Item 7.01 Regulation FD Disclosure.
On April 27, 2021, Advanced Micro Devices, Inc. (the "Company") announced its
financial position and results of operations as of and for its first quarter
ended March 27, 2021 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 first
quarter 2021.
The Company will hold a conference call on April 27, 2021 at 2:00 p.m. PT
(5:00 p.m. ET) to discuss its first quarter 2021 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 profit, 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 fiscal year 2021, the Company uses a projected non-GAAP tax rate of 15%,
which excludes the tax impact of pre-tax non-GAAP adjustments, reflecting
currently available information. 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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