NXP Semiconductors Reports First Quarter 2017 Results


NXP Semiconductors
Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)



($ in millions except share data)	Three Months Ended
	April 2, 2017				December 31, 2016			April 3, 2016

Revenue	$	2,211			$	2,440		$	2,224

GAAP Gross profit	$	1,079			$	1,189		$	597
PPA effects		(59	)			(60	)		(496	)
Restructuring		(1	)			(1	)		(4	)
Stock Based Compensation		(9	)			(12	)		(15	)
Other incidentals		4				14			-
Non-GAAP Gross profit	$	1,144			$	1,248		$	1,112

GAAP Gross margin		48.8	%			48.7	%		26.8	%

Non-GAAP Gross margin		51.7	%			51.1	%		50.0	%

GAAP Research and development	$	(367	)		$	(362	)	$	(403	)
Restructuring		12				2			(11	)
Stock based compensation		(29	)			(32	)		(32	)
Merger-related costs		(1	)			-			-
Other incidentals		-				(1	)		-
Non-GAAP Research and development	$	(349	)		$	(331	)	$	(360	)

GAAP Selling, general and administrative	$	(266	)		$	(292	)	$	(296	)
PPA effects		(6	)			(5	)		(1	)
Restructuring		(3	)			(6	)		(5	)
Stock based compensation		(30	)			(38	)		(52	)
Merger-related costs		(29	)			(37	)		(5	)
Other incidentals		-				(3	)		-
Non-GAAP Selling, general and administrative	$	(198	)		$	(203	)	$	(233	)

GAAP amortization of acquisition-related intangible assets	$	(365	)		$	(363	)	$	(367	)
PPA effects		(365	)			(363	)		(367	)
Non-GAAP amortization of acquisition-related intangible assets	$	-			$	-		$	-

GAAP Other income (expense)	$	1,598			$	1		$	(2	)
PPA effects		-				1			-
Other incidentals		1,596		¹⁾		(1	)		(2	)
Non-GAAP Other income (expense)	$	2			$	1		$	-

GAAP Operating income (loss)	$	1,679			$	173		$	(471	)
PPA effects		(430	)			(427	)		(864	)
Restructuring		8				(5	)		(20	)
Stock based compensation		(68	)			(82	)		(99	)
Merger-related costs		(30	)			(37	)		(5	)
Other incidentals		1,600		¹⁾		9			(2	)
Non-GAAP Operating income (loss)	$	599			$	715		$	519

GAAP Operating margin		75.9	%			7.1	%		-21.2	%

Non-GAAP Operating margin		27.1	%			29.3	%		23.3	%

GAAP Financial income (expense)	$	(136	)		$	(96	)	$	(116	)
PPA effects		-				-			3
Non-cash interest expense on convertible notes		(10	)			(9	)		(10	)
Foreign exchange gain (loss)		(5	)			(2	)		(9	)
Extinguishment on debt		(41	)			-			(3	)
Changes in fair value of warrant liability		-				-			-
Other financial expense		(5	)			(6	)		(4	)
Non-GAAP Financial income (expense)	$	(75	)		$	(79	)	$	(93	)


1) Adjustment relates primarily to the gain on the sale of the SP business on February 6, 2017.

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