NXP Semiconductors N.V. (NASDAQ:NXPI) today reported financial
results for the second quarter ended July 2, 2017.
“NXP delivered good seasonal results for the second quarter of
2017, with revenue of $2.20 billion, a decline of 7 percent year on
year, and flat versus the prior quarter, with both the annual and
quarterly period comparisons impacted by the successful divestment
of our Standard Products business in early February. HPMS segment
revenue was $2.1 billion, an increase of 4 percent year on year and
an increase of 4 percent sequentially,” said Richard Clemmer, NXP
Chief Executive Officer.
“Within the Automotive group, our second quarter revenue was
again a historical record at $938 million, up 9 percent year on
year due to strong demand across the product portfolio. We continue
to experience exceptional traction with the combination of our
automotive microcontroller and advanced analog products, as
automotive OEMs increasingly realize the benefit of designing-in
our complete system solutions. Within the Secure Connected Devices
group, our second quarter revenue was $588 million, up 14 percent
year on year as all major product lines contributed to a solid
quarter, especially demand for our i.MX application processor
products. In the Secure Interface and Infrastructure group, our
second quarter revenue was $438 million, down 1 percent year on
year, with exceptionally strong growth in our Interface group,
offset by year-on-year declines within both our RF Power and
Digital Networking groups. Lastly, in our Secure Identification
Solutions group, our second quarter revenue was $134 million, down
33 percent versus the same period a year ago, due to a combination
of lower overall market demand and aggressive ASP compression,
primarily in the global bankcard market,” said Clemmer.
“In summary, our second quarter results are another solid proof
point of the successful integration of Freescale and NXP. We
continue to see strong adoption of our products across our
portfolio, which is an encouraging trend of long-term growth for
NXP,” said Clemmer.
“Our second quarter results reflect another quarter of strong
execution, as we continue to demonstrate strong margin expansion
due to our synergy capture efforts. In the second quarter,
our GAAP operating margin was 2.3 percent, a 340-basis point
improvement from the second quarter of 2016. On a sequential basis,
our GAAP operating margin declined 73.6 percentage points, with the
decline due to the one-time benefit associated with the divestment
of our Standard Products business in the first quarter of 2017,
which was included in our GAAP results in the quarter. Our non-GAAP
operating margin was 28.4 percent, representing a 280-basis point
improvement compared to the second quarter of 2016 and a 130-basis
point improvement sequentially. In total, since the first quarter
of 2016, the first full quarter after the merger of NXP and
Freescale, we have expanded non-GAAP operating margin 510
basis-points, and we continue to drive non-GAAP operating margin
improvement far in-excess of the original targets we communicated
in past periods. And finally, due to significantly lower gross debt
and solid cash generation, our overall financial leverage was
reduced to 1.3x,” said Dan Durn, NXP Chief Financial Officer.
Summary of Reported Second Quarter 2017 Results ($
millions, unaudited)
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Q2 2017 |
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Q1 2017 |
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Q2 2016 |
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Q - Q |
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Y - Y |
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Product Revenue |
$ |
2,098 |
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$ |
2,129 |
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$ |
2,317 |
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-1 |
% |
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-9 |
% |
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Corporate & Other |
$ |
104 |
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$ |
82 |
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$ |
48 |
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27 |
% |
|
117 |
% |
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Total Revenue |
$ |
2,202 |
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$ |
2,211 |
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$ |
2,365 |
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0 |
% |
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-7 |
% |
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GAAP Gross Profit |
$ |
1,083 |
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$ |
1,079 |
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$ |
1,099 |
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0 |
% |
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-1 |
% |
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Gross Profit Adjustments (1) |
$ |
(84 |
) |
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$ |
(65 |
) |
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$ |
(84 |
) |
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Non-GAAP Gross Profit |
$ |
1,167 |
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$ |
1,144 |
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$ |
1,183 |
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2 |
% |
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-1 |
% |
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GAAP Gross Margin |
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49.2 |
% |
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48.8 |
% |
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46.5 |
% |
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Non-GAAP Gross Margin |
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53.0 |
% |
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51.7 |
% |
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50.0 |
% |
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GAAP Operating Income /
(Loss) |
$ |
50 |
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$ |
1,679 |
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$ |
(26 |
) |
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-97 |
% |
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NM |
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Operating Income Adjustments (1)
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(575 |
) |
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1,080 |
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(632 |
) |
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Non-GAAP Operating
Income |
$ |
625 |
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$ |
599 |
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$ |
606 |
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4 |
% |
|
3 |
% |
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GAAP Operating Margin |
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2.3 |
% |
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75.9 |
% |
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-1.1 |
% |
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Non-GAAP Operating Margin |
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28.4 |
% |
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27.1 |
% |
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25.6 |
% |
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(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 Second Quarter
2017:
- On October 27, 2016 Qualcomm, Incorporated (NASDAQ:QCOM) and
NXP Semiconductors N.V. (NASDAQ:NXPI) announced a definitive
agreement, unanimously approved by the boards of directors of both
companies, under which Qualcomm will acquire NXP. Under the terms
of the definitive agreement, a subsidiary of Qualcomm will commence
a tender offer to acquire all the issued and outstanding shares of
NXP for $110.00 per share in cash. The tender offer commenced on
November 18, 2016.
