Slide 1: AMD Fourth Quarter and Full Year 2024 Financial Results
AMD Fourth Quarter and FINANCIAL Full Year 2024 RESULTS February 4, 2025
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT This presentation contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD), such as the features, functionality, performance, availability, timing and expected benefits of future AMD products; AMD's large growth opportunities across diverse set of market
Slide 3: Our Journey
OUR JOURNEY Leadership Expanding Customer Data Center Strong Product Portfolio & Partner Ecosystem and AI Growth Financial Foundation 33 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025
Slide 4: High Performance & Adaptive Computing Leadership
Leadership Foundational IP Accelerating innovation in silicon architecture, advanced packaging, and software HIGH Breadth and Depth of Portfolio Scaling compute engines from Cloud to Edge to PERFORMANCE Endpoints with leadership performance per watt & ADAPTIVE Open, Proven Software Ecosystem COMPUT
Slide 5: Large Growth Opportunities Across a Diverse Set of Markets
LARGE GROWTH OPPORTUNITIES Across a Diverse Set of Markets Data Center Client Gaming Embedded Leadership Performance and Stunning visuals Computing performance and energy efficiency for and immersive leadership for TCO across cloud, productivity, AI, experiences for diverse markets enterprise and AI
Slide 6: Leading-Edge Data Center Innovation
Q4 Announcements LEADING-EDGE DATA CENTER INNOVATION Fastest supercomputer, AMD Instinct MI300X Launched X86 Ecosystem El Capitan, breaking accelerators ROCm 6.3 Advisory Group Exascale Barrier in IBM Cloud Second AMD powered Bringing AMD Instinct Continued evolution of Industry group will shape the
Slide 7: Expanded Consumer and Commercial AI PC Portfolio
Announced at CES 2025 EXPANDED CONSUMER AND COMMERCIAL AI PC PORTFOLIO AMD Ryzen AI Max and AMD Ryzen AI 300 and AMD Ryzen 9950X3D 100+ Ryzen enterprise Ryzen AI Max PRO Series Ryzen AI 300 PRO Series Desktop Processors platforms through 2025 The power of a Expanded lineup for the Extended gaming Sy
Slide 8: Revenue Q4 2024
REVENUE Q4 2024 $7.7B ▪ Record revenue of $7.7 billion increased 24% y/y ▪ Revenue growth in Data Center and $6.2B Client segments partially offset by lower revenue in Gaming and Embedded segments Q4 2023 Q4 2024 8 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025
Slide 9: Gross Margin Q4 2024
GROSS MARGIN Q4 2024 GAAP Non-GAAP1 54% 51% 51% 47% Q4 2023 Q4 2024 Q4 2023 Q4 2024 Increase in gross margin driven by a favorable shift in revenue mix with higher Data Center and Client revenues, lower Gaming revenue, partially offset by the impact of lower Embedded revenue 1. See Appendices for GA
Slide 10: Operating Income Q4 2024
OPERATING INCOME Q4 2024 GAAP Non-GAAP1 $2.0B $1.4B $0.9B $0.3B Q4 2023 Q4 2024 Q4 2023 Q4 2024 Increase in both GAAP and non-GAAP operating income driven by higher revenue and gross margin 1. See Appendices for GAAP to Non-GAAP reconciliation 10 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025
Slide 11: Earnings Per Share Q4 2024
EARNINGS PER SHARE Q4 2024 GAAP Non-GAAP1 $1.09 $0.77 $0.41 $0.29 Q4 2023 Q4 2024 Q4 2023 Q4 2024 ▪ GAAP net income of $482 million ▪ Record non-GAAP net income of $1.8 billion ▪ GAAP EPS down 29% y/y, primarily driven by higher ▪ Non-GAAP EPS up 42% y/y, primarily driven by higher revenue and gross
Slide 12: Q4 2024 Summary P&L | GAAP
Q4 2024 SUMMARY P&L | GAAP $ in millions, except per share data and % Q4’24 Q4’23 Y/Y Q3’24 Q/Q Revenue $7,658 $6,168 Up 24% $6,819 Up 12% Gross Profit $3,882 $2,911 Up 33% $3,419 Up 14% Gross Margin 51% 47% Up 4 ppts 50% Up 1 ppt Operating Expenses $3,022 $2,575 Up 17% $2,709 Up 12% Operating Expen
Slide 13: Q4 2024 Summary P&L | Non-GAAP
1 Q4 2024 SUMMARY P&L | NON-GAAP $ in millions, except per share data and % Q4’24 Q4’23 Y/Y Q3’24 Q/Q Revenue $7,658 $6,168 Up 24% $6,819 Up 12% Gross Profit $4,140 $3,133 Up 32% $3,657 Up 13% Gross Margin 54% 51% Up 3 ppts 54% Flat Operating Expenses $2,125 $1,727 Up 23% $1,956 Up 9% Operating Expe
