights for clients.

“With the pace of alter in agreement lifecycle management (CLM) transformation accelerating as organizations request out far better procedures, engineering and abilities to increase their supply chains, and velocity up time to earnings, CLM is last but not least finding the strategic financial commitment focus its impression merits,” mentioned Mark Ross, principal and co-leader, Lawful Company Products and services, Deloitte Tax LLP. “Jon delivers extremely deep CLM credentials in both technological know-how as well as authorized managed providers that will be instrumental in enhancing our clients’ contracting transformation efforts. We are thrilled to have him be part of our management team.”

“The toughness of Deloitte’s Lawful Organization Products and services crew together with its confirmed history on productive client targeted shipping created becoming a member of this staff the pure choice,” claimed Jon Jones. “I’m enthusiastic for the opportunity to push benefit to our purchasers though furthering the evolution of the consumer lifecycle administration industry’s maturity.”

Prior to becoming a member of Deloitte, Jon served as the basic supervisor of strategic partnerships at Accenture exactly where he formulated a world wide partnership with a strategic engineering ecosystem to drive a lot quicker and cleaner adoption of emerging engineering with core shopper marriage administration (CRM), business resource organizing (ERP), and deal lifecycle management (CLM) platforms. He also served as the practice head of customer lifecycle administration. In this purpose, Jones built a observe that concentrated on reimagining the way money establishments can onboard clients with pace and precision at its main lessening the impression of lawful and regulatory prerequisites. 

“Deloitte’s multi-disciplinary capabilities merged with the deep CLM practical experience and reliability that our Legal Small business Services experts possess are what actually differentiates our CLM choices to clientele,” mentioned Don Fancher, principal and co-leader, Authorized Small business Providers, Deloitte Monetary Advisory Providers LLP. “Jon is a tested field chief with the eyesight for the two foreseeable future state operational method and know-how strategy, furnishing sensible options to strategic business enterprise requirements. Additional especially, Jon’s in-depth money services information and experience functioning with substitute legal providers companies will be instrumental in continuing to navigate the market and the regulatory environment in which it operates.”

Deloitte U.S. corporations do not exercise law or supply lawful information.

About Deloitte
Deloitte supplies field-main audit, consulting, tax and advisory products and services to many of the world’s most admired manufacturers, like virtually 90{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the Fortune 500® and extra than 7,000 private businesses. Our individuals occur with each other for the bigger very good and function across the sector sectors that push and shape present-day marketplace — providing measurable and long lasting final results that aid enhance general public rely on in our money marketplaces, encourage clientele to see difficulties as possibilities to remodel and prosper, and aid direct the way towards a more robust overall economy and a healthier culture. Deloitte is proud to be component of the largest world-wide specialist companies network serving our clients in the markets that are most essential to them. Building on a lot more than 175 years of provider, our community of member companies spans extra than 150 countries and territories. Study how Deloitte’s about 415,000 men and women around the globe connect for effects at www.deloitte.com.

Deloitte refers to one particular or extra of Deloitte Touche Tohmatsu Restricted, a British isles personal enterprise restricted by assurance (“DTTL”), its community of member firms, and their similar entities. DTTL and every of its member firms are legally different and unbiased entities. DTTL (also referred to as “Deloitte Worldwide”) does not present companies to clients. In the United States, Deloitte refers to one or much more of the US member corporations of DTTL, their connected entities that operate applying the “Deloitte” name in the United States and their respective affiliate marketers. Particular expert services might not be out there to attest shoppers under the regulations and polices of community accounting. Remember to see www.deloitte.com/about to find out more about our worldwide community of member corporations. 

Supply Deloitte

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Tips on How to Write an Effective Business Management Essay

Tips on How to Write an Effective Business Management Essay

Fantastic and relevant recommendations and tips for all men and women to help you compose successful business enterprise management essays that can very easily aid you achieve all your intents regardless of the quite a few worries you are possible to satisfy throughout the writing course of action.

Writing a small business management essay can be hard for students who are learning business administration as a subject. It demands thorough study, assessment, and presentation of details clearly and concisely. To accomplish this, students must adhere to some effective recommendations on how to generate an successful company management essay. Just one this kind of tip is to buy assignment solutions from a trustworthy academic creating support, which can support you conserve time and make improvements to the high quality of your essay. With the ideal advice, you can make improvements to your producing skills and create an essay that stands out from the relaxation. This write-up will go over suggestions on how to generate an effective enterprise management essay.

Recognize what you are crafting

To enhance your academic producing techniques, it is essential to have an understanding of the guidance and requirements of the assignment. Spare enough time to have an understanding of what you are envisioned to produce. An outline to arrange your feelings and present your tips is advised and concise. Proof from a reputable supply should assist the points presented in the paper.

Sustain your tone

Academic composing really should be impersonal, but it must not be dull. To keep away from dull your viewers, think about making the suitable composition and applying a obvious and concise writing type. Prevent working with the to start with human being, as it can make the producing look much less desirable.

Expend time reading

Looking through is an crucial component of strengthening your writing capabilities. Looking through frequently can enable you organize your thoughts and shell out attention to the move of tips from just one paragraph to the following. Think about amassing books and figuring out the composing variations you get pleasure from, and use them as a basis to develop your one of a kind creating fashion.

Get concepts from other writers

Working with other writers can enable you make improvements to your writing design. Appear for writing abilities that you love and try out incorporating them into your creating fashion. Search for feedback from your colleagues and make required changes based mostly on the suggestions acquired. If you need support knowledge nearly anything, truly feel totally free to look for help from the ideal people and sources.

Practice writing day by day

Follow helps make ideal, and the exact applies to crafting. Training composing daily can assistance you become much more assured and adaptable with your crafting type. Devote adequate time every day to compose anything, whether or not it’s an tutorial paper, small essay, or anything involving writing. Don’t forget to contemplate the great importance of practicing creating, as it will aid you make improvements to your crafting competencies.

