| NXP Semiconductors | ||||||||||||
| Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited) | ||||||||||||
| ($ in millions except share data) | Three Months Ended | |||||||||||
| June 30, 2019 | March 31, 2019 | July 1, 2018 | ||||||||||
| Revenue | $ | 2,217 | $ | 2,094 | $ | 2,290 | ||||||
| GAAP Gross profit | $ | 1,151 | $ | 1,072 | $ | 1,180 | ||||||
| PPA effects | (20 | ) | (17 | ) | (20 | ) | ||||||
| Restructuring | - | (4 | ) | - | ||||||||
| Stock Based Compensation | (10 | ) | (10 | ) | (8 | ) | ||||||
| Merger-related costs | - | (1 | ) | (2 | ) | |||||||
| Non-GAAP Gross profit | $ | 1,181 | $ | 1,104 | $ | 1,210 | ||||||
| GAAP Gross margin | 51.9 | % | 51.2 | % | 51.5 | % | ||||||
| Non-GAAP Gross margin | 53.3 | % | 52.7 | % | 52.8 | % | ||||||
| GAAP Research and development | $ | (408 | ) | $ | (415 | ) | $ | (438 | ) | |||
| Restructuring | (5 | ) | (11 | ) | - | |||||||
| Stock based compensation | (34 | ) | (35 | ) | (32 | ) | ||||||
| Merger-related costs | (2 | ) | (3 | ) | (2 | ) | ||||||
| Non-GAAP Research and development | $ | (367 | ) | $ | (366 | ) | $ | (404 | ) | |||
| GAAP Selling, general and administrative | $ | (230 | ) | $ | (248 | ) | $ | (242 | ) | |||
| PPA effects | (2 | ) | (1 | ) | (1 | ) | ||||||
| Restructuring | - | (10 | ) | - | ||||||||
| Stock based compensation | (43 | ) | (41 | ) | (29 | ) | ||||||
| Merger-related costs | (8 | ) | (9 | ) | (21 | ) | ||||||
| Other incidentals | (3 | ) | (6 | ) | (4 | ) | ||||||
| Non-GAAP Selling, general and administrative | $ | (174 | ) | $ | (181 | ) | $ | (187 | ) | |||
| GAAP amortization of acquisition-related intangible assets | $ | (355 | ) | $ | (357 | ) | $ | (363 | ) | |||
| PPA effects | (355 | ) | (357 | ) | (363 | ) | ||||||
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | $ | - | $ | - | ||||||
| GAAP Other income (expense) | $ | (1 | ) | $ | 2 | $ | - | |||||
| Restructuring | $ | - | $ | - | $ | 1 | ||||||
| Other incidentals | (1 | ) | - | - | ||||||||
| Non-GAAP Other income (expense) | $ | - | $ | 2 | $ | (1 | ) | |||||
| GAAP Operating income (loss) | $ | 157 | $ | 54 | $ | 137 | ||||||
| PPA effects | (377 | ) | (375 | ) | (384 | ) | ||||||
| Restructuring | (5 | ) | (25 | ) | 1 | |||||||
| Stock based compensation | (87 | ) | (86 | ) | (69 | ) | ||||||
| Merger-related costs | (10 | ) | (13 | ) | (25 | ) | ||||||
| Other incidentals | (4 | ) | (6 | ) | (4 | ) | ||||||
| Non-GAAP Operating income (loss) | $ | 640 | $ | 559 | $ | 618 | ||||||
| GAAP Operating margin | 7.1 | % | 2.6 | % | 6.0 | % | ||||||
| Non-GAAP Operating margin | 28.9 | % | 26.7 | % | 27.0 | % | ||||||
| GAAP Financial income (expense) | $ | (89 | ) | $ | (83 | ) | $ | (71 | ) | |||
| Non-cash interest expense on convertible notes | (11 | ) | (11 | ) | (11 | ) | ||||||
| Foreign exchange gain (loss) | (4 | ) | (7 | ) | - | |||||||
| Gain (loss) on extinguishment of long-term debt | (10 | ) | - | (26 | ) | |||||||
| Other financial expense | (3 | ) | (4 | ) | (3 | ) | ||||||
| Non-GAAP Financial income (expense) | $ | (61 | ) | $ | (61 | ) | $ | (31 | ) | |||
NXP Semiconductors Reports Second Quarter 2019 Results
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