Financial Statement Model for Intel

$ mm except per share

Company name Intel

Ticker INTC
Share price as of last close $49.09
Latest closing share price date 25.01.2024
Latest fiscal year end date 31.12.2022
Circuit breaker: OFF

INCOME STATEMENT
Fiscal year 2020A 2021A
Fiscal year end date 12.26.20 12.25.21

Revenue 77,867.0 79,024.0

Cost of sales (enter as -) (34,255.0) (35,209.0)
Gross Profit 43,612.0 43,815.0
Research & development (enter as -) (13,556.0) (15,190.0)
Selling, general & administrative (enter as -) (6,180.0) (6,543.0)
Restructuring and other charges (198.0) (2,626.0)
Operating profit (EBIT) 23,678.0 19,456.0
Gains (losses) on equity investments, net 1,904.0 2,729.0
Interest income 272.0 144.0
Interest expense (enter as -) (629.0) (597.0)
Other income/(expense) (enter as - if expense) (147.0) (29.0)
Pretax profit 25,078.0 21,703.0
Taxes (enter expense as -) (4,179.0) (1,835.0)
Net income 20,899.0 19,868.0

Basic shares outstanding 4,199.0 4,059.0

Impact of dilutive securities 33.0 31.0
Diluted shares outstanding 4,232.0 4,090.0

Basic EPS 5.0 4.9

Diluted EPS 4.9 4.9

Growth rates & margins

Revenue growth 1.5%
Gross profit as % of sales 56.0% 55.4%
R&D margin (17.4%) (19.2%)
SG&A margin (7.9%) (8.3%)
Restructuring and other charges (0.3%) (3.3%)
Tax rate (16.7%) (8.5%)
Operating Margin 30.4% 24.6%
Net Income Margin 26.8% 25.1%

EBITDA reconciliation
Depreciation & amortization
Stock based compensation
EBITDA

SEGMENTS
Fiscal year 2020A 2021A
Fiscal year end date 12.26.20 12.25.21
Products:
Desktop 11,179.0 12,437.0
Notebook 24,897.0 25,443.0
Data Center and AI 23,413.0 22,691.0
Network and Edge 7,132.0 7,976.0
Other 11,246.0 10,477.0
Total 77,867.0 79,024.0

Product weight
Desktop 14.1% 19.7%
Notebook 31.5% 40.4%
Data Center and AI 29.6% 36.0%
Network and Edge 9.0% 12.6%
Other 14.2% 16.6%
Total 98.5% 125.3%

Product growth rates

Desktop - 11.3%
Notebook - 2.2%
Data Center and AI - (3.1%)
Network and Edge - 11.8%
Other - (6.8%)
Total - 1.5%
Notes:
(1). Rates according to www.techspot.com 2023-2026
(2). According to seekingalpha.com 2023-2026 and www.techpowerup.com
(3). Accordign to www.morningstar.com
(4). According to seekingalpha.com 2023-2026
(5). Assuming 2022 growth rate will remain stable in 2023-2026
 2022A 2023A 2024P 2025P 2026P 2027P
12.31.22 12.30.23 6.30.24 6.30.25 6.30.26 6.30.27

63,054.0 54,228.0
(36,188.0) (36,188.0)
26,866.0
(17,528.0)
(7,002.0)
(2.0)
2,334.0
4,268.0
589.0
(496.0)
1,073.0
7,768.0
249.0
8,017.0

4,108.0
15.0
4,123.0

2.0
1.9

(20.2%)
42.6%
(27.8%)
 (11.1%)
(0.003%)
3.2%
3.7%
12.7%

2022A 2023A
12.31.22 12.30.23

10,661.0
18,783.0
19,196.0
8,873.0
5,541.0
63,054.0

#DIV/0!
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(14.3%)
(26.2%)
(15.4%)
11.2%
(47.1%)
(20.2%)
 12 Months Ended
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions
Dec. 31, 2023 Dec. 31, 2022
Income Statement [Abstract]
Net revenue $ 54 228 $ 63 054
Cost of sales 32 517 36 188
Gross margin 21 711 26 866
Research and development 16 046 17 528
Marketing, general and administrative 5 634 7 002
Restructuring and other charges -62 2
Operating expenses 21 618 24 532
Operating income 93 2 334
Gains (losses) on equity investments, net 40 4 268
Interest and other, net 629 1 166
Income before taxes 762 7 768
Provision for (benefit from) taxes -913 -249
Net income 1 675 8 017
Net loss attributable to non-controlling interest -14 3
Net income attributable to Intel $ 1 689 $ 8 014
Earnings per share attributable to Intel—basic $ 0,40 $ 1,95
Earnings per share attributable to Intel—diluted $ 0,40 $ 1,94
Weighted average shares of common stock outstanding:
Basic (shares) 4 190 4 108
Diluted (shares) 4 212 4 123
Months Ended
Dec. 25, 2021 Dec. 26, 2020