- Total gross debt was $6.55 billion, an increase from the $6.51
billion in the first quarter. Cash was $2.64 billion, an increase
from the $2.24 billion in the first quarter, resulting in net debt
of $3.91 billion, a decline from the $4.27 billion in the first
quarter. Trailing twelve months, adjusted EBITDA was $3.07 billion,
an increase from $3.06 billion in the first quarter. Financial
leverage, defined as net debt divided by trailing twelve months
adjusted EBITDA was 1.27x, an improvement from 1.40x in the first
quarter.
- Cash flow from operations was $441 million, a decline from the
$625 million in the first quarter. Net capital expenditures on
property, plant and equipment was $96 million, a decline from the
$161 million in the first quarter. Non-GAAP free cash flow, defined
as cash flow from operations, less net capital expenditures on
property, plant and equipment was $345 million, a decline from the
$464 million in the first quarter.
- NXP repurchased 96 thousand shares for a total cost of $10
million. Weighted average number of diluted shares (after deduction
of treasury shares) for the three-month period ended July 2, 2017
was 345 million. Due to the pending acquisition by Qualcomm, NXP
has suspended its open market share repurchases. Shares are
currently only repurchased in relation to employee equity award
transactions.
- Net cash paid for interest was $84 million.
- Net cash paid for income taxes related to on-going operations
was $32 million, with an additional $87 million paid related to the
divestment of the Standard Products business, for a total of $119
million.
- SSMC, NXP’s consolidated joint-venture wafer fab with TSMC,
reported second quarter 2017 operating income of $36million, EBITDA
of $49 million and a closing cash balance of $410 million.
- NXP combined wafer-fab utilization averaged 94 percent, as
compared to 95 percent in the prior quarter.
- Working capital metrics inclusive of assets and liabilities
held for sale on the balance sheet were:- Days of inventory was 103
days, an increase of 6 days sequentially versus the first quarter;-
Days payable was 93 days, an increase of 10 days sequentially from
the first quarter- Days sales was 38 days a decline of 3 days
sequentially from the first quarter; and- The cash conversion cycle
was 48 days, a decline of 7 days from the first quarter.
- Channel inventory held by NXP’s distribution partners was 2.3
months as compared to 2.2 months in the first quarter.
Reconciling for the divestment of the Standard Products business,
sales into the distribution channel was up 12 percent, sales out of
the distribution channel was up 4 percent and total distribution
channel inventory on a dollar basis was up 11 percent.
Supplemental Information ($ millions,
unaudited)
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Q2 2017 |
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Q1 2017 |
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Q2 2016 |
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Q-Q |
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Y-Y |
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Automotive |
$ |
938 |
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$ |
906 |
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$ |
858 |
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4 |
% |
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9 |
% |
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Secure Identification Solutions (SIS) |
$ |
134 |
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$ |
114 |
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$ |
200 |
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18 |
% |
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-33 |
% |
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Secure Connected Devices (SCD) |
$ |
588 |
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$ |
541 |
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$ |
514 |
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9 |
% |
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14 |
% |
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Secure Interface & Infrastructure (SI&I) |
$ |
438 |
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$ |
450 |
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$ |
442 |
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-3 |
% |
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-1 |
% |
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High Performance Mixed Signal (HPMS)
|
$ |
2,098 |
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$ |
2,011 |
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$ |
2,014 |
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4 |
% |
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4 |
% |
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Standard Products (STDP) |
$ |
- |
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$ |
118 |
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$ |
303 |
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-100 |
% |
|
-100 |
% |
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|
Product Revenue |
$ |
2,098 |
|
$ |
2,129 |
|
$ |
2,317 |
|
-1 |
% |
|
-9 |
% |
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|
Corporate & Other |
$ |
104 |
|
$ |
82 |
|
$ |
48 |
|
27 |
% |
|
117 |
% |
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|
Total Revenue |
$ |
2,202 |
|
$ |
2,211 |
|
$ |
2,365 |
|
0 |
% |
|
-7 |
% |
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Guidance and Conference Call
As previously announced, NXP will not hold an earnings call nor
provide forward guidance for the third 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.
