NXP Semiconductors Reports First Quarter 2018 Results


NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)



($ in millions)	Three Months Ended
	April 1, 2018			December 31, 2017			April 2, 2017
Cash Flows from operating activities
Net income (loss)	$	70		$	768		$	1,318
Adjustments to reconcile net income (loss):
Depreciation and amortization		491			542			534
Stock-based compensation		69			78			68
Amortization of discount on debt		10			10			10
Amortization of debt issuance costs		3			3			3
Net gain on sale of assets		-			(4	)		(1,597	)
Loss on extinguishment of debt		-			-			41
Results relating to equity accounted investees		(2	)		(8	)		(5	)
Changes in deferred taxes		(42	)		(593	)		25
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		81			(25	)		4
(Increase) decrease in inventories		(36	)		(31	)		(28	)
Increase (decrease) in accounts payable and accrued liabilities		(26	)		82			244
Decrease (Increase) in other non-current assets		-			(92	)		(1	)
Exchange differences		5			5			12
Other items		(3	)		3			(3	)
Net cash provided by (used for) operating activities		620			738			625

Cash flows from investing activities:
Purchase of identified intangible assets		(18	)		(10	)		(24	)
Capital expenditures on property, plant and equipment		(156	)		(133	)		(161	)
Proceeds from disposals of property, plant and equipment		-			1			-
Proceeds from sale of interests in businesses, net of cash divested		-			-			2,614
Other		-			7			(1	)
Net cash provided by (used for) investing activities		(174	)		(135	)		2,428

Cash flows from financing activities:
Repurchase of long-term debt		-			-			(2,728	)
Principal payments on long-term debt		-			(4	)		(4	)
Cash proceeds from exercise of stock options		20			129			36
Purchase of treasury shares		(30	)		(248	)		(26	)
Net cash provided by (used for) financing activities		(10	)		(123	)		(2,722	)

Effect of changes in exchange rates on cash positions		-			2			13
Increase (decrease) in cash and cash equivalents		436			482			344
Cash and cash equivalents at beginning of period		3,547			3,065			1,894
Cash and cash equivalents at end of period		3,983			3,547			2,238



Net cash paid during the period for:
Interest		21			81			53
Income taxes		44			67			56
Non-cash adjustment related to the adoption of ASC 606:
Receivables and other current assets		(36	)		-			-
Inventories		22			-			-

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