| 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,
2017 |
October 1,
2017 |
December 31,
2016 | 2017 | 2016 | ||||||||||||||||
| Revenue | $ | 2,456 | $ | 2,387 | $ | 2,440 | $ | 9,256 | $ | 9,498 | ||||||||||
| GAAP Gross profit | $ | 1,242 | $ | 1,215 | $ | 1,189 | $ | 4,619 | $ | 4,069 | ||||||||||
| PPA effects | (79 | ) | (59 | ) | (60 | ) | (273 | ) | (686 | ) | ||||||||||
| Restructuring | - | (1 | ) | (1 | ) | (3 | ) | (18 | ) | |||||||||||
| Stock Based Compensation | (10 | ) | (7 | ) | (12 | ) | (33 | ) | (49 | ) | ||||||||||
| Merger-related costs | - | (1 | ) | - | (1 | ) | - | |||||||||||||
| Other incidentals | - | - | 14 | 4 | 32 | |||||||||||||||
| Non-GAAP Gross profit | $ | 1,331 | $ | 1,283 | $ | 1,248 | $ | 4,925 | $ | 4,790 | ||||||||||
| GAAP Gross margin | 50.6 | % | 50.9 | % | 48.7 | % | 49.9 | % | 42.8 | % | ||||||||||
| Non-GAAP Gross margin | 54.2 | % | 53.7 | % | 51.1 | % | 53.2 | % | 50.4 | % | ||||||||||
| GAAP Research and development | $ | (414 | ) | $ | (392 | ) | $ | (362 | ) | $ | (1,554 | ) | $ | (1,560 | ) | |||||
| Restructuring | - | - | 2 | 12 | (41 | ) | ||||||||||||||
| Stock based compensation | (35 | ) | (30 | ) | (32 | ) | (122 | ) | (123 | ) | ||||||||||
| Merger-related costs | (1 | ) | - | - | (2 | ) | - | |||||||||||||
| Other incidentals | - | - | (1 | ) | - | - | ||||||||||||||
| Non-GAAP Research and development | $ | (378 | ) | $ | (362 | ) | $ | (331 | ) | $ | (1,442 | ) | $ | (1,396 | ) | |||||
| GAAP Selling, general and administrative | $ | (269 | ) | $ | (292 | ) | $ | (292 | ) | $ | (1,090 | ) | $ | (1,141 | ) | |||||
| PPA effects | (5 | ) | (4 | ) | (5 | ) | (21 | ) | (21 | ) | ||||||||||
| Restructuring | - | (6 | ) | (6 | ) | (10 | ) | (9 | ) | |||||||||||
| Stock based compensation | (33 | ) | (31 | ) | (38 | ) | (126 | ) | (166 | ) | ||||||||||
| Merger-related costs | (31 | ) | (41 | ) | (37 | ) | (136 | ) | (67 | ) | ||||||||||
| Other incidentals | (10 | ) | (23 | ) | (3 | ) | (34 | ) | (13 | ) | ||||||||||
| Non-GAAP Selling, general and administrative | $ | (190 | ) | $ | (187 | ) | $ | (203 | ) | $ | (763 | ) | $ | (865 | ) | |||||
| GAAP amortization of acquisition-related intangible assets | $ | (347 | ) | $ | (363 | ) | $ | (363 | ) | $ | (1,448 | ) | $ | (1,527 | ) | |||||
| PPA effects | (347 | ) | (363 | ) | (363 | ) | (1,448 | ) | (1,527 | ) | ||||||||||
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
| GAAP Other income (expense) | $ | (2 | ) | $ | (5 | ) | $ | 1 | $ | 1,575 | $ | 9 | ||||||||
| PPA effects | - | - | 1 | - | (3 | ) | ||||||||||||||
| Other incidentals | (2 | ) | (6 | ) | (1 | ) | 1,573 | 10 | ||||||||||||
| Non-GAAP Other income (expense) | $ | - | $ | 1 | $ | 1 | $ | 2 | $ | 2 | ||||||||||
| GAAP Operating income (loss) | $ | 210 | $ | 163 | $ | 173 | $ | 2,102 | $ | (150 | ) | |||||||||
| PPA effects | (431 | ) | (426 | ) | (427 | ) | (1,742 | ) | (2,237 | ) | ||||||||||
| Restructuring | - | (7 | ) | (5 | ) | (1 | ) | (68 | ) | |||||||||||
| Stock based compensation | (78 | ) | (68 | ) | (82 | ) | (281 | ) | (338 | ) | ||||||||||
| Merger-related costs | (32 | ) | (42 | ) | (37 | ) | (139 | ) | (67 | ) | ||||||||||
| Other incidentals | (12 | ) | (29 | ) | 9 | 1,543 | 29 | |||||||||||||
| Non-GAAP Operating income (loss) | $ | 763 | $ | 735 | $ | 715 | $ | 2,722 | $ | 2,531 | ||||||||||
| GAAP Operating margin | 8.6 | % | 6.8 | % | 7.1 | % | 22.7 | % | -1.6 | % | ||||||||||
| Non-GAAP Operating margin | 31.1 | % | 30.8 | % | 29.3 | % | 29.4 | % | 26.6 | % | ||||||||||
| GAAP Financial income (expense) | $ | (79 | ) | $ | (76 | ) | $ | (96 | ) | $ | (366 | ) | $ | (453 | ) | |||||
| PPA effects | - | - | - | - | 6 | |||||||||||||||
| Non-cash interest expense on convertible notes | (10 | ) | (11 | ) | (9 | ) | (41 | ) | (40 | ) | ||||||||||
| Foreign exchange gain (loss) | (3 | ) | (5 | ) | (2 | ) | (16 | ) | (15 | ) | ||||||||||
| Extinguishment on debt | - | - | - | (41 | ) | (32 | ) | |||||||||||||
| Other financial expense | (11 | ) | (3 | ) | (6 | ) | (22 | ) | (25 | ) | ||||||||||
| Non-GAAP Financial income (expense) | $ | (55 | ) | $ | (57 | ) | $ | (79 | ) | $ | (246 | ) | $ | (347 | ) | |||||
NXP Semiconductors Reports Fourth Quarter and Full Year 2017 Results
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