AMD Announces $4 Billion Share Repurchase Program
May 19 2021 - 12:21PM
AMD (NASDAQ: AMD) today announced that its Board of Directors
approved a new share repurchase program. Under this program, the
company intends to repurchase up to $4 billion of outstanding AMD
common stock. AMD expects to fund repurchases through cash
generated from operations which have been strengthened by the
company’s strong operational results.
“Today’s announcement reflects our confidence in AMD’s business
and the successful execution of our multi-year growth strategy,”
said Dr. Lisa Su, AMD president and CEO. “Our strong financial
results and growing cash generation enable us to invest in the
business and begin returning capital to our shareholders.”
Under this program, which is designed to return value to AMD
stockholders, offset dilution from stock issuances, and reduce
share count over time, the company will repurchase stock in the
open market. This repurchase program has no termination date and
may be suspended or discontinued at any time.
About AMDFor more than 50
years, AMD has driven innovation in high-performance computing,
graphics and visualization technologies – the building blocks for
gaming, immersive platforms and the data center. Hundreds of
millions of consumers, leading Fortune 500 businesses and
cutting-edge scientific research facilities around the world rely
on AMD technology daily to improve how they live, work and play.
AMD employees around the world are focused on building great
products that push the boundaries of what is possible. For more
information about how AMD is enabling today and inspiring tomorrow,
visit the AMD (NASDAQ: AMD) website, blog, Facebook and Twitter
pages.
Cautionary StatementThis press
release contains forward-looking statements concerning Advanced
Micro Devices, Inc. (AMD) including those related to AMD’s intended
share repurchases and expected shareholder benefits; expected
funding through cash generated from operations; AMD’s confidence in
its business and successful execution of its multi-year growth
strategy; and AMD’s financial results and cash generation,, which
are made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are commonly identified by words such as "would," "may,"
"expects," "believes," "plans," "intends," "projects" and other
terms with similar meaning. Investors are cautioned that the
forward-looking statements in this press release are based on
current beliefs, assumptions and expectations, speak only as of the
date of this press release and involve risks and uncertainties that
could cause actual results to differ materially from current
expectations. Such statements are subject to certain known and
unknown risks and uncertainties, many of which are difficult to
predict and generally beyond AMD's control, that could cause actual
results and other future events to differ materially from those
expressed in, or implied or projected by, the forward-looking
information and statements. Material factors that could cause
actual results to differ materially from current expectations
include, without limitation, the following: Intel Corporation’s
dominance of the microprocessor market and its aggressive business
practices; global economic uncertainty; the loss of a significant
customer; the impact of the COVID-19 pandemic on AMD’s business,
financial condition and results of operations; the competitive
markets in which AMD’s products are sold; quarterly and seasonal
sales patterns; market conditions of the industries in which AMD
products are sold; the cyclical nature of the semiconductor
industry; AMD's ability to adequately protect its technology or
other intellectual property; unfavorable currency exchange rate
fluctuations; the ability of third party manufacturers to
manufacture AMD's products on a timely basis in sufficient
quantities and using competitive technologies; the availability of
essential equipment, materials, substrates or manufacturing
processes; expected manufacturing yields for AMD’s products; AMD's
ability to introduce products on a timely basis with features and
performance levels that provide value to its customers; AMD's
ability to generate revenue from its semi-custom SoC products;
potential security vulnerabilities; potential IT outages, data
loss, data breaches and cyber-attacks; uncertainties involving the
ordering and shipment of AMD’s products; AMD’s reliance on
third-party intellectual property to design and introduce new
products in a timely manner; AMD's reliance on third-party
companies for the design, manufacture and supply of motherboards,
software and other computer platform components; AMD's reliance on
Microsoft Corporation and other software vendors' support to design
and develop software to run on AMD’s products; AMD’s reliance on
third-party distributors and add-in-board partners; the impact of
modification or interruption of AMD’s internal business processes
and information systems; compatibility of AMD’s products with some
or all industry-standard software and hardware; costs related to
defective products; the efficiency of AMD's supply chain; AMD's
ability to rely on third party supply-chain logistics functions;
AMD’s ability to effectively control the sales of its products on
the gray market; the impact of government actions and regulations
such as export administration regulations, tariffs and trade
protection measures; AMD’s ability to realize its deferred tax
assets; potential tax liabilities; current and future claims and
litigation; the impact of environmental laws, conflict
minerals-related provisions and other laws or regulations; the
impact of acquisitions, joint ventures and/or investments on AMD's
business, including the announced acquisition of Xilinx, and the
failure to integrate acquired businesses; AMD’s ability to complete
the Xilinx merger; the impact of the announcement and pendency of
the Xilinx merger on AMD’s business; the impact of any impairment
of the combined company’s assets on the combined company’s
financial position and results of operation; the restrictions
imposed by agreements governing AMD’s notes and the revolving
credit facility; AMD's indebtedness; AMD's ability to generate
sufficient cash to service its debt obligations or meet its working
capital requirements; AMD's ability to repurchase its outstanding
debt in the event of a change of control; AMD's ability to generate
sufficient revenue and operating cash flow or obtain external
financing for research and development or other strategic
investments; political, legal, economic risks and natural
disasters; future impairments of goodwill and technology license
purchases; AMD’s ability to attract and retain qualified personnel;
AMD’s stock price volatility; and worldwide political conditions.
Investors are urged to review in detail the risks and uncertainties
in AMD’s Securities and Exchange Commission filings, including but
not limited to AMD’s most recent reports on Forms 10-K and
10-Q.
Media Contact:Drew
PrairieAMD
Communications512-602-4425drew.prairie@amd.com
Investor Contact:Laura
GravesAMD Investor
Relations408-749-5467laura.graves@amd.com
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