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NXP Semiconductors Reports Fourth Quarter and Full-Year 2022 Results; Announces Increase of Quarterly Dividend

EINDHOVEN, The Netherlands, Jan. 30, 2023 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the fourth quarter and full year ended December 31, 2022.

“NXP delivered full-year 2022 revenue of $13.21 billion, an increase of 19 percent year-on-year, with revenue increasing across all of our focus end-markets. In the fourth quarter, revenue was $3.31 billion, an increase of 9 percent year-on-year, in line with the mid-point of our guidance range. In review, 2022 was a very good year for NXP, with strong execution resulting in record revenue, solid profit growth, and healthy free cash flow generation. Additionally, we experienced unprecedented year-on-year design win traction across the entire portfolio. From an end-market perspective, our automotive business performed very well, while in our consumer IoT and mobile businesses we experienced a softening demand environment through the second half of 2022. Accordingly, we have adopted a vigilant operational stance, aiming to improve service to those customers who continue to experience material shortages while managing the distribution channel inventory levels well below our long-term targets,” said Kurt Sievers, NXP President and Chief Executive Officer.

Key Highlights for the Fourth Quarter and Full-year 2022:

Summary of Reported Fourth Quarter and Full-year 2022 ($ millions, unaudited) (1)

 Q4 2022Q3 2022Q4 2021Q - QY - Y20222021Y - Y
Total Revenue$3,312 $3,445 $3,039 -4%9%$13,205 $11,063 19%
GAAP Gross Profit$1,891 $1,967 $1,707 -4%11%$7,517 $6,067 24%
Gross Profit Adjustments(i)$(31)$(32)$(33)  $(126)$(138) 
Non-GAAP Gross Profit$1,922 $1,999 $1,740 -4%10%$7,643 $6,205 23%
GAAP Gross Margin 57.1% 57.1% 56.2%   56.9% 54.8% 
Non-GAAP Gross Margin 58.0% 58.0% 57.3%   57.9% 56.1% 
GAAP Operating Income / (Loss)$980 $1,001 $807 -2%21%$3,797 $2,583 47%
Operating Income Adjustments(i)$(228)$(270)$(253)  $(994)$(1,058) 
Non-GAAP Operating Income$1,208 $1,271 $1,060 -5%14%$4,791 $3,641 32%
GAAP Operating Margin 29.6% 29.1% 26.6%   28.8% 23.3% 
Non-GAAP Operating Margin 36.5% 36.9% 34.9%   36.3% 32.9% 


Additional information        
 Q4 2022Q3 2022Q4 2021Q - QY - Y2022
2021
Y - Y
Automotive$1,805 $1,804 $1,547 0%17%$6,879 $5,493 25%
Industrial & IoT$605 $713 $661 -15%-8%$2,713 $2,410 13%
Mobile$408 $410 $374 %9%$1,607 $1,412 14%
Comm. Infra. & Other$494 $518 $457 -5%8%$2,006 $1,748 15%
DIO 116  99  83      
DPO 105  96  87      
DSO 26  27  28      
Cash Conversion Cycle 37  30  24      
Channel Inventory (months) 1.6  1.6  1.5      
Gross Financial Leverage(ii)2.0x 2.1x 2.5x      
Net Financial Leverage(iii)1.3x 1.4x 1.8x      
         
  1. Additional Information for the Fourth Quarter and Full-year 2022:
    1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
    2. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
    3. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

Guidance for the First Quarter 2023: ($ millions, except Per Share data) (1)

