NXP Semiconductors Reports Fourth Quarter and Full-year 2018 Results
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NXP Semiconductors | | | | | | | | | | |
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Table 6: Adjusted EBITDA and Free Cash Flow (unaudited) | | | | | | | | | | |
| ($ in millions) | |
Three Months Ended | |
Full Year |
| | |
Dec. 31, 2018 | |
Sept. 30, 2018 | |
Dec. 31, 2017 | | |
2018 | | | |
2017 | |
|
Net Income (loss) | |
$ |
289 | | |
$ |
1,833 | | |
$ |
768 | | |
$ |
2,258 | | |
$ |
2,272 | |
|
Reconciling items to adjusted net income | | | | | | | | | | |
| Financial (income) expense | | | 77 | | | | 119 | | | | 79 | | | | 335 | | | | 366 | |
| (Benefit) provision for income taxes | | | (141 | ) | | | 311 | | | | (629 | ) | | | 176 | | | | (483 | ) |
| Depreciation | | | 124 | | | | 119 | | | | 145 | | | | 478 | | | | 611 | |
| Amortization | | | 379 | | | | 378 | | | | 397 | | | | 1,509 | | | | 1,562 | |
|
Adjusted net income | |
$ |
728 | | |
$ |
2,760 | | |
$ |
760 | | |
$ |
4,756 | | |
$ |
4,328 | |
|
Reconciling items to adjusted EBITDA | | | | | | | | | | |
| Results of equity-accounted investees | | | (1 | ) | | | (52 | ) | | | (8 | ) | | | (59 | ) | | | (53 | ) |
| Restructuring | | | 1 | | | | 5 | | | | - | | | | 6 | | | | 1 | |
| Stock based compensation | | | 93 | | | | 83 | | | | 78 | | | | 314 | | | | 281 | |
| Merger-related costs | | | 15 | | | | (1,914 | ) | | | 32 | | | | (1,848 | ) | | | 139 | |
| Other incidental items 1) | | | 13 | | | | (36 | ) | | | 12 | | | | (18 | ) | | | (1,539 | ) |
|
Adjusted EBITDA | |
$ |
849 | | |
$ |
846 | | |
$ |
874 | | |
$ |
3,151 | | |
$ |
3,157 | |
|
Trailing twelve month adjusted EBITDA | |
$ |
3,151 | | |
$ |
3,176 | | |
$ |
3,157 | | |
$ |
3,151 | | |
$ |
3,157 | |
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| 1) Excluding depreciation property, plant and equipment and amortization of software related to: | | | | | | |
| Other incidental items | | | - | | | | - | | | | - | | | | - | | | | (4 | ) |
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| ($ in millions) | |
Three Months Ended | |
Full Year |
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| | |
Dec. 31, 2018 | |
Sept. 30, 2018 | |
Dec. 31, 2017 | | |
2018 | | | |
2017 | |
| | | | | | | | | | | |
|
Net cash provided by (used for) operating activities
| |
$ |
731 | | |
$ |
2,615 | | |
$ |
738 | | |
$ |
4,369 | | |
$ |
2,447 | |
| Net capital expenditures on property, plant and equipment | | | (170 | ) | | | (155 | ) | | | (132 | ) | | | (610 | ) | | | (550 | ) |
|
Non-GAAP free cash flow | |
$ |
561 | | |
$ |
2,460 | | |
$ |
606 | | |
$ |
3,759 | | |
$ |
1,897 | |
|
Non-GAAP free cash flow as a percent of Revenue | | |
23 |
% | | |
101 |
% | | |
25 |
% | | |
40 |
% | | |
21 |
% |
