NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial
results for the second quarter, ended July 2, 2023.
“NXP delivered quarterly revenue of $3.3 billion at the high end
of guidance, with revenue trends in all our focus end-markets
performing better than anticipated. Our first-half results and
guidance for the third quarter underpin our confidence that NXP is
successfully navigating through the cyclical downturn in our
consumer-exposed businesses. At the same time, we see continued
strength in our automotive, core-industrial and communications
infrastructure businesses,” said Kurt Sievers, NXP President and
Chief Executive Officer.
Key Highlights for the Second Quarter 2023:
- Revenue was $3.3 billion, down 0.4 percent year-on-year;
- GAAP gross margin was 57.0 percent, GAAP operating margin was
28.4 percent and GAAP diluted Net Income per Share was $2.67;
- Non-GAAP gross margin was 58.4 percent, non-GAAP operating
margin was 35.0 percent, and non-GAAP diluted Net Income per Share
was $3.43;
- Cash flow from operations was $756 million, with net capex
investments of $200 million, resulting in non-GAAP free cash flow
of $556 million;
- During the second quarter of 2023, NXP continued to execute its
capital return policy with the payment of $264 million in cash
dividends, and the repurchase of $302 million of its common shares.
The total capital return of $566 million in the quarter represented
102 percent of second quarter non-GAAP free cash flow. The interim
dividend for the second quarter 2023 was paid in cash on July 6,
2023 to shareholders of record as of June 14, 2023. Subsequent to
the end of the second quarter, between July 3, 2023 and July 21,
2023, NXP executed via a 10b5-1 program additional share
repurchases totaling $69 million;
- On April 5, 2023, NXP published its annual Corporate
Sustainability Report (CSR), highlighting its progress,
accountability and ongoing commitment to further sustainable
business practices;
- On May 2, 2023, NXP announced NIO Inc., a leading brand in the
global premium smart electric vehicle market, will leverage NXP’s
leading automotive radar technology, including 4D imaging
radar;
- On May 16, 2023, NXP announced its collaboration with TSMC to
deliver the semiconductor industry’s first automotive embedded MRAM
(Magnetic Random Access Memory) technology in 16 nm FinFET
technology;
- On May 24, 2023, at NXP’s annual general meeting (“AGM”),
shareholders overwhelmingly elected all nominated directors to
NXP’s Board of Directors. The Board of Directors of NXP appointed
Ms. Julie Southern to serve as Chair of the Board to succeed Sir
Peter Bonfield who retired from his service on the NXP Board at the
conclusion of the AGM, and Mr. Moshe Gavrielov joins the Board as a
non-executive director; and
- On May 30, NXP announced the i.MX 91 applications processor
family which streamlines the development of cost-optimized edge
devices that require security, performance, and Linux support in a
scalable, reliable platform.
Summary of Reported Second Quarter 2023 ($ millions,
unaudited) (1)
|
Q2 2023 |
Q1 2023 |
Q2 2022 |
Q - Q |
Y - Y |
Total Revenue |
$ |
3,299 |
|
$ |
3,121 |
|
$ |
3,312 |
|
6% |
—% |
GAAP Gross
Profit |
$ |
1,881 |
|
$ |
1,770 |
|
$ |
1,882 |
|
6% |
—% |
Gross Profit Adjustments (i) |
$ |
(45 |
) |
$ |
(46 |
) |
$ |
(33 |
) |
|
|
Non-GAAP Gross
Profit |
$ |
1,926 |
|
$ |
1,816 |
|
$ |
1,915 |
|
6% |
1% |
GAAP Gross Margin |
|
57.0 |
% |
|
56.7 |
% |
|
56.8 |
% |
|
|
Non-GAAP Gross Margin |
|
58.4 |
% |
|
58.2 |
% |
|
57.8 |
% |
|
|
GAAP Operating
Income (Loss) |
$ |
937 |
|
$ |
825 |
|
$ |
943 |
|
14% |
-1% |
Operating Income Adjustments (i) |
$ |
(218 |
) |
$ |
(260 |
) |
$ |
(250 |
) |
|
|
Non-GAAP Operating
Income |
$ |
1,155 |
|
$ |
1,085 |
|
$ |
1,193 |
|
6% |
-3% |
GAAP Operating Margin |
|
28.4 |
% |
|
26.4 |
% |
|
28.5 |
% |
|
|
Non-GAAP Operating Margin |
|
35.0 |
% |
|
34.8 |
% |
|
36.0 |
% |
|
