Intel Corp (INTC US) - Adjusted

In Millions of USD except Per Share FY 2011 FY 2012 FY 2013 FY 2014

12 Months Ending 12/31/2011 12/29/2012 12/28/2013 12/27/2014
Revenue 53,999.0 53,341.0 52,708.0 55,870.0
Sales & Services Revenue 53,999.0 53,341.0 52,708.0 55,870.0
Cost of Revenue 20,242.0 20,190.0 21,187.0 20,261.0
Cost of Goods & Services 20,242.0 20,190.0 21,187.0 20,261.0
Gross Profit 33,757.0 33,151.0 31,521.0 35,609.0
Other Operating Income 0.0 0.0 0.0 0.0
Operating Expenses 16,090.0 18,513.0 18,990.0 19,967.0
Selling, General & Admin 7,670.0 8,057.0 8,088.0 8,136.0
Research & Development 8,350.0 10,148.0 10,611.0 11,537.0
Other Operating Expense 70.0 308.0 291.0 294.0
Operating Income (Loss) 17,667.0 14,638.0 12,531.0 15,642.0
Non-Operating (Income) Loss -133.0 -248.0 72.0 -43.0
Interest Expense, Net -57.0 -7.0 140.0 51.0
Interest Expense 41.0 90.0 244.0 192.0
Interest Income 98.0 97.0 104.0 141.0
Foreign Exch (Gain) Loss — — — —
(Income) Loss from Affiliates 204.0 81.0 69.0 69.0
Other Non-Op (Income) Loss -280.0 -322.0 -137.0 -163.0
Pretax Income (Loss), Adjusted 17,800.0 14,886.0 12,459.0 15,685.0
Abnormal Losses (Gains) 19.0 13.0 -152.0 -116.0
Merger/Acquisition Expense — — — —
Asset Write-Down 190.0 — 39.0 —
Impairment of Goodwill — — — —
Gain/Loss on Sale/Acquisition of Busines — — — —
Legal Settlement — — — —
Restructuring — — 201.0 295.0
Sale of Investments -303.0 -141.0 -515.0 -411.0
Unrealized Investments — — — —
Other Abnormal Items 132.0 154.0 123.0 —
Pretax Income (Loss), GAAP 17,781.0 14,873.0 12,611.0 15,801.0
Income Tax Expense (Benefit) 4,839.0 3,868.0 2,991.0 4,097.0
Current Income Tax 3,690.0 3,726.0 3,514.0 4,381.0
Deferred Income Tax 1,149.0 142.0 -523.0 -284.0
Tax Allowance/Credit — — — 0.0
Income (Loss) from Cont Ops 12,942.0 11,005.0 9,620.0 11,704.0
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
Discontinued Operations 0.0 0.0 0.0 0.0
XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 12,942.0 11,005.0 9,620.0 11,704.0
Minority Interest 0.0 0.0 0.0 0.0
Net Income, GAAP 12,942.0 11,005.0 9,620.0 11,704.0
Preferred Dividends 0.0 0.0 0.0 0.0
Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 12,942.0 11,005.0 9,620.0 11,704.0

Net Income Avail to Common, Adj 12,954.4 11,013.5 9,521.2 11,628.6

Net Abnormal Losses (Gains) 12.4 8.5 -98.8 -75.4
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic Weighted Avg Shares 5,256.0 4,996.0 4,970.0 4,901.0

Basic EPS, GAAP 2.46 2.20 1.94 2.39
Basic EPS from Cont Ops 2.46 2.20 1.94 2.39
Basic EPS from Cont Ops, Adjusted 2.46 2.20 1.92 2.37

Diluted Weighted Avg Shares 5,411.0 5,160.0 5,097.0 5,056.0

Diluted EPS, GAAP 2.39 2.13 1.89 2.31
Diluted EPS from Cont Ops 2.39 2.13 1.89 2.31
Diluted EPS from Cont Ops, Adjusted 2.39 2.13 1.87 2.30