 Guidance Range
 GAAP Reconciliation non-GAAP
 Low Mid High   Low Mid High
Total Revenue$2,900  $3,000  $3,100    $2,900  $3,000  $3,100 
Q-Q -12%  -9%  -6%    -12%  -9%  -6%
Y-Y -8%  -4%  -1%    -8%  -4%  -1%
Gross Profit$1,634  $1,706  $1,780  $(34) $1,668  $1,740  $1,814 
Gross Margin 56.3%  56.9%  57.4%    57.5%  58.0%  58.5%
Operating Income (loss)$758  $820  $884  $(210) $968  $1,030  $1,094 
Operating Margin 26.1%  27.3%  28.5%    33.4%  34.3%  35.3%
Financial Income (expense)$(80) $(80) $(80) $(3) $(77) $(77) $(77)
Tax rate16.5%-17.5%   16.0%-17.0%
NCI & Other$(10) $(10) $(10) $(2) $(8) $(8) $(8)
Shares - diluted 261.4   261.4   261.4     261.4   261.4   261.4 
Earnings Per Share - diluted$2.12  $2.31  $2.51    $2.82  $3.01  $3.22 
                          

Note (1) Additional Information:

  1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(13) million; Stock Based Compensation, $(12) million; Other Incidentals, $(9) million;
  2. GAAP Operating Income (loss) is expected to include PPA effects, $(99) million; Stock Based Compensation, $(98) million; Restructuring and Other Incidentals, $(13) million;
  3. GAAP Financial Income (expense) is expected to include Other financial expense $(3) million;
  4. GAAP Non-Controlling Interest (NCI) and Other includes non-controlling interest $(8) million and Other $(2) million;
  5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Stock Based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for Non-controlling interest & Other and the adjustment on Tax due to the earlier mentioned adjustments.

NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP's control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding "Non-GAAP Financial Measures" below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding "Forward-looking Statements." We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

Non-GAAP Financial Measures

In managing NXP's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP's underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP's operations.

In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Tax Rate, (xi) Earnings per Share - Diluted, (xii) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xiii) free cash flow and free cash flow as a percent of Revenue. The non-GAAP information excludes the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, non-cash interest expense on convertible notes, extinguishment of debt, and foreign exchange gains and losses.

Conference Call and Webcast Information
The company will host a conference call with the financial community on Tuesday, January 31, 2023 at 8:00 a.m. U.S. Eastern Standard Time (EST) to review the fourth quarter 2022 results in detail.

Interested parties may preregister to obtain a user-specific access code for the call here.

The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

About NXP Semiconductors

NXP Semiconductors N.V. (NASDAQ: NXPI) brings together bright minds to create breakthrough technologies that make the connected world better, safer and more secure. As a world leader in secure connectivity solutions for embedded applications, NXP is pushing boundaries in the automotive, industrial & IoT, mobile, and communication infrastructure markets while delivering solutions that advance a more sustainable future. Built on more than 60 years of combined experience and expertise, the company has approximately 31,000 employees in more than 30 countries and posted revenue of $13.21 billion in 2022. Find out more at www.nxp.com.

Forward-looking Statements

This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, the expected material weakness in our internal control over financial reporting, including the timeline to remediate the expected material weakness, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; potential impacts of the COVID-19 pandemic; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP's established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP's debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; and, the ability to maintain good relationships with NXP's suppliers. In case tax laws change, this could have an effect on our estimated effective tax rates. In addition, this document contains information concerning the semiconductor industry and NXP’s market and business segments generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry and NXP's market and business segments may develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. There can be no assurances that a pandemic, epidemic or outbreak of contagious diseases, such as COVID-19, will not have a material and adverse impact on our business, operating results and financial condition in the future. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

  
For further information, please contact:
  
Investors:Media:
Jeff PalmerJacey Zuniga
jeff.palmer@nxp.comjacey.zuniga@nxp.com
+1 408 518 5411+1 512 895 7398
  

NXP-CORP


NXP Semiconductors
Table 1: Condensed consolidated statement of operations (unaudited)

($ in millions except share data)Three months ended Full-year
 December 31, 2022 October 2, 2022 December 31, 2021 2022 2021
          
