NXP Semiconductors Reports Second Quarter 2020 Results

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

($ in millions) Three months ended
  June 28, 2020  March 29, 2020  June 30, 2019
Cash flows from operating activities:     
Net income (loss) $ (209 )  $ (13 )  $ 46 
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:     
Depreciation and amortization543  540  506 
Stock-based compensation105  107  87 
Amortization of discount (premium) on debt, net(1)   11 
Amortization of debt issuance costs3  1  3 
Net (gain) loss on sale of assets  (110) 1 
(Gain) loss on extinguishment of debt    10 
Results relating to equity-accounted investees1  1  1 
Deferred tax expense (benefit)(81 )   (75 )   (30 )
Changes in operating assets and liabilities:          
(Increase) decrease in receivables and other current assets 224     27     31  
(Increase) decrease in inventories     (35 )   84  
Increase (decrease) in accounts payable and other liabilities (160 )   64     (218 )
(Increase) decrease in other non-current assets (11 )   4     (14 )
Exchange differences 5     (4 )   1  
Other items (5 )   5     (2 )
Net cash provided by (used for) operating activities 414     512     517  
           
Cash flows from investing activities:          
Purchase of identified intangible assets (28 )   (45 )   (23 )
Capital expenditures on property, plant and equipment (75 )   (143 )   (106 )
Proceeds from the disposals of property, plant and equipment 1          
Purchase of interests in businesses, net of cash acquired (11 )   (10 )    
Proceeds from sale of interests in businesses     161      
Purchase of investments         (15 )
Proceeds from sale of investments          
Net cash provided by (used for) investing activities (113 )   (37 )   (144 )
           
Cash flows from financing activities:          
Repurchase of long-term debt         (553 )
Proceeds from the issuance of long-term debt 2,000         1,750  
Cash paid for debt issuance costs (15 )       (23 )
Dividends paid to common stockholders (105 )   (105 )   (71 )
Proceeds from issuance of common stock through stock plans 8     29     5  
Purchase of treasury shares and restricted stock unit withholdings (3 )   (355 )   (645 )
Net cash provided by (used for) financing activities 1,885     (431 )   463  
           
Effect of changes in exchange rates on cash positions 1     (10 )   2  
Increase (decrease) in cash and cash equivalents 2,187     34     838  
Cash and cash equivalents at beginning of period 1,079     1,045     2,192  
Cash and cash equivalents at end of period 3,266     1,079     3,030  
           
Net cash paid during the period for:          
Interest 104     53     78  
Income tax 25     39     66  
Net gain (loss) on sale of assets:          
Cash proceeds from the sale of assets     161      
Book value of these assets     (51 )    
Non-cash investing activities:          
Non-cash capital expenditures (24 )   78     89  
                 

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