Recall to edit your operate

Enhancing is a vital element of creating fantastic academic papers. Spend notice to enhancing, as it will aid you recognize and accurate any blunders you might have manufactured. Enhancing and proofreading your function can help you generate high-good quality tutorial papers and distinguish oneself as a terrific writer. According to scholars, modifying makes it possible for you to make certain that your arguments are logically offered and that your essay flows very well from beginning to finish. Modifying also can help develop your trustworthiness as a author by showing that you acquire your get the job done seriously and are fully commited to creating high-excellent, very well-composed essays. By carefully reviewing and revising your get the job done, you can maximize your chances of success and show your skills in company administration.

Stay away from repeating the similar words and phrases

Repetition of words and phrases can make your writing appear to be repetitive and boring. To avoid repeating the same words, take into account using synonyms, which are unique words and phrases with the exact same meaning. Averting repetition in writing helps make it additional participating, skilled, and concise. It reveals the writer’s being familiar with of the subject and improves the reader’s knowing of the factors getting designed. Repetition can also make creating monotonous, lower the reader’s attention span and negatively effects the writer’s reliability. In a business enterprise management essay, in which the writer is attempting to present info and insights, it is very important to existing new suggestions, keep away from redundancy, and preserve the reader’s desire.

Ensure your first paragraph is as intriguing as attainable

The introduction of a business enterprise management essay really should be interesting to hold the reader engaged and make a robust impact. This is critical for the reason that it sets the tone for the rest of the essay and assists to get the reader’s consideration. An fascinating introduction can also set up the writer’s credibility and knowledge in the subject make any difference, which can improve the reader’s self-confidence in the information of the essay. Moreover, an participating introduction can persuade the reader to go on reading and can assist to make the essay more memorable. To make your introduction pleasurable, you can use a hook, a statistic, a quotation, a own anecdote, or an intriguing problem that captures the reader’s awareness and highlights the topic’s relevance to the reader.

Keep away from plagiarism

Plagiarism is a form of tutorial dishonesty that involves presenting an individual else’s operate as one’s own. This exercise is unacceptable in the educational neighborhood and can have critical penalties for learners who engage in it. It is very important to observe that plagiarism undermines the instructional procedure by eroding the price of students’ levels and the degrees of their friends. If students are caught plagiarizing, they may possibly facial area significant penalties, which include failing the assignment, study course, or even being expelled from the institution. In addition, despite the fact that most learners do not know this, incidents of plagiarism also influence students’ private and skilled development. When pupils existing plagiarized function, they do not gain the expertise, information, and crucial pondering capabilities essential to do well in a specific course and, ultimately, their occupations. In essence, college students who interact in plagiarism hazard damaging their standing and integrity, which can negatively impression their long run position prospects.

In conclusion, many thanks to technological progress, students can obtain details on anything at all irrespective of locale. The tips mentioned in this report will assist students in producing an productive small business administration essay.

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Office market faces storm as loans mature on prominent buildings

Office market faces storm as loans mature on prominent buildings

One particular Towne Sq. and Two Towne Square in Southfield, both equally owned by Southfield-dependent Redico LLC, have $31.5 million remarkable on a $36 million bank loan and $12.7 million on a $15 million bank loan, respectively, in accordance to Trepp.

In addition, the Redico-owned American Heart at 27777 Franklin Rd. has a stability of $26 million on a $29 million bank loan because of following yr.

I emailed Dale Watchowski, president, CEO and COO of Redico, about the financial loans and what the company’s programs are for them.

And the Bank of The usa Developing on West Huge Beaver Highway in Troy has $44.3 million owed on a $47.6 million personal loan thanks in September 2024, in accordance to Trepp. Sol Gutman of New York City paid $74 million for the property in 2017.

What ends up happening with all those people big suburban properties and their financial debt is an open up-ended question. Trepp says all those borrowers are present on their bank loan payments.

“There is a major amount of CMBS and life (insurance policies) enterprise business loans rolling around in the next few yrs, but it is continue to far too early to completely forecast the impression on these investments,” mentioned Joshua Bernard, principal of Southfield-centered Bernard Economical Group.

Numerous concerns are at engage in now complicating how matters will enjoy out, Bernard stated. For illustration, in Detroit’s central small business district, key businesses, these types of as Basic Motors Co., are beginning their return to the place of work — at minimum in a hybrid mode.

“We nonetheless have to have to see what this does to marginal legitimate desk occupancy and rental premiums for co-found, ancillary and/or related other tenants in the current market,” Bernard explained. “This impacts retail, parking, and avenue-degree organizations in the CBD, far too.”

Supplemental complicating things: Climbing desire premiums and the all round condition of the place of work sector, which has usually been battered as companies have trended towards hybrid get the job done versions and shedding avoidable house, either by means of sublease or downsizing as leases roll over.

In standard, as Trepp notes, that signifies some lenders have been wary to concern new business financial debt until buildings are properly-occupied with long-term tenants.

That could make factors difficult for these hunting to refinance — something that began participating in out previous calendar year.

Trepp, citing Moody’s Investment decision Companies data, says in Q2 very last 12 months business authentic estate refinancing fell 11.2 share points to 73.5 per cent from 84.7 percent the prior quarter, the major drop of the pandemic.

This is just a single of the issues to preserve tabs on in the coming months.

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Advanced Micro Devices, Inc. (AMD)

Advanced Micro Devices, Inc. (AMD)








― Record full year revenue of $23.6 Billion up 44{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year ―

SANTA CLARA, Calif., Jan. 31, 2023 (GLOBE NEWSWIRE) — AMD (NASDAQ:AMD) today announced revenue for the fourth quarter of 2022 of $5.6 billion, gross margin of 43{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, operating loss of $149 million, net income of $21 million and diluted earnings per share of $0.01. On a non-GAAP(*) basis, gross margin was 51{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, operating income was $1.3 billion, net income was $1.1 billion and diluted earnings per share was $0.69.

For full year 2022, the company reported revenue of $23.6 billion, gross margin of 45{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, operating income of $1.3 billion, net income of $1.3 billion and diluted earnings per share of $0.84. On a non-GAAP(*) basis, gross margin was 52{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, operating income was $6.3 billion, net income was $5.5 billion and diluted earnings per share was $3.50.

