NXP Semiconductors Reports Third Quarter 2015 Results

 

               
NXP Semiconductors   
Table 3: Condensed consolidated statement of cash flows (unaudited)   
   
               
($ in millions)   Three Months Ended  
    October 4, 2015   July 5,  2015   Sept. 28,   2014  
               
Cash Flows from operating activities              
Net income (loss)     $     379     $     321     $     138    
Adjustments to reconcile net income (loss):              
Depreciation and amortization       94         98         103    
Stock-based compensation       34         36         34    
Change in fair value of the Warrant liability       (67 )       (18 )       -    
Amortization of discount on convertible debt       9         9         -    
Net (gain) loss on sale of assets       (4 )       (1 )       (1 )  
Results relating to equity accounted investees       (3 )       (1 )       (3 )  
Changes in operating assets and liabilities:              
(Increase) decrease in trade receivables       (78 )       14         (98 )  
(Increase) decrease in inventories       (5 )       (14 )       (6 )  
Increase (decrease) in trade payables       (3 )       (20 )       54    
(Increase) decrease in other receivables       (17 )       7         18    
Increase (decrease) in other payables       (2 )       (53 )       46    
Changes in deferred taxes       4         (3 )       (6 )  
Exchange differences       (6 )       (40 )       131    
Other items       5         16         (13 )  
Net cash provided by (used for) operating activities       340         351         397    
               
Cash flows from investing activities:              
Purchase of identified intangible assets       (1 )       (4 )       (8 )  
Capital expenditures on property, plant and equipment       (78 )       (91 )       (82 )  
Proceeds from disposals of property, plant and equipment       4         2         1    
Purchase of interests in businesses       -         (2 )       -    
Proceeds from sale of interests in businesses       -         1         -    
Other       (1 )       -         (1 )  
Net cash (used for) provided by investing activities       (76 )       (94 )       (90 )  
               
Cash flows from financing activities:              
Net (repayments) borrowings of short-term debt       (1 )       1         (17 )  
Repayments under the revolving credit facility       -         -         (50 )  
Amounts drawn under the revolving credit facility       -         -         300    
Principal payments on long-term debt       (6 )       (8 )       (5 )  
Net proceeds from the issuance of long-term debt       -         990         -    
Dividends paid to non-controlling interests       (51 )       -         (50 )  
Cash proceeds from exercise of stock options       8         9         25    
Purchase of treasury shares       (158 )       (162 )       (574 )  
Hold-back payments on prior acquisitions       -         (2 )       -    
Net cash provided by (used for) financing activities       (208 )       828         (371 )  
               
Effect of changes in exchange rates on cash positions       1         (5 )       (3 )  
Increase (decrease) in cash and cash equivalents       57         1,080         (67 )  
Cash and cash equivalents at beginning of period       2,435         1,355         661    
Cash and cash equivalents at end of period       2,492         2,435         594    
   
               

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