Add a note by highlighting text or Replying to an existing note.
Add a note by highlighting text or Replying to an existing note.
• |
Record full-year revenue in the Data Center, Internet of Things (IoT) and Non-Volatile Memory Solutions Groups; and record quarterly revenue in the Data Center and IoT Groups |
• |
As of November, 14nm products made up more than 50 percent of Client Computing Group volume with growing enthusiasm for 6th Generation Intel® Core™ ("Skylake") processors |
• |
Announced increase in cash dividend to $1.04-per-share on an annual basis |
• |
Altera acquisition closed early in the first quarter of 2016, broadening Intel’s portfolio |
• |
Client Computing Group revenue of $32.2 billion, down 8 percent from 2014.
|
• |
Data Center Group revenue of $16.0 billion, up 11 percent from 2014.
|
• |
Internet of Things Group revenue of $2.3 billion, up 7 percent from 2014.
|
• |
Software and services operating segments revenue of $2.2 billion, down 2 percent from 2014.
|
• |
Non-Volatile Memory Solution Group revenue up 21 percent from 2014.
|
• |
Client Computing Group revenue of $8.8 billion, up 3 percent sequentially and down 1 percent year-over-year.
|
• |
Data Center Group revenue of $4.3 billion, up 4 percent sequentially and up 5 percent year-over-year.
|
• |
Internet of Things Group revenue of $625 million, up 8 percent sequentially and up 6 percent year-over-year.
|
• |
Software and services operating segments revenue of $543 million, down 2 percent sequentially and down 3 percent year-over-year.
|
• |
Non-Volatile Memory Solution Group revenue was flat sequentially and up 10 percent year-over-year.
|
Financial Comparison | |||
Annual | |||
2015 |
2014 |
vs. 2014 |
|
Revenue |
$55.4 billion |
$55.9 billion |
down 1% |
Gross Margin |
62.6% |
63.7% |
down 1.1 points |
R&D and MG&A |
$20.1 billion |
$19.7 billion |
up 2% |
Operating Income |
$14.0 billion |
$15.3 billion |
down 9% |
Tax Rate |
19.6% |
25.9% |
down 6.3 points |
Net Income |
$11.4 billion |
$11.7 billion |
down 2% |
Earnings Per Share |
$2.33 |
$2.31 |
up 1% |
Financial Comparison | |||
Quarterly Year-Over-Year | |||
Q4 2015 |
Q4 2014 |
vs. Q4 2014 |
|
Revenue |
$14.9 billion |
$14.7 billion |
up 1% |
Gross Margin |
64.3% |
65.4% |
down 1.1 points |
R&D and MG&A |
$5.2 billion |
$5.0 billion |
up 4% |
Operating Income |
$4.3 billion |
$4.5 billion |
down 3% |
Tax Rate |
16.0% |
21.4% |
down 5.4 points |
Net Income |
$3.6 billion |
$3.7 billion |
down 1% |
Earnings Per Share |
74 cents |
74 cents |
flat |
Financial Comparison | |||
Quarterly Sequential | |||
Q4 2015 |
Q3 2015 |
vs. Q3 2015 |
|
Revenue |
$14.9 billion |
$14.5 billion |
up 3% |
Gross Margin |
64.3% |
63.0% |
up 1.3 points |
R&D and MG&A |
$5.2 billion |
$4.8 billion |
up 8% |
Operating Income |
$4.3 billion |
$4.2 billion |
up 3% |
Tax Rate |
16.0% |
26.9% |
down 10.9 points |
Net Income |
$3.6 billion |
$3.1 billion |
up 16% |
Earnings Per Share |
74 cents |
64 cents |
up 16% |
Full-Year 2016 |
GAAP |
Non-GAAP |
Range |
||
Revenue |
Mid to high single digits |
Mid to high single digits |
n/a |
||
Gross margin percentage |
61% |
63% |
+/- a couple pct. pts. |
||
R&D plus MG&A spending |
$21.4 billion |
$21.3 billion |
+/- 400 million |
||
Amortization of acquisition-related intangibles included in operating expenses |
$350 million |
$0 |
approximately |
||
Depreciation |
$6.5 billion |
$6.5 billion ^ |
+/- 200 million |
||
