| NXP Semiconductors | ||||||||||||||||
| Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited) | ||||||||||||||||
| ($ in millions except share data) | Three Months Ended | |||||||||||||||
| April 1, 2018 | December 31, 2017 | April 2, 2017 | ||||||||||||||
| Revenue | $ | 2,269 | $ | 2,456 | $ | 2,211 | ||||||||||
| GAAP Gross profit | $ | 1,172 | $ | 1,242 | $ | 1,079 | ||||||||||
| PPA effects | (19 | ) | (79 | ) | (59 | ) | ||||||||||
| Restructuring | - | - | (1 | ) | ||||||||||||
| Stock Based Compensation | (9 | ) | (10 | ) | (9 | ) | ||||||||||
| Other incidentals | - | - | 4 | |||||||||||||
| Non-GAAP Gross profit | $ | 1,200 | $ | 1,331 | $ | 1,144 | ||||||||||
| GAAP Gross margin | 51.7 | % | 50.6 | % | 48.8 | % | ||||||||||
| Non-GAAP Gross margin | 52.9 | % | 54.2 | % | 51.7 | % | ||||||||||
| GAAP Research and development | $ | (426 | ) | $ | (414 | ) | $ | (367 | ) | |||||||
| Restructuring | - | - | 12 | |||||||||||||
| Stock based compensation | (31 | ) | (35 | ) | (29 | ) | ||||||||||
| Merger-related costs | (1 | ) | (1 | ) | (1 | ) | ||||||||||
| Other incidentals | - | - | - | |||||||||||||
| Non-GAAP Research and development | $ | (394 | ) | $ | (378 | ) | $ | (349 | ) | |||||||
| GAAP Selling, general and administrative | $ | (248 | ) | $ | (269 | ) | $ | (266 | ) | |||||||
| PPA effects | (3 | ) | (5 | ) | (6 | ) | ||||||||||
| Restructuring | (1 | ) | - | (3 | ) | |||||||||||
| Stock based compensation | (29 | ) | (33 | ) | (30 | ) | ||||||||||
| Merger-related costs | (25 | ) | (31 | ) | (29 | ) | ||||||||||
| Other incidentals | - | (10 | ) | - | ||||||||||||
| Non-GAAP Selling, general and administrative | $ | (190 | ) | $ | (190 | ) | $ | (198 | ) | |||||||
| GAAP amortization of acquisition-related intangible assets | $ | (360 | ) | $ | (347 | ) | $ | (365 | ) | |||||||
| PPA effects | (360 | ) | (347 | ) | (365 | ) | ||||||||||
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | $ | - | $ | - | ||||||||||
| GAAP Other income (expense) | $ | - | $ | (2 | ) | $ | 1,598 | |||||||||
| PPA effects | - | - | - | |||||||||||||
| Other incidentals | (1 | ) | (2 | ) | 1,596 | |||||||||||
| Non-GAAP Other income (expense) | $ | 1 | $ | - | $ | 2 | ||||||||||
| GAAP Operating income (loss) | $ | 138 | $ | 210 | $ | 1,679 | ||||||||||
| PPA effects | (382 | ) | (431 | ) | (430 | ) | ||||||||||
| Restructuring | (1 | ) | - | 8 | ||||||||||||
| Stock based compensation | (69 | ) | (78 | ) | (68 | ) | ||||||||||
| Merger-related costs | (26 | ) | (32 | ) | (30 | ) | ||||||||||
| Other incidentals | (1 | ) | (12 | ) | 1,600 | 1 | ) | |||||||||
| Non-GAAP Operating income (loss) | $ | 617 | $ | 763 | $ | 599 | ||||||||||
| GAAP Operating margin | 6.1 | % | 8.6 | % | 75.9 | % | ||||||||||
| Non-GAAP Operating margin | 27.2 | % | 31.1 | % | 27.1 | % | ||||||||||
| GAAP Financial income (expense) | $ | (68 | ) | $ | (79 | ) | $ | (136 | ) | |||||||
| PPA effects | - | - | - | |||||||||||||
| Non-cash interest expense on convertible notes | (11 | ) | (10 | ) | (10 | ) | ||||||||||
| Foreign exchange gain (loss) | (3 | ) | (3 | ) | (5 | ) | ||||||||||
| Extinguishment on debt | - | - | (41 | ) | ||||||||||||
| Changes in fair value of warrant liability | - | - | - | |||||||||||||
| Other financial expense | (3 | ) | (11 | ) | (5 | ) | ||||||||||
| Non-GAAP Financial income (expense) | $ | (51 | ) | $ | (55 | ) | $ | (75 | ) | |||||||
| 1) Adjustment relates primarily to the gain on the sale of the SP business on February 6, 2017. | ||||||||||||||||
NXP Semiconductors Reports First Quarter 2018 Results
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