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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 27, 2020
Or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number 000-06217
intc-20200627_g1.jpg
INTEL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware94-1672743
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2200 Mission College Boulevard, Santa Clara, California95054-1549
(Address of principal executive offices)(Zip Code)
(408) 765-8080
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.001 par valueINTCNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer  Non-accelerated filer  Smaller reporting company Emerging growth company  

¨¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No 
As of June 27, 2020, the registrant had outstanding 4,253 million shares of common stock.



TABLE OF CONTENTS
THE ORGANIZATION OF OUR QUARTERLY REPORT ON FORM 10-Q
The order and presentation of content in our Form 10-Q differs from the traditional SEC Form 10-Q format. Our format is designed to improve readability and better present how we organize and manage our business. See "Form 10-Q Cross-Reference Index" within Other Key Information for a cross-reference index to the traditional SEC Form 10-Q format. To reflect our focus on transforming from a PC-centric1 company to a data-centric company, we have presented our data-centric businesses1 first in "Segment Trends and Results" within MD&A.
We have defined certain terms and abbreviations used throughout our Form 10-Q in "Key Terms" within the Consolidated Condensed Financial Statements and Supplemental Details.
The preparation of our Consolidated Condensed Financial Statements is in conformity with U.S. GAAP. Our Form 10-Q includes key metrics that we use to measure our business, some of which are non-GAAP measures. See "Non-GAAP Financial Measures" within MD&A for an explanation of these measures and why management uses them and believes they provide investors with useful supplemental information.
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FORWARD-LOOKING STATEMENTS
OUR PANDEMIC RESPONSE
A QUARTER IN REVIEW
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS AND SUPPLEMENTAL DETAILS
Consolidated Condensed Statements of Income
Consolidated Condensed Statements of Comprehensive Income
Consolidated Condensed Balance Sheets
Consolidated Condensed Statements of Cash Flows
Consolidated Condensed Statements of Stockholders' Equity
Notes to Consolidated Condensed Financial Statements
Key Terms
MANAGEMENT'S DISCUSSION AND ANALYSIS
Segment Trends and Results
Consolidated Results of Operations
Liquidity and Capital Resources
Contractual Obligations
Quantitative and Qualitative Disclosures about Market Risk
Non-GAAP Financial Measures
OTHER KEY INFORMATION
Risk Factors
Controls and Procedures
Issuer Purchases of Equity Securities
Exhibits
Form 10-Q Cross-Reference Index





Intel's definition is included in "Key Terms" within the Consolidated Condensed Financial Statements and Supplemental Details.


Table of Contents

FORWARD-LOOKING STATEMENTS
This Form 10-Q contains forward-looking statements that involve a number of risks and uncertainties. Words such as "anticipate," "expect," "intend," "pledge," "committed," "plan," "mission," "opportunities," "future," "upcoming," "believes," "targeted," "estimates," "continue," "likely," "may," "might," "potentially," "will," "would," "should," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to future responses to and effects of COVID-19; projections of our future financial performance and demand; our anticipated growth and trends in our businesses or operations; projected growth and trends in markets relevant to our businesses; business plans; future products and technology and the expected availability and benefits of such products and technology, including our 10nm and 7nm process technologies, products, and product designs; expectations regarding construction projects; expected timing and impact of acquisitions, divestitures, and other significant transactions; expected completion of restructuring activities; availability, uses, sufficiency, and cost of capital and capital resources, including expected returns to stockholders such as dividends and share repurchases; accounting estimates and judgments regarding reported matters, events and contingencies and our intentions with respect to such matters, events and contingencies, and the actual results thereof; future production capacity and product supply; the future purchase, use, and availability of products, components and services supplied by third parties, including third-party manufacturing services; tax-related expectations; uncertain events or assumptions; and other characterizations of future events or circumstances are forward-looking statements. Such statements are based on management's expectations as of the date of this filing and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include those described throughout this report, our 2019 Form 10-K, and our Form 10-Q for the quarter ended March 28, 2020, particularly the "Risk Factors" sections of such reports. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this Form 10-Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. Unless specifically indicated otherwise, the forward-looking statements in this Form 10-Q do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this Form 10-Q are made as of the date of this filing, including expectations based on third-party information and projections that management believes to be reputable, and Intel does not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.


















