NXP Semiconductors Reports Third Quarter 2017 Results
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NXP Semiconductors Reports Third Quarter 2017 Results

                                  Q3 2017 
 Revenue$2.387 billion 
 GAAP Gross margin50.9% 
 GAAP Operating margin6.8% 
    
 Non-GAAP Gross margin53.7% 
 Non-GAAP Operating margin 30.8%
 

EINDHOVEN, The Netherlands, Oct. 25, 2017 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ:NXPI) today reported financial results for the third quarter ended October 1, 2017.

NXP delivered revenue of $2.39 billion, a decline of 3 percent year on year, and up 8 percent as compared to the prior quarter, with the annual period comparison impacted by the successful divestment of the Standard Products business during the first quarter of 2017. HPMS segment revenue was $2.29 billion, an increase of 9 percent on both a year on year, and on a sequential basis.

Within the Automotive group, third quarter revenue was $948 million, up 11 percent year on year. Within the Secure Connected Devices group, third quarter revenue was $713 million, up 20 percent year on year driven by demand for both mobile transaction and general purpose MCU products. In the Secure Interface and Infrastructure group, third quarter revenue was $488 million, up 3 percent year on year, driven by the Interface group, offset primarily by year-on-year declines within the legacy product portfolio of the Digital Networking group. Lastly, in Secure Identification Solutions group, third quarter revenue was $139 million, down 22 percent versus the same period a year ago.

A year ago, NXP announced the transaction with Qualcomm. At the time, we highlighted that the deal at $110 given the benefits to all our shareholders and other stakeholders was a compelling deal for NXP and would close significant strategic gaps in both the Automotive and IOT space. NXP continues to support and recommend the $110 Qualcomm offer for acceptance to NXP shareholders.

“We believe that working together with Qualcomm, given the complimentary product portfolios of the combined company will enable us to better support our customers’ long term requirements in both autonomous driving and secure IoT. We are working diligently with Qualcomm and the various regulators towards a successful close this year. However, at this point the timetable is very tight and there is a possibility for the closing to occur in early 2018,” said Richard Clemmer, NXP Chief Executive Officer.

“In the third quarter, our GAAP operating margin was 6.8 percent, a 20-basis point decline from the third quarter of 2016 due to the divestment of our Standard Products business. Our non-GAAP operating margin was 30.8 percent, representing a 280-basis point improvement compared to the third quarter of 2016 and a 240-basis point improvement sequentially. And finally, due to lower gross debt and cash generation in the quarter, our overall financial leverage was reduced to 1.1x,” said Peter Kelly, NXP Chief Financial Officer.

Summary of Reported Third Quarter 2017 Results ($ millions, unaudited) 

                
                
    Q3 2017 Q2 2017 Q3 2016 Q - Q Y - Y   
                
 Product Revenue  $  2,288  $  2,098  $  2,419  9% -5%   
 Corporate & Other  $  99  $  104  $  50  -5% 98%   
 Total Revenue  $   2,387   $   2,202   $   2,469   8% -3%   
 GAAP Gross Profit  $   1,215   $   1,083   $   1,184   12% 3%   
 Gross Profit Adjustments (1)  $  (68) $  (84) $  (63)       
 Non-GAAP Gross Profit  $   1,283   $   1,167   $   1,247   10% 3%   
 GAAP Gross Margin   50.9%  49.2%  48.0%       
 Non-GAAP Gross Margin   53.7%  53.0%  50.5%       
 GAAP Operating Income / (Loss)  $   163   $   50   $   174   226% -6%   
 Operating Income Adjustments (1  )     (572)    (575)    (517)       
 Non-GAAP Operating Income  $   735   $   625   $   691   18% 6%   
 GAAP Operating Margin   6.8%  2.3%  7.0%       
 Non-GAAP Operating Margin   30.8%  28.4%  28.0%       
                
                

(1) For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures” on page 3 of this release.