GAAP Quarterly Financial Results

  Q4 2022 Q4 2021 Y/Y
Revenue ($M) $5,599 $4,826 Up 16{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Gross profit ($M) $2,403 $2,426 Flat
Gross margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 43{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 50{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Down 740 bps
Operating expenses ($M) $2,557 $1,223 Up 109{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Operating income (loss) ($M) $(149) $1,207 Down 112{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Operating margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} (3){ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Down 28pp
Net income ($M) $21 $974 Down 98{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Earnings per share $0.01 $0.80 Down 99{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Non-GAAP(*) Quarterly Financial Results

  Q4 2022 Q4 2021 Y/Y
Revenue ($M) $5,599 $4,826 Up 16{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Gross profit ($M) $2,859 $2,427 Up 18{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Gross margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 51{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 50{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Up 70 bps
Operating expenses ($M) $1,602 $1,103 Up 45{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Operating income ($M) $1,262 $1,328 Down 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Operating margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 23{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 27{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Down 4pp
Net income ($M) $1,113 $1,122 Flat
Earnings per share $0.69 $0.92 Down 25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Annual Financial Results

  GAAP Non-GAAP(*)
  2022 2021 Y/Y 2022 2021 Y/Y
Revenue ($M) $23,601 $16,434 Up 44{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} $23,601 $16,434 Up 44{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Gross profit ($M) $10,603 $7,929 Up 34{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} $12,273 $7,934 Up 55{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Gross margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 45{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 48{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Down 330bps 52{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 48{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Up 370bps
Operating expenses ($M) $9,441 $4,293 Up 120{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} $6,030 $3,877 Up 56{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Operating income ($M) $1,264 $3,648 Down 65{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} $6,345 $4,069 Up 56{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Operating margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 22{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Down 17pp 27{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} 25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Up 2pp
Net income ($M) $1,320 $3,162 Down 58{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} $5,504 $3,435 Up 60{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Earnings per share $0.84 $2.57 Down 67{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} $3.50 $2.79 Up 25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

“2022 was a strong year for AMD as we delivered best-in-class growth and record revenue despite the weak PC environment in the second half of the year,” said AMD Chair and CEO Dr. Lisa Su. “We accelerated our data center momentum and closed our strategic acquisition of Xilinx, significantly diversifying our business and strengthening our financial model. Although the demand environment is mixed, we are confident in our ability to gain market share in 2023 and deliver long-term growth based on our differentiated product portfolio.”

Q4 2022 Results

  • Revenue of $5.6 billion increased 16{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year primarily driven by growth across the Embedded and Data Center segments, partially offset by lower Client and Gaming segment revenue.
  • Gross margin was 43{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, a decrease of 7 percentage points year-over-year, primarily due to amortization of intangible assets associated with the Xilinx acquisition. Non-GAAP gross margin was 51{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, an increase of 1 percentage point year-over-year, primarily driven by a richer product mix with higher Embedded and Data Center segment revenue, partially offset by lower Client segment revenue.
  • Operating loss was $149 million, compared to operating income of $1.2 billion, or 25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of revenue a year ago. The loss was primarily due to the amortization of intangible assets associated with the Xilinx acquisition. Non-GAAP operating income was $1.3 billion, or 23{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of revenue, compared to $1.3 billion or 27{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} a year ago. The non-GAAP operating margin decline was primarily due to lower Client segment operating income.
  • Net income was $21 million compared to net income of $974 million a year ago primarily due to the amortization of intangible assets associated with the Xilinx acquisition, partially offset by a $154 million tax benefit in the quarter. Non-GAAP net income was $1.1 billion, flat from a year ago.
  • Diluted earnings per share was $0.01 compared to $0.80 a year ago primarily due to the amortization of intangible assets associated with the Xilinx acquisition, partially offset by a $154 million tax benefit in the quarter. Non-GAAP diluted earnings per share was $0.69 compared to $0.92 a year ago primarily due to lower Client segment operating income.
  • Cash, cash equivalents and short-term investments were $5.9 billion at the end of the quarter. The company returned $250 million to shareholders through share repurchases in the quarter.
  • Cash from operations was $567 million in the quarter, compared to $822 million a year ago. Free cash flow was $443 million in the quarter compared to $736 million a year ago.
  • Goodwill and acquisition-related intangible assets associated with the acquisitions of Xilinx and Pensando were $48.3 billion at the end of the quarter.

Quarterly Financial Segment Summary

  • Prior period results have been conformed to the current reporting segments for comparison purposes.  
  • Data Center segment revenue was $1.7 billion, up 42{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year primarily driven by strong sales of EPYC™ server processors. Operating income was $444 million, or 27{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of revenue, compared to $369 million or 32{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} a year ago. The operating income increase was primarily driven by higher revenue, partially offset by higher R&D investments to support growth. The operating margin decrease was primarily due to higher R&D investments to support growth.
  • Client segment revenue was $903 million, down 51{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year due to reduced processor shipments resulting from a weak PC market and a significant inventory correction across the PC supply chain. Client processor ASP was flat year-over-year. Operating loss was $152 million, compared to operating income of $530 million or 29{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of revenue a year ago primarily due to lower revenue.
  • Gaming segment revenue was $1.6 billion, down 7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year driven by lower gaming graphics sales partially offset by higher semi-custom product revenue. Operating income was $266 million, or 16{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of revenue, compared to $407 million or 23{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} a year ago. The operating income and margin decreases were primarily due to lower graphics revenue.
  • Embedded segment revenue was $1.4 billion, up 1,868{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year primarily driven by the inclusion of Xilinx embedded revenue. Operating income was $699 million, or 50{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of revenue, compared to $18 million or 25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} a year ago. The operating income and margin increases were primarily driven by higher revenue.
  • All Other operating loss was $1.4 billion as compared to $117 million a year ago primarily due to amortization of intangible assets largely associated with the Xilinx acquisition.

