NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial
results for the third quarter 2020, ended September 27, 2020.
“Consistent with our pre-announcement on October 8, our third
quarter results were significantly better than our original
guidance, reflecting a strong rebound in demand across nearly all
of our focus end markets. NXP delivered third quarter revenue of
$2.27 billion, flat versus the year ago period, but up 25 percent
on a sequential basis, and about 13 percent better than the
mid-point of our guidance. Because of the higher revenue and good
margin fall through, we delivered strong operating profit
significantly above our guidance,” said Kurt Sievers, NXP President
and Chief Executive Officer. “More importantly, the momentum which
began during the third quarter is continuing into the fourth
quarter of 2020. Within our strategic end markets of Automotive,
Industrial & IoT and Mobile the improving trends are due to a
combination of a rebound in our core business, as well as solid
contribution from the ramp of new products. The recovering markets
along with our strong product portfolio and customer engagements
make us confident to continue to deliver robust growth in
2021.”
Key Highlights
- Third-quarter revenue was $2.3 billion, up 0.1 percent
year-on-year;
- Third-quarter GAAP gross margin was 48.1 percent, and GAAP
operating margin was 1.4 percent;
- Third-quarter non-GAAP gross margin was 50.1 percent, and
non-GAAP operating margin was 25.8 percent;
- Third-quarter cash flow from operations was $527 million, with
net capex investments of $68 million, resulting in non-GAAP free
cash flow of $459 million;
- On August 27, 2020, the NXP Board of Directors approved the
payment of an interim dividend for the third quarter 2020 of $0.375
per ordinary share;
- In the third quarter of 2020 NXP returned $117 million to
shareholders, primarily through previously announced dividend
payments;
- On September 28, 2020, subsequent to the close of NXP's third
quarter, the company fully redeemed the $400 million of outstanding
principal of the 4.625% Senior Notes due 2022 and the $1.35 billion
of outstanding principal of the 4.125% Senior Notes due 2021. The
total amount of these redemptions, $1.83 billion, were paid from
available cash on balance sheet.
Summary of Reported Third Quarter 2020 ($ millions,
unaudited) (1)
|
Q3 2020 |
Q2 2020 |
Q3 2019 |
Q - Q |
Y - Y |
Total Revenue |
$ |
2,267 |
|
|
$ |
1,817 |
|
|
$ |
2,265 |
|
|
25 |
% |
— |
% |
GAAP Gross
Profit |
$ |
1,090 |
|
|
$ |
860 |
|
|
$ |
1,186 |
|
|
27 |
% |
-8 |
% |
Gross Profit Adjustments (i) |
$ |
(45 |
) |
|
$ |
(32 |
) |
|
$ |
(30 |
) |
|
|
|
Non-GAAP Gross
Profit |
$ |
1,135 |
|
|
$ |
892 |
|
|
$ |
1,216 |
|
|
27 |
% |
-7 |
% |
GAAP Gross Margin |
48.1 |
% |
|
47.3 |
% |
|
52.4 |
% |
|
|
|
Non-GAAP Gross Margin |
50.1 |
% |
|
49.1 |
% |
|
53.7 |
% |
|
|
|
GAAP Operating Income
/ (Loss) |
$ |
32 |
|
|
$ |
(145 |
) |
|
$ |
233 |
|
|
122 |
% |
-86 |
% |
Operating Income Adjustments (i) |
$ |
(554 |
) |
|
$ |
(521 |
) |
|
$ |
(454 |
) |
|
|
|
Non-GAAP Operating
Income |
$ |
586 |
|
|
$ |
376 |
|
|
$ |
687 |
|
|
56 |
% |
-15 |
% |
GAAP Operating Margin |
1.4 |
% |
|
(8.0 |
)% |
|
10.3 |
% |
|
|
|
Non-GAAP Operating Margin |
25.8 |
% |
|
20.7 |
% |
|
30.3 |
% |
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive |
$ |
964 |
|
$ |
674 |
|
$ |
1,048 |