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NXP
Semiconductors |
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Table 1: Condensed consolidated statement of operations
(unaudited) |
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($ in millions except
share data) |
|
Three Months Ended |
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|
July 2, 2017 |
|
April 2, 2017 |
|
July 3, 2016 |
|
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|
Revenue |
|
$ |
2,202 |
|
|
$ |
2,211 |
|
|
$ |
2,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(1,119 |
) |
|
|
(1,132 |
) |
|
|
(1,266 |
) |
|
|
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|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
1,083 |
|
|
|
1,079 |
|
|
|
1,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
(381 |
) |
|
|
(367 |
) |
|
|
(416 |
) |
|
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|
Selling, general and
administrative |
|
|
(263 |
) |
|
|
(266 |
) |
|
|
(283 |
) |
|
|
|
Amortization of
acquisition-related intangible assets |
|
|
(373 |
) |
|
|
(365 |
) |
|
|
(436 |
) |
|
|
|
Total operating
expenses |
|
|
(1,017 |
) |
|
|
(998 |
) |
|
|
(1,135 |
) |
|
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|
Other income
(expense) |
|
|
(16 |
) |
|
|
1,598 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
|
50 |
|
|
|
1,679 |
|
|
|
(26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income
(expense): |
|
|
|
|
|
|
|
|
|
Extinguishment of
debt |
|
|
- |
|
|
|
(41 |
) |
|
|
(23 |
) |
|
|
|
Other financial income
(expense) |
|
|
(75 |
) |
|
|
(95 |
) |
|
|
(103 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before taxes |
|
|
(25 |
) |
|
|
1,543 |
|
|
|
(152 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit (provision) for
income taxes |
|
|
54 |
|
|
|
(230 |
) |
|
|
152 |
|
|
|
|
Results relating to
equity-accounted investees |
|
|
34 |
|
|
|
5 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
63 |
|
|
|
1,318 |
|
|
|
1 |
|
|
|
|
Less: Net income (loss)
attributable to non-controlling interests |
|
|
14 |
|
|
|
13 |
|
|
|
14 |
|
|
|
|
Net income
(loss) attributable to stockholders |
|
|
49 |
|
|
|
1,305 |
|
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
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|
Earnings per
share data: |
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share attributable to stockholders in $:
|
|
|
|
|
|
|
|
|
|
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|
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|
Basic |
|
$ |
0.15 |
|
|
$ |
3.88 |
|
|
$ |
(0.04 |
) |
|
|
|
Diluted |
|
$ |
0.14 |
|
|
$ |
3.79 |
|
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of common stock outstanding during the
period (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
337,537 |
|
|
|
336,396 |
|
|
|
341,299 |
|
|
|
|
Diluted |
|
|
344,983 |
|
|
|
344,011 |
|
|
|
341,299 |
|
|
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|
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NXP
Semiconductors |
|
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|
|
|
|
Table 2:
Condensed consolidated balance sheet (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
As of |
|
|
|
|
|
July 2, 2017 |
|
April 2, 2017 |
|
July 3, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
2,642 |
|
$ |
2,238 |
|
$ |
1,335 |
|
|
|
Accounts
receivable, net |
|
|
915 |
|
|
983 |
|
|
1,085 |
|
|
|
Assets
held for sale |
|
|
- |
|
|
- |
|
|
1,101 |
|
|
|
Inventories, net |
|
|
1,178 |
|
|
1,144 |
|
|
1,167 |
|
|
|
Other
current assets |
|
|
336 |
|
|
317 |
|