|
GAAP Net Income (Loss)
attributable to Stockholders |
$ |
698 |
|
$ |
615 |
|
|
|
|
Net Income Adjustments (i) |
$ |
(198 |
) |
$ |
(219 |
) |
|
|
|
Non-GAAP Net Income
(Loss) Attributable to Stockholders |
$ |
896 |
|
$ |
834 |
|
|
|
|
GAAP diluted Net
Income (Loss) per Share |
$ |
2.67 |
|
$ |
2.35 |
|
|
|
|
Non-GAAP diluted Net
Income (Loss) per Share |
$ |
3.43 |
|
$ |
3.19 |
|
|
|
|
Additional
information |
|
|
|
|
|
|
Q2 2023 |
Q1 2023 |
Q2 2022 |
Q - Q |
Y - Y |
Automotive |
$ |
1,866 |
$ |
1,828 |
$ |
1,713 |
2% |
9% |
Industrial & IoT |
$ |
578 |
$ |
504 |
$ |
713 |
15% |
-19% |
Mobile |
$ |
284 |
$ |
260 |
$ |
388 |
9% |
-27% |
Comm. Infra. & Other |
$ |
571 |
$ |
529 |
$ |
498 |
8% |
15% |
DIO |
|
137 |
|
135 |
|
94 |
|
|
DPO (ii) |
|
63 |
|
68 |
|
77 |
|
|
DSO |
|
29 |
|
31 |
|
27 |
|
|
Cash Conversion Cycle |
|
103 |
|
98 |
|
44 |
|
|
Channel Inventory (months) |
|
1.6 |
|
1.6 |
|
1.6 |
|
|
Gross Financial Leverage (iii) |
2.1x |
2.0x |
2.2x |
|
|
Net Financial Leverage (iv) |
1.3x |
1.3x |
1.5x |
|
|
|
|
|
|
|
|
-
Additional Information for the Second Quarter
2023:
- For an explanation of GAAP to non-GAAP adjustments, please see
“Non-GAAP Financial Measures”.
- We have reclassified certain amounts related to customer
programs previously presented in “Accounts Payable” to “Other
current liabilities” to conform to current period presentation. The
impact of the reclassification on DPO (decreasing impact) and CCC
(increasing impact) was 17 days for the second quarter of
2022.
- Gross financial leverage is defined as gross debt divided by
trailing twelve months adjusted EBITDA.
- Net financial leverage is defined as net debt divided by
trailing twelve months adjusted EBITDA.
- Weighted average number of diluted shares for the three-month
period ended July 2, 2023 was 261.3 million.
Guidance for the Third Quarter 2023: ($ millions, except
Per Share data) (1)
|
Guidance Range |
|
GAAP |
|
Reconciliation |
|
non-GAAP |
|
Low |
|
Mid |
|
High |
|
|
|
Low |
|
Mid |
|
High |
Total Revenue |
$3,300 |
|
$3,400 |
|
$3,500 |
|
|
|
$3,300 |
|
$3,400 |
|
$3,500 |
Q-Q |
0% |
|
3% |
|
6% |
|
|
|
0% |
|
3% |
|
6% |
Y-Y |
-4% |
|
-1% |
|
2% |
|
|
|
-4% |
|
-1% |
|
2% |
Gross Profit |
$1,861 |
|
$1,936 |
|
$2,013 |
|
$(49) |
|
$1,910 |
|
$1,985 |
|
$2,062 |
Gross Margin |
56.4% |
|
56.9% |
|
57.5% |
|
|
|
57.9% |
|
58.4% |
|
58.9% |
Operating Income (loss) |
$921 |
|
$986 |
|
$1,053 |
|
$(214) |
|
$1,135 |
|
$1,200 |
|
$1,267 |
Operating Margin |
27.9% |
|
29.0% |
|
30.1% |
|
|
|
34.4% |
|
35.3% |
|
36.2% |
Financial Income (expense) |
$(70) |
|
$(70) |
|
$(70) |
|
$(3) |
|
$(67) |
|
$(67) |
|
$(67) |
Tax rate |
16.5%-17.5% |
|
|
|
16.0%-17.0% |
NCI & Other |
$(5) |
|
$(5) |
|
$(5) |
|
$(1) |
|
$(4) |
|
$(4) |
|
$(4) |
Shares - diluted |
261.3 |
|
261.3 |
|
261.3 |
|
|
|
261.3 |
|
261.3 |
|
261.3 |
Earnings Per Share - diluted |
$2.68 |
|
$2.89 |
|
$3.10 |
|
|
|
$3.39 |
|
$3.60 |
|
$3.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (1) Additional Information:
- GAAP Gross Profit is expected to include Purchase Price
Accounting (“PPA”) effects, $(13) million; Share-based
Compensation, $(13) million; Other Incidentals, $(23) million;
- GAAP Operating Income (loss) is expected to include PPA
effects, $(86) million; Share-based Compensation, $(102) million;
Restructuring and Other Incidentals, $(26) million;
- GAAP Financial Income (expense) is expected to include Other
financial expense $(3) million;
- GAAP Non-Controlling Interest (NCI) and Other includes
non-controlling interest $(4) million and Other $(1) million;
- GAAP diluted EPS is expected to include the adjustments noted
above for PPA effects, Share-based Compensation, Restructuring and
Other Incidentals in GAAP Operating Income (loss), the adjustment
for Other financial expense, the adjustment for Non-controlling
interest & Other and the adjustment on Tax due to the earlier
mentioned adjustments.