Tax rate |
25% |
25% ^ |
approximately |
||
Full-year capital spending |
$9.5 billion |
$9.5 billion ^ |
+/- 500 million |
Q1 2016 |
GAAP |
Non-GAAP |
Range |
||
Revenue |
$14.0 billion |
$14.1 billion |
+/- 500 million |
||
Gross margin percentage |
58% |
62% |
+/- a couple pct. pts. |
||
R&D plus MG&A spending |
$5.6 billion |
$5.5 billion |
approximately |
||
Amortization of acquisition-related intangibles included in operating expenses |
$100 million |
$0 |
approximately |
||
Impact of equity investments and interest and other, net |
$0 |
$0 ^ |
approximately |
||
Depreciation |
$1.7 billion |
$1.7 billion ^ |
approximately |
• |
Demand for Intel's products is highly variable and could differ from expectations due to factors including changes in business and economic conditions; consumer confidence or income levels; the introduction, availability and market acceptance of Intel's products, products used together with Intel products and competitors' products; competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns including order cancellations; and changes in the level of inventory at customers.
|
• |
Intel's gross margin percentage could vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources; and product manufacturing quality/yields. Variations in gross margin may also be caused by the timing of Intel product introductions and related expenses, including marketing expenses, and Intel's ability to respond quickly to technological developments and to introduce new products or incorporate new features into existing products, which may result in restructuring and asset impairment charges. |
• |
Intel's results could be affected by adverse economic, social, political and physical/infrastructure conditions in countries where Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns and fluctuations in currency exchange rates. Results may also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, which could be changed without prior notice.
|
• |
Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term.
|
• |
The amount, timing and execution of Intel's stock repurchase program could be affected by changes in Intel's priorities for the use of cash, such as operational spending, capital spending, acquisitions, and as a result of changes to Intel's cash flows or changes in tax laws.
|
• |
Intel's expected tax rate is based on current tax law and current expected income and may be affected by the jurisdictions in which profits are determined to be earned and taxed; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets.
|
• |
Gains or losses from equity securities and interest and other could vary from expectations depending on gains or losses on the sale, exchange, change in the fair value or impairments of debt and equity investments, interest rates, cash balances, and changes in fair value of derivative instruments.
|
• |
Product defects or errata (deviations from published specifications) may adversely impact our expenses, revenues and reputation.
|
• |
Intel's results could be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust, disclosure and other issues. An unfavorable ruling could include monetary damages or an injunction prohibiting Intel from manufacturing or selling one or more products, precluding particular business practices, impacting Intel's ability to design its products, or requiring other remedies such as compulsory licensing of intellectual property.
