Exhibit 99.1
Intel Corporation
2200 Mission College Blvd.
Santa Clara, CA 95054-1549
News Release Intel Reports Third-Quarter Revenue of $14.5 Billion, Net Income of $3.1 Billion
News Highlights:
• | Quarterly revenue of $14.5 billion, above the midpoint of outlook; gross margin of 63 percent, consistent with outlook |
• | Quarterly revenue approximately flat year-over-year, with growth in the data center, Internet of things (IoT) and non-volatile memory businesses offsetting lower client revenue |
• | Results show customer enthusiasm for 6th Gen Intel® Core™ processors |
SANTA CLARA, Calif., October 13, 2015 -- Intel Corporation today reported third-quarter revenue of $14.5 billion, operating income of $4.2 billion, net income of $3.1 billion and EPS of 64 cents. The company generated approximately $5.7 billion in cash from operations, paid dividends of $1.1 billion, and used $1.0 billion to repurchase 36 million shares of stock.
“We executed well in the third quarter and delivered solid results in a challenging economic environment,” said Brian Krzanich, Intel CEO. “The quarter demonstrates Intel innovation in action. Customers are excited about our new 6th Gen Intel Core processor, and we introduced our breakthrough 3D XPoint™ technology, the industry’s first new memory category in more than two decades."
Q3 Key Business Unit Trends
• | Client Computing Group revenue of $8.5 billion, up 13 percent sequentially and down 7 percent year-over-year |
• | Data Center Group revenue of $4.1 billion, up 8 percent sequentially and up 12 percent year-over-year |
• | Internet of Things Group revenue of $581 million, up 4 percent sequentially and up 10 percent year-over-year |
• | Software and services operating segments revenue of $556 million, up 4 percent sequentially and flat year-over-year |
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Financial Comparison | |||
Quarterly Year-Over-Year | |||
Q3 2015 | Q3 2014 | vs. Q3 2014 | |
Revenue | $14.5 billion | $14.6 billion | approx. flat |
Gross Margin | 63.0% | 65.0% | down 2.0 points |
R&D and MG&A | $4.8 billion | $4.8 billion | flat |
Operating Income | $4.2 billion | $4.5 billion | down 8% |
Tax Rate | 26.9% | 27.1% | down 0.2 point |
Net Income | $3.1 billion | $3.3 billion | down 6% |
Earnings Per Share | 64 cents | 66 cents | down 3% |
Financial Comparison | |||
Quarterly Sequential | |||
Q3 2015 | Q2 2015 | vs. Q2 2015 | |
Revenue | $14.5 billion | $13.2 billion | up 10% |
Gross Margin | 63.0% | 62.5% | up 0.5 point |
R&D and MG&A | $4.8 billion | $5.0 billion | down 4% |
Operating Income | $4.2 billion | $2.9 billion | up 45% |
Tax Rate | 26.9% | 9.3% | up 17.6 points |
Net Income | $3.1 billion | $2.7 billion | up 15% |
Earnings Per Share | 64 cents | 55 cents | up 16% |
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Business Outlook
Intel’s Business Outlook does not include the potential impact of any business combinations, asset acquisitions, divestitures, strategic investments and other significant transactions that may be completed after October 13.
Q4 2015
• | Revenue: $14.8 billion, plus or minus $500 million. |
• | Gross margin percentage: 62 percent, plus or minus a couple of percentage points. |
• | R&D plus MG&A spending: approximately $5.0 billion. |
• | Restructuring charges: approximately $25 million. |
• | Amortization of acquisition-related intangibles: approximately $70 million. |
• | Impact of equity investments and interest and other: approximately zero. |
• | Depreciation: approximately $1.9 billion. |
• | Tax rate: approximately 25 percent. |
• | Full-year capital spending: $7.3 billion, plus or minus $500 million. |
For additional information regarding Intel’s results and Business Outlook, please see the CFO commentary at: www.intc.com/results.cfm.
Status of Business Outlook
Intel’s Business Outlook is posted on intc.com and may be reiterated in public or private meetings with investors and others. The Business Outlook will be effective through the close of business on December 11 unless earlier updated; except that the Business Outlook for amortization of acquisition-related intangibles, impact of equity investments and interest and other, restructuring charges, and tax rate, will be effective only through the close of business on October 20. Intel’s Quiet Period will start from the close of business on December 11 until publication of the company’s fourth-quarter earnings release, scheduled for January 14. During the Quiet Period, all of the Business Outlook and other forward-looking statements disclosed in the company’s news releases and filings with the SEC should be considered as historical, speaking as of prior to the Quiet Period only and not subject to an update by the company.
