NXP Semiconductors Reports Third Quarter 2016 Results
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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 | |
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October 2,
2016 | |
July 3, 2016 | |
October 4,
2015 | |
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Revenue | |
$ |
2,469 | | |
$ |
2,365 | | |
$ |
1,522 | | |
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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 | | |
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Non-GAAP Gross profit | |
$ |
1,247 | | |
$ |
1,183 | | |
$ |
748 | | |
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GAAP Gross margin | | |
48.0 |
% | | |
46.5 |
% | | |
48.6 |
% | |
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Non-GAAP Gross margin | | |
50.5 |
% | | |
50.0 |
% | | |
49.1 |
% | |
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| | 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 | ) | |
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| | 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 | ) | |
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| | GAAP amortization of acquisition-related intangible assets | | $ | (361 | ) | | $ | (436 | ) | | $ | (29 | ) | |
| | PPA effects | | | (361 | ) | | | (436 | ) | | | (29 | ) | |
| | Non-GAAP amortization of acquisition-related intangible assets | | $ | - | | | $ | - | | | $ | - | | |
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| | GAAP Other income (expense) | | $ | - | | | $ | 10 | | | $ | 4 | | |
| | PPA effects | | | (1 | ) | | | (3 | ) | | | - | | |
| | Other incidentals | | | - | | | | 13 | | | | - | | |
| | Non-GAAP Other income (expense) | | $ | 1 | | | $ | - | | | $ | 4 | | |
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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 | ) | |
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Non-GAAP Operating income (loss) | |
$ |
691 | | |
$ |
606 | | |
$ |
449 | | |
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GAAP Operating margin | | |
7.0 |
% | | |
-1.1 |
% | | |
24.6 |
% | |
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Non-GAAP Operating margin | | |
28.0 |
% | | |
25.6 |
% | | |
29.5 |
% | |
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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 | ) | |
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Non-GAAP Financial income (expense) | |
$ |
(87 |
) | |
$ |
(88 |
) | |
$ |
(44 |
) | |
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