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
EBITDA 23,731.0 22,160.0 20,563.0 24,191.0
EBITDA Margin (T12M) 43.95 41.54 39.01 43.30
EBITA 18,590.0 15,803.0 13,773.0 16,811.0
EBIT 17,667.0 14,638.0 12,531.0 15,642.0
Gross Margin 62.51 62.15 59.80 63.74
Operating Margin 32.72 27.44 23.77 28.00
Profit Margin 23.99 20.65 18.06 20.81
Sales per Employee 539,450.55 508,009.52 489,851.30 523,617.62
Dividends per Share 0.78 0.87 0.90 0.90
Total Cash Common Dividends 4,127.0 4,350.0 4,479.0 4,409.0
Capitalized Interest Expense 150.0 240.0 246.0 276.0
Depreciation Expense 5,141.0 6,357.0 6,790.0 7,380.0
Rental Expense 178.0 214.0 270.0 257.0
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
12/26/2015 12/31/2016 12/30/2017 12/29/2018 12/31/2019 12/31/2020
55,355.0 59,387.0 62,761.0 70,848.0 71,344.0 73,904.6
55,355.0 59,387.0 62,761.0 70,848.0
20,676.0 23,154.0 23,663.0 27,111.0
20,676.0 23,154.0 23,663.0 27,111.0
34,679.0 36,233.0 39,098.0 43,737.0 43,928.7 45,235.5
0.0 0.0 0.0 0.0
19,957.0 21,256.0 20,938.0 20,987.0
7,930.0 8,377.0 7,452.0 6,750.0
12,128.0 12,685.0 13,035.0 13,543.0
-101.0 194.0 451.0 694.0
14,722.0 14,977.0 18,160.0 22,750.0 24,026.0 25,177.6
463.0 1,209.0 3,000.0 -251.0
213.0 511.0 205.0 30.0
337.0 733.0 646.0 468.0
124.0 222.0 441.0 438.0
0.0 0.0 0.0 0.0
95.0 — 232.0 —
155.0 698.0 2,795.0 -281.0
14,259.0 13,768.0 15,160.0 23,001.0 24,069.1 25,185.6
47.0 832.0 -5,192.0 -316.0
— 100.0 113.0 —
197.0 187.0 833.0 424.0
— — — —
-543.0 -693.0 -3,871.0 -720.0
— — — —
354.0 1,652.0 70.0 -72.0
-315.0 -506.0 -2,651.0 125.0
— — — 129.0
354.0 92.0 314.0 -202.0
14,212.0 12,936.0 20,352.0 23,317.0 24,069.1 25,185.6
2,792.0 2,620.0 10,751.0 2,264.0
3,710.0 2,088.0 9,233.0 3,872.0
-918.0 532.0 1,518.0 -1,608.0
— — — —
11,420.0 10,316.0 9,601.0 21,053.0 19,757.4 19,972.2
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
11,420.0 10,316.0 9,601.0 21,053.0
0.0 0.0 0.0 0.0
 11,420.0 10,316.0 9,601.0 21,053.0 19,757.4 19,972.2
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
11,420.0 10,316.0 9,601.0 21,053.0 19,757.4 19,972.2

11,572.4 11,148.5 10,529.1 20,421.5 20,667.2 21,476.1

152.4 832.5 928.1 -631.5
0.0 0.0 0.0 0.0

4,742.0 4,730.0 4,701.0 4,611.0

2.41 2.18 2.04 4.57 4.32 4.55
2.41 2.18 2.04 4.57 4.32 4.55
2.44 2.36 2.24 4.43 4.52 4.71

4,894.0 4,875.0 4,835.0 4,701.0

2.33 2.12 1.99 4.48 4.32 4.55
2.33 2.12 1.99 4.48 4.32 4.55
2.36 2.29 2.18 4.35 4.52 4.71

