NXP Semiconductors
Table 5: Adjusted EBITDA and Free Cash Flow (unaudited)
| ($ in millions) | Three months ended | Full-year | |||||||||||||||||
|
December 31,
2020 |
September 27,
2020 |
December 31,
2019 | 2020 | 2019 | |||||||||||||||
| Net income (loss) | $ | 320 | $ | (18 | ) | $ | 123 | $ | 80 | $ | 272 | ||||||||
| Reconciling items to adjusted net income | |||||||||||||||||||
| Financial (income) expense | 137 | 106 | 93 | 417 | 350 | ||||||||||||||
| (Benefit) provision for income taxes | 5 | (57 | ) | (20 | ) | (83 | ) | 20 | |||||||||||
| Depreciation | 139 | 139 | 131 | 547 | 518 | ||||||||||||||
| Amortization | 177 | 450 | 391 | 1,441 | 1,529 | ||||||||||||||
| Adjusted net income | $ | 778 | $ | 620 | $ | 718 | $ | 2,402 | $ | 2,689 | |||||||||
| Reconciling items to adjusted EBITDA | |||||||||||||||||||
| Results of equity-accounted investees | 1 | 1 | 1 | 4 | (1 | ) | |||||||||||||
| Purchase accounting effect on inventory | — | — | 8 | 17 | 8 | ||||||||||||||
| Restructuring | 38 | 21 | (1 | ) | 78 | 28 | |||||||||||||
| Stock based costs | 89 | 83 | 89 | 384 | 346 | ||||||||||||||
| Merger-related costs | — | 1 | 4 | 8 | 33 | ||||||||||||||
| Other incidental items 1) | 1 | 2 | 4 | (101 | ) | (3 | ) | ||||||||||||
| Adjusted EBITDA | $ | 907 | $ | 728 | $ | 823 | $ | 2,792 | $ | 3,100 | |||||||||
| Trailing twelve month adjusted EBITDA | $ | 2,792 | $ | 2,708 | $ | 3,100 | $ | 2,792 | $ | 3,100 | |||||||||
| 1) Excluding amortization related to: | |||||||||||||||||||
| - other incidental items | $ | 2 | $ | 6 | $ | — | $ | 8 | $ | — | |||||||||
| ($ in millions) | Three months ended | Full-year | |||||||||||||||||
| December 31, 2020 | September 27, 2020 | December 31, 2019 | 2020 | 2019 | |||||||||||||||
| Net cash provided by (used for) operating activities | $ | 1,029 | $ | 527 | $ | 814 | $ | 2,482 | $ | 2,373 | |||||||||
| Net capital expenditures on property, plant and equipment | (103 | ) | (68 | ) | (138 | ) | (388 | ) | (503 | ) | |||||||||
| Non-GAAP free cash flow | $ | 926 | $ | 459 | $ | 676 | $ | 2,094 | $ | 1,870 | |||||||||
| Non-GAAP free cash flow as percent of Revenue | 37 | % | 20 | % | 29 | % | 24 | % | 21 | % | |||||||||