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Risk Factors
The above statements and any others in this release that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "seeks," "estimates," "continues," "may," "will," "should," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements. Many factors could affect Intel's actual results, and variances from Intel's current expectations regarding such factors could cause actual results to differ materially from those expressed in these forward-looking statements. Intel presently considers the following to be important factors that could cause actual results to differ materially from the company's expectations.
• | Demand for Intel's products is highly variable and could differ from expectations due to factors including changes in business and economic conditions; consumer confidence or income levels; the introduction, availability and market acceptance of Intel's products, products used together with Intel products and competitors' products; competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns including order cancellations; and changes in the level of inventory at customers. |
• | Intel's gross margin percentage could vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources; and product manufacturing quality/yields. Variations in gross margin may also be caused by the timing of Intel product introductions and related expenses, including marketing expenses, and Intel's ability to respond quickly to technological developments and to introduce new products or incorporate new features into existing products, which may result in restructuring and asset impairment charges. |
• | Intel's results could be affected by adverse economic, social, political and physical/infrastructure conditions in countries where Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns and fluctuations in currency exchange rates. Results may also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, which could be changed without prior notice. |
• | Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. |
• | The amount, timing and execution of Intel's stock repurchase program could be affected by changes in Intel's priorities for the use of cash, such as operational spending, capital spending, acquisitions, and as a result of changes to Intel's cash flows or changes in tax laws. |
• | Intel's expected tax rate is based on current tax law and current expected income and may be affected by the jurisdictions in which profits are determined to be earned and taxed; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets. |
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• | Gains or losses from equity securities and interest and other could vary from expectations depending on gains or losses on the sale, exchange, change in the fair value or impairments of debt and equity investments, interest rates, cash balances, and changes in fair value of derivative instruments. |
• | Product defects or errata (deviations from published specifications) may adversely impact our expenses, revenues and reputation. |
• | Intel's results could be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust, disclosure and other issues. An unfavorable ruling could include monetary damages or an injunction prohibiting Intel from manufacturing or selling one or more products, precluding particular business practices, impacting Intel's ability to design its products, or requiring other remedies such as compulsory licensing of intellectual property. |
• | Intel's results may be affected by the timing of closing of acquisitions, divestitures and other significant transactions. In addition, risks associated with our pending acquisition of Altera are described in the “Forward Looking Statements” paragraph of Intel’s press release dated June 1, 2015, which risk factors are incorporated by reference herein. |
A detailed discussion of these and other factors that could affect Intel's results is included in Intel's SEC filings, including the company's most recent reports on Forms 10-K and 10-Q.
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Earnings Webcast
Intel will hold a public webcast at 2 p.m. PDT today on its Investor Relations website at www.intc.com. A webcast replay and MP3 download will also be available on the site.
Intel plans to report its earnings for the fourth quarter of 2015 on January 14. Immediately following the earnings report, the company plans to publish a commentary by Stacy J. Smith, Intel CFO and executive vice president, at www.intc.com/results.cfm. A public webcast of Intel’s earnings conference call will follow at 2 p.m. PDT at www.intc.com.
About Intel
Intel (NASDAQ: INTC) is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices. As a leader in corporate responsibility and sustainability, Intel also manufactures the world's first commercially available "conflict-free" microprocessors. Additional information about Intel is available at newsroom.intel.com and blogs.intel.com and about Intel's conflict-free efforts at conflictfree.intel.com.
Intel, the Intel logo, Core, Ultrabook and 3D XPoint are trademarks of Intel Corporation in the United States and other countries.
*Other names and brands may be claimed as the property of others.