|
43 |
% |
-8 |
% |
Industrial & IoT |
$ |
514 |
|
$ |
435 |
|
$ |
426 |
|
18 |
% |
21 |
% |
Mobile |
$ |
337 |
|
$ |
255 |
|
$ |
321 |
|
32 |
% |
5 |
% |
Comm. Infra. & Other |
$ |
452 |
|
$ |
453 |
|
$ |
470 |
|
— |
% |
-4 |
% |
DIO |
|
84 |
|
|
120 |
|
|
98 |
|
|
|
|
|
DPO |
|
55 |
|
|
71 |
|
|
74 |
|
|
|
|
|
DSO |
|
30 |
|
|
24 |
|
|
32 |
|
|
|
|
|
Cash Conversion Cycle |
|
59 |
|
|
73 |
|
|
56 |
|
|
|
|
|
Channel Inventory (months) |
|
2.4 |
|
|
2.4 |
|
|
2.3 |
|
|
|
|
|
Financial Leverage (ii) |
|
2.1x |
|
|
2.2x |
|
|
1.6x |
|
|
|
|
|
1. |
Additional Information for the Third Quarter
2020: |
|
i. For an explanation of GAAP to non-GAAP adjustments,
please see “Non-GAAP Financial Measures”. |
|
ii. Financial leverage
is defined as net debt divided by trailing twelve months adjusted
EBITDA. |
• |
During the third quarter of
2020, NXP repurchased 0.1 million shares for a total cost of $12
million and paid cash dividends of $105 million. |
• |
Weighted average number of
diluted shares for the three-month period ended September 27, 2020
was 279.5 million and as the company reported a net loss, it
excludes the incremental impact of dilutive potential common shares
of 4.9 million shares. |
• |
Net cash paid for income taxes
related to on-going operations was $(29) million. Net cash paid for
income taxes not related to on-going operations resulted in
additional cash payments of $(10) million. |
Guidance for the Fourth Quarter 2020: ($ millions)
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance Range |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
Reconciliation |
|
non-GAAP |
|
Low |
|
Mid |
|
High |
|
|
|
|
|
Low |
|
Mid |
|
High |
Total Revenue |
$ |
2,375 |
|
|
|
$ |
2,450 |
|
|
|
$ |
2,525 |
|
|
|
|
|
|
|
$ |
2,375 |
|
|
|
$ |
2,450 |
|
|
|
$ |
2,525 |
|
|
Q-Q |
5 |
|
% |
|
8 |
|
% |
|
11 |
|
% |
|
|
|
|
|
5 |
|
% |
|
8 |
|
% |
|
11 |
|
% |
Y-Y |
3 |
|
% |
|
6 |
|
% |
|
10 |
|
% |
|
|
|
|
|
3 |
|
% |
|
6 |
|
% |
|
10 |
|
% |
Gross
Profit |
$ |
1,209 |
|
|
|
$ |
1,255 |
|
|
|
$ |
1,303 |
|
|
|
$ |
(36 |
) |
|
$ |
1,245 |
|
|
|
$ |
1,291 |
|
|
|
$ |
1,339 |
|
|
Gross Margin |
50.9 |
|
% |
|
51.2 |
|
% |
|
51.6 |
|
% |
|
|
|
|
|
52.4 |
|
% |
|
52.7 |
|
% |
|
53.0 |
|
% |
Operating Income
(loss) |
$ |
425 |
|
|
|
$ |
461 |
|
|
|
$ |
499 |
|
|
|
$ |
(267 |
) |
|
$ |
692 |
|
|
|
$ |
728 |
|
|
|
$ |
766 |
|
|
Operating Margin |
17.9 |
|
% |
|
18.8 |
|
% |
|
19.8 |
|
% |
|
|
|
|
|
29.1 |
|
% |
|
29.7 |
|
% |
|
30.3 |
|
% |
Financial Income (expense) |
$ |
(146 |
) |
|
|
$ |
(146 |
) |
|
|
$ |
(146 |
) |
|
|
$ |
(62 |
) |
|
$ |
(84 |
) |
|
|
$ |
(84 |
) |
|
|
$ |
(84 |
) |
|
Note (1) Additional Information:
- GAAP Gross
Profit is expected to include Purchase Price Accounting (“PPA”)
effects, $(20) million; Stock Based Compensation, $(12) million;
Other Incidentals, $(4) million;
- GAAP Operating
Income (loss) is expected to include PPA effects, $(170) million;
Stock Based Compensation, $(87) million; Restructuring and Other
Incidentals, $(10) million;
- GAAP Financial
Income (expense) is expected to include Other financial expense
$(62) million;
- Net cash paid for
income taxes related to on-going operations is expected to be
approximately $(36) million;
- Non-controlling
interest is expected to be approximately $(9) million;
- Weighted average
diluted share count is expected to be approximately 286
million.