2022 Annual Results

  • Revenue of $23.6 billion was up 44{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over 2021 driven by higher Embedded, Data Center, and Gaming segment revenue, partially offset by lower Client segment revenue. On a combined AMD and Xilinx company basis, 2022 pro forma revenue was $24.1 billion, up 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} compared to $20.1 billion in 2021.
  • Gross margin was 45{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, a decrease of 3 percentage points over 2021 primarily due to amortization of intangible assets associated with the Xilinx acquisition. Non-GAAP gross margin was 52{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, an increase of 4 percentage points compared to a year ago, primarily driven by a richer product mix with higher Embedded and Data Center segment revenue, partially offset by lower Client segment revenue.
  • Operating income was $1.3 billion compared to $3.6 billion in the prior year. The decrease was primarily due to the amortization of intangible assets associated with the Xilinx acquisition. Non-GAAP operating income was $6.3 billion compared to $4.1 billion in the prior year primarily driven by higher revenue and gross margin expansion.
  • Net income was $1.3 billion compared to $3.2 billion in the prior year. Non-GAAP net income was $5.5 billion compared to $3.4 billion in the prior year.
  • Diluted earnings per share was $0.84 compared to $2.57 in the prior year. Non-GAAP diluted earnings per share was $3.50 compared to $2.79 in the prior year.
  • Cash, cash equivalents and short-term investments were $5.9 billion at the end of the year. The company returned a total of $3.7 billion to shareholders through share repurchases in 2022.
  • Cash from operations was $3.6 billion, compared to $3.5 billion in the prior year. Free cash flow was $3.1 billion compared to $3.2 billion in the prior year.

Recent PR Highlights

  • AMD showcased continued growth and momentum in the data center with AMD EPYC processors powering the modern data center and critical cloud workloads.
    • AMD announced the availability of 4th Gen AMD EPYC CPUs, delivering leadership performance and energy efficiency. The latest AMD EPYC processors, built on the “Zen 4” core, deliver next-generation architecture, technology and features to power the modern data center. Cloud service providers including Google Cloud, Microsoft and Oracle Cloud Infrastructure announced planned solutions leveraging the performance and security features of 4th Gen AMD EPYC CPUs.
    • AMD powers 101 supercomputers in the latest Top500 list of the most powerful supercomputers in the world and 75{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the top 20 systems on the Green500 list of the world’s most energy efficient supercomputers.
  • AMD delivered the opening keynote at CES 2023 alongside partners Microsoft, HP, Lenovo, Magic Leap and Intuitive Surgical highlighting next-generation AMD technologies advancing AI, hybrid work, gaming, healthcare, aerospace and sustainable computing. During the keynote, AMD announced:
    • The broadest portfolio of high-performance PC products for mobile and desktop applications, including Ryzen™ 7000X3D Series Desktop processors that bring the power of AMD 3D V-Cache™ technology to gamers and creators and Ryzen 7000 Series Mobile processors that deliver unparalleled performance for demanding workloads with up to 16 powerful “Zen 4” cores and bring new Ryzen AI technology to select laptop devices.
    • AMD Radeon™ RX 7000 Series Graphics for laptop PCs, built on AMD RDNA™ 3 architecture and designed to deliver exceptional energy efficiency and performance to power 1080p gaming at ultra-settings and advanced content creation applications on next-generation premium laptops.
    • The AMD Alveo™ V70 AI Accelerator with industry-leading performance and energy efficiency for multiple AI inference workloads.
    • A preview of the world’s first integrated data center CPU and GPU, the AMD Instinct™ MI300. Designed for leadership HPC and AI performance, MI300 accelerators leverage chiplet design combining AMD CDNA™ 3 GPU architecture, “Zen 4” CPU cores, and HBM.
    • AMD Vitis™ Medical Imaging libraries to bring premium medical imaging products to market faster by reducing development times. These software libraries accelerate premium medical imaging on AMD Versal™ SoC devices with AI Engines to deliver healthcare providers and their patients high-quality, low-latency imaging.
  • AMD continued to showcase its embedded market leadership.
    • AMD announced its collaboration with the Energy Sciences Network on the launch of ESnet6, the newest generation of the U.S. Department of Energy’s high-performance network dedicated to science.
    • AMD announced it completed Class B qualification for the company’s first space-grade Versal adaptive SoCs.
    • AMD shared that the AMD Xilinx Automotive (XA) Zynq™ UltraScale+™ MPSoC platform has been selected to power the Aisin Automated Parking-Assist (APA) system.
    • AMD unveiled the new Alveo X3 series network cards, the first AMD network cards designed with screened FPGAs and optimized specifically for low latency trading.
    • AMD and Viettel High Tech announced a collaboration on a 5G mobile network expansion.
    • AMD announced that its adaptive computing technology is powering leading mobility supplier DENSO Corporation’s next-generation LiDAR platform.
  • AMD announced the Radeon RX 7900 series graphics cards, the world’s first gaming graphics cards to feature an advanced AMD chiplet design, delivering exceptional performance and energy efficiency to power high-framerate 4K and higher resolution gaming in the most demanding titles.
  • AMD announced changes to its senior leadership team, including the retirement of executive vice president, chief financial officer and treasurer Devinder Kumar after 39 years with the company. The company appointed Jean Hu as AMD executive vice president, chief financial officer and treasurer, effective January 23, 2023 and announced the promotion of Forrest Norrod to executive vice president and general manager of the Data Center Solutions business group.

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 first quarter of 2023, AMD expects revenue to be approximately $5.3 billion, plus or minus $300 million, a decrease of approximately 10{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year. Year-over-year the Client and Gaming segments are expected to decline, partially offset by Embedded and Data Center segment growth. AMD expects non-GAAP gross margin to be approximately 50{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in the first quarter of 2023.

AMD Teleconference
AMD will hold a conference call for the financial community at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its fourth quarter and full-year 2022 financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.

