Re: I hope that you are concerned with AMD's working capital
Sure I am (as should be any AMD investor), so let's take a look at how AMD's been doing:Advanced Micro Devices, Inc.
CONSOLIDATED BALANCE SHEETS
(Thousands)
Sept. 30, July 1, December 31,
2001 2001 2000*
------------------------------------------------------------------------------------------------------------------------------------
(unaudited) (unaudited)
Assets
Current assets:
Cash, cash equivalents and short-term investments $ 903,534 $ 1,057,163 $ 1,293,165
Accounts receivable, net 588,563 728,356 547,200
Inventories 449,078 400,849 343,541
Deferred income taxes 168,846 188,946 218,527
Prepaid expenses and other current assets 289,722 175,522 255,256
------------------------------------------------------------------------------------------------------------------------------------
Total current assets 2,399,743 2,550,836 2,657,689
===========================================================
Current liabilities:
Accounts payable $ 369,064 $ 314,606 $ 477,369
Accrued compensation and benefits 143,987 121,523 172,815
Accrued liabilities 382,797 315,928 276,721
Income tax payable 49,591 38,184 74,806
Deferred income on shipments to distributors 34,620 67,407 92,828
Current portion of long-term debt, capital
lease obligations and other 192,487 220,080 129,570
------------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 1,172,546 1,077,728 1,224,109
=====================================
Long-term debt, capital lease obligations and other,
less current portion 796,021 754,717 1,167,973 http://www.freeedgar.com/oem/go2net/ViewFilingsData.asp?CIK=2488&Directory=1012870&Year=01&SECIndex=501532&Extension=.tst&PathFlag=0&nStartLoc=596&nEndLoc=230527&TextFileSize=230543&DateFiled=8/10/2001&FormType=10-Q&SFType=&SDFiled=&tabletype=1&tablename=&SourcePage=&OEMSource=go2net&UseFrame=0&CompanyName=ADVANCED+MICRO+DEVICES+INC
In the past 3 quarters, AMD working capital has gone from (in thousands)
$2,657,689 - $1,224,109 = $1,433,580 to
$2,399,743 - $1,172,546 = $1,227,197 down $206,383
During the period, they've paid off
1,167,973 - 796,021 = $371,952 in long term debt. If they'd kept their bonds constant, their working capital would be up $165 million for the time since Intel started selling P4 - which was going to "bury" AMD, right?
They've also continued to ramp Dresden and bought into additional ownership of FASL during the period - the largest supplier of flash in the world.
Now, if you're an Intel investor (and therefore interested in what's happening to their accounts), how about posting the same numbers for Intel to show what's happened since they released P4? |
