INVESTOR MEETING 2012
Exhibit 99.1
 
 
 
Stacy Smith
Senior Vice President
Chief Financial Officer
INVESTOR MEETING 2012
 
 
 
INVESTOR MEETING 2012
3
What You Heard Today
• We are well positioned to power the next decade of computing
 – Reinventing the PC with the UltrabookTM
 – Capitalizing on Data Center & Internet Growth
 – Bringing the best of Intel technologies to phones & tablets
 – Delivering leading hardware plus software security solutions
 – Emerging markets will continue to be a significant growth driver
• Our widening process technology and manufacturing lead is giving
 us a sustainable, differentiated advantage
 
 
 
INVESTOR MEETING 2012
4
What You Will Hear From Me
• Our process technology and manufacturing leadership is a
 more valuable competitive advantage than ever before
• Our investments are delivering leadership products across all
 segments, which in turn is allowing us to generate outstanding
 revenue and profit growth
• We are growing, highly profitable and generating significant
 cash to invest in our business and drive shareholder return
 
 
 
INVESTOR MEETING 2012
5
Growth and Shareholder Return
 
 
 
INVESTOR MEETING 2012
6
Moore’s Law
“The number of transistors per square inch of
 silicon doubles every 2 years”
Two Implications:
1. Cost per square inch goes up over time
2. Doubling of transistors = “Scaling”
 – Improves performance
 – Cost per transistor declines
 
 
 
INVESTOR MEETING 2012
7
Capex Investment Operating Guidelines
1.  Advancing process technology lowers costs
2.  Faster is better
3.  Capacity deployed for expected unit volume
4.  Protect ability to capture upsides in demand
 
 
 
INVESTOR MEETING 2012
8
Capex Investment Operating Guidelines
1.  Advancing process technology lowers costs
2.  Faster is better
3.  Capacity deployed for expected unit volume
4.  Protect ability to capture upsides in demand
All Still True … 2 Observations
• Our leadership is extending as complexity and capital costs go up
• Equipment reuse protects against downside demand scenarios
 
 
 
INVESTOR MEETING 2012
9
Unit Volume Is Increasing
45 nm
32 nm
22 nm
Forecast
Microprocessor
Unit Shipments
by Process Node
65 nm
Source: Intel
 
 
 
INVESTOR MEETING 2012
10
Feature Integration Adds Value For Customers
Client Core Mix %
CPUs Sold with Integrated Graphics and
Chipset Functionality
2009
2010
2011
2009
2010
2011
Source: Intel
 
 
 
INVESTOR MEETING 2012
11
45 nm
32 nm
22 nm
14 nm
Square Feet
per Wafer
Forecast
65 nm
Complexity is Increasing
Square Feet per Wafer Will Be Higher
Sources: Intel
Forecast is based on current expectations and is subject to change without notice
 
 
 
INVESTOR MEETING 2012
12
Putting in Significant New Space
Capex Investment
$Billion
Sources: Intel
Forecast is based on current expectations and is subject to change without notice
Forecast
 
 
 
INVESTOR MEETING 2012
13
mm2
Forecast
Sources: Intel
Forecast is based on current expectations and is subject to change without notice
*Platform includes CPU and chipset and excludes Atom
 
 
 
INVESTOR MEETING 2012
14
*Platform includes both CPU and chipset and excludes Atom
And We are Getting Paid for Our
Technology Leadership
$
0
2006
2007
2008
2009
2010
2011
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$Billions
 
 
 
INVESTOR MEETING 2012
15
Utilization rates
Deploying capacity for long term growth
Loadings
0
2000
2003
2005
2004
2007
2006
2001
2002
1997
2008
1998
1999
2009
2010
Forecast
2011
Capacity
Logic Capacity
Wafer Starts per Week 300mm Equivalent
2012
Sources: Intel
Forecast is based on current expectations and is subject to change without notice
 
 
 
INVESTOR MEETING 2012
16
Our Business Has Grown Significantly
Capex Investment
$Billion
Revenue
$Billion
Sources: Intel
*Represents the midpoint of our capex guidance of $12.5B
**Not an Intel forecast. Represents consensus revenue estimates from First Call on 5/4/12
 