       
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share data) (Unaudited)
    Three Months Ended   Year Ended
    December 31,
2022 		  December 25,
2021 		  December 31,
2022 		  December 25,
2021
GAAP gross profit   $ 2,403     $ 2,426     $ 10,603     $ 7,929  
GAAP gross margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     43 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     50 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     45 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     48 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Stock-based compensation     9       1       29       5  
Acquisition-related costs(1)     4       —       193       —  
Amortization of acquired intangible assets     443       —       1,448       —  
Non-GAAP gross profit   $ 2,859     $ 2,427     $ 12,273     $ 7,934  
Non-GAAP gross margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     51 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     50 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     52 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     48 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
                 
GAAP operating expenses   $ 2,557     $ 1,223     $ 9,441     $ 4,293  
GAAP operating expenses/revenue {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     46 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     25 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     40 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     26 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Stock-based compensation     301       111       983       374  
Acquisition-related costs(1)     53       9       328       42  
Amortization of acquired intangible assets     601       —       2,100       —  
Non-GAAP operating expenses   $ 1,602     $ 1,103     $ 6,030     $ 3,877  
Non-GAAP operating expenses/revenue {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     29 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     23 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     26 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     24 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
                 
GAAP operating income (loss)   $ (149 )   $ 1,207     $ 1,264     $ 3,648  
GAAP operating margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}   (3){ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     25 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     5 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     22 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Stock-based compensation     310       112       1,012       379  
Acquisition-related costs(1)     57       9       521       42  
Amortization of acquired intangible assets     1,044       —       3,548       —  
Non-GAAP operating income   $ 1,262     $ 1,328     $ 6,345     $ 4,069  
Non-GAAP operating margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     23 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     27 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     27 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     25 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
    Three Months Ended Year Ended
    December 31,
2022 		  December 25,
2021 		  December 31,
2022 		  December 25,
2021
GAAP net income / earnings per share   $ 21     $ 0.01     $ 974     $ 0.80     $ 1,320     $ 0.84     $ 3,162     $ 2.57  
Loss on debt redemption/conversion     —       —       —       —       —       —       7       —  
(Gains) losses on equity investments, net     5       —       (4 )     —       62       0.04       (56 )     (0.04 )
Stock-based compensation     310       0.19       112       0.09       1,012       0.64       379       0.31  
Equity income in investee     (3 )     —       —       —       (14 )     (0.01 )     (6 )     —  
Acquisition-related costs(1)     57       0.04       9       —       521       0.33       42       0.03  
Amortization of acquired intangible assets     1,044       0.65       —       —       3,548       2.26       —       —  
Income tax provision     (321 )     (0.20 )     31       0.03       (945 )     (0.60 )     (93 )     (0.08 )
Non-GAAP net income / earnings per share   $ 1,113     $ 0.69     $ 1,122     $ 0.92     $ 5,504     $ 3.50     $ 3,435     $ 2.79  
(1)   Acquisition-related costs primarily comprised of transaction costs, purchase price adjustments for inventory and certain compensation charges
     
 
RECONCILIATION OF AMD AS-REPORTED REVENUE TO PRO FORMA REVENUE
(in billions) (Unaudited)
   
  Year Ended
  December 31,
2022
 		  December 25,
2021
AMD Net Revenue – As reported 23.6     16.4  
Pre-Acquisition Revenue(1) 0.5     3.7  
AMD Net Revenue – Pro forma(2) 24.1     20.1  
(1)   Pre-acquisition revenue for the year ended December 31, 2022 includes unaudited Xilinx revenue from January 2, 2022 to February 13, 2022. Pre-acquisition revenue for the year ended December 25, 2021 includes unaudited Xilinx revenue for the twelve months ended January 1, 2022.
     
(2)   The unaudited AMD net revenue prepared on a pro forma basis represents the Company’s consolidated revenue for the year ended December 31, 2022 and December 25, 2021, as if the acquisitions had been consummated as of the beginning of the fiscal year 2021 (i.e., December 27, 2020). The unaudited pro forma revenue is presented on the basis of the Company’s fiscal year and combines the historical results of the fiscal periods of the Company with the following historical results of Xilinx: the year ended December 31, 2022 includes Xilinx revenue for the twelve-month period beginning January 2, 2022 through December 31, 2022; and the year ended December 25, 2021 includes Xilinx revenue for the twelve months ended January 1, 2022.

The unaudited pro forma financial revenue presented is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the Xilinx acquisitions were completed at the beginning of fiscal year 2021 and are not indicative of the future operating results of the combined company.
     

About AMD
For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, Facebook and Twitter pages.

Cautionary Statement
This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as AMD’s ability to gain market share in 2023 and deliver long-term growth based on its differentiated product portfolio; the features, functionality, performance, availability, timing and expected benefits of AMD products; and AMD’s expected first quarter of 2023 financial outlook, including revenue and non-GAAP gross margin and expected drivers based on current expectations, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; global economic uncertainty; cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; loss of a significant customer; impact of the COVID-19 pandemic on AMD’s business, financial condition and results of operations; competitive markets in which AMD’s products are sold; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to introduce products on a timely basis with expected features and performance levels; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyber-attacks; potential difficulties in upgrading and operating AMD’s new enterprise resource planning system; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products in a timely manner; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; impact of government actions and regulations such as export administration regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals-related provisions and other laws or regulations; impact of acquisitions, joint ventures and/or investments, including acquisitions of Xilinx and Pensando, on AMD’s business and AMD’s ability to integrate acquired businesses;  impact of any impairment of the combined company’s assets on the combined company’s financial position and results of operation; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit facility; AMD’s indebtedness; AMD’s ability to generate sufficient cash to meet its working capital requirements or generate sufficient revenue and operating cash flow to make all of its planned R&D or strategic investments; political, legal, economic risks and natural disasters; future impairments of goodwill and technology license purchases; AMD’s ability to attract and retain qualified personnel; AMD’s stock price volatility; and worldwide political conditions. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

(*) In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2022, AMD uses a non-GAAP tax rate of 13{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, which excludes the tax impact of pre-tax non-GAAP adjustments. AMD also provided adjusted EBITDA and free cash flow as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. In addition, AMD provided pro forma revenue for the year ended December 31, 2022 and December 25, 2021 which include unaudited Xilinx pre-acquisition revenue from January 2, 2022 to February 13, 2022 and for the twelve months ended January 1, 2022, respectively, as supplemental information. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of January 31, 2023 and assumptions and beliefs that involve numerous risks and uncertainties. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.

