Stock Analysis on Net

Advanced Micro Devices Inc. (NASDAQ:AMD)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Advanced Micro Devices Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Net income
Depreciation and amortization
Amortization of acquisition-related intangibles
Stock-based compensation
Amortization of operating lease right-of-use assets
Amortization of inventory fair value adjustment
Loss on debt redemption, repurchase and conversion
Deferred income taxes
Inventory loss at contract manufacturer
Other
Accounts receivable, net
Inventories
Prepaid expenses and other assets
Receivables from and payable to related parties, net
Accounts payable
Accrued and other liabilities
Changes in operating assets and liabilities
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Purchases of property and equipment
Purchases of short-term investments
Proceeds from maturity of short-term investments
Proceeds from sale of short-term investments
Cash received from acquisition of Xilinx
Acquisitions, net of cash acquired
Related party equity method investment
Issuance of loan to related party
Purchases of strategic investments
Other
Net cash (used in) provided by investing activities
Proceeds from debt, net of issuance costs
Repayment of debt
Proceeds from sales of common stock through employee equity plans
Repurchases of common stock
Stock repurchases for tax withholding on employee equity plans
Other
Net cash provided by (used in) financing activities
Net increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of year
Cash, cash equivalents and restricted cash at end of year

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).


Net Income
Net income showed growth from 2020 to 2021, increasing from $2,490 million to $3,162 million, followed by a steep decline in 2022 to $1,320 million. The downward trend continued into 2023 reaching $854 million, then partially recovered to $1,641 million in 2024.
Depreciation and Amortization
Depreciation and amortization consistently increased over the period, rising from $312 million in 2020 to $671 million by 2024. Amortization of acquisition-related intangibles, introduced in 2022 at $3,548 million, decreased in subsequent years but remained significant.
Stock-Based Compensation
Stock-based compensation rose sharply from $274 million in 2020 to $1,407 million in 2024, reflecting a substantial increase in non-cash employee compensation expense.
Operating Lease and Inventory Adjustments
Amortization of operating lease right-of-use assets gradually increased from $42 million in 2020 to $113 million in 2024. Amortization of inventory fair value adjustment was present only in 2022 and 2023, with values $189 million and $3 million, respectively.
Other Income Statement Adjustments
The loss on debt redemption was minor and sporadic, while deferred income taxes fluctuated markedly, showing large negative and positive swings, indicating variable tax expense recognition over the years.
Changes in Working Capital
Working capital components generally displayed negative trends, with accounts receivable rising negatively from -$219 million to -$1,865 million and inventories fluctuating but ending at a substantial negative -$1,458 million in 2024. Prepaid expenses followed a negative trend until 2024, where they became positive. Accounts payable reversed from a positive position in 2021 and 2022 to negative in later years, reflecting changes in operating cash flow timing.
Operating Cash Flow
Net cash provided by operating activities peaked in 2022 at $3,565 million, declined in 2023 to $1,667 million, and improved again in 2024 to $3,041 million, mirroring the fluctuations in net income and adjustments for non-cash items and working capital changes.
Investing Activities
Capital expenditures increased steadily from -$294 million in 2020 to -$636 million in 2024. Purchases of short-term investments were substantially higher in 2023 at -$3,722 million but decreased to -$1,493 million by 2024. Proceeds from maturity of short-term investments peaked in 2022 at $4,310 million. Notably, cash received from acquisition of Xilinx was $2,366 million in 2022, followed by net outflows for acquisitions in later years. Net cash provided by investing activities displayed significant variability, being positive in 2022 but negative in 2023 and 2024.
Financing Activities
Debt activities were irregular, with net proceeds in 2022 and considerable repayments in 2020 and 2024. Equity financing via employee equity plans increased slightly over time, while repurchases of common stock peaked in 2022 at $3,702 million and diminished thereafter. Stock repurchases for tax withholding rose steadily. Overall, net cash used in financing activities was negative in most years, reaching -$2,062 million in 2024.
Liquidity Position
The company’s cash balance increased significantly from $1,595 million at the end of 2020 to $4,835 million at the end of 2022, before declining to $3,811 million in 2024, indicating accumulation of cash in earlier years followed by moderate utilization in recent periods.
Overall Trends and Insights
The financial data indicate volatility in profitability with net income peaking in 2021, followed by a downturn and partial recovery. Depreciation, amortization, and stock-based compensation expenses have increased, impacting earnings quality. Operating cash flow demonstrated resilience despite fluctuations in working capital. Investment activities emphasize strategic acquisitions and substantial investment in short-term securities with timing differences affecting cash flows. Financing actions reflect active management of capital structure with significant stock repurchases and variable debt transactions. The liquidity position has been maintained at a strong level despite cash outflows in later years.