Intel, the Intel logo, 3D XPoint, Intel Atom, Intel Core, Intel Optane, Stratix, and Xeon, are trademarks of Intel Corporation or its subsidiaries in the U.S. and/or other countries.
* Other names and brands may be claimed as the property of others.
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OUR PANDEMIC RESPONSE
As we closely monitor the COVID-19 pandemic, our top priority remains protecting the health and safety of our employees. Our Pandemic Leadership Team regularly reviews and adapts our policies based on evolving research and guidance related to the virus. While essential operations continue in our factories and labs around the world, we have restricted travel and meetings, changed our business processes, published a wealth of information, and adapted to a world where many in our workforce are remote and those coming on-site are following new safety measures. We have a multi-phase plan to return to working on-site, and remain committed to delivering for our customers and supporting our communities.
Return to working on-site, at-work social distancing policies, and other safety measures. Since the start of the pandemic, employees who are essential to keeping our business running have continued to work on site in our labs and factories. The additional safety measures and practices we put in place during the first quarter of 2020 to protect these employees continue to be implemented subject to each location’s return on-site processes.
Our plan for returning the remainder of our workforce to work on-site involves multiple phases that gradually allow additional workers to return while practicing social distancing and other safety measures. This plan considers the varying needs of each location and site and depends on local government regulations, community case trends, and recommendations from public health organizations. In the second quarter of 2020, we implemented a telecommuting reimbursement program to help those employees who are still required to work from home improve their workspaces.
Maintaining safe facilities is core to how we operate. Based on the recommendations from national and international health authorities, and the results of recent scientific studies, we are now mandating the use of facemasks for all employees at all Intel sites during all phases of our return to on-site process, except in the final phase when facemasks are recommended rather than mandated.
Operations. With our factories continuing to operate world-wide, we are working with our customers to meet their specific shipment needs. Our world-class safety standards and supply chain operations have to date allowed our factories to continue to operate safely and with mostly on-time deliveries. We temporarily paused a few of our construction projects in the first quarter of 2020 due to local government restrictions at a small number of our sites. Construction resumed during the quarter across all projects. We do not expect the interruptions to impact either our ability to support customers or our process technology roadmap.
Supply chain. Our existing Business Continuity Program, combined with the additional actions taken throughout the pandemic to address our supply chain, continue to support our operations as an essential business.
In the second quarter of 2020, we introduced a COVID-19 channel relief program to help address the unique business challenges our partners are facing. Benefits of this program include customer support and warranty timeline extensions, extending the expiration term for certain programs, financial assistance to our distribution partners, and providing no-cost design reviews and additional technical enablement benefits.
Using our technology to help. In April, we committed $50 million towards a Pandemic Response Technology Initiative. Since that announcement, we have worked with over 100 organizations on close to 200 projects aimed at helping to cope with and combat this global pandemic. We have put more than $30 million of this pledge to work on projects spanning healthcare, education, industrial, retail, transportation, academia, and more.
We will continue to actively monitor the situation and review our plans based on the requirements and recommendations of the federal, state, and local authorities.
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A QUARTER IN REVIEW
Total revenue of $19.7 billion was up $3.2 billion year over year as our data-centric businesses and PC-centric business grew 34% and 7%, respectively. Data-centric revenue was up, driven by growth across all DCG business market segments, strong mix of high-performance Intel® Xeon® processors, NSG bit growth, and improved NAND pricing. Our PC-centric business was up, driven by strength in notebook platform1 demand, strong platform ASP, higher modem and Wi-Fi sales, partially offset by desktop demand. Increased platform unit sales, ASP strength, and NSG growth resulted in higher gross margins dollars and operating income, partially offset by higher platform unit cost and platform reserves. In the first six months we generated $17.3 billion of cash flow from operations and returned $7.0 billion to stockholders, including $2.8 billion in dividends and $4.2 billion in Q1 2020 buybacks.
REVENUE
OPERATING INCOMEDILUTED EPSCASH FLOWS
PC-CENTRIC $B
DATA-CENTRIC $B
GAAP $B NON-GAAP $B
GAAP NON-GAAP
OPERATING CASH FLOW $B
FREE CASH FLOW $B
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$19.7B$5.7B$6.1B$1.19$1.23$17.3B$10.6B
GAAPGAAP
non-GAAP2
GAAP
non-GAAP2
GAAP
non-GAAP2
Revenue up $3.2B or 20% from Q2 2019Operating income up $1.1B or 23% from Q2 2019; Q2 2020 operating margin at 29%Operating income up $0.9B or 18% from Q2 2019; Q2 2020 operating margin at 31%Diluted EPS up $0.27 or 29% from Q2 2019Diluted EPS up $0.17 or 16% from Q2 2019Operating cash flow up $4.8B or 38% from Q2 2019Free cash flow up $5B or 88% from Q2 2019
Growth in data-centric businesses primarily driven by DCG and NSG and growth in the PC-centric business Higher gross margin dollars from increase in platform unit sales and platform ASP strength, NAND market recovery and bit growth, partially offset by increase in platform unit cost and higher platform reserves
Higher platform volume, platform ASP strength, NAND market recovery and bit growth, adjacency1 strength, lower period charges, and lower shares outstanding, partially offset by higher platform unit cost, and higher platform reserves
Higher net income and working capital changes driven by inventory and income taxes, offset by other assets and liabilities











