Freescale Semiconductor Announces Fourth Quarter and Full-Year 2014 Results

         
Freescale Semiconductor, Ltd.
Reconciliation of Non-GAAP Measures
(Unaudited)
 
Three Months Ended Twelve Months Ended
(in millions, except per share amounts) Dec 31,

2014

Oct 3,

2014

Dec 31,

2013

Dec 31,

2014

Dec 31,

2013

 
Adjusted gross margin $ 521 $ 562 $ 475 $ 2,126 $ 1,787
Acquisition accounting impact (b)   -   -     -     1   -  
Gross margin $ 521 $ 562   $ 475   $ 2,125 $ 1,787  
 
 
Adjusted operating earnings $ 211 $ 243 $ 174 $ 848 $ 616
Acquisition accounting impact (b) 4 4 3 16 13
Non-cash share-based compensation expense (c) 17 16 12 67 48
Reorganization of business and other (g)   12   8     14     37   24  
Operating earnings $ 178 $ 215   $ 145   $ 728 $ 531  
 
 
Adjusted net earnings $ 129 $ 150 $ 50 $ 473 $ 116
Acquisition accounting impact (b) 4 4 3 16 13
Non-cash share-based compensation expense (c) 17 16 12 67 48
Fair value adjustment on interest rate derivatives (d) - - - - (1 )
Deferred and non-current tax impact (e) 23 (13 ) 4 23 23
Loss on extinguishment or modification of long-term debt (f) 10 10 135 79 217
Reorganization of business and other (g)   12   8     14     37   24  
Net earnings (loss) $ 63 $ 125   $ (118 ) $ 251 $ (208 )
 
Adjusted earnings per common share:
Basic $ 0.42 $ 0.49 $ 0.19 $ 1.59 $ 0.45
Diluted (a) $ 0.42 $ 0.49 $ 0.19 $ 1.56 $ 0.45
 
Weighted average common shares outstanding:
Basic 304 304 258 298 256
Diluted (a) 310 309 262 303 259

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