Intel Corporation Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Intel delivered record Q4 and full-year 2021 results, beating top- and bottom-line guidance.
  • Q4 revenue reached $19.5B, exceeding guidance by $1.2B.
  • Full-year 2021 revenue was $74.7B, up 2% year-over-year.
  • Q4 EPS: $1.09 (up $0.19 vs. guidance). Full-year EPS: $5.47 (up $0.37 YoY).
  • Gross margin for Q4: 55.4%. Full-year gross margin: 57.7%.

Business Unit Performance

Client Computing Group (CCG)

  • Q4 revenue: $10.1B, up 5% sequentially.
  • Full-year revenue: Record year, 6th straight year of growth. Up 1% YoY (6% excluding divestitures).
  • Platform ASPs rose 15% YoY due to richer mix and component prioritization.
  • Operating profit down 3% YoY due to elevated R&D and platform investments.
  • PC market grew ~15% in 2021; Intel expects modest growth in 2022.

Data Center Group (DCG)

  • Q4 revenue: $7.3B, a record. Up 12% QoQ and 20% YoY.
  • Full-year revenue: Down 1% YoY due to slower recovery and competitive pressures early in the year.
  • Q4 operating profit: Down 17% YoY, driven by a Federal onetime charge and 10nm ramp costs.
  • Enterprise and government demand strong; cloud demand recovering after several quarters of decline.
  • Ice Lake shipments surged (1M+ units in Q4 alone).

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2021 Intel Corp. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to turn the conference over to your speaker for today, Tony Balow, Vice President, Investor Relations. You may begin. Tony Balow: Thank you, operator. Welcome to Intel's fourth quarter earnings conference call. By now, you should have received a copy of our earnings release and the earnings presentation. If you have not received both documents, they are available on our investor website, intc.com. The earnings presentation is also available in the webcast window for those joining us online. I'm joined today by our CEO, Pat Gelsinger; and our new CFO, Dave Zinsner. Also joining us is our prior CFO, George Davis. In a moment, we'll hear brief remarks from Pat and Dave followed by Q&A. Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it, and, as such, it does include risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially. A brief reminder that this quarter we have provided both GAAP and non-GAAP fina

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