NXP Semiconductors Reports First Quarter 2019 Results


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



($ in millions)	Three Months Ended
	March 31, 2019			December 31, 2018			April 1, 2018

Cash Flows from operating activities
Net income (loss)	$	(16	)	$	289		$	70
Adjustments to reconcile net income (loss):
Depreciation and amortization		502			503			491
Stock-based compensation		86			93			69
Amortization of discount on debt		11			11			10
Amortization of debt issuance costs		3			3			3
Results relating to equity accounted investees		(4	)		(1	)		(2	)
Changes in deferred taxes		(63	)		(52	)		(42	)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		(42	)		51			81
(Increase) decrease in inventories		38			5			(36	)
Increase (decrease) in accounts payable and other liabilities		(250	)		(188	)		(26	)
Decrease (Increase) in other non-current assets		20			4			-
Exchange differences		6			13			5
Other items		5			-			(3	)
Net cash provided by (used for) operating activities		296			731			620

Cash flows from investing activities:
Purchase of identified intangible assets		(28	)		(4	)		(18	)
Capital expenditures on property, plant and equipment		(144	)		(170	)		(156	)
Proceeds from sale of interests in businesses, net of cash divested		37			-			-
Purchase of available-for-sale securities		(2	)		(2	)		-
Proceeds from the sale of securities		1			2			-
Other		-			-			-
Net cash provided by (used for) investing activities		(136	)		(174	)		(174	)

Cash flows from financing activities:
Repayment of Bridge Loan		-			(1,000	)		-
Proceeds from the issuance of long-term debt		-			1,997			-
Cash paid for debt issuance costs		-			(12	)		-
Cash paid for terminated acquisition adjustment event		-			(60	)		-
Dividends paid to common stockholders		(73	)		(74	)		-
Proceeds from issuance of common stock through stock plans		32			3			20
Purchase of treasury shares		(715	)		(424	)		(30	)
Cash paid on behalf of shareholders for tax on repurchased shares		-			(142	)		-
Net cash provided by (used for) financing activities		(756	)		288			(10	)

Effect of changes in exchange rates on cash positions		(1	)		-			-
Increase (decrease) in cash and cash equivalents		(597	)		845			436
Cash and cash equivalents at beginning of period		2,789			1,944			3,547
Cash and cash equivalents at end of period		2,192			2,789			3,983



Net cash paid during the period for:
Interest		25			74			21
Income taxes		209			61			44
Non-cash adjustment related to the adoption of ASC 606:
Receivables and other current assets		-			-			(36	)
Inventories		-			-			22

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