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INTEL CORPORATION
CONSOLIDATED SUMMARY STATEMENT OF INCOME DATA
(In millions, except per share amounts)
Three Months Ended | Nine Months Ended | |||||||||||||||
Sep 26, 2015 | Sep 27, 2014 | Sep 26, 2015 | Sep 27, 2014 | |||||||||||||
NET REVENUE | $ | 14,465 | $ | 14,554 | $ | 40,441 | $ | 41,149 | ||||||||
Cost of sales | 5,354 | 5,096 | 15,352 | 15,161 | ||||||||||||
GROSS MARGIN | 9,111 | 9,458 | 25,089 | 25,988 | ||||||||||||
Research and development | 2,927 | 2,842 | 9,009 | 8,547 | ||||||||||||
Marketing, general and administrative | 1,910 | 1,979 | 5,812 | 6,087 | ||||||||||||
R&D AND MG&A | 4,837 | 4,821 | 14,821 | 14,634 | ||||||||||||
Restructuring and asset impairment charges | 14 | 20 | 367 | 238 | ||||||||||||
Amortization of acquisition-related intangibles | 68 | 77 | 198 | 222 | ||||||||||||
OPERATING EXPENSES | 4,919 | 4,918 | 15,386 | 15,094 | ||||||||||||
OPERATING INCOME | 4,192 | 4,540 | 9,703 | 10,894 | ||||||||||||
Gains (losses) on equity investments, net | 165 | 35 | 297 | 178 | ||||||||||||
Interest and other, net | (104 | ) | (25 | ) | (91 | ) | 70 | |||||||||
INCOME BEFORE TAXES | 4,253 | 4,550 | 9,909 | 11,142 | ||||||||||||
Provision for taxes | 1,144 | 1,233 | 2,102 | 3,099 | ||||||||||||
NET INCOME | $ | 3,109 | $ | 3,317 | $ | 7,807 | $ | 8,043 | ||||||||
BASIC EARNINGS PER SHARE OF COMMON STOCK | $ | 0.65 | $ | 0.68 | $ | 1.64 | $ | 1.63 | ||||||||
DILUTED EARNINGS PER SHARE OF COMMON STOCK | $ | 0.64 | $ | 0.66 | $ | 1.59 | $ | 1.58 | ||||||||
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | ||||||||||||||||
BASIC | 4,747 | 4,880 | 4,749 | 4,945 | ||||||||||||
DILUTED | 4,876 | 5,045 | 4,900 | 5,095 | ||||||||||||
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INTEL CORPORATION
CONSOLIDATED SUMMARY BALANCE SHEET DATA
(In millions)
Sep 26, 2015 | Jun 27, 2015 | Dec 27, 2014 | ||||||||||
CURRENT ASSETS | ||||||||||||
Cash and cash equivalents | $ | 7,065 | $ | 4,454 | $ | 2,561 | ||||||
Short-term investments | 7,119 | 2,606 | 2,430 | |||||||||
Trading assets | 6,659 | 6,810 | 9,063 | |||||||||
Accounts receivable, net | 4,101 | 3,860 | 4,427 | |||||||||
Inventories | ||||||||||||
Raw materials | 557 | 490 | 462 | |||||||||
Work in process | 2,690 | 2,668 | 2,375 | |||||||||
Finished goods | 1,718 | 1,660 | 1,436 | |||||||||
4,965 | 4,818 | 4,273 | ||||||||||
Deferred tax assets | 1,992 | 1,895 | 1,958 | |||||||||
Other current assets | 4,304 | 2,267 | 3,018 | |||||||||
TOTAL CURRENT ASSETS | 36,205 | 26,710 | 27,730 | |||||||||
Property, plant and equipment, net | 31,597 | 32,683 | 33,238 | |||||||||
Marketable equity securities | 5,618 | 7,208 | 7,097 | |||||||||
Other long-term investments | 1,829 | 1,727 | 2,023 | |||||||||
Goodwill | 11,026 | 11,037 | 10,861 | |||||||||
Identified intangible assets, net | 4,022 | 4,226 | 4,446 | |||||||||
Other long-term assets | 8,255 | 6,847 | 6,505 | |||||||||
TOTAL ASSETS | $ | 98,552 | $ | 90,438 | $ | 91,900 | ||||||
CURRENT LIABILITIES | ||||||||||||
Short-term debt | $ | 1,129 | $ | 1,110 | $ | 1,596 | ||||||
Accounts payable | 2,449 | 2,359 | 2,748 | |||||||||
Accrued compensation and benefits | 2,732 | 2,572 | 3,475 | |||||||||
