NXP Semiconductors Reports Third Quarter 2015 Results

 

               
NXP Semiconductors   
Table 5: Financial reconciliation of GAAP to non-GAAP results (unaudited)  
     
 
               
               
($ in millions except share data)   Three Months Ended  
    October 4, 2015   July 5,  2015   Sept. 28,   2014  
               
Revenue   $     1,522     $     1,506     $     1,515    
               
GAAP Gross profit   $     740     $     724     $     713    
PPA effects       (3 )       (5 )       (3 )  
Restructuring       (4 )       -         (5 )  
Stock Based Compensation       (3 )       (3 )       (2 )  
Other incidentals       2         (2 )       (2 )  
Non-GAAP Gross profit   $     748     $     734     $     725    
               
GAAP Gross margin     48.6 %     48.1 %     47.1 %  
               
Non-GAAP Gross margin     49.1 %     48.7 %     47.9 %  
               
GAAP Research and development   $   (178 )   $   (195 )   $   (196 )  
Restructuring       1         (5 )       -    
Stock based compensation       (7 )       (9 )       (5 )  
Non-GAAP Research and development   $   (172 )   $   (181 )   $   (191 )  
               
GAAP Selling, general and administrative   $   (191 )   $   (198 )   $   (211 )  
PPA effects       (29 )       (31 )       (39 )  
Restructuring       (1 )       (4 )       (1 )  
Stock based compensation       (24 )       (24 )       (27 )  
Other incidentals       (6 )       (3 )       -    
Non-GAAP Selling, general and administrative   $     (131 )   $     (136 )   $     (144 )  
               
GAAP Other income (expense)   $   4     $   1     $   1    
Other incidentals       -         -         1    
Non-GAAP Other income (expense)   $     4     $     1     $   -     
               
GAAP Operating income (loss)   $     375     $     332     $     307    
PPA effects       (32 )       (36 )       (42 )  
Restructuring       (4 )       (9 )       (6 )  
Stock based compensation       (34 )       (36 )       (34 )  
Other incidentals       (4 )       (5 )       (1 )  
Non-GAAP Operating income (loss)   $     449     $     418     $     390    
               
GAAP Operating margin     24.6 %     22.0 %     20.3 %  
               
Non-GAAP Operating margin     29.5 %     27.8 %     25.7 %  
               
GAAP Financial income (expense)   $   16     $   2     $   (168 )  
Non-cash interest expense on convertible notes       (9 )       (9 )       -    
Foreign exchange gain (loss) on debt       6         40         (131 )  
Changes in fair value of warrant liability       67         18         -    
Other financial expense       (4 )       (11 )       (3 )  
Non-GAAP Financial income (expense)   $     (44 )   $     (36 )   $     (34 )  
               
GAAP Income tax benefit (provision)   $     (15 )   $     (14 )   $     (4 )  
Other adjustments       (8 )       (4 )       1    
Non-GAAP Cash tax (expense)   $     (7 )   $     (10 )   $     (5 )  
               
GAAP Results relating to equity-accounted investees   $     3     $     1     $   3    
Other adjustments       3         1         3    
Non-GAAP Results relating to equity-accounted investees   $     -       $     -       $     -      
               
GAAP Net income (loss)   $     379     $     321     $     138    
PPA effects       (32 )       (36 )       (42 )  
Restructuring       (4 )       (9 )       (6 )  
Stock based compensation       (34 )       (36 )       (34 )  
Other incidentals       (4 )       (5 )       (1 )  
Other adjustments       55   1 )           35         (130 )  
Non-GAAP Net income (loss)   $     398     $     372     $     351    
               
GAAP Net income (loss) attributable to stockholders   $     361     $     300     $     121    
PPA effects       (32 )       (36 )       (42 )  
Restructuring       (4 )       (9 )       (6 )  
Stock based compensation       (34 )       (36 )       (34 )  
Other incidentals       (4 )       (5 )       (1 )  
Other adjustments       55         35         (130 )  
Non-GAAP Net income (loss) attributable to stockholders   $     380     $     351     $     334    
               
GAAP Weighted average shares - diluted       242,122         243,288         246,550    
Non-GAAP Adjustment       -         -         -    
Non-GAAP Weighted average shares - diluted       242,122         243,288         246,550    
               
GAAP Diluted net income (loss) attributable to stockholders per share   $     1.49     $     1.23     $     0.49    
Non-GAAP Diluted net income (loss) attributable to stockholders per share   $     1.57     $     1.44     $     1.35    
     
 
               
1) Includes: During 3Q15: Non-cash interest expense on convertible Notes: ($9) million; Foreign exchange gain on debt: $6 million; Changes in fair value of warrant liability: $67 million; Other financial expense: ($4) million; Results relating to equity-accounted investees: $3 million; and difference between book and cash income taxes: ($8) million.  
               

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