Item 7.01 Regulation FD Disclosure.
On January 26, 2021, Advanced Micro Devices, Inc. (the "Company") announced its
financial position and results of operations as of and for its fiscal quarter
and fiscal year ended December 26, 2020 in a press release that is attached
hereto as Exhibit 99.1. Attached hereto as Exhibit 99.2 is a presentation
regarding the Company's fiscal quarter and fiscal year ended December 26, 2020.
The Company will hold a conference call on January 26, 2021 at 2:00 p.m. PT
(5:00 p.m. ET) to discuss its fiscal quarter and fiscal year ended December 26,
2020 financial results and forward-looking financial guidance.
To supplement the Company's financial results presented on a U.S. Generally
Accepted Accounting Principles ("GAAP") basis, the Company's earnings press
release and presentation contains non-GAAP financial measures, including
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income,
non-GAAP net income, non-GAAP earnings per share, Adjusted EBITDA and free cash
flow. The Company uses a normalized tax rate in its computation of the non-GAAP
income tax provision to provide better consistency across the reporting periods.
For full year 2020, the Company uses a non-GAAP tax rate of 3%, which excludes
the direct tax impacts of pre-tax non-GAAP adjustments. The Company believes
this non-GAAP presentation makes it easier for investors to compare its
operating results for current and historical periods and also because the
Company believes it assists investors in comparing the Company's performance
across reporting periods on a consistent basis by excluding items that it does
not believe are indicative of its core operating performance. The Company's
non-GAAP financial measures should be viewed in addition to and not as a
substitute for or superior to the Company's reported results 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 at the end of the earnings press release and presentation.
The information in this report furnished pursuant to Items 2.02 and 7.01,
including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed "filed"
for the purposes of Section 18 of the Securities and Exchange Act of 1934, as
amended (the "Exchange Act"), or otherwise subject to the liabilities of that
section. It may only be incorporated by reference in another filing under the
Exchange Act or the Securities Act of 1933, as amended, if such subsequent
filing specifically references the information furnished pursuant to Items 2.02
and 7.01 of this report.
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