NXP Semiconductors Reports Third Quarter 2016 Results

(1) Please see “Non-GAAP Financial Measures” on page 4 of this release

Additional Information for the Third Quarter 2016:

  • In recent months the U.S. Securities and Exchange Commission (“SEC”) has increased its focus on the general use of non-GAAP financial metrics and reporting by U.S. listed companies.  In May 2016, the SEC issued new and revised Compliance & Disclosure Interpretations that relate to the reporting of non-GAAP financial measures by all U.S. listed companies ( www.sec.gov/divisions/corpfin/guidance/nongaapinterp.htm).  As a result, NXP has re-evaluated its use of non-GAAP financial information, to ensure that when used in conjunction with its reported GAAP results, its non-GAAP financial information provides a clear reflection of the underlying operational performance of NXP.  Starting for the third quarter of 2016, NXP will limit its forward guidance to the following GAAP financial information; Revenue, Gross Profit, Operating Income, Financial Income and Expense, Non-Controlling Interest and Net Cash Paid for Income Taxes. In addition, NXP will limit the non-GAAP financial measures in its forward guidance and subsequent results to non-GAAP Gross Profit, non-GAAP Operating Income, and non-GAAP Financial Income and Expense.
  • On September 22, 2016 NXP refinanced its $1,440 million Term Loan F, due 2020 to a rate of Libor + 2.50%, without a floor from Libor + 3.00% with a 75 basis-point floor. The principle amount did not change.
  • On August 11, 2016 NXP issued a $1,000 million aggregate principle amount of 3.875% senior unsecured notes due 2022. NXP used the proceeds from the offering, together with cash on hand to redeem the remaining $960 million aggregate principle amount of outstanding senior secured notes due 2022, and to pay certain related financing costs.
  • On August 1, 2016, NXP issued a $500 million aggregate principle amount of 4.125% senior unsecured notes, as a tap issue to its existing 2021 senior notes. NXP used the proceeds from the offering to redeem the remaining $200 million aggregate principle amount of outstanding senior secured notes due 2016, and used the remainder of the proceeds for general corporate purposes. 
  • On August 8, 2016, NXP acquired certain mobile transaction assets and design engineers to complement our existing efforts. With this transaction, NXP reinforces its capabilities with a skilled engineering team focused on mobile applications.
  • In the third quarter of 2016, SSMC, NXP’s consolidated joint-venture wafer fab with TSMC, reported third quarter 2016 operating income of $41 million, EBITDA of $55 million and a closing cash balance of $275 million. During the quarter SSMC paid a previously announced dividend of $325 million.
  • In third quarter of 2016, utilization in the combined NXP wafer-fabs averaged 93 percent.
  • During the third quarter of 2016, NXP repurchased approximately 6.5 million shares for a total cost of approximately $555 million.  Weighted average number of diluted shares (after deduction of treasury shares) for the three month period ended October 2, 2016 was 344.4 million.
  • In the third quarter of 2016 net cash paid for interest was $57 million and net cash paid for income taxes was $19 million.

Supplemental Information ($ millions, unaudited) (1, 2, 3, 4)

                     
                     
     Q3 2016  Q2 2016  Q3 2015  Q3 2016
Reported
  Q3 2016
Combined Adj. Revenue
  
     As
Reported
  As
Reported
  As
Reported
  Combined
Adj. Revenue
  Q-Q  Y-Y  Q - Q  Y-Y  
                     
  Automotive $853  $858  $308  $811   -1%  177%  -1%  5%  
                                            
    Secure Identification Solutions (SIS)   $ 178     $ 200     $ 269     $ 269       -11 %     -34 %     -11 %     -34 %    
                                                         
    Secure Connected Devices (SCD)   $ 592     $ 514     $ 317     $ 623       15 %     87 %     15 %     -5 %    
                                                         
    Secure Interface & Infrastructure (SI&I)   $   476     $   442     $   270     $   485       8 %     76 %     8 %     -2 %    
                                                                         
    High Performance Mixed Signal (HPMS)   $ 2,099     $ 2,014     $ 1,164     $ 2,188       4 %     80 %     4 %     -4 %    
                                                         
    Standard Products (STDP)   $   320     $   303     $   325     $   323       6 %     -2 %     6 %     -1 %    
                                                         
    Product Revenue   $ 2,419     $ 2,317     $ 1,489     $ 2,511       4 %     62 %     4 %     -4 %    
                                                         
    Corporate & Other   $   50     $   48     $   33     $   40       4 %     52 %     4 %     25 %    
                                                         
    Total Revenue   $   2,469     $   2,365     $   1,522     $   2,551       4 %     62 %     4.4 %     -3.2 %    
                                         
                                         

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