AMD, the AMD Arrow logo, EPYC, Radeon, Ryzen, Threadripper, Versal and combinations thereof, are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and used to identify companies and products and may be trademarks of their respective owner.

 
ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages) (Unaudited)
         
    Three Months Ended   Year Ended
    December 31,
2022		   December 25,
2021		   December 31,
2022		   December 25,
2021
Net revenue   $ 5,599     $ 4,826     $ 23,601     $ 16,434  
Cost of sales     2,753       2,400       11,550       8,505  
Amortization of acquisition-related intangibles     443       —       1,448       —  
Total cost of sales     3,196       2,400       12,998       8,505  
Gross profit     2,403       2,426       10,603       7,929  
Gross margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     43 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     50 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     45 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     48 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Research and development     1,366       811       5,005       2,845  
Marketing, general and administrative     590       412       2,336       1,448  
Amortization of acquisition-related intangibles     601       —       2,100       —  
Licensing gain     (5 )     (4 )     (102 )     (12 )
Operating income (loss)     (149 )     1,207       1,264       3,648  
Interest expense     (19 )     (8 )     (88 )     (34 )
Other income (expense), net     32       4       8       55  
Income (loss) before income taxes and equity income     (136 )     1,203       1,184       3,669  
Income tax provision (benefit)     (154 )     229       (122 )     513  
Equity income in investee     3       —       14       6  
Net income   $ 21     $ 974     $ 1,320     $ 3,162  
Earnings per share                
Basic   $ 0.01     $ 0.81     $ 0.85     $ 2.61  
Diluted   $ 0.01     $ 0.80     $ 0.84     $ 2.57  
Shares used in per share calculation                
Basic     1,613       1,208       1,561       1,213  
Diluted     1,618       1,222       1,571       1,229  
                                 
 
ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions)
         
    December 31,
2022		   December 25,
2021
    (Unaudited)    
ASSETS        
Current assets:        
Cash and cash equivalents   $ 4,835     $ 2,535  
Short-term investments     1,020       1,073  
Accounts receivable, net     4,126       2,706  
Inventories     3,771       1,955  
Receivables from related parties     2       2  
Prepaid expenses and other current assets     1,265       312  
Total current assets     15,019       8,583  
Property and equipment, net     1,513       702  
Operating lease right-of use assets     460       367  
Goodwill     24,177       289  
Acquisition-related intangibles, net     24,118       —  
Investment: equity method     83       69  
Deferred tax assets     58       931  
Other non-current assets     2,152       1,478  
Total Assets   $ 67,580     $ 12,419  
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Accounts payable   $ 2,493     $ 1,321  
Payables to related parties     463       85  
Accrued liabilities     3,077       2,424  
Current portion of long-term debt, net     —       312  
Other current liabilities     336       98  
Total current liabilities     6,369       4,240  
Long-term debt, net of current portion     2,467       1  
Long-term operating lease liabilities     396       348  
Deferred tax liabilities     1,934       12  
Other long-term liabilities     1,664       321  
         
Stockholders’ equity:        
Capital stock:        
Common stock, par value     16       12  
Additional paid-in capital     58,005       11,069  
Treasury stock, at cost     (3,099 )     (2,130 )
Accumulated deficit     (131 )     (1,451 )
Accumulated other comprehensive loss     (41 )     (3 )
Total stockholders’ equity   $ 54,750     $ 7,497  
Total Liabilities and Stockholders’ Equity   $ 67,580     $ 12,419  
                 
 
ADVANCED MICRO DEVICES, INC.
SELECTED CASH FLOW INFORMATION
(Millions) (Unaudited)
         
    Three Months Ended   Year Ended
    December 31,
2022		   December 25,
2021		   December 31,
2022		   December 25,
2021
Net cash provided by (used in)                
Operating activities   $ 567     $ 822     $ 3,565     $ 3,521  
Investing activities   $ 1,067     $ —     $ 1,999     $ (686 )
Financing activities   $ (197 )   $ (727 )   $ (3,264 )   $ (1,895 )
                                 
 
SELECTED CORPORATE DATA
(Millions) (Unaudited)
         
    Three Months Ended   Year Ended
    December 31,
2022		   December 25,
2021		   December 31,
2022		   December 25,
2021
Segment and Category Information(1)                
Data Center                
Net revenue   $ 1,655     $ 1,163     $ 6,043     $ 3,694  
Operating income   $ 444     $ 369     $ 1,848     $ 991  
Client                
Net revenue   $ 903     $ 1,829     $ 6,201     $ 6,887  
Operating income (loss)   $ (152 )   $ 530     $ 1,190     $ 2,088  
Gaming                
Net revenue   $ 1,644     $ 1,763     $ 6,805     $ 5,607  
Operating income   $ 266     $ 407     $ 953     $ 934  
Embedded                
Net revenue   $ 1,397     $ 71     $ 4,552     $ 246  
Operating income   $ 699     $ 18     $ 2,252     $ 44  
All Other                
Net revenue   $ —     $ —     $ —     $ —  
Operating loss   $ (1,406 )   $ (117 )   $ (4,979 )   $ (409 )
Total                
Net revenue   $ 5,599     $ 4,826     $ 23,601     $ 16,434  
Operating income (loss)   $ (149 )   $ 1,207     $ 1,264     $ 3,648  
                 
Other Data                
Capital expenditures   $ 124     $ 86     $ 450     $ 301  
Adjusted EBITDA(2)   $ 1,438     $ 1,446     $ 6,971     $ 4,476  
Cash, cash equivalents and short-term investments   $ 5,855     $ 3,608     $ 5,855     $ 3,608  
Free cash flow(3)   $ 443     $ 736     $ 3,115     $ 3,220  
Total assets   $ 67,580     $ 12,419     $ 67,580     $ 12,419  
Total debt   $ 2,467     $ 313     $ 2,467     $ 313  
(1)   The Data Center segment primarily includes server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs) and Adaptive System-on-Chip (SoC) products for data centers.
     
