Prepared Remarks.pdf

Intel CEO Pat Gelsinger and CFO Dave Zinsner commented on the company's Q1 2022 earnings, stating it was a solid quarter where they beat top-line expectations and exceeded guidance on gross margin and EPS. The company is executing on its long-term growth strategy, built around four key pillars: delivering leadership products, anchored on open and secure platforms, powered by at-scale manufacturing, and supercharged by its people. In Q1, Intel made progress in these areas, including shipping initial SKUs of Sapphire Rapids, unveiling an expanded Xeon roadmap, launching Arc A-Series GPUs, and demonstrating Mobileye's Level 4 self-driving system. The company also announced plans to reduce greenhouse gas emissions, using 100% renewable energy by 2030 and achieving net-zero emissions by 2040. Gelsinger believes the company is at the beginning of a long-term growth cycle in semiconductors, despite some industry challenges, and is well-positioned to manage through constraints as an IDM. Intel is investing in Europe and the US to create a more balanced semiconductor supply chain, with a goal of having half the world's manufacturing located in these regions. The company is making progress on its process technology development, with Intel 7 ramping well and Intel 4 on track, and plans to deliver several additional milestones in 2022.