|
251 |
|
|
|
Total current
assets |
|
|
5,071 |
|
|
4,682 |
|
|
4,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
|
|
|
Other
non-current assets |
|
|
785 |
|
|
816 |
|
|
519 |
|
|
|
Property,
plant and equipment, net |
|
|
2,306 |
|
|
2,279 |
|
|
2,403 |
|
|
|
Identified intangible assets, net |
|
|
6,590 |
|
|
6,983 |
|
|
7,847 |
|
|
|
Goodwill |
|
|
8,876 |
|
|
8,854 |
|
|
8,873 |
|
|
|
Total
non-current assets |
|
|
18,557 |
|
|
18,932 |
|
|
19,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
23,628 |
|
|
23,614 |
|
|
24,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Accounts
payable |
|
|
1,068 |
|
|
975 |
|
|
873 |
|
|
|
Liabilities held for sale |
|
|
- |
|
|
- |
|
|
155 |
|
|
|
Restructuring liabilities-current |
|
|
87 |
|
|
95 |
|
|
193 |
|
|
|
Accrued
liabilities |
|
|
801 |
|
|
984 |
|
|
749 |
|
|
|
Short-term debt |
|
|
758 |
|
|
11 |
|
|
622 |
|
|
|
Total current
liabilities |
|
|
2,714 |
|
|
2,065 |
|
|
2,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
5,790 |
|
|
6,498 |
|
|
8,272 |
|
|
|
Restructuring liabilities |
|
|
18 |
|
|
22 |
|
|
30 |
|
|
|
Deferred
tax liabilities |
|
|
1,379 |
|
|
1,489 |
|
|
1,867 |
|
|
|
Other
non-current liabilities |
|
|
895 |
|
|
917 |
|
|
751 |
|
|
|
Total
non-current liabilities |
|
|
8,082 |
|
|
8,926 |
|
|
10,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interests |
|
|
248 |
|
|
234 |
|
|
188 |
|
|
|
Stockholders’
equity |
|
|
12,584 |
|
|
12,389 |
|
|
10,881 |
|
|
|
Total
equity |
|
|
12,832 |
|
|
12,623 |
|
|
11,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
|
23,628 |
|
|
23,614 |
|
|
24,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NXP
Semiconductors |
|
|
|
|
|
|
|
|
|
Table 3: Condensed consolidated statement of cash flows
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
Three Months Ended |
|
|
|
|
|
July 2, 2017 |
|
April 2, 2017 |
|
July 3, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
operating activities |
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
63 |
|
|
$ |
1,318 |
|
|
$ |
1 |
|
|
|
|
Adjustments to
reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
560 |
|
|
|
534 |
|
|
|
620 |
|
|
|
|
Stock-based compensation |
|
|
67 |
|
|
|
68 |
|
|
|
80 |
|
|
|
|
Excess
tax benefits from share-based compensation plans |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
|
Amortization of discount on debt |
|
|
10 |
|
|
|
10 |
|
|
|
7 |
|
|
|
|
Amortization of debt issuance costs |
|
|
3 |
|
|
|
3 |
|
|
|
4 |
|
|
|
|
Net gain
on sale of assets |
|
|
(14 |
) |
|
|
(1,597 |
) |
|
|
(11 |
) |
|
|
|
Loss on
extinguishment of debt |
|
|
- |
|
|
|
41 |
|
|
|
23 |
|
|
|
|
Results
relating to equity accounted investees |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(1 |
) |
|
|
|
Changes
in deferred taxes |
|
|
(120 |
) |
|
|
25 |
|
|
|
(171 |
) |
|
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
(Increase) decrease in receivables and other current assets |
|
|
49 |
|
|
|
4 |
|
|
|
(61 |
) |
|
|
|
(Increase) decrease in inventories |
|
|
(37 |
) |
|
|
(28 |
) |
|
|
46 |
|
|
|
|
Increase (decrease) in accounts payable and accrued
liabilities |
|
(137 |
) |
|
|
244 |
|
|
|
(120 |
) |
|
|
|
Decrease
(Increase) in other non-current assets |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
Exchange
differences |
|
|
5 |
|
|
|
12 |
|
|
|
4 |
|
|
|
|
Other items |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
15 |
|
|
|
|
Net cash
provided by (used for) operating activities |
|
|
441 |
|
|
|
625 |
|
|
|
434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Purchase
of identified intangible assets |
