|
|
|
|
|
|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
|
|
|
Delaware
|
|
94-1692300
|
(State or other jurisdiction of
incorporation or organization)
|
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(I.R.S. Employer
Identification No.)
|
|
|
|
2485 Augustine Drive
Santa Clara, California
|
|
95054
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
Large accelerated filer
|
|
þ
|
|
Accelerated filer
|
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¨
|
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|
|
|
|||
Non-accelerated filer
|
|
¨
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Smaller reporting company
|
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¨
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Emerging growth company
|
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¨
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Page No.
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||
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||
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Item 2
|
||
ITEM 1.
|
FINANCIAL STATEMENTS
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
(In millions, except per share amounts)
|
||||||||||||||
Net revenue
|
$
|
1,653
|
|
|
$
|
1,584
|
|
|
$
|
5,056
|
|
|
$
|
3,913
|
|
Cost of sales
|
992
|
|
|
1,013
|
|
|
3,146
|
|
|
2,578
|
|
||||
Gross margin
|
661
|
|
|
571
|
|
|
1,910
|
|
|
1,335
|
|
||||
Research and development
|
363
|
|
|
320
|
|
|
1,063
|
|
|
876
|
|
||||
Marketing, general and administrative
|
148
|
|
|
132
|
|
|
424
|
|
|
382
|
|
||||
Licensing gain
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
||||
Operating income
|
150
|
|
|
119
|
|
|
423
|
|
|
129
|
|
||||
Interest expense
|
(30
|
)
|
|
(31
|
)
|
|
(92
|
)
|
|
(95
|
)
|
||||
Other expense, net
|
(6
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(11
|
)
|
||||
Income before equity loss and income taxes
|
114
|
|
|
85
|
|
|
327
|
|
|
23
|
|
||||
Provision for income taxes
|
12
|
|
|
22
|
|
|
26
|
|
|
30
|
|
||||
Equity loss in investee
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(7
|
)
|
||||
Net income (loss)
|
$
|
102
|
|
|
$
|
61
|
|
|
$
|
299
|
|
|
$
|
(14
|
)
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.10
|
|
|
$
|
0.06
|
|
|
$
|
0.31
|
|
|
$
|
(0.01
|
)
|
Diluted
|
$
|
0.09
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
|
$
|
(0.01
|
)
|
Shares used in per share calculation
|
|
|
|
|
|
|
|
||||||||
Basic
|
987
|
|
|
957
|
|
|
976
|
|
|
947
|
|
||||
Diluted
|
1,076
|
|
|
1,042
|
|
|
1,058
|
|
|
947
|
|
(1)
Prior year amounts adjusted to reflect the retrospective application of ASU 2014-09, Revenue from Contracts with Customers. Refer to Note 1.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
(In millions)
|
||||||||||||||
Net income (loss)
(1)
|
$
|
102
|
|
|
$
|
61
|
|
|
$
|
299
|
|
|
$
|
(14
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) on cash flow hedges:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) arising during the period
|
(5
|
)
|
|
5
|
|
|
(16
|
)
|
|
11
|
|
||||
Reclassification adjustment for (gains) losses realized and included in net income (loss)
|
5
|
|
|
(3
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Total change in unrealized gains (losses) on cash flow hedges
|
—
|
|
|
2
|
|
|
(16
|
)
|
|
7
|
|
||||
Total other comprehensive income (loss)
|
—
|
|
|
2
|
|
|
(16
|
)
|
|
7
|
|
||||
Cumulative-effect adjustment to accumulated deficit related to the adoption of ASU 2016-01, Financial Instruments
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Total comprehensive income (loss)
|
$
|
102
|
|
|
$
|
63
|
|
|
$
|
285
|
|
|
$
|
(7
|
)
|
(1)
Prior year amounts adjusted to reflect the retrospective application of ASU 2014-09, Revenue from Contracts with Customers. Refer to Note 1.