NXP has based the guidance included in this release on judgments
and estimates that management believes are reasonable given its
assessment of historical trends and other information reasonably
available as of the date of this release. Please note, the guidance
included in this release consists of predictions only, and is
subject to a wide range of known and unknown risks and
uncertainties, many of which are beyond NXP’s control. The guidance
included in this release should not be regarded as representations
by NXP that the estimated results will be achieved. Actual results
may vary materially from the guidance we provide today. In relation
to the use of non-GAAP financial information see the note regarding
“Non-GAAP Financial Measures” below. For the factors, risks, and
uncertainties to which judgments, estimates and forward-looking
statements generally are subject see the note regarding
“Forward-looking Statements.” We undertake no obligation to
publicly update or revise any forward-looking statements, including
the guidance set forth herein, to reflect future events or
circumstances.
Non-GAAP Financial Measures
In managing NXP’s business on a consolidated basis, management
develops an annual operating plan, which is approved by our Board
of Directors, using non-GAAP financial measures, that are not in
accordance with, nor an alternative to, U.S. generally accepted
accounting principles (“GAAP”). In measuring performance against
this plan, management considers the actual or potential impacts on
these non-GAAP financial measures from actions taken to reduce
costs with the goal of increasing our gross margin and operating
margin and when assessing appropriate levels of research and
development efforts. In addition, management relies upon these
non-GAAP financial measures when making decisions about product
spending, administrative budgets, and other operating expenses. We
believe that these non-GAAP financial measures, when coupled with
the GAAP results and the reconciliations to corresponding GAAP
financial measures, provide a more complete understanding of the
Company’s results of operations and the factors and trends
affecting NXP’s business. We believe that they enable investors to
perform additional comparisons of our operating results, to assess
our liquidity and capital position and to analyze financial
performance excluding the effect of expenses unrelated to
operations, certain non-cash expenses and share-based compensation
expense, which may obscure trends in NXP’s underlying performance.
This information also enables investors to compare financial
results between periods where certain items may vary independent of
business performance, and allow for greater transparency with
respect to key metrics used by management.
These non-GAAP financial measures are provided in addition to,
and not as a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP. The presentation of
these and other similar items in NXP’s non-GAAP financial results
should not be interpreted as implying that these items are
non-recurring, infrequent, or unusual. Reconciliations of these
non-GAAP measures to the most comparable measures calculated in
accordance with GAAP are provided in the financial statements
portion of this release in a schedule entitled “Financial
Reconciliation of GAAP to non-GAAP Results (unaudited).” Please
refer to the NXP Historic Financial Model file found on the
Financial Information page of the Investor Relations section of our
website at https://investors.nxp.com for additional information
related to our rationale for using these non-GAAP financial
measures, as well as the impact of these measures on the
presentation of NXP’s operations.
In addition to providing financial information on a basis
consistent with GAAP, NXP also provides the following selected
financial measures on a non-GAAP basis: (i) Gross profit, (ii)
Gross margin, (iii) Research and development, (iv) Selling, general
and administrative, (v) Amortization of acquisition-related
intangible assets, (vi) Other income, (vii) Operating income
(loss), (viii) Operating margin, (ix) Financial Income (expense),
(x) Income tax benefit (provision), (xi) Results relating to
equity-accounted investees, (xii) Net income (loss) attributable to
stockholders, (xiii) Earnings per Share - Diluted, (xiv) EBITDA,
adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv)
free cash flow, trailing 12 month free cash flow and trailing 12
month free cash flow as a percent of Revenue. The non-GAAP
information excludes, where applicable, the amortization of
acquisition related intangible assets, the purchase accounting
effect on inventory and property, plant and equipment, merger
related costs (including integration costs), certain items related
to divestitures, share-based compensation expense, restructuring
and asset impairment charges, extinguishment of debt, foreign
exchange gains and losses, income tax effect on adjustments
described above and results from equity-accounted investments.
The difference in the benefit (provision) for income taxes
between our GAAP and non-GAAP results relates to the income tax
effects of the GAAP to non-GAAP adjustments that we make and the
income tax effect of any discrete items that occur in the interim
period. Discrete items primarily relate to unexpected tax events
that may occur as these amounts cannot be forecasted (e.g., the
impact of changes in tax law and/or rates, changes in estimates or
resolved tax audits relating to prior year tax provisions, the
excess or deficit tax effects on share-based compensation,
etc.).
Conference Call and Webcast InformationThe
company will host a conference call with the financial community on
Tuesday, July 25, 2023 at 8:00 a.m. U.S. Eastern Daylight Time
(EDT) to review the second quarter 2023 results in detail.
