Arrow Minerals Limited Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter and Full Year of 2018
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.