 
 
INVESTOR MEETING 2012
17
Depreciation in Line with Historical Levels
Depreciation as a % of Revenues
Depreciation as a % of Revenues
%
%
Forecast
Depreciation as a % of Cost of Sales
Depreciation as a % of Cost of Sales
Forecast
%
%
Sources: Intel
Forecast is based on current expectations and is subject to change without notice
 
 
 
INVESTOR MEETING 2012
18
Delivering Historically High Gross Margins
Forecast
64% in 2012 represents the midpoint of the 2012 full year outlook range
Forecast range is based on current expectations and is subject to change without notice
Source: Intel
55%-65%
Gross Margin Range
 
 
 
INVESTOR MEETING 2012
19
Hold on there Tex … So why isn’t this increase in
capital dollars per wafer impacting gross margin?
 
 
 
INVESTOR MEETING 2012
20
Our Cost Equation
Changes vs. Historical Trend
+
=
Historical cost
per transistor
decline
continues
 
 
 
INVESTOR MEETING 2012
21
$ / Transistor
(Relative to 0.35um)
0.001
0.01
0.1
1
.35um
.25um
.18um
.13um
90nm
65nm
45nm
32nm
22nm
14nm
10nm
200mm
300mm
Forecast
Transistor Innovations Enable Cost Benefits
of Moore’s Law to Continue
Source: Intel
Forecast is based on current expectations and is subject to change without notice
 
 
 
INVESTOR MEETING 2012
22
Hold on there Tex … what if we are wrong
about unit growth?
 
 
 
INVESTOR MEETING 2012
23
Responsiveness - Case Study
2008 Financial Crisis
$Billion
Revenue
Source: Intel
 
 
 
INVESTOR MEETING 2012
24
Responsiveness - Case Study
2008 Financial Crisis
96%
34%
91%
0%
20%
40%
60%
80%
100%
Q2'08
Q4'08
Q2'09
Q4'09
Q2'10
Source: Intel
 
 
 
INVESTOR MEETING 2012
25
Responsiveness - Case Study
2008 Financial Crisis
$Billion
$1.2
$0.9
$1.0
0
1
2
Q2'08
Q4'08
Q2'09
Q4'09
Q2'10
CapEx
$2.0
Source: Intel
 
 
 
INVESTOR MEETING 2012
26
Responsiveness - Case Study
2008 Financial Crisis
Gross Margin
55%
45%
67%
Q2'08
Q4'08
Q2'09
Q4'09
Q2'10
0%
20%
40%
60%
80%
100%
Source: Intel
 
 
 
INVESTOR MEETING 2012
27
Growth and Shareholder Return
 
 
 
INVESTOR MEETING 2012
28
Strong Businesses Across the Continuum
PC Client Group
2011 Rev/OM
$35.4B/$14.8B
Software and Services Group
2011 Rev/OM
$1.9B/Breakeven
Source: Intel
Data Center Group
Other Intel Arch.
2011 Rev/OM
$5.0B/($0.6B)
2011 Rev/OM
$10.1B/$5.1B
 
 
 
INVESTOR MEETING 2012
29
Strong Businesses Across the Continuum
PC Client Group
2011 Rev/OM
$35.4B/$14.8B
Software and Services Group
2011 Rev/OM
$1.9B/Breakeven
Data Center Group
Other Intel Arch.
2011 Rev/OM
$5.0B/($0.6B)
2011 Rev/OM
$10.1B/$5.1B
Source: Intel
 
 
 
INVESTOR MEETING 2012
30
PC Client Group
2010 vs. 2011
2011 PERFORMANCE
$35.4B of revenue: 17% revenue growth
 • High single digit unit growth
 • Richer mix of products
$14.8B of operating margin: 42% of revenue
 • Unit cost down in the Performance and
 Mainstream segments
 • Increased investment in Ultrabooks™
Source: Intel
$Billion
 
 
 
INVESTOR MEETING 2012
31
Segmented Costs to Compete Across Segments
Platform Costs*
Performance
Mainstream
Value
Atom™
* Platform includes both CPU and Chipset components
 Forecast is based on current expectations and is subject to change without notice
 Source: Intel
Forecast
Forecast
Forecast
Forecast
 
