NXP Semiconductors Reports Fourth Quarter and Full-Year 2023 Results



NXP Semiconductors

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

($ in millions) Three months ended  Full-year
  December 31,
2023
  October 1,
2023
  December 31,
2022
   2023    2022 
Cash flows from operating activities:         
Net income (loss) $ 703   $ 792   $ 734   $ 2,822   $ 2,833 
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:         
Depreciation and amortization 269   273   302   1,106   1,250 
Share-based compensation 107   103   97     411       364  
Amortization of discount (premium) on debt, net         1             2       2  
Amortization of debt issuance costs   2       2       2       8       7  
Net (gain) loss on sale of assets               2       (1 )      
(Gain) loss on extinguishment of debt                           18  
Results relating to equity-accounted investees   2       2       6       7       1  
(Gain) loss on equity securities, net         4       (2 )     (1 )     4  
Deferred tax expense (benefit)   (97 )     (33 )     (40 )     (267 )     (236 )
Changes in operating assets and liabilities:                  
(Increase) decrease in receivables and other current assets   (20 )     40       59       (138 )     (106 )
(Increase) decrease in inventories   6       (34 )     (201 )     (353 )     (593 )
Increase (decrease) in accounts payable and other liabilities   101       (128 )     88       (119 )     633  
(Increase) decrease in other non-current assets   65       (49 )     19       16       (306 )
Exchange differences   7       5       19       22       17  
Other items   (8 )     10       (9 )     (2 )     7  
Net cash provided by (used for) operating activities   1,137       988       1,076       3,513       3,895  
                   
Cash flows from investing activities:                  
Purchase of identified intangible assets   (44 )     (42 )     (37 )     (179 )     (159 )
Capital expenditures on property, plant and equipment   (175 )     (200 )     (233 )     (827 )     (1,063 )
Purchase of equipment leased to others                           (5 )
Proceeds from the disposals of property, plant and equipment                     1       2  
Purchase of interests in businesses, net of cash acquired                           (27 )
Investment in short-term deposits   (409 )                 (409 )      
Purchase of investments   (1 )     (31 )     (11 )     (94 )     (20 )
Proceeds from the sale of investments               1             13  
Proceeds from return of equity investments               8             10  
Net cash provided by (used for) investing activities   (629 )     (273 )     (272 )     (1,508 )     (1,249 )
                   
Cash flows from financing activities:                  
Repurchase of long-term debt                           (917 )
Proceeds from the issuance of long-term debt                           1,496  
Cash paid for debt issuance costs               (1 )           (14 )
Dividends paid to common stockholders   (261 )     (262 )     (221 )     (1,006 )     (815 )
Proceeds from issuance of common stock through stock plans   1       36       1       71       59  
Purchase of treasury shares and restricted stock unit
withholdings
  (434 )     (306 )     (506 )     (1,053 )     (1,426 )
Other, net         (1 )     (1 )     (2 )     (2 )
Net cash provided by (used for) financing activities   (694 )     (533 )     (728 )     (1,990 )     (1,619 )
                   
Effect of changes in exchange rates on cash positions   6       (3 )     10       2       (12 )
Increase (decrease) in cash and cash equivalents   (180 )     179       86       17       1,015  
Cash and cash equivalents at beginning of period   4,042       3,863       3,759       3,845       2,830  
Cash and cash equivalents at end of period   3,862       4,042       3,845       3,862       3,845  
                   
Net cash paid during the period for:                  
Interest   83       38       106       261       323  
Income taxes, net of refunds   221       165       126       919       558  
Net gain (loss) on sale of assets:                  
Cash proceeds from the sale of assets                     1       2  
Book value of these assets               (2 )           (2 )
Non-cash investing activities:                  
Non-cash capital expenditures   266       167       232       266       232  

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