NXP Semiconductors Reports Fourth Quarter and Full-Year 2023 Results



NXP Semiconductors

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

($ in millions) Three months ended  Full-year
  December 31,
2023
  October 1,
2023
  December 31,
2022
   2023    2022 
GAAP Net income (loss) $ 703   $ 792   $ 734   $ 2,822   $ 2,833 
Reconciling items to EBITDA (Non-GAAP)         
Financial (income) expense 78   75   103   309   434 
(Benefit) provision for income taxes 124   123       137       523       529  
Depreciation   167       163       158       652       605  
Amortization   102       110       144       454       645  
EBITDA (Non-GAAP) $ 1,174     $ 1,263     $ 1,276     $ 4,760     $ 5,046  
Reconciling items to adjusted EBITDA (Non-GAAP)                  
Results of equity-accounted investees   2       2       6       7       1  
Restructuring   84       (4 )     (2 )     98       (7 )
Share-based compensation   107       103       97       411       364  
Other incidental items   44       27       8       134       65  
Adjusted EBITDA (Non-GAAP) $ 1,411     $ 1,391     $ 1,385     $ 5,410     $ 5,469  
Trailing twelve month adjusted EBITDA (Non-GAAP) $ 5,410     $ 5,384     $ 5,469     $ 5,410     $ 5,469  
                   
1) Excluding depreciation/amortization within:                  
     –  other incidental items $     $     $     $ 2     $  
                   
                   
                   
                   
($ in millions) Three months ended   Full-year
  December 31,
2023
  October 1,
2023
  December 31,
2022
    2023       2022  
Net cash provided by (used for) operating activities $ 1,137     $ 988     $ 1,076     $ 3,513     $ 3,895  
Net capital expenditures on property, plant and equipment   (175 )     (200 )     (233 )     (826 )     (1,061 )
Non-GAAP free cash flow $ 962     $ 788     $ 843     $ 2,687     $ 2,834  
Trailing twelve month non-GAAP free cash flow $ 2,687     $ 2,568     $ 2,834     $ 2,687     $ 2,834  
Trailing twelve month non-GAAP free cash flow  as percent of Revenue   20 %     20 %     21 %     20 %     21 %
                   

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