NXP Semiconductors Reports Fourth Quarter and Full-Year 2016

NXP Semiconductors Reports Fourth Quarter and Full-Year 2016 Results

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


($ in millions)	Three Months Ended									Full Year
	December 31, 2016			October 2, 2016			December 31, 2015			2016			2015

High Performance Mixed Signal (HPMS)		2,062			2,099			1,306			8,086			4,720
Standard Products		323			320			271			1,220			1,241
Product Revenue		2,385			2,419			1,577			9,306			5,961
Corporate and Other		55			50			29			192			140
Total Revenue	$	2,440		$	2,469		$	1,606		$	9,498		$	6,101



HPMS Revenue	$	2,062		$	2,099		$	1,306		$	8,086		$	4,720
Percent of Total Revenue		84.5	%		85.0	%		81.3	%		85.1	%		77.4	%
HPMS segment GAAP gross profit		1,058			1,059			534			3,625			2,367
PPA effects		(59	)		(63	)		(164	)		(679	)		(166	)
Restructuring		1			-			(8	)		(12	)		(9	)
Stock based compensation		(10	)		(10	)		(6	)		(42	)		(12	)
Other incidentals		-			-			(1	)		-			(1	)
HPMS segment non-GAAP gross profit	$	1,126		$	1,132		$	713		$	4,358		$	2,555

HPMS segment GAAP gross margin		51.3	%		50.5	%		40.9	%		44.8	%		50.1	%
HPMS segment non-GAAP gross margin		54.6	%		53.9	%		54.6	%		53.9	%		54.1	%

HPMS segment GAAP operating profit		124			116			995			(302	)		1,885
PPA effects		(426	)		(428	)		(283	)		(2,202	)		(329	)
Restructuring		1			-			(195	)		(52	)		(211	)
Stock based compensation		(76	)		(72	)		(99	)		(313	)		(184	)
Other incidentals		(1	)		-			1,191			12			1,191
HPMS segment non-GAAP operating profit	$	626		$	616		$	381		$	2,253		$	1,418

HPMS segment GAAP operating margin		6.0	%		5.5	%		76.2	%		-3.7	%		39.9	%
HPMS segment non-GAAP operating margin		30.4	%		29.3	%		29.2	%		27.9	%		30.0	%



Standard Products Revenue	$	323		$	320		$	271		$	1,220		$	1,241
Percent of Total Revenue		13.2	%		13.0	%		16.9	%		12.8	%		20.3	%
Standard Products segment GAAP gross profit		130			123			90			437			417
PPA effects		-			-			(1	)		(1	)		(3	)
Restructuring		(1	)		-			(4	)		(1	)		(9	)
Stock based compensation		(1	)		-			(1	)		(4	)		(3	)
Other incidentals		13			14			(1	)		27			(6	)
Standard Products segment non-GAAP gross profit	$	119		$	109		$	97		$	416		$	438

Standard Products segment GAAP gross margin		40.2	%		38.4	%		33.2	%		35.8	%		33.6	%
Standard Products segment non-GAAP gross margin		36.8	%		34.1	%		35.8	%		34.1	%		35.3	%

Standard Products segment GAAP operating profit		92			85			103			268			264
PPA effects		1			-			(12	)		(19	)		(50	)
Restructuring		-			-			(4	)		(1	)		(9	)
Stock based compensation		(6	)		(4	)		(11	)		(23	)		(31	)
Other incidentals		9			11			66			17			61
Standard Products segment non-GAAP operating profit	$	88		$	78		$	64		$	294		$	293

Standard Products segment GAAP operating margin		28.5	%		26.6	%		38.0	%		22.0	%		21.3	%
Standard Products segment non-GAAP operating margin		27.2	%		24.4	%		23.6	%		24.1	%		23.6	%



Corporate and Other Revenue	$	55		$	50		$	29		$	192		$	140
Percent of Total Revenue		2.3	%		2.0	%		1.8	%		2.1	%		2.3	%
Corporate and Other segment GAAP gross profit		1			2			(5	)		7			3
PPA effects		(1	)		(1	)		(2	)		(6	)		(9	)
Restructuring		(1	)		(3	)		(1	)		(5	)		-
Stock based compensation		(1	)		-			-			(3	)		-
Other incidentals		1			-			2			5			6
Corporate and Other segment non-GAAP gross profit	$	3		$	6		$	(4	)	$	16		$	6

Corporate and Other segment GAAP gross margin		1.8	%		4.0	%		-17.2	%		3.6	%		2.1	%
Corporate and Other segment non-GAAP gross margin		5.5	%		12.0	%		-13.8	%		8.3	%		4.3	%

Corporate and Other segment GAAP operating profit		(43	)		(27	)		(85	)		(116	)		(134	)
PPA effects		(2	)		(4	)		(5	)		(16	)		(22	)
Restructuring		(6	)		(3	)		(40	)		(15	)		(44	)
Stock based compensation		-			(1	)		(1	)		(2	)		(1	)
Merger-related costs		(37	)		(14	)		(27	)		(67	)		(42	)
Other incidentals		1			(2	)		-			-			1
Corporate and Other segment non-GAAP operating profit	$	1		$	(3	)	$	(12	)	$	(16	)	$	(26	)

Corporate and Other segment GAAP operating margin		-78.2	%		-54.0	%		-293.1	%		-60.4	%		-95.7	%
Corporate and Other segment non-GAAP operating margin		1.8	%		-6.0	%		-41.4	%		-8.3	%		-18.6	%

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