EARNINGS REVIEW
AMD FY22 Q2 earnings report
Historical earnings report · Management guidance reflects expectations at the time of the release, not subsequent outcomes. The financial comparison uses the site’s normalized dataset, including comparative figures restated in later filings.
The new four-segment disclosure highlighted server and embedded growth.
Assessment · The new four-segment disclosure highlighted server and embedded growth. Reading consolidated margins alongside FCF separates business scale from cash realization. The next assessment depends on the business-specific checks set out below.
01 Business performance and growth drivers
Data Center 1.5 B$(+83%), Client 2.2 B$(+25%), Gaming 1.7 B$(+32%), Embedded 1.3 B$.
Versus the preceding quarter, consolidated revenue changed by +0.663 B$ and operating profit by -0.425 B$; operating margin changed by -8.1 percentage points. Segment commentary explains the consolidated result. Sequential changes without controlling for acquisitions, seasonality and product transitions are not long-term growth rates.
02 Profit quality and margins
Gross margins were 46% GAAP and 54% non-GAAP; Xilinx amortization depressed the GAAP measure.
On consolidated revenue of 6.550 B$, operating margin was 8.0% and net margin 6.8%. Net profit differed from operating profit by -0.079 B$, reflecting non-operating items, taxes and related effects. This difference cannot by itself be attributed to product demand or operating competitiveness.
03 Cash flow and financial capacity
Quarterly operating cash flow of 1.038 B$ less capital expenditure of 0.132 B$ gives common-basis FCF of 0.906 B$. Ending cash and cash equivalents were 4.964 B$, versus total liabilities of 12.333 B$. Liabilities are not equivalent to borrowings; cash excludes separately reported short-term investments.
Common-basis FCF was 13.8% of revenue. Both operating cash flow and capital expenditure refer to this quarter, not annual or trailing-twelve-month periods. Working-capital movements and non-cash adjustments mean operating cash flow need not equal net profit.
04 Management commentary and contemporaneous guidance
Management linked eight consecutive revenue records to execution and the expanded product portfolio.
Next-quarter guidance: revenue 6.7±0.2 B$ and non-GAAP gross margin 54%.
05 Risks and next checks
Embedded growth was heavily acquisition-driven; distinguish PC/gaming demand from data-center demand.
Quarterly results · CY-aligned presentation
| Metric · B$ | 2021 total of 2 included quarters | 3Q FY21 Q3 2021-09-25 | 4Q FY21 Q4 2021-12-25 | 2022 total of 2 included quarters | 1Q FY22 Q1 2022-03-26 | 2Q FY22 Q2 2022-06-25 | QoQ Δ | YoY Δ |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.139 | 4.313 | 4.826 | 12.437 | 5.887 | 6.550 | 0.663 | — |
| Operating income | 2.155 | 0.948 | 1.207 | 1.477 | 0.951 | 0.526 | −0.425 | — |
| Operating margin (%) | 23.580 | 21.980 | 25.010 | 11.876 | 16.154 | 8.031 | −8.124 pp | — |
| Net income | 1.897 | 0.923 | 0.974 | 1.233 | 0.786 | 0.447 | −0.339 | — |
| FCF · company definition | 1.500 | 0.764 | 0.736 | 1.830 | 0.924 | 0.906 | −0.018 | — |
| Operating cash flow · total | 1.671 | 0.849 | 0.822 | 2.033 | 0.995 | 1.038 | 0.043 | — |
| Net cash CapEx · common | 0.171 | 0.085 | 0.086 | 0.203 | 0.071 | 0.132 | 0.061 | — |
| Cash CapEx · Chinese company definition | — | — | — | — | — | — | — | — |
| FCF · total calculation | 1.500 | 0.764 | 0.736 | 1.830 | 0.924 | 0.906 | −0.018 | — |
| Net cash · liquid assets less borrowings | 3.295 | 3.295 | 3.295 | 3.215 | 4.745 | 3.215 | −1.530 | — |
| Liquid assets · including short-term investments | 3.608 | 3.608 | 3.608 | 5.992 | 6.532 | 5.992 | −0.540 | — |
| Borrowings · interest-bearing debt | 0.313 | 0.313 | 0.313 | 2.777 | 1.787 | 2.777 | 0.990 | — |
| Cash and cash equivalents | 2.535 | 2.440 | 2.535 | 4.964 | 4.740 | 4.964 | 0.224 | — |
| Total liabilities · accounting liabilities | 4.922 | 4.017 | 4.922 | 12.333 | 11.582 | 12.333 | 0.751 | — |
CY denotes the calendar quarter with the greatest overlap with the fiscal period. If the first period has no start date, 89 days before its end is used only for calendar mapping. Financial values are not recalculated into calendar quarters. Incomplete years show totals of included quarters; cash, liabilities, borrowings and net cash use the last period-end balance. QoQ and YoY show absolute changes; margin changes are percentage points. Dashes indicate missing evidence or incomparable periods or definitions. Total liabilities never substitute for borrowings.
Definitions and evidence coverage
A dash means unavailable or undisclosed, not zero. Company-defined FCF may differ from total operating cash flow less common-basis CapEx. Total liabilities are accounting liabilities, not interest-bearing debt.
Management commentary summarizes the contemporaneous official earnings release; this report does not represent a full conference-call Q&A review.
Official source documents
- amd reports second quarter 2022 financial results ↗
- Canonical financial data filing reference ↗
- Filing source of the existing audited financial series ↗
- Filing source of the existing audited financial series ↗
- Financial filing · 2021-09-25 ↗
- Financial filing · 2021-09-25 ↗
- Financial filing · 2021-12-25 ↗
- Financial filing · 2021-12-25 ↗
- Financial filing · 2022-03-26 ↗
- Financial filing / balance sheet ↗