|
• |
Intel's results may be affected by the timing of closing of acquisitions, divestitures and other significant transactions. We completed our acquisition of Altera on December 28, 2015 and risks associated with that acquisition are described in the “Forward Looking Statements” paragraph of Intel’s press release dated June 1, 2015, which risk factors are incorporated by reference herein. |
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
Dec 26, 2015 |
Dec 27, 2014 |
Dec 26, 2015 |
Dec 27, 2014 |
|||||||||||||
NET REVENUE |
$ |
14,914 |
$ |
14,721 |
$ |
55,355 |
$ |
55,870 |
||||||||
Cost of sales |
5,324 |
5,100 |
20,676 |
20,261 |
||||||||||||
GROSS MARGIN |
9,590 |
9,621 |
34,679 |
35,609 |
||||||||||||
Research and development |
3,119 |
2,990 |
12,128 |
11,537 |
||||||||||||
Marketing, general and administrative |
2,118 |
2,049 |
7,930 |
8,136 |
||||||||||||
R&D AND MG&A |
5,237 |
5,039 |
20,058 |
19,673 |
||||||||||||
Restructuring and asset impairment charges |
(13 |
) |
57 |
354 |
295 |
|||||||||||
Amortization of acquisition-related intangibles |
67 |
72 |
265 |
294 |
||||||||||||
OPERATING EXPENSES |
5,291 |
5,168 |
20,677 |
20,262 |
||||||||||||
OPERATING INCOME |
4,299 |
4,453 |
14,002 |
15,347 |
||||||||||||
Gains (losses) on equity investments, net |
18 |
233 |
315 |
411 |
||||||||||||
Interest and other, net |
(14 |
) |
(27 |
) |
(105 |
) |
43 |
|||||||||
INCOME BEFORE TAXES |
4,303 |
4,659 |
14,212 |
15,801 |
||||||||||||
Provision for taxes |
690 |
998 |
2,792 |
4,097 |
||||||||||||
NET INCOME |
$ |
3,613 |
$ |
3,661 |
$ |
11,420 |
$ |
11,704 |
||||||||
BASIC EARNINGS PER SHARE OF COMMON STOCK |
$ |
0.77 |
$ |
0.77 |
$ |
2.41 |
$ |
2.39 |
||||||||
DILUTED EARNINGS PER SHARE OF COMMON STOCK |
$ |
0.74 |
$ |
0.74 |
$ |
2.33 |
$ |
2.31 |
||||||||
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: |
||||||||||||||||
BASIC |
4,722 |
4,769 |
4,742 |
4,901 |
||||||||||||
DILUTED |
4,876 |
4,940 |
4,894 |
5,056 |
Dec 26, 2015 |
Sep 27, 2015 |
Dec 27, 2014 |
||||||||||
CURRENT ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
15,308 |
$ |
7,065 |
$ |
2,561 |
||||||
Short-term investments |
2,682 |
7,119 |
2,430 |
|||||||||
Trading assets |
7,323 |
6,659 |
9,063 |
|||||||||
Accounts receivable, net |
4,787 |
4,101 |
4,427 |
|||||||||
Inventories |
||||||||||||
Raw materials |
532 |
557 |
462 |
|||||||||
Work in process |
2,893 |
2,690 |
2,375 |
|||||||||
Finished goods |
1,742 |
1,718 |
1,436 |
|||||||||
5,167 |
4,965 |
4,273 |
||||||||||
Deferred tax assets |
2,036 |
1,992 |
1,958 |
|||||||||
Other current assets |
3,053 |
4,304 |
3,018 |
|||||||||
TOTAL CURRENT ASSETS |
40,356 |
36,205 |
27,730 |
|||||||||
Property, plant and equipment, net |
31,858 |
31,597 |
33,238 |
|||||||||
Marketable equity securities |
5,960 |
5,618 |
7,097 |
|||||||||
Other long-term investments |
1,891 |
1,829 |
2,023 |
|||||||||
Goodwill |
11,332 |
11,026 |
10,861 |
|||||||||
Identified intangible assets, net |
3,933 |
4,022 |
4,446 |
|||||||||
Other long-term assets |
7,735 |
8,255 |
6,505 |
|||||||||
TOTAL ASSETS |
$ |
103,065 |
$ |
98,552 |
$ |
91,900 |
||||||
CURRENT LIABILITIES |
||||||||||||
Short-term debt |
$ |
2,634 |
$ |
1,129 |
$ |
1,596 |
||||||
Accounts payable |
2,063 |
2,449 |
2,748 |
|||||||||
Accrued compensation and benefits |
3,138 |
2,732 |
3,475 |
|||||||||
Accrued advertising |
960 |
1,028 |
1,092 |
|||||||||
