NXP Semiconductors Reports Second Quarter 2019 Results

 

       
NXP Semiconductors      
Table 3: Condensed consolidated statement of cash flows (unaudited)    
             
       
       
($ in millions)  Three Months Ended
   June 30, 2019  March 31, 2019  July 1, 2018
       
Cash Flows from operating activities      
Net income (loss)    $     46    $     (16 )  $     66  
Adjustments to reconcile net income (loss):      
Depreciation and amortization    506     502     496 
Stock-based compensation    87     86     69 
Amortization of discount on debt    11     11         11  
Amortization of debt issuance costs       3         3         2  
Net (gain) loss on sale of assets       1         -         -  
(Gain) loss on extinguishment of debt       10         -         26  
Results relating to equity accounted investees       1         (4 )       1  
Changes in deferred taxes       (30 )       (63 )       (67 )
Changes in operating assets and liabilities:            
(Increase) decrease in receivables and other current assets       31         (42 )       86  
(Increase) decrease in inventories       84         38         (76 )
Increase (decrease) in accounts payable and other current liabilities       (218 )       (250 )       (225 )
Decrease (Increase) in other non-current assets       (14 )       20         10  
Exchange differences       1         6         (5 )
Other items       (2 )       5         9  
Net cash provided by (used for) operating activities       517         296         403  
             
Cash flows from investing activities:            
Purchase of identified intangible assets       (23 )       (28 )       (10 )
Capital expenditures on property, plant and equipment       (106 )       (144 )       (129 )
Purchase of interests in businesses, net of cash acquired       -         -         (18 )
Proceeds from sale of interests in businesses, net of cash divested       -         37         32  
Purchase of available-for-sale securities       (15 )       (2 )       (7 )
Proceeds from the sale of securities       -         1         -  
Net cash provided by (used for) investing activities       (144 )       (136 )       (132 )
             
Cash flows from financing activities:            
Repurchase of long-term debt       (553 )       -         (1,273 )
Principal payments on long-term debt       -         -         (1 )
Proceeds from the issuance of long-term debt       1,750         -         -  
Cash paid for debt issuance costs       (23 )       -         -  
Dividends paid to common stockholders       (71 )       (73 )       -  
Cash proceeds from exercise of stock options       5         32         10  
Purchase of treasury shares       (645 )       (715 )       (2 )
Net cash provided by (used for) financing activities       463         (756 )       (1,266 )
             
Effect of changes in exchange rates on cash positions       2         (1 )       (7 )
Increase (decrease) in cash and cash equivalents       838         (597 )       (1,002 )
Cash and cash equivalents at beginning of period       2,192         2,789         3,983  
Cash and cash equivalents at end of period       3,030         2,192         2,981  
             
             
Net cash paid during the period for:            
Interest     78       25       75  
Income taxes     66       209       3  

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