NXP Semiconductors Reports Second Quarter 2021 Results


NXP Semiconductors
Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

($ in millions) Three months ended
  July 4, 2021  April 4, 2021  June 28, 2020
Revenue $ 2,596   $ 2,567   $ 1,817 
GAAP Gross Profit $ 1,422   $ 1,355   $ 860 
PPA Effects(18)  (18)  (20) 
Stock Based Compensation(12)  (12)  (11) 
Merger-related costs    (1) 
Other incidentals(4)  (7)   
Non-GAAP Gross Profit $ 1,456   $ 1,392   $ 892 
GAAP Gross margin 54.8 %  52.8 %  47.3 %
Non-GAAP Gross margin 56.1 %   54.2 %   49.1 %
GAAP Research and development $ (476)     $ (461)     $ (402)  
Restructuring (1)         (6)  
Stock based compensation (41)     (40)     (39)  
Other incidentals 1     (1)      
Non-GAAP Research and development $ (435)     $ (420)     $ (357)  
GAAP Selling, general and administrative $ (234)     $ (222)     $ (222)  
PPA effects (2)     0     (2)  
Restructuring         (2)  
Stock based compensation (40)     (39)     (55)  
Merger-related costs         (2)  
Other incidentals (1)     (3)     (2)  
Non-GAAP Selling, general and administrative $ (191)     $ (180)     $ (159)  
GAAP amortization of acquisition-related intangible assets $ (139)     $ (180)     $ (380)  
PPA effects (139)     (180)     (380)  
Non-GAAP amortization of acquisition-related intangible assets $     $     $  
GAAP Other income (expense) $     $     $ (1)  
Other incidentals         (1)  
Non-GAAP Other income (expense) $     $     $  
GAAP Operating income (loss) $ 573     $ 492     $ (145)  
PPA effects (159)     (198)     (402)  
Restructuring (1)     0     (8)  
Stock based compensation (93)     (91)     (105)  
Merger-related costs         (3)  
Other incidentals (4)     (11)     (3)  
Non-GAAP Operating income (loss) $ 830     $ 792     $ 376  
GAAP Operating margin 22.1 %   19.2 %   (8.0) %
Non-GAAP Operating margin 32.0 %   30.9 %   20.7 %
GAAP Financial income (expense) $ (100)     $ (87)     $ (96)  
Foreign exchange gain (loss) (1)         (2)  
Other financial income (expense) (8)         (2)  
Non-GAAP Financial income (expense) $ (91)     $ (87)     $ (92)  
           

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