 
 
INVESTOR MEETING 2012
32
PC Client Group
Looking Forward to 2013
Expect Emerging Markets and Ultrabooks™ will drive
solid revenue growth
Technology leadership, cost improvements, and
segmentation expected to maintain the
operating margin %
Forward looking statements specified are preliminary based on current expectations, and
are subject to change without notice
Source: Intel
 
 
 
INVESTOR MEETING 2012
33
Data Center Group
Strong Businesses Across the Continuum
PC Client Group
Other Intel Arch.
2011 Rev/OM
$5.0B/($0.6B)
2011 Rev/OM
$35.4B/$14.8B
Software and Services Group
2011 Rev/OM
$1.9B/Breakeven
Source: Intel
2011 Rev/OM
$10.1B/$5.1B
 
 
 
INVESTOR MEETING 2012
34
Data Center Group
2010 vs. 2011
Source: Intel
2011 Performance
$10.1 B of Revenue: 17% growth
 • Double digit server unit growth
 • Richer mix of products driving higher ASPs
 • Significant growth in networking and storage
$5.1 B of Operating income: 50% of
Revenues
$Billion
 
 
 
INVESTOR MEETING 2012
35
Data Center Group
Looking Forward
 Benefiting from four trends
 1. Build-out of the cloud
 2. Expanding into networking and communications
 infrastructure, fabric, and storage
 3. Voracious demand for high-performance computing
 4. Technology leadership = high ROI for enterprise expansion
Forward looking statements specified are preliminary based on current expectations, and
are subject to change without notice
Source: Intel
Still expect 15% underlying revenue growth CAGR for this
business through 2013 at ~50% operating margin
 
 
 
INVESTOR MEETING 2012
36
Data Center Group
Strong Businesses Across the Continuum
PC Client Group
Other Intel Arch.
2011 Rev/OM
$5.0B/($0.6B)
2011 Rev/OM
$35.4B/$14.8B
Software and Services Group
2011 Rev/OM
$1.9B/Breakeven
Source: Intel
2011 Rev/OM
$10.1B/$5.1B
 
 
 
INVESTOR MEETING 2012
37
Already a Large Player, We Expect To
Outgrow The Market
Forecast
Forecast
$Billion
Source: Intel
Forecast is based on current expectations and is subject to change without notice
 
 
 
INVESTOR MEETING 2012
38
Making Significant Investments
Forecast
$Billion
Sources: Intel
Forecast is based on current expectations and is subject to change without notice
 
 
 
INVESTOR MEETING 2012
39
Significant R&D Investment Leverage
Technology
Development
>$2B
Software
R&D
>$1B
Shared Processor
and Gfx
>$2B
FOUNDATIONAL INVESTMENT
Sources: Intel
Forecast is based on current expectations and is subject to change without notice
 
 
 
INVESTOR MEETING 2012
40
R&D Synergies Across Businesses
$2B
Other IA
(Phones, Tablets,
Embedded, IMC)
$2B
PCCG + DCG
Development
>$2B
R&D
>$1B
and Gfx
>$2B
FOUNDATIONAL INVESTMENT
Sources: Intel
Forecast is based on current expectations and is subject to change without notice
 
 
 
INVESTOR MEETING 2012
41
Intel Atom™ Extends the Cost Curve
1x
.5x
.25x
High-End
Smartphone
Segment
Low-End
Smartphone
Segment
Sources: Intel
Forecast is based on current expectations and is subject to change without notice
 
 
 
INVESTOR MEETING 2012
42
Other Intel Architecture Group
Looking Forward
Intelligent Systems
 • On track to be a $2B business in 2012
 •Expect revenue growth of 25%+ in 2013 with operating margin of ~$1B
 Phones and Tablets
 • Making significant investments in SOC capabilities, LTE, and Software
 • 2012 design win momentum feeds 2013 revenue growth
We expect to grow the business by more than $1.5B and cut the
operating loss by half in 2013
Source: Intel
Forward looking statements specified are preliminary based on current expectations, and are subject to
change without notice
 
 
 