Deferred income |
2,188 |
2,160 |
2,205 |
|||||||||
Other accrued liabilities |
4,684 |
5,582 |
4,895 |
|||||||||
TOTAL CURRENT LIABILITIES |
15,667 |
15,080 |
16,011 |
|||||||||
Long-term debt |
20,036 |
20,059 |
12,059 |
|||||||||
Long-term deferred tax liabilities |
2,539 |
2,502 |
3,775 |
|||||||||
Other long-term liabilities |
2,841 |
2,909 |
3,278 |
|||||||||
TEMPORARY EQUITY |
897 |
905 |
912 |
|||||||||
Stockholders' equity |
||||||||||||
Preferred Stock |
— |
— |
— |
|||||||||
Common stock and capital in excess of par value |
23,411 |
23,001 |
21,781 |
|||||||||
Accumulated other comprehensive income (loss) |
60 |
(335 |
) |
666 |
||||||||
Retained Earnings |
37,614 |
34,431 |
33,418 |
|||||||||
TOTAL STOCKHOLDERS' EQUITY |
61,085 |
57,097 |
55,865 |
|||||||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY |
$ |
103,065 |
$ |
98,552 |
$ |
91,900 |
Q4 2015 |
Q3 2015 |
Q4 2014 |
||||||||||
CASH INVESTMENTS: |
||||||||||||
Cash and short-term investments |
$ |
17,990 |
$ |
14,184 |
$ |
4,991 |
||||||
Trading assets |
7,323 |
6,659 |
9,063 |
|||||||||
Total cash investments |
$ |
25,313 |
$ |
20,843 |
$ |
14,054 |
||||||
CURRENT DEFERRED INCOME: |
||||||||||||
Deferred income on shipments of components to distributors |
$ |
920 |
$ |
918 |
$ |
944 |
||||||
Deferred income from software, services and other |
1,268 |
1,242 |
1,261 |
|||||||||
Total current deferred income |
$ |
2,188 |
$ |
2,160 |
$ |
2,205 |
||||||
SELECTED CASH FLOW INFORMATION: |
||||||||||||
Depreciation |
$ |
1,936 |
$ |
2,060 |
$ |
1,889 |
||||||
Share-based compensation |
$ |
296 |
$ |
309 |
$ |
281 |
||||||
Amortization of intangibles |
$ |
210 |
$ |
215 |
$ |
279 |
||||||
Additions to property, plant and equipment |
$ |
(2,328 |
) |
$ |
(1,206 |
) |
$ |
(2,143 |
) |
|||
Acquisitions, net of cash acquired |
$ |
(408 |
) |
$ |
(14 |
) |
$ |
(741 |
) |
|||
Investments in non-marketable equity investments |
$ |
(147 |
) |
$ |
(340 |
) |
$ |
(47 |
) |
|||
Equity investment in Tsinghua Unigroup Ltd. |
$ |
— |
$ |
(966 |
) |
$ |
— |
|||||
Repurchase of common stock1
|
$ |
(525 |
) |
$ |
(1,029 |
) |
$ |
(4,000 |
) |
|||
Proceeds from sales of common stock to employees & excess tax benefit |
$ |
190 |
$ |
228 |
$ |
107 |
||||||
Issuance of long-term debt, net of issuance costs |
$ |
1,490 |
$ |
7,986 |
$ |
— |
||||||
Payment of dividends to stockholders |
$ |
(1,133 |
) |
$ |
(1,140 |
) |
$ |
(1,069 |
) |
|||
EARNINGS PER SHARE OF COMMON STOCK INFORMATION: |
||||||||||||
Weighted average shares of common stock outstanding - basic |
4,722 |
4,747 |
4,769 |
|||||||||
Dilutive effect of employee equity incentive plans |
64 |
48 |
81 |
|||||||||
Dilutive effect of convertible debt |
90 |
81 |
90 |
|||||||||
Weighted average shares of common stock outstanding - diluted |
4,876 |
4,876 |
4,940 |
|||||||||
STOCK BUYBACK: |
||||||||||||
Shares repurchased1
|
16 |
35 |
115 |
|||||||||
Cumulative shares repurchased (in billions) |
4.8 |
4.8 |
4.7 |
|||||||||
Remaining dollars authorized for buyback (in billions) |
$ |
9.4 |
$ |
9.9 |
$ |
12.4 |
||||||
OTHER INFORMATION: |
||||||||||||
Employees (in thousands) |
107.3 |
106.5 |
106.7 |
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
Dec 26, 2015 |
Dec 27, 2014 |
Dec 26, 2015 |
Dec 27, 2014 |
|||||||||||||
Net Revenue |
||||||||||||||||
Client Computing Group |
||||||||||||||||
Platform |
$ |
8,392 |
$ |
