NXP Semiconductors Reports First Quarter 2018 Results

 

          
   NXP Semiconductors       
   Table 4: Reconciliation of GAAP to non-GAAP Segment Results (unaudited)     
           
          
  ($ in millions)  Three Months Ended 
     April 1, 2018  December 31, 2017  April 2, 2017 
  High Performance Mixed Signal (HPMS)    2,166     2,348     2,011  
  Standard Products    -     -     118  
   Product Revenue     2,166       2,348       2,129   
  Corporate and Other    103     108     82  
   Total Revenue  $     2,269    $     2,456    $     2,211   
          
                 
          
   HPMS Revenue  $     2,166    $     2,348    $     2,011   
  Percent of Total Revenue  95.5%  95.6%    91.0 %  
    HPMS segment GAAP gross profit       1,161         1,228         1,030    
    PPA effects       (18 )       (78 )       (58 )  
    Restructuring       -         -         -    
    Stock based compensation       (9 )       (10 )       (8 )  
    Other incidentals       -         -         -    
    HPMS segment non-GAAP gross profit   $     1,188     $     1,316     $     1,096    
                   
    HPMS segment GAAP gross margin     53.6 %     52.3 %     51.2 %  
    HPMS segment non-GAAP gross margin     54.8 %     56.0 %     54.5 %  
                   
    HPMS segment GAAP operating profit       161         246         81    
    PPA effects       (381 )       (430 )       (429 )  
    Restructuring       -         -         9    
    Stock based compensation       (69 )       (77 )       (67 )  
    Merger-related costs       (3 )       (3 )       (2 )  
    Other incidentals       -         -         -    
    HPMS segment non-GAAP operating profit   $     614     $     756     $     570    
                   
    HPMS segment GAAP operating margin     7.4 %     10.5 %     4.0 %  
    HPMS segment non-GAAP operating margin     28.3 %     32.2 %     28.3 %  
                   
                   
                   
    Standard Products Revenue   $     -     $     -     $     118    
    Percent of Total Revenue       -         -       5.3 %  
    Standard   Products segment GAAP gross profit       -         -         45    
    PPA effects       -         -         -    
    Restructuring       -         -         -    
    Stock based compensation       -         -         (1 )  
    Other incidentals       -         -         4    
    Standard Products segment non-GAAP gross profit   $     -     $     -     $     42    
                   
    Standard Products segment GAAP gross margin   NM
    NM
      38.1 %  
    Standard Products segment non-GAAP gross margin   NM
    NM
      35.6 %  
                   
    Standard Products segment GAAP operating profit       -         -         31    
    PPA effects       -         -         -    
    Restructuring       -         -         -    
    Stock based compensation       -         -         (2 )  
    Other incidentals       -         -         4    
    Standard Products segment non-GAAP operating profit   $     -     $     -     $     29    
                   
    Standard Products segment GAAP operating margin   NM
    NM
      26.3 %  
    Standard Products segment non-GAAP operating margin   NM
    NM
      24.6 %  
                   
                   
                   
    Corporate and Other Revenue   $     103     $     108     $     82    
    Percent of Total Revenue     4.5 %     4.4 %     3.7 %  
    Corporate and Other segment GAAP gross profit       11         14         4    
    PPA effects       (1 )       (1 )       (1 )  
    Restructuring       -         -         (1 )  
    Stock based compensation       -         -         -    
    Other incidentals       -         -         -    
    Corporate and Other segment non-GAAP gross profit   $     12     $     15     $     6    
                   
    Corporate and Other segment GAAP gross margin     10.7 %     13.0 %     4.9 %  
    Corporate and Other segment non-GAAP gross margin     11.7 %     13.9 %     7.3 %  
                   
    Corporate and Other segment GAAP operating profit       (23 )       (36 )       1,567    
    PPA effects       (1 )       (1 )       (1 )  
    Restructuring        (1 )       -         (1 )  
    Stock based compensation       -         (1 )       1    
    Merger-related costs       (23 )       (29 )       (28 )  
    Other incidentals       (1 )       (12 )       1,596   1 )
    Corporate and Other segment non-GAAP operating profit   $     3     $     7     $     -    
                   
    Corporate and Other segment GAAP operating margin     -22.3 %     -33.3 %     1911.0 %  
    Corporate and Other segment non-GAAP operating margin     2.9 %     6.5 %     0.0 %  
                   
                   
    1) Adjustment relates primarily to the gain on the sale of the SP business on February 6, 2017.          
                   

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