INVESTOR MEETING 2012
43
Data Center Group
Strong Businesses Across the Continuum
PC Client Group
Other Intel Arch.
2011 Rev/OM
$5.0B/($0.6B)
2011 Rev/OM
$35.4B/$14.8B
Software and Services Group
2011 Rev/OM
$1.9B/Breakeven
Source: Intel
2011 Rev/OM
$10.1B/$5.1B
 
 
 
INVESTOR MEETING 2012
44
Software and Services Group
• Rapidly growing software and services capabilities
• Expertise in security benefiting our core business
• 2011: $1.9B in revenue/~breakeven
• 2012: ~$2.4B* in revenue /slightly positive
 operating margin
• 2013 and beyond*: Expect low double digit
 revenue growth
Forecast is based on current expectations and is subject to change without notice
Source: Intel
 
 
 
INVESTOR MEETING 2012
45
NAND Solutions Group*
$0
Sources:
Operating Profit $ and Compute % - Intel
Cost/GB - iSuppli - Flash Q1 2012 Market Tracker
Forecast is based on current expectations and is subject to change without notice
*NAND solutions group is the same as Non-Volatile Memory Solutions Group and is part of the “All Other” segment
Forecast
 
 
 
INVESTOR MEETING 2012
46
Delivering Historically High Gross Margins
Forecast
64% in 2012 represents the midpoint of the 2012 full year outlook range
Forecast range is based on current expectations and is subject to change without notice
Source: Intel
2013
Top End of the Range
 
 
 
INVESTOR MEETING 2012
47
Growth and Shareholder Return
 
 
 
INVESTOR MEETING 2012
48
Delivering Significant Growth
2008-2011:
37% CAGR
Source: Intel
*2009 earnings per share excludes EC fine and AMD settlement of $2.6B. See Non-GAAP recon in Appendix A
2008-2011:
13% CAGR
$Billion
 
 
 
INVESTOR MEETING 2012
49
ROIC Progress Report
ROIC includes cash and goodwill. 2001-2005 excludes share-based compensation. GAAP required the recognition of share-
based compensation beginning in 2006.
See Appendix B for the calculation of Intel ROIC and the related reconciliations of GAAP to non-GAAP results
See Appendix C for the calculation of forecast ROIC
Benchmark for the S&P 500 ROIC measured on average pulled from S&P Capital IQ. Top 20 calculated as the S&P500 ROIC Top
20 percentile
Achieving Goal to Rank Among Top ROIC Performers
Forecast
Intel
Top 20%
S&P 500
 
 
 
INVESTOR MEETING 2012
50
Strong Cash Generation
Cash from Operations
$Billion
Source: Intel
 
 
 
INVESTOR MEETING 2012
51
Strong Cash Generation
$Billion
Sources: Intel
 
 
 
INVESTOR MEETING 2012
52
Steadily Increasing Dividend
*2012 Annualized figure for dividend is not an Intel forecast but represents the Q1 payment, plus the Q2
declaration, plus the May 7th announced Q3 dividend, and assuming the fourth quarter is equal to the third quarter
Source: Intel
2003-2012:
30% CAGR
 
 
 
INVESTOR MEETING 2012
53
Share Repurchases
In 2011, we bought back 642 million shares for $14.1B
Source: Intel
 
 
 
INVESTOR MEETING 2012
54
Key Messages
• Our process technology and manufacturing leadership is a
 more valuable competitive advantage than ever before
• Our investments are delivering leadership products across all
 segments, which in turn is allowing us to generate outstanding
 revenue and profit growth
• We are growing, highly profitable and generating significant
 cash to invest in our business and drive shareholder return
 
 
 
