Advanced Micro Devices, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • AMD reported record quarterly revenue and profitability for Q1 2022.
  • The quarter included six weeks of revenue contribution from the newly acquired Xilinx.
  • AMD continues to expand its leadership across data center, client computing, gaming, and adaptive computing markets.

Key Financial Results (Compared to Q1 2021)

  • Revenue: $5.9B, up 71%. Organic AMD revenue (excluding Xilinx): $5.3B, up 55%.
  • Gross margin: 53%, up 7 percentage points. Organic AMD gross margin: 51%, up 5 percentage points.
  • Operating income: $1.8B, more than doubled year-over-year.
  • Net income: $1.6B, more than doubled from $647M.
  • EPS: $1.13, up from $0.52.
  • Free cash flow: $924M, up from $832M.

Business Segment Performance

Computing & Graphics (C&G)
  • Revenue: $2.8B, up 33% year-over-year.
  • Growth driven by strong Ryzen mobile and desktop sales, especially Ryzen 6000 series.
  • Record mobile processor revenue; continued share gains for the 8th consecutive quarter.
  • Graphics revenue grew double digits, fueled by Radeon 6000 GPUs; desktop GPU sales nearly doubled.
Enterprise, Embedded & Semi-Custom (EESC)
  • Revenue: $2.5B, up 88% year-over-year.

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Operator: Hello, and welcome to the AMD First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It’s now my pleasure to turn the call over to Laura Graves, Corporate Vice President, Investor Relations. Laura, please go ahead. Laura Graves: Thank you, and welcome to AMD’s first quarter 2022 financial results conference call. By now you should have had the opportunity to review a copy of our earnings press release and accompanying slides. If you have not reviewed these documents, they can be found on the Investor Relations page of amd.com. Today we will discuss AMD first quarter results including partial quarter contributions from the acquisition of Xilinx, which closed of February 14, 2022. We will also discuss AMD results on a standalone basis for the first quarter of 2022. We will refer primarily to non-GAAP financial measures during this call. The full non-GAAP to GAAP reconciliations are available in today’s press release and in the slides posted on our website. Participants on today’s conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Devinder Kumar, our Executive Vice President, Chief Financial Officer and Treasurer. Victor Peng, President of AMD’s Adaptive and Embedded Computing Group, will join us for Q&A. This is a live call and will be replayed via webcast on our websi

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