    The Client segment primarily includes CPUs, accelerated processing units that integrate microprocessors and GPUs (APUs), and chipsets for desktop and notebook personal computers.
     
    The Gaming segment primarily includes discrete GPUs, semi-custom SoC products and development services.
     
    The Embedded segment primarily includes embedded CPUs and GPUs, FPGAs, and Adaptive SoC products.
     
    From time to time, the Company may also sell or license portions of its IP portfolio.
     
    All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as acquisition-related intangible asset amortization expense, employee stock-based compensation expense, acquisition-related costs and licensing gain.
(2)   Reconciliation of GAAP Net Income to Adjusted EBITDA
    Three Months Ended   Year Ended
    December 31,
2022		   December 25,
2021		   December 31,
2022		   December 25,
2021
GAAP net income   $ 21     $ 974     $ 1,320     $ 3,162  
Interest expense     19       8       88       34  
Other (income) expense, net     (32 )     (4 )     (8 )     (55 )
Income tax provision (benefit)     (154 )     229       (122 )     513  
Equity income in investee     (3 )     —       (14 )     (6 )
Stock-based compensation     310       112       1,012       379  
Depreciation and amortization     176       118       626       407  
Amortization of acquired intangible assets     1,044       —       3,548       —  
Acquisition-related costs     57       9       521       42  
Adjusted EBITDA   $ 1,438     $ 1,446     $ 6,971     $ 4,476  

The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other income (expense), net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense and acquisition-related costs. The Company also included amortization of acquired intangible assets for the three months and year ended December 31, 2022. The Company calculates and presents Adjusted EBITDA because 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 income 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 that can affect cash flows.

(3)   Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
    Three Months Ended   Year Ended
    December 31,
2022		   December 25,
2021		   December 31,
2022		   December 25,
2021
GAAP net cash provided by operating activities   $ 567     $ 822     $ 3,565     $ 3,521  
Operating cash flow margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     10 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     17 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     15 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     21 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Purchases of property and equipment   $ (124 )   $ (86 )   $ (450 )   $ (301 )
Free cash flow   $ 443     $ 736     $ 3,115     $ 3,220  
Free cash flow margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     8 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     15 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     13 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}     20 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities for capital expenditures, and free cash flow margin {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} is free cash flow expressed as a percentage of the Company’s net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of 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 free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities.

Media Contact:
Drew Prairie
AMD Communications
512-602-4425
drew.prairie@amd.com

Investor Contact:
Suresh Bhaskaran
AMD Investor Relations
408-749-2845
suresh.bhaskaran@amd.com


Primary Logo

Source: Advanced Micro Devices, Inc.

Released January 31, 2023

Posted on

Education committee hears funding pitch to kickstart novel schooling model – Session Daily

Education committee hears funding pitch to kickstart novel schooling model – Session Daily

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A comprehensive-service group college could be coming to a district close to you.

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The revolutionary academic model would get a important funding improve less than HF21, a proposal laid about Tuesday by the Household Schooling Finance Committee for achievable omnibus monthly bill inclusion.

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“The design acknowledges that student success demands that the requires of a college student are fulfilled the two within just and out of the classroom,” explained Rep. Samantha Vang (DFL-Brooklyn Center), the monthly bill sponsor.

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Vang mentioned that her hometown has pioneered the implementation of these faculties in Minnesota and that the total district now operates within just the entire-services neighborhood school framework. She would like to make point out methods accessible to far more districts looking to enjoy the benefits of this blueprint.

Rashidah Fuller, total-support local community faculty coordinator at Excell Academy for Bigger Discovering, testifies in advance of the Property Education Finance Committee Jan. 31 in assist of HF21. (Image by Catherine Davis)

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To that finish, her invoice would correct $90 million in fiscal 12 months 2024 and $90 million in fiscal 12 months 2025 for grants to fund comprehensive-service group universities at equally existing and new web pages throughout the point out.

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This would herald a remarkable enlargement of this kind of educational facilities in Minnesota – only $6.5 million in grants have been allocated due to the fact the Legislature inaugurated this academic design eight a long time in the past. In that time, 25 websites throughout the state have utilized the funding.

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As laid out in a press release, “a complete-company neighborhood university incorporates features of early childhood companies and tutorial assist and enrichment functions which include an extended college calendar, occupation counseling and internship chances, father or mother involvement and leadership, psychological and actual physical well being guidance, local community involvement, and services finding out.”

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In follow, this signifies a regional middle school might home wellbeing treatment companies on-web-site, run an extra shuttle in a rural spot for students who pass up their bus, or present very low-earnings learners with cost-free cleanliness provides like laundry detergent.

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Proponents argue this permits a neighborhood to knock down limitations that stand in the way of successful learning for college students when at school.

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“The providers we present translate to improved student wellness and overall performance,” reported Angel Smaller, a internet site coordinator with Brooklyn Heart faculties. He noted that truancy and suspension prices have long gone down in the past 12 months owing to these services.

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No one particular testified in opposition to the proposal, but Rep. Ben Bakeberg (R-Jordan) elevated a single noteworthy issue, asking if just about anything is now stopping faculty districts from converting to the model.

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According to Adosh Unni, the Section of Education’s director of government relations, the respond to is no, but local districts have identified implementation to be impracticable without the need of devoted funding from the state.

Posted on

State Looking Into Loans Made To Curaleaf By Russian Billionaire’s Companies

State Looking Into Loans Made To Curaleaf By Russian Billionaire’s Companies
Russian billionaire Roman Abramovich in foreground
Russian billionaire Roman Abramovich (foreground) watches from the stands as Metalist performs Sampdoria in a UEFA Euroleague soccer match in Kharkov, Ukraine in October 2010. Credit: Iurii Osadchi / Shutterstock

(Current 12:45 p.m.) Hashish regulators in Connecticut claimed that they are wanting into no matter if Curaleaf violated condition regulation when the business and its two largest shareholders recognized hundreds of hundreds of thousands of pounds in financial loans from firms owned by embattled Russian billionaire Roman Abramovich.

