| NXP Semiconductors | |||||||||||||||||||
| Table 5: Financial reconciliation of GAAP to non-GAAP results (unaudited) | |||||||||||||||||||
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| ($ 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 | |||||||||||||
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| 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. | |||||||||||||||||||
NXP Semiconductors Reports Third Quarter 2015 Results
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