NXP Semiconductors Reports Second Quarter 2020 Results

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

($ in millions) Three months ended
  June 28, 2020  March 29, 2020  June 30, 2019
Revenue $ 1,817    $ 2,021    $ 2,217  
GAAP Gross Profit $ 860    $ 997    $ 1,151  
PPA Effects(20)  (36)  (20) 
Restructuring   (3)    
Stock Based Compensation(11)  (11)  (10) 
Merger-related costs(1)       
Non-GAAP Gross Profit $ 892    $ 1,047    $ 1,181  
GAAP Gross margin 47.3  %  49.3  %  51.9   %
Non-GAAP Gross margin 49.1   %   51.8   %   53.3   %
GAAP Research and development $ (402 )     $ (425 )     $ (408 )  
Restructuring (6 )     (4 )     (5 )  
Stock based compensation (39 )     (40 )     (34 )  
Merger-related costs       (1 )     (2 )  
Non-GAAP Research and development $ (357 )     $ (380 )     $ (367 )  
GAAP Selling, general and administrative $ (222 )     $ (233 )     $ (230 )  
PPA effects (2 )     (2 )     (2 )  
Restructuring (2 )     (4 )        
Stock based compensation (55 )     (56 )     (43 )  
Merger-related costs (2 )     (3 )     (8 )  
Other incidentals (2 )     (3 )     (3 )  
Non-GAAP Selling, general and administrative $ (159 )     $ (165 )     $ (174 )  
GAAP amortization of acquisition-related intangible assets $ (380 )     $ (381 )     $ (355 )  
PPA effects (380 )     (381 )     (355 )  
Non-GAAP amortization of acquisition-related intangible assets $       $       $    
GAAP Other income (expense) $ (1 )     $ 110       $ (1 )  
Other incidentals (1 )     110       (1 )  
Non-GAAP Other income (expense) $       $       $    
GAAP Operating income (loss) $ (145 )     $ 68       $ 157    
PPA effects (402 )     (419 )     (377 )  
Restructuring (8 )     (11 )     (5 )  
Stock based compensation (105 )     (107 )     (87 )  
Merger-related costs (3 )     (4 )     (10 )  
Other incidentals (3 )     107       (4 )  
Non-GAAP Operating income (loss) $ 376       $ 502       $ 640    
GAAP Operating margin (8.0 ) %   3.4   %   7.1   %
Non-GAAP Operating margin 20.7   %   24.8   %   28.9   %
GAAP Financial Income (expense) $ (96 )     $ (78 )     $ (89 )  
Non-cash interest expense on convertible notes             (11 )  
Foreign exchange gain (loss) (2 )     (1 )     (4 )  
Gain (loss) on extinguishment of long-term debt             (10 )  
Other financial expense (2 )     (2 )     (3 )  
Non-GAAP Financial income (expense) $ (92 )     $ (75 )     $ (61 )  
           
           

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