Interested parties may preregister to obtain a user-specific
access code for the call here.
The call will be webcast and can be accessed from the NXP
Investor Relations website at www.nxp.com. A replay of the call
will be available on the NXP Investor Relations website within 24
hours of the actual call.
About NXP Semiconductors
NXP Semiconductors N.V. (NASDAQ: NXPI) brings together bright
minds to create breakthrough technologies that make the connected
world better, safer and more secure. As a world leader in secure
connectivity solutions for embedded applications, NXP is pushing
boundaries in the automotive, industrial & IoT, mobile, and
communication infrastructure markets while delivering solutions
that advance a more sustainable future. Built on more than 60 years
of combined experience and expertise, the company has approximately
34,500 team members in more than 30 countries and posted revenue of
$13.21 billion in 2022. Find out more at www.nxp.com.
Forward-looking Statements
This document includes forward-looking statements which include
statements regarding NXP’s business strategy, financial condition,
results of operations, the expected material weakness in our
internal control over financial reporting, including the timeline
to remediate the expected material weakness, market data, as well
as any other statements which are not historical facts. By their
nature, forward-looking statements are subject to numerous factors,
risks and uncertainties that could cause actual outcomes and
results to be materially different from those projected. These
factors, risks and uncertainties include the following: market
demand and semiconductor industry conditions; our ability to
successfully introduce new technologies and products; the demand
for the goods into which NXP’s products are incorporated; potential
impacts of the COVID-19 pandemic; trade disputes between the U.S.
and China, potential increase of barriers to international trade
and resulting disruptions to NXP’s established supply chains; the
impact of government actions and regulations, including
restrictions on the export of US-regulated products and technology;
the ability to generate sufficient cash, raise sufficient capital
or refinance corporate debt at or before maturity to meet both
NXP’s debt service and research and development and capital
investment requirements; our ability to accurately estimate demand
and match our production capacity accordingly or obtain supplies
from third-party producers to meet demand; our access to production
capacity from third-party outsourcing partners, and any events that
might affect their business or NXP’s relationship with them; our
ability to secure adequate and timely supply of equipment and
materials from suppliers; our ability to avoid operational problems
and product defects and, if such issues were to arise, to correct
them quickly; our ability to form strategic partnerships and joint
ventures and to successfully cooperate with our alliance partners;
our ability to win competitive bid selection processes; our ability
to develop products for use in customers’ equipment and products;
the ability to successfully hire and retain key management and
senior product engineers; the invasion of Ukraine by Russia and
resulting regional instability, sanctions and any other retaliatory
measures taken against Russia, which could adversely impact the
global supply chain, disrupt our operations or negatively impact
the demand for our products in our primary end markets; and, the
ability to maintain good relationships with NXP’s suppliers. In
case tax laws change, this could have an effect on our estimated
effective tax rates. In addition, this document contains
information concerning the semiconductor industry and NXP’s market
and business segments generally, which is forward-looking in nature
and is based on a variety of assumptions regarding the ways in
which the semiconductor industry and NXP’s market and business
segments may develop. NXP has based these assumptions on
information currently available, if any one or more of these
assumptions turn out to be incorrect, actual results may differ
from those predicted. While NXP does not know what impact any such
differences may have on its business, if there are such
differences, its future results of operations and its financial
condition could be materially adversely affected. There can be no
assurances that a pandemic, epidemic or outbreak of contagious
diseases, such as COVID-19, will not have a material and adverse
impact on our business, operating results and financial condition
in the future. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak to results only as of
the date the statements were made. Except for any ongoing
obligation to disclose material information as required by the
United States federal securities laws, NXP does not have any
intention or obligation to publicly update or revise any
forward-looking statements after we distribute this document,
whether to reflect any future events or circumstances or otherwise.
For a discussion of potential risks and uncertainties, please refer
to the risk factors listed in our SEC filings. Copies of our SEC
filings are available on our Investor Relations website,
www.nxp.com/investor or from the SEC website, www.sec.gov.