1 See "Key Terms" within Consolidated Condensed Financial Statements and Supplemental Details.
2 See "Non-GAAP Financial Measures" within MD&A.

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BUSINESS SUMMARY
We experienced growth in most of our data-centric businesses, driven by strong demand across all DCG segments, and strength in 5G adjacencies and NAND. We introduced the 3rd Gen Intel® Xeon® Scalable processors and additions to our hardware and software AI portfolio.
Growth in our PC-centric business was driven by strength in notebook demand, strong platform ASP, and continued strength in modem, partially offset by desktop demand. We announced the new 10th Gen Intel® Core vPro® processors for enterprise needs to deliver increased productivity improvements, connectivity, security features, and remote manageability. We also launched the Intel® Core processors with Intel® Hybrid Technology, leveraging Intel's Foveros 3D packaging technology.
We acquired Moovit for $915 million to accelerate Mobileye's MaaS offering. Moovit is known for its urban mobility application and brings Mobileye closer to achieving our plan to become a complete mobility provider, including robotaxi services.
We continue to accelerate our transition to 10nm-based products. We now expect to increase our 10nm-based product shipments for the year by more than 20 percent versus our January expectations. We expect production shipments of our next-generation 10nm client CPU product "Tiger Lake" in Q3 and are targeting initial production shipments of our first 10nm-based Xeon Scalable product, “Ice Lake,” for the end of the year. Our 10nm-based products are positioned for 2021, led by our third-generation client product “Alder Lake” and our second-generation server product “Sapphire Rapids.” Both products are expected to start initial production shipments in the second half of 2021.
We now expect an approximate six-month delay in our 7nm-based CPU product timing relative to prior expectations. The primary driver is the yield of our 7nm manufacturing process, which based on recent data, is now trending approximately twelve months behind our internal target. We will continue to invest in our future process technology roadmap, but we will be pragmatic and objective in seeking to deploy the process technology that delivers the most predictability and performance for our customers, whether that be our process, external foundry process or a combination of both. Our advanced packaging technologies combined with our disaggregated architecture give us the flexibility to use the process technology that best serves our customers. As an example, we now expect that our data center discrete GPU design, “Ponte Vecchio", which was described in our 2019 Form 10-K, will be released in late 2021 or early 2022 utilizing external and internal process technologies combined with our advanced packaging technologies.
We now expect to see initial production shipments of our first Intel-based 7nm product, a client CPU, in late 2022 or early 2023. We are also focused on maintaining an annual cadence of significant product improvements independent of our process roadmap, including for holiday 2022. In addition, we expect to see initial production shipments of our first Intel-based 7nm data center CPU design in the first half of 2023.