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
|
(In millions, except par value amounts)
|
||||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,046
|
|
|
$
|
1,185
|
|
Marketable securities
|
10
|
|
|
—
|
|
||
Accounts receivable, net
|
1,207
|
|
|
454
|
|
||
Inventories, net
|
738
|
|
|
694
|
|
||
Prepayment and receivables—related parties
|
53
|
|
|
33
|
|
||
Prepaid expenses
|
60
|
|
|
77
|
|
||
Other current assets
|
200
|
|
|
191
|
|
||
Total current assets
|
3,314
|
|
|
2,634
|
|
||
Property and equipment, net
|
318
|
|
|
261
|
|
||
Goodwill
|
289
|
|
|
289
|
|
||
Investment: equity method
|
58
|
|
|
58
|
|
||
Other assets
|
368
|
|
|
310
|
|
||
Total assets
|
$
|
4,347
|
|
|
$
|
3,552
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Short-term debt, net
|
$
|
136
|
|
|
$
|
70
|
|
Accounts payable
|
508
|
|
|
384
|
|
||
Payables to related parties
|
533
|
|
|
412
|
|
||
Accrued liabilities
|
688
|
|
|
555
|
|
||
Other current liabilities
|
13
|
|
|
92
|
|
||
Total current liabilities
|
1,878
|
|
|
1,513
|
|
||
Long-term debt, net
|
1,167
|
|
|
1,325
|
|
||
Other long-term liabilities
|
177
|
|
|
118
|
|
||
Commitments and contingencies (See Note 12)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Capital stock:
|
|
|
|
||||
Common stock, par value $0.01; shares authorized: 2,250 on September 29, 2018 and 1,500 shares on December 30, 2017; shares issued: 1,007 on September 29, 2018 and 979 shares on December 30, 2017; shares outstanding: 999 on September 29, 2018 and 967 shares on December 30, 2017
|
10
|
|
|
9
|
|
||
Additional paid-in capital
|
8,666
|
|
|
8,464
|
|
||
Treasury stock, at cost (8 shares on September 29, 2018 and 12 shares on December 30, 2017)
|
(67
|
)
|
|
(108
|
)
|
||
Accumulated deficit
|
(7,474
|
)
|
|
(7,775
|
)
|
||
Accumulated other comprehensive income (loss)
|
(10
|
)
|
|
6
|
|
||
Total stockholders’ equity
|
$
|
1,125
|
|
|
$
|
596
|
|
Total liabilities and stockholders’ equity
|
$
|
4,347
|
|
|
$
|
3,552
|
|
(1)
Prior year amounts adjusted to reflect the retrospective application of ASU 2014-09, Revenue from Contracts with Customers. Refer to Note 1.
|
|
Nine Months Ended
|
||||||
|
September 29,
2018 |
|
September 30,
2017 |
||||
|
(In millions)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
299
|
|
|
$
|
(14
|
)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
127
|
|
|
105
|
|
||
Provision for deferred income taxes
|
—
|
|
|
3
|
|
||
Stock-based compensation expense
|
101
|
|
|
76
|
|
||
Amortization of debt discount and issuance costs
|
29
|
|
|
27
|
|
||
Loss on debt redemption
|
7
|
|
|
9
|
|
||
Other
|
2
|
|
|
4
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(753
|
)
|
|
(527
|
)
|
||
Inventories
|
(44
|
)
|
|
5
|
|
||
Prepayment and receivables - related parties
|
(20
|
)
|
|
6
|
|
||
Prepaid expenses and other assets
|
(26
|
)
|
|
(78
|
)
|
||
Payables to related parties
|
121
|
|
|
61
|
|
||
Accounts payable, accrued liabilities and other
|
121
|
|
|
11
|
|
||
Net cash used in operating activities
|
(36
|
)
|
|
(312
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(122
|
)
|
|
(69
|
)
|
||
Purchases of available-for-sale debt securities
|
(45
|
)
|
|
(221
|
)
|
||
Proceeds from maturity of available-for-sale debt securities
|
35
|
|
|
221
|
|
||
Other
|
—
|
|
|
(2
|
)
|
||
Net cash used in investing activities
|
(132
|
)
|
|
(71
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from (repayments of) short-term borrowings, net
|
—
|
|
|
70
|
|
||
Proceeds from issuance of common stock through employee equity incentive plans
|
44
|
|
|
15
|
|
||
Repayments of long-term debt
|
(15
|
)
|
|
(70
|
)
|
||
Other
|
(1
|
)
|
|
(14
|
)
|
||
Net cash provided by financing activities
|
28
|
|
|
1
|
|
||
Net decrease in cash, cash equivalents, and restricted cash
|
(140
|
)
|
|
(382
|
)
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
1,191
|
|
|
1,266
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
1,051
|
|
|
$
|
884
|
|
Supplemental cash flow information:
|
|
|
|
||||
Non-cash investing and financing activities:
|
|
|
|
||||
Purchases of property and equipment, accrued but not paid
|
$
|
46
|
|
|
$
|
53
|
|
Issuance of treasury stock to partially settle debt
|
$
|
103
|
|
|
$
|
38
|
|
Non-cash additions of property, plant and equipment
|
$
|
9
|
|
|
$
|
8
|
|
Reconciliation of cash, cash equivalents, and restricted cash
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,046
|
|
|
$
|
879
|
|
Restricted cash included in Other current assets
|
5
|
|
|
2
|
|
||
Restricted cash included in Other assets
|
—
|
|
|
3
|
|
||
Total cash, cash equivalents, and restricted cash
|
$
|
1,051
|
|
|
$
|
884
|
|
(1)
Prior year amounts adjusted to reflect the retrospective application of ASU 2014-09, Revenue from Contracts with Customers. Refer to Note 1.
|
(2)
Amounts reflected adoption of ASU 2016-18, Statement of Cash Flows, Restricted Cash (Topic 230) beginning in the first quarter of 2018.
