Intel Reports First-Quarter Revenue of $12.9 Billion

INTEL CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
     
In addition to disclosing financial results in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this document contains non-GAAP financial measures that we believe are helpful in understanding and comparing our past financial performance and our expectations for future results. The non-GAAP financial measures disclosed by the company exclude the amortization of acquisition-related intangible assets, as well as the related income tax effect. Amortization of acquisition-related intangible assets consists of the amortization of developed technology, trade names, and customer relationships acquired in connection with business combinations. We record charges relating to the amortization of these intangibles 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 adjustment excludes these charges to facilitate an evaluation of our current operating performance and comparisons to our past operating performance.
 
Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measures disclosed by the company have limitations and should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for period to period comparisons in our budget, planning and evaluation processes, and to show the reader how our performance compares to other periods.
(In millions, except per share amounts)
Three Months Ended
March 31, Dec. 31, April 2,
2012 2011 2011
 
GAAP GROSS MARGIN $ 8,265 $ 8,952 $ 7,885
Adjustment for the amortization of acquisition-related intangibles   137   137   74
NON-GAAP GROSS MARGIN $ 8,402 $ 9,089 $ 7,959
 
GAAP GROSS MARGIN PERCENTAGE 64.0% 64.5% 61.4%
Adjustment for the amortization of acquisition-related intangibles   1.1%   0.9%   0.6%
NON-GAAP GROSS MARGIN PERCENTAGE 65.1% 65.4% 62.0%
 
GAAP OPERATING INCOME $ 3,810 $ 4,599 $ 4,158
Adjustment for the amortization of acquisition-related intangibles   218   209   110
NON-GAAP OPERATING INCOME $ 4,028 $ 4,808 $ 4,268
 
GAAP NET INCOME $ 2,738 $ 3,360 $ 3,160
Adjustment for:
Amortization of acquisition-related intangibles 218 209 110
Income tax effect   (73)   (46)   (31)
NON-GAAP NET INCOME $ 2,883 $ 3,523 $ 3,239
 
GAAP DILUTED EARNINGS PER COMMON SHARE $ 0.53 $ 0.64 $ 0.56
Adjustment for:
Amortization of acquisition-related intangibles 0.04 0.04 0.02
Income tax effect   (0.01)   (0.01)   -
NON-GAAP DILUTED EARNINGS PER COMMON SHARE $ 0.56 $ 0.67 $ 0.58

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