8,466 |
$ |
30,654 |
$ |
33,210 |
||||||||
Other |
364 |
400 |
1,565 |
1,662 |
||||||||||||
8,756 |
8,866 |
32,219 |
34,872 |
|||||||||||||
Data Center Group |
||||||||||||||||
Platform |
4,021 |
3,823 |
14,882 |
13,366 |
||||||||||||
Other |
287 |
268 |
1,095 |
1,021 |
||||||||||||
4,308 |
4,091 |
15,977 |
14,387 |
|||||||||||||
Internet of Things Group |
||||||||||||||||
Platform |
526 |
494 |
1,976 |
1,814 |
||||||||||||
Other |
99 |
97 |
322 |
328 |
||||||||||||
625 |
591 |
2,298 |
2,142 |
|||||||||||||
Software and services operating segments |
543 |
557 |
2,167 |
2,216 |
||||||||||||
All other |
682 |
616 |
2,694 |
2,253 |
||||||||||||
TOTAL NET REVENUE |
$ |
14,914 |
$ |
14,721 |
$ |
55,355 |
$ |
55,870 |
||||||||
Operating income (loss) |
||||||||||||||||
Client Computing Group |
$ |
2,720 |
$ |
2,837 |
$ |
8,165 |
$ |
10,323 |
||||||||
Data Center Group |
2,173 |
2,266 |
7,844 |
7,390 |
||||||||||||
Internet of Things Group |
132 |
177 |
515 |
583 |
||||||||||||
Software and services operating segments |
91 |
25 |
210 |
81 |
||||||||||||
All other |
(817 |
) |
(852 |
) |
(2,732 |
) |
(3,030 |
) |
||||||||
TOTAL OPERATING INCOME |
$ |
4,299 |
$ |
4,453 |
$ |
14,002 |
$ |
15,347 |
• |
Client Computing Group. Includes platforms designed for the notebook (including Ultrabook™ devices), 2 in 1 systems, the desktop (including all-in-ones and high-end enthusiast PCs), tablets, and phones; wireless and wired connectivity products; as well as mobile communication components. |
• |
Data Center Group. Includes platforms designed for the enterprise, cloud, communications infrastructure, and technical computing segments. |
• |
Internet of Things Group. Includes platforms designed for Internet of Things market segments, including retail, transportation, industrial, and buildings and home, along with a broad range of other market segments. |
• |
Software and services operating segments. Includes software products designed to deliver innovative solutions that secure computers, mobile devices, and networks around the world, and software products and services that promote Intel architecture as the platform of choice for software development. |
• |
All other category includes revenue, expenses, and charges such as: |
◦ |
results of operations from our Non-Volatile Memory Solutions Group and New Devices Group; |
◦ |
amounts included within restructuring and asset impairment charges;
|
◦ |
a portion of employee benefits, compensation, and other expenses not allocated to the operating segments; |
◦ |
divested businesses for which discrete operating results are not regularly reviewed by our CODM; |
◦ |
results of operations of start-up businesses that support our initiatives, including our foundry business; and |
◦ |
acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. |
Q4 2015 |
Q4 2015 |
Q4 YTD 2015 |
||||
compared to Q3 2015 |
compared to Q4 2014 |
compared to Q4 YTD 2014 |
||||
Client Computing Group Platform |
||||||
Unit Volumes |
—% |
(16)% |
(11)% |
|||
Average Selling Prices |
5% |
17% |
4% |
|||
Data Center Group Platform |
||||||
Unit Volumes |
6% |
7% |
8% |
|||
Average Selling Prices |
(1)% |
(1)% |
3% |
• |
Revenue and gross margin non-GAAP outlook excludes the impact of the deferred revenue write-down, amortization of acquisition-related intangible assets that impact cost of sales, and the inventory valuation adjustment.
