NXP Semiconductors Reports First Quarter 2016 Results

 

        
NXP Semiconductors  
Table 3: Condensed consolidated statement of cash flows (unaudited)  
               
        
        
($ in millions)  Three Months Ended 
   April 3, 2016  Dec. 31,   2015  April 5, 2015 
        
Cash Flows from operating activities       
Net income (loss)    $     (387 )  $     989    $     (90 ) 
Adjustments to reconcile net income (loss):       
Depreciation and amortization    529     230     95  
Stock-based compensation    99     111     35  
Excess tax benefits from share-based compensation plans    (3)    -     -  
Change in fair value of warrant liability    -     1     115  
Amortization of discount on debt    8     11     10  
Amortization of debt issuance costs    5     11     -  
Net (gain) loss on sale of assets    -     (1,258)    -  
Results relating to equity accounted investees    (1)    (2)    (3) 
Changes in deferred taxes     (221 )       (174 )       5    
Changes in operating assets and liabilities:              
(Increase) decrease in receivables and other current assets       -         71         (64 )  
(Increase) decrease in inventories       441         154         (53 )  
Increase (decrease) in accounts payable and accrued liabilities         (47 )       95         110    
Decrease (Increase) in other non-current assets       4         9         10    
Exchange differences       10         31         208    
Other items       (23 )       (8 )       (10 )  
Net cash provided by (used for) operating activities       414         271         368    
               
Cash flows from investing activities:              
Purchase of identified intangible assets       (18 )       (5 )       (2 )  
Capital expenditures on property, plant and equipment       (88 )       (92 )       (80 )  
Proceeds from disposals of property, plant and equipment       -         1         -    
Purchase of interests in businesses, net of cash acquired       (2 )       (1,587 )       (103 )  
Proceeds from sale of interests in businesses      -          1,604        -     
Proceeds from return of equity investment      -          -         1    
Other       2         2         1    
Net cash provided by (used for) investing activities       (106 )       (77 )       (183 )  
               
Cash flows from financing activities:              
Net (repayments) borrowings of short-term debt       (5 )       (1 )       (1 )  
Repurchase of long-term debt       (204 )       (3,586 )       -    
Principal payments on long-term debt       (14 )       (8 )       (10 )  
Proceeds from the issuance of long-term debt       -         2,680         -    
Cash paid for debt issuance costs       -         (22 )       -    
Cash proceeds from exercise of stock options       45         18         16    
Purchase of treasury shares       (266 )       (151 )       (4 )  
Excess tax benefits from share-based compensation plans       3         -         -    
Net cash provided by (used for) financing activities       (441 )       (1,070 )       1    
               
Effect of changes in exchange rates on cash positions       7         (2 )       (16 )  
Increase (decrease) in cash and cash equivalents       (126 )       (878 )       170    
Cash and cash equivalents at beginning of period       1,614         2,492         1,185    
Cash and cash equivalents at end of period       1,488         1,614         1,355    
               
               

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