INVESTOR MEETING 2012
55
Risk Factors
The above statements and any others in this document that refer to plans and expectations for the second quarter, the year and the future are forward-looking
statements that involve a number of risks and uncertainties. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should”
and their variations identify 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 the important factors that could cause actual
results to differ materially from the company’s expectations. Demand could be different from Intel's expectations due to factors including changes in business and
economic conditions, including supply constraints and other disruptions affecting customers; customer acceptance of Intel’s and competitors’ products; changes in customer
order patterns including order cancellations; and changes in the level of inventory at customers. Uncertainty in global economic and financial conditions poses a risk that
consumers and businesses may defer purchases in response to negative financial events, which could negatively affect product demand and other related matters. Intel
operates in intensely competitive industries that are characterized by a high percentage of costs that are fixed or difficult to reduce in the short term and product demand
that is highly variable and difficult to forecast. Revenue and the gross margin percentage are affected by the timing of Intel product introductions and the demand for and
market acceptance of Intel's products; actions taken by Intel's competitors, including product offerings and introductions, marketing programs and pricing pressures and
Intel’s response to such actions; and Intel’s ability to respond quickly to technological developments and to incorporate new features into its products. Intel is in the process
of transitioning to its next generation of products on 22nm process technology, and there could be execution and timing issues associated with these changes, including
products defects and errata and lower than anticipated manufacturing yields. The 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; start-up costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the
supply of materials or resources; product manufacturing quality/yields; and impairments of long-lived assets, including manufacturing, assembly/test and intangible assets.
The tax rate expectation is based on current tax law and current expected income. The tax rate 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. 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. The majority of Intel’s non-marketable equity investment portfolio balance is concentrated in companies in the flash memory market
segment, and declines in this market segment or changes in management’s plans with respect to Intel’s investments in this market segment could result in significant
impairment charges, impacting restructuring charges as well as gains/losses on equity investments and interest and other. 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. Expenses, particularly certain marketing and compensation
expenses, as well as restructuring and asset impairment charges, vary depending on the level of demand for Intel's products and the level of revenue and profits. Intel’s
results could be affected by the timing of closing of acquisitions and divestitures. Intel's results could be affected by adverse effects associated with product defects and
errata (deviations from published specifications), and by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust, disclosure and
other issues, such as the litigation and regulatory matters described in Intel's SEC reports. 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. 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 Form 10-Q, Form 10-K and earnings release.
 
 
 
INVESTOR MEETING 2012
56
INTEL CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
Appendix A: AMD Settlement/EC Fine
• In addition to disclosing financial results calculated in accordance with United States (U.S.) generally
 accepted accounting principles (GAAP), this presentation contains non-GAAP financial measures that
 exclude the charge incurred in the fourth quarter of 2009 as a result of the settlement agreement with
 Advanced Micro Devices, Inc. (AMD) in the amount of $1.25 billion, and a charge incurred in the second
 quarter of 2009 as a result of the European Commission (EC) fine in the amount of €1.06 billion, or about
 $1.45 billion. These non-GAAP measures also exclude the associated impacts of the AMD settlement on
 our tax provision. The EC fine did not impact the income tax provision because it was not tax deductible.
• The non-GAAP financial measures disclosed by the company 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. Management
 believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show
 the reader, how our performance compares to other periods. Set forth below are reconciliations of the non
 -GAAP financial measures to the most directly comparable GAAP financial measures.
 
 
 
INVESTOR MEETING 2012
57
INTEL CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
Appendix A: AMD Settlement/EC Fine (Continued)
 
 
 
INVESTOR MEETING 2012
58
INTEL CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
Appendix B: Historic ROIC
• We define Return on Invested Capital (ROIC) as adjusted net operating profit
 after taxes divided by beginning invested capital.  Management believes that
 ROIC provides greater visibility into how effectively Intel deploys capital. 
 Management uses ROIC as a high level target to help ensure that overall
 performance is understood and acceptable. ROIC is not a measure of financial
 performance under accounting principles generally accepted in the United States
 (GAAP), and may not be defined and calculated by other companies in the same
 manner as Intel does.  ROIC should not be considered in isolation or as an
 alternative to net income as an indicator of company performance. 
 
