| 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 | |||||||||||||||
| April 3, 2016 | Dec. 31, 2015 | April 5, 2015 | ||||||||||||||
| Revenue | $ | 2,224 | $ | 1,606 | $ | 1,467 | ||||||||||
| GAAP Gross profit | $ | 597 | $ | 619 | $ | 704 | ||||||||||
| PPA effects | (496 | ) | 1 | ) | (167 | ) | 1 | ) | (3 | ) | ||||||
| Restructuring | (4 | ) | (13 | ) | 2 | ) | (1 | ) | ||||||||
| Stock Based Compensation | (15 | ) | (7 | ) | 2 | ) | (2 | ) | ||||||||
| Other incidentals | - | - | (1 | ) | ||||||||||||
| Non-GAAP Gross profit | $ | 1,112 | $ | 806 | $ | 711 | ||||||||||
| GAAP Gross margin | 26.8 | % | 38.5 | % | 48.0 | % | ||||||||||
| Non-GAAP Gross margin | 50.0 | % | 50.2 | % | 48.5 | % | ||||||||||
| GAAP Research and development | $ | (403 | ) | $ | (318 | ) | $ | (199 | ) | |||||||
| Restructuring | (11 | ) | (79 | ) | 2 | ) | (8 | ) | ||||||||
| Stock based compensation | (32 | ) | (21 | ) | 2 | ) | (8 | ) | ||||||||
| Other incidentals | - | 1 | - | |||||||||||||
| Non-GAAP Research and development | $ | (360 | ) | $ | (219 | ) | $ | (183 | ) | |||||||
| GAAP Selling, general and administrative | $ | (296 | ) | $ | (413 | ) | $ | (180 | ) | |||||||
| PPA effects | $ | (1 | ) | $ | - | $ | - | |||||||||
| Restructuring | (5 | ) | (147 | ) | 2 | ) | (3 | ) | ||||||||
| Stock based compensation | (52 | ) | (83 | ) | 2 | ) | (25 | ) | ||||||||
| Merger-related costs | (5 | ) | (27 | ) | (8 | ) | ||||||||||
| Other incidentals | - | (1 | ) | (1 | ) | |||||||||||
| Non-GAAP Selling, general and administrative | $ | (233 | ) | $ | (155 | ) | $ | (143 | ) | |||||||
| GAAP amortization of acquisition-related intangible assets | $ | (367 | ) | $ | (133 | ) | $ | (30 | ) | |||||||
| PPA effects | (367 | ) | (133 | ) | (30 | ) | ||||||||||
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | $ | - | $ | - | ||||||||||
| GAAP Other income (expense) | $ | (2 | ) | $ | 1,258 | $ | - | |||||||||
| PPA effects | - | - | - | |||||||||||||
| Other incidentals | (2 | ) | 1,257 | 3 | ) | - | ||||||||||
| Non-GAAP Other income (expense) | $ | - | $ | 1 | $ | - | ||||||||||
| GAAP Operating income (loss) | $ | (471 | ) | $ | 1,013 | $ | 295 | |||||||||
| PPA effects | (864 | ) | 1 | ) | (300 | ) | 1 | ) | (33 | ) | ||||||
| Restructuring | (20 | ) | (239 | ) | 2 | ) | (12 | ) | ||||||||
| Stock based compensation | (99 | ) | (111 | ) | 2 | ) | (35 | ) | ||||||||
| Merger-related costs | (5 | ) | (27 | ) | (8 | ) | ||||||||||
| Other incidentals | (2 | ) | 1,257 | 3 | ) | (2 | ) | |||||||||
| Non-GAAP Operating income (loss) | $ | 519 | $ | 433 | $ | 385 | ||||||||||
| GAAP Operating margin | -21.2 | % | 63.1 | % | 20.1 | % | ||||||||||
| Non-GAAP Operating margin | 23.3 | % | 27.0 | % | 26.2 | % | ||||||||||
| GAAP Financial income (expense) | $ | (116 | ) | $ | (174 | ) | $ | (373 | ) | |||||||
| PPA effects | $ | 3 | $ | - | $ | - | ||||||||||
| Non-cash interest expense on convertible notes | (10 | ) | (10 | ) | (10 | ) | ||||||||||
| Foreign exchange gain (loss) on debt | (9 | ) | (31 | ) | (208 | ) | ||||||||||
