NXP Semiconductors Reports Third Quarter 2016 Results


  NXP Semiconductors       
  Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)      
                 
         
         
 ($ in millions except share data)  Three Months Ended 
    October 2,
2016
  July 3, 2016  October 4,
2015
 
         
  Revenue  $   2,469    $   2,365    $   1,522   
         
  GAAP Gross profit  $   1,184    $   1,099    $   740   
 PPA effects    (64)    (66)    (3) 
 Restructuring    (3)    (10)    (4) 
 Stock Based Compensation    (10)    (12)    (3) 
 Other incidentals    14     4     2  
  Non-GAAP Gross profit  $   1,247    $   1,183    $   748   
         
  GAAP Gross margin   48.0 %   46.5 %   48.6 % 
                 
  Non-GAAP Gross margin     50.5 %     50.0 %     49.1 %  
                 
  GAAP Research and development   $   (379 )   $   (416 )   $   (178 )  
  Restructuring       -         (32 )       1    
  Stock based compensation       (29 )       (30 )       (7 )  
  Other incidentals       -         1         -    
  Non-GAAP Research and development   $   (350 )   $   (355 )   $   (172 )  
                 
  GAAP Selling, general and administrative   $   (270 )   $   (283 )   $   (162 )  
  PPA effects       (6 )       (9 )       -    
  Restructuring       -         2         (1 )  
  Stock based compensation       (38 )       (38 )       (24 )  
  Merger-related costs       (14 )       (11 )       (3 )  
  Other incidentals       (5 )       (5 )       (3 )  
  Non-GAAP Selling, general and administrative   $   (207 )   $   (222 )   $   (131 )  
                 
  GAAP amortization of acquisition-related intangible assets   $   (361 )   $   (436 )   $   (29 )  
  PPA effects       (361 )       (436 )       (29 )  
  Non-GAAP amortization of acquisition-related intangible assets   $   -      $   -      $   -     
                 
  GAAP Other income (expense)   $   -     $   10     $   4    
  PPA effects       (1 )       (3 )       -    
  Other incidentals       -         13         -    
  Non-GAAP Other income (expense)   $   1     $   -      $   4    
              -        
  GAAP Operating income (loss)   $   174     $   (26 )   $   375    
  PPA effects       (432 )       (514 )       (32 )  
  Restructuring       (3 )       (40 )       (4 )  
  Stock based compensation       (77 )       (80 )       (34 )  
  Merger-related costs       (14 )       (11 )       (3 )  
  Other incidentals       9         13         (1 )  
  Non-GAAP Operating income (loss)   $   691     $   606     $   449    
                 
  GAAP Operating margin     7.0 %     -1.1 %     24.6 %  
                 
  Non-GAAP Operating margin     28.0 %     25.6 %     29.5 %  
                 
  GAAP Financial income (expense)   $   (115 )   $   (126 )   $   16    
  PPA effects       -         3         -    
  Non-cash interest expense on convertible notes       (11 )       (10 )       (9 )  
  Foreign exchange gain (loss)       (2 )       (2 )       6    
  Extinguishment on debt       (6 )       (23 )       -    
  Changes in fair value of warrant liability       -         -         67    
  Other financial expense       (9 )       (6 )       (4 )  
  Non-GAAP Financial income (expense)   $   (87 )   $   (88 )   $   (44 )  
                 
                 
                 

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