US GAAP US GAAP US GAAP US GAAP

23,433.0 22,767.0 26,289.0 31,835.0 32,653.1 34,638.4
42.33 38.34 41.89 44.93 45.77 46.87
15,612.0 16,501.0 19,537.0 24,315.0
14,722.0 14,977.0 18,160.0 22,750.0 24,026.0 25,177.6
62.65 61.01 62.30 61.73 61.57 61.21
26.60 25.22 28.94 32.11 33.68 34.07
20.91 18.77 16.78 28.82 28.97 29.06
515,890.03 560,254.72 611,110.03 659,664.80
0.96 1.04 1.08 1.20 1.26 1.36
4,556.0 4,925.0 5,072.0 5,541.0
258.0 135.0 313.0 496.0
7,821.0 6,266.0 6,752.0 7,520.0
253.0 282.0 264.0 231.0
Intel Corp (INTC US) - Standardized
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/26/2009 12/25/2010 12/31/2011 12/29/2012
Total Assets
Cash, Cash Equivalents & STI 13,920.0 21,885.0 14,837.0 18,162.0
Cash & Cash Equivalents 3,987.0 5,498.0 5,065.0 8,478.0
ST Investments 9,933.0 16,387.0 9,772.0 9,684.0
Accounts & Notes Receiv 2,273.0 2,867.0 3,650.0 3,833.0
Accounts Receivable, Net 2,273.0 2,867.0 3,650.0 3,833.0
Notes Receivable, Net 0.0 0.0 0.0 0.0
Inventories 2,935.0 3,757.0 4,096.0 4,734.0
Raw Materials 437.0 471.0 644.0 478.0
Work In Process 1,469.0 1,887.0 1,680.0 2,219.0
Finished Goods 1,029.0 1,399.0 1,772.0 2,037.0
Other Inventory 0.0 0.0 0.0 0.0
Other ST Assets 2,029.0 3,102.0 3,289.0 4,629.0
Derivative & Hedging Assets 136.0 330.0 166.0 221.0
Assets Held-for-Sale — — — —
Deferred Tax Assets 1,216.0 1,488.0 1,700.0 2,117.0
Misc ST Assets 677.0 1,284.0 1,423.0 2,291.0
Total Current Assets 21,157.0 31,611.0 25,872.0 31,358.0
Property, Plant & Equip, Net 17,225.0 17,899.0 23,627.0 27,983.0
Geographic Segments 17,225.0 17,899.0 23,627.0 27,983.0
United States 11,644.0 12,652.0 16,448.0 20,542.0
Israel 2,567.0 2,087.0 3,356.0 3,389.0
China — — — —
Ireland 1,092.0 0.0 — —
Other Countries 1,922.0 3,160.0 3,823.0 4,052.0
Property, Plant & Equip 47,822.0 50,481.0 58,073.0 66,046.0
Accumulated Depreciation 30,597.0 32,582.0 34,446.0 38,063.0
LT Investments & Receivables 4,952.0 4,034.0 1,451.0 4,917.0
LT Investments 4,179.0 3,026.0 889.0 493.0
LT Marketable Securities 773.0 1,008.0 562.0 4,424.0
LT Receivables — — — —
Other LT Assets 9,761.0 9,642.0 20,169.0 20,093.0
Total Intangible Assets 5,304.0 5,391.0 15,521.0 15,945.0
Goodwill 4,421.0 4,531.0 9,254.0 9,710.0
Product/Brand Segments 4,421.0 4,531.0 9,254.0 9,710.0
All Other — — — —
Data Center Group 1,459.0 1,459.0 1,553.0 1,839.0
Client Computing Group 507.0 582.0 844.0 916.0
Programmable Solutions Group — — — —
Interent of Things Group — — — —
 Intel Security Group — — — —
Digital Enterprise Group — 0.0 — —
Mobility Group — 0.0 — —
Software and Services Group 235.0 256.0 3,939.0 3,993.0
PC Client Group 2,220.0 2,234.0 2,918.0 2,962.0
Other Intangible Assets 883.0 860.0 6,267.0 6,235.0
Prepaid Expense — — — —
Deferred Tax Assets 278.0 289.0 335.0 358.0
Derivative & Hedging Assets 32.0 50.0 63.0 38.0
Prepaid Pension Costs 85.0 35.0 0.0 1.0
Investments in Affiliates — — — —
Misc LT Assets 4,062.0 3,877.0 4,250.0 3,751.0
Total Noncurrent Assets 31,938.0 31,575.0 45,247.0 52,993.0
Total Assets 53,095.0 63,186.0 71,119.0 84,351.0

