NXP Semiconductors Reports First Quarter 2018 Results
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NXP Semiconductors | | | | | | | |
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Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited) | | | | | |
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| | | ($ in millions except share data) | |
Three Months Ended | |
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April 1, 2018 | |
December 31, 2017 | |
April 2, 2017 | |
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Revenue | |
$ |
2,269 | | |
$ |
2,456 | | |
$ |
2,211 | | |
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GAAP Gross profit | |
$ |
1,172 | | |
$ |
1,242 | | |
$ |
1,079 | | |
| | | PPA effects | | | (19 | ) | | | (79 | ) | | | (59 | ) | |
| | | Restructuring | | | - | | | | - | | | | (1 | ) | |
| | | Stock Based Compensation | | | (9 | ) | | | (10 | ) | | | (9 | ) | |
| | | Other incidentals | | | - | | | | - | | | | 4 | | |
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Non-GAAP Gross profit | |
$ |
1,200 | | |
$ |
1,331 | | |
$ |
1,144 | | |
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GAAP Gross margin | | |
51.7 |
% | | |
50.6 |
% | | |
48.8 |
% | |
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Non-GAAP Gross margin | | |
52.9 |
% | | |
54.2 |
% | | |
51.7 |
% | |
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| | | GAAP Research and development | | $ | (426 | ) | | $ | (414 | ) | | $ | (367 | ) | |
| | | Restructuring | | | - | | | | - | | | | 12 | | |
| | | Stock based compensation | | | (31 | ) | | | (35 | ) | | | (29 | ) | |
| | | Merger-related costs | | | (1 | ) | | | (1 | ) | | | (1 | ) | |
| | | Other incidentals | | | - | | | | - | | | | - | | |
| | | Non-GAAP Research and development | | $ | (394 | ) | | $ | (378 | ) | | $ | (349 | ) | |
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| | | GAAP Selling, general and administrative | | $ | (248 | ) | | $ | (269 | ) | | $ | (266 | ) | |
| | | PPA effects | | | (3 | ) | | | (5 | ) | | | (6 | ) | |
| | | Restructuring | | | (1 | ) | | | - | | | | (3 | ) | |
| | | Stock based compensation | | | (29 | ) | | | (33 | ) | | | (30 | ) | |
| | | Merger-related costs | | | (25 | ) | | | (31 | ) | | | (29 | ) | |
| | | Other incidentals | | | - | | | | (10 | ) | | | - | | |
| | | Non-GAAP Selling, general and administrative | | $ | (190 | ) | | $ | (190 | ) | | $ | (198 | ) | |
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| | | GAAP amortization of acquisition-related intangible assets | | $ | (360 | ) | | $ | (347 | ) | | $ | (365 | ) | |
| | | PPA effects | | | (360 | ) | | | (347 | ) | | | (365 | ) | |
| | | Non-GAAP amortization of acquisition-related intangible assets | $ | - | | | $ | - | | | $ | - | | |
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| | | GAAP Other income (expense) | | $ | - | | | $ | (2 | ) | | $ | 1,598 | | |
| | | PPA effects | | | - | | | | - | | | | - | | |
| | | Other incidentals | | | (1 | ) | | | (2 | ) | | | 1,596 | | |
| | | Non-GAAP Other income (expense) | | $ | 1 | | | $ | - | | | $ | 2 | | |
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GAAP Operating income (loss) | |
$ |
138 | | |
$ |
210 | | |
$ |
1,679 | | |
| | | PPA effects | | | (382 | ) | | | (431 | ) | | | (430 | ) | |
| | | Restructuring | | | (1 | ) | | | - | | | | 8 | | |
| | | Stock based compensation | | | (69 | ) | | | (78 | ) | | | (68 | ) | |
| | | Merger-related costs | | | (26 | ) | | | (32 | ) | | | (30 | ) | |
| | | Other incidentals | | | (1 | ) | | | (12 | ) | | | 1,600 | | 1 | ) |
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Non-GAAP Operating income (loss) | |
$ |
617 | | |
$ |
763 | | |
$ |
599 | | |
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GAAP Operating margin | | |
6.1 |
% | | |
8.6 |
% | | |
75.9 |
% | |
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Non-GAAP Operating margin | | |
27.2 |
% | | |
31.1 |
% | | |
27.1 |
% | |
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GAAP Financial income (expense) | | $ | (68 | ) | | $ | (79 | ) | | $ | (136 | ) | |
| | | PPA effects | | | - | | | | - | | | | - | | |
| | | Non-cash interest expense on convertible notes | | | (11 | ) | | | (10 | ) | | | (10 | ) | |
| | | Foreign exchange gain (loss) | | | (3 | ) | | | (3 | ) | | | (5 | ) | |
| | | Extinguishment on debt | | | - | | | | - | | | | (41 | ) | |
| | | Changes in fair value of warrant liability | | | - | | | | - | | | | - | | |
| | | Other financial expense | | | (3 | ) | | | (11 | ) | | | (5 | ) | |
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Non-GAAP Financial income (expense) | |
$ |
(51 |
) | |
$ |
(55 |
) | |
$ |
(75 |
) | |
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| | 1) Adjustment relates primarily to the gain on the sale of the SP business on February 6, 2017. | |
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