NXP Semiconductors Reports Fourth Quarter and Full-year 2018

NXP Semiconductors Reports Fourth Quarter and Full-year 2018 Results

NXP Semiconductors
Table 4: Reconciliation of GAAP to non-GAAP Segment Results (unaudited)
($ in millions)	Three Months Ended									Full Year
	Dec. 31, 2018			Sept. 30, 2018			Dec. 31, 2017				2018			2017

High Performance Mixed Signal (HPMS)		2,312			2,351			2,348			9,022			8,745
Standard Products		-			-			-			-			118
Corporate and Other		91			94			108			385			393
Total Revenue	$	2,403		$	2,445		$	2,456		$	9,407		$	9,256


HPMS Revenue	$	2,312		$	2,351		$	2,348		$	9,022		$	8,745
Percent of Total Revenue		96.2	%		96.2	%		95.6	%		95.9	%		94.5	%
HPMS segment GAAP gross profit		1,234			1,254			1,228			4,822			4,527
PPA effects		(18	)		(19	)		(78	)		(74	)		(268	)
Stock based compensation		(12	)		(10	)		(10	)		(39	)		(33	)
Merger-related costs		(1	)		(1	)		-			(3	)		(1	)
HPMS segment non-GAAP gross profit	$	1,265		$	1,284		$	1,316		$	4,938		$	4,829
HPMS segment GAAP gross margin		53.4	%		53.3	%		52.3	%		53.4	%		51.8	%
HPMS segment non-GAAP gross margin		54.7	%		54.6	%		56.0	%		54.7	%		55.2	%
HPMS segment GAAP operating profit		246			240			246			807			656
PPA effects		(384	)		(383	)		(430	)		(1,531	)		(1,737	)
Restructuring		-			(4	)		-			(4	)		9
Stock based compensation		(93	)		(82	)		(77	)		(312	)		(278	)
Merger-related costs		(7	)		(23	)		(3	)		(40	)		(10	)
HPMS segment non-GAAP operating profit	$	730		$	732		$	756		$	2,694		$	2,672
HPMS segment GAAP operating margin		10.6	%		10.2	%		10.5	%		8.9	%		7.5	%
HPMS segment non-GAAP operating margin		31.6	%		31.1	%		32.2	%		29.9	%		30.6	%
Standard Products Revenue													$	118
Percent of Total Revenue														1.3	%
Standard Products segment GAAP gross profit														45
Stock based compensation														(1	)
Merger-related costs														4
Standard Products segment non-GAAP gross profit													$	42
Standard Products segment GAAP gross margin														38.1	%
Stamdard Products segment non-GAAP gross margin														35.6	%
Standard Products segment GAAP operating profit														31
Stock based compensation														(2	)
Merger-related costs														4
Standard Products segment non-GAAP operating profit													$	29
Standard Products segment GAAP operating margin														26.3	%
Standard Products segment non-GAAP operating margin														24.6	%

Corporate and Other Revenue	$	91		$	94		$	108		$	385		$	393
Percent of Total Revenue		3.8	%		3.8	%		4.4	%		4.1	%		4.2	%
Corporate and Other segment GAAP gross profit		9			2			14			29			47
PPA effects		(1	)		(1	)		(1	)		(4	)		(5	)
Restructuring		-			-			-			-			(3	)
Stock based compensation		-			(1	)		-			(1	)		1
Merger-related costs		-			(7	)		-			(8	)		-
Corporate and Other segment non-GAAP gross profit	$	10		$	11		$	15		$	42		$	54
Corporate and Other segment GAAP gross margin		9.9	%		2.1	%		13.0	%		7.5	%		12.0	%
Corporate and Other segment non-GAAP gross margin		11.0	%		11.7	%		13.9	%		10.9	%		13.7	%
Corporate and Other segment GAAP operating profit		(22	)		1,971			(36	)		1,903			1,415
PPA effects		(1	)		(1	)		(1	)		(4	)		(5	)
Restructuring		(1	)		(1	)		-			(2	)		(10	)
Stock based compensation		-			(1	)		(1	)		(2	)		(1	)
Merger-related costs		(8	)		1,937			(29	)		1,888			(129	)
Other incidentals		(13	)		36			(12	)		18			1,539
Corporate and Other segment non-GAAP operating profit	$	1		$	1		$	7		$	5		$	21
Corporate and Other segment GAAP operating margin		-24.2	%		2096.8	%		-33.3	%		494.3	%		360.1	%
Corporate and Other segment non-GAAP operating margin		1.1	%		1.1	%		6.5	%		1.3	%		5.3	%

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