Revenue$3,312  $3,445  $3,039  $13,205  $11,063 
Cost of revenue (1,421)  (1,478)  (1,332)  (5,688)  (4,996)
Gross profit 1,891   1,967   1,707   7,517   6,067 
Research and development (540)  (548)  (507)  (2,148)  (1,936)
Selling, general and administrative (261)  (289)  (257)  (1,066)  (956)
Amortization of acquisition-related intangible assets (109)  (131)  (136)  (509)  (592)
Total operating expenses (910)  (968)  (900)  (3,723)  (3,484)
Other income (expense) (1)  2      3    
Operating income (loss) 980   1,001   807   3,797   2,583 
Financial income (expense):         
Extinguishment of debt       (22)  (18)  (22)
Other financial income (expense) (103)  (98)  (101)  (416)  (381)
Income (loss) before income taxes 877   903   684   3,363   2,180 
Benefit (provision) for income taxes (137)  (149)  (72)  (529)  (272)
Results relating to equity-accounted investees (6)  (4)  (2)  (1)  (2)
Net income (loss) 734   750   610   2,833   1,906 
Less: Net income (loss) attributable to non-controlling interests 12   12   8   46   35 
Net income (loss) attributable to stockholders 722   738   602   2,787   1,871 
          
Earnings per share data:         
Net income (loss) per common share attributable to stockholders in $
Basic$2.78  $2.81  $2.27  $10.64  $6.91 
Diluted$2.76  $2.79  $2.24  $10.55  $6.79 
          
Weighted average number of shares of common stock outstanding during the period (in thousands):
Basic 259,618   262,180   265,642   261,879   270,687 
Diluted 261,448   264,705   268,545   264,053   275,646 
          

NXP Semiconductors
Table 2: Condensed consolidated balance sheet (unaudited)

 ($ in millions)As of
  December 31, 2022 October 2, 2022 December 31, 2021
ASSETS     
Current assets:     
 Cash and cash equivalents$3,845  $3,759  $2,830 
 Accounts receivable, net 960   1,012   923 
 Inventories, net 1,782   1,581   1,189 
 Other current assets 348   351   286 
Total current assets 6,935   6,703   5,228 
       
Non-current assets:     
 Other non-current assets 1,942   1,940   1,346 
 Property, plant and equipment, net 3,105   2,971   2,635 
 Identified intangible assets, net 1,311   1,417   1,694 
 Goodwill 9,943   9,909   9,961 
Total non-current assets 16,301   16,237   15,636 
       
Total assets 23,236   22,940   20,864 
       
LIABILITIES AND EQUITY     
Current liabilities:     
 Accounts payable 1,617   1,534   1,252 
 Restructuring liabilities-current 19   8   25 
 Other current liabilities 1,634   1,677   1,175 
Total current liabilities 3,270   3,219   2,452 
       
Non-current liabilities:     
 Long-term debt 11,165   11,162   10,572 
 Restructuring liabilities 1   12   12 
 Deferred tax liabilities 45   39   57 
 Other non-current liabilities 1,015   1,123   1,001 
Total non-current liabilities 12,226   12,336   11,642 
       
 Non-controlling interests 291   279   242 
 Stockholders’ equity 7,449   7,106   6,528 
Total equity 7,740   7,385   6,770 
      
Total liabilities and equity 23,236   22,940   20,864 
       

NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)

($ in millions)Three months ended Full-year
 December 31, 2022 October 2, 2022 December 31, 2021 2022 2021
Cash flows from operating activities:         
Net income (loss)$734  $750  $610  $2,833  $1,906 
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:         
Depreciation and amortization 302   321   310   1,250   1,262 
Stock-based compensation 97   89   88   364   353 
Amortization of discount (premium) on debt, net    1      2   1 
Amortization of debt issuance costs 2   2   2   7   7 
Net (gain) loss on sale of assets 2   (1)  (1)     (1)
(Gain) loss on extinguishment of debt       22   18   22 
Results relating to equity-accounted investees 6   4   2   1   2 
(Gain) loss on equity securities, net (2)  2   4   4   2 
Deferred tax expense (benefit) (40)  (98)  (26)  (236)  (20)
Changes in operating assets and liabilities:         
(Increase) decrease in receivables and other current assets 59   (54)  38   (106)  (176)
(Increase) decrease in inventories (201)  (119)  (16)  (593)  (159)
Increase (decrease) in accounts payable and other liabilities 88   275   6   633   248 
(Increase) decrease in other non-current assets 19   (37)  (244)  (306)  (350)
Exchange differences 19   1   (2)  17   (5)
Other items (9)  8   (8)  7   (15)
Net cash provided by (used for) operating activities 1,076   1,144   785   3,895   3,077 
          