Accrued advertising | 1,028 | 1,021 | 1,092 | |||||||||
Deferred income | 2,160 | 2,082 | 2,205 | |||||||||
Other accrued liabilities | 5,582 | 4,377 | 4,895 | |||||||||
TOTAL CURRENT LIABILITIES | 15,080 | 13,521 | 16,011 | |||||||||
Long-term debt | 20,059 | 12,070 | 12,059 | |||||||||
Long-term deferred tax liabilities | 2,502 | 3,251 | 3,775 | |||||||||
Other long-term liabilities | 2,909 | 2,996 | 3,278 | |||||||||
TEMPORARY EQUITY | 905 | 905 | 912 | |||||||||
Stockholders' equity | ||||||||||||
Preferred Stock | — | — | — | |||||||||
Common stock and capital in excess of par value | 23,001 | 22,625 | 21,781 | |||||||||
Accumulated other comprehensive income (loss) | (335 | ) | 645 | 666 | ||||||||
Retained Earnings | 34,431 | 34,425 | 33,418 | |||||||||
TOTAL STOCKHOLDERS' EQUITY | 57,097 | 57,695 | 55,865 | |||||||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $ | 98,552 | $ | 90,438 | $ | 91,900 | ||||||
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INTEL CORPORATION
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION
(In millions)
Q3 2015 | Q2 2015 | Q3 2014 | ||||||||||
CASH INVESTMENTS: | ||||||||||||
Cash and short-term investments | $ | 14,184 | $ | 7,060 | $ | 6,594 | ||||||
Trading assets | 6,659 | 6,810 | 9,000 | |||||||||
Total cash investments | $ | 20,843 | $ | 13,870 | $ | 15,594 | ||||||
CURRENT DEFERRED INCOME: | ||||||||||||
Deferred income on shipments of components to distributors | $ | 918 | $ | 853 | $ | 992 | ||||||
Deferred income from software and services | 1,242 | 1,229 | 1,197 | |||||||||
Total current deferred income | $ | 2,160 | $ | 2,082 | $ | 2,189 | ||||||
SELECTED CASH FLOW INFORMATION: | ||||||||||||
Depreciation | $ | 2,060 | $ | 1,977 | $ | 1,891 | ||||||
Share-based compensation | $ | 309 | $ | 332 | $ | 281 | ||||||
Amortization of intangibles | $ | 215 | $ | 214 | $ | 307 | ||||||
Additions to property, plant and equipment | $ | (1,206 | ) | $ | (1,767 | ) | $ | (2,445 | ) | |||
Acquisitions, net of cash acquired | $ | (14 | ) | $ | (467 | ) | $ | (56 | ) | |||
Investments in non-marketable equity investments | $ | (340 | ) | $ | (280 | ) | $ | (215 | ) | |||
Equity investment in Tsinghua Unigroup Ltd. | $ | (966 | ) | $ | — | $ | — | |||||
Repurchase of common stock | $ | (1,029 | ) | $ | (697 | ) | $ | (4,166 | ) | |||
Proceeds from sales of common stock to employees & excess tax benefit | $ | 228 | $ | 244 | $ | 605 | ||||||
Issuance of long-term debt, net of issuance costs | $ | 7,986 | $ | — | $ | — | ||||||
Payment of dividends to stockholders | $ | (1,140 | ) | $ | (1,146 | ) | $ | (1,095 | ) | |||
EARNINGS PER SHARE OF COMMON STOCK INFORMATION: | ||||||||||||
Weighted average shares of common stock outstanding - basic | 4,747 | 4,759 | 4,880 | |||||||||
Dilutive effect of employee equity incentive plans | 48 | 62 | 76 | |||||||||
Dilutive effect of convertible debt | 81 | 88 | 89 | |||||||||
Weighted average shares of common stock outstanding - diluted | 4,876 | 4,909 | 5,045 | |||||||||
STOCK BUYBACK: | ||||||||||||
Shares repurchased1 | 35 | 24 | 119 | |||||||||
Cumulative shares repurchased (in billions) | 4.8 | 4.7 | 4.6 | |||||||||
Remaining dollars authorized for buyback (in billions) | $ | 9.9 | $ | 10.9 | $ | 16.4 | ||||||
