NXP Semiconductors Reports Second Quarter 2016 Results


NXP Semiconductors
Table 4: Reconciliation of GAAP to non-GAAP Segment Results (unaudited)


($ in millions)	Three Months Ended
	July 3, 2016			April 3, 2016					July 5, 2015

High Performance Mixed Signal (HPMS)		2,014			1,911					1,146
Standard Products		303			274					322
Product Revenue		2,317			2,185					1,468
Corporate and Other		48			39					38
Total Revenue	$	2,365		$	2,224				$	1,506



HPMS Revenue	$	2,014		$	1,911				$	1,146
Percent of Total Revenue		85.2	%		85.9	%				76.1	%
HPMS segment GAAP gross profit		998			510					610
PPA effects		(64	)		(493	)	1	)		(1	)
Restructuring		(10	)		(3	)				-
Stock based compensation		(9	)		(13	)				(3	)
Other incidentals		-			-					(1	)
HPMS segment non-GAAP gross profit	$	1,081		$	1,019				$	615

HPMS segment GAAP gross margin		49.6	%		26.7	%				53.2	%
HPMS segment non-GAAP gross margin		53.7	%		53.3	%				53.7	%

HPMS segment GAAP operating profit		(56	)		(486	)				293
PPA effects		(501	)		(847	)	1	)		(18	)
Restructuring		(39	)		(14	)				(6	)
Stock based compensation		(73	)		(92	)				(29	)
Other incidentals		13			-					(1	)
HPMS segment non-GAAP operating profit	$	544		$	467				$	347

HPMS segment GAAP operating margin		-2.8	%		-25.4	%				25.6	%
HPMS segment non-GAAP operating margin		27.0	%		24.4	%				30.3	%



Standard Products Revenue	$	303		$	274				$	322
Percent of Total Revenue		12.8	%		12.3	%				21.4	%
Standard Products segment GAAP gross profit		97			87					109
PPA effects		-			(1	)				(1	)
Restructuring		-			-					(1	)
Stock based compensation		(2	)		(1	)				-
Other incidentals		-			-					(2	)
Standard Products segment non-GAAP gross profit	$	99		$	89				$	113

Standard Products segment GAAP gross margin		32.0	%		31.8	%				33.9	%
Standard Products segment non-GAAP gross margin		32.7	%		32.5	%				35.1	%

Standard Products segment GAAP operating profit		52			39					53
PPA effects		(8	)		(12	)				(12	)
Restructuring		-			(1	)				(1	)
Stock based compensation		(6	)		(7	)				(7	)
Other incidentals		(3	)		-					(2	)
Standard Products segment non-GAAP operating profit	$	69		$	59				$	75

Standard Products segment GAAP operating margin		17.2	%		14.2	%				16.5	%
Standard Products segment non-GAAP operating margin		22.8	%		21.5	%				23.3	%



Corporate and Other Revenue	$	48		$	39				$	38
Percent of Total Revenue		2.0	%		1.8	%				2.5	%
Corporate and Other segment GAAP gross profit		4			-					5
PPA effects		(2	)		(2	)				(3	)
Restructuring		-			(1	)				1
Stock based compensation		(1	)		(1	)				-
Other incidentals		4			-					1
Corporate and Other segment non-GAAP gross profit	$	3		$	4				$	6

Corporate and Other segment GAAP gross margin		8.3	%		0.0	%				13.2	%
Corporate and Other segment non-GAAP gross margin		6.3	%		10.3	%				15.8	%

Corporate and Other segment GAAP operating profit		(22	)		(24	)				(14	)
PPA effects		(5	)		(5	)				(6	)
Restructuring		(1	)		(5	)				(2	)
Stock based compensation		(1	)		-					-
Merger-related costs		(11	)		(5	)				(4	)
Other incidentals		3			(2	)				2
Corporate and Other segment non-GAAP operating profit	$	(7	)	$	(7	)			$	(4	)

Corporate and Other segment GAAP operating margin		-45.8	%		-61.5	%				-36.8	%
Corporate and Other segment non-GAAP operating margin		-14.6	%		-17.9	%				-10.5	%



1) Includes Purchase Accounting effect on inventory that was fully amortized as of April 3, 2016.

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