Slide 14: Q4 2024 Segment Results
Q4 2024 SEGMENT RESULTS ($ in millions) Q4’24 Q4’23 Y/Y Q3’24 Q/Q Data Center Net Revenue $3,859 $2,282 Up 69% $3,549 Up 9% Operating Income $1,157 $666 Up 74% $1,041 Up 11% Client Net Revenue $2,313 $1,461 Up 58% $1,881 Up 23% Operating Income $446 $55 Up 711% $276 Up 62% Gaming Net Revenue $563 $1
Slide 15: Revenue FY 2024
REVENUE FY 2024 ▪ Record revenue of $25.8 billion increased $25.8B 14% y/y $22.7B ▪ Revenue growth in Data Center and Client segments partially offset by lower revenue in Gaming and Embedded segments FY 2023 FY 2024 15 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025
Slide 16: Gross Margin FY 2024
GROSS MARGIN FY 2024 GAAP Non-GAAP1 53% 50% 49% 46% FY 2023 FY 2024 FY 2023 FY 2024 Increase in gross margin driven by a favorable shift in revenue mix with higher Data Center and Client revenues, lower Gaming revenue, partially offset by the impact of lower Embedded revenue 1. See Appendices for GA
Slide 17: Operating Income FY 2024
OPERATING INCOME FY 2024 GAAP Non-GAAP1 $6.1B $1.9B $4.9B $0.4B FY 2023 FY 2024 FY 2023 FY 2024 ▪ GAAP operating income increased y/y primarily driven ▪ Non-GAAP operating income increased y/y primarily by higher revenue and gross margin, and lower driven by higher revenue and gross margin, partiall
Slide 18: Earnings Per Share FY 2024
EARNINGS PER SHARE FY 2024 GAAP Non-GAAP1 $3.31 $2.65 $1.00 $0.53 FY 2023 FY 2024 FY 2023 FY 2024 ▪ GAAP net income of $1.6 billion, up 92% y/y ▪ Non-GAAP net income of $5.4 billion, up 26% y/y ▪ GAAP EPS of $1.00, up 89% y/y, primarily driven ▪ Non-GAAP EPS of $3.31, up 25% y/y, primarily driven by
Slide 19: FY 2024 Summary P&L | GAAP
FY 2024 SUMMARY P&L | GAAP ($ in millions, except per share data) 2024 2023 Y/Y Revenue $25,785 $22,680 Up 14% Gross Profit $12,725 $10,460 Up 22% Gross Margin 49% 46% Up 3 ppts Operating Expenses $10,873 $10,093 Up 8% Operating Expense/Revenue % 42% 45% Down 3 ppts Operating Income $1,900 $401 Up 3
Slide 20: FY 2024 Summary P&L | Non-GAAP
1 FY 2024 SUMMARY P&L | NON-GAAP ($ in millions, except per share data) 2024 2023 Y/Y Revenue $25,785 $22,680 Up 14% Gross Profit $13,759 $11,436 Up 20% Gross Margin 53% 50% Up 3 ppts Operating Expenses $7,669 $6,616 Up 16% Operating Expense/Revenue % 30% 29% Up 1 ppt Operating Income $6,138 $4,854
Slide 21: FY 2024 Segment Results
FY 2024 SEGMENT RESULTS ($ in millions) 2024 2023 Y/Y Data Center Net Revenue $12,579 $6,496 Up 94% Operating Income $3,482 $1,267 Up 175% Client Net Revenue $7,054 $4,651 Up 52% Operating Income (Loss) $897 ($46) Up 2,050% Gaming Net Revenue $2,595 $6,212 Down 58% Operating Income $290 $971 Down 70
Slide 22: Q4 2024 Summary Balance Sheet Items
Q4 2024 SUMMARY BALANCE SHEET ITEMS ($ in millions) Q4’24 Q3’24 Q/Q Cash, Cash Equivalents and $5,132 $4,544 Up 13% Short-term Investments Accounts Receivable, Net 1 $6,192 $6,288 Down 2% Inventories $5,734 $5,374 Up 7% Total Debt $1,721 $1,720 Flat 1 Unbilled receivables of $953 million as of Q3’24
Slide 23: Data Center Segment Q4 2024
DATA CENTER SEGMENT Q4 2024 Revenue Operating Margin $3.9B 29% 30% Strategic Highlights ▪ Strong growth in public cloud deployments with 1,000+ EPYC instances exiting 2024. Microsoft, Google, AWS, Tencent, and Alibaba launched 100+ AMD general- $2.3B purpose and AI instances in Q4’24. ▪ Growing pull
Slide 24: Client Segment Q4 2024
CLIENT SEGMENT Q4 2024 Revenue Operating Margin $2.3B 19% $1.5B Strategic Highlights ▪ Announced AMD Ryzen AI PRO processors will power Dell Pro notebook and desktop PCs for enterprise users; first full portfolio of Dell commercial PCs based on Ryzen processors. 4% ▪ Expanded consumer and commercial
Slide 25: Gaming Segment Q4 2024
GAMING SEGMENT Q4 2024 Revenue Operating Margin $1.4B 16% Strategic Highlights ▪ Released latest version of AMD Software: 9% Adrenalin Edition , 24.9.1, to enhance gaming $0.6B experiences with AMD Fluid Motion Frames 2 and AMD HYPR-RX. ▪ Next-generation Radeon 9070 series GPUs powered by RDNA 4 arc
