NXP Semiconductors Reports Fourth Quarter and Full-Year 2015 Results

 

  NXP Semiconductors 
  Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited) 
                      
            
            
 ($ in millions except share data)  Three Months Ended  Full Year
    Dec. 31,  
2015
  Oct. 4,
2015
  Dec. 31,  
2014
  
2015
   
2014
 
            
  Revenue  $     1,606    $     1,522    $     1,537    $     6,101    $     5,647  
            
  GAAP Gross profit  $     619    $     740    $     704    $     2,787    $     2,640  
 PPA effects 1)    (167)    (3)    (3)    (178)    (12)
 Restructuring 2)    (13)    (4)    (5)    (18)    (43)
 Stock Based Compensation 2)    (7)    (3)      (3 )       (15 )       (10 )
  Other incidentals       -         2         (1 )       (1 )       (8 )
  Non-GAAP Gross profit   $     806     $     748     $     716     $     2,999     $     2,713  
                       
  GAAP Gross margin     38.5 %     48.6 %     45.8 %     45.7 %     46.8 %
                       
  Non-GAAP Gross margin     50.2 %     49.1 %     46.6 %     49.2 %     48.0 %
                       
  GAAP Research and development   $   (318 )   $   (178 )   $   (198 )   $   (890 )   $   (763 )
  Restructuring 2)       (79 )       1         (4 )       (91 )       (9 )
  Stock based compensation 2)       (21 )       (7 )       (7 )       (45 )       (20 )
  Other incidentals       1         -         -         1         (1 )
  Non-GAAP Research and development   $   (219 )   $   (172 )   $   (187 )   $   (755 )   $   (733 )
                       
  GAAP Selling, general and administrative   $   (413 )   $   (162 )   $   (167 )   $   (922 )   $   (686 )
  Restructuring 2)       (147 )       (1 )       (3 )       (155 )       (5 )
  Stock based compensation 2)       (83 )       (24 )       (24 )       (156 )       (103 )
  Merger-related costs       (27 )       (3 )       -         (42 )       -  
  Other incidentals       (1 )       (3 )       3         (4 )       (7 )
  Non-GAAP Selling, general and administrative   $   (155 )   $   (131 )   $   (143 )   $   (565 )   $   (571 )
                       
  GAAP amortization of acquisition-related intangible assets   $   (133 )   $   (29 )   $   (31 )   $   (223 )   $   (152 )
  PPA effects       (133 )       (29 )       (31 )       (223 )       (152 )
  Non-GAAP amortization of acquisition-related intangible assets   $     -       $     -       $   -      $     -       $     -    
                       
  GAAP Other income (expense)   $   1,258     $   4     $   2     $   1,263     $   10  
  PPA effects       -         -         -         -         (3 )
  Other incidentals 3)       1,257         -         (1 )       1,257         8  
  Non-GAAP Other income (expense)   $   1     $   4     $   3     $   6     $   5  
                       
  GAAP Operating income (loss)   $     1,013     $     375     $     310     $     2,015     $     1,049  
  PPA effects 1)       (300 )       (32 )       (34 )       (401 )       (167 )
  Restructuring 2)       (239 )       (4 )       (12 )       (264 )       (57 )
  Stock based compensation 2)       (111 )       (34 )       (34 )       (216 )       (133 )
  Merger-related costs       (27 )       (3 )       -         (42 )       -  
  Other incidentals 3)       1,257         (1 )       1         1,253         (8 )
  Non-GAAP Operating income (loss)   $     433     $     449     $     389     $     1,685     $     1,414  
                       
  GAAP Operating margin     63.1 %     24.6 %     20.2 %     33.0 %     18.6 %
                       
  Non-GAAP Operating margin     27.0 %     29.5 %     25.3 %     27.6 %     25.0 %
                       
  GAAP Financial income (expense)   $   (174 )   $   16     $   (137 )   $   (529 )   $   (410 )
  Non-cash interest expense on convertible notes       (10 )       (9 )       (3 )       (38 )       (3 )
  Foreign exchange gain (loss) on debt       (31 )       6         (91 )       (193 )       (246 )
  Gain (loss) on extinguishment of long term debt       -         -         -         -         (3 )
  Changes in fair value of warrant liability       (1 )       67         (2 )       (31 )       (2 )
  Other financial expense       (76 )       (4 )       (4 )       (95 )       (17 )
  Non-GAAP Financial income (expense)   $     (56 )   $     (44 )   $     (37 )   $     (172 )   $     (139 )
                       
  GAAP Income tax benefit (provision)   $     148     $     (15 )   $     (9 )   $     104     $     (40 )
  Other adjustments       167         (8 )       (2 )       144         (16 )
  Non-GAAP Cash tax (expense)   $     (19 )   $     (7 )   $     (7 )   $     (40 )   $     (24 )
                       
  GAAP Results relating to equity-accounted investees   $     2     $     3     $   3     $     9     $     8  
  Other adjustments       2         3         3         9         8  
  Non-GAAP Results relating to equity-accounted investees   $     -       $     -       $     -       $     -       $     -    
                       
  GAAP Net income (loss)   $     989     $     379     $     167     $     1,599     $     607  
  PPA effects 1)       (300 )       (32 )       (34 )       (401 )       (167 )
  Restructuring 2)       (239 )       (4 )       (12 )       (264 )       (57 )
  Stock based compensation 2)       (111 )       (34 )       (34 )       (216 )       (133 )
  Merger-related costs       (27 )       (3 )       -         (42 )       -  
  Other incidentals 3)       1,257         (1 )       1         1,253         (8 )
  Other adjustments       51   )     55         (99 )       (204 )       (279 )
  Non-GAAP Net income (loss)   $     358     $     398     $     345     $     1,473     $     1,251  
                       
  GAAP Net income (loss) attributable to stockholders   $     972     $     361     $     149     $     1,526     $     539  
  PPA effects 1)       (300 )       (32 )       (34 )       (401 )       (167 )
  Restructuring 2)       (239 )       (4 )       (12 )       (264 )       (57 )
  Stock based compensation 2)       (111 )       (34 )       (34 )       (216 )       (133 )
  Merger-related costs       (27 )       (3 )       -         (42 )       -  
  Other incidentals 3)       1,257         (1 )       1         1,253         (8 )
  Other adjustments       51    4 )     55         (99 )       (204 )       (279 )
  Non-GAAP Net income (loss) attributable to stockholders   $     341     $     380     $     327     $     1,400     $     1,183  
                       
  GAAP Weighted average shares - diluted       272,785         242,122         242,901         250,116         248,609  
  Non-GAAP Adjustment       -         -         -         -         -  
  Non-GAAP Weighted average shares - diluted       272,785         242,122         242,901         250,116         248,609  
                       
  GAAP Diluted net income (loss) attributable to stockholders per share   $     3.56     $     1.49     $     0.61     $     6.10     $     2.17  
  Non-GAAP Diluted net income (loss) attributable to stockholders per share   $     1.25     $     1.57     $     1.35     $     5.60     $     4.76  
                       
                       
  1) Includes Purchase Accounting effect on inventory that will be amortized over 4 months. 
                       
  2) Includes severance, contract termination costs and accelerated vesting charges related to the acquisition of Freescale. 
                                       
  3) Includes the recognition of the gain on the sale of the RF Power and Bipolar businesses. 
                                       
  4) Includes: During 4Q15: Non-cash interest expense on convertible Notes: ($10) million; Foreign exchange loss on debt: ($31) million; Changes in fair value of warrant liability: ($1) million; Other financial expense: ($76) million; Results relating to equity-accounted investees: $2 million; and difference between book and cash income taxes: $167 million. 

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