|
|
(16 |
) |
|
|
(24 |
) |
|
|
(7 |
) |
|
|
|
Capital
expenditures on property, plant and equipment |
|
|
(96 |
) |
|
|
(161 |
) |
|
|
(71 |
) |
|
|
|
Proceeds
from sale of interests in businesses, net of cash divested |
|
|
54 |
|
|
|
2,614 |
|
|
|
18 |
|
|
|
|
Other |
|
|
- |
|
|
|
(1 |
) |
|
|
1 |
|
|
|
|
Net cash
provided by (used for) investing activities |
|
|
(58 |
) |
|
|
2,428 |
|
|
|
(59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Net
(repayments) borrowings of short-term debt |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
|
Repurchase of long-term debt |
|
|
- |
|
|
|
(2,728 |
) |
|
|
(1,872 |
) |
|
|
|
Principal
payments on long-term debt |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(8 |
) |
|
|
|
Proceeds
from the issuance of long-term debt |
|
|
- |
|
|
|
- |
|
|
|
1,750 |
|
|
|
|
Cash paid
for debt issuance costs |
|
|
- |
|
|
|
- |
|
|
|
(14 |
) |
|
|
|
Cash
proceeds from exercise of stock options |
|
|
32 |
|
|
|
36 |
|
|
|
27 |
|
|
|
|
Purchase of treasury shares and restricted stock unit
withholdings |
|
(10 |
) |
|
|
(26 |
) |
|
|
(397 |
) |
|
|
|
Excess
tax benefits from share-based compensation plans |
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
|
Net cash
provided by (used for) financing activities |
|
|
18 |
|
|
|
(2,722 |
) |
|
|
(514 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect
of changes in exchange rates on cash positions |
|
|
3 |
|
|
|
13 |
|
|
|
(14 |
) |
|
|
|
Increase
(decrease) in cash and cash equivalents |
|
|
404 |
|
|
|
344 |
|
|
|
(153 |
) |
|
|
|
Cash and
cash equivalents at beginning of period |
|
|
2,238 |
|
|
|
1,894 |
|
|
|
1,488 |
|
|
|
|
Cash and cash equivalents at end of period |
|
|
2,642 |
|
|
|
2,238 |
|
|
|
1,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash paid
during the period for: |
|
|
|
|
|
|
|
|
|
Interest |
|
|
84 |
|
|
|
53 |
|
|
|
108 |
|
|
|
|
Income taxes |
|
|
119 |
|
|
|
56 |
|
|
|
18 |
|
|
|
|
NXP
Semiconductors |
|
|
|
|
|
|
|
|
|
Table 4: Reconciliation of GAAP to non-GAAP Segment Results
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
Three Months Ended |
|
|
|
|
|
July 2, 2017 |
|
April 2, 2017 |
|
July 3, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
High
Performance Mixed Signal (HPMS) |
|
|
2,098 |
|
|
|
2,011 |
|
|
|
2,014 |
|
|
|
|
Standard
Products |
|
|
- |
|
|
|
118 |
|
|
|
303 |
|
|
|
|
Product Revenue |
|
|
2,098 |
|
|
|
2,129 |
|
|
|
2,317 |
|
|
|
|
Corporate and Other |
|
|
104 |
|
|
|
82 |
|
|
|
48 |
|
|
|
|
Total Revenue |
|
$ |
2,202 |
|
|
$ |
2,211 |
|
|
$ |
2,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HPMS
Revenue |
|
$ |
2,098 |
|
|
$ |
2,011 |
|
|
$ |
2,014 |
|
|
|
|
Percent
of Total Revenue |
|
|
95.3 |
% |
|
|
91.0 |
% |
|
|
85.2 |
% |
|
|
|
HPMS segment GAAP gross profit |
|
|
1,066 |
|
|
|
1,030 |
|
|
|
998 |
|
|
|
|
PPA
effects |
|
|
(74 |
) |
|
|
(58 |
) |
|
|
(64 |
) |
|
|
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
(10 |
) |
|
|
|
Stock
based compensation |
|
|
(8 |
) |
|
|
(8 |
) |
|
|
(9 |
) |
|
|
|
Other
incidentals |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
HPMS segment non-GAAP gross profit |
|
$ |
1,148 |
|
|
$ |
1,096 |
|
|
$ |
1,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HPMS segment GAAP gross margin |
|
|
50.8 |
% |
|
|
51.2 |
% |
|
|
49.6 |
% |
|
|
|
HPMS segment non-GAAP gross margin |
|
|
54.7 |
% |
|
|
54.5 |
% |
|
|
53.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
HPMS segment GAAP operating profit |
|
|
94 |
|
|
|
81 |
|
|
|
(56 |
) |
|
|
|
PPA
effects |
|
|
(453 |
) |
|
|
(429 |