Slide 26: Embedded Segment Q4 2024
EMBEDDED SEGMENT Q4 2024 Revenue Operating Margin $1.1B $0.9B Strategic Highlights 44% 39% ▪ Announced AMD Versal Gen 2 portfolio for data- intensive applications in the data center, communications, test and measurement and aerospace and defense markets. ▪ Introduced AMD Versal RF Series adaptive So
Slide 27: Financial Outlook – Non-GAAP
FINANCIAL OUTLOOK – NON-GAAP 1 ($ in millions) Q1’25 ~$7.1 Billion, Revenue +/- $300 Million Gross Margin ~54% Operating Expenses ~$2.1 Billion Interest Expense/Other Income (Expense), net ~$24 Million Effective Tax Rate ~13% of pre-tax income Diluted Share Count² ~1.64 Billion shares 1. 1. See Caut
Slide 28: Q4 2024 Summary
1 Q4 2024 SUMMARY Record Revenue Data Center Segment Gross Margin 51% EPS $0.29 $7.7B Revenue $3.9B Non-GAAP Non-GAAP EPS $1.09 Up 24% y/y Up 69% y/y Gross Margin 54% RECORD QUARTERLY DATA CENTER SEGMENT AND CLIENT SEGMENT REVENUE 28 28 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025 1. See Appendices
Slide 29: FY 2024 Summary
1 FY 2024 SUMMARY Record Revenue Data Center Segment Gross Margin 49% EPS $1.00 $25.8B Revenue Up 94% y/y, Non-GAAP Non-GAAP EPS $3.31 Up 14% y/y Client Up 52% y/y Gross Margin 53% RECORD ANNUAL DATA CENTER SEGMENT AND CLIENT SEGMENT REVENUE 1. See Appendices for GAAP to Non-GAAP reconciliation. 29
Slide 30: Corporate Responsibility at AMD
CORPORATE RESPONSIBILITY AT AMD Environmental Social Governance Advancing environmental solutions in our Fostering a culture of diversity, belonging Integrating corporate responsibility and products, supply chain and operations, while and inclusion, partnering with suppliers and governance across pr
Slide 31: Our Momentum
OUR MOMENTUM Large and Expanding World-Class Technology Strong Compelling Data Center and Execution Leadership Balance Sheet TAM AI Leadership and Focus DRIVING LONG-TERM SHAREHOLDER RETURNS 31 31 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025
Slide 32: Appendices: Reconciliation of Gross Profit and Operating Expenses
APPENDICES RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND GROSS MARGIN ($ in millions, except %) (Unaudited) Q4’24 Q4’23 Q3’24 2024 2023 GAAP gross profit $3,882 $2,911 $3,419 $12,725 $10,460 GAAP gross margin 51% 47% 50% 49% 46% Stock-based compensation 6 6 5 22 30 Amortization of acquisition-
Slide 33: Appendices: Reconciliation of Operating Income
APPENDICES RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME ($ in millions, except %) (Unaudited) Q4’24 Q4’23 Q3’24 2024 2023 GAAP operating income $ 871 $ 342 $ 724 $ 1,900 $ 401 GAAP operating margin 11% 6% 11% 7% 2% Stock-based compensation 339 374 351 1,407 1,380 Amortization
Slide 34: Appendices: Reconciliation of Net Income / EPS
APPENDICES RECONCILIATION OF GAAP TO NON-GAAP NET INCOME / EARNINGS PER SHARE (Millions, except per share data) (Unaudited) Q4’24 Q4’23 Q3’24 2024 2023 GAAP net income / earnings per share $ 482 $ 0.29 $ 667 $ 0.41 $ 771 $ 0.47 $1,641 $ 1.00 $ 854 $ 0.53 (Gains) losses on equity investments, net – –
Slide 35: Appendices: Share Count Overview
APPENDICES SHARE COUNT OVERVIEW (1) Q4’24 2024 Q1’25 Shares (millions) Actual Actual Estimate Basic shares 1,623 1,620 1,623 Dilutive impact from employee equity grants (2) 11 17 12 Diluted shares 1,634 1,637 1,635 The table above provides actual share count for Q4’24 and 2024 and an estimate of sha
Slide 36: Endnotes
ENDNOTES STX-04: Based on AMD product specifications and competitive products announced as of May 2024. AMD RyzenTM AI 300 Series processors’ NPU offer up to 50 peak TOPS. AI PC is defined as a laptop PC with a processor that includes a neural processing unit (NPU). STX-04. GD-220c: RyzenTM AI is de
Slide 37: Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025
37 Q4 2024 FINANCIAL RESULTS – FEBRUARY 4, 2025