NXP Semiconductors Reports Fourth Quarter and Full-Year 2015 Results

 

NXP Semiconductors 
Table 4: Reconciliation of GAAP to non-GAAP Segment Results (unaudited) 
           
           
($ in millions)  Three Months Ended  Full Year
   Dec. 31,  
2015
  Oct. 4,
2015
  Dec. 31,  
2014
   2015    2014 
           
High Performance Mixed Signal (HPMS)    1,306     1,164     1,169     4,720     4,208 
Standard Products    271     325     331     1,241     1,275 
Product Revenue     1,577       1,489       1,500       5,961       5,483  
Corporate and Other    29     33     37     140     164 
Total Revenue  $     1,606    $     1,522    $     1,537    $     6,101    $     5,647  
           
                   
                     
HPMS Revenue   $     1,306     $     1,164     $     1,169     $     4,720     $     4,208  
Percent of Total Revenue     81.3 %     76.5 %     76.1 %     77.4 %     74.5 %
HPMS segment GAAP gross profit       534         626         595         2,367         2,253  
PPA effects 1)       (164 )       (1 )       (1 )       (166 )       (2 )
Restructuring 2)       (8 )       -         -         (9 )       -  
Stock based compensation 2)       (6 )       (2 )       (2 )       (12 )       (7 )
Other incidentals       (1 )       1         1         (1 )       -  
HPMS segment non-GAAP gross profit   $     713     $     628     $     597     $     2,555     $     2,262  
                     
HPMS segment GAAP gross margin     40.9 %     53.8 %     50.9 %     50.1 %     53.5 %
HPMS segment non-GAAP gross margin     54.6 %     54.0 %     51.1 %     54.1 %     53.8 %
                     
HPMS segment GAAP operating profit       995         331         277         1,885         983  
PPA effects 1)       (283 )       (14 )       (16 )       (329 )       (84 )
Restructuring 2)       (195 )       1         (2 )       (211 )       (3 )
Stock based compensation 2)       (99 )       (28 )       (27 )       (184 )       (104 )
Other incidentals 3)       1,191         1         1         1,191         6  
HPMS segment non-GAAP operating profit   $     381     $     371     $     321     $     1,418     $     1,168  
                     
HPMS segment GAAP operating margin     76.2 %     28.4 %     23.7 %     39.9 %     23.4 %
HPMS segment non-GAAP operating margin     29.2 %     31.9 %     27.5 %     30.0 %     27.8 %
                     
                     
                     
Standard Products Revenue   $     271     $     325     $     331     $     1,241     $     1,275  
Percent of Total Revenue     16.9 %     21.4 %     21.5 %     20.3 %     22.6 %
Standard   Products segment GAAP gross profit       90         108         103         417         382  
PPA effects       (1 )       -         -         (3 )       (2 )
Restructuring       (4 )       (4 )       (6 )       (9 )       (31 )
Stock based compensation       (1 )       (1 )       (1 )       (3 )       (3 )
Other incidentals       (1 )       (2 )       (3 )       (6 )       (10 )
Standard Products segment non-GAAP gross profit   $     97     $     115     $     113     $     438     $     428  
                     
Standard Products segment GAAP gross margin     33.2 %     33.2 %     31.1 %     33.6 %     30.0 %
Standard Products segment non-GAAP gross margin     35.8 %     35.4 %     34.1 %     35.3 %     33.6 %
                     
Standard Products segment GAAP operating profit       103         56         41         264         120  
PPA effects       (12 )       (12 )       (12 )       (50 )       (58 )
Restructuring       (4 )       (4 )       (6 )       (9 )       (37 )
Stock based compensation       (11 )       (6 )       (7 )       (31 )       (29 )
Other incidentals 3)       66         (2 )       (3 )       61         (10 )
Standard Products segment non-GAAP operating profit   $     64     $     80     $     69     $     293     $     254  
                     
Standard Products segment GAAP operating margin     38.0 %     17.2 %     12.4 %     21.3 %     9.4 %
Standard Products segment non-GAAP operating margin     23.6 %     24.6 %     20.8 %     23.6 %     19.9 %
                     
                     
                     
Corporate and Other Revenue   $     29     $     33     $     37     $     140     $     164  
Percent of Total Revenue     1.8 %     2.1 %     2.4 %     2.3 %     2.9 %
Corporate and Other segment GAAP gross profit       (5 )       6         6         3         5  
PPA effects       (2 )       (2 )       (2 )       (9 )       (8 )
Restructuring       (1 )       -         1         -         (12 )
Other incidentals       2         3         1         6         2  
Corporate and Other segment non-GAAP gross profit   $     (4 )   $     5     $     6     $     6     $     23  
                     
Corporate and Other segment GAAP gross margin   -17.2 %     18.2 %     16.2 %     2.1 %     3.0 %
Corporate and Other segment non-GAAP gross margin   -13.8 %     15.2 %     16.2 %     4.3 %     14.0 %
                     
Corporate and Other segment GAAP operating profit       (85 )       (12 )       (8 )       (134 )       (54 )
PPA effects       (5 )       (6 )       (6 )       (22 )       (25 )
Restructuring 2)       (40 )       (1 )       (4 )       (44 )       (17 )
Stock based compensation       (1 )       -         -         (1 )       -  
Merger-related costs       (27 )       (3 )       -         (42 )       -  
Other incidentals       -         -         3         1         (4 )
Corporate and Other segment non-GAAP operating profit   $     (12 )   $     (2 )   $     (1 )   $     (26 )   $     (8 )
                     
Corporate and Other segment GAAP operating margin   -293.1 %     -36.4 %     -21.6 %     -95.7 %     -32.9 %
Corporate and Other segment non-GAAP operating margin   -41.4 %     -6.1 %     -2.7 %     -18.6 %     -4.9 %
                     
                     
                     
1) Includes Purchase Accounting effect on inventory that will be amortized over 4 months. 
                     
2) Includes severance, contract termination costs and accelerated vesting charges related to the acquisition of Freescale. 
                     
3) Includes the recognition of the gain on the sale of the RF Power and Bipolar businesses.      

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