AMD Reports Fourth Quarter and Full Year 2021 Financial Results

― Record quarterly revenue of $4.8B up 49% y/y; Record full year revenue of $16.4B up 68%;
Gross margin expanded and operating income more than doubled from prior year ―

SANTA CLARA, Calif., Feb. 01, 2022 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the fourth quarter of 2021 of $4.8 billion, operating income of $1.2 billion, net income of $974 million and diluted earnings per share of $0.80. On a non-GAAP^(*) basis, operating income was $1.3 billion, net income was $1.1 billion and diluted earnings per share was $0.92.

For full year 2021, the company reported revenue of $16.4 billion, operating income of $3.6 billion, net income of $3.2 billion and diluted earnings per share of $2.57. On a non-GAAP^(*) basis, operating income was $4.1 billion, net income was $3.4 billion and diluted earnings per share was $2.79.

GAAP Quarterly Financial Results

	Q4 2021	Q4 2020	Y/Y	Q3 2021	Q/Q
Revenue ($M)	$4,826	$3,244	Up 49%	$4,313	Up 12%
Gross profit ($M)	$2,426	$1,451	Up 67%	$2,086	Up 16%
Gross margin %	50%	45%	Up 560 bps	48%	Up 190 bps
Operating expenses ($M)	$1,223	$881	Up 39%	$1,141	Up 7%
Operating income ($M)	$1,207	$570	Up 112%	948	Up 27%
Operating margin %	25%	18%	Up 7pp	22%	Up 3pp
Tax valuation allowance release benefit ($M)(1)	-	$1,301	-	-	-
Net income ($M)	$974	$1,781	Down 45%	$923	Up 6%
Earnings per share(1)	$0.80	$1.45	Down 45%	$0.75	Up 7%

Non-GAAP^(*) Quarterly Financial Results

	Q4 2021	Q4 2020	Y/Y	Q3 2021	Q/Q
Revenue ($M)	$4,826	$3,244	Up 49%	$4,313	Up 12%
Gross profit ($M)	$2,427	$1,452	Up 67%	$2,087	Up 16%
Gross margin %	50%	45%	Up 560 bps	48%	Up 190 bps
Operating expenses ($M)	$1,103	$789	Up 40%	$1,035	Up 7%
Operating income ($M)	$1,328	$663	Up 100%	$1,055	Up 26%
Operating margin %	27%	20%	Up 7pp	24%	Up 3pp
Net income ($M)	$1,122	$636	Up 76%	$893	Up 26%
Earnings per share	$0.92	$0.52	Up 77%	$0.73	Up 26%

Annual Financial Results

	GAAP			Non-GAAP(*)
	2021	2020	Y/Y	2021	2020	Y/Y
Revenue ($M)	$16,434	$9,763	Up 68%	$16,434	$9,763	Up 68%
Gross profit ($M)	$7,929	$4,347	Up 82%	$7,934	$4,353	Up 82%
Gross margin %	48%	45%	Up 370 bps	48%	45%	Up 370bps
Operating expenses ($M)	$4,293	$2,978	Up 44%	$3,877	$2,696	Up 44%
Operating income ($M)	$3,648	$1,369	Up 166%	$4,069	$1,657	Up 146%
Operating margin %	22%	14%	Up 8pp	25%	17%	Up 8pp
Tax valuation allowance release benefit ($M)(1)	-	$1,301	-	-	-	-
Net income ($M)	$3,162	$2,490	Up 27%	$3,435	$1,575	Up 118%
Earnings per share(1)	$2.57	$2.06	Up 25%	$2.79	$1.29	Up 117%

(1)	The fourth quarter of 2020 included an income tax benefit of $1.3 billion associated with a valuation allowance release which contributed $1.06 per share to EPS for Q4 2020 and $1.07 per share to EPS for FY 2020 on a GAAP basis.

“2021 was an outstanding year for AMD with record annual revenue and profitability,” said AMD President and CEO Dr. Lisa Su. “Each of our businesses performed extremely well, with data center revenue doubling year-over-year driven by growing adoption of AMD EPYC processors across cloud and enterprise customers. We expect another year of significant growth in 2022 as we ramp our current portfolio and launch our next generation of PC, gaming and data center products.”