NXP Semiconductors Reports First Quarter 2016 Results

 

        
NXP Semiconductors  
Table 4: Reconciliation of GAAP to non-GAAP Segment Results (unaudited)
 
 
        
        
($ in millions)  Three Months Ended 
   April 3, 2016  Dec. 31,   2015  April 5, 2015 
        
High Performance Mixed Signal (HPMS)    1,911     1,306     1,104  
Standard Products    274     271     323  
Product Revenue     2,185       1,577       1,427   
Corporate and Other    39     29     40  
Total Revenue  $     2,224    $     1,606    $     1,467   
        
              
        
HPMS Revenue  $     1,911    $     1,306    $     1,104   
Percent of Total Revenue  85.9%  81.3%  75.3% 
HPMS segment GAAP gross profit     510       534       597   
PPA effects       (493 )   1 )     (164 )   1 )     -    
Restructuring       (3 )       (8 )       (1 )  
Stock based compensation       (13 )       (6 )       (1 )  
Other incidentals       -         (1 )       -    
HPMS segment non-GAAP gross profit   $     1,019     $     713     $     599    
               
HPMS segment GAAP gross margin     26.7 %     40.9 %     54.1 %  
HPMS segment non-GAAP gross margin     53.3 %     54.6 %     54.3 %  
               
HPMS segment GAAP operating profit       (486 )       995         266    
PPA effects       (847 )   1 )     (283 )   1 )     (14 )  
Restructuring       (14 )       (195 )   2 )     (11 )  
Stock based compensation       (92 )       (99 )   2 )     (28 )  
Other incidentals       -         1,191     3 )     -    
HPMS segment non-GAAP operating profit   $     467     $     381     $     319    
               
HPMS segment GAAP operating margin     -25.4 %     76.2 %     24.1 %  
HPMS segment non-GAAP operating margin     24.4 %     29.2 %     28.9 %  
               
               
               
Standard Products Revenue   $     274     $     271     $     323    
Percent of Total Revenue     12.3 %     16.9 %     22.0 %  
Standard   Products segment GAAP gross profit       87         90         110    
PPA effects       (1 )       (1 )       (1 )  
Restructuring       -         (4 )       -    
Stock based compensation       (1 )       (1 )       (1 )  
Other incidentals       -         (1 )       (1 )  
Standard Products segment non-GAAP gross profit   $     89     $     97     $     113    
               
Standard Products segment GAAP gross margin     31.8 %     33.2 %     34.1 %  
Standard Products segment non-GAAP gross margin     32.5 %     35.8 %     35.0 %  
               
Standard Products segment GAAP operating profit       39         103         52    
PPA effects       (12 )       (12 )       (14 )  
Restructuring       (1 )       (4 )       -    
Stock based compensation       (7 )       (11 )       (7 )  
Other incidentals       -         66     3 )     (1 )  
Standard Products segment non-GAAP operating profit   $     59     $     64     $     74    
               
Standard Products segment GAAP operating margin     14.2 %     38.0 %     16.1 %  
Standard Products segment non-GAAP operating margin     21.5 %     23.6 %     22.9 %  
               
               
               
Corporate and Other Revenue   $     39     $     29     $     40    
Percent of Total Revenue     1.8 %     1.8 %     2.7 %  
Corporate and Other segment GAAP gross profit       -         (5 )       (3 )  
PPA effects       (2 )       (2 )       (2 )  
Restructuring       (1 )       (1 )       -    
Stock based compensation       (1 )       -         -    
Other incidentals       -         2         -    
Corporate and Other segment non-GAAP gross profit   $     4     $     (4 )   $     (1 )  
               
Corporate and Other segment GAAP gross margin     0.0 %     -17.2 %     -7.5 %  
Corporate and Other segment non-GAAP gross margin     10.3 %     -13.8 %     -2.5 %  
               
Corporate and Other segment GAAP operating profit       (24 )       (85 )       (23 )  
PPA effects       (5 )       (5 )       (5 )  
Restructuring        (5 )       (40 )   2 )     (1 )  
Stock based compensation       -         (1 )       -    
Merger-related costs       (5 )       (27 )       (8 )  
Other incidentals       (2 )       -         (1 )  
Corporate and Other segment non-GAAP operating profit   $     (7 )   $     (12 )   $     (8 )  
               
Corporate and Other segment GAAP operating margin     -61.5 %     -293.1 %     -57.5 %  
Corporate and Other segment non-GAAP operating margin       -17.9 %     -41.4 %     -20.0 %  
               
               
               
1) Includes Purchase Accounting effect on inventory that was fully amortized as of April 3, 2016.
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.
               

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