| Changes in fair value of warrant liability | - | (1 | ) | (115 | ) | |||||||||||
| Other financial expense | (7 | ) | (76 | ) | (4 | ) | ||||||||||
| Non-GAAP Financial income (expense) | $ | (93 | ) | $ | (56 | ) | $ | (36 | ) | |||||||
| GAAP Income tax benefit (provision) | $ | 199 | $ | 148 | $ | (15 | ) | |||||||||
| Other adjustments | 213 | 167 | (11 | ) | ||||||||||||
| Non-GAAP Cash tax (expense) | $ | (14 | ) | $ | (19 | ) | $ | (4 | ) | |||||||
| GAAP Results relating to equity-accounted investees | $ | 1 | $ | 2 | $ | 3 | ||||||||||
| Other adjustments | 1 | 2 | 3 | |||||||||||||
| Non-GAAP Results relating to equity-accounted investees | $ | - | $ | - | $ | - | ||||||||||
| GAAP Net income (loss) | $ | (387 | ) | $ | 989 | $ | (90 | ) | ||||||||
| PPA effects | (861 | ) | 1 | ) | (300 | ) | 1 | ) | (33 | ) | ||||||
| Restructuring | (20 | ) | (239 | ) | 2 | ) | (12 | ) | ||||||||
| Stock based compensation | (99 | ) | (111 | ) | 2 | ) | (35 | ) | ||||||||
| Merger-related costs | (5 | ) | (27 | ) | (8 | ) | ||||||||||
| Other incidentals | (2 | ) | 1,257 | 3 | ) | (2 | ) | |||||||||
| Other adjustments | 188 | 4 | ) | 51 | (345 | ) | ||||||||||
| Non-GAAP Net income (loss) | $ | 412 | $ | 358 | $ | 345 | ||||||||||
| GAAP Net income (loss) attributable to stockholders | $ | (398 | ) | $ | 972 | $ | (107 | ) | ||||||||
| PPA effects | (861 | ) | 1 | ) | (300 | ) | 1 | ) | (33 | ) | ||||||
| Restructuring | (20 | ) | (239 | ) | 2 | ) | (12 | ) | ||||||||
| Stock based compensation | (99 | ) | (111 | ) | 2 | ) | (35 | ) | ||||||||
| Merger-related costs | (5 | ) | (27 | ) | (8 | ) | ||||||||||
| Other incidentals | (2 | ) | 1,257 | 3 | ) | (2 | ) | |||||||||
| Other adjustments | 188 | 4 | ) | 51 | (345 | ) | ||||||||||
| Non-GAAP Net income (loss) attributable to stockholders | $ | 401 | $ | 341 | $ | 328 | ||||||||||
| GAAP Weighted average shares - diluted | 341,830 | 272,785 | 233,116 | |||||||||||||
| Non-GAAP Adjustment | 9,207 | - | 10,210 | |||||||||||||
| Non-GAAP Weighted average shares - diluted | 351,037 | 272,785 | 243,326 | |||||||||||||
| GAAP Diluted net income (loss) attributable to stockholders per share | $ | (1.16 | ) | $ | 3.56 | $ | (0.46 | ) | ||||||||
| Non-GAAP Diluted net income (loss) attributable to stockholders per share | $ | 1.14 | $ | 1.25 | $ | 1.35 | ||||||||||
| 1) Includes Purchase Accounting effect on inventory that was fully amortized as of April 3, 2016.
2) Includes severance, contract termination costs and accelerated vesting charges related to the acquisition of Freescale. 3) Includes the recognition of the gain on the sale of the RF Power and Bipolar businesses. 4) Includes: During 1Q16: Non-cash interest expense on convertible Notes: ($10) million; Foreign exchange losses: ($9) million; Other financial expense: ($7) million; Results relating to equity-accounted investees: $1 million; and the difference between book and cash income taxes: $213 million. | ||||||||||||||||
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NXP Semiconductors Reports First Quarter 2016 Results
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