NXP Semiconductors Reports Third Quarter 2024 Results



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

($ in millions except share data) Three months ended
  September 29, 2024  June 30, 2024  October 1, 2023
GAAP Gross Profit $ 1,866   $ 1,792   $ 1,965 
PPA Effects (12)  (12)  (13)
Restructuring    (4)   
Share-based compensation (14)  (15)  (14)
Other incidentals    (10)  (18)
Non-GAAP Gross Profit $ 1,892   $ 1,833   $ 2,010  
GAAP Gross margin   57.4 %     57.3 %     57.2 %
Non-GAAP Gross margin   58.2 %     58.6 %     58.5 %
GAAP Research and development $ (577 )   $ (594 )   $ (601 )
Restructuring         (4 )     4  
Share-based compensation   (58 )     (58 )     (53 )
Other incidentals               (2 )
Non-GAAP Research and development $ (519 )   $ (532 )   $ (550 )
GAAP Selling, general and administrative $ (265 )   $ (270 )   $ (294 )
PPA effects   (1 )     (1 )     (1 )
Restructuring         2        
Share-based compensation   (43 )     (41 )     (36 )
Other incidentals   (2 )     (2 )     (4 )
Non-GAAP Selling, general and administrative $ (219 )   $ (228 )   $ (253 )
GAAP Operating income (loss) $ 990     $ 896     $ 992  
PPA effects   (42 )     (41 )     (85 )
Restructuring         (6 )     4  
Share-based compensation   (115 )     (114 )     (103 )
Other incidentals   (6 )     (14 )     (27 )
Non-GAAP Operating income (loss) $ 1,153     $ 1,071     $ 1,203  
GAAP Operating margin   30.5 %     28.7 %     28.9 %
Non-GAAP Operating margin   35.5 %     34.3 %     35.0 %
GAAP Income tax benefit (provision) $ (173 )   $ (154 )   $ (123 )
Income tax effect   9       15       45  
Non-GAAP Income tax benefit (provision) $ (182 )   $ (169 )   $ (168 )
GAAP Net income (loss) attributable to stockholders $ 718     $ 658     $ 787  
PPA Effects   (42 )     (41 )     (85 )
Restructuring         (6 )     4  
Share-based compensation   (115 )     (114 )     (103 )
Other incidentals   (6 )     (14 )     (27 )
Other adjustments:          
Adjustments to financial income (expense)   (12 )     (8 )     (10 )
Income tax effect   9       15       45  
Results relating to equity-accounted investees, excluding Foundry investees 1   (6 )     (3 )     (2 )
Non-GAAP Net income (loss) attributable to stockholders $ 890     $ 829     $ 965  
           
           
Additional Information:          
  1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
           
GAAP net income (loss) per common share attributable to stockholders - diluted $ 2.79     $ 2.54     $ 3.01  
PPA Effects   (0.16 )     (0.16 )     (0.33 )
Restructuring         (0.02 )     0.01  
Share-based compensation   (0.45 )     (0.44 )     (0.40 )
Other incidentals   (0.02 )     (0.06 )     (0.10 )
Other adjustments:          
Adjustments to financial income (expense)   (0.05 )     (0.03 )     (0.03 )
Income tax effect   0.04       0.06       0.17  
Results relating to equity-accounted investees, excluding Foundry investees 1   (0.02 )     (0.01 )     (0.01 )
Non-GAAP net income (loss) per common share attributable to stockholders - diluted $ 3.45     $ 3.20     $ 3.70  
           
           
Additional Information:          
  1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

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