Arrow Minerals Limited reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company's net revenue was $1,480 million compared to $1,106 million a year ago, primarily driven by strong sales of RadeonTM graphics and RyzenTM processors. Revenue was down 10% sequentially, primarily driven by seasonally lower sales of semi-custom SoCs. Operating income was $82 million compared to loss of $3 million a year ago. The year-over-year increase was primarily due to higher revenue from the Computing and Graphics segment, while the sequential decrease was primarily due to seasonally lower Enterprise, Embedded and Semi-Custom segment revenue. Income before equity loss and income taxes was $53 million compared to loss of $44 million a year ago. Net Income was $61 million compared to loss of $51 million a year ago. Diluted earnings per share was $0.06 compared to loss per share of $0.06 a year ago. Adjusted EBITDA was $142 million compared to $60 million a year ago. Net cash provided by operating activities was $383 million compared to $188 million a year ago. Purchases of property, plant and equipment was $44 million compared to $21 million a year ago. Non GAAP operating income was $103 million compared to $26 million a year ago. The year-over-year improvement was primarily due to higher revenue from the Computing and Graphics segment, while the sequential decrease was primarily due to seasonally lower Enterprise, Embedded and Semi-Custom segment revenue. Non GAAP net income was $88 million compared to loss of $8 million a year ago. Non GAAP earnings per share was $0.08 compared to loss per share of $0.01 a year ago. Non GAAP net revenue was $1.4 billion compared to $1.1 billion a year ago.

For the year, the company's net revenue was $5,329 million compared to $4,272 million a year ago. It was driven by an increase in the Computing and Graphics segment. Operating income was $204 million compared to loss of $372 million a year ago. The operating income improvement was primarily due to higher revenue and gross margin expansion in 2017, and the absence of the WSA charge recorded in 2016, partially offset by higher operating expenses. Income before equity loss and income taxes was $69 million compared to loss of $448 million a year ago. Net income was $43 million compared to loss of $497 million a year ago. Diluted earnings per share was $0.04 compared to loss per share of $0.60 a year ago. Adjusted EBITDA was $445 million compared to $177 million a year ago. Net cash provided by operating activities was $68 million compared to $90 million a year ago. Purchases of property, plant and equipment was $113 million compared to $77 million a year ago. Non GAAP operating income was $301 million compared to $44 million a year ago. Operating income improvement was primarily related to higher revenue and gross margin expansion, partially offset by higher operating expenses. Non GAAP net income was $179 million compared to loss of $117 million a year ago. Non GAAP earnings per share was $0.17 compared to loss per share of $0.14 a year ago. Non GAAP net revenue was $5.33 billion compared to $4.27 billion a year ago.

For first quarter 2018, the company expects revenue to be approximately $1.55 billion, plus or minus $50 million, an increase of 32% year-over-year, primarily driven by the strength of the ramp of new Ryzen, GPU and EPYC products. Guidance for first quarter 2018 and the year-over-year comparison are under the new revenue recognition accounting standard (ASC 606). The company is adopting the new revenue recognition standard by applying the "full retrospective" method. For comparative purposes under the new standard, first quarter 2017 restated revenue was $1.18 billion and fourth quarter 2017 restated revenue was $1.34 billion.

For fiscal 2018, the company expects the impact of the new standard on revenue to be immaterial.