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. 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 U.S. generally accepted accounting principles
(“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) adjusted net income, adjusted EBITDA and trailing 12 month
adjusted EBITDA, and (xi) free cash flow and free cash flow as
a percent of Revenue. The non-GAAP information excludes 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, non-cash interest
expense on convertible notes, extinguishment of debt, and foreign
exchange gains and losses.
Conference Call and Webcast InformationThe
company will host a conference call with the financial community on
Tuesday, October 27, 2020 at 8:00 a.m. U.S. Eastern Daylight Time
(EDT) to review the third quarter 2020 results in detail.
Interested parties may join the scheduled conference call by
dialing the following numbers:
Within the U.S.: |
1 - 888 - 603 - 7644 |
Outside the U.S.: |
1 - 484 - 747 - 6631 |
Passcode: |
6084337 |
The call will be webcast and can be accessed from the NXP
Investor Relations website https://investors.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) enables
secure connections for a smarter world, advancing solutions that
make lives easier, better, and safer. As the world leader in secure
connectivity solutions for embedded applications, NXP is driving
innovation in the automotive, industrial & IoT, mobile, and
communication infrastructure markets. Built on more than 60 years
of combined experience and expertise, the company has approximately
29,000 employees in more than 30 countries and posted revenue of
$8.88 billion in 2019. 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, and 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: the duration and spread of
the COVID-19 outbreak, its severity, the actions to contain the
virus or treat its impact, and how quickly and to what extent
normal economic and operating conditions can resume; market demand
and semiconductor industry conditions; the ability to successfully
introduce new technologies and products; the demand for the goods
into which NXP’s products are incorporated; 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 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; the ability to accurately estimate demand
and match manufacturing production capacity accordingly or obtain
supplies from third-party producers; the potential impact of the
outbreak of COVID-19 on NXP's business, operations, results of
operations, financial condition, workforce or the operations or
decisions of customers, suppliers or business customers; the access
to production capacity from third-party outsourcing partners and
any events that might affect their business or NXP’s relationship
with them including the outbreak of COVID-19 or the requirements to
suspend activities with customers or suppliers because of changing
import and export regulations; the ability to secure adequate and
timely supply of equipment and materials from suppliers; the
ability to avoid operational problems and product defects and, if
such issues were to arise, to correct them quickly; the ability to
form strategic partnerships and joint ventures and to successfully
