NXP Semiconductors Reports First Quarter 2016 Results

 

       
NXP Semiconductors 
Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)
 
             
       
       
($ in millions except share data)  Three Months Ended
   April 3, 2016  Dec. 31,   2015  April 5, 2015
       
Revenue  $     2,224    $     1,606    $     1,467  
       
GAAP Gross profit  $     597    $     619    $     704  
PPA effects    (496) 1)   (167) 1)   (3)
Restructuring    (4)    (13) 2)   (1)
Stock Based Compensation    (15)    (7) 2)   (2)
Other incidentals    -     -     (1)
Non-GAAP Gross profit  $     1,112    $     806    $     711  
       
GAAP Gross margin   26.8 %   38.5 %   48.0 %
           
Non-GAAP Gross margin     50.0 %     50.2 %     48.5 %
             
GAAP Research and development   $   (403 )   $   (318 )   $   (199 )
Restructuring       (11 )       (79 )   2 )     (8 )
Stock based compensation       (32 )       (21 )   2 )     (8 )
Other incidentals       -         1         -  
Non-GAAP Research and development   $   (360 )   $   (219 )   $   (183 )
             
GAAP Selling, general and administrative   $   (296 )   $   (413 )   $   (180 )
PPA effects   $   (1 )   $   -     $   -  
Restructuring       (5 )       (147 )   2 )     (3 )
Stock based compensation       (52 )       (83 )   2 )     (25 )
Merger-related costs       (5 )       (27 )       (8 )
Other incidentals       -         (1 )       (1 )
Non-GAAP Selling, general and administrative   $   (233 )   $   (155 )   $   (143 )
             
GAAP amortization of acquisition-related intangible assets   $   (367 )   $   (133 )   $   (30 )
PPA effects       (367 )       (133 )       (30 )
Non-GAAP amortization of acquisition-related intangible assets   $     -     $     -     $   -  
             
GAAP Other income (expense)   $   (2 )   $   1,258     $   -  
PPA effects       -         -         -  
Other incidentals       (2 )       1,257     3 )     -  
Non-GAAP Other income (expense)   $   -     $   1     $   -  
             
GAAP Operating income (loss)   $     (471 )   $     1,013     $     295  
PPA effects       (864 )   1 )     (300 )   1 )     (33 )
Restructuring       (20 )       (239 )   2 )     (12 )
Stock based compensation       (99 )       (111 )   2 )     (35 )
Merger-related costs       (5 )       (27 )       (8 )
Other incidentals       (2 )       1,257     3 )     (2 )
Non-GAAP Operating income (loss)   $     519     $     433     $     385  
             
GAAP Operating margin     -21.2 %     63.1 %     20.1 %
             
Non-GAAP Operating margin     23.3 %     27.0 %     26.2 %
             
GAAP Financial income (expense)   $   (116 )   $   (174 )   $   (373 )
PPA effects   $   3     $   -     $   -  
Non-cash interest expense on convertible notes       (10 )       (10 )       (10 )
Foreign exchange gain (loss) on debt       (9 )       (31 )       (208 )
Changes in fair value of warrant liability       -         (1 )       (115 )
Other financial expense       (7 )       (76 )       (4 )
Non-GAAP Financial income (expense)   $     (93 )   $     (56 )   $     (36 )
             
GAAP Income tax benefit (provision)   $     199     $     148     $     (15 )
Other adjustments       213         167         (11 )
Non-GAAP Cash tax (expense)   $     (14 )   $     (19 )   $     (4 )
             
GAAP Results relating to equity-accounted investees   $     1     $     2     $   3  
Other adjustments       1         2         3  
Non-GAAP Results relating to equity-accounted investees   $     -     $     -     $     -  
             
GAAP Net income (loss)   $     (387 )   $     989     $     (90 )
PPA effects       (861 )   1 )     (300 )   1 )     (33 )
Restructuring       (20 )       (239 )   2 )     (12 )
Stock based compensation       (99 )       (111 )   2 )     (35 )
Merger-related costs       (5 )       (27 )       (8 )
Other incidentals       (2 )       1,257     3 )     (2 )
Other adjustments       188     4 )     51         (345 )
Non-GAAP Net income (loss)   $     412     $     358     $     345  
             
GAAP Net income (loss) attributable to stockholders   $     (398 )   $     972     $     (107 )
PPA effects       (861 )   1 )     (300 )   1 )     (33 )
Restructuring       (20 )       (239 )   2 )     (12 )
Stock based compensation       (99 )       (111 )   2 )     (35 )
Merger-related costs       (5 )       (27 )       (8 )
Other incidentals       (2 )       1,257     3 )     (2 )
Other adjustments       188     4 )     51         (345 )
Non-GAAP Net income (loss) attributable to stockholders   $     401     $     341     $     328  
             
GAAP Weighted average shares - diluted       341,830         272,785         233,116  
Non-GAAP Adjustment       9,207         -         10,210  
Non-GAAP Weighted average shares - diluted       351,037         272,785         243,326  
             
GAAP Diluted net income (loss) attributable to stockholders per share   $     (1.16 )   $     3.56     $     (0.46 )
Non-GAAP Diluted net income (loss) attributable to stockholders per share   $     1.14     $     1.25     $     1.35  
             
             
             
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.
4) Includes: During 1Q16: Non-cash interest expense on convertible Notes: ($10) million; Foreign exchange losses: ($9) million; Other financial expense: ($7) million; Results relating to equity-accounted investees:  $1 million; and the difference between book and cash income taxes: $213 million.
             

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