NXP Semiconductors Reports First Quarter 2023 Results

EINDHOVEN, The Netherlands, May 01, 2023 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the first quarter, ended April 2, 2023.

“NXP delivered quarterly revenue of $3.12 billion, with all our focus end-markets performing better than anticipated, which resulted in total company revenue above the high end of guidance. Solid first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through the cyclical downturn in our consumer-exposed businesses, while we see continued strength in our automotive and core-industrial businesses,” said Kurt Sievers, NXP President and Chief Executive Officer.

Key Highlights for the First Quarter 2023:

Revenue was $3.12 billion, down 0.5 percent year-on-year;
GAAP gross margin was 56.7 percent, GAAP operating margin was 26.4 percent and GAAP diluted Net Income per Share was $2.35;
Non-GAAP gross margin was 58.2 percent, non-GAAP operating margin was 34.8 percent, and non-GAAP diluted Net Income per Share was $3.19;
Cash flow from operations was $632 million, with net capex investments of $251 million, resulting in non-GAAP free cash flow of $381 million;
During the first quarter of 2023, NXP paid cash dividends of $219 million. The interim dividend for the first quarter 2023 was paid in cash on April 5, 2023 to shareholders of record as of March 15, 2023;
Beginning with the first quarter 2023 financial guidance, NXP began to apply an estimated annual tax rate to its GAAP and non-GAAP income before tax;
On January 4, 2023, NXP announced the i.MX 95 family of applications processors, which delivers high performance safety and security features, developed in compliance with automotive ASIL-B and industrial SIL-2 functional safety standards and including an integrated EdgeLock® secure enclave;
On January 5, 2023, NXP announced the SAF85xx, the automotive industries first 28nm, single chip RFCMOS radar family for next generation ADAS and autonomous driving systems. The SAF85xx radar family reinforces NXP’s leading radar portfolio, built on more than 15 years of technology leadership;
On February 17, 2023, NXP was named one of the Top 100 Global Innovators™ 2023 by Clarivate™ for the sixth time. The award identifies organizations at the pinnacle of the global innovation landscape by measuring excellence focused on exceptional consistency and scale in innovativeness;
On February 22, 2023, NXP announced the EdgeLock SE051H, a single chip secure element designed for Matter, adding to the industry’s broadest portfolio of Matter devices; and
On March 29, 2023, NXP announced the UCODE® 9xm family of RFID tag solutions, providing high-capacity, flexible memory and industry-leading read/write performance. The UCODE® 9xm family, enables smaller tag antennas, supporting the tagging of smaller objects in supply chain tracking applications.

Summary of Reported First Quarter 2023 ($ millions, unaudited ) ⁽¹⁾

	Q1 2023			Q4 2022			Q1 2022			Q - Q		Y - Y
Total Revenue	$	3,121		$	3,312		$	3,136		-6	%	—	%
GAAP Gross Profit	$	1,770		$	1,891		$	1,777		-6	%	—	%
Gross Profit Adjustments ⁽ⁱ⁾	$	(46	)	$	(31	)	$	(30	)
Non-GAAP Gross Profit	$	1,816		$	1,922		$	1,807		-6	%	—	%
GAAP Gross Margin		56.7	%		57.1	%		56.7	%
Non-GAAP Gross Margin		58.2	%		58.0	%		57.6	%
GAAP Operating Income (Loss)	$	825		$	980		$	873		-16	%	-5	%
Operating Income Adjustments ⁽ⁱ⁾	$	(260	)	$	(228	)	$	(246	)
Non-GAAP Operating Income	$	1,085		$	1,208		$	1,119		-10	%	-3	%
GAAP Operating Margin		26.4	%		29.6	%		27.8	%
Non-GAAP Operating Margin		34.8	%		36.5	%		35.7	%
GAAP Net Income (Loss) attributable to Stockholders	$	615
Net Income Adjustments ⁽ⁱ⁾	$	(219	)
Non-GAAP Net Income (Loss) Attributable to Stockholders	$	834
GAAP diluted Net Income (Loss) per Share	$	2.35
Non-GAAP diluted Net Income (Loss) per Share	$	3.19

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