AMD Reports First Quarter 2024 Financial Results


ADVANCED MICRO DEVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions) (Unaudited)

	Three Months Ended
	March 30, 2024			April 1, 2023
Cash flows from operating activities:
Net income (loss)	$	123		$	(139	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		784			982
Stock-based compensation		371			309
Amortization of operating lease right-of-use assets		26			24
Deferred income taxes		(66	)		(308	)
Inventory loss at contract manufacturer		65			—
Other		(22	)		5
Changes in operating assets and liabilities
Accounts receivable, net		338			86
Inventories		(368	)		(464	)
Prepaid expenses and other assets		(322	)		(191	)
Receivables from and payables to related parties, net		53			(109	)
Accounts payable		(636	)		73
Accrued and other liabilities		175			218
Net cash provided by operating activities		521			486
Cash flows from investing activities:
Purchases of property and equipment		(142	)		(158	)
Purchases of short-term investments		(433	)		(1,703	)
Proceeds from maturity of short-term investments		441			473
Proceeds from sale of short-term investments		2			145
Other		(3	)		6
Net cash used in investing activities		(135	)		(1,237	)
Cash flows from financing activities:
Proceeds from sales of common stock through employee equity plans		5			3
Repurchases of common stock		(4	)		(241	)
Common stock repurchases for tax withholding on employee equity plans		(129	)		(21	)
Other		(1	)		—
Net cash used in financing activities		(129	)		(259	)
Net increase (decrease) in cash and cash equivalents		257			(1,010	)
Cash and cash equivalents at beginning of period		3,933			4,835
Cash and cash equivalents at end of period	$	4,190		$	3,825

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