NXP Semiconductors Reports Third Quarter 2017 Results
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NXP Semiconductors | | | | | | | | |
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Table 5: 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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Oct. 1, 2017 | |
July 2, 2017 | |
Oct. 2, 2016 | | |
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Revenue | |
$ |
2,387 | | |
$ |
2,202 | | |
$ |
2,469 | | | |
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GAAP Gross profit | |
$ |
1,215 | | |
$ |
1,083 | | |
$ |
1,184 | | | |
| | | PPA effects | | | (59 | ) | | | (76 | ) | | | (64 | ) | | |
| | | Restructuring | | | (1 | ) | | | (1 | ) | | | (3 | ) | | |
| | | Stock Based Compensation | | | (7 | ) | | | (7 | ) | | | (10 | ) | | |
| | | Merger-related costs | | | (1 | ) | | | - | | | | - | | | |
| | | Other incidentals | | | - | | | | - | | | | 14 | | | |
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Non-GAAP Gross profit | |
$ |
1,283 | | |
$ |
1,167 | | |
$ |
1,247 | | | |
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GAAP Gross margin | | |
50.9 |
% | | |
49.2 |
% | | |
48.0 |
% | | |
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Non-GAAP Gross margin | | |
53.7 |
% | | |
53.0 |
% | | |
50.5 |
% | | |
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| | | GAAP Research and development | | $ | (392 | ) | | $ | (381 | ) | | $ | (379 | ) | | |
| | | Stock based compensation | | | (30 | ) | | | (28 | ) | | | (29 | ) | | |
| | | Non-GAAP Research and development | | $ | (362 | ) | | $ | (353 | ) | | $ | (350 | ) | | |
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| | | GAAP Selling, general and administrative | | $ | (292 | ) | | $ | (263 | ) | | $ | (270 | ) | | |
| | | PPA effects | | | (4 | ) | | | (6 | ) | | | (6 | ) | | |
| | | Restructuring | | | (6 | ) | | | (1 | ) | | | - | | | |
| | | Stock based compensation | | | (31 | ) | | | (32 | ) | | | (38 | ) | | |
| | | Merger-related costs | | | (41 | ) | | | (35 | ) | | | (14 | ) | | |
| | | Other incidentals | | | (23 | ) | | | (1 | ) | | | (5 | ) | | |
| | | Non-GAAP Selling, general and administrative | | $ | (187 | ) | | $ | (188 | ) | | $ | (207 | ) | | |
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| | | GAAP amortization of acquisition-related intangible assets | | $ | (363 | ) | | $ | (373 | ) | | $ | (361 | ) | | |
| | | PPA effects | | | (363 | ) | | | (373 | ) | | | (361 | ) | | |
| | | Non-GAAP amortization of acquisition-related intangible assets | $ | - | | | $ | - | | | $ | - | | | |
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| | | GAAP Other income (expense) | | $ | (5 | ) | | $ | (16 | ) | | $ | - | | | |
| | | PPA effects | | | - | | | | - | | | | (1 | ) | | |
| | | Other incidentals | | | (6 | ) | | | (15 | ) | | | - | | | |
| | | Non-GAAP Other income (expense) | | $ | 1 | | | $ | (1 | ) | | $ | 1 | | | |
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GAAP Operating income (loss) | |
$ |
163 | | |
$ |
50 | | |
$ |
174 | | | |
| | | PPA effects | | | (426 | ) | | | (455 | ) | | | (432 | ) | | |
| | | Restructuring | | | (7 | ) | | | (2 | ) | | | (3 | ) | | |
| | | Stock based compensation | | | (68 | ) | | | (67 | ) | | | (77 | ) | | |
| | | Merger-related costs | | | (42 | ) | | | (35 | ) | | | (14 | ) | | |
| | | Other incidentals | | | (29 | ) | | | (16 | ) | | | 9 | | | |
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Non-GAAP Operating income (loss) | |
$ |
735 | | |
$ |
625 | | |
$ |
691 | | | |
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GAAP Operating margin | | |
6.8 |
% | | |
2.3 |
% | | |
7.0 |
% | | |
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Non-GAAP Operating margin | | |
30.8 |
% | | |
28.4 |
% | | |
28.0 |
% | | |
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GAAP Financial income (expense) | | $ | (76 | ) | | $ | (75 | ) | | $ | (115 | ) | | |
| | | Non-cash interest expense on convertible notes | | | (11 | ) | | | (10 | ) | | | (11 | ) | | |
| | | Foreign exchange gain (loss) | | | (5 | ) | | | (3 | ) | | | (2 | ) | | |
| | | Extinguishment on debt | | | - | | | | - | | | | (6 | ) | | |
| | | Other financial expense | | | (3 | ) | | | (3 | ) | | | (9 | ) | | |
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Non-GAAP Financial income (expense) | |
$ |
(57 |
) | |
$ |
(59 |
) | |
$ |
(87 |
) | | |
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