| NXP Semiconductors | ||||||||||||
| Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited) | ||||||||||||
| ($ in millions except share data) | Three Months Ended | |||||||||||
| July 1, 2018 | April 1, 2018 | July 2, 2017 | ||||||||||
| Revenue | $ | 2,290 | $ | 2,269 | $ | 2,202 | ||||||
| GAAP Gross profit | $ | 1,180 | $ | 1,172 | $ | 1,083 | ||||||
| PPA effects | (20 | ) | (19 | ) | (76 | ) | ||||||
| Restructuring | - | - | (1 | ) | ||||||||
| Stock Based Compensation | (8 | ) | (9 | ) | (7 | ) | ||||||
| Merger-related costs | (2 | ) | - | - | ||||||||
| Non-GAAP Gross profit | $ | 1,210 | $ | 1,200 | $ | 1,167 | ||||||
| GAAP Gross margin | 51.5 | % | 51.7 | % | 49.2 | % | ||||||
| Non-GAAP Gross margin | 52.8 | % | 52.9 | % | 53.0 | % | ||||||
| GAAP Research and development | $ | (438 | ) | $ | (426 | ) | $ | (381 | ) | |||
| Stock based compensation | (32 | ) | (31 | ) | (28 | ) | ||||||
| Merger-related costs | (2 | ) | (1 | ) | - | |||||||
| Non-GAAP Research and development | $ | (404 | ) | $ | (394 | ) | $ | (353 | ) | |||
| GAAP Selling, general and administrative | $ | (242 | ) | $ | (248 | ) | $ | (263 | ) | |||
| PPA effects | (1 | ) | (3 | ) | (6 | ) | ||||||
| Restructuring | - | (1 | ) | (1 | ) | |||||||
| Stock based compensation | (29 | ) | (29 | ) | (32 | ) | ||||||
| Merger-related costs | (21 | ) | (25 | ) | (35 | ) | ||||||
| Other incidentals | (4 | ) | - | (1 | ) | |||||||
| Non-GAAP Selling, general and administrative | $ | (187 | ) | $ | (190 | ) | $ | (188 | ) | |||
| GAAP amortization of acquisition-related intangible assets | $ | (363 | ) | $ | (360 | ) | $ | (373 | ) | |||
| PPA effects | (363 | ) | (360 | ) | (373 | ) | ||||||
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | $ | - | $ | - | ||||||
| GAAP Other income (expense) | $ | - | $ | - | $ | (16 | ) | |||||
| Restructuring | 1 | - | - | |||||||||
| Other incidentals | - | (1 | ) | (15 | ) | |||||||
| Non-GAAP Other income (expense) | $ | (1 | ) | $ | 1 | $ | (1 | ) | ||||
| GAAP Operating income (loss) | $ | 137 | $ | 138 | $ | 50 | ||||||
| PPA effects | (384 | ) | (382 | ) | (455 | ) | ||||||
| Restructuring | 1 | (1 | ) | (2 | ) | |||||||
| Stock based compensation | (69 | ) | (69 | ) | (67 | ) | ||||||
| Merger-related costs | (25 | ) | (26 | ) | (35 | ) | ||||||
| Other incidentals | (4 | ) | (1 | ) | (16 | ) | ||||||
| Non-GAAP Operating income (loss) | $ | 618 | $ | 617 | $ | 625 | ||||||
| GAAP Operating margin | 6.0 | % | 6.1 | % | 2.3 | % | ||||||
| Non-GAAP Operating margin | 27.0 | % | 27.2 | % | 28.4 | % | ||||||
| GAAP Financial income (expense) | $ | (71 | ) | $ | (68 | ) | $ | (75 | ) | |||
| Non-cash interest expense on convertible notes | (11 | ) | (11 | ) | (10 | ) | ||||||
| Foreign exchange gain (loss) | - | (3 | ) | (3 | ) | |||||||
| Extinguishment on debt | (26 | ) | - | - | ||||||||
| Other financial expense | (3 | ) | (3 | ) | (3 | ) | ||||||
| Non-GAAP Financial income (expense) | $ | (31 | ) | $ | (51 | ) | $ | (59 | ) | |||
NXP Semiconductors Reports Second Quarter 2018 Results
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