|
|
Three months ended September 29, 2017
|
|
Nine months ended September 29, 2017
|
||||||||||||||||||||
|
As Previously Reported
|
|
Adjustment
|
|
As Adjusted
|
|
As Previously Reported
|
|
Adjustment
|
|
As Adjusted
|
||||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||||||
Net revenue
|
$
|
1,643
|
|
|
$
|
(59
|
)
|
|
$
|
1,584
|
|
|
$
|
3,849
|
|
|
$
|
64
|
|
|
$
|
3,913
|
|
Cost of sales
|
1,070
|
|
|
(57
|
)
|
|
1,013
|
|
|
2,541
|
|
|
37
|
|
|
2,578
|
|
||||||
Gross margin
|
573
|
|
|
(2
|
)
|
|
571
|
|
|
1,308
|
|
|
27
|
|
|
1,335
|
|
||||||
Research and development
|
315
|
|
|
5
|
|
|
320
|
|
|
860
|
|
|
16
|
|
|
876
|
|
||||||
Marketing, general and administrative
|
132
|
|
|
—
|
|
|
132
|
|
|
378
|
|
|
4
|
|
|
382
|
|
||||||
Licensing gain
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
(52
|
)
|
||||||
Operating income (loss)
|
126
|
|
|
(7
|
)
|
|
119
|
|
|
122
|
|
|
7
|
|
|
129
|
|
||||||
Interest expense
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
|
(95
|
)
|
|
—
|
|
|
(95
|
)
|
||||||
Other expense, net
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
||||||
Income (loss) before equity loss and income taxes
|
92
|
|
|
(7
|
)
|
|
85
|
|
|
16
|
|
|
7
|
|
|
23
|
|
||||||
Provision for income taxes
|
19
|
|
|
3
|
|
|
22
|
|
|
27
|
|
|
3
|
|
|
30
|
|
||||||
Equity loss in investee
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
||||||
Net income (loss)
|
$
|
71
|
|
|
$
|
(10
|
)
|
|
$
|
61
|
|
|
$
|
(18
|
)
|
|
$
|
4
|
|
|
$
|
(14
|
)
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
$
|
0.07
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.01
|
)
|
Diluted
|
$
|
0.07
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.01
|
)
|
Shares used in per share calculation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
957
|
|
|
|
|
|
957
|
|
|
947
|
|
|
|
|
947
|
|
|||||||
Diluted
|
1,042
|
|
|
|
|
|
1,042
|
|
|
947
|
|
|
|
|
947
|
|
|
December 30, 2017
|
||||||||||
|
As Previously Reported
|
|
Adjustment
|
|
As Adjusted
|
||||||
|
(In millions, except per share amounts)
|
||||||||||
Accounts receivable, net
|
$
|
400
|
|
|
$
|
54
|
|
|
$
|
454
|
|
Inventories, net
|
739
|
|
|
(45
|
)
|
|
694
|
|
|||
Other current assets
|
188
|
|
|
3
|
|
|
191
|
|
|||
Accrued liabilities
|
541
|
|
|
14
|
|
|
555
|
|
|||
Other current liabilities
|
57
|
|
|
35
|
|
|
92
|
|
|||
Deferred income on shipments to distributors
|
22
|
|
|
(22
|
)
|
|
—
|
|
|||
Accumulated deficit
|
(7,760
|
)
|
|
(15
|
)
|
|
(7,775
|
)
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
|
(In millions)
|
||||||
Raw materials
|
$
|
85
|
|
|
$
|
34
|
|
Work in process
|
418
|
|
|
446
|
|
||
Finished goods
|
235
|
|
|
214
|
|
||
Total inventories, net
|
$
|
738
|
|
|
$
|
694
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
|
(In millions)
|
||||||
Leasehold improvements
|
$
|
176
|
|
|
$
|
187
|
|
Equipment
|
780
|
|
|
758
|
|
||
Construction in progress
|
80
|
|
|
56
|
|
||
Property and equipment, gross
|
1,036
|
|
|
1,001
|
|
||
Accumulated depreciation
|
(718
|
)
|
|
(740
|
)
|
||
Total property and equipment, net
|
$
|
318
|
|
|
$
|
261
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
|
(In millions)
|
||||||
Software technology and licenses, net
|
$
|
274
|
|
|
$
|
239
|
|
Other
|
94
|
|
|
71
|
|
||
Total other assets
|
$
|
368
|
|
|
$
|
310
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
|
(In millions)
|
||||||
Accrued compensation and benefits
|
$
|
223
|
|
|
$
|
206
|
|
Marketing programs and advertising expenses
|
249
|
|
|
145
|
|
||
Software technology and licenses payable
|
45
|
|
|
41
|
|
||
Other
|
171
|
|
|
163
|
|
||
Total accrued liabilities
|
$
|
688
|
|
|
$
|
555
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
|
(In millions)
|
||||||
Unearned revenue
|
$
|
3
|
|
|
$
|
85
|
|
Other
|
10
|
|
|
7
|
|
||
Total other current liabilities
|
$
|
13
|
|
|
$
|
92
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
(In millions)
|
||||||||||||||
Beginning balance
|
$
|
67
|
|
|
$
|
43
|
|
|
$
|
85
|
|
|
$
|
22
|
|
Unearned revenue
|
37
|
|
|
32
|
|
|
124
|
|
|
59
|
|
||||
Revenue recognized during the period
|
(86
|
)
|
|
—
|
|
|
(186
|
)
|
|
(6
|
)
|
||||
Other
|
(15
|
)
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
||||
Ending balance
|
$
|
3
|
|
|
$
|
75
|
|
|
$
|
3
|
|
|
$
|
75
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
|
(In millions)
|
||||||
Principal amounts:
|
|
|
|
||||
Principal
|
$
|
805
|
|
|
$
|
805
|
|
Unamortized debt discount
(1)
|
(268
|
)
|
|
(286
|
)
|
||
Unamortized debt issuance costs
|
(11
|
)
|
|
(12
|
)
|
||
Net carrying amount
|
$
|
526
|
|
|
$
|
507
|
|
Carrying amount of the equity component, net
(2)
|
$
|
305
|
|
|
$
|
305
|
|
(1)
|
Included in the consolidated balance sheets within Long-term debt, net and amortized over the remaining life of the notes using the effective interest rate method.