cooperate with alliance partners; the ability to win competitive
bid selection processes; the ability to develop products for use in
customers’ equipment and products; the ability to successfully hire
and retain key management and senior product engineers; and, the
ability to maintain good relationships with NXP's suppliers. 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 a 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: Jeff Palmer jeff.palmer@nxp.com
+1 408 518 5411 |
Media:Jacey Zuniga jacey.zuniga@nxp.com+1 512
895 7398 |
NXP-CORP
|
|
|
|
NXP
SemiconductorsTable 1: Condensed consolidated
statement of operations (unaudited) |
($ in millions except share data) |
Three months ended |
|
September 27, 2020 |
|
June 28, 2020 |
|
September 29, 2019 |
|
|
|
|
|
|
Revenue |
$ |
2,267 |
|
|
$ |
1,817 |
|
|
$ |
2,265 |
|
Cost of revenue |
(1,177 |
) |
|
(957 |
) |
|
(1,079 |
) |
Gross
profit |
1,090 |
|
|
860 |
|
|
1,186 |
|
Research and development |
(438 |
) |
|
(402 |
) |
|
(396 |
) |
Selling, general and
administrative |
(203 |
) |
|
(222 |
) |
|
(221 |
) |
Amortization of
acquisition-related intangible assets |
(418 |
) |
|
(380 |
) |
|
(358 |
) |
Total operating
expenses |
(1,059 |
) |
|
(1,004 |
) |
|
(975 |
) |
Other income (expense) |
1 |
|
|
(1 |
) |
|
22 |
|
Operating income
(loss) |
32 |
|
|
(145 |
) |
|
233 |
|
Financial income
(expense): |
|
|
|
|
|
Extinguishment of debt |
— |
|
|
— |
|
|
(1 |
) |
Other financial income
(expense) |
(106 |
) |
|
(96 |
) |
|
(84 |
) |
Income (loss) before
income taxes |
(74 |
) |
|
(241 |
) |
|
148 |
|
Benefit (provision) for income
taxes |
57 |
|
|
33 |
|
|
(28 |
) |
Results relating to
equity-accounted investees |
(1 |
) |
|
(1 |
) |
|
(1 |
) |
Net income
(loss) |
(18 |
) |
|
(209 |
) |
|
119 |
|
Less: Net income (loss)
attributable to non-controlling interests |
4 |
|
|
5 |
|
|
10 |
|
Net income (loss)
attributable to stockholders |
(22 |
) |
|
(214 |
) |
|
109 |
|
|
|
|
|
|
|
Earnings per share
data: |
|
|
|
|
|
Net income (loss)
per common share attributable to stockholders in $ |
Basic |
$ |
(0.08 |
) |
|
$ |
(0.77 |
) |
|
$ |
0.39 |
|
Diluted |
$ |
(0.08 |
) |
|
$ |
(0.77 |
) |
|
$ |
0.38 |
|
|
|
|
|
|
|
Weighted
average number of shares of common stock
outstanding during the period (in thousands): |
Basic |
279,467 |
|
|
279,142 |
|
|
279,074 |
|
Diluted |
279,467 |
|
|
279,142 |
|
|
283,518 |
|
|
|
|
|
|
|
NXP
SemiconductorsTable 2: Condensed consolidated balance
sheet (unaudited) |
|
($ in millions) |
As of |
|
|
September 27, 2020 |
|
June 28, 2020 |
|
September 29, 2019 |
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
3,566 |
|
|
$ |
3,266 |
|
|
3,537 |
|
|
Accounts receivable, net |
755 |
|
|
481 |
|
|
786 |
|
|
Assets held for sale |
— |
|
|
— |
|
|
61 |
|
|
Inventories, net |
1,064 |
|
|
1,228 |
|
|
1,134 |
|
|
Other current assets |
219 |
|
|
240 |
|
|
426 |
|
Total
current assets |
5,604 |
|
|
5,215 |
|
|
5,944 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Other non-current assets |
924 |
|
|
760 |
|
|
712 |
|
|
Property, plant and equipment,
net |
2,255 |
|
|
2,312 |
|
|
2,401 |
|
|
Identified intangible assets,
net |
2,380 |
|
|
2,824 |
|
|
3,406 |
|
|
Goodwill |
9,959 |
|
|
9,946 |
|
|
