NXP Semiconductors Reports Second Quarter 2016 Results

 

          
   NXP Semiconductors  
   Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)  
                  
          
          
  ($ in millions except share data)  Three Months Ended 
     July 3, 2016  April 3, 2016  July 5, 2015 
          
   Revenue  $     2,365    $     2,224    $     1,506   
          
   GAAP Gross profit  $     1,099    $     597    $     724   
  PPA effects    (66)    (496)  1 )   (5) 
  Restructuring    (10)    (4)    -  
  Stock Based Compensation    (12)    (15)    (3) 
  Other incidentals    4     -     (2) 
   Non-GAAP Gross profit  $     1,183    $     1,112    $     734    
                   
    GAAP Gross margin     46.5 %     26.8 %     48.1 %  
                   
    Non-GAAP Gross margin     50.0 %     50.0 %     48.7 %  
                   
    GAAP Research and development   $   (416 )   $   (403 )   $   (195 )  
    Restructuring       (32 )       (11 )       (5 )  
    Stock based compensation       (30 )       (32 )       (9 )  
    Other incidentals       1         -         -    
    Non-GAAP Research and development   $   (355 )   $   (360 )   $   (181 )  
                   
    GAAP Selling, general and administrative   $   (283 )   $   (296 )   $   (167 )  
    PPA effects       (9 )       (1 )       -    
    Restructuring       2         (5 )       (4 )  
    Stock based compensation       (38 )       (52 )       (24 )  
    Merger-related costs       (11 )       (5 )       (4 )  
    Other incidentals       (5 )       -         1    
    Non-GAAP Selling, general and administrative   $   (222 )   $   (233 )   $   (136 )  
                   
    GAAP amortization of acquisition-related intangible assets   $   (436 )   $   (367 )   $   (31 )  
    PPA effects       (436 )       (367 )       (31 )  
    Non-GAAP amortization of acquisition-related intangible assets   $   -      $   -      $   -     
                   
    GAAP Other income (expense)   $   10     $   (2 )   $   1    
      PPA effects       (3 )       -         -    
    Other incidentals       13         (2 )       -    
    Non-GAAP Other income (expense)   $   -      $   -      $   1    
            -            
    GAAP Operating income (loss)   $     (26 )   $     (471 )   $     332    
    PPA effects       (514 )       (864 )    1  )     (36 )  
    Restructuring       (40 )       (20 )       (9 )  
    Stock based compensation       (80 )       (99 )       (36 )  
    Merger-related costs       (11 )       (5 )       (4 )  
    Other incidentals       13         (2 )       (1 )  
    Non-GAAP Operating income (loss)   $     606     $     519     $     418    
                   
    GAAP Operating margin     -1.1 %     -21.2 %     22.0 %  
                   
    Non-GAAP Operating margin     25.6 %     23.3 %     27.8 %  
                   
    GAAP Financial income (expense)   $   (126 )   $   (116 )   $   2    
    PPA effects   $   3         3         -    
    Non-cash interest expense on convertible notes       (10 )       (10 )       (9 )  
    Foreign exchange gain (loss)       (2 )       (9 )       40    
    Extinguishment on debt       (23 )       (3 )       -    
    Changes in fair value of warrant liability       -         -         18    
    Other financial expense       (6 )       (4 )       (11 )  
    Non-GAAP Financial income (expense)   $     (88 )   $     (93 )   $     (36 )  
                   
    GAAP Income tax benefit (provision)   $     152     $     199     $     (14 )  
    Other adjustments       170         213         (4 )  
    Non-GAAP Cash tax (expense)   $     (18 )   $     (14 )   $     (10 )  
                   
    GAAP Results relating to equity-accounted investees   $     1     $     1     $   1    
    Other adjustments       1         1         1    
    Non-GAAP Results relating to equity-accounted investees   $     -       $     -       $     -      
                   
    GAAP Net income (loss)   $     1     $     (387 )   $     321    
    PPA effects       (511 )       (861 )    1  )     (36 )  
    Restructuring       (40 )       (20 )       (9 )  
    Stock based compensation       (80 )       (99 )       (36 )  
    Merger-related costs       (11 )       (5 )       (4 )  
    Other incidentals       13         (2 )       (1 )  
    Other adjustments       130      2  )     188         35    
    Non-GAAP Net income (loss)   $     500     $     412     $     372    
                   
    GAAP Net income (loss) attributable to stockholders   $     (13 )   $     (398 )   $     300    
    PPA effects       (511 )       (861 )    1  )     (36 )  
    Restructuring       (40 )       (20 )       (9 )  
    Stock based compensation       (80 )       (99 )       (36 )  
    Merger-related costs       (11 )       (5 )       (4 )  
    Other incidentals       13         (2 )       (1 )  
    Other adjustments       130      2  )     188         35    
    Non-GAAP Net income (loss) attributable to stockholders   $     486     $     401     $     351    
                   
    GAAP Weighted average shares - diluted       341,299         341,830         243,288    
    Non-GAAP Adjustment       8,064         9,207         -    
    Non-GAAP Weighted average shares - diluted       349,363         351,037         243,288    
                   
    GAAP Diluted net income (loss) attributable to stockholders per share   $     (0.04 )   $     (1.16 )   $     1.23    
    Non-GAAP Diluted net income (loss) attributable to stockholders per share   $     1.39     $     1.14     $     1.44    
                   
                   
                   
  1) Includes Purchase Accounting effect on inventory that was fully amortized as of April 3, 2016.
2) Includes: During 2Q16: Non-cash interest expense on convertible Notes: ($10) million; Foreign exchange losses: ($2) million; Extinguishment of debt: ($23) million; Other financial expense: ($6) million; Results relating to equity-accounted investees: $1 million; and the difference between book and cash income taxes: $170 million.
 
                   

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