Debt doesn't matter. Profit/loss matters, and it looks like AMD is not doing too well on that front.
https://www.google.com/finance?q=NYSE:AMD&fstype=ii&ei=NvaJVOGyONCasgfOhYDwAQ
I'll explain what some of these mean in general terms.
Capital Expenditures:
At a minimum, capex should cover the depreciation. For example, suppose the roof on your house will last 10 years and it cost $1000. That means the roof depreciates at a rate of $100/year. On your own personal balance sheet, you would need to budget for $100/year of capex just to keep the roof in its current condition. If you were building on your house and making it better, your capex would be greater than the depreciation. AMD's capex is consistently less than depreciation. That's not good.
Cash from operating activities:
This is the current cost of running the business without including capital expenditures. For your house, cash from operating activities includes expenses like heat and electricity, but it does not include money set aside for fixing the roof in the future. AMD's cash from operating activities is often negative, meaning the company loses money just by keeping the lights on. It gets even more negative if they want to fix the roof.
Net income:
This income includes depreciation. This is how much money is left after paying to keep the lights on
and budgeting for future roof repairs. It does not include capex. AMD's net income has been negative for the last 2.75 years.
They can try paying down debt, but that money must come from somewhere. They would need to cut back on capex or start selling company assets.