) |
|
|
(501 |
) |
|
|
|
Restructuring |
|
|
- |
|
|
|
9 |
|
|
|
(39 |
) |
|
|
|
Stock
based compensation |
|
|
(67 |
) |
|
|
(67 |
) |
|
|
(73 |
) |
|
|
|
Merger-related costs |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
- |
|
|
|
|
Other
incidentals |
|
|
- |
|
|
|
- |
|
|
|
13 |
|
|
|
|
HPMS segment non-GAAP operating profit |
|
$ |
616 |
|
|
$ |
570 |
|
|
$ |
544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HPMS segment GAAP operating margin |
|
|
4.5 |
% |
|
|
4.0 |
% |
|
|
-2.8 |
% |
|
|
|
HPMS segment non-GAAP operating margin |
|
|
29.4 |
% |
|
|
28.3 |
% |
|
|
27.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standard Products Revenue |
|
$ |
- |
|
|
$ |
118 |
|
|
$ |
303 |
|
|
|
|
Percent
of Total Revenue |
|
|
- |
|
|
|
5.3 |
% |
|
|
12.8 |
% |
|
|
|
Standard Products
segment GAAP gross profit |
|
|
- |
|
|
|
45 |
|
|
|
97 |
|
|
|
|
PPA
effects |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Stock
based compensation |
|
|
- |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
|
Other
incidentals |
|
|
- |
|
|
|
4 |
|
|
|
- |
|
|
|
|
Standard Products segment non-GAAP gross
profit |
|
$ |
- |
|
|
$ |
42 |
|
|
$ |
99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standard Products segment GAAP gross margin |
|
|
- |
|
|
|
38.1 |
% |
|
|
32.0 |
% |
|
|
|
Standard Products segment non-GAAP gross
margin |
|
|
- |
|
|
|
35.6 |
% |
|
|
32.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Standard Products segment GAAP operating
profit |
|
|
- |
|
|
|
31 |
|
|
|
52 |
|
|
|
|
PPA
effects |
|
|
- |
|
|
|
- |
|
|
|
(8 |
) |
|
|
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Stock
based compensation |
|
|
- |
|
|
|
(2 |
) |
|
|
(6 |
) |
|
|
|
Other
incidentals |
|
|
- |
|
|
|
4 |
|
|
|
(3 |
) |
|
|
|
Standard Products segment non-GAAP operating
profit |
|
$ |
- |
|
|
$ |
29 |
|
|
$ |
69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standard Products segment GAAP operating
margin |
|
|
- |
|
|
|
26.3 |
% |
|
|
17.2 |
% |
|
|
|
Standard Products segment non-GAAP operating
margin |
|
|
- |
|
|
|
24.6 |
% |
|
|
22.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other Revenue |
|
$ |
104 |
|
|
$ |
82 |
|
|
$ |
48 |
|
|
|
|
Percent
of Total Revenue |
|
|
4.7 |
% |
|
|
3.7 |
% |
|
|
2.0 |
% |
|
|
|
Corporate and Other segment GAAP gross profit |
|
|
17 |
|
|
|
4 |
|
|
|
4 |
|
|
|
|
PPA
effects |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
|
Restructuring |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
|
Stock
based compensation |
|
|
1 |
|
|
|
- |
|
|
|
(1 |
) |
|
|
|
Other
incidentals |
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
|
Corporate and Other segment non-GAAP gross
profit |
|
$ |
19 |
|
|
$ |
6 |
|
|
$ |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment GAAP gross margin |
|
|
16.3 |
% |
|
|
4.9 |
% |
|
|
8.3 |
% |
|
|
|
Corporate and Other segment non-GAAP gross
margin |
|
|
18.3 |
% |
|
|
7.3 |
% |
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment GAAP operating
profit |
|
|
(44 |
) |
|
|
1,567 |
|
|
|
(22 |
) |
|
|
|
PPA
effects |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(5 |
) |
|
|
|
Restructuring |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
Stock
based compensation |
|
|
- |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
|
Merger-related costs |
|
|
(33 |
) |
|
|
(28 |
) |
|
|
(11 |
) |
|
|
|
Other
incidentals |
|
|
(16 |
) |
|
|
1,596 |
|
1 |
) |
|
3 |
|
|
|
|
Corporate and Other segment non-GAAP operating
profit |
|
$ |
9 |
|
|
$ |
- |
|
|
$ |
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment GAAP operating
