NXP Semiconductors Reports Second Quarter 2017 Results

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


($ in millions)	Three Months Ended
	July 2, 2017			April 2, 2017					July 3, 2016

High Performance Mixed Signal (HPMS)		2,098			2,011					2,014
Standard Products		-			118					303
Product Revenue		2,098			2,129					2,317
Corporate and Other		104			82					48
Total Revenue	$	2,202		$	2,211				$	2,365



HPMS Revenue	$	2,098		$	2,011				$	2,014
Percent of Total Revenue		95.3	%		91.0	%				85.2	%
HPMS segment GAAP gross profit		1,066			1,030					998
PPA effects		(74	)		(58	)				(64	)
Restructuring		-			-					(10	)
Stock based compensation		(8	)		(8	)				(9	)
Other incidentals		-			-					-
HPMS segment non-GAAP gross profit	$	1,148		$	1,096				$	1,081

HPMS segment GAAP gross margin		50.8	%		51.2	%				49.6	%
HPMS segment non-GAAP gross margin		54.7	%		54.5	%				53.7	%

HPMS segment GAAP operating profit		94			81					(56	)
PPA effects		(453	)		(429	)				(501	)
Restructuring		-			9					(39	)
Stock based compensation		(67	)		(67	)				(73	)
Merger-related costs		(2	)		(2	)				-
Other incidentals		-			-					13
HPMS segment non-GAAP operating profit	$	616		$	570				$	544

HPMS segment GAAP operating margin		4.5	%		4.0	%				-2.8	%
HPMS segment non-GAAP operating margin		29.4	%		28.3	%				27.0	%


Standard Products Revenue	$	-		$	118				$	303
Percent of Total Revenue		-			5.3	%				12.8	%
Standard Products segment GAAP gross profit		-			45					97
PPA effects		-			-					-
Restructuring		-			-					-
Stock based compensation		-			(1	)				(2	)
Other incidentals		-			4					-
Standard Products segment non-GAAP gross profit	$	-		$	42				$	99

Standard Products segment GAAP gross margin		-			38.1	%				32.0	%
Standard Products segment non-GAAP gross margin		-			35.6	%				32.7	%

Standard Products segment GAAP operating profit		-			31					52
PPA effects		-			-					(8	)
Restructuring		-			-					-
Stock based compensation		-			(2	)				(6	)
Other incidentals		-			4					(3	)
Standard Products segment non-GAAP operating profit	$	-		$	29				$	69

Standard Products segment GAAP operating margin		-			26.3	%				17.2	%
Standard Products segment non-GAAP operating margin		-			24.6	%				22.8	%


Corporate and Other Revenue	$	104		$	82				$	48
Percent of Total Revenue		4.7	%		3.7	%				2.0	%
Corporate and Other segment GAAP gross profit		17			4					4
PPA effects		(2	)		(1	)				(2	)
Restructuring		(1	)		(1	)				-
Stock based compensation		1			-					(1	)
Other incidentals		-			-					4
Corporate and Other segment non-GAAP gross profit	$	19		$	6				$	3

Corporate and Other segment GAAP gross margin		16.3	%		4.9	%				8.3	%
Corporate and Other segment non-GAAP gross margin		18.3	%		7.3	%				6.3	%

Corporate and Other segment GAAP operating profit		(44	)		1,567					(22	)
PPA effects		(2	)		(1	)				(5	)
Restructuring		(2	)		(1	)				(1	)
Stock based compensation		-			1					(1	)
Merger-related costs		(33	)		(28	)				(11	)
Other incidentals		(16	)		1,596		¹	⁾		3
Corporate and Other segment non-GAAP operating profit	$	9		$	-				$	(7	)

Corporate and Other segment GAAP operating margin		-42.3	%		1911.0	%				-45.8	%
Corporate and Other segment non-GAAP operating margin		8.7	%		0.0	%				-14.6	%


¹⁾ Adjustment relates primarily to the gain on the sale of the SP business on February 6, 2017.

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