NXP Semiconductors Reports Fourth Quarter and Full-year 2018 Results

EINDHOVEN, The Netherlands, Feb. 06, 2019 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the fourth quarter and full year 2018, ended December 31, 2018.

“NXP delivered greater than 5 percent growth in Auto and Secure Connected Devices, resulting in total revenue of $9.41 billion, an increase of 2 percent year-on-year. Our teams continue to be fully focused on driving our long-term strategy, with a very strong pipeline of innovative solutions and excellent customer traction. However, demand has weakened for the first quarter, primarily in the automotive and industrial end-markets in China.” said Richard Clemmer, NXP Chief Executive Officer.

Key Highlights

  • Fourth-quarter revenue was $2.4 billion, down 2 percent year-on-year;
  • Fourth-quarter GAAP gross margin was 51.7 percent, and GAAP operating margin was 9.3 percent;
  • Fourth-quarter non-GAAP gross margin was 53.1 percent, and non-GAAP operating margin was 30.4 percent;
  • Full-year cash flow from operations was $4.37 billion, with net capex investments of $610 million, resulting in non-GAAP free cash flow of $3.76 billion;
  • In 2018 NXP returned $5.08 billion to shareholders through previously announced share repurchases and dividend payments, reducing our diluted share count by 15 percent or 52 million shares.

Summary of Reported Fourth Quarter and Full-year 2018 ($ millions, unaudited) (1)

  Q4 2018   Q3 2018   Q4 2017   Q - Q   Y - Y    2018     2017    Y - Y
Automotive$960  $990  $970  -3% -1% $3,953  $3,762  5%
Secure Connected Devices (SCD)$729  $717  $745  2% -2% $2,723  $2,587  5%
Secure Interface & Infrastructure (SI&I)$487  $511  $497  -5% -2% $1,792  $1,873  -4%
Secure Identification Solutions (SIS)$136  $133  $136  2% 0% $554  $523  6%
High Performance Mixed Signal (HPMS)$2,312  $2,351  $2,348  -2% -2% $9,022     $ 8,745     3 %
Standard Products (STDP) $  -     $  -     $  -     $  -     $ 118     NM  
Product Revenue $ 2,312     $ 2,351     $ 2,348     -2 %   -2 %   $ 9,022     $ 8,863     2 %
Corporate & Other $ 91     $ 94     $ 108     -3 %   -16 %   $ 385     $ 393     -2 %
Total Revenue(i) $ 2,403     $ 2,445     $ 2,456     -2 %   -2 %   $ 9,407     $ 9,256     2 %
GAAP Gross Profit $ 1,243     $ 1,256     $ 1,242     -1 %   0 %   $ 4,851     $ 4,619     5 %
Gross Profit Adjustments (ii) $ (32 )   $ (39 )   $ (89 )   $ (129 )   $ (306 )  
Non-GAAP Gross Profit $ 1,275     $ 1,295     $ 1,331     -2 %   -4 %   $ 4,980     $ 4,925     1 %
GAAP Gross Margin   51.7 %     51.4 %     50.6 %     51.6 %     49.9 %  
Non-GAAP Gross Margin   53.1 %     53.0 %     54.2 %     52.9 %     53.2 %  
GAAP Operating Income / (Loss) $ 224     $ 2,211     $ 210     -90 %   7 %   $ 2,710     $ 2,102     29 %
Operating Income Adjustments (ii)   (507     1,478       (553     11       (620  
Non-GAAP Operating Income $ 731     $ 733     $ 763     0 %   -4 %   $ 2,699     $ 2,722     -1 %
GAAP Operating Margin   9.3 %     90.4 %     8.6 %     28.8 %     22.7 %  
Non-GAAP Operating Margin   30.4 %     30.0 %     31.1 %     28.7 %     29.4 %  
 
Additional Information  
DIO   102       100       99     2     3    
DPO   80       74       92     6     (12  
DSO   30       32       33     (2   (3  
Cash Conversion Cycle   52       58       40     (6   12    
Channel Inventory (months)   2.4       2.4       2.3     -     0.1    
Financial Leverage (iii)   1.4x       1.4x       1.0x     -     0.4x    
  1. Additional Information for the Fourth Quarter and Full-year 2018 :

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