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CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 
Three Months EndedSix Months Ended
(In Millions, Except Per Share Amounts; Unaudited)
Jun 27, 2020Jun 29, 2019Jun 27, 2020Jun 29, 2019
Net revenue
$19,728  $16,505  $39,556  $32,566  
Cost of sales
9,221  6,627  17,033  13,599  
Gross margin
10,507  9,878  22,523  18,967  
Research and development
3,354  3,438  6,629  6,770  
Marketing, general and administrative
1,447  1,639  2,988  3,222  
Restructuring and other charges
9  184  171  184  
Operating expenses
4,810  5,261  9,788  10,176  
Operating income
5,697  4,617  12,735  8,791  
Gains (losses) on equity investments, net
267  170  156  604  
Interest and other, net
(29) (63) (342) (124) 
Income before taxes
5,935  4,724  12,549  9,271  
Provision for taxes
830  545  1,783  1,118  
Net income
$5,105  $4,179  $10,766  $8,153  
Earnings per share—basic$1.20  $0.94  $2.53  $1.82  
Earnings per share—diluted
$1.19  $0.92  $2.50  $1.79  
Weighted average shares of common stock outstanding:
Basic
4,246  4,466  4,256  4,479  
Diluted
4,284  4,523  4,298  4,543  
See accompanying notes.
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  Consolidated Condensed Statements of Income
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CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended
Six Months Ended
(In Millions; Unaudited)
Jun 27, 2020Jun 29, 2019Jun 27, 2020Jun 29, 2019
Net income
$5,105  $4,179  $10,766  $8,153  
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on derivatives319  151  51  253  
Actuarial valuation and other pension benefits (expenses), net11  8  23  17  
Translation adjustments and other59  32  54  82  
Other comprehensive income (loss)389  191  128  352  
Total comprehensive income$5,494  $4,370  $10,894  $8,505  
See accompanying notes.
intc-20200627_g11.jpg FINANCIAL STATEMENTS
  Consolidated Condensed Statements of Comprehensive Income
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CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions)
Jun 27, 2020Dec 28, 2019
(unaudited)
Assets
Current assets:
Cash and cash equivalents$8,736  $4,194  
Short-term investments4,791  1,082  
Trading assets12,288  7,847  
Accounts receivable7,441  7,659  
Inventories8,969  8,744  
Other current assets2,165  1,713  
Total current assets
44,390  31,239  
Property, plant and equipment, net of accumulated depreciation of $77,988 ($73,321 as of December 28, 2019)58,036  55,386  
Equity investments3,901  3,967  
Other long-term investments2,884  3,276  
Goodwill26,943  26,276  
Identified intangible assets, net10,303  10,827  
Other long-term assets6,082  5,553  
Total assets
$152,539  $136,524  
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt$2,254  $3,693  
Accounts payable5,045  4,128  
Accrued compensation and benefits2,833  3,853  
Other accrued liabilities12,349  10,636  
Total current liabilities
22,481  22,310  
Debt36,093  25,308  
Contract liabilities 1,329  1,368  
Income taxes payable, non-current4,795  4,919  
Deferred income taxes2,723  2,044  
Other long-term liabilities
3,108  2,916  
Contingencies (Note 13)
Temporary equity
  155  
Stockholders’ equity:
Preferred stock    
Common stock and capital in excess of par value, 4,253 issued and outstanding (4,290 issued and outstanding as of December 28, 2019)25,516  25,261  
Accumulated other comprehensive income (loss)(1,152) (1,280) 
Retained earnings57,646  53,523  
Total stockholders’ equity
82,010  77,504  
Total liabilities, temporary equity, and stockholders’ equity
$152,539  $136,524  
See accompanying notes.
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  Consolidated Condensed Balance Sheets
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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
 