margin |
|
|
-42.3 |
% |
|
|
1911.0 |
% |
|
|
-45.8 |
% |
|
|
|
Corporate and Other segment non-GAAP operating
margin |
|
|
8.7 |
% |
|
|
0.0 |
% |
|
|
-14.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) Adjustment relates primarily to the gain on the sale of the
SP business on February 6, 2017. |
|
|
|
|
|
|
|
|
|
|
|
|
NXP
Semiconductors |
|
|
|
|
|
|
|
|
|
Table 5: Financial Reconciliation of GAAP to non-GAAP
Results (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions except
share data) |
|
Three Months Ended |
|
|
|
|
|
July2, 2017 |
|
April 2, 2017 |
|
July 3, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
2,202 |
|
|
$ |
2,211 |
|
|
$ |
2,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross
profit |
|
$ |
1,083 |
|
|
$ |
1,079 |
|
|
$ |
1,099 |
|
|
|
|
PPA
effects |
|
|
(76 |
) |
|
|
(59 |
) |
|
|
(66 |
) |
|
|
|
Restructuring |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(10 |
) |
|
|
|
Stock
Based Compensation |
|
|
(7 |
) |
|
|
(9 |
) |
|
|
(12 |
) |
|
|
|
Other
incidentals |
|
|
- |
|
|
|
4 |
|
|
|
4 |
|
|
|
|
Non-GAAP Gross
profit |
|
$ |
1,167 |
|
|
$ |
1,144 |
|
|
$ |
1,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross
margin |
|
|
49.2 |
% |
|
|
48.8 |
% |
|
|
46.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross
margin |
|
|
53.0 |
% |
|
|
51.7 |
% |
|
|
50.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Research and development |
|
$ |
(381 |
) |
|
$ |
(367 |
) |
|
$ |
(416 |
) |
|
|
|
Restructuring |
|
|
- |
|
|
|
12 |
|
|
|
(32 |
) |
|
|
|
Stock
based compensation |
|
|
(28 |
) |
|
|
(29 |
) |
|
|
(30 |
) |
|
|
|
Merger-related costs |
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
|
Other
incidentals |
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
|
Non-GAAP
Research and development |
|
$ |
(353 |
) |
|
$ |
(349 |
) |
|
$ |
(355 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Selling, general and administrative |
|
$ |
(263 |
) |
|
$ |
(266 |
) |
|
$ |
(283 |
) |
|
|
|
PPA
effects |
|
|
(6 |
) |
|
|
(6 |
) |
|
|
(9 |
) |
|
|
|
Restructuring |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
2 |
|
|
|
|
Stock
based compensation |
|
|
(32 |
) |
|
|
(30 |
) |
|
|
(38 |
) |
|
|
|
Merger-related costs |
|
|
(35 |
) |
|
|
(29 |
) |
|
|
(11 |
) |
|
|
|
Other
incidentals |
|
|
(1 |
) |
|
|
- |
|
|
|
(5 |
) |
|
|
|
Non-GAAP
Selling, general and administrative |
|
$ |
(188 |
) |
|
$ |
(198 |
) |
|
$ |
(222 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
amortization of acquisition-related intangible assets |
|
$ |
(373 |
) |
|
$ |
(365 |
) |
|
$ |
(436 |
) |
|
|
|
PPA
effects |
|
|
(373 |
) |
|
|
(365 |
) |
|
|
(436 |
) |
|
|
|
Non-GAAP amortization of acquisition-related intangible
assets |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Other income (expense) |
|
$ |
(16 |
) |
|
$ |
1,598 |
|
|
$ |
10 |
|
|
|
|
PPA effects |
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
|
Other
incidentals |
|
|
(15 |
) |
|
|
1,596 |
|
1 |
) |
|
13 |
|
|
|
|
Non-GAAP
Other income (expense) |
|
$ |
(1 |
) |
|
$ |
2 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
income (loss) |
|
$ |
50 |
|
|
$ |
1,679 |
|
|
$ |
(26 |
) |
|
|
|
PPA
effects |
|
|
(455 |
) |
|
|
(430 |
) |
|
|
(514 |
) |
|
|
|
Restructuring |
|
|
(2 |
) |
|
|
8 |
|
|
|
(40 |
) |
|
|
|
Stock
based compensation |
|
|
(67 |
) |
|
|
(68 |
) |
|
|
(80 |
) |
|
|
|
Merger-related costs |
|
|
(35 |
) |
|
|
(30 |
) |
|
|
(11 |
) |
|
|
|
Other
incidentals |
|
|
(16 |
) |
|
|
1,600 |
|
1 |
) |
|
13 |
|
|
|
|
Non-GAAP
Operating income (loss) |
|
$ |
