AMD Reports Third Quarter 2024 Financial Results


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

 Three Months Ended Nine Months Ended
 September 28,
2024
 September 30,
2023
 September 28,
2024
 September 30,
2023
Cash flows from operating activities:       
Net income$771  $299  $1,159  $187 
Adjustments to reconcile net income to net cash provided by operating activities:       
Depreciation and amortization 756   823   2,309   2,654 
Stock-based compensation 351   353   1,068   1,010 
Amortization of operating lease right-of-use assets 30   25   82   73 
Deferred income taxes (607 )     (218 )     (863 )     (800 )
Inventory loss at contract manufacturer               65        
Other   (13 )     (23 )     (50 )     (31 )
Changes in operating assets and liabilities              
Accounts receivable, net   (1,489 )     (743 )     (1,862 )     (929 )
Inventories   (386 )     122       (1,096 )     (674 )
Prepaid expenses and other assets   (16 )     (143 )     (250 )     (380 )
Receivables from and payables to related parties, net   36       14       78       (136 )
Accounts payable   832       (547 )     476       (238 )
Accrued and other liabilities   363       459       626       550  
Net cash provided by operating activities   628       421       1,742       1,286  
Cash flows from investing activities:              
Purchases of property and equipment   (132 )     (124 )     (428 )     (407 )
Purchases of short-term investments   (142 )     (496 )     (707 )     (3,312 )
Proceeds from maturity of short-term investments   149       746       1,351       1,917  
Proceeds from sale of short-term investments   589             591       248  
Acquisitions, net of cash acquired   (548 )     (14 )     (548 )     (14 )
Related party equity method investment   (17 )           (17 )      
Other   (37 )     (10 )     (129 )     (5 )
Net cash provided by (used in) investing activities   (138 )     102       113       (1,573 )
Cash flows from financing activities:              
Repayment of debt               (750 )      
Proceeds from sales of common stock through employee equity plans   4       4       152       148  
Repurchases of common stock   (250 )     (511 )     (606 )     (752 )
Common stock repurchases for tax withholding on employee equity plans   (460 )     (295 )     (686 )     (382 )
Other         (1 )     (1 )     1  
Net cash used in financing activities   (706 )     (803 )     (1,891 )     (987 )
Net decrease in cash and cash equivalents $ (216 )   $ (280 )   $ (36 )   $ (1,274 )
Cash and cash equivalents at beginning of period   4,113       3,841       3,933       4,835  
Cash and cash equivalents at end of period $ 3,897     $ 3,561     $ 3,897     $ 3,561  

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