NXP Semiconductors Reports Second Quarter 2019 Results
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NXP Semiconductors | | | | | | |
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Table 4: 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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June 30, 2019 | |
March 31, 2019 | |
July 1, 2018 |
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Revenue | |
$ |
2,217 | | |
$ |
2,094 | | |
$ |
2,290 | |
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GAAP Gross profit | |
$ |
1,151 | | |
$ |
1,072 | | |
$ |
1,180 | |
| PPA effects | | | (20 | ) | | | (17 | ) | | | (20 | ) |
| Restructuring | | | - | | | | (4 | ) | | | - | |
| Stock Based Compensation | | | (10 | ) | | | (10 | ) | | | (8 | ) |
| Merger-related costs | | | - | | | | (1 | ) | | | (2 | ) |
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Non-GAAP Gross profit | |
$ |
1,181 | | |
$ |
1,104 | | |
$ |
1,210 | |
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GAAP Gross margin | | |
51.9 |
% | | |
51.2 |
% | | |
51.5 |
% |
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Non-GAAP Gross margin | | |
53.3 |
% | | |
52.7 |
% | | |
52.8 |
% |
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| GAAP Research and development | | $ | (408 | ) | | $ | (415 | ) | | $ | (438 | ) |
| Restructuring | | | (5 | ) | | | (11 | ) | | | - | |
| Stock based compensation | | | (34 | ) | | | (35 | ) | | | (32 | ) |
| Merger-related costs | | | (2 | ) | | | (3 | ) | | | (2 | ) |
| Non-GAAP Research and development | | $ | (367 | ) | | $ | (366 | ) | | $ | (404 | ) |
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| GAAP Selling, general and administrative | | $ | (230 | ) | | $ | (248 | ) | | $ | (242 | ) |
| PPA effects | | | (2 | ) | | | (1 | ) | | | (1 | ) |
| Restructuring | | | - | | | | (10 | ) | | | - | |
| Stock based compensation | | | (43 | ) | | | (41 | ) | | | (29 | ) |
| Merger-related costs | | | (8 | ) | | | (9 | ) | | | (21 | ) |
| Other incidentals | | | (3 | ) | | | (6 | ) | | | (4 | ) |
| Non-GAAP Selling, general and administrative | | $ | (174 | ) | | $ | (181 | ) | | $ | (187 | ) |
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| GAAP amortization of acquisition-related intangible assets | | $ | (355 | ) | | $ | (357 | ) | | $ | (363 | ) |
| PPA effects | | | (355 | ) | | | (357 | ) | | | (363 | ) |
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | | | $ | - | | | $ | - | |
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| GAAP Other income (expense) | | $ | (1 | ) | | $ | 2 | | | $ | - | |
| Restructuring | | $ | - | | | $ | - | | | $ | 1 | |
| Other incidentals | | | (1 | ) | | | - | | | | - | |
| Non-GAAP Other income (expense) | | $ | - | | | $ | 2 | | | $ | (1 | ) |
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GAAP Operating income (loss) | |
$ |
157 | | |
$ |
54 | | |
$ |
137 | |
| PPA effects | | | (377 | ) | | | (375 | ) | | | (384 | ) |
| Restructuring | | | (5 | ) | | | (25 | ) | | | 1 | |
| Stock based compensation | | | (87 | ) | | | (86 | ) | | | (69 | ) |
| Merger-related costs | | | (10 | ) | | | (13 | ) | | | (25 | ) |
| Other incidentals | | | (4 | ) | | | (6 | ) | | | (4 | ) |
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Non-GAAP Operating income (loss) | |
$ |
640 | | |
$ |
559 | | |
$ |
618 | |
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GAAP Operating margin | | |
7.1 |
% | | |
2.6 |
% | | |
6.0 |
% |
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Non-GAAP Operating margin | | |
28.9 |
% | | |
26.7 |
% | | |
27.0 |
% |
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GAAP Financial income (expense) | | $ | (89 | ) | | $ | (83 | ) | | $ | (71 | ) |
| Non-cash interest expense on convertible notes | | | (11 | ) | | | (11 | ) | | | (11 | ) |
| Foreign exchange gain (loss) | | | (4 | ) | | | (7 | ) | | | - | |
| Gain (loss) on extinguishment of long-term debt | | | (10 | ) | | | - | | | | (26 | ) |
| Other financial expense | | | (3 | ) | | | (4 | ) | | | (3 | ) |
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Non-GAAP Financial income (expense) | |
$ |
(61 |
) | |
$ |
(61 |
) | |
$ |
(31 |
) |
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