$ 79 024 $ 77 867
35 209 34 255
43 815 43 612
15 190 13 556
6 543 6 180
2 626 198
24 359 19 934
19 456 23 678
2 729 1 904
-482 -504
21 703 25 078
1 835 4 179
19 868 20 899
0 0
$ 19 868 $ 20 899
$ 4,89 $ 4,98
$ 4,86 $ 4,94

4 059 4 199
4 090 4 232
 Consolidated Balance Sheets - USD ($) $ in Millions
Current assets:
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Short-term investments
Accounts receivable, net
Inventories
Assets held for sale
Other current assets
Total current assets
Property, plant and equipment, net
Equity investments
Goodwill
Identified intangible assets, net
Other long-term assets
Total assets
Current liabilities:
Short-term debt
Accounts payable
Accrued compensation and benefits
Income taxes payable
Other accrued liabilities
Total current liabilities
Debt
Income taxes payable, non-current
Deferred income taxes
Other long-term liabilities
Commitments and Contingencies (Note 19)
Stockholders' equity:
Preferred stock, $0.001 par value, 50 shares authorized; none issued
Common stock, $0.001 par value, 10,000 shares authorized; 4,137 shares issued and outstanding
(4,070 issued other
Accumulated and outstanding in 2021)
comprehensive and (loss)
income capital in excess of par value
Retained earnings
Total Intel stockholders' equity
Non-controlling interests
Total stockholders’ equity
Total liabilities and stockholders' equity
Dec. 31, 2023 Dec. 31, 2022 Dec. 25, 2021

$ 11 144 $ 4 827
17 194 24 426
4 133 9 457
13 224 10 776
45 6 942
4 667 2 130
50 407 58 558
80 860 63 245
5 912 6 298
27 591 26 963
6 018 7 270
11 315 6 072
182 103 168 406

4 367 4 591
9 595 5 747
4 084 4 535
2 251 1 076
11 858 11 513
32 155 27 462
37 684 33 510
3 796 4 305
202 2 667
4 980 5 071

0 0
31 580 28 006
-562 -880
70 405 68 265
101 423 95 391
1 863 0
103 286 95 391
$ 182 103 $ 168 406
 12 Months Ended
Consolidated Statements of Cash Flows - USD ($) $ in Millions Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents, beginning of period $ 4 827
Cash flows provided by (used for) operating activities:
Net income 8 017
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 11 128
Share-based compensation 3 128
Restructuring and other charges 1 074
Amortization of intangibles 1 907
(Gains) losses on equity investments, net -4 254
(Gains) losses on divestitures -1 059
Changes in assets and liabilities:
Accounts receivable 5 327
Inventories -2 436
Accounts payable -29
Accrued compensation and benefits -1 533
Customer deposits and prepaid supply agreements -24
Income taxes -4 535
Other assets and liabilities -1 278
Total adjustments 7 416
Net cash provided by operating activities 15 433
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment -24 844
Additions to held for sale NAND property, plant, and equipment 206
Purchase of short-term investments -43 647
Maturities and sales of short-term investments 48 730
Purchases of equity investments -510
Sales of equity investments 4 961
Proceeds from divestitures 6 579
Other investing -1 540
Net cash used for investing activities -10 477
Cash flows provided by (used for) financing activities:
Issuance of commercial paper, net of issuance costs 3 945
Payments on finance leases -345
Partner contributions 874
Proceeds from Mobileye IPO 1 032
Issuance of term debt, net of issuance costs 6 548
Repayments of Long-term Debt -4 984
Proceeds from sales of common stock through employee equity incentive plans 977
Repurchase of common stock 0
Payment of dividends to stockholders -5 997
Other financing -689
Net cash provided by (used for) financing activities 1 361
Net increase (decrease) in cash and cash equivalents 6 317
Cash and cash equivalents, end of period 11 144
Supplemental disclosures:
Acquisition of property, plant and equipment included in accounts payable and accrued liab 5 431
Interest, net of capitalized interest 459
Income taxes, net of refunds $ 4 282
12 Months Ended
Dec. 25, 2021 Dec. 26, 2020

$ 5 865 $ 4 194

19 868 20 899

9 953 10 482
2 036 1 854
2 626 198
1 839 1 757
-1 458 -1 757
0 -30

-2 674 883
-2 339 -687
1 190 405
515 348
-1 583 -181
-441 1 620
-76 73
9 588 14 965
29 456 35 864

-18 733 -14 259

1 596 194
-40 554 -29 239
35 299 22 158
-613 -720
581 910
0 123
1 167 -303
-24 449 -21 524

0 0
0 0
0 0
0 0
4 974 10 247
-2 500 -4 525
1 020 897
 -2 415 -14 229
-5 644 -5 568
-1 480 509
-6 045 -12 669
-1 038 1 671
4 827 5 865

1 619 2 973
545 594
$ 2 263 $ 2 436