Liabilities & Shareholders' Equity

Payables & Accruals 6,649.0 8,459.0 9,564.0 10,362.0
Accounts Payable 1,883.0 2,290.0 2,956.0 3,023.0
Accrued Taxes 86.0 — — 0.0
Interest & Dividends Payable 0.0 — 0.0 0.0
Other Payables & Accruals 4,680.0 6,169.0 6,608.0 7,339.0
ST Debt 172.0 38.0 247.0 312.0
ST Borrowings 15.0 38.0 247.0 312.0
ST Capital Leases 0.0 0.0 0.0 0.0
Current Portion of LT Debt 157.0 — — —
Other ST Liabilities 770.0 830.0 2,217.0 2,224.0
Deferred Revenue 593.0 622.0 1,929.0 1,932.0
Derivatives & Hedging 177.0 208.0 288.0 292.0
Misc ST Liabilities 0.0 0.0 0.0 0.0
Total Current Liabilities 7,591.0 9,327.0 12,028.0 12,898.0
LT Debt 2,049.0 2,077.0 7,084.0 13,136.0
LT Borrowings 2,049.0 2,077.0 7,084.0 13,136.0
LT Capital Leases 0.0 0.0 0.0 0.0
Other LT Liabilities 1,751.0 2,352.0 6,096.0 7,114.0
Accrued Liabilities 0.0 0.0 0.0 0.0
Pension Liabilities 531.0 697.0 1,483.0 1,923.0
Deferred Revenue 0.0 0.0 0.0 473.0
Deferred Tax Liabilities 555.0 926.0 2,617.0 3,412.0
Derivatives & Hedging 49.0 47.0 0.0 20.0
Misc LT Liabilities 616.0 682.0 1,996.0 1,286.0
Total Noncurrent Liabilities 3,800.0 4,429.0 13,180.0 20,250.0
Total Liabilities 11,391.0 13,756.0 25,208.0 33,148.0
Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
Share Capital & APIC 14,993.0 16,178.0 17,036.0 19,464.0
Common Stock 5.5 5.6 5.0 4.9
 Additional Paid in Capital 14,987.5 16,172.4 17,031.0 19,459.1
Treasury Stock 0.0 — 0.0 0.0
Retained Earnings 26,318.0 32,919.0 29,656.0 32,138.0
Other Equity 393.00 333.00 -781.00 -399.00
Equity Before Minority Interest 41,704.0 49,430.0 45,911.0 51,203.0
Minority/Non Controlling Interest 0.0 0.0 0.0 0.0
Total Equity 41,704.0 49,430.0 45,911.0 51,203.0
Total Liabilities & Equity 53,095.0 63,186.0 71,119.0 84,351.0

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
Shares Outstanding 5,523.0 5,511.0 5,000.0 4,944.0
Number of Treasury Shares 0.0 70.0 — 0.0
Pension Obligations 531.0 697.0 1,483.0 1,923.0
Future Minimum Operating Lease Obligatio 349.0 327.0 707.0 909.0
Capital Leases - Total 0.0 0.0 0.0 0.0
Options Granted During Period 118.5 20.2 14.7 13.5
Options Outstanding at Period End 451.3 386.4 298.3 202.8
Net Debt -12,472.0 -20,778.0 -8,068.0 -9,138.0
Net Debt to Equity -29.91 -42.04 -17.57 -17.85
Tangible Common Equity Ratio 76.16 76.20 54.66 51.54
Current Ratio 2.79 3.39 2.15 2.43
Cash Conversion Cycle 46.04 54.33 47.07 52.88
Cash Held Overseas — — — —
Number of Employees 79,800.00 82,500.00 100,100.00 105,000.00
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/28/2013 12/27/2014 12/26/2015 12/31/2016 12/30/2017 12/29/2018