|
◦ |
Deferred revenue write-down: Sales to distributors are made under agreements allowing for subsequent price adjustments and returns and are deferred until the products are resold by the distributor. Business combination accounting principles require us to write down to fair value the deferred revenue assumed in our acquisitions as we have limited performance obligations associated with this deferred revenue. Our GAAP revenues and related cost of sales for the subsequent reselling by distributors to end customers after an acquisition do not reflect the full amounts that would have been reported if the acquired deferred revenue was not written down to fair value. The non-GAAP adjustments eliminate the effect of the deferred revenue write-down. We believe these adjustments are useful to investors as an additional means to reflect revenue and gross margin trends of our business.
|
◦ |
Inventory valuation adjustment: Business combination accounting principles require us to measure acquired inventory at fair value. The fair value of inventory reflects the acquired company’s cost of manufacturing plus a portion of the expected profit margin. The non-GAAP adjustment to our cost of sales excludes the expected profit margin component that is recorded under business combination accounting principles. We believe the adjustment is useful to investors as an additional means to reflect cost of sales and gross margin trends of our business.
|
• |
Amortization of acquisition-related intangible assets: Amortization of acquisition-related intangible assets consists of amortization of intangibles assets such as developed technology, trade names, and customer relationships acquired in connection with business combinations. We record charges relating to the amortization of these intangibles within both cost of sales and operating expenses in our GAAP financial statements. Amortization charges for our acquisition-related intangible assets are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. Consequently, our non-GAAP adjustments exclude these charges to facilitate an evaluation of our current operating performance and comparisons to our past operating performance.
|
• |
R&D plus MG&A spending non-GAAP outlook excludes the impact of other one-time charges associated with the acquisition of Altera, which primarily includes bankers fees, compensation-related costs, and valuation charges for Altera's stock based compensation.
|
($ in Billions) |
Q1 2016 Outlook |
2016 Outlook |
||||||||
GAAP REVENUE |
$ |
14.0 |
+/-500 million |
Mid to high single digits |
||||||
Adjustment for deferred revenue write-down |
0.1 |
|||||||||
NON-GAAP REVENUE |
$ |
14.1 |
+/-500 million |
Mid to high single digits |
||||||
GAAP GROSS MARGIN PERCENTAGE |
58 |
% |
+/- a couple pct. pts. |
61 |
% |
+/- a couple pct. pts. |
||||
Adjustments for: |
||||||||||
Deferred revenue write-down |
— |
% |
— |
% |
||||||
Inventory valuation |
2 |
% |
1 |
% |
||||||
Amortization of acquisition-related intangibles |
2 |
% |
2 |
% |
||||||
NON-GAAP GROSS MARGIN PERCENTAGE |
62 |
% |
+/- a couple pct. pts. |
63 |
% |
+/- a couple pct. pts. |
