NXP Semiconductors Reports First Quarter 2017 Results


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


($ in millions)	Three Months Ended
	April 2, 2017				December 31, 2016			April 3, 2016

High Performance Mixed Signal (HPMS)		2,011				2,062			1,911
Standard Products		118				323			274
Product Revenue		2,129				2,385			2,185
Corporate and Other		82				55			39
Total Revenue	$	2,211			$	2,440		$	2,224


HPMS Revenue	$	2,011			$	2,062		$	1,911
Percent of Total Revenue		91.0	%			84.5	%		85.9	%
HPMS segment GAAP gross profit		1,030				1,058			510
PPA effects		(58	)			(59	)		(493	)
Restructuring		-				1			(3	)
Stock based compensation		(8	)			(10	)		(13	)
Other incidentals		-				-			-
HPMS segment non-GAAP gross profit	$	1,096			$	1,126		$	1,019

HPMS segment GAAP gross margin		51.2	%			51.3	%		26.7	%
HPMS segment non-GAAP gross margin		54.5	%			54.6	%		53.3	%

HPMS segment GAAP operating profit		81				124			(486	)
PPA effects		(429	)			(426	)		(847	)
Restructuring		9				1			(14	)
Stock based compensation		(67	)			(76	)		(92	)
Merger-related costs		(2	)			-			-
Other incidentals		-				(1	)		-
HPMS segment non-GAAP operating profit	$	570			$	626		$	467

HPMS segment GAAP operating margin		4.0	%			6.0	%		-25.4	%
HPMS segment non-GAAP operating margin		28.3	%			30.4	%		24.4	%


Standard Products Revenue	$	118			$	323		$	274
Percent of Total Revenue		5.3	%			13.2	%		12.3	%
Standard Products segment GAAP gross profit		45				130			87
PPA effects		-				-			(1	)
Restructuring		-				(1	)		-
Stock based compensation		(1	)			(1	)		(1	)
Other incidentals		4				13			-
Standard Products segment non-GAAP gross profit	$	42			$	119		$	89

Standard Products segment GAAP gross margin		38.1	%			40.2	%		31.8	%
Standard Products segment non-GAAP gross margin		35.6	%			36.8	%		32.5	%

Standard Products segment GAAP operating profit		31				92			39
PPA effects		-				1			(12	)
Restructuring		-				-			(1	)
Stock based compensation		(2	)			(6	)		(7	)
Other incidentals		4				9			-
Standard Products segment non-GAAP operating profit	$	29			$	88		$	59

Standard Products segment GAAP operating margin		26.3	%			28.5	%		14.2	%
Standard Products segment non-GAAP operating margin		24.6	%			27.2	%		21.5	%


Corporate and Other Revenue	$	82			$	55		$	39
Percent of Total Revenue		3.7	%			2.3	%		1.8	%
Corporate and Other segment GAAP gross profit		4				1			-
PPA effects		(1	)			(1	)		(2	)
Restructuring		(1	)			(1	)		(1	)
Stock based compensation		-				(1	)		(1	)
Other incidentals		-				1			-
Corporate and Other segment non-GAAP gross profit	$	6			$	3		$	4

Corporate and Other segment GAAP gross margin		4.9	%			1.8	%		0.0	%
Corporate and Other segment non-GAAP gross margin		7.3	%			5.5	%		10.3	%

Corporate and Other segment GAAP operating profit		1,567				(43	)		(24	)
PPA effects		(1	)			(2	)		(5	)
Restructuring		(1	)			(6	)		(5	)
Stock based compensation		1				-			-
Merger-related costs		(28	)			(37	)		(5	)
Other incidentals		1,596		¹⁾		1			(2	)
Corporate and Other segment non-GAAP operating profit	$	-			$	1		$	(7	)

Corporate and Other segment GAAP operating margin		1911.0	%			-78.2	%		-61.5	%
Corporate and Other segment non-GAAP operating margin		0.0	%			1.8	%		-17.9	%


1) Adjustment relates primarily to the gain on the sale of the SP business on February 6, 2017.

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