Cash flows from investing activities:         
Purchase of identified intangible assets (37)  (50)  (33)  (159)  (132)
Capital expenditures on property, plant and equipment (233)  (282)  (266)  (1,063)  (767)
Purchase of equipment leased to others       (19)  (5)  (33)
Insurance recoveries received for equipment damage       3      10 
Proceeds from the disposals of property, plant and equipment    1      2   1 
Purchase of interests in businesses, net of cash acquired    (22)  (6)  (27)  (23)
Purchase of investments (11)  (7)  (2)  (20)  (8)
Proceeds from the sale of investments 1         13   8 
Proceeds from return of equity investments 8      7   10   10 
Net cash provided by (used for) investing activities (272)  (360)  (316)  (1,249)  (934)
          
Cash flows from financing activities:         
Repurchase of long-term debt       (1,021)  (917)  (1,021)
Proceeds from the issuance of long-term debt       2,000   1,496   4,000 
Cash paid for debt issuance costs (1)     (25)  (14)  (47)
Dividends paid to common stockholders (221)  (223)  (150)  (815)  (562)
Proceeds from issuance of common stock through stock plans 1   30   2   59   62 
Purchase of treasury shares and restricted stock unit withholdings1) (506)1) (366)  (750)  (1,426)  (4,015)
Other, net (1)     (1)  (2)  (2)
Net cash provided by (used for) financing activities (728)  (559)  55   (1,619)  (1,585)
          
Effect of changes in exchange rates on cash positions 10   (11)  3   (12)  (3)
Increase (decrease) in cash and cash equivalents 86   214   527   1,015   555 
Cash and cash equivalents at beginning of period 3,759   3,545   2,303   2,830   2,275 
Cash and cash equivalents at end of period 3,845   3,759   2,830   3,845   2,830 
          
Net cash paid during the period for:         
Interest 106   39   140   323   356 
Income taxes, net of refunds 126   160   103   558   353 
Net gain (loss) on sale of assets:         
Cash proceeds from the sale of assets    1   1   2   1 
Book value of these assets (2)        (2)   
Non-cash investing activities:         
Non-cash capital expenditures 232   176   243   232   243 

1) For the quarters ended December 31, 2022 and October 2, 2022, represents cash paid during the quarter, excluding $3 million and $34 million, respectively, of unsettled repurchase transactions with a trade date plus two days settlement.

