NXP Semiconductors Reports Second Quarter 2024 Results



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

($ in millions except share data) Three months ended
  June 30, 2024  March 31, 2024  July 2, 2023
GAAP Gross Profit $ 1,792   $ 1,783   $ 1,881 
PPA Effects (12)  (12)  (14)
Restructuring (4)  (3)   
Share-based compensation (15)  (15)  (13)
Other incidentals (10)  (5)  (18)
Non-GAAP Gross Profit $ 1,833   $ 1,818    $ 1,926  
GAAP Gross margin   57.3 %     57.0 %     57.0 %
Non-GAAP Gross margin   58.6 %     58.2 %     58.4 %
GAAP Research and development $ (594 )   $ (564 )   $ (589 )
Restructuring   (4 )     (3 )      
Share-based compensation   (58 )     (58 )     (51 )
Other incidentals         (1 )     (1 )
Non-GAAP Research and development $ (532 )   $ (502 )   $ (537 )
GAAP Selling, general and administrative $ (270 )   $ (306 )   $ (274 )
PPA effects   (1 )            
Restructuring   2       (1 )      
Share-based compensation   (41 )     (42 )     (38 )
Other incidentals   (2 )     (29 )     (2 )
Non-GAAP Selling, general and administrative $ (228 )   $ (234 )   $ (234 )
GAAP Operating income (loss) $ 896     $ 856     $ 937  
PPA effects   (41 )     (63 )     (95 )
Restructuring   (6 )     (7 )      
Share-based compensation   (114 )     (115 )     (102 )
Other incidentals   (14 )     (39 )     (21 )
Non-GAAP Operating income (loss) $ 1,071     $ 1,080     $ 1,155  
GAAP Operating margin   28.7 %     27.4 %     28.4 %
Non-GAAP Operating margin   34.3 %     34.5 %     35.0 %
GAAP Income tax benefit (provision) $ (154 )   $ (141 )   $ (158 )
Income tax effect   15       30       22  
Non-GAAP Income tax benefit (provision) $ (169 )   $ (171 )   $ (180 )
GAAP Net income (loss) attributable to stockholders $ 658     $ 639     $ 698  
PPA Effects   (41 )     (63 )     (95 )
Restructuring   (6 )     (7 )      
Share-based compensation   (114 )     (115 )     (102 )
Other incidentals   (14 )     (39 )     (21 )
Other adjustments:          
Adjustments to financial income (expense)   (8 )     (6 )     (1 )
Income tax effect   15       30       22  
Results relating to equity-accounted investees   (3 )     (1 )     (1 )
Non-GAAP Net income (loss) attributable to stockholders $ 829     $ 840     $ 896  
           
           
GAAP net income (loss) per common share attributable to stockholders - diluted $ 2.54     $ 2.47     $ 2.67  
PPA Effects   (0.16 )     (0.24 )     (0.37 )
Restructuring   (0.02 )     (0.03 )      
Share-based compensation   (0.44 )     (0.44 )     (0.39 )
Other incidentals   (0.06 )     (0.15 )     (0.08 )
Other adjustments:          
Adjustments to financial income (expense)   (0.03 )     (0.02 )      
Income tax effect   0.06       0.11       0.08  
Results relating to equity-accounted investees   (0.01 )            
Non-GAAP net income (loss) per common share attributable to stockholders - diluted $ 3.20     $ 3.24     $ 3.43  
           

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