Additional Information for the Third Quarter 2017:

Supplemental Information ($ millions, unaudited) 

               
               
   Q3 2017 Q2 2017 Q3 2016 Q-Q Y-Y   
               
 Automotive $  948 $  938 $  853 1% 11%   
 Secure Identification Solutions (SIS) $  139 $  134 $  178 4% -22%   
 Secure Connected Devices (SCD) $  713 $  588 $  592 21% 20%   
 Secure Interface & Infrastructure (SI&I) $  488 $  438 $  476 11% 3%   
 High Performance Mixed Signal (HPMS)    $  2,288 $  2,098 $  2,099 9% 9%   
 Standard Products (STDP) $  - $  - $  320   NM   NM   
 Product Revenue $  2,288 $  2,098 $  2,419 9% -5%   
 Corporate & Other $  99 $  104 $  50 -5% 98%   
 Total Revenue $   2,387  $   2,202  $   2,469  8% -3%   
               
               

Guidance and Conference Call

As previously announced, NXP will not hold an earnings call nor provide forward guidance for the fourth quarter of 2017 due to the pending acquisition of NXP by Qualcomm.

Non-GAAP Financial Measures

In managing NXP's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP's underlying performance.  This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management. 

These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual.  Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at www.nxp.com/investor for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP's operations. 

In addition to providing financial information on a basis consistent with U.S. generally accepted accounting principles (“GAAP”), NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xi) non-GAAP free cash flow and free cash flow as a percent of Revenue. The non-GAAP information excludes the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, non-cash interest expense on convertible notes, extinguishment of debt, changes in the fair value of the warrant liability prior to January 1, 2016 and foreign exchange gains and losses.

About NXP Semiconductors

NXP Semiconductors N.V. (NASDAQ:NXPI) enables secure connections and infrastructure for a smarter world, advancing solutions that make lives easier, better, and safer. As the world leader in secure connectivity solutions for embedded applications, NXP is driving innovation in the secure connected vehicle, end-to-end security & privacy, and smart connected solutions markets. Built on more than 60 years of combined experience and expertise, the company has approximately 30,000 employees in more than 35 countries and reported revenue of $9.5 billion in 2016. Find out more at www.nxp.com.

Forward-looking Statements

This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, and market data, as well as any other statements which are not historical facts.  By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected.  These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; the ability to successfully introduce new technologies and products; the end-market demand for the goods into which NXP’s products are incorporated; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity; the ability to meet the combination of corporate debt service, research and development and capital investment requirements; the ability to accurately estimate demand and match manufacturing production capacity accordingly or obtain supplies from third-party producers; the access to production capacity from third-party outsourcing partners; any events that might affect third-party business partners or NXP’s relationship with them;  the ability to secure adequate and timely supply of equipment and materials from suppliers; the ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; the ability to form strategic partnerships and joint ventures and to successfully cooperate with alliance partners; the ability to win competitive bid selection processes to develop products for use in customers’ equipment and products; the ability to successfully establish a brand identity; the ability to successfully hire and retain key management and senior product architects, our ability to complete merger and acquisition related activity including risks and uncertainties associated with the pending offer by Qualcomm River Holdings B.V., a wholly owned subsidiary of QUALCOMM Incorporated, to purchase all of NXP’s outstanding common shares; and, the ability to maintain good relationships with our suppliers.  In addition, this document contains information concerning the semiconductor industry and NXP’s business segments generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, NXP’s market segments and product areas may develop.  NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual market results may differ from those predicted.  While NXP does not know, what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made.  Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise.  For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

For further information, please contact:
          
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 NXP Semiconductors       
 Table 1: Condensed consolidated statement of operations (unaudited)     
         
         
 ($ in millions except share data) Three Months Ended 
   Oct. 1, 2017 July 2, 2017 Oct. 2, 2016 
         
 Revenue $   2,387   $   2,202   $   2,469   
         
 Cost of revenue    (1,172)    (1,119)    (1,285) 
         
 Gross profit    1,215      1,083      1,184   
         
 Research and development    (392)    (381)    (379) 
 Selling, general and administrative    (292)    (263)    (270) 
 Amortization of acquisition-related intangible assets    (363)    (373)    (361) 
 Total operating expenses    (1,047)    (1,017)    (1,010) 
         
 Other income (expense)    (5)    (16)    -  
         
 Operating income (loss)    163      50      174   
         
 Financial income (expense):       
 Extinguishment of debt    -     -     (6) 
 Other financial income (expense)    (76)    (75)    (109) 
         
