NXP Semiconductors Reports First Quarter 2019 Results
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NXP Semiconductors | | | | | | | |
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Table 4: 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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March 31, 2019 | |
December 31, 2018 | |
April 1, 2018 | |
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Revenue | |
$ |
2,094 | | |
$ |
2,403 | | |
$ |
2,269 | | |
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GAAP Gross profit | |
$ |
1,072 | | |
$ |
1,243 | | |
$ |
1,172 | | |
| | PPA effects | | | (17 | ) | | | (19 | ) | | | (19 | ) | |
| | Restructuring | | | (4 | ) | | | - | | | | - | | |
| | Stock Based Compensation | | | (10 | ) | | | (12 | ) | | | (9 | ) | |
| | Merger-related costs | | | (1 | ) | | | (1 | ) | | | - | | |
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Non-GAAP Gross profit | |
$ |
1,104 | | |
$ |
1,275 | | |
$ |
1,200 | | |
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GAAP Gross margin | | |
51.2 |
% | | |
51.7 |
% | | |
51.7 |
% | |
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Non-GAAP Gross margin | | |
52.7 |
% | | |
53.1 |
% | | |
52.9 |
% | |
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| | GAAP Research and development | | $ | (415 | ) | | $ | (403 | ) | | $ | (426 | ) | |
| | Restructuring | | | (11 | ) | | | - | | | | - | | |
| | Stock based compensation | | | (35 | ) | | | (36 | ) | | | (31 | ) | |
| | Merger-related costs | | | (3 | ) | | | (3 | ) | | | (1 | ) | |
| | Non-GAAP Research and development | | $ | (366 | ) | | $ | (364 | ) | | $ | (394 | ) | |
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| | GAAP Selling, general and administrative | | $ | (248 | ) | | $ | (251 | ) | | $ | (248 | ) | |
| | PPA effects | | | (1 | ) | | | (2 | ) | | | (3 | ) | |
| | Restructuring | | | (10 | ) | | | (1 | ) | | | (1 | ) | |
| | Stock based compensation | | | (41 | ) | | | (45 | ) | | | (29 | ) | |
| | Merger-related costs | | | (9 | ) | | | (11 | ) | | | (25 | ) | |
| | Other incidentals | | | (6 | ) | | | (13 | ) | | | - | | |
| | Non-GAAP Selling, general and administrative | | $ | (181 | ) | | $ | (179 | ) | | $ | (190 | ) | |
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| | GAAP amortization of acquisition-related intangible assets | | $ | (357 | ) | | $ | (364 | ) | | $ | (360 | ) | |
| | PPA effects | | | (357 | ) | | | (364 | ) | | | (360 | ) | |
| | Non-GAAP amortization of acquisition-related intangible assets | $ | - | | | $ | - | | | $ | - | | |
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| | GAAP Other income (expense) | | $ | 2 | | | $ | (1 | ) | | $ | - | | |
| | Other incidentals | | | - | | | | - | | | | (1 | ) | |
| | Non-GAAP Other income (expense) | | $ | 2 | | | $ | (1 | ) | | $ | 1 | | |
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GAAP Operating income (loss) | |
$ |
54 | | |
$ |
224 | | |
$ |
138 | | |
| | PPA effects | | | (375 | ) | | | (385 | ) | | | (382 | ) | |
| | Restructuring | | | (25 | ) | | | (1 | ) | | | (1 | ) | |
| | Stock based compensation | | | (86 | ) | | | (93 | ) | | | (69 | ) | |
| | Merger-related costs | | | (13 | ) | | | (15 | ) | | | (26 | ) | |
| | Other incidentals | | | (6 | ) | | | (13 | ) | | | (1 | ) | |
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Non-GAAP Operating income (loss) | |
$ |
559 | | |
$ |
731 | | |
$ |
617 | | |
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GAAP Operating margin | | |
2.6 |
% | | |
9.3 |
% | | |
6.1 |
% | |
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Non-GAAP Operating margin | | |
26.7 |
% | | |
30.4 |
% | | |
27.2 |
% | |
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GAAP Financial income (expense) | | $ | (83 | ) | | $ | (77 | ) | | $ | (68 | ) | |
| | Non-cash interest expense on convertible notes | | | (11 | ) | | | (11 | ) | | | (11 | ) | |
| | Foreign exchange gain (loss) | | | (7 | ) | | | (5 | ) | | | (3 | ) | |
| | Other financial expense | | | (4 | ) | | | (1 | ) | | | (3 | ) | |
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Non-GAAP Financial income (expense) | |
$ |
(61 |
) | |
$ |
(60 |
) | |
$ |
(51 |
) | |
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