|
(2)
|
Included in the consolidated balance sheets within additional paid-in capital, net of
$9 million
of equity issuance costs.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
(In millions)
|
||||||||||||||
Contractual interest expense
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
13
|
|
|
$
|
13
|
|
Interest cost related to amortization of debt issuance costs
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Interest cost related to amortization of the debt discount
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
18
|
|
|
$
|
17
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
(In millions, except per share amounts)
|
||||||||||||||
Numerator – Net income (loss):
|
|
|
|
|
|
|
|
||||||||
Numerator for basic earnings (loss) per share
|
$
|
102
|
|
|
$
|
61
|
|
|
$
|
299
|
|
|
$
|
(14
|
)
|
Denominator - Weighted average shares:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings (loss) per share
|
987
|
|
|
957
|
|
|
976
|
|
|
947
|
|
||||
Effect of potentially dilutive shares:
|
|
|
|
|
|
|
|
||||||||
Employee stock options and restricted stock units
|
34
|
|
|
44
|
|
|
35
|
|
|
—
|
|
||||
Warrants
|
55
|
|
|
41
|
|
|
47
|
|
|
—
|
|
||||
Denominator for diluted earnings (loss) per share
|
1,076
|
|
|
1,042
|
|
|
1,058
|
|
|
947
|
|
||||
Earnings (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.10
|
|
|
$
|
0.06
|
|
|
$
|
0.31
|
|
|
$
|
(0.01
|
)
|
Diluted
|
$
|
0.09
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
|
$
|
(0.01
|
)
|
|
Total Fair
Value |
|
Cash and
Cash Equivalents |
|
Short-Term
Marketable
Securities
|
||||||
|
(In millions)
|
||||||||||
September 29, 2018
|
|
|
|
|
|
||||||
Cash
|
$
|
92
|
|
|
$
|
92
|
|
|
$
|
—
|
|
Level 1
(1) (2)
|
|
|
|
|
|
||||||
Government money market funds
|
$
|
205
|
|
|
$
|
205
|
|
|
$
|
—
|
|
Total level 1
|
$
|
205
|
|
|
$
|
205
|
|
|
$
|
—
|
|
Level 2
(1) (3)
|
|
|
|
|
|
||||||
Commercial paper
|
$
|
759
|
|
|
$
|
749
|
|
|
$
|
10
|
|
Total level 2
|
$
|
759
|
|
|
$
|
749
|
|
|
$
|
10
|
|
Total
|
$
|
1,056
|
|
|
$
|
1,046
|
|
|
$
|
10
|
|
|
Total Fair
Value |
|
Cash and
Cash Equivalents |
||||
|
(In millions)
|
||||||
December 30, 2017
|
|
|
|
||||
Cash
|
$
|
108
|
|
|
$
|
108
|
|
Level 1
(1) (2)
|
|
|
|
||||
Government money market funds
|
$
|
395
|
|
|
$
|
395
|
|
Total level 1
|
$
|
395
|
|
|
$
|
395
|
|
Level 2
(1) (3)
|
|
|
|
||||
Commercial paper
|
$
|
682
|
|
|
$
|
682
|
|
Total level 2
|
$
|
682
|
|
|
$
|
682
|
|
Total
|
$
|
1,185
|
|
|
$
|
1,185
|
|
(1)
|
The Company did not have any transfers between Level 1 and Level 2 of the fair value hierarchy during the
three and nine months ended September 29, 2018
or the year ended
December 30, 2017
.
|
(2)
|
The Company
’
s Level 1 assets are valued using quoted prices for identical instruments in active markets.
