| NXP Semiconductors | ||||||||||||||||||||||
| Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited) | ||||||||||||||||||||||
| ($ in millions except share data) | Three Months Ended | Full Year | ||||||||||||||||||||
|
December 31,
2016 |
October 2,
2016 |
December 31,
2015 | 2016 | 2015 | ||||||||||||||||||
| Revenue | $ | 2,440 | $ | 2,469 | $ | 1,606 | $ | 9,498 | $ | 6,101 | ||||||||||||
| GAAP Gross profit | $ | 1,189 | $ | 1,184 | $ | 619 | $ | 4,069 | $ | 2,787 | ||||||||||||
| PPA effects | (60 | ) | (64 | ) | (167 | ) | (686 | ) | (178 | ) | ||||||||||||
| Restructuring | (1 | ) | (3 | ) | (13 | ) | (18 | ) | (18 | ) | ||||||||||||
| Stock Based Compensation | (12 | ) | (10 | ) | (7 | ) | (49 | ) | (15 | ) | ||||||||||||
| Other incidentals | 14 | 14 | - | 32 | (1 | ) | ||||||||||||||||
| Non-GAAP Gross profit | $ | 1,248 | $ | 1,247 | $ | 806 | $ | 4,790 | $ | 2,999 | ||||||||||||
| GAAP Gross margin | 48.7 | % | 48.0 | % | 38.5 | % | 42.8 | % | 45.7 | % | ||||||||||||
| Non-GAAP Gross margin | 51.1 | % | 50.5 | % | 50.2 | % | 50.4 | % | 49.2 | % | ||||||||||||
| GAAP Research and development | $ | (362 | ) | $ | (379 | ) | $ | (318 | ) | $ | (1,560 | ) | $ | (890 | ) | |||||||
| Restructuring | 2 | - | (79 | ) | (41 | ) | (91 | ) | ||||||||||||||
| Stock based compensation | (32 | ) | (29 | ) | (21 | ) | (123 | ) | (45 | ) | ||||||||||||
| Other incidentals | (1 | ) | - | 1 | - | 1 | ||||||||||||||||
| Non-GAAP Research and development | $ | (331 | ) | $ | (350 | ) | $ | (219 | ) | $ | (1,396 | ) | $ | (755 | ) | |||||||
| GAAP Selling, general and administrative | $ | (292 | ) | $ | (270 | ) | $ | (413 | ) | $ | (1,141 | ) | $ | (922 | ) | |||||||
| PPA effects | (5 | ) | (6 | ) | - | (21 | ) | - | ||||||||||||||
| Restructuring | (6 | ) | - | (147 | ) | (9 | ) | (155 | ) | |||||||||||||
| Stock based compensation | (38 | ) | (38 | ) | (83 | ) | (166 | ) | (156 | ) | ||||||||||||
| Merger-related costs | (37 | ) | (14 | ) | (27 | ) | (67 | ) | (42 | ) | ||||||||||||
| Other incidentals | (3 | ) | (5 | ) | (1 | ) | (13 | ) | (4 | ) | ||||||||||||
| Non-GAAP Selling, general and administrative | $ | (203 | ) | $ | (207 | ) | $ | (155 | ) | $ | (865 | ) | $ | (565 | ) | |||||||
| GAAP amortization of acquisition-related intangible assets | $ | (363 | ) | $ | (361 | ) | $ | (133 | ) | $ | (1,527 | ) | $ | (223 | ) | |||||||
| PPA effects | (363 | ) | (361 | ) | (133 | ) | (1,527 | ) | (223 | ) | ||||||||||||
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| GAAP Other income (expense) | $ | 1 | $ | - | $ | 1,258 | $ | 9 | $ | 1,263 | ||||||||||||
| PPA effects | 1 | (1 | ) | - | (3 | ) | - | |||||||||||||||
| Other incidentals | (1 | ) | - | 1,257 | 10 | 1,257 | ||||||||||||||||
| Non-GAAP Other income (expense) | $ | 1 | $ | 1 | $ | 1 | $ | 2 | $ | 6 | ||||||||||||
| GAAP Operating income (loss) | $ | 173 | $ | 174 | $ | 1,013 | $ | (150 | ) | $ | 2,015 | |||||||||||
| PPA effects | (427 | ) | (432 | ) | (300 | ) | (2,237 | ) | (401 | ) | ||||||||||||
| Restructuring | (5 | ) | (3 | ) | (239 | ) | (68 | ) | (264 | ) | ||||||||||||
| Stock based compensation | (82 | ) | (77 | ) | (111 | ) | (338 | ) | (216 | ) | ||||||||||||
| Merger-related costs | (37 | ) | (14 | ) | (27 | ) | (67 | ) | (42 | ) | ||||||||||||
| Other incidentals | 9 | 9 | 1,257 | 29 | 1,253 | |||||||||||||||||
| Non-GAAP Operating income (loss) | $ | 715 | $ | 691 | $ | 433 | $ | 2,531 | $ | 1,685 | ||||||||||||
| GAAP Operating margin | 7.1 | % | 7.0 | % | 63.1 | % | -1.6 | % | 33.0 | % | ||||||||||||
| Non-GAAP Operating margin | 29.3 | % | 28.0 | % | 27.0 | % | 26.6 | % | 27.6 | % | ||||||||||||
| GAAP Financial income (expense) | $ | (96 | ) | $ | (115 | ) | $ | (174 | ) | $ | (453 | ) | $ | (529 | ) | |||||||
| PPA effects | - | - | - | 6 | - | |||||||||||||||||
| Non-cash interest expense on convertible notes | (9 | ) | (11 | ) | (10 | ) | (40 | ) | (38 | ) | ||||||||||||
| Foreign exchange gain (loss) | (2 | ) | (2 | ) | (31 | ) | (15 | ) | (193 | ) | ||||||||||||
| Extinguishment on debt | - | (6 | ) | - | (32 | ) | - | |||||||||||||||
| Changes in fair value of warrant liability | - | - | (1 | ) | - | (31 | ) | |||||||||||||||
| Other financial expense | (6 | ) | (9 | ) | (76 | ) | (25 | ) | (95 | ) | ||||||||||||
| Non-GAAP Financial income (expense) | $ | (79 | ) | $ | (87 | ) | $ | (56 | ) | $ | (347 | ) | $ | (172 | ) | |||||||
NXP Semiconductors Reports Fourth Quarter and Full-Year 2016 Results
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