For
further information, please contact: |
|
|
|
Investors: |
Media: |
Jeff Palmer |
Jacey Zuniga |
jeff.palmer@nxp.com |
jacey.zuniga@nxp.com |
+1 408 518 5411 |
+1 512 895 7398 |
|
|
NXP-CORP
NXP SemiconductorsTable 1: Condensed
consolidated statement of operations (unaudited)
($ in millions except
share data) |
Three months ended |
|
July 2, 2023 |
|
April 2, 2023 |
|
July 3, 2022 |
|
|
|
|
|
|
Revenue |
$ |
3,299 |
|
|
$ |
3,121 |
|
|
$ |
3,312 |
|
Cost of revenue |
|
(1,418 |
) |
|
|
(1,351 |
) |
|
|
(1,430 |
) |
Gross profit |
|
1,881 |
|
|
|
1,770 |
|
|
|
1,882 |
|
Research and development |
|
(589 |
) |
|
|
(577 |
) |
|
|
(542 |
) |
Selling, general and administrative |
|
(274 |
) |
|
|
(280 |
) |
|
|
(265 |
) |
Amortization of acquisition-related intangible assets |
|
(81 |
) |
|
|
(85 |
) |
|
|
(134 |
) |
Total operating expenses |
|
(944 |
) |
|
|
(942 |
) |
|
|
(941 |
) |
Other income (expense) |
|
— |
|
|
|
(3 |
) |
|
|
2 |
|
Operating income (loss) |
|
937 |
|
|
|
825 |
|
|
|
943 |
|
Financial income (expense): |
|
|
|
|
|
Extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(18 |
) |
Other financial income (expense) |
|
(74 |
) |
|
|
(82 |
) |
|
|
(110 |
) |
Income (loss) before income taxes |
|
863 |
|
|
|
743 |
|
|
|
815 |
|
Benefit (provision) for income taxes |
|
(158 |
) |
|
|
(118 |
) |
|
|
(129 |
) |
Results relating to equity-accounted investees |
|
(1 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
Net income (loss) |
|
704 |
|
|
|
623 |
|
|
|
683 |
|
Less: Net income (loss) attributable to non-controlling
interests |
|
6 |
|
|
|
8 |
|
|
|
13 |
|
Net income (loss) attributable to
stockholders |
|
698 |
|
|
|
615 |
|
|
|
670 |
|
|
|
|
|
|
|
Earnings per share data: |
|
|
|
|
|
Net income (loss) per common share attributable to
stockholders in $ |
Basic |
$ |
2.69 |
|
|
$ |
2.37 |
|
|
$ |
2.55 |
|
Diluted |
$ |
2.67 |
|
|
$ |
2.35 |
|
|
$ |
2.53 |
|
|
|
|
|
|
|
Weighted
average number of shares of common stock
outstanding during the period (in thousands): |
Basic |
|
259,160 |
|
|
|
259,576 |
|
|
|
262,579 |
|
Diluted |
|
261,303 |
|
|
|
261,210 |
|
|
|
264,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NXP SemiconductorsTable 2: Condensed
consolidated balance sheet (unaudited)
|
($ in millions) |
As of |
|
|
July 2, 2023 |
|
April 2, 2023 |
|
July 3, 2022 |
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
3,863 |
|
$ |
3,930 |
|
$ |
3,545 |
|
Accounts receivable, net |
|
1,061 |
|
|
1,063 |
|
|
996 |
|
Inventories, net |
|
2,107 |
|
|
1,977 |
|
|
1,462 |
|
Other current assets |
|
416 |
|
|
387 |
|
|
317 |
Total current assets |
|
7,447 |
|
|
7,357 |
|
|
6,320 |
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Other non-current assets |
|
2,136 |
|
|
2,095 |
|
|
1,848 |
|
Property, plant and equipment, net |
|
3,152 |
|
|
3,123 |
|
|
2,914 |
|
Identified intangible assets, net |
|
1,110 |
|
|
1,208 |
|
|
1,527 |
|
Goodwill |
|
9,950 |
|
|
9,949 |
|
|
9,930 |
Total non-current assets |
|
16,348 |
|
|
16,375 |
|
|
16,219 |
|
|
|
|
|
|
|
Total assets |
|
23,795 |
|
|
23,732 |
|
|
22,539 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable 1) |
|
967 |
|
|
1,002 |
|
|
1,191 |
|
Restructuring liabilities-current |
|
23 |
|
|
27 |
|
|
12 |
|
Other current liabilities 1) |
|
2,096 |
|
|
2,186 |
|
|
1,738 |
|
Short-term debt |
|
999 |
|
|
998 |
|
|
— |
Total current liabilities |
|
4,085 |
|
|
4,213 |
|
|
2,941 |
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term debt |
|
10,171 |
|
|
10,169 |
|
|
11,160 |
|