OTHER INFORMATION: | ||||||||||||
Employees (in thousands) | 106.5 | 106.7 | 105.6 | |||||||||
1 Shares repurchased in Q3 2015 and Q2 2015 included a small portion paid for in cash during the subsequent quarter.
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INTEL CORPORATION
SUPPLEMENTAL OPERATING SEGMENT RESULTS
(In millions)
Three Months Ended | Nine Months Ended | |||||||||||||||
Sep 26, 2015 | Sep 27, 2014 | Sep 26, 2015 | Sep 27, 2014 | |||||||||||||
Net Revenue | ||||||||||||||||
Client Computing Group | ||||||||||||||||
Platform | $ | 8,089 | $ | 8,749 | $ | 22,262 | $ | 24,744 | ||||||||
Other | 417 | 442 | 1,201 | 1,262 | ||||||||||||
8,506 | 9,191 | 23,463 | 26,006 | |||||||||||||
Data Center Group | ||||||||||||||||
Platform | 3,863 | 3,439 | 10,861 | 9,543 | ||||||||||||
Other | 277 | 261 | 808 | 753 | ||||||||||||
4,140 | 3,700 | 11,669 | 10,296 | |||||||||||||
Internet of Things Group | ||||||||||||||||
Platform | 501 | 456 | 1,450 | 1,320 | ||||||||||||
Other | 80 | 74 | 223 | 231 | ||||||||||||
581 | 530 | 1,673 | 1,551 | |||||||||||||
Software and services operating segments | 556 | 558 | 1,624 | 1,659 | ||||||||||||
All other | 682 | 575 | 2,012 | 1,637 | ||||||||||||
TOTAL NET REVENUE | $ | 14,465 | $ | 14,554 | $ | 40,441 | $ | 41,149 | ||||||||
Operating income (loss) | ||||||||||||||||
Client Computing Group | $ | 2,433 | $ | 3,053 | $ | 5,445 | $ | 7,486 | ||||||||
Data Center Group | 2,127 | 1,946 | 5,671 | 5,124 | ||||||||||||
Internet of Things Group | 151 | 145 | 383 | 406 | ||||||||||||
Software and services operating segments | 102 | 29 | 119 | 56 | ||||||||||||
All other | (621 | ) | (633 | ) | (1,915 | ) | (2,178 | ) | ||||||||
TOTAL OPERATING INCOME | $ | 4,192 | $ | 4,540 | $ | 9,703 | $ | 10,894 | ||||||||
During the first quarter of 2015, we combined the PC Client Group and Mobile and Communications Group to create the Client Computing Group (CCG). This change in our organizational structure reflects our strategy to address all aspects of the client computing market segment and utilize our intellectual property to offer compelling customer solutions. All prior-period amounts have been retrospectively adjusted to reflect the way we internally manage and monitor segment performance starting in fiscal year 2015 and includes other minor reorganizations.
Our operating segment results shown above are comprised of the following:
• | Client Computing Group: Includes platforms designed for the notebook (including Ultrabook™ devices), 2 in 1 systems, the desktop (including all-in-ones and high-end enthusiast PCs), tablets, and smartphones; wireless and wired connectivity products; as well as mobile communication components. |
• | Data Center Group: Includes server, network, and storage platforms designed for enterprise, cloud, communications infrastructure, and technical computing segments. |
• | Internet of Things Group: Includes platforms designed for embedded market segments including retail, transportation, industrial, and buildings and home, along with a broad range of other market segments. |
• | Software and services operating segments: Includes software and hardware products for endpoint security, network and content security, risk and compliance, and consumer and mobile security from our McAfee business, and software products and services that promote Intel architecture as the platform of choice for software development. |
• | All other category includes revenue, expenses, and charges such as: |
◦ | results of operations from our Non-Volatile Memory Solutions Group and New Devices Group; |
◦ | amounts included within restructuring and asset impairment charges; |
◦ | a portion of profit-dependent compensation and other expenses not allocated to the operating segments; |
◦ | divested businesses for which discrete operating results are not regularly reviewed by our CODM; |
◦ | results of operations of start-up businesses that support our initiatives, including our foundry business; and |
◦ | acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. |
A substantial majority of our revenue is generated from the sale of platforms. Platforms incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package. Our remaining primary product lines are incorporated in "other."