Two of Abramovich’s firms, Cetus Investments and Meliastove Financial commitment, pumped over $400 million into the pockets of Curaleaf and at least two of Curaleaf’s major shareholders from 2017 to 2021, in accordance to leaked money documents, which ended up to start with described in December by Forensic Information.

Financial loans are frequently permitted for hashish operators, as extensive as the persons providing the loans are disclosed to the condition Department of Shopper Security and also meet the state’s definition of a “backer” for the cannabis market, according to spokesperson Kaitlyn Krasselt.

“As with any allegation of an undisclosed monetary interest, the Office will critique the allegations,” she claimed in an emailed reaction.

A spokesperson for Curaleaf responded following this write-up was printed to say the firm has complied with condition requirements.

“We have thoroughly complied with all prerequisites pertaining to disclosure of our possession and financing in the condition of Connecticut, and have a collaborative and clear operating relationship with CT regulators,” a spokesperson claimed. “There is nothing at all to cover, and we are upset that the ongoing misguided narrative to malign the firm continues between journalistic shops – inspite of the absence of any proof supporting these phony and defamatory promises.”

In accordance to the state’s definition, a backer is a person or associates of the exact same family members who either owns at least 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of a cannabis institution, or has a immediate or indirect part in regulate, administration or procedure of the organization. Aside from his offshore businesses keeping financial debt in Curaleaf, it is not right away obvious what stakes or command, if any, Abramovich has over Curaleaf.

The reporting revealed a series of loans to Curaleaf founder and Government Chairmen Boris Jordan and Andrey Blokh with specific instructions to make investments that cash in PalliaTech, which turned Curaleaf in 2018. Johnson and Blokh are presently the two biggest shareholders of Curaleaf stock.

Curaleaf began running as a cultivator in Connecticut in 2014. In 2020, the organization obtained a assortment of dispensaries previously owned by Arrow Substitute Care and Grassroots, enabling it to be vertically integrated in the point out.

Commencing in late 2017, and continuing as a result of the finish of 2018, Cetus loaned about $140 million to Jordan and Blokh, with an additional $85 million loaned instantly to PalliaTech, which was noted to the SEC. That $85 million was issued in August 2018, but was entirely repaid as of Dec. 20, 2019, according to SEC filings.

Later, Meliastove Expense, an additional corporation owned by Abramovich, loaned $180 million dollars right to Curaleaf commencing in 2020, with a 3rd of that volume coming in December 2021 – in just two months of Russia’s invasion of Ukraine.

There has been increasing scrutiny of Abramovich and his finances ever considering the fact that Russia’s invasion on Feb. 24, 2022.

The United Kingdom and European Union equally introduced sanctions past March versus Abramovich based on his perceived closeness with Russian President Valdimir Putin. Three months afterwards, the US Department of Justice introduced that it had seized two of Abramovich’s planes, even though no formal sanctions from the United States have been declared. 

In response to the Forensic News article, Curaleaf issued a statement on social media defending the first mortgage from Abramovich and indicating that it had been repaid prior to the begin of the war in between Russia and Ukraine.

“Mr. Abramovich was just one of many throughout the world resources of funds elevated over many yrs to build PalliaTech, a clinical hashish begin-up that later on turned Curaleaf,” stated the unsigned assertion. “Those financial loans, which were being legal, well-documented – and not top secret – have been repaid just before the start out of the war.”

Curaleaf observed that Abramovich’s wide variety of investments do not automatically suggest manage in those holdings.

“PalliaTech was 1 of hundreds of corporations globally and in the US that ended up beneficiaries of Mr. Abramovich’s financing (which include a lot of blue-chip companies and numerous hashish organizations),” mentioned the statement. “At the time he was a considerably sought-right after trader and a properly-recognized businessman all around the earth. Though the narrative has improved thanks to the present-day media environment, he remains unsanctioned in the United States.”

Massachusetts Authorities Also Investigating

Pursuing the reporting of earlier undisclosed loans, unbiased reporter Grant Smith Ellis described that the Massachusetts Hashish Regulate Commission (CCC) had opened an investigation into regardless of whether Curaleaf’s loans had been correctly described to the condition.

“The Hashish Command Commission is mindful of these allegations. As they pertain to an open inquiry, the agency has no additional remark at this time,” wrote a CCC spokesperson in an emailed response confirming Ellis’ report.

Curaleaf issued an additional statement subsequent reporting from Ellis that also bundled allegations that Curaleaf concealed a radiation machine from regulators that permitted the corporation to remediate contaminated flower prior to lab testing and that the company has been functioning an unlicensed study lab considering the fact that 2019.

“We have been functioning with Massachusetts regulators for more than two decades on this facility,” mentioned the unsigned assertion. “Our facility in Newton received its provisional license from the Hashish Regulate Fee final 12 months we look forward to obtaining our last license afterwards this 12 months. In the meantime we continue to comply with relevant point out procedures and rules.”

On Monday Curaleaf by means of a spokesperson reiterated that Massachusetts regulators realized of the radiation.

“The radiation based procedure of hashish products and solutions at our Webster facility is typically used in the business as a secure and efficient way to enhance the high-quality of our flower goods,” the firm reported. “The machine is absolutely certified by the Massachusetts Division of Health and fitness and is not “hidden” from any individual. Our workforce associates are trained on the manufacturer’s conventional guidelines and processes to properly function the equipment.”

Curaleaf claimed that they experienced not but been notified of any investigation from the state of Massachusetts.

“At this time, we have not been contacted by the CCC and are not mindful of any investigation,” stated the statement. “As often, if contacted by Massachusetts officers we will completely cooperate and tackle any concerns immediately. The issue about Curaleaf’s early collectors has been dealt with consistently and we stand by our first assertion.”

Each confirmations from Massachusetts and Connecticut of concurrent investigations arrived just after Curaleaf’s original denial.

Editor’s notice: This post has been up to date with added remark from Curaleaf.