NXP Semiconductors Reports Fourth Quarter and Full-Year 2016 Results

 

  NXP Semiconductors           
  Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)         
                         
             
 ($ in millions except share data)  Three Months Ended  Full Year 
    December 31,
2016
  October 2,
2016
  December 31,
2015
  2016  2015 
             
  Revenue  $     2,440    $     2,469    $     1,606    $     9,498    $     6,101   
             
  GAAP Gross profit  $     1,189    $     1,184    $     619    $     4,069    $     2,787   
 PPA effects  (60)  (64)  (167)  (686)  (178) 
 Restructuring  (1)  (3)  (13)  (18)  (18) 
 Stock Based Compensation  (12)  (10 )     (7 )     (49 )     (15 )  
  Other incidentals     14       14       -       32       (1 )  
  Non-GAAP Gross profit   $     1,248     $     1,247     $     806     $     4,790     $     2,999    
                         
  GAAP Gross margin     48.7 %     48.0 %     38.5 %     42.8 %     45.7 %  
                         
  Non-GAAP Gross margin     51.1 %     50.5 %     50.2 %     50.4 %     49.2 %  
                         
  GAAP Research and development   $ (362 )   $ (379 )   $ (318 )   $ (1,560 )   $ (890 )  
  Restructuring     2       -       (79 )     (41 )     (91 )  
  Stock based compensation     (32 )     (29 )     (21 )     (123 )     (45 )  
  Other incidentals     (1 )     -       1       -       1    
  Non-GAAP Research and development   $ (331 )   $ (350 )   $ (219 )   $ (1,396 )   $ (755 )  
                         
  GAAP Selling, general and administrative   $ (292 )   $ (270 )   $ (413 )   $ (1,141 )   $ (922 )  
  PPA effects     (5 )     (6 )     -       (21 )     -    
  Restructuring     (6 )     -       (147 )     (9 )     (155 )  
  Stock based compensation     (38 )     (38 )     (83 )     (166 )     (156 )  
  Merger-related costs     (37 )     (14 )     (27 )     (67 )     (42 )  
  Other incidentals     (3 )     (5 )     (1 )     (13 )     (4 )  
  Non-GAAP Selling, general and administrative   $ (203 )   $ (207 )   $ (155 )   $ (865 )   $ (565 )  
                         
  GAAP amortization of acquisition-related intangible assets   $ (363 )   $ (361 )   $ (133 )   $ (1,527 )   $ (223 )  
  PPA effects     (363 )     (361 )     (133 )     (1,527 )     (223 )  
  Non-GAAP amortization of acquisition-related intangible assets   $ -     $ -     $ -     $ -     $ -    
                         
  GAAP Other income (expense)   $ 1     $ -     $ 1,258     $ 9     $ 1,263    
  PPA effects     1       (1 )     -       (3 )     -    
  Other incidentals     (1 )     -       1,257       10       1,257    
  Non-GAAP Other income (expense)   $ 1     $ 1     $ 1     $ 2     $ 6    
                         
  GAAP Operating income (loss)   $     173     $     174     $     1,013     $     (150 )   $     2,015    
  PPA effects     (427 )     (432 )     (300 )     (2,237 )     (401 )  
  Restructuring     (5 )     (3 )     (239 )     (68 )     (264 )  
  Stock based compensation     (82 )     (77 )     (111 )     (338 )     (216 )  
  Merger-related costs     (37 )     (14 )     (27 )     (67 )     (42 )  
  Other incidentals     9       9       1,257       29       1,253    
  Non-GAAP Operating income (loss)   $     715     $     691     $     433     $     2,531     $     1,685    
                         
  GAAP Operating margin     7.1 %     7.0 %     63.1 %     -1.6 %     33.0 %  
                               
  Non-GAAP Operating margin     29.3 %     28.0 %     27.0 %     26.6 %     27.6 %  
                         
  GAAP Financial income (expense)   $ (96 )   $ (115 )   $ (174 )   $ (453 )   $ (529 )  
  PPA effects     -       -       -       6       -    
  Non-cash interest expense on convertible notes     (9 )     (11 )     (10 )     (40 )     (38 )  
  Foreign exchange gain (loss)     (2 )     (2 )     (31 )     (15 )     (193 )  
  Extinguishment on debt     -       (6 )     -       (32 )     -    
  Changes in fair value of warrant liability     -       -       (1 )     -       (31 )  
  Other financial expense     (6 )     (9 )     (76 )     (25 )     (95 )  
  Non-GAAP Financial income (expense)   $     (79 )   $     (87 )   $     (56 )   $     (347 )   $     (172 )  
                         
                         

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