NXP Semiconductors Reports Second Quarter 2018 Results


       
NXP Semiconductors      
Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)    
             
       
($ in millions except share data)  Three Months Ended
   July 1, 2018  April 1, 2018  July 2, 2017
       
Revenue  $     2,290    $     2,269    $     2,202  
GAAP Gross profit  $     1,180    $     1,172    $     1,083  
PPA effects    (20)    (19)    (76)
Restructuring    -     -     (1)
Stock Based Compensation    (8)    (9)    (7)
Merger-related costs    (2)    -     - 
Non-GAAP Gross profit  $     1,210    $     1,200    $     1,167  
       
GAAP Gross margin   51.5 %   51.7 %   49.2 %
Non-GAAP Gross margin   52.8 %   52.9 %   53.0 %
GAAP Research and development $  (438) $  (426 )   $   (381 )
Stock based compensation       (32 )       (31 )       (28 )
Merger-related costs       (2 )       (1 )       -  
Non-GAAP Research and development   $   (404 )   $   (394 )   $   (353 )
GAAP Selling, general and administrative   $   (242 )   $   (248 )   $   (263 )
PPA effects       (1 )       (3 )       (6 )
Restructuring       -         (1 )       (1 )
Stock based compensation       (29 )       (29 )       (32 )
Merger-related costs       (21 )       (25 )       (35 )
Other incidentals       (4 )       -         (1 )
Non-GAAP Selling, general and administrative   $   (187 )   $   (190 )   $   (188 )
GAAP amortization of acquisition-related intangible assets   $   (363 )   $   (360 )   $   (373 )
PPA effects       (363 )       (360 )       (373 )
Non-GAAP amortization of acquisition-related intangible assets $   -      $   -      $   -   
GAAP Other income (expense)   $   -     $   -     $   (16 )
Restructuring       1         -         -  
Other incidentals       -         (1 )       (15 )
Non-GAAP Other income (expense)   $   (1 )   $   1     $   (1 )
             
GAAP Operating income (loss)   $     137     $     138     $     50  
PPA effects       (384 )       (382 )       (455 )
Restructuring       1         (1 )       (2 )
Stock based compensation       (69 )       (69 )       (67 )
Merger-related costs       (25 )       (26 )       (35 )
Other incidentals       (4 )       (1 )       (16 )
Non-GAAP Operating income (loss)   $     618     $     617     $     625  
             
GAAP Operating margin     6.0 %     6.1 %     2.3 %
Non-GAAP Operating margin     27.0 %     27.2 %     28.4 %
GAAP Financial income (expense)   $   (71 )   $   (68 )   $   (75 )
Non-cash interest expense on convertible notes       (11 )       (11 )       (10 )
Foreign exchange gain (loss)       -         (3 )       (3 )
Extinguishment on debt       (26 )       -         -  
Other financial expense       (3 )       (3 )       (3 )
Non-GAAP Financial income (expense)   $     (31 )   $     (51 )   $     (59 )
             
             

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