625 |
|
|
$ |
599 |
|
|
$ |
606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
margin |
|
|
2.3 |
% |
|
|
75.9 |
% |
|
|
-1.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Operating margin |
|
|
28.4 |
% |
|
|
27.1 |
% |
|
|
25.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Financial
income (expense) |
|
$ |
(75 |
) |
|
$ |
(136 |
) |
|
$ |
(126 |
) |
|
|
|
PPA
effects |
|
|
- |
|
|
|
- |
|
|
|
3 |
|
|
|
|
Non-cash
interest expense on convertible notes |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
|
Foreign
exchange gain (loss) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
|
Extinguishment on debt |
|
|
- |
|
|
|
(41 |
) |
|
|
(23 |
) |
|
|
|
Changes
in fair value of warrant liability |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Other
financial expense |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(6 |
) |
|
|
|
Non-GAAP
Financial income (expense) |
|
$ |
(59 |
) |
|
$ |
(75 |
) |
|
$ |
(88 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) Adjustment relates primarily to the gain on the sale of the
SP business on February 6, 2017. |
|
|
|
|
|
|
|
|
|
|
|
|
|
NXP
Semiconductors |
|
|
|
|
|
|
|
|
|
|
Table 6:
Adjusted EBITDA and Free Cash Flow (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
Three Months Ended |
|
|
|
|
|
|
July 2, 2017 |
|
April 2, 2017 |
|
July 3, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss) |
|
$ |
63 |
|
|
$ |
1,318 |
|
|
$ |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
items to EBITDA |
|
|
|
|
|
|
|
|
|
|
Financial
(income) expense |
|
|
75 |
|
|
|
136 |
|
|
|
126 |
|
|
|
|
|
(Benefit)
provision for income taxes |
|
|
(54 |
) |
|
|
230 |
|
|
|
(152 |
) |
|
|
|
|
Depreciation |
|
|
155 |
|
|
|
154 |
|
|
|
165 |
|
|
|
|
|
Amortization |
|
|
405 |
|
|
|
380 |
|
|
|
455 |
|
|
|
|
|
EBITDA |
|
$ |
644 |
|
|
$ |
2,218 |
|
|
$ |
595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling items to adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
Results
of equity-accounted investees |
|
|
(34 |
) |
|
|
(5 |
) |
|
|
(1 |
) |
|
|
|
|
Restructuring 1) |
|
|
2 |
|
|
|
(8 |
) |
|
|
39 |
|
|
|
|
|
Stock
based compensation |
|
|
67 |
|
|
|
68 |
|
|
|
80 |
|
|
|
|
|
Merger-related costs 1) |
|
|
35 |
|
|
|
30 |
|
|
|
11 |
|
|
|
|
|
Other
incidental items 1) |
|
|
16 |
|
|
|
(1,596 |
) |
|
|
(8 |
) |
|
|
|
|
Adjusted
EBITDA |
|
$ |
730 |
|
|
$ |
707 |
|
|
$ |
716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing twelve month adjusted EBITDA |
|
$ |
3,070 |
|
|
$ |
3,056 |
|
|
$ |
2,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
Excluding depreciation property, plant and equipment and
amortization of software related to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
|
|
Other incidental items |
|
|
- |
|
|
|
(4 |
) |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
Three Months Ended |
|
|
|
|
|
|
July 2, 2017 |
|
April 2, 2017 |
|
July 3, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used for) operating
activities |
|
$ |
441 |
|
|
$ |
625 |
|
|
$ |
434 |
|
|
|
|
|
Net capital
expenditures on property, plant and equipment |
|
|
(96 |
) |
|
|
(161 |
) |
|
|
(71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP free cash flow |
|
$ |
345 |
|
|
$ |
464 |
|
|
$ |
363 |
|
|
|
|
|
Non-GAAP free cash flow as a percent of
Revenue |
|
|
16 |
% |
|
|
21 |
% |
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information, please contact:
Investors:
Jeff Palmer
jeff.palmer@nxp.com
+1 408 518 5411
Media:
Joon Knapen
joon.knapen@nxp.com
+49 151 257 43 299
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