8,791 |
|
Total
non-current assets |
15,518 |
|
|
15,842 |
|
|
15,310 |
|
|
|
|
|
|
|
|
Total
assets |
21,122 |
|
|
21,057 |
|
|
21,254 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
697 |
|
|
729 |
|
|
862 |
|
|
Restructuring
liabilities-current |
25 |
|
|
25 |
|
|
41 |
|
|
Other current liabilities |
940 |
|
|
889 |
|
|
1,081 |
|
|
Short-term debt |
1,749 |
|
|
1,349 |
|
|
1,142 |
|
Total
current liabilities |
3,411 |
|
|
2,992 |
|
|
3,126 |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term debt |
7,607 |
|
|
8,004 |
|
|
7,363 |
|
|
Restructuring liabilities |
15 |
|
|
— |
|
|
— |
|
|
Deferred tax liabilities |
136 |
|
|
136 |
|
|
285 |
|
|
Other non-current
liabilities |
880 |
|
|
870 |
|
|
885 |
|
Total
non-current liabilities |
8,638 |
|
|
9,010 |
|
|
8,533 |
|
|
|
|
|
|
|
|
|
Non-controlling interests |
197 |
|
|
193 |
|
|
205 |
|
|
Stockholders’ equity |
8,876 |
|
|
8,862 |
|
|
9,390 |
|
Total
equity |
9,073 |
|
|
9,055 |
|
|
9,595 |
|
|
|
|
|
|
|
Total
liabilities and equity |
21,122 |
|
|
21,057 |
|
|
21,254 |
|
|
|
|
|
|
|
|
NXP
SemiconductorsTable 3: Condensed consolidated
statement of cash flows (unaudited) |
($ in millions) |
Three months ended |
|
September 27, 2020 |
|
June 28, 2020 |
|
September 29, 2019 |
Cash flows from
operating activities: |
|
|
|
|
|
Net income (loss) |
$ |
(18 |
) |
|
$ |
(209 |
) |
|
$ |
119 |
|
Adjustments to reconcile net
income (loss) to net cash provided by (used for) operating
activities: |
|
|
|
|
|
Depreciation and amortization |
589 |
|
|
543 |
|
|
517 |
|
Stock-based compensation |
83 |
|
|
105 |
|
|
84 |
|
Amortization of discount (premium) on debt, net |
— |
|
|
(1 |
) |
|
12 |
|
Amortization of debt issuance costs |
3 |
|
|
3 |
|
|
2 |
|
Net (gain) loss on sale of assets |
(1 |
) |
|
— |
|
|
(21 |
) |
(Gain) loss on extinguishment of debt |
— |
|
|
— |
|
|
1 |
|
Results relating to equity-accounted investees |
1 |
|
|
1 |
|
|
1 |
|
Deferred tax expense (benefit) |
(118 |
) |
|
(81 |
) |
|
(33 |
) |
Changes in operating
assets and liabilities: |
|
|
|
|
|
(Increase) decrease in receivables and other current assets |
(252 |
) |
|
224 |
|
|
(17 |
) |
(Increase) decrease in inventories |
164 |
|
|
— |
|
|
13 |
|
Increase (decrease) in accounts payable and other liabilities |
82 |
|
|
(160 |
) |
|
43 |
|
(Increase) decrease in other non-current assets |
(9 |
) |
|
(11 |
) |
|
30 |
|
Exchange differences |
5 |
|
|
5 |
|
|
(1 |
) |
Other items |
(2 |
) |
|
(5 |
) |
|
(4 |
) |
Net cash provided by
(used for) operating activities |
527 |
|
|
414 |
|
|
746 |
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Purchase of identified intangible assets |
(22 |
) |
|
(28 |
) |
|
(21 |
) |
Capital expenditures on property, plant and equipment |
(70 |
) |
|
(75 |
) |
|
(138 |
) |
Proceeds from the disposals of property, plant and equipment |
2 |
|
|
1 |
|
|
23 |
|
Purchase of interests in businesses, net of cash acquired |
— |
|
|
(11 |
) |
|
— |
|
Purchase of investments |
(15 |
) |
|
— |
|
|
(2 |
) |
Net cash provided by
(used for) investing activities |
(105 |
) |
|
(113 |
) |
|
(138 |
) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Payment of bond hedge derivatives - convertible option |
— |
|
|
— |
|
|
(1 |