|
(3)
|
The Company’s Level 2 assets are valued using broker reports that utilize quoted prices for identical instruments in markets that are not active or comparable instruments in active markets. Brokers gather observable inputs for all of the Company’s fixed income securities from a variety of industry data providers and other third-party sources.
|
|
September 29, 2018
|
|
December 30, 2017
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
|
(In millions)
|
||||||||||||||
Short-term debt
|
$
|
136
|
|
|
$
|
137
|
|
|
$
|
70
|
|
|
$
|
70
|
|
Long-term debt, net
(1)
|
$
|
1,167
|
|
|
$
|
3,830
|
|
|
$
|
1,324
|
|
|
$
|
2,103
|
|
(1)
|
Carrying amounts of long-term debt are net of unamortized debt issuance costs of
$17 million
as of
September 29, 2018
and
$19 million
as of
December 30, 2017
, and net of unamortized debt discount associated with the
2.125%
Notes of
$268 million
as of
September 29, 2018
and
$286 million
as of
December 30, 2017
.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
(In millions)
|
||||||||||||||
Foreign Currency Forward Contracts - gains (losses)
|
|
|
|
|
|
|
|
||||||||
Contracts designated as cash flow hedging instruments
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
(16
|
)
|
|
$
|
8
|
|
Research and development
|
(4
|
)
|
|
3
|
|
|
—
|
|
|
4
|
|
||||
Marketing, general and administrative
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Contracts not designated as hedging instruments
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
|
(In millions)
|
||||||
Foreign Currency Forward Contracts - gains (losses)
|
|
|
|
||||
Contracts designated as cash flow hedging instruments
|
$
|
(10
|
)
|
|
$
|
7
|
|
•
|
the Computing and Graphics segment, which primarily includes desktop and notebook processors and chipsets, discrete and integrated graphics processing units (GPUs), professional GPUs. The Company also licenses portions of its IP portfolio; and
|
•
|
the Enterprise, Embedded and Semi-Custom segment, which primarily includes server and embedded processors, semi-custom System-on-Chip (SoC) products, development services and technology for game consoles. The Company also licenses portions of its IP portfolio.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
(In millions)
|
||||||||||||||
Net revenue:
|
|
|
|
|
|
|
|
||||||||
Computing and Graphics
|
$
|
938
|
|
|
$
|
835
|
|
|
$
|
3,139
|
|
|
$
|
2,069
|
|
Enterprise, Embedded and Semi-Custom
|
715
|
|
|
749
|
|
|
1,917
|
|
|
1,844
|
|
||||
Total net revenue
|
$
|
1,653
|
|
|
$
|
1,584
|
|
|
$
|
5,056
|
|
|
$
|
3,913
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
||||||||
Computing and Graphics
|
$
|
100
|
|
|
$
|
73
|
|
|
$
|
355
|
|
|
$
|
59
|
|
Enterprise, Embedded and Semi-Custom
|
86
|
|
|
74
|
|
|
169
|
|
|
145
|
|
||||
All Other
(1)
|
(36
|
)
|
|
(28
|
)
|
|
(101
|
)
|
|
(75
|
)
|
||||
Total operating income
|
$
|
150
|
|
|
$
|
119
|
|
|
$
|
423
|
|
|
$
|
129
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
(In millions)
|
||||||||||||||
Beginning balance
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
12
|
|
|
$
|
12
|
|
New warranties issued
|
7
|
|
|
7
|
|
|
20
|
|
|
18
|
|
||||
Settlements
|
(7
|
)
|
|
(7
|
)
|
|
(21
|
)
|
|
(16
|
)
|
||||
Changes in liability for pre-existing warranties, including expirations
|
—
|
|
|
1
|
|
|
1
|
|
|
(3
|
)
|
||||
Ending balance
|
$
|
12
|
|
|
$
|
11
|
|
|
$
|
12
|
|
|
$
|
11
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
||||||||||||||||||||
|
Unrealized gains (losses) on available-for-sale securities
|
|
Unrealized gains (losses) on cash flow hedges
|
|
Total
|
|
Unrealized gains (losses) on available-for-sale securities
|
|
Unrealized gains (losses) on cash flow hedges
|
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Beginning balance
|
$
|
—
|
|
|
$
|
(10
|
)
|
|
$
|
(10
|
)
|
|
$
|
(1
|
)
|
|
$
|
1
|
|
|
$
|
—
|
|
Unrealized gains (losses) arising during the period
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
|
—
|
|
|
6
|
|
|
6
|
|
||||||
Reclassification adjustment for (gains) losses realized and included in net income (loss)
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
||||||
Tax effect
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||
Ending balance
|
$
|
—
|
|
|
$
|
(10
|
)
|
|
$
|
(10
|
)
|
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
$
|
2
|
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
||||||||||||||||||||
|
Unrealized gains (losses) on available-for-sale securities
|
|
Unrealized gains (losses) on cash flow hedges
|
|
Total
|
|
Unrealized gains (losses) on available-for-sale securities
|
|
Unrealized gains (losses) on cash flow hedges
|
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Beginning balance
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
(1
|
)
|
|
$
|
(4
|
)
|
|
$
|
(5
|
)
|
Unrealized gains (losses) arising during the period
|
—
|
|
|
(16
|
)
|
|
(16
|
)
|
|
—
|
|
|
14
|
|
|
14
|
|
||||||
Reclassification adjustment for gains realized and included in net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||||
Tax effect
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Total other comprehensive income (loss)
|
—
|
|
|
(16
|
)
|
|
(16
|
)
|
|
—
|
|
|
7
|
|
|
7
|
|
||||||
Ending balance
|
$
|
—
|
|
|
$
|
(10
|
)
|
|
$
|
(10
|
)
|
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
$
|
2
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
x86 microprocessors, as standalone devices or as incorporated into an accelerated processing unit (APU), chipsets, discrete and integrated graphics processing units (GPUs), and professional GPUs; and
|
•
|
server and embedded processors, semi-custom System-on-Chip (SoC) products and technology for game consoles.