Restructuring liabilities |
|
8 |
|
|
7 |
|
|
12 |
|
Deferred tax liabilities |
|
40 |
|
|
38 |
|
|
41 |
|
Other non-current liabilities |
|
1,014 |
|
|
1,057 |
|
|
1,159 |
Total non-current liabilities |
|
11,233 |
|
|
11,271 |
|
|
12,372 |
|
|
|
|
|
|
|
|
Non-controlling interests |
|
305 |
|
|
299 |
|
|
264 |
|
Stockholders’ equity |
|
8,172 |
|
|
7,949 |
|
|
6,962 |
Total equity |
|
8,477 |
|
|
8,248 |
|
|
7,226 |
|
|
|
|
|
|
Total liabilities and equity |
|
23,795 |
|
|
23,732 |
|
|
22,539 |
|
|
|
|
|
|
|
1) |
We have
reclassified $271 million as of July 3, 2022 related to customer
programs previously presented in “Accounts payable” to “Other
current liabilities” to conform to current period
presentation. |
|
|
NXP SemiconductorsTable 3: Condensed
consolidated statement of cash flows (unaudited)
($ in millions) |
Three months ended |
|
July 2, 2023 |
|
April 2, 2023 |
|
July 3, 2022 |
Cash flows from
operating activities: |
|
|
|
|
|
Net income (loss) |
$ |
704 |
|
|
$ |
623 |
|
|
$ |
683 |
|
Adjustments to reconcile net
income (loss) to net cash provided by (used for) operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
281 |
|
|
|
283 |
|
|
|
317 |
|
Share-based compensation |
|
102 |
|
|
|
99 |
|
|
|
89 |
|
Amortization of discount (premium) on debt, net |
|
— |
|
|
|
1 |
|
|
|
— |
|
Amortization of debt issuance costs |
|
2 |
|
|
|
2 |
|
|
|
1 |
|
Net (gain) loss on sale of assets |
|
(1 |
) |
|
|
— |
|
|
|
— |
|
(Gain) loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
18 |
|
Results relating to equity-accounted investees |
|
1 |
|
|
|
2 |
|
|
|
3 |
|
(Gain) loss on equity securities, net |
|
(6 |
) |
|
|
1 |
|
|
|
8 |
|
Deferred tax expense (benefit) |
|
(75 |
) |
|
|
(62 |
) |
|
|
(65 |
) |
Changes in operating
assets and liabilities: |
|
|
|
|
|
(Increase) decrease in receivables and other current assets |
|
(20 |
) |
|
|
(138 |
) |
|
|
(50 |
) |
(Increase) decrease in inventories |
|
(129 |
) |
|
|
(196 |
) |
|
|
(151 |
) |
Increase (decrease) in accounts payable and other liabilities |
|
(144 |
) |
|
|
52 |
|
|
|
4 |
|
(Increase) decrease in other non-current assets |
|
33 |
|
|
|
(33 |
) |
|
|
(41 |
) |
Exchange differences |
|
5 |
|
|
|
5 |
|
|
|
(3 |
) |
Other items |
|
3 |
|
|
|
(7 |
) |
|
|
6 |
|
Net cash provided by
(used for) operating activities |
|
756 |
|
|
|
632 |
|
|
|
819 |
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Purchase of identified intangible assets |
|
(51 |
) |
|
|
(42 |
) |
|
|
(29 |
) |
Capital expenditures on property, plant and equipment |
|
(201 |
) |
|
|
(251 |
) |
|
|
(268 |
) |
Proceeds from the disposals of property, plant and equipment |
|
1 |
|
|
|
— |
|
|
|
— |
|
Purchase of interests in businesses, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Purchase of investments |
|
(4 |
) |
|
|
(58 |
) |
|
|
(2 |
) |
Proceeds from the sale of investments |
|
— |
|
|
|
— |
|
|
|
12 |
|
Net cash provided by
(used for) investing activities |
|
(255 |
) |
|
|
(351 |
) |
|
|
(288 |
) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Repurchase of long-term debt |
|
— |
|
|
|
— |
|
|
|
(917 |
) |
Proceeds from the issuance of long-term debt |
|
— |
|
|
|
— |
|
|
|
1,496 |
|
Cash paid for debt issuance costs |
|
— |
|
|
|
— |
|
|
|
(12 |
) |
Dividends paid to common stockholders |
|
(264 |
) |
|
|
(219 |
) |
|
|
(222 |
) |
Proceeds from issuance of common stock through stock plans |
|
1 |
|
|
|
33 |
|
|
|
— |
|
Purchase of treasury shares and restricted stock
unit withholdings |
|
(302 |
) |
|
|
(11 |
) |
|
|