) |
Repurchase of long-term debt |
— |
|
|
— |
|
|
(47 |
) |
Proceeds from the issuance of long-term debt |
— |
|
|
2,000 |
|
|
— |
|
Cash paid for debt issuance costs |
— |
|
|
(15 |
) |
|
(1 |
) |
Dividends paid to non-controlling interests |
(34 |
) |
|
— |
|
|
— |
|
Dividends paid to common stockholders |
(105 |
) |
|
(105 |
) |
|
(70 |
) |
Proceeds from issuance of common stock through stock plans |
27 |
|
|
8 |
|
|
33 |
|
Purchase of treasury shares and restricted stock unit
withholdings |
(12 |
) |
|
(3 |
) |
|
(9 |
) |
Net cash provided by
(used for) financing activities |
(124 |
) |
|
1,885 |
|
|
(95 |
) |
|
|
|
|
|
|
Effect of changes in exchange
rates on cash positions |
2 |
|
|
1 |
|
|
(6 |
) |
Increase (decrease) in cash
and cash equivalents |
300 |
|
|
2,187 |
|
|
507 |
|
Cash and cash equivalents at
beginning of period |
3,266 |
|
|
1,079 |
|
|
3,030 |
|
Cash and cash
equivalents at end of period |
3,566 |
|
|
3,266 |
|
|
3,537 |
|
|
|
|
|
|
|
Net cash paid during
the period for: |
|
|
|
|
|
Interest |
54 |
|
|
104 |
|
|
44 |
|
Income tax |
39 |
|
|
25 |
|
|
59 |
|
Net gain (loss) on
sale of assets: |
|
|
|
|
|
Cash proceeds from the sale of
assets |
2 |
|
|
— |
|
|
21 |
|
Book value of these
assets |
(1 |
) |
|
— |
|
|
(1 |
) |
Non-cash investing
activities: |
|
|
|
|
|
Non-cash capital
expenditures |
8 |
|
|
(24 |
) |
|
94 |
|
NXP
SemiconductorsTable 4: Financial Reconciliation of
GAAP to non-GAAP Results (unaudited) |
|
($ in millions) |
Three months ended |
|
September 27, 2020 |
|
June 28, 2020 |
|
September 29, 2019 |
Revenue |
$ |
2,267 |
|
|
|
$ |
1,817 |
|
|
|
$ |
2,265 |
|
|
GAAP Gross
Profit |
$ |
1,090 |
|
|
|
$ |
860 |
|
|
|
$ |
1,186 |
|
|
PPA Effects |
(22 |
) |
|
|
(20 |
) |
|
|
(19 |
) |
|
Restructuring |
(12 |
) |
|
|
— |
|
|
|
1 |
|
|
Stock Based Compensation |
(11 |
) |
|
|
(11 |
) |
|
|
(11 |
) |
|
Merger-related costs |
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
Non-GAAP Gross
Profit |
$ |
1,135 |
|
|
|
$ |
892 |
|
|
|
$ |
1,216 |
|
|
GAAP Gross
margin |
48.1 |
|
% |
|
47.3 |
|
% |
|
52.4 |
|
% |
Non-GAAP Gross
margin |
50.1 |
|
% |
|
49.1 |
|
% |
|
53.7 |
|
% |
GAAP Research and development |
$ |
(438 |
) |
|
|
$ |
(402 |
) |
|
|
$ |
(396 |
) |
|
Restructuring |
(7 |
) |
|
|
(6 |
) |
|
|
— |
|
|
Stock based compensation |
(39 |
) |
|
|
(39 |
) |
|
|
(34 |
) |
|
Merger-related costs |
— |
|
|
|
— |
|
|
|
(1 |
) |
|
Other incidentals |
(5 |
) |
|
|
— |
|
|
|
— |
|
|
Non-GAAP Research and development |
$ |
(387 |
) |
|
|
$ |
(357 |
) |
|
|
$ |
(361 |
) |
|
GAAP Selling, general and administrative |
$ |
(203 |
) |
|
|
$ |
(222 |
) |
|
|
$ |
(221 |
) |
|
PPA effects |
(1 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
|
Restructuring |
(2 |
) |
|
|
(2 |
) |
|
|
— |
|
|
Stock based compensation |
(33 |
) |
|
|
(55 |
) |
|
|
(39 |
) |
|
Merger-related costs |
(1 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
|
Other incidentals |
(3 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
Non-GAAP Selling, general and administrative |
$ |
(163 |
) |
|
|
$ |
(159 |
) |
|
|
$ |
(170 |
) |
|
GAAP amortization of acquisition-related intangible assets |
$ |
(418 |
) |
|
|
$ |
(380 |
) |
|
|
$ |
(358 |
) |
|
PPA effects |
