NXP Semiconductors Reports Fourth Quarter and Full-year 2018 Results

 

NXP Semiconductors          
Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)        
($ in millions except share data)  Three Months Ended  Full Year
   Dec. 31, 2018  Sept. 30, 2018  Dec. 31, 2017   2018    2017 
Revenue  $     2,403    $     2,445    $     2,456    $     9,407    $     9,256  
GAAP Gross profit  $     1,243    $     1,256    $     1,242    $     4,851    $     4,619  
PPA effects    (19)    (20)    (79)    (78)    (273)
Restructuring    -     -     -     -     (3)
Stock Based Compensation    (12)    (11)    (10)    (40)    (33)
Merger-related costs    (1)    (8)    -     (11)    (1)
Other incidentals    -     -     -     -       4  
Non-GAAP Gross profit   $     1,275     $     1,295     $     1,331     $     4,980     $     4,925  
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 Research and development   $   (403 )   $   (433 )   $   (414 )   $   (1,700 )   $   (1,554 )
Restructuring       -         -         -         -         12  
Stock based compensation       (36 )       (34 )       (35 )       (133 )       (122 )
Merger-related costs       (3 )       (18 )       (1 )       (24 )       (2 )
Non-GAAP Research and development   $   (364 )   $   (381 )   $   (378 )   $   (1,543 )   $   (1,442 )
GAAP Selling, general and administrative   $   (251 )   $   (252 )   $   (269 )   $   (993 )   $   (1,090 )
PPA effects       (2 )       (2 )       (5 )       (8 )       (21 )
Restructuring       (1 )       (5 )       -         (7 )       (10 )
Stock based compensation       (45 )       (38 )       (33 )       (141 )       (126 )
Merger-related costs       (11 )       (21 )       (31 )       (78 )       (136 )
Other incidentals       (13 )       (4 )       (10 )       (21 )       (34 )
Non-GAAP Selling, general and administrative   $   (179 )   $   (182 )   $   (190 )   $   (738 )   $   (763 )
GAAP amortization of acquisition-related intangible assets   $   (364 )   $   (362 )   $   (347 )   $   (1,449 )   $   (1,448 )
PPA effects       (364 )       (362 )       (347 )       (1,449 )       (1,448 )
Non-GAAP amortization of acquisition-related intangible assets $   -     $   -     $   -     $   -     $   -  
GAAP Other income (expense)   $   (1 )   $   2,002     $   (2 )   $   2,001     $   1,575  
Restructuring       -         -         -         1         -  
Merger-related costs       -         1,961         -         1,961         -  
Other incidentals       -         40         (2 )       39         1,573  
Non-GAAP Other income (expense)   $   (1 )   $   1     $   -     $   -     $   2  
GAAP Operating income (loss)   $     224     $     2,211     $     210     $     2,710     $     2,102  
PPA effects       (385 )       (384 )       (431 )       (1,535 )       (1,742 )
Restructuring       (1 )       (5 )       -         (6 )       (1 )
Stock based compensation       (93 )       (83 )       (78 )       (314 )       (281 )
Merger-related costs       (15 )       1,914         (32 )       1,848         (139 )
Other incidentals       (13 )       36         (12 )       18         1,543  
Non-GAAP Operating income (loss)   $     731     $     733     $     763     $     2,699     $     2,722  
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 %
GAAP Financial income (expense)   $   (77 )   $   (119 )   $   (79 )   $   (335 )   $   (366 )
Non-cash interest expense on convertible notes       (11 )       (11 )       (10 )       (44 )       (41 )
Foreign exchange gain (loss)       (5 )       (3 )       (3 )       (11 )       (16 )
Extinguishment on debt       -         -         -         (26 )       (41 )
Other financial expense       (1 )       (71 )  1  )     (11 )       (78 )       (22 )
Non-GAAP Financial income (expense)   $     (60 )   $     (34 )   $     (55 )   $     (176 )   $     (246 )
                     

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