(2 |
) |
Other, net |
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
Net cash provided by
(used for) financing activities |
|
(565 |
) |
|
|
(198 |
) |
|
|
342 |
|
|
|
|
|
|
|
Effect of changes in exchange
rates on cash positions |
|
(3 |
) |
|
|
2 |
|
|
|
(11 |
) |
Increase (decrease) in cash
and cash equivalents |
|
(67 |
) |
|
|
85 |
|
|
|
862 |
|
Cash and cash equivalents at
beginning of period |
|
3,930 |
|
|
|
3,845 |
|
|
|
2,683 |
|
Cash and cash
equivalents at end of period |
|
3,863 |
|
|
|
3,930 |
|
|
|
3,545 |
|
|
|
|
|
|
|
Net cash paid during
the period for: |
|
|
|
|
|
Interest |
|
86 |
|
|
|
54 |
|
|
|
133 |
|
Income taxes, net of
refunds |
|
239 |
|
|
|
294 |
|
|
|
150 |
|
Net gain (loss) on sale of assets: |
|
|
|
|
|
Cash proceeds from the sale of assets |
|
1 |
|
|
|
— |
|
|
|
— |
|
Non-cash investing activities: |
|
|
|
|
|
Non-cash capital expenditures |
|
165 |
|
|
|
176 |
|
|
|
243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NXP SemiconductorsTable 4: Financial
Reconciliation of GAAP to non-GAAP Results (unaudited)
($ in millions) |
Three months ended |
|
July 2, 2023 |
|
April 2, 2023 |
|
July 3, 2022 |
Revenue |
$ |
3,299 |
|
|
$ |
3,121 |
|
|
$ |
3,312 |
|
GAAP Gross
Profit |
$ |
1,881 |
|
|
$ |
1,770 |
|
|
$ |
1,882 |
|
PPA Effects |
|
(14 |
) |
|
|
(13 |
) |
|
|
(14 |
) |
Restructuring |
|
— |
|
|
|
2 |
|
|
|
3 |
|
Share-based compensation |
|
(13 |
) |
|
|
(13 |
) |
|
|
(12 |
) |
Other incidentals |
|
(18 |
) |
|
|
(22 |
) |
|
|
(10 |
) |
Non-GAAP Gross
Profit |
$ |
1,926 |
|
|
$ |
1,816 |
|
|
$ |
1,915 |
|
GAAP Gross
margin |
|
57.0 |
% |
|
|
56.7 |
% |
|
|
56.8 |
% |
Non-GAAP Gross
margin |
|
58.4 |
% |
|
|
58.2 |
% |
|
|
57.8 |
% |
GAAP Research and development |
$ |
(589 |
) |
|
$ |
(577 |
) |
|
$ |
(542 |
) |
Restructuring |
|
— |
|
|
|
(14 |
) |
|
|
1 |
|
Share-based compensation |
|
(51 |
) |
|
|
(52 |
) |
|
|
(45 |
) |
Other incidentals |
|
(1 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
Non-GAAP Research and development |
$ |
(537 |
) |
|
$ |
(510 |
) |
|
$ |
(495 |
) |
GAAP Selling, general and administrative |
$ |
(274 |
) |
|
$ |
(280 |
) |
|
$ |
(265 |
) |
PPA effects |
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
Restructuring |
|
— |
|
|
|
(6 |
) |
|
|
— |
|
Share-based compensation |
|
(38 |
) |
|
|
(34 |
) |
|
|
(32 |
) |
Other incidentals |
|
(2 |
) |
|
|
(21 |
) |
|
|
(3 |
) |
Non-GAAP Selling, general and administrative |
$ |
(234 |
) |
|
$ |
(218 |
) |
|
$ |
(229 |
) |
GAAP amortization of acquisition-related intangible assets |
$ |
(81 |
) |
|
$ |
(85 |
) |
|
$ |
(134 |
) |
PPA effects |
|
(81 |
) |
|
|
(85 |
) |
|
|
(134 |
) |
Non-GAAP amortization of acquisition-related intangible assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
GAAP Other income (expense) |
$ |
— |
|
|
$ |
(3 |
) |
|
$ |
2 |
|
Non-GAAP Other income (expense) |
$ |
— |
|
|
$ |
(3 |
) |
|
$ |
2 |
|
GAAP Operating income
(loss) |
$ |
937 |
|
|
$ |
825 |
|
|
$ |
943 |
|
PPA effects |
|
(95 |
) |
|
|
(99 |
) |
|
|
(149 |
) |
Restructuring |
|
— |
|
|
|
(18 |
) |
|
|
4 |
|
Share-based compensation |
|
(102 |
) |
|
|
(99 |
) |
|
|
(89 |
) |
Other incidentals |
|
(21 |
) |
|
|
(44 |
) |
|
|
(16 |
) |
Non-GAAP Operating
income (loss) |
$ |
1,155 |
|
|
$ |
1,085 |
|
|
$ |
1,193 |
|
GAAP Operating
margin |
|
28.4 |
% |
|
|
26.4 |
% |
|
|
28.5 |
% |
Non-GAAP Operating
margin |
|
35.0 |
% |
|
|
34.8 |
% |
|
|
36.0 |
% |
GAAP Financial income
(expense) |
$ |
(74 |
) |
|
$ |
(82 |
) |
|
$ |
(128 |
) |
Foreign exchange gain (loss) |