20,087.0 14,054.0 25,313.0 17,099.0 14,002.0 11,650.0

5,674.0 2,561.0 15,308.0 5,560.0 3,433.0 3,019.0
14,413.0 11,493.0 10,005.0 11,539.0 10,569.0 8,631.0
3,582.0 4,427.0 4,787.0 4,690.0 5,607.0 6,722.0
3,582.0 4,427.0 4,787.0 4,690.0 5,607.0 6,722.0
0.0 0.0 0.0 0.0 0.0 0.0
4,172.0 4,273.0 5,167.0 5,553.0 6,983.0 7,253.0
458.0 462.0 532.0 695.0 738.0 813.0
1,998.0 2,375.0 2,893.0 3,190.0 4,213.0 4,511.0
1,716.0 1,436.0 1,742.0 1,668.0 2,032.0 1,929.0
0.0 0.0 0.0 0.0 0.0 0.0
4,243.0 4,976.0 3,053.0 8,166.0 2,908.0 3,162.0
252.0 354.0 445.0 382.0 279.0 180.0
— — 71.0 5,210.0 — —
2,594.0 1,958.0 1,051.0 907.0 840.0 1,122.0
1,397.0 2,664.0 1,486.0 1,667.0 1,789.0 1,860.0
32,084.0 27,730.0 38,320.0 35,508.0 29,500.0 28,787.0
31,428.0 33,238.0 31,858.0 36,171.0 41,109.0 48,976.0
31,428.0 33,238.0 31,858.0 36,171.0 41,109.0 48,976.0
23,624.0 24,020.0 22,611.0 23,598.0 24,459.0 27,512.0
2,667.0 1,957.0 1,661.0 3,923.0 6,501.0 8,861.0
— — — 2,306.0 4,275.0 6,417.0
2,986.0 5,433.0 5,789.0 4,865.0 3,938.0 3,947.0
2,151.0 1,828.0 1,797.0 1,479.0 1,936.0 2,239.0
73,416.0 79,709.0 83,396.0 90,105.0 100,395.0 114,318.0
41,988.0 46,471.0 51,538.0 53,934.0 59,286.0 65,342.0
7,694.0 7,674.0 7,221.0 9,804.0 11,377.0 8,285.0
1,473.0 577.0 301.0 3,388.0 1,938.0 1,764.0
6,221.0 7,097.0 5,960.0 6,180.0 8,579.0 6,042.0
— — 960.0 236.0 860.0 479.0
21,152.0 23,258.0 24,060.0 31,844.0 41,263.0 41,915.0
15,663.0 15,307.0 15,265.0 23,593.0 37,134.0 36,349.0
10,513.0 10,861.0 11,332.0 14,099.0 24,389.0 24,513.0
10,513.0 10,861.0 11,332.0 14,099.0 24,389.0 24,513.0
— 113.0 382.0 718.0 10,996.0 10,528.0
1,831.0 2,376.0 2,404.0 5,412.0 5,421.0 5,424.0
1,075.0 — 4,078.0 4,356.0 4,356.0 4,403.0
— — — 2,490.0 2,490.0 2,579.0
— 428.0 428.0 1,123.0 1,126.0 1,579.0
 — — 3,599.0 — — —
— — — — — —
— — — — — —
4,549.0 4,236.0 441.0 — — —
3,058.0 3,708.0 — — — —
5,150.0 4,446.0 3,933.0 9,494.0 12,745.0 11,836.0
— 636.0 623.0 347.0 714.0 1,507.0
434.0 622.0 1,051.0 907.0 840.0 1,122.0
47.0 57.0 40.0 40.0 84.0 100.0
16.0 14.0 15.0 0.0 0.0 0.0
— 1,446.0 1,590.0 1,328.0 1,774.0 1,624.0
4,992.0 5,176.0 5,476.0 5,629.0 717.0 1,213.0
60,274.0 64,170.0 63,139.0 77,819.0 93,749.0 99,176.0
92,358.0 91,900.0 101,459.0 113,327.0 123,249.0 127,963.0