Six Months Ended
(In Millions; Unaudited)
Jun 27, 2020Jun 29, 2019
Cash and cash equivalents, beginning of period$4,194  $3,019  
Cash flows provided by (used for) operating activities:
Net income10,766  8,153  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation5,248  4,379  
Share-based compensation941  859  
Amortization of intangibles865  800  
(Gains) losses on equity investments, net(92) (100) 
Changes in assets and liabilities:
Accounts receivable224  490  
Inventories(271) (1,443) 
Accounts payable208  431  
Accrued compensation and benefits(919) (1,012) 
Prepaid supply agreements(161) (444) 
Income taxes1,203  (15) 
Other assets and liabilities(697) 448  
Total adjustments6,549  4,393  
Net cash provided by operating activities17,315  12,546  
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment(6,676) (6,875) 
Purchases of available-for-sale debt investments(4,558) (1,721) 
Maturities and sales of available-for-sale debt investments1,303  2,031  
Purchases of trading assets(11,429) (4,498) 
Maturities and sales of trading assets7,430  3,808  
Sales of equity investments186  1,331  
Other investing(602) (86) 
Net cash used for investing activities(14,346) (6,010) 
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net  996  
Issuance of long-term debt, net of issuance costs10,247  601  
Repayment of debt and debt conversion(2,775) (1,033) 
Proceeds from sales of common stock through employee equity incentive plans512  305  
Repurchase of common stock(4,229) (5,579) 
Payment of dividends to stockholders(2,811) (2,828) 
Other financing629  850  
Net cash provided by (used for) financing activities1,573  (6,688) 
Net increase (decrease) in cash and cash equivalents4,542  (152) 
Cash and cash equivalents, end of period$8,736  $2,867  
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities$2,836  $2,678  
Cash paid during the period for:
Interest, net of capitalized interest$252  $243  
Income taxes, net of refunds$574  $1,112  
See accompanying notes.
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  Consolidated Condensed Statements of Cash Flows
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CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
Common Stock and Capital in Excess of Par Value
Accumulated Other Comprehensive Income (Loss)Retained EarningsTotal
(In Millions, Except Per Share Amounts; Unaudited)SharesAmount
Three Months Ended
Balance as of March 28, 20204,234  $25,251  $(1,541) $52,644  $76,354  
Net income—  —  —  5,105  5,105  
Other comprehensive income (loss)—  —  389  —  389  
Employee equity incentive plans and other25  9  —  —  9  
Share-based compensation—  492  —  —  492  
Temporary equity reduction—    —  —    
Convertible debt—    —  —     
Repurchase of common stock    —      
Restricted stock unit withholdings(6) (236) —  (103) (339) 
Balance as of June 27, 20204,253  $25,516  $(1,152) $57,646  $82,010  
Balance as of March 30, 20194,477  $25,346  $(813) $49,128  $73,661  
Net income—  —  —  4,179  4,179  
Other comprehensive income (loss)—  —  191  —  191  
Employee equity incentive plans and other27  31  —  —  31  
Share-based compensation—  471  —  —  471  
Temporary equity reduction—  28  —  —  28  
Convertible debt—  (120) —  —  (120) 
Repurchase of common stock(67) (381) —  (2,764) (3,145) 
Restricted stock unit withholdings(7) (235) —  (114) (349) 
Balance as of June 29, 20194,430  $25,140  $(622) $50,429  $74,947  
Six Months Ended
Balance as of December 28, 20194,290  $25,261  $(1,280) $53,523  $77,504  
Net income—  —  —  10,766  10,766  
Other comprehensive income (loss)—  —  128  —  128  
Employee equity incentive plans and other42  629  —  —  629  
Share-based compensation—  941  —  —  941  
Temporary equity reduction—  155  —  —  155  
Convertible debt—  (750) —  —  (750) 
Repurchase of common stock(71) (420) —  (3,689) (4,109) 
Restricted stock unit withholdings(8) (300) —  (135) (435) 
Cash dividends declared ($0.66 per share)—  —  —  (2,819) (2,819) 
Balance as of June 27, 20204,253  $25,516  $(1,152) $57,646  $82,010  
Balance as of December 29, 20184,516