NXP Semiconductors Reports Third Quarter 2017 Results

 

           
   NXP Semiconductors        
   Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)      
                   
           
  ($ in millions except share data)  Three Months Ended  
     Oct. 1, 2017  July 2, 2017  Oct. 2, 2016  
           
   Revenue  $     2,387    $     2,202    $     2,469    
           
   GAAP Gross profit  $     1,215    $     1,083    $     1,184    
  PPA effects    (59)    (76)    (64)  
  Restructuring    (1)    (1)    (3)  
  Stock Based Compensation    (7)    (7)    (10)  
  Merger-related costs    (1)    -     -   
  Other incidentals    -     -     14   
   Non-GAAP Gross profit   $     1,283     $     1,167     $     1,247      
                     
    GAAP Gross margin     50.9 %     49.2 %     48.0 %    
                     
    Non-GAAP Gross margin     53.7 %     53.0 %     50.5 %    
                     
    GAAP Research and development   $   (392 )   $   (381 )   $   (379 )    
    Stock based compensation       (30 )       (28 )       (29 )    
    Non-GAAP Research and development   $   (362 )   $   (353 )   $   (350 )    
                     
    GAAP Selling, general and administrative   $   (292 )   $   (263 )   $   (270 )    
    PPA effects       (4 )       (6 )       (6 )    
    Restructuring       (6 )       (1 )       -      
    Stock based compensation       (31 )       (32 )       (38 )    
    Merger-related costs       (41 )       (35 )       (14 )    
    Other incidentals       (23 )       (1 )       (5 )    
    Non-GAAP Selling, general and administrative   $   (187 )   $   (188 )   $   (207 )    
                     
    GAAP amortization of acquisition-related intangible assets   $   (363 )   $   (373 )   $   (361 )    
    PPA effects       (363 )       (373 )       (361 )    
    Non-GAAP amortization of acquisition-related intangible assets $   -      $   -      $   -       
                     
    GAAP Other income (expense)   $   (5 )   $   (16 )   $   -      
      PPA effects       -         -         (1 )    
    Other incidentals       (6 )       (15 )       -      
    Non-GAAP Other income (expense)   $   1     $   (1 )   $   1      
                     
    GAAP Operating income (loss)   $     163     $     50     $     174      
    PPA effects       (426 )       (455 )       (432 )    
    Restructuring       (7 )       (2 )       (3 )    
    Stock based compensation       (68 )       (67 )       (77 )    
    Merger-related costs       (42 )       (35 )       (14 )    
    Other incidentals       (29 )       (16 )       9      
    Non-GAAP Operating income (loss)   $     735     $     625     $     691      
                     
    GAAP Operating margin     6.8 %     2.3 %     7.0 %    
                     
    Non-GAAP Operating margin     30.8 %     28.4 %     28.0 %    
                     
    GAAP Financial income (expense)   $   (76 )   $   (75 )   $   (115 )    
    Non-cash interest expense on convertible notes       (11 )       (10 )       (11 )    
    Foreign exchange gain (loss)       (5 )       (3 )       (2 )    
    Extinguishment on debt       -         -         (6 )    
    Other financial expense       (3 )       (3 )       (9 )    
    Non-GAAP Financial income (expense)   $     (57 )   $     (59 )   $     (87 )    
                     
                     

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