Stock Analysis on Net
Stock Analysis on Net

Advanced Micro Devices Inc. (NASDAQ:AMD)

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Analysis of Income Taxes

Microsoft Excel LibreOffice Calc

Income Tax Expense (Benefit)

Advanced Micro Devices Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
U.S. Federal
U.S. State and Local
Non-U.S.
Current
U.S. Federal
U.S. State and Local
Non-U.S.
Deferred
Income tax provision (benefit)

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Advanced Micro Devices Inc.’s current increased from 2018 to 2019 but then slightly decreased from 2019 to 2020 not reaching 2018 level.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Advanced Micro Devices Inc.’s deferred decreased from 2018 to 2019 and from 2019 to 2020.
Income tax provision (benefit) Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Advanced Micro Devices Inc.’s income tax provision (benefit) increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Effective Income Tax Rate (EITR)

Advanced Micro Devices Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Statutory federal income tax rate
Effective income tax rate, before Tax Reform Act
Effective income tax rate

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

Item Description The company
Effective income tax rate, before Tax Reform Act Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Advanced Micro Devices Inc.’s effective income tax rate, before Tax Reform Act increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Components of Deferred Tax Assets and Liabilities

Advanced Micro Devices Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Net operating loss carryovers
Accruals and reserves not currently deductible
Acquired intangibles and goodwill
Federal and state tax credit carryovers
Foreign research and development ITC credits
Capitalized costs
Lease liability
Discount of convertible notes
Other
Deferred tax assets
Valuation allowance
Deferred tax assets, net of valuation allowance
Right-of-use assets
Discount of convertible notes
Undistributed foreign earnings
Other
Deferred tax liabilities
Net deferred tax assets (liabilities)

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

Item Description The company
Deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Advanced Micro Devices Inc.’s deferred tax assets increased from 2018 to 2019 and from 2019 to 2020.
Deferred tax assets, net of valuation allowance Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Advanced Micro Devices Inc.’s deferred tax assets, net of valuation allowance increased from 2018 to 2019 and from 2019 to 2020.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Advanced Micro Devices Inc.’s net deferred tax assets (liabilities) increased from 2018 to 2019 and from 2019 to 2020.

Deferred Tax Assets and Liabilities, Classification

Advanced Micro Devices Inc., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Deferred tax assets
Deferred tax liabilities (included in Other long-term liabilities)

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Advanced Micro Devices Inc.’s deferred tax assets increased from 2018 to 2019 and from 2019 to 2020.
Deferred tax liabilities (included in Other long-term liabilities) Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.

Adjustments to Financial Statements: Removal of Deferred Taxes

Advanced Micro Devices Inc., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Adjustment to Total Assets
Total assets (as reported)
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)
Less: Net deferred tax assets (liabilities)
Stockholders’ equity (adjusted)
Adjustment to Net Income (loss)
Net income (loss) (as reported)
Add: Deferred income tax expense (benefit)
Net income (loss) (adjusted)

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).


Advanced Micro Devices Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Advanced Micro Devices Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Advanced Micro Devices Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Advanced Micro Devices Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Advanced Micro Devices Inc.’s adjusted financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Advanced Micro Devices Inc.’s adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Advanced Micro Devices Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Advanced Micro Devices Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)
Net revenue
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss)
Net revenue
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

2020 Calculations

1 Net profit margin = 100 × Net income (loss) ÷ Net revenue
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net revenue
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Advanced Micro Devices Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net revenue
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenue
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

2020 Calculations

1 Total asset turnover = Net revenue ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Advanced Micro Devices Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Total assets
Stockholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted stockholders’ equity
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

2020 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Advanced Micro Devices Inc.’s adjusted financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)
Stockholders’ equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss)
Adjusted stockholders’ equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

2020 Calculations

1 ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Advanced Micro Devices Inc.’s adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss)
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2021-01-29), 10-K (filing date: 2020-02-04), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-21).

2020 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Advanced Micro Devices Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.