|
•
|
the Computing and Graphics segment, which primarily includes desktop and notebook processors and chipsets, GPUs and professional GPUs. We also license portions of our IP portfolio; and
|
•
|
the Enterprise, Embedded and Semi-Custom segment, which primarily includes server and embedded processors, semi-custom SoC products, development services and technology for game consoles. We also license portions of our IP portfolio.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
|
(In millions)
|
||||||||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
||||||||
Computing and Graphics
|
|
$
|
938
|
|
|
$
|
835
|
|
|
$
|
3,139
|
|
|
$
|
2,069
|
|
Enterprise, Embedded and Semi-Custom
|
|
715
|
|
|
749
|
|
|
1,917
|
|
|
1,844
|
|
||||
Total net revenue
|
|
$
|
1,653
|
|
|
$
|
1,584
|
|
|
$
|
5,056
|
|
|
$
|
3,913
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Computing and Graphics
|
|
$
|
100
|
|
|
$
|
73
|
|
|
$
|
355
|
|
|
$
|
59
|
|
Enterprise, Embedded and Semi-Custom
|
|
86
|
|
|
74
|
|
|
169
|
|
|
145
|
|
||||
All Other
|
|
(36
|
)
|
|
(28
|
)
|
|
(101
|
)
|
|
(75
|
)
|
||||
Total operating income
|
|
$
|
150
|
|
|
$
|
119
|
|
|
$
|
423
|
|
|
$
|
129
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
|
(In millions except for percentages)
|
||||||||||||||
Cost of sales
|
|
$
|
992
|
|
|
$
|
1,013
|
|
|
$
|
3,146
|
|
|
$
|
2,578
|
|
Gross margin
|
|
661
|
|
|
571
|
|
|
1,910
|
|
|
1,335
|
|
||||
Gross margin percentage
|
|
40
|
%
|
|
36
|
%
|
|
38
|
%
|
|
34
|
%
|
||||
Research and development
|
|
363
|
|
|
320
|
|
|
1,063
|
|
|
876
|
|
||||
Marketing, general and administrative
|
|
148
|
|
|
132
|
|
|
424
|
|
|
382
|
|
||||
Licensing gain
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
||||
Interest expense
|
|
(30
|
)
|
|
(31
|
)
|
|
(92
|
)
|
|
(95
|
)
|
||||
Other expense, net
|
|
(6
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(11
|
)
|
||||
Provision for income taxes
|
|
12
|
|
|
22
|
|
|
26
|
|
|
30
|
|
||||
Equity loss in investee
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(7
|
)
|
|
|
Nine Months Ended
|
||||||
|
|
September 29,
2018 |
|
September 30,
2017 |
||||
|
|
(In millions )
|
||||||
Net cash provided by (used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
(36
|
)
|
|
$
|
(312
|
)
|
Investing activities
|
|
(132
|
)
|
|
(71
|
)
|
||
Financing activities
|
|
28
|
|
|
1
|
|
|
Payments due by period as of September 29, 2018
|
||||||||||||||||||||||||||
(In millions)
|
Total
|
|
Remainder of 2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023 and
thereafter
|
||||||||||||||
6.75% Notes
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
7.50% Notes
|
337
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
337
|
|
|
—
|
|
|||||||
7.00% Notes
|
310
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
310
|
|
|||||||
2.125% Notes
|
805
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
805
|
|
|||||||
Secured Revolving Line of Credit
|
70
|
|
|
70
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other long-term liabilities
(1)
|
164
|
|
|
8
|
|
|
47
|
|
|
42
|
|
|
34
|
|
|
30
|
|
|
3
|
|
|||||||
Aggregate interest obligation
(2)
|
409
|
|
|
35
|
|
|
68
|
|
|
65
|
|
|
65
|
|
|
64
|
|
|
112
|
|
|||||||
Operating leases
|
337
|
|
|
14
|
|
|
54
|
|
|
48
|
|
|
43
|
|
|
40
|
|
|
138
|
|
|||||||
Purchase obligations
(3)
|
190
|
|
|
91
|
|
|
59
|
|
|
25
|
|
|
12
|
|
|
3
|
|
|
—
|
|
|||||||
Obligations to GF
(4)
|
2,452
|
|
|
571
|
|
|
1,101
|
|
|
780
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total contractual obligations
(5)
|
$
|
5,140
|
|
|
$
|
789
|
|
|
$
|
1,395
|
|
|
$
|
960
|
|
|
$
|
154
|
|
|
$
|
474
|
|
|
$
|
1,368
|
|
(1)
|
Amounts largely represent future fixed and non-cancellable cash payments associated with software technology and licenses and IP licenses, including the payments due within the next 12 months.