 Income (loss) before taxes    87      (25)    59   
         
 Benefit (provision) for income taxes    30     54     44  
 Results relating to equity-accounted investees    6     34     5  
         
 Net income (loss)    123     63     108  
 Less: Net income (loss) attributable to non-controlling interests    15     14     17  
 Net income (loss) attributable to stockholders    108      49      91   
         
 Earnings per share data:        
 Net income (loss) per common share attributable to stockholders in $:     
         
 Basic $  0.32  $  0.15  $  0.27  
 Diluted $  0.31  $  0.14  $  0.26  
         
 Weighted average number of shares of common stock outstanding during the period (in thousands):   
         
 Basic  338,586   337,537   335,858  
 Diluted  346,152   344,983   344,365  
         
         

 

         
 NXP Semiconductors       
 Table 2: Condensed consolidated balance sheet (unaudited)       
         
         
 ($ in millions) As of 
   Oct. 1, 2017 July 2, 2017 Oct. 2, 2016 
         
 Current assets:       
 Cash and cash equivalents $  3,065 $  2,642 $  1,569 
 Accounts receivable, net    915    915    1,157 
 Assets held for sale     -    -    1,092 
 Inventories, net    1,205    1,178    1,141 
 Other current assets    321    336    244 
 Total current assets    5,506     5,071     5,203  
         
 Non-current assets:       
 Other non-current assets    862    785    657 
 Property, plant and equipment, net    2,288    2,306    2,366 
 Identified intangible assets, net    6,250    6,590    7,656 
 Goodwill    8,887    8,876    8,910 
 Total non-current assets    18,287     18,557     19,589  
         
 Total assets    23,793     23,628     24,792  
         
 Current liabilities:       
 Accounts payable    1,052    1,068    889 
 Liabilities held for sale    -    -    182 
 Restructuring liabilities-current    79    87    159 
 Accrued liabilities    818    801    712 
 Short-term debt    754    758    621 
 Total current liabilities    2,703     2,714     2,563  
         
 Non-current liabilities:       
 Long-term debt    5,802    5,790    8,761 
 Restructuring liabilities    20    18    28 
 Deferred tax liabilities    1,325    1,379    1,810 
 Other non-current liabilities    954    895    876 
 Total non-current liabilities    8,101     8,082     11,475  
         
 Non-controlling interests    174    248    204 
 Stockholders’ equity    12,815    12,584    10,550 
 Total equity    12,989     12,832     10,754  
         
 Total liabilities and equity    23,793     23,628     24,792  
         
         

 

         
 NXP Semiconductors       
 Table 3: Condensed consolidated statement of cash flows (unaudited)     
         
         
 ($ in millions) Three Months Ended 
   Oct. 1, 2017 July 2, 2017 Oct, 2, 2016 
         
 Cash Flows from operating activities       
 Net income (loss)  $   123   $   63   $   108   
 Adjustments to reconcile net income (loss):       
 Depreciation and amortization    537     560     526  
 Stock-based compensation    68     67     77  
 Excess tax benefits from share-based compensation plans    -     -     (1) 
 Amortization of discount on debt    10     10     9  
 Amortization of debt issuance costs    3     3     3  
 Net gain on sale of assets    -     (14)    -  
 Loss on extinguishment of debt    -     -     6  
 Results relating to equity accounted investees    (6)    (3)    (5) 
 Changes in deferred taxes    (109)    (120)    (64) 
 Changes in operating assets and liabilities:       
 (Increase) decrease in receivables and other current assets    3     49     (57) 
 (Increase) decrease in inventories    (24)    (37)    57  
 Increase (decrease) in accounts payable and accrued liabilities   36     (137)    50  
 Decrease (Increase) in other non-current assets    (5)    (2)    (4) 
 Exchange differences    8     5     4  
 Other items    (1)    (3)    9  
 Net cash provided by (used for) operating activities    643      441      718   
         
