| NXP Semiconductors | ||||||||||||||||
| Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited) | ||||||||||||||||
| ($ in millions except share data) | Three Months Ended | |||||||||||||||
| July2, 2017 | April 2, 2017 | July 3, 2016 | ||||||||||||||
| Revenue | $ | 2,202 | $ | 2,211 | $ | 2,365 | ||||||||||
| GAAP Gross profit | $ | 1,083 | $ | 1,079 | $ | 1,099 | ||||||||||
| PPA effects | (76 | ) | (59 | ) | (66 | ) | ||||||||||
| Restructuring | (1 | ) | (1 | ) | (10 | ) | ||||||||||
| Stock Based Compensation | (7 | ) | (9 | ) | (12 | ) | ||||||||||
| Other incidentals | - | 4 | 4 | |||||||||||||
| Non-GAAP Gross profit | $ | 1,167 | $ | 1,144 | $ | 1,183 | ||||||||||
| GAAP Gross margin | 49.2 | % | 48.8 | % | 46.5 | % | ||||||||||
| Non-GAAP Gross margin | 53.0 | % | 51.7 | % | 50.0 | % | ||||||||||
| GAAP Research and development | $ | (381 | ) | $ | (367 | ) | $ | (416 | ) | |||||||
| Restructuring | - | 12 | (32 | ) | ||||||||||||
| Stock based compensation | (28 | ) | (29 | ) | (30 | ) | ||||||||||
| Merger-related costs | - | (1 | ) | - | ||||||||||||
| Other incidentals | - | - | 1 | |||||||||||||
| Non-GAAP Research and development | $ | (353 | ) | $ | (349 | ) | $ | (355 | ) | |||||||
| GAAP Selling, general and administrative | $ | (263 | ) | $ | (266 | ) | $ | (283 | ) | |||||||
| PPA effects | (6 | ) | (6 | ) | (9 | ) | ||||||||||
| Restructuring | (1 | ) | (3 | ) | 2 | |||||||||||
| Stock based compensation | (32 | ) | (30 | ) | (38 | ) | ||||||||||
| Merger-related costs | (35 | ) | (29 | ) | (11 | ) | ||||||||||
| Other incidentals | (1 | ) | - | (5 | ) | |||||||||||
| Non-GAAP Selling, general and administrative | $ | (188 | ) | $ | (198 | ) | $ | (222 | ) | |||||||
| GAAP amortization of acquisition-related intangible assets | $ | (373 | ) | $ | (365 | ) | $ | (436 | ) | |||||||
| PPA effects | (373 | ) | (365 | ) | (436 | ) | ||||||||||
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | $ | - | $ | - | ||||||||||
| GAAP Other income (expense) | $ | (16 | ) | $ | 1,598 | $ | 10 | |||||||||
| PPA effects | - | - | (3 | ) | ||||||||||||
| Other incidentals | (15 | ) | 1,596 | 1 | ) | 13 | ||||||||||
| Non-GAAP Other income (expense) | $ | (1 | ) | $ | 2 | $ | - | |||||||||
| GAAP Operating income (loss) | $ | 50 | $ | 1,679 | $ | (26 | ) | |||||||||
| PPA effects | (455 | ) | (430 | ) | (514 | ) | ||||||||||
| Restructuring | (2 | ) | 8 | (40 | ) | |||||||||||
| Stock based compensation | (67 | ) | (68 | ) | (80 | ) | ||||||||||
| Merger-related costs | (35 | ) | (30 | ) | (11 | ) | ||||||||||
| Other incidentals | (16 | ) | 1,600 | 1 | ) | 13 | ||||||||||
| Non-GAAP Operating income (loss) | $ | 625 | $ | 599 | $ | 606 | ||||||||||
| GAAP Operating margin | 2.3 | % | 75.9 | % | -1.1 | % | ||||||||||
| Non-GAAP Operating margin | 28.4 | % | 27.1 | % | 25.6 | % | ||||||||||
| GAAP Financial income (expense) | $ | (75 | ) | $ | (136 | ) | $ | (126 | ) | |||||||
| PPA effects | - | - | 3 | |||||||||||||
| Non-cash interest expense on convertible notes | (10 | ) | (10 | ) | (10 | ) | ||||||||||
| Foreign exchange gain (loss) | (3 | ) | (5 | ) | (2 | ) | ||||||||||
| Extinguishment on debt | - | (41 | ) | (23 | ) | |||||||||||
| Changes in fair value of warrant liability | - | - | - | |||||||||||||
| Other financial expense | (3 | ) | (5 | ) | (6 | ) | ||||||||||
| Non-GAAP Financial income (expense) | $ | (59 | ) | $ | (75 | ) | $ | (88 | ) | |||||||
| 1) Adjustment relates primarily to the gain on the sale of the SP business on February 6, 2017. | ||||||||||||||||
NXP Semiconductors Reports Second Quarter 2017 Results
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