|
(2)
|
Represents estimated aggregate interest obligations for our outstanding debt obligations that are payable in cash, excluding non-cash amortization of debt issuance costs and debt discount.
|
(3)
|
We have purchase obligations for goods and services where payments are based, in part, on the volume or type of services we acquire. In those cases, we only included the minimum volume of purchase obligations in the table above. Purchase orders for goods and services that are cancellable upon notice and without significant penalties are not included in the amounts above.
|
(4)
|
Includes our currently expected purchases from GF for the remainder of 2018 for wafer manufacturing and research and development activities and minimum purchase obligations for wafer purchases for years 2018 through 2020. We cannot meaningfully quantify or estimate our future purchase obligations to GF beyond 2020 but expect that our future purchases from GF will continue to be material. On August 27, 2018, GF announced that it was putting its 7nm FinFET program on hold indefinitely. We are presently focusing the breadth of our 7nm product portfolio on Taiwan Semiconductor Co., Ltd.’s (TSMC) 7nm process. We are currently in discussion with GF to modify the WSA to align with GF’s new business strategy.
|
(5)
|
Total amount excludes contractual obligations already recorded on our condensed consolidated balance sheets except for debt obligations and other liabilities related to software and technology licenses and IP licenses.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
•
|
business practices, including rebating and allocation strategies and pricing actions, designed to limit our market share and margins;
|
•
|
de facto control over industry standards, and heavy influence on PC manufacturers and other PC industry participants, including motherboard, memory, chipset and basic input/output system (BIOS), suppliers and software companies as well as the graphics interface for Intel platforms; and
|
•
|
marketing and advertising expenditures in support of positioning the Intel brand over the brand of its original equipment manufacturer OEM customers and retailers.
|
•
|
make it difficult for us to satisfy our financial obligations, including making scheduled principal and interest payments;
|
•
|
limit our ability to borrow additional funds for working capital, capital expenditures, acquisitions and general corporate and other purposes;
|
•
|
limit our ability to use our cash flow or obtain additional financing for future working capital, capital expenditures, acquisitions or other general corporate purposes;
|
•
|
create or permit restrictions on the ability of certain restricted subsidiaries to pay dividends or make other distributions to us;
|
•
|
create liens upon any of the Loan Parties’ property (other than customary permitted liens and liens in respect of up to $1.5 billion of secured credit facilities debt, which amount includes our Secured Revolving Line of Credit);
|
•
|
make certain loans, make payments with respect to subordinated debt or certain borrowed money prior to its due date; and
|
•
|
a failure to accurately estimate customer demand for our products, including for our older products as our new products are introduced; or
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 6.
|
EXHIBITS
|
*10.1
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
101.INS
|
|
XBRL Instance Document.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
* Management contracts and compensatory plans or arrangements.
|
|
|
|
|
ADVANCED MICRO DEVICES, INC.
|
|
|
|
|
|
October 31, 2018
|
|
By:
|
/s/Devinder Kumar
|
|
|
Name:
|
Devinder Kumar
|
|
|
Title:
|
Senior Vice President, Chief Financial Officer and Treasurer
Signing on behalf of the Registrant as the Principal Financial Officer
|
1.
|
Purposes of the Plan
|
2.
|
Definitions and Construction
|
(i)
|
Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including the securities beneficially owned by such
|
(ii)
|
During any period of two consecutive years, individuals who at the beginning of such period constituted the Board and any new director (other than a director designated by a person who has entered into an agreement or arrangement with the Company to effect a transaction described in clause (i) or (ii) of this sentence) whose appointment, election, or nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose appointment, election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board;
|
(iii)
|
There is consummated a merger or consolidation of the Company or Subsidiary with or into any other corporation, other than a merger or consolidation which would result in the holders of the voting securities of the Company outstanding immediately prior thereto holding securities which represent immediately after such merger or consolidation more than 50% of the combined voting power of the voting securities of either the Company or the other entity which survives such merger or consolidation or the parent of the entity which survives such merger or consolidation; or
|
(iv)
|
The stockholders of the Company approve a plan of complete liquidation of the Company and such plan of complete liquidation of the Company is consummated or there is consummated the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 80% of the combined voting power of the voting securities of which are owned by persons in substantially the same proportions as their ownership of the Company immediately prior to such sale.