10,749.0 11,702.0 10,556.0 11,659.0 13,535.0 14,953.0

2,969.0 2,748.0 2,063.0 2,475.0 2,928.0 3,824.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
7,780.0 8,954.0 8,493.0 9,184.0 10,607.0 11,129.0
281.0 1,596.0 2,634.0 4,634.0 1,776.0 1,261.0
281.0 508.0 32.0 16.0 37.0 500.0
0.0 0.0 0.0 0.0 0.0 0.0
— 1,088.0 2,602.0 4,618.0 1,739.0 761.0
2,538.0 2,713.0 2,456.0 4,009.0 2,110.0 412.0
2,096.0 2,205.0 2,188.0 1,718.0 1,656.0 0.0
442.0 508.0 212.0 371.0 454.0 412.0
0.0 0.0 56.0 1,920.0 0.0 0.0
13,568.0 16,011.0 15,646.0 20,302.0 17,421.0 16,626.0
13,165.0 12,059.0 20,036.0 20,649.0 25,037.0 25,098.0
13,165.0 12,059.0 20,036.0 20,649.0 25,037.0 25,098.0
0.0 0.0 0.0 0.0 0.0 0.0
7,369.0 7,965.0 3,795.0 5,268.0 10,906.0 11,257.0
0.0 0.0 0.0 0.0 4,069.0 4,897.0
1,308.0 1,808.0 1,657.0 2,119.0 — —
506.0 483.0 530.0 65.0 0.0 2,049.0
4,397.0 3,775.0 954.0 1,730.0 3,046.0 1,665.0
33.0 17.0 33.0 212.0 303.0 483.0
1,125.0 1,882.0 621.0 1,142.0 3,488.0 2,163.0
20,534.0 20,024.0 23,831.0 25,917.0 35,943.0 36,355.0
34,102.0 36,035.0 39,477.0 46,219.0 53,364.0 52,981.0
0.0 0.0 0.0 0.0 0.0 0.0
21,536.0 21,781.0 23,411.0 25,373.0 26,074.0 25,365.0
5.0 4.8 4.7 4.7 4.7 4.5
 21,531.0 21,776.2 23,406.3 25,368.3 26,069.3 25,360.5
0.0 — 0.0 0.0 0.0 0.0
35,477.0 33,418.0 37,614.0 40,747.0 42,083.0 50,172.0
1,243.00 666.00 957.00 988.00 1,728.00 -555.00
58,256.0 55,865.0 61,982.0 67,108.0 69,885.0 74,982.0
0.0 0.0 0.0 0.0 0.0 0.0
58,256.0 55,865.0 61,982.0 67,108.0 69,885.0 74,982.0
92,358.0 91,900.0 101,459.0 113,327.0 123,249.0 127,963.0

US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP

4,967.0 4,748.0 4,725.0 4,730.0 4,687.0 4,516.0
0.0 4.0 0.0 0.0 0.0 0.0
1,308.0 1,808.0 1,657.0 2,119.0 0.0 0.0
870.0 1,070.0 1,200.0 1,226.0 1,245.0 835.0
0.0 0.0 0.0 0.0 0.0 0.0
20.1 0.6 0.0 — — —
153.0 77.3 54.2 19.6 — —
-12,862.0 -7,496.0 -8,603.0 2,004.0 4,232.0 8,667.0
-22.08 -13.42 -13.88 2.99 6.06 11.56
55.54 52.95 54.20 48.49 38.03 42.17
2.36 1.73 2.45 1.75 1.69 1.73
49.23 50.85 72.80 79.73 87.09 82.36
11,300.0 12,000.0 11,100.0 11,100.0 8,400.0 14,500.0
107,600.00 106,700.00 107,300.00 106,000.00 102,700.00 107,400.00