(418 |
) |
|
|
(380 |
) |
|
|
(358 |
) |
|
Non-GAAP amortization of acquisition-related intangible assets |
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
GAAP Other income (expense) |
$ |
1 |
|
|
|
$ |
(1 |
) |
|
|
$ |
22 |
|
|
Other incidentals |
— |
|
|
|
(1 |
) |
|
|
20 |
|
|
Non-GAAP Other income (expense) |
$ |
1 |
|
|
|
$ |
— |
|
|
|
$ |
2 |
|
|
GAAP Operating income
(loss) |
$ |
32 |
|
|
|
$ |
(145 |
) |
|
|
$ |
233 |
|
|
PPA effects |
(441 |
) |
|
|
(402 |
) |
|
|
(382 |
) |
|
Restructuring |
(21 |
) |
|
|
(8 |
) |
|
|
1 |
|
|
Stock based compensation |
(83 |
) |
|
|
(105 |
) |
|
|
(84 |
) |
|
Merger-related costs |
(1 |
) |
|
|
(3 |
) |
|
|
(6 |
) |
|
Other incidentals |
(8 |
) |
|
|
(3 |
) |
|
|
17 |
|
|
Non-GAAP Operating
income (loss) |
$ |
586 |
|
|
|
$ |
376 |
|
|
|
$ |
687 |
|
|
GAAP Operating
margin |
1.4 |
|
% |
|
(8.0 |
) |
% |
|
10.3 |
|
% |
Non-GAAP Operating
margin |
25.8 |
|
% |
|
20.7 |
|
% |
|
30.3 |
|
% |
GAAP Financial income
(expense) |
$ |
(106 |
) |
|
|
$ |
(96 |
) |
|
|
$ |
(85 |
) |
|
Non-cash interest expense on convertible notes |
— |
|
|
|
— |
|
|
|
(12 |
) |
|
Foreign exchange gain (loss) |
(3 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
Gain (loss) on extinguishment of long-term debt |
— |
|
|
|
— |
|
|
|
(1 |
) |
|
Other financial expense |
(3 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
|
Non-GAAP Financial
income (expense) |
$ |
(100 |
) |
|
|
$ |
(92 |
) |
|
|
$ |
(66 |
) |
|
|
|
|
|
|
|
NXP
SemiconductorsTable 5: Adjusted EBITDA and Free Cash Flow
(unaudited) |
($ in millions) |
Three months ended |
|
September 27, 2020 |
|
June 28, 2020 |
|
September 29, 2019 |
Net income (loss) |
$ |
(18 |
) |
|
|
$ |
(209 |
) |
|
|
$ |
119 |
|
|
Reconciling items to
adjusted net income |
|
|
|
|
|
Financial (income) expense |
106 |
|
|
|
96 |
|
|
|
85 |
|
|
(Benefit) provision for income taxes |
(57 |
) |
|
|
(33 |
) |
|
|
28 |
|
|
Depreciation |
139 |
|
|
|
136 |
|
|
|
135 |
|
|
Amortization |
450 |
|
|
|
407 |
|
|
|
382 |
|
|
Adjusted net
income |
$ |
620 |
|
|
|
$ |
397 |
|
|
|
$ |
749 |
|
|
Reconciling items to
adjusted EBITDA |
|
|
|
|
|
Results of equity-accounted investees |
1 |
|
|
|
1 |
|
|
|
1 |
|
|
Restructuring |
21 |
|
|
|
8 |
|
|
|
(1 |
) |
|
Stock based costs |
83 |
|
|
|
105 |
|
|
|
84 |
|
|
Merger-related costs |
1 |
|
|
|
3 |
|
|
|
6 |
|
|
Other incidental items 1) |
2 |
|
|
|
3 |
|
|
|
(17 |
) |
|
Adjusted
EBITDA |
$ |
728 |
|
|
|
$ |
517 |
|
|
|
$ |
822 |
|
|
Trailing twelve month
adjusted EBITDA |
$ |
2,708 |
|
|
|
$ |
2,802 |
|
|
|
$ |
3,126 |
|
|
|
|
|
|
|
|
1) Excluding amortization
related to: |
|
|
|
|
|
– other incidental items |
$ |
6 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
Three months ended |
|
September 27, 2020 |
|
June 28, 2020 |
|
September 29, 2019 |
Net cash provided by
(used for) operating activities |
$ |
527 |
|
|
|
$ |
414 |
|
|
|
$ |
746 |
|
|
Net capital expenditures on
property, plant and equipment |
(68 |
) |
|
|
(74 |
) |
|
|
(115 |
) |
|
Non-GAAP free cash
flow |
$ |
459 |
|
|
|
$ |
340 |
|
|
|
$ |
631 |
|
|
Non-GAAP free cash
flow as percent of Revenue |
20 |
|
% |
|
19 |
|
% |
|
28 |
|
% |
|
|
|
|
|
|
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