|
3.
|
Shares Subject to the Plan
|
4.
|
Offering Periods; Offering Documents; Purchase Dates
|
(i)
|
the length of the Offering Period, which period will not exceed twenty-seven (27) months;
|
(ii)
|
the maximum number of Shares that may be purchased by any Eligible Employee during such Offering Period, to be determined by the Administrator as set forth in Section 5(e); and
|
(iii)
|
such other provisions as the Administrator determines are appropriate, subject to the Plan.
|
5.
|
Eligibility and Participation
|
(i)
|
Except as otherwise set forth in an Offering Document or determined by the Administrator, an Eligible Employee may become a Participant in the Plan for an Offering Period by delivering a subscription agreement to the Company by such time prior to the Enrollment Date for such Offering Period (or such other date specified in the Offering Document) designated by the Administrator and in such form as the Company provides.
|
(ii)
|
Each subscription agreement will designate a whole percentage of such Eligible Employee’s Compensation to be withheld by the Company or the Designated Subsidiary employing such Eligible Employee on each payday during the Offering Period as payroll deductions under the Plan. The percentage of Compensation designated by an Eligible Employee as payroll deductions may not be less than one percent (1%) and may not be more than twenty five percent (25%), or such lower limit as may be set by the Administrator for the Offering Period. The payroll deductions made for each Participant will be credited to an account for such Participant under the Plan and will be deposited with the general funds of the Company, unless required otherwise under Applicable Law.
|
(iii)
|
A Participant may decrease (but not increase) the percentage of Compensation designated in his or her subscription agreement, subject to the limits of this Section 5(b), or may suspend his or her payroll deductions, at any time during an Offering Period; provided, however, that the Administrator may limit the number of changes a Participant may make to his or her payroll deduction elections during each Offering Period in the applicable Offering Document (and in the absence of any specific designation by the Administrator, a Participant will be allowed one (1) decrease to or suspension of his or her payroll deduction elections during each Offering Period).
|
(i)
|
A maximum number of Shares that may be purchased by any Participant on any Purchase Date during such Offering Period, which, in the absence of a lower specification by the Administrator, will be fifteen thousand (15,000) Shares; and
|
(ii)
|
A maximum aggregate number of Shares that may be purchased by all Participants on any Purchase Date during an Offering Period, which, in the absence of a lower specification by the Administrator, will be ten million (10,000,000) Shares.
|
6.
|
Grant and Exercise of Rights
|
(i)
|
The admission of such Shares to listing on all stock exchanges, if any, on which the Common Stock is then listed;
|
(ii)
|
The completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, that the Administrator will, in its absolute discretion, deem necessary or advisable;
|
(iii)
|
The obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator will, in its absolute discretion, determine to be necessary or advisable;
|
(iv)
|
The payment to the Company or a Designated Subsidiary of all amounts that the Company or the Designated Subsidiary is required to withhold under federal, state or local law as a result of the Participant's participation in the Plan; and
|
(v)
|
The lapse of such reasonable period of time following the exercise of the rights as the Administrator may from time to time establish for reasons of administrative convenience.
|
7.
|
Withdrawal; Cessation of Eligibility
|
8.
|
Adjustments Upon Changes in Stock
|
9.
|
Amendment, Modification and Termination
|
10.
|
Term of Plan
|
11.
|
Administration
|
12.
|
Miscellaneous
|
(i)
|
A Participant may, if permitted by the Administrator, file a written designation of a beneficiary who is to receive any Shares and/or cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to a Purchase Date on which the Participant’s rights are exercised but prior to delivery to such Participant of such Shares and cash. In addition, if permitted by the Administrator, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the Participant’s rights under the Plan. If the Participant is married and resides in a community property state, a designation of a person other than the
|
(ii)
|
Such designation of beneficiary may be changed by the Participant at any time by written notice to the Company. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company will deliver such Shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator is appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such Shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.
|
Date: October 31, 2018
|
|
|
|
/s/Lisa T. Su
|
|
|
Lisa T. Su
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
Date: October 31, 2018
|
|
|
|
/s/Devinder Kumar
|
|
|
Devinder Kumar
Senior Vice President,
Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|
|
(i.)
|
the Quarterly Report on Form 10-Q of the Company for the period ended September 29, 2018 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
|
(ii.)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: October 31, 2018
|
|
|
|
/s/
Lisa T. Su
|
|
|
Lisa T. Su
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
(i.)
|
the Quarterly Report on Form 10-Q of the Company for the period ended September 29, 2018 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
|
(ii.)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: October 31, 2018
|
|
|
|
/s/ Devinder Kumar
|
|
|
Devinder Kumar
Senior Vice President,
Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|
|