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INTEL CORPORATION
SUPPLEMENTAL PLATFORM REVENUE INFORMATION
Q3 2015 | Q3 2015 | Q3 YTD 2015 | ||||
compared to Q2 2015 | compared to Q3 2014 | compared to Q3 YTD 2014 | ||||
Client Computing Group Platform | ||||||
Unit Volumes | 3% | (19)% | (9)% | |||
Average Selling Prices | 9% | 15% | —% | |||
Data Center Group Platform | ||||||
Unit Volumes | 7% | 6% | 9% | |||
Average Selling Prices | 1% | 6% | 5% | |||
Client Computing Group Notebook, Desktop and Tablet Platform Key Drivers
Q3 2015 compared to Q3 2014:
- Notebook platform volumes decreased 14%
- Notebook platform average selling prices increased 4%
- Desktop platform volumes decreased 15%
- Desktop platform average selling prices increased 8%
- Tablet platform volumes of 8 million units decreased 39%
First nine months of 2015 compared to the first nine months of 2014:
- Notebook platform volumes decreased 8%
- Desktop platform volumes decreased 18%
- Desktop platform average selling prices increased 6%
- Tablet platform volumes of 26 million units decreased 7%
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INTEL CORPORATION
EXPLANATION OF NON-GAAP MEASURES
In addition to disclosing financial results in accordance with United States (U.S.) generally accepted accounting principles (GAAP), the accompanying Q3 2015 earnings conference contains references to non-GAAP financial measures of gross cash, net cash and other longer term investments, which are used by management when assessing our sources of liquidity and capital resources. We believe these non-GAAP financial measures are helpful to investors in understanding our capital structure and how we manage our resources. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
Sep 26, 2015 | Jun 27, 2015 | Dec 27, 2014 | ||||||||||
GAAP CASH AND CASH EQUIVALENTS | $ | 7,065 | $ | 4,454 | $ | 2,561 | ||||||
Short-term investments | 7,119 | 2,606 | 2,430 | |||||||||
Trading assets | 6,659 | 6,810 | 9,063 | |||||||||
Total cash investments | $ | 20,843 | $ | 13,870 | $ | 14,054 | ||||||
GAAP OTHER LONG-TERM INVESTMENTS | $ | 1,829 | $ | 1,727 | $ | 2,023 | ||||||
Loans receivable and other | 1,191 | 1,202 | 1,335 | |||||||||
Reverse repurchase agreements with original maturities greater than approximately three months | 2,650 | 450 | 450 | |||||||||
NON-GAAP OTHER LONGER TERM INVESTMENTS | $ | 5,670 | $ | 3,379 | $ | 3,808 | ||||||
NON-GAAP GROSS CASH | $ | 26,513 | $ | 17,249 | $ | 17,862 | ||||||
Sep 26, 2015 | Jun 27, 2015 | Dec 27, 2014 | ||||||||||
GAAP CASH AND CASH EQUIVALENTS | $ | 7,065 | $ | 4,454 | $ | 2,561 | ||||||
Short-term investments | 7,119 | 2,606 | 2,430 | |||||||||
Trading assets | 6,659 | 6,810 | 9,063 | |||||||||
Total cash investments | $ | 20,843 | $ | 13,870 | $ | 14,054 | ||||||
Short-term debt | (1,129 | ) | (1,110 | ) | (1,596 | ) | ||||||
Unsettled trade liabilities and other | (200 | ) | (418 | ) | (77 | ) | ||||||
Long-term debt | (20,059 | ) | (12,070 | ) | (12,059 | ) | ||||||
NON-GAAP NET CASH (excluding other longer term investments) | $ | (545 | ) | $ | 272 | $ | 322 | |||||
GAAP OTHER LONG-TERM INVESTMENTS | $ | 1,829 | $ | 1,727 | $ | 2,023 | ||||||
Loans receivable and other | 1,191 | 1,202 | 1,335 | |||||||||
Reverse repurchase agreements with original maturities greater than approximately three months | 2,650 | 450 | 450 | |||||||||
NON-GAAP OTHER LONGER TERM INVESTMENTS | $ | 5,670 | $ | 3,379 | $ | 3,808 | ||||||
NON-GAAP NET CASH (including other longer term investments) | $ | 5,125 | $ | 3,651 | $ | 4,130 | ||||||
