NXP Semiconductors Reports Second Quarter 2013 Results

1. Please see "Discussion of GAAP to non-GAAP Reconciliation" on page 3 of this release.

Supplemental Information ($ millions, unaudited)

                                                                            
                                                                            
                                                     Percent                
                            Q2 2013 Q1 2013 Q2 2012 Q2 Total  Q - Q   Y - Y 
                            ------- ------- ------- -------- ------- -------
                                                                            
  Automotive                $   253 $   230 $   244    21%     10%      4%  
  Identification            $   339 $   300 $   234    29%     13%     45%  
  Infrastructure &                                                          
   Industrial               $   180 $   153 $   156    15%     18%     15%  
  Portable & Computing      $   106 $    93 $   107    9%      14%     -1%  
                            ------- ------- ------- --------                
High Performance Mixed                                                      
 Signal (HPMS)              $   878 $   776 $   741    74%     13%     18%  
Standard Products (STDP)    $   281 $   279 $   291    24%      1%     -3%  
                            ------- ------- ------- --------                
Product Revenue             $ 1,159 $ 1,055 $ 1,032    98%     10%     12%  
Manufacturing Operations    $    29 $    29 $    62    2%       0%     -53% 
Corporate & Other           $     - $     1 $     -    0%       NM      NM  
                            ------- ------- ------- --------                
Total Revenue               $ 1,188 $ 1,085 $ 1,094   100%      9%      9%  
                                                                            

Product Revenue is the combination of revenue from the High Performance Mixed Signal (HPMS) and Standard Products (STDP) segments.

Additional and Subsequent Information for the Second Quarter of 2013:

  • Effective August 1, 2013, NXP adopted a stock repurchase program to repurchase shares to cover in part employee stock options and equity rights under its long term incentive plans. Under the new repurchase program approved by the Board of Directors, NXP may repurchase up to ten (10) million shares of its common stock from time to time in both privately negotiated and open market transactions, subject to management's evaluation of market conditions, terms of private transactions, the best interests of NXP shareholders, applicable legal requirements and other factors. There is no guarantee as to the exact number of shares that will be repurchased under the stock repurchase program, and NXP may terminate the repurchase program at any time. Repurchased shares would be returned to the status of authorized but un-issued shares of common stock of NXP.
  • On May 20, 2013, NXP issued senior unsecured notes in the aggregate principal amount of $750 million, due June 2018, with a coupon of 3.75%. NXP has used the net proceeds of the offering together with cash on hand to repay its outstanding $616 million of U.S. dollar-denominated Senior Secured notes due November 2016 and the outstanding $243 million equivalent of Euro and U.S. dollar-denominated Floating Rate Notes due October 2013.
  • Total gross debt at the end of the second quarter of 2013 was $3,381 million, a $59 million reduction from the prior quarter. Cash at the end of the second quarter of 2013 was $569 million, resulting in a net-debt position of $2,812 million, a $33 million reduction from the prior quarter.
  • Net cash interest paid in the second quarter of 2013 was $25 million.
  • NXP repurchased 1.7M shares in the second quarter of 2013 for a total cost of approximately $48 million.
  • SSMC, NXP's consolidated joint-venture wafer fab with TSMC, reported second quarter 2013 operating income of $45 million, EBITDA of $57 million and a closing cash balance of $360 million.
  • Utilization in NXP wafer fabs averaged 90 percent in the second quarter of 2013 compared to 92 percent in the year ago period and 83 percent in the prior quarter.


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