 Cash flows from investing activities:       
 Purchase of identified intangible assets    (16)    (16)    (9) 
 Capital expenditures on property, plant and equipment    (162)    (96)    (99) 
 Proceeds from disposals of property, plant and equipment    1     -     1  
 Purchase of interests in businesses, net of cash acquired    -     -     (200) 
 Proceeds from sale of interests in businesses, net of cash divested       14     54     2  
 Net cash provided by (used for) investing activities    (163)    (58)    (305) 
         
 Cash flows from financing activities:       
 Amounts drawn under the revolving credit facility    -     -     200  
 Repurchase of long-term debt    -     -     (1,219) 
 Principal payments on long-term debt    (4)    (4)    (7) 
 Proceeds from the issuance of long-term debt    -     -     1,509  
 Cash paid for debt issuance costs    -     -     (12) 
 Dividends paid to non-controlling interests    (89)      (126) 
 Cash proceeds from exercise of stock options    36     32     18  
 Purchase of treasury shares and restricted stock unit withholdings   (2)    (10)    (555) 
 Excess tax benefits from share-based compensation plans    -     -     1  
 Net cash provided by (used for) financing activities    (59)    18      (191) 
         
 Effect of changes in exchange rates on cash positions    2     3     12  
 Increase (decrease) in cash and cash equivalents    423      404      234   
 Cash and cash equivalents at beginning of period    2,642      2,238      1,335   
 Cash and cash equivalents at end of period    3,065      2,642      1,569   
         
         
 Net cash paid during the period for:       
 Interest  27   84   57  
 Income taxes  114   119   19  
         

 

           
  NXP Semiconductors        
  Table 4: Reconciliation of GAAP to non-GAAP Segment Results (unaudited)      
           
           
  ($ in millions) Three Months Ended  
    Oct. 1, 2017 July 2, 2017 Oct. 2, 2016  
           
  High Performance Mixed Signal (HPMS)    2,288     2,098     2,099   
  Standard Products    -     -     320   
  Product Revenue    2,288      2,098      2,419    
  Corporate and Other    99     104     50   
  Total Revenue $   2,387   $   2,202   $   2,469    
           
           
           
  HPMS Revenue $   2,288   $   2,098   $   2,099    
  Percent of Total Revenue  95.9%  95.3%  85.0%  
  HPMS segment GAAP gross profit    1,203      1,066      1,059    
  PPA effects    (58)    (74)    (63)  
  Stock based compensation    (7)    (8)    (10)  
  Merger-related costs    (1)    -     -   
  HPMS segment non-GAAP gross profit $   1,269   $   1,148   $   1,132    
           
  HPMS segment GAAP gross margin  52.6%  50.8%  50.5%  
  HPMS segment non-GAAP gross margin  55.5%  54.7%  53.9%  
           
  HPMS segment GAAP operating profit    235      94      116    
  PPA effects    (425)    (453)    (428)  
  Stock based compensation    (67)    (67)    (72)  
  Merger-related costs    (3)    (2)    -   
  HPMS segment non-GAAP operating profit $   730   $   616   $   616    
           
  HPMS segment GAAP operating margin  10.3%  4.5%  5.5%  
  HPMS segment non-GAAP operating margin  31.9%  29.4%  29.3%  
           
           
  Standard Products Revenue $   -   $   -   $   320    
  Percent of Total Revenue    -      -    13.0%  
  Standard  Products segment GAAP gross profit    -      -      123    
  Other incidentals    -     -     14   
  Standard Products segment non-GAAP gross profit $   -   $   -   $   109    
           
  Standard Products segment GAAP gross margin    -     -   38.4%  
  Standard Products segment non-GAAP gross margin    -     -   34.1%  
           
  Standard Products segment GAAP operating profit    -      -      85    
  Stock based compensation    -     -     (4)  
  Other incidentals    -     -     11   
  Standard Products segment non-GAAP operating profit $   -   $   -   $   78    
           
  Standard Products segment GAAP operating margin    -      -    26.6%  
  Standard Products segment non-GAAP operating margin    -      -    24.4%  
           
           
  Corporate and Other Revenue $   99   $   104   $   50    
  Percent of Total Revenue  4.1%  4.7%  2.0%  
  Corporate and Other segment GAAP gross profit    12      17      2    
  PPA effects    (1)    (2)    (1)  
  Restructuring    (1)    (1)    (3)  
  Stock based compensation    -     1     -   
  Corporate and Other segment non-GAAP gross profit $   14   $   19   $   6    
           
