| NXP Semiconductors | |||||||||||||||||||||
| Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited) | |||||||||||||||||||||
| ($ in millions except share data) | Three Months Ended | Full Year | |||||||||||||||||||
| Dec. 31, 2018 | Sept. 30, 2018 | Dec. 31, 2017 | 2018 | 2017 | |||||||||||||||||
| Revenue | $ | 2,403 | $ | 2,445 | $ | 2,456 | $ | 9,407 | $ | 9,256 | |||||||||||
| GAAP Gross profit | $ | 1,243 | $ | 1,256 | $ | 1,242 | $ | 4,851 | $ | 4,619 | |||||||||||
| PPA effects | (19 | ) | (20 | ) | (79 | ) | (78 | ) | (273 | ) | |||||||||||
| Restructuring | - | - | - | - | (3 | ) | |||||||||||||||
| Stock Based Compensation | (12 | ) | (11 | ) | (10 | ) | (40 | ) | (33 | ) | |||||||||||
| Merger-related costs | (1 | ) | (8 | ) | - | (11 | ) | (1 | ) | ||||||||||||
| Other incidentals | - | - | - | - | 4 | ||||||||||||||||
| Non-GAAP Gross profit | $ | 1,275 | $ | 1,295 | $ | 1,331 | $ | 4,980 | $ | 4,925 | |||||||||||
| GAAP Gross margin | 51.7 | % | 51.4 | % | 50.6 | % | 51.6 | % | 49.9 | % | |||||||||||
| Non-GAAP Gross margin | 53.1 | % | 53.0 | % | 54.2 | % | 52.9 | % | 53.2 | % | |||||||||||
| GAAP Research and development | $ | (403 | ) | $ | (433 | ) | $ | (414 | ) | $ | (1,700 | ) | $ | (1,554 | ) | ||||||
| Restructuring | - | - | - | - | 12 | ||||||||||||||||
| Stock based compensation | (36 | ) | (34 | ) | (35 | ) | (133 | ) | (122 | ) | |||||||||||
| Merger-related costs | (3 | ) | (18 | ) | (1 | ) | (24 | ) | (2 | ) | |||||||||||
| Non-GAAP Research and development | $ | (364 | ) | $ | (381 | ) | $ | (378 | ) | $ | (1,543 | ) | $ | (1,442 | ) | ||||||
| GAAP Selling, general and administrative | $ | (251 | ) | $ | (252 | ) | $ | (269 | ) | $ | (993 | ) | $ | (1,090 | ) | ||||||
| PPA effects | (2 | ) | (2 | ) | (5 | ) | (8 | ) | (21 | ) | |||||||||||
| Restructuring | (1 | ) | (5 | ) | - | (7 | ) | (10 | ) | ||||||||||||
| Stock based compensation | (45 | ) | (38 | ) | (33 | ) | (141 | ) | (126 | ) | |||||||||||
| Merger-related costs | (11 | ) | (21 | ) | (31 | ) | (78 | ) | (136 | ) | |||||||||||
| Other incidentals | (13 | ) | (4 | ) | (10 | ) | (21 | ) | (34 | ) | |||||||||||
| Non-GAAP Selling, general and administrative | $ | (179 | ) | $ | (182 | ) | $ | (190 | ) | $ | (738 | ) | $ | (763 | ) | ||||||
| GAAP amortization of acquisition-related intangible assets | $ | (364 | ) | $ | (362 | ) | $ | (347 | ) | $ | (1,449 | ) | $ | (1,448 | ) | ||||||
| PPA effects | (364 | ) | (362 | ) | (347 | ) | (1,449 | ) | (1,448 | ) | |||||||||||
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
| GAAP Other income (expense) | $ | (1 | ) | $ | 2,002 | $ | (2 | ) | $ | 2,001 | $ | 1,575 | |||||||||
| Restructuring | - | - | - | 1 | - | ||||||||||||||||
| Merger-related costs | - | 1,961 | - | 1,961 | - | ||||||||||||||||
| Other incidentals | - | 40 | (2 | ) | 39 | 1,573 | |||||||||||||||
| Non-GAAP Other income (expense) | $ | (1 | ) | $ | 1 | $ | - | $ | - | $ | 2 | ||||||||||
| GAAP Operating income (loss) | $ | 224 | $ | 2,211 | $ | 210 | $ | 2,710 | $ | 2,102 | |||||||||||
| PPA effects | (385 | ) | (384 | ) | (431 | ) | (1,535 | ) | (1,742 | ) | |||||||||||
| Restructuring | (1 | ) | (5 | ) | - | (6 | ) | (1 | ) | ||||||||||||
| Stock based compensation | (93 | ) | (83 | ) | (78 | ) | (314 | ) | (281 | ) | |||||||||||
| Merger-related costs | (15 | ) | 1,914 | (32 | ) | 1,848 | (139 | ) | |||||||||||||
| Other incidentals | (13 | ) | 36 | (12 | ) | 18 | 1,543 | ||||||||||||||
| Non-GAAP Operating income (loss) | $ | 731 | $ | 733 | $ | 763 | $ | 2,699 | $ | 2,722 | |||||||||||
| GAAP Operating margin | 9.3 | % | 90.4 | % | 8.6 | % | 28.8 | % | 22.7 | % | |||||||||||
| Non-GAAP Operating margin | 30.4 | % | 30.0 | % | 31.1 | % | 28.7 | % | 29.4 | % | |||||||||||
| GAAP Financial income (expense) | $ | (77 | ) | $ | (119 | ) | $ | (79 | ) | $ | (335 | ) | $ | (366 | ) | ||||||
| Non-cash interest expense on convertible notes | (11 | ) | (11 | ) | (10 | ) | (44 | ) | (41 | ) | |||||||||||
| Foreign exchange gain (loss) | (5 | ) | (3 | ) | (3 | ) | (11 | ) | (16 | ) | |||||||||||
| Extinguishment on debt | - | - | - | (26 | ) | (41 | ) | ||||||||||||||
| Other financial expense | (1 | ) | (71 | ) | 1 | ) | (11 | ) | (78 | ) | (22 | ) | |||||||||
| Non-GAAP Financial income (expense) | $ | (60 | ) | $ | (34 | ) | $ | (55 | ) | $ | (176 | ) | $ | (246 | ) | ||||||
NXP Semiconductors Reports Fourth Quarter and Full-year 2018 Results
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