NXP Semiconductors Reports Fourth Quarter and Full-Year 2015

NXP Semiconductors Reports Fourth Quarter and Full-Year 2015 Results

NXP Semiconductors
Table 4: Reconciliation of GAAP to non-GAAP Segment Results (unaudited)


($ in millions)	Three Months Ended									Full Year
	Dec. 31, 2015			Oct. 4, 2015			Dec. 31, 2014				2015			2014

High Performance Mixed Signal (HPMS)		1,306			1,164			1,169			4,720			4,208
Standard Products		271			325			331			1,241			1,275
Product Revenue		1,577			1,489			1,500			5,961			5,483
Corporate and Other		29			33			37			140			164
Total Revenue	$	1,606		$	1,522		$	1,537		$	6,101		$	5,647



HPMS Revenue	$	1,306		$	1,164		$	1,169		$	4,720		$	4,208
Percent of Total Revenue		81.3	%		76.5	%		76.1	%		77.4	%		74.5	%
HPMS segment GAAP gross profit		534			626			595			2,367			2,253
PPA effects ¹⁾		(164	)		(1	)		(1	)		(166	)		(2	)
Restructuring ²⁾		(8	)		-			-			(9	)		-
Stock based compensation ²⁾		(6	)		(2	)		(2	)		(12	)		(7	)
Other incidentals		(1	)		1			1			(1	)		-
HPMS segment non-GAAP gross profit	$	713		$	628		$	597		$	2,555		$	2,262

HPMS segment GAAP gross margin		40.9	%		53.8	%		50.9	%		50.1	%		53.5	%
HPMS segment non-GAAP gross margin		54.6	%		54.0	%		51.1	%		54.1	%		53.8	%

HPMS segment GAAP operating profit		995			331			277			1,885			983
PPA effects ¹⁾		(283	)		(14	)		(16	)		(329	)		(84	)
Restructuring ²⁾		(195	)		1			(2	)		(211	)		(3	)
Stock based compensation ²⁾		(99	)		(28	)		(27	)		(184	)		(104	)
Other incidentals ³⁾		1,191			1			1			1,191			6
HPMS segment non-GAAP operating profit	$	381		$	371		$	321		$	1,418		$	1,168

HPMS segment GAAP operating margin		76.2	%		28.4	%		23.7	%		39.9	%		23.4	%
HPMS segment non-GAAP operating margin		29.2	%		31.9	%		27.5	%		30.0	%		27.8	%



Standard Products Revenue	$	271		$	325		$	331		$	1,241		$	1,275
Percent of Total Revenue		16.9	%		21.4	%		21.5	%		20.3	%		22.6	%
Standard Products segment GAAP gross profit		90			108			103			417			382
PPA effects		(1	)		-			-			(3	)		(2	)
Restructuring		(4	)		(4	)		(6	)		(9	)		(31	)
Stock based compensation		(1	)		(1	)		(1	)		(3	)		(3	)
Other incidentals		(1	)		(2	)		(3	)		(6	)		(10	)
Standard Products segment non-GAAP gross profit	$	97		$	115		$	113		$	438		$	428

Standard Products segment GAAP gross margin		33.2	%		33.2	%		31.1	%		33.6	%		30.0	%
Standard Products segment non-GAAP gross margin		35.8	%		35.4	%		34.1	%		35.3	%		33.6	%

Standard Products segment GAAP operating profit		103			56			41			264			120
PPA effects		(12	)		(12	)		(12	)		(50	)		(58	)
Restructuring		(4	)		(4	)		(6	)		(9	)		(37	)
Stock based compensation		(11	)		(6	)		(7	)		(31	)		(29	)
Other incidentals ³⁾		66			(2	)		(3	)		61			(10	)
Standard Products segment non-GAAP operating profit	$	64		$	80		$	69		$	293		$	254

Standard Products segment GAAP operating margin		38.0	%		17.2	%		12.4	%		21.3	%		9.4	%
Standard Products segment non-GAAP operating margin		23.6	%		24.6	%		20.8	%		23.6	%		19.9	%



Corporate and Other Revenue	$	29		$	33		$	37		$	140		$	164
Percent of Total Revenue		1.8	%		2.1	%		2.4	%		2.3	%		2.9	%
Corporate and Other segment GAAP gross profit		(5	)		6			6			3			5
PPA effects		(2	)		(2	)		(2	)		(9	)		(8	)
Restructuring		(1	)		-			1			-			(12	)
Other incidentals		2			3			1			6			2
Corporate and Other segment non-GAAP gross profit	$	(4	)	$	5		$	6		$	6		$	23

Corporate and Other segment GAAP gross margin		-17.2	%		18.2	%		16.2	%		2.1	%		3.0	%
Corporate and Other segment non-GAAP gross margin		-13.8	%		15.2	%		16.2	%		4.3	%		14.0	%

Corporate and Other segment GAAP operating profit		(85	)		(12	)		(8	)		(134	)		(54	)
PPA effects		(5	)		(6	)		(6	)		(22	)		(25	)
Restructuring ²⁾		(40	)		(1	)		(4	)		(44	)		(17	)
Stock based compensation		(1	)		-			-			(1	)		-
Merger-related costs		(27	)		(3	)		-			(42	)		-
Other incidentals		-			-			3			1			(4	)
Corporate and Other segment non-GAAP operating profit	$	(12	)	$	(2	)	$	(1	)	$	(26	)	$	(8	)

Corporate and Other segment GAAP operating margin		-293.1	%		-36.4	%		-21.6	%		-95.7	%		-32.9	%
Corporate and Other segment non-GAAP operating margin		-41.4	%		-6.1	%		-2.7	%		-18.6	%		-4.9	%



¹⁾ Includes Purchase Accounting effect on inventory that will be amortized over 4 months.

²⁾ Includes severance, contract termination costs and accelerated vesting charges related to the acquisition of Freescale.

³⁾ Includes the recognition of the gain on the sale of the RF Power and Bipolar businesses.

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