NXP Semiconductors Reports Second Quarter 2019 Results

 

       
NXP Semiconductors      
Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)    
             
       
($ in millions except share data)  Three Months Ended
   June 30, 2019  March 31, 2019  July 1, 2018
       
Revenue  $     2,217    $     2,094    $     2,290  
       
GAAP Gross profit  $     1,151    $     1,072    $     1,180  
PPA effects    (20)    (17)    (20)
Restructuring    -     (4)    - 
Stock Based Compensation       (10 )       (10 )       (8 )
Merger-related costs       -         (1 )       (2 )
Non-GAAP Gross profit   $     1,181     $     1,104     $     1,210  
             
GAAP Gross margin     51.9 %     51.2 %     51.5 %
             
Non-GAAP Gross margin     53.3 %     52.7 %     52.8 %
             
GAAP Research and development   $   (408 )   $   (415 )   $   (438 )
Restructuring       (5 )       (11 )       -  
Stock based compensation       (34 )       (35 )       (32 )
Merger-related costs       (2 )       (3 )       (2 )
Non-GAAP Research and development   $   (367 )   $   (366 )   $   (404 )
             
GAAP Selling, general and administrative   $   (230 )   $   (248 )   $   (242 )
PPA effects       (2 )       (1 )       (1 )
Restructuring       -         (10 )       -  
Stock based compensation       (43 )       (41 )       (29 )
Merger-related costs       (8 )       (9 )       (21 )
Other incidentals       (3 )       (6 )       (4 )
Non-GAAP Selling, general and administrative   $   (174 )   $   (181 )   $   (187 )
             
GAAP amortization of acquisition-related intangible assets   $   (355 )   $   (357 )   $   (363 )
PPA effects       (355 )       (357 )       (363 )
Non-GAAP amortization of acquisition-related intangible assets $   -      $   -      $   -   
             
GAAP Other income (expense)   $   (1 )   $   2     $   -  
Restructuring   $   -     $   -     $   1  
Other incidentals       (1 )       -         -  
Non-GAAP Other income (expense)   $   -      $   2     $   (1 )
             
GAAP Operating income (loss)   $     157     $     54     $     137  
PPA effects       (377 )       (375 )       (384 )
Restructuring       (5 )       (25 )       1  
Stock based compensation       (87 )       (86 )       (69 )
Merger-related costs       (10 )       (13 )       (25 )
Other incidentals       (4 )       (6 )       (4 )
Non-GAAP Operating income (loss)   $     640     $     559     $     618  
             
GAAP Operating margin     7.1 %     2.6 %     6.0 %
             
Non-GAAP Operating margin     28.9 %     26.7 %     27.0 %
             
GAAP Financial income (expense)   $   (89 )   $   (83 )   $   (71 )
Non-cash interest expense on convertible notes       (11 )       (11 )       (11 )
Foreign exchange gain (loss)       (4 )       (7 )       -  
Gain (loss) on extinguishment of long-term debt       (10 )       -         (26 )
Other financial expense       (3 )       (4 )       (3 )
Non-GAAP Financial income (expense)   $     (61 )   $     (61 )   $     (31 )
             
             

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