||||
GAAP R&D plus MG&A SPENDING |
$ |
5.6 |
approximately |
$ |
21.4 |
approximately |
||||
Adjustment for other acquisition-related charges |
0.1 |
0.1 |
||||||||
NON-GAAP R&D plus MG&A SPENDING |
$ |
5.5 |
approximately |
$ |
21.3 |
approximately |
||||
GAAP AMORTIZATION OF ACQUISITION-RELATED INTANGIBLES INCLUDED IN OPERATING EXPENSES |
$ |
0.1 |
approximately |
$ |
0.4 |
approximately |
||||
Adjustment for amortization of acquisition-related amortization |
(0.1 |
) |
(0.4 |
) |
||||||
NON-GAAP AMORTIZATION OF ACQUISITION-RELATED INTANGIBLES INCLUDED IN OPERATING EXPENSES |
$ |
— |
$ |
— |
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||
($ in Millions) |
Dec 26, 2015 |
Dec 27, 2014 |
% Change |
Dec 26, 2015 |
Dec 27, 2014 |
% Change |
||||||||||||||||
GAAP NET REVENUE |
533 |
531 |
— |
% |
2,077 |
2,121 |
(2 |
)% |
||||||||||||||
Constant currency adjustment |
32 |
167 |
||||||||||||||||||||
NON-GAAP NET REVENUE, CONSTANT CURRENCY ADJUSTED |
$ |
565 |
$ |
531 |
6 |
% |
$ |
2,244 |
$ |
2,121 |
6 |
% |
||||||||||
GAAP OPERATING INCOME |
91 |
57 |
60 |
% |
261 |
229 |
14 |
% |
||||||||||||||
Constant currency adjustment |
15 |
71 |
||||||||||||||||||||
NON-GAAP OPERATING INCOME, CONSTANT CURRENCY ADJUSTED |
$ |
106 |
$ |
57 |
86 |
% |
$ |
332 |
$ |
229 |
45 |
% |
($ in Millions) |
Dec 26, 2015 |
Sep 27, 2015 |
Dec 27, 2014 |
|||||||||
GAAP CASH AND CASH EQUIVALENTS |
$ |
15,308 |
$ |
7,065 |
$ |
2,561 |
||||||
Short-term investments |
2,682 |
7,119 |
2,430 |
|||||||||
Trading assets |
7,323 |
6,659 |
9,063 |
|||||||||
Total cash investments |
$ |
25,313 |
$ |
20,843 |
$ |
14,054 |
||||||
GAAP OTHER LONG-TERM INVESTMENTS |
$ |
1,891 |
$ |
1,829 |
$ |
2,023 |
||||||
Loans receivable and other |
1,170 |
1,191 |
1,335 |
|||||||||
Reverse repurchase agreements with original maturities greater than approximately three months |
1,000 |
2,650 |
450 |
|||||||||
NON-GAAP OTHER LONGER TERM INVESTMENTS |
$ |
4,061 |
$ |
5,670 |
$ |
3,808 |
||||||
NON-GAAP GROSS CASH |
$ |
29,374 |
$ |
26,513 |
$ |
17,862 |
||||||
($ in Millions) |
Dec 26, 2015 |
Sep 27, 2015 |
Dec 27, 2014 |
|||||||||
GAAP CASH AND CASH EQUIVALENTS |
$ |
15,308 |
$ |
7,065 |
$ |
2,561 |
||||||
Short-term investments |
2,682 |
7,119 |
2,430 |
|||||||||
Trading assets |
7,323 |
6,659 |
9,063 |
|||||||||
Total cash investments |
$ |
25,313 |
$ |
20,843 |
$ |
14,054 |
||||||
Short-term debt |
(2,634 |
) |
(1,129 |
) |
(1,596 |
) |
||||||
Unsettled trade liabilities and other |
(99 |
) |
(200 |
) |
(77 |
) |
||||||
Long-term debt |
(20,036 |
) |
(20,059 |
) |
(12,059 |
) |
||||||
NON-GAAP NET CASH (excluding other longer term investments) |
$ |
2,544 |
$ |
(545 |
) |
$ |
322 |
|||||
GAAP OTHER LONG-TERM INVESTMENTS |
$ |
1,891 |
$ |
1,829 |
$ |
2,023 |
||||||
Loans receivable and other |
1,170 |
1,191 |
1,335 |
|||||||||
Reverse repurchase agreements with original maturities greater than approximately three months |
1,000 |
2,650 |
450 |
|||||||||
NON-GAAP OTHER LONGER TERM INVESTMENTS |
$ |
4,061 |
$ |
5,670 |
$ |
3,808 |
||||||
NON-GAAP NET CASH (including other longer term investments) |
$ |
6,605 |
$ |
5,125 |
$ |
4,130 |