|
(3 |
) |
|
|
(3 |
) |
|
|
(2 |
) |
Gain (loss) on extinguishment of long-term debt |
|
— |
|
|
|
— |
|
|
|
(18 |
) |
Other financial income (expense) |
|
2 |
|
|
|
(3 |
) |
|
|
(11 |
) |
Non-GAAP Financial
income (expense) |
$ |
(73 |
) |
|
$ |
(76 |
) |
|
$ |
(97 |
) |
GAAP Income tax
benefit (provision) |
$ |
(158 |
) |
|
$ |
(118 |
) |
|
|
Income tax effect |
|
22 |
|
|
|
49 |
|
|
|
Non-GAAP Income tax
benefit (provision) |
$ |
(180 |
) |
|
$ |
(167 |
) |
|
|
GAAP Results relating
to equity-accounted investees |
$ |
(1 |
) |
|
$ |
(2 |
) |
|
|
Results relating to equity-accounted investees |
|
(1 |
) |
|
|
(2 |
) |
|
|
Non-GAAP Results
relating to equity-accounted investees |
$ |
— |
|
|
$ |
— |
|
|
|
GAAP Net income
(loss) |
$ |
704 |
|
|
$ |
623 |
|
|
|
Less: Net income (loss)
attributable to non-controlling interests |
|
6 |
|
|
|
8 |
|
|
|
GAAP Net income (loss)
attributable to stockholders |
$ |
698 |
|
|
$ |
615 |
|
|
|
|
|
|
|
|
|
GAAP Net income (loss)
attributable to stockholders |
$ |
698 |
|
|
$ |
615 |
|
|
|
PPA Effects |
|
(95 |
) |
|
|
(99 |
) |
|
|
Restructuring |
|
— |
|
|
|
(18 |
) |
|
|
Share-based compensation |
|
(102 |
) |
|
|
(99 |
) |
|
|
Other incidentals |
|
(21 |
) |
|
|
(44 |
) |
|
|
Other adjustments |
|
20 |
|
|
|
41 |
|
|
|
Non-GAAP Net income
(loss) attributable to stockholders |
$ |
896 |
|
|
$ |
834 |
|
|
|
|
|
|
|
|
|
GAAP Diluted earnings
per share |
$ |
2.67 |
|
|
$ |
2.35 |
|
|
|
Non-GAAP Diluted
earnings per share |
$ |
3.43 |
|
|
$ |
3.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NXP SemiconductorsTable 5: Adjusted
EBITDA and Free Cash Flow (unaudited)
($ in millions) |
Three months ended |
|
July 2, 2023 |
|
April 2, 2023 |
|
July 3, 2022 |
GAAP Net income (loss) |
$ |
704 |
|
|
$ |
623 |
|
|
$ |
683 |
|
Reconciling items to EBITDA (Non-GAAP) |
|
|
|
|
|
Financial (income) expense |
|
74 |
|
|
|
82 |
|
|
|
128 |
|
(Benefit) provision for income taxes |
|
158 |
|
|
|
118 |
|
|
|
129 |
|
Depreciation |
|
162 |
|
|
|
160 |
|
|
|
149 |
|
Amortization |
|
119 |
|
|
|
123 |
|
|
|
168 |
|
EBITDA
(Non-GAAP) |
$ |
1,217 |
|
|
$ |
1,106 |
|
|
$ |
1,257 |
|
Reconciling items to
adjusted EBITDA (Non-GAAP) |
|
|
|
|
|
Results of equity-accounted investees |
|
1 |
|
|
|
2 |
|
|
|
3 |
|
Restructuring |
|
— |
|
|
|
18 |
|
|
|
(4 |
) |
Share-based compensation |
|
102 |
|
|
|
99 |
|
|
|
89 |
|
Other incidental items 1) |
|
21 |
|
|
|
42 |
|
|
|
16 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
1,341 |
|
|
$ |
1,267 |
|
|
$ |
1,361 |
|
Trailing twelve month
adjusted EBITDA (Non-GAAP) |
$ |
5,437 |
|
|
$ |
5,457 |
|
|
$ |
4,961 |
|
|
|
|
|
|
|
1) Excluding
depreciation/amortization within: |
|
|
|
|
|
– other incidental items |
$ |
— |
|
|
$ |
2 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
Three months ended |
|
July 2, 2023 |
|
April 2, 2023 |
|
July 3, 2022 |
Net cash provided by (used for) operating
activities |
$ |
756 |
|
|
$ |
632 |
|
|
$ |
819 |
|
Net capital expenditures on property, plant and equipment |
|
(200 |
) |
|
|
(251 |
) |
|
|
(268 |
) |
Non-GAAP free cash flow |
$ |
556 |
|
|
$ |
381 |
|
|
$ |
551 |
|
Trailing twelve month non-GAAP free cash
flow |
$ |
2,643 |
|
|
$ |
2,638 |
|
|
$ |
2,371 |
|
Trailing twelve month
non-GAAP free cash flow as percent of Revenue |
|
20 |
% |
|
|
20 |
% |
|
|
19 |
% |
|
|
|
|
|
|
NXP Semiconductors NV (NASDAQ:NXPI)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
NXP Semiconductors NV (NASDAQ:NXPI)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024