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NXP Semiconductors
Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited) | ||||||||||||||
| ($ in millions) | Three months ended | |||||||||||||
|
September 27,
2020 | June 28, 2020 |
September 29,
2019 | ||||||||||||
| Revenue | $ | 2,267 | $ | 1,817 | $ | 2,265 | ||||||||
| GAAP Gross Profit | $ | 1,090 | $ | 860 | $ | 1,186 | ||||||||
| PPA Effects | (22 | ) | (20 | ) | (19 | ) | ||||||||
| Restructuring | (12 | ) | — | 1 | ||||||||||
| Stock Based Compensation | (11 | ) | (11 | ) | (11 | ) | ||||||||
| Merger-related costs | — | (1 | ) | (1 | ) | |||||||||
| Non-GAAP Gross Profit | $ | 1,135 | $ | 892 | $ | 1,216 | ||||||||
| GAAP Gross margin | 48.1 | % | 47.3 | % | 52.4 | % | ||||||||
| Non-GAAP Gross margin | 50.1 | % | 49.1 | % | 53.7 | % | ||||||||
| GAAP Research and development | $ | (438 | ) | $ | (402 | ) | $ | (396 | ) | |||||
| Restructuring | (7 | ) | (6 | ) | — | |||||||||
| Stock based compensation | (39 | ) | (39 | ) | (34 | ) | ||||||||
| Merger-related costs | — | — | (1 | ) | ||||||||||
| Other incidentals | (5 | ) | — | — | ||||||||||
| Non-GAAP Research and development | $ | (387 | ) | $ | (357 | ) | $ | (361 | ) | |||||
| GAAP Selling, general and administrative | $ | (203 | ) | $ | (222 | ) | $ | (221 | ) | |||||
| PPA effects | (1 | ) | (2 | ) | (5 | ) | ||||||||
| Restructuring | (2 | ) | (2 | ) | — | |||||||||
| Stock based compensation | (33 | ) | (55 | ) | (39 | ) | ||||||||
| Merger-related costs | (1 | ) | (2 | ) | (4 | ) | ||||||||
| Other incidentals | (3 | ) | (2 | ) | (3 | ) | ||||||||
| Non-GAAP Selling, general and administrative | $ | (163 | ) | $ | (159 | ) | $ | (170 | ) | |||||
| GAAP amortization of acquisition-related intangible assets | $ | (418 | ) | $ | (380 | ) | $ | (358 | ) | |||||
| PPA effects | (418 | ) | (380 | ) | (358 | ) | ||||||||
| Non-GAAP amortization of acquisition-related intangible assets | $ | — | $ | — | $ | — | ||||||||
| GAAP Other income (expense) | $ | 1 | $ | (1 | ) | $ | 22 | |||||||
| Other incidentals | — | (1 | ) | 20 | ||||||||||
| Non-GAAP Other income (expense) | $ | 1 | $ | — | $ | 2 | ||||||||
| GAAP Operating income (loss) | $ | 32 | $ | (145 | ) | $ | 233 | |||||||
| PPA effects | (441 | ) | (402 | ) | (382 | ) | ||||||||
| Restructuring | (21 | ) | (8 | ) | 1 | |||||||||
| Stock based compensation | (83 | ) | (105 | ) | (84 | ) | ||||||||
| Merger-related costs | (1 | ) | (3 | ) | (6 | ) | ||||||||
| Other incidentals | (8 | ) | (3 | ) | 17 | |||||||||
| Non-GAAP Operating income (loss) | $ | 586 | $ | 376 | $ | 687 | ||||||||
| GAAP Operating margin | 1.4 | % | (8.0 | ) | % | 10.3 | % | |||||||
| Non-GAAP Operating margin | 25.8 | % | 20.7 | % | 30.3 | % | ||||||||
| GAAP Financial income (expense) | $ | (106 | ) | $ | (96 | ) | $ | (85 | ) | |||||
| Non-cash interest expense on convertible notes | — | — | (12 | ) | ||||||||||
| Foreign exchange gain (loss) | (3 | ) | (2 | ) | (2 | ) | ||||||||
| Gain (loss) on extinguishment of long-term debt | — | — | (1 | ) | ||||||||||
| Other financial expense | (3 | ) | (2 | ) | (4 | ) | ||||||||
| Non-GAAP Financial income (expense) | $ | (100 | ) | $ | (92 | ) | $ | (66 | ) | |||||
NXP Semiconductors Reports Third Quarter 2020 Results
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