NXP Semiconductors
Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

($ in millions)Three months ended Full-year
 December 31, 2022 October 2, 2022 December 31, 2021 2022 2021
Revenue$3,312  $3,445  $3,039  $13,205  $11,063 
GAAP Gross Profit$1,891  $1,967  $1,707  $7,517  $6,067 
PPA Effects (15)  (15)  (18)  (58)  (74)
Restructuring          3    
Stock Based Compensation (12)  (12)  (11)  (47)  (45)
Other incidentals (4)  (5)  (4)  (24)  (19)
Non-GAAP Gross Profit$1,922  $1,999  $1,740  $7,643  $6,205 
GAAP Gross margin 57.1%  57.1%  56.2%  56.9%  54.8%
Non-GAAP Gross margin 58.0%  58.0%  57.3%  57.9%  56.1%
GAAP Research and development$(540) $(548) $(507) $(2,148) $(1,936)
Restructuring          2   (1)
Stock based compensation (49)  (45)  (44)  (183)  (165)
Other incidentals (1)  (1)     (6)  (2)
Non-GAAP Research and development$(490) $(502) $(463) $(1,961) $(1,768)
GAAP Selling, general and administrative$(261) $(289) $(257) $(1,066) $(956)
PPA effects (1)  (2)  (1)  (5)  (5)
Restructuring 2         2    
Stock based compensation (36)  (32)  (33)  (134)  (143)
Other incidentals (3)  (27)  (5)  (35)  (12)
Non-GAAP Selling, general and administrative$(223) $(228) $(218) $(894) $(796)
GAAP amortization of acquisition-related intangible assets$(109) $(131) $(136) $(509) $(592)
PPA effects (109)  (131)  (136)  (509)  (592)
Non-GAAP amortization of acquisition-related intangible assets$  $  $  $  $ 
GAAP Other income (expense)$(1) $2  $  $3  $ 
Other incidentals       (1)      
Non-GAAP Other income (expense)$(1) $2  $1  $3  $ 
GAAP Operating income (loss)$980  $1,001  $807  $3,797  $2,583 
PPA effects (125)  (148)  (155)  (572)  (671)
Restructuring 2         7   (1)
Stock based compensation (97)  (89)  (88)  (364)  (353)
Other incidentals (8)  (33)  (10)  (65)  (33)
Non-GAAP Operating income (loss)$1,208  $1,271  $1,060  $4,791  $3,641 
GAAP Operating margin 29.6%  29.1%  26.6%  28.8%  23.3%
Non-GAAP Operating margin 36.5%  36.9%  34.9%  36.3%  32.9%
GAAP Financial income (expense)$(103) $(98) $(123) $(434) $(403)
Foreign exchange gain (loss) (8)  (2)  (1)  (13)  (1)
Gain (loss) on extinguishment of long-term debt       (22)  (18)  (22)
Other financial income (expense)    (5)  (7)  (17)  (15)
Non-GAAP Financial income (expense)$(95) $(91) $(93) $(386) $(365)
          

NXP Semiconductors
Table 5: Adjusted EBITDA and Free Cash Flow (unaudited)

($ in millions)Three months ended Full-year
 December 31, 2022 October 2, 2022 December 31, 2021 2022 2021
GAAP Net income (loss)$734  $750  $610  $2,833  $1,906 
Reconciling items to EBITDA (Non-GAAP)         
Financial (income) expense 103   98   123   434   403 
(Benefit) provision for income taxes 137   149   72   529   272 
Depreciation 158   156   145   605   551 
Amortization 144   165   165   645   711 
EBITDA (Non-GAAP)$1,276  $1,318  $1,115  $5,046  $3,843 
Reconciling items to adjusted EBITDA (Non-GAAP)         
Results of equity-accounted investees 6   4   2   1   2 
Restructuring (2)        (7)  1 
Stock based costs 97   89   88   364   353 
Other incidental items 8   33   10   65   33 
Adjusted EBITDA (Non-GAAP)$1,385  $1,444  $1,215  $5,469  $4,232 
Trailing twelve month adjusted EBITDA (Non-GAAP)$5,469  $5,299  $4,232  $5,469  $4,232 
          
          
          
          
          
          
($ in millions)Three months ended Full-year
 December 31, 2022 October 2, 2022 December 31, 2021 2022 2021
Net cash provided by (used for) operating activities$1,076  $1,144  $785  $3,895  $3,077 
Net capital expenditures on property, plant and equipment (233)  (281)  (266)  (1,061)  (766)
Non-GAAP free cash flow$843  $863  $519  $2,834  $2,311 
Trailing twelve month non-GAAP free cash flow$2,834  $2,510  $2,311  $2,834  $2,311 
Trailing twelve month non-GAAP free cash flowas percent of Revenue 21%  19%  21%  21%  21%
          

 


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