NXP Semiconductors Reports Third Quarter 2015 Results


NXP Semiconductors
Table 5: Financial reconciliation of GAAP to non-GAAP results (unaudited)



($ in millions except share data)	Three Months Ended
	October 4, 2015					July 5, 2015			Sept. 28, 2014

Revenue	$	1,522				$	1,506		$	1,515

GAAP Gross profit	$	740				$	724		$	713
PPA effects		(3	)				(5	)		(3	)
Restructuring		(4	)				-			(5	)
Stock Based Compensation		(3	)				(3	)		(2	)
Other incidentals		2					(2	)		(2	)
Non-GAAP Gross profit	$	748				$	734		$	725

GAAP Gross margin		48.6	%				48.1	%		47.1	%

Non-GAAP Gross margin		49.1	%				48.7	%		47.9	%

GAAP Research and development	$	(178	)			$	(195	)	$	(196	)
Restructuring		1					(5	)		-
Stock based compensation		(7	)				(9	)		(5	)
Non-GAAP Research and development	$	(172	)			$	(181	)	$	(191	)

GAAP Selling, general and administrative	$	(191	)			$	(198	)	$	(211	)
PPA effects		(29	)				(31	)		(39	)
Restructuring		(1	)				(4	)		(1	)
Stock based compensation		(24	)				(24	)		(27	)
Other incidentals		(6	)				(3	)		-
Non-GAAP Selling, general and administrative	$	(131	)			$	(136	)	$	(144	)

GAAP Other income (expense)	$	4				$	1		$	1
Other incidentals		-					-			1
Non-GAAP Other income (expense)	$	4				$	1		$	-

GAAP Operating income (loss)	$	375				$	332		$	307
PPA effects		(32	)				(36	)		(42	)
Restructuring		(4	)				(9	)		(6	)
Stock based compensation		(34	)				(36	)		(34	)
Other incidentals		(4	)				(5	)		(1	)
Non-GAAP Operating income (loss)	$	449				$	418		$	390

GAAP Operating margin		24.6	%				22.0	%		20.3	%

Non-GAAP Operating margin		29.5	%				27.8	%		25.7	%

GAAP Financial income (expense)	$	16				$	2		$	(168	)
Non-cash interest expense on convertible notes		(9	)				(9	)		-
Foreign exchange gain (loss) on debt		6					40			(131	)
Changes in fair value of warrant liability		67					18			-
Other financial expense		(4	)				(11	)		(3	)
Non-GAAP Financial income (expense)	$	(44	)			$	(36	)	$	(34	)

GAAP Income tax benefit (provision)	$	(15	)			$	(14	)	$	(4	)
Other adjustments		(8	)				(4	)		1
Non-GAAP Cash tax (expense)	$	(7	)			$	(10	)	$	(5	)

GAAP Results relating to equity-accounted investees	$	3				$	1		$	3
Other adjustments		3					1			3
Non-GAAP Results relating to equity-accounted investees	$	-				$	-		$	-

GAAP Net income (loss)	$	379				$	321		$	138
PPA effects		(32	)				(36	)		(42	)
Restructuring		(4	)				(9	)		(6	)
Stock based compensation		(34	)				(36	)		(34	)
Other incidentals		(4	)				(5	)		(1	)
Other adjustments		55		¹	⁾		35			(130	)
Non-GAAP Net income (loss)	$	398				$	372		$	351

GAAP Net income (loss) attributable to stockholders	$	361				$	300		$	121
PPA effects		(32	)				(36	)		(42	)
Restructuring		(4	)				(9	)		(6	)
Stock based compensation		(34	)				(36	)		(34	)
Other incidentals		(4	)				(5	)		(1	)
Other adjustments		55					35			(130	)
Non-GAAP Net income (loss) attributable to stockholders	$	380				$	351		$	334

GAAP Weighted average shares - diluted		242,122					243,288			246,550
Non-GAAP Adjustment		-					-			-
Non-GAAP Weighted average shares - diluted		242,122					243,288			246,550

GAAP Diluted net income (loss) attributable to stockholders per share	$	1.49				$	1.23		$	0.49
Non-GAAP Diluted net income (loss) attributable to stockholders per share	$	1.57				$	1.44		$	1.35


¹⁾ Includes: During 3Q15: Non-cash interest expense on convertible Notes: ($9) million; Foreign exchange gain on debt: $6 million; Changes in fair value of warrant liability: $67 million; Other financial expense: ($4) million; Results relating to equity-accounted investees: $3 million; and difference between book and cash income taxes: ($8) million.

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