  Corporate and Other segment GAAP gross margin  12.1%  16.3%  4.0%  
  Corporate and Other segment non-GAAP gross margin  14.1%  18.3%  12.0%  
           
  Corporate and Other segment GAAP operating profit    (72)    (44)    (27)  
  PPA effects    (1)    (2)    (4)  
  Restructuring     (7)    (2)    (3)  
  Stock based compensation    (1)    -     (1)  
  Merger-related costs    (39)    (33)    (14)  
  Other incidentals    (29)    (16)    (2)  
  Corporate and Other segment non-GAAP operating profit $   5   $   9   $   (3)  
           
  Corporate and Other segment GAAP operating margin  -72.7%  -42.3%  -54.0%  
  Corporate and Other segment non-GAAP operating margin     5.1%  8.7%  -6.0%  
           
           

 

           
  NXP Semiconductors        
  Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)      
           
           
  ($ in millions except share data) Three Months Ended  
    Oct. 1, 2017 July 2, 2017 Oct. 2, 2016  
           
  Revenue $   2,387   $   2,202   $   2,469    
           
  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   
  Non-GAAP Gross profit $   1,283   $   1,167   $   1,247    
           
  GAAP Gross margin  50.9%  49.2%  48.0%  
           
  Non-GAAP Gross margin  53.7%  53.0%  50.5%  
           
  GAAP Research and development $  (392) $  (381) $  (379)  
  Stock based compensation    (30)    (28)    (29)  
  Non-GAAP Research and development $  (362) $  (353) $  (350)  
           
  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)  
           
  GAAP amortization of acquisition-related intangible assets $  (363) $  (373) $  (361)  
  PPA effects    (363)    (373)    (361)  
  Non-GAAP amortization of acquisition-related intangible assets$  -   $  -   $  -    
           
  GAAP Other income (expense) $  (5) $  (16) $  -   
    PPA effects    -     -     (1)  
  Other incidentals    (6)    (15)    -   
  Non-GAAP Other income (expense) $  1  $  (1) $  1   
           
  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   
  Non-GAAP Operating income (loss) $   735   $   625   $   691    
           
  GAAP Operating margin  6.8%  2.3%  7.0%  
           
  Non-GAAP Operating margin  30.8%  28.4%  28.0%  
           
  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)  
  Non-GAAP Financial income (expense) $   (57) $   (59) $   (87)  
           
           

 

          
 NXP Semiconductors        
 Table 6: Adjusted EBITDA and Free Cash Flow (unaudited)        
          
          
 ($ in millions) Three Months Ended  
   Oct. 1, 2017 July 2, 2017 Oct. 2, 2016  
          
 Net Income (loss) $   123   $   63   $   108    
          
 Reconciling items to EBITDA        
 Financial (income) expense    76     75     115   
 (Benefit) provision for income taxes    (30)    (54)    (44)  
 Depreciation    157     155     146   
 Amortization    380     405     380   
 EBITDA $   706   $   644   $   705    
          
 Reconciling items to adjusted EBITDA        
 Results of equity-accounted investees    (6)    (34)    (5)  
 Restructuring 1)    7     2     3   
 Stock-based compensation    68     67     77   
 Merger-related costs 1)    42     35     14   
 Other incidental items 1)    29     16     6   
 Adjusted EBITDA $   846   $   730   $   800    
          
 Trailing twelve month adjusted EBITDA $   3,116   $   3,070   $   2,663    
          
          
 1) Excluding depreciation property, plant and equipment and amortization of software related to:    
          
             Other incidental items  -   -   (15)  
          
          
          
 ($ in millions) Three Months Ended  
   Oct. 1, 2017 July 2, 2017 Oct. 2, 2016  
          
 Net cash provided by (used for) operating activities  $   643   $   441   $   718    
 Net capital expenditures on property, plant and equipment    (161)    (96)    (98)  
          
 Non-GAAP free cash flow $   482   $   345   $   620    
 Non-GAAP free cash flow as a percent of Revenue  20%  16%  25%  
          
          

 

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