 
 
INVESTOR MEETING 2012
59
INTEL CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
Appendix B: Historic ROIC
($m)
2002
2003
2004
2005
2006
Net income (GAAP)
$ 3,117
$ 5,641
$ 7,516
$ 8,664
$ 5,044
Interest expense
84
62
50
19
24
Income tax adjustment (1)
(22)
(15)
(14)
(6)
(7)
Adjusted net operating profit after taxes
$ 3,179
$ 5,688
$ 7,552
$ 8,677
$ 5,061
 
 
 
 
 
 
 
2001
2002
2003
2004
2005
Total assets (GAAP) (2)
$ 44,395
$ 44,224
$ 47,143
$ 48,143
$ 48,309
Current liabilities
(6,570)
(6,595)
(6,879)
(8,006)
(9,234)
Invested capital
$ 37,825
$ 37,629
$ 40,264
$ 40,137
$ 39,075
 
 
 
 
 
 
 
2002
2003
2004
2005
2006
Return on invested capital (Adjusted net operating
profit after taxes /  prior year end invested capital)
8.4%
15.1%
18.8%
21.6%
13.0%
 
 
 
 
 
 
Net income/ prior year end total assets
7.0%
12.8%
15.9%
18.0%
10.4%
 
 
 
 
 
 
(1) Assumed tax effect of interest expense based on the
effective tax rate
 
 
 
 
 
 
 
 
 
 
 
(2) 2005-2008 Total assets has been adjusted due to
changes to the accounting for convertible debt instruments
 
 
 
 
 
 
 
 
INVESTOR MEETING 2012
60
INTEL CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
Appendix B: Historic ROIC (Continued)
($m)
2007
2008
2009
2010
2011
 
Net income (GAAP)
$ 6,976
$ 5,292
$ 4,369
$ 11,464
$ 12,942
 
Interest expense
15
8
1
0
41
 
Income tax adjustment (1)
(4)
(2)
(0)
0
(11)
 
Adjusted net operating profit after taxes
$ 6,987
$ 5,298
$ 4,370
$ 11,464
$ 12,972
 
 
 
 
 
 
 
 
 
2006
2007
2008
2009
2010
 
Total assets (GAAP) (2)
$ 48,372
$ 55,664
$ 50,472
$ 53,095
$ 63,186
 
Current liabilities
(8,514)
(8,571)
(7,818)
(7,591)
(9,327)
 
Invested capital
$ 39,858
$ 47,093
$ 42,654
$ 45,504
$ 53,859
 
 
 
 
 
 
 
 
 
2007
2008
2009
2010
2011
10 YR AVG
Return on invested capital (Adjusted net
operating profit after taxes /  prior year end
invested capital)
17.5%
11.3%
10.2%
25.2%
24.1%
16.5%
 
 
 
 
 
 
 
Net income/ prior year end total assets
14.4%
9.5%
8.7%
21.6%
20.5%
13.9%
 
 
 
 
 
 
 
(1) Assumed tax effect of interest expense based
on the effective tax rate
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) 2005-2008 Total assets has been adjusted due
to changes to the accounting for convertible debt
instruments
 
 
 
 
 
 
 
 
 
INVESTOR MEETING 2012
61
INTEL CORPORATION
CALCULATION OF FORECAST ROIC
Appendix C
($m)
 
2012 Forecast
 
Consensus net income (1)
 
$ 12,696
 
Annualized interest expense (2)
 
124
 
Income tax adjustment (3)
 
(35)
 
Adjusted net operating profit after taxes
 
$ 12,785
 
 
 
 
 
 
 
2011
 
Total assets (GAAP)
 
$ 71,119
 
Current liabilities
 
(12,028)
 
Invested capital
 
$ 59,091
 
 
 
 
 
 
 
2012 Forecast
 
Return on invested capital (Adjusted net operating profit after taxes /  prior year end invested capital)
 
21.6%
 
1. “Forecast reflects Consensus net income forecast published by Thomson Reuters as of 4/13/12. This information is provided
 solely to illustrate forecast ROIC based upon analysts’ views as of a point in time. Intel has not reviewed, does not endorse or
 adopt, and expresses no views on the accuracy of the information reported by Thomson Reuters or the accuracy,
 appropriateness or completeness of the reports upon which such information is based. You should not view this information as
 reflecting Intel’s or its management’s views, and Intel disclaims any responsibility with respect to such information or reports
 currently or in the future.”
2. Annualized amount above is our Q1 2012 interest expense multiplied by four
3. Assumed tax effect of annualized interest expense based on our Q1 2012 effective tax rate
 
 
 
INVESTOR MEETING 2012