(State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification number) |
(Address of principal executive offices) | (Zip code) | |||||||||||||
(Registrant’s telephone number, including area code) |
NA | ||
(Former name or former address, if changed since last report) |
Title of each class | Trading symbol(s) | Number of each exchange on which registered | ||||||
99.1 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
NXP Semiconductors N.V. | ||
/s/ William J. Betz | ||
Name: William J. Betz, CFO |
Q1 2023 | Q4 2022 | Q1 2022 | Q - Q | Y - Y | |||||||||||||
Total Revenue | $ | 3,121 | $ | 3,312 | $ | 3,136 | -6% | —% | |||||||||
GAAP Gross Profit | $ | 1,770 | $ | 1,891 | $ | 1,777 | -6% | —% | |||||||||
Gross Profit Adjustments (i) | $ | (46) | $ | (31) | $ | (30) | |||||||||||
Non-GAAP Gross Profit | $ | 1,816 | $ | 1,922 | $ | 1,807 | -6% | —% | |||||||||
GAAP Gross Margin | 56.7 | % | 57.1 | % | 56.7 | % | |||||||||||
Non-GAAP Gross Margin | 58.2 | % | 58.0 | % | 57.6 | % | |||||||||||
GAAP Operating Income (Loss) | $ | 825 | $ | 980 | $ | 873 | -16% | -5% | |||||||||
Operating Income Adjustments (i) | $ | (260) | $ | (228) | $ | (246) | |||||||||||
Non-GAAP Operating Income | $ | 1,085 | $ | 1,208 | $ | 1,119 | -10% | -3% | |||||||||
GAAP Operating Margin | 26.4 | % | 29.6 | % | 27.8 | % | |||||||||||
Non-GAAP Operating Margin | 34.8 | % | 36.5 | % | 35.7 | % | |||||||||||
GAAP Net Income (Loss) attributable to Stockholders | $ | 615 | |||||||||||||||
Net Income Adjustments (i) | $ | (219) | |||||||||||||||
Non-GAAP Net Income (Loss) Attributable to Stockholders | $ | 834 | |||||||||||||||
GAAP diluted Net Income (Loss) per Share | $ | 2.35 | |||||||||||||||
Non-GAAP diluted Net Income (Loss) per Share | $ | 3.19 |
Additional information | |||||||||||||||||
Q1 2023 | Q4 2022 | Q1 2022 | Q - Q | Y - Y | |||||||||||||
Automotive | $ | 1,828 | $ | 1,805 | $ | 1,557 | 1% | 17% | |||||||||
Industrial & IoT | $ | 504 | $ | 605 | $ | 682 | -17% | -26% | |||||||||
Mobile | $ | 260 | $ | 408 | $ | 401 | -36% | -35% | |||||||||
Comm. Infra. & Other | $ | 529 | $ | 494 | $ | 496 | 7% | 7% | |||||||||
DIO | 135 | 116 | 89 | ||||||||||||||
DPO (ii) | 68 | 77 | 77 | ||||||||||||||
DSO | 31 | 26 | 27 | ||||||||||||||
Cash Conversion Cycle | 98 | 65 | 39 | ||||||||||||||
Channel Inventory (months) | 1.6 | 1.6 | 1.5 | ||||||||||||||
Gross Financial Leverage (iii) | 2.0x | 2.0x | 2.3x | ||||||||||||||
Net Financial Leverage (iv) | 1.3x | 1.3x | 1.7x |
Guidance Range | |||||||||||||||||||||||||||||||||||||||||
GAAP | Reconciliation | non-GAAP | |||||||||||||||||||||||||||||||||||||||
Low | Mid | High | Low | Mid | High | ||||||||||||||||||||||||||||||||||||
Total Revenue | $3,100 | $3,200 | $3,300 | $3,100 | $3,200 | $3,300 | |||||||||||||||||||||||||||||||||||
Q-Q | -1% | 3% | 6% | -1% | 3% | 6% | |||||||||||||||||||||||||||||||||||
Y-Y | -6% | -3% | —% | -6% | -3% | —% | |||||||||||||||||||||||||||||||||||
Gross Profit | $1,741 | $1,816 | $1,891 | $(47) | $1,788 | $1,863 | $1,938 | ||||||||||||||||||||||||||||||||||
Gross Margin | 56.2% | 56.8% | 57.3% | 57.7% | 58.2% | 58.7% | |||||||||||||||||||||||||||||||||||
Operating Income (loss) | $819 | $884 | $949 | $(219) | $1,038 | $1,103 | $1,168 | ||||||||||||||||||||||||||||||||||
Operating Margin | 26.4% | 27.6% | 28.8% | 33.5% | 34.5% | 35.4% | |||||||||||||||||||||||||||||||||||
Financial Income (expense) | $(73) | $(73) | $(73) | $(4) | $(69) | $(69) | $(69) | ||||||||||||||||||||||||||||||||||
Tax rate | 16.5%-17.5% | 16.0%-17.0% | |||||||||||||||||||||||||||||||||||||||
NCI & Other | $(10) | $(10) | $(10) | $(3) | $(7) | $(7) | $(7) | ||||||||||||||||||||||||||||||||||
Shares - diluted | 261.2 | 261.2 | 261.2 | 261.2 | 261.2 | 261.2 | |||||||||||||||||||||||||||||||||||
Earnings Per Share - diluted | $2.33 | $2.54 | $2.75 | $3.07 | $3.28 | $3.49 |
($ in millions except share data) | Three months ended | ||||||||||||||||
April 2, 2023 | December 31, 2022 | April 3, 2022 | |||||||||||||||
Revenue | $ | 3,121 | $ | 3,312 | $ | 3,136 | |||||||||||
Cost of revenue | (1,351) | (1,421) | (1,359) | ||||||||||||||
Gross profit | 1,770 | 1,891 | 1,777 | ||||||||||||||
Research and development | (577) | (540) | (518) | ||||||||||||||
Selling, general and administrative | (280) | (261) | (251) | ||||||||||||||
Amortization of acquisition-related intangible assets | (85) | (109) | (135) | ||||||||||||||
Total operating expenses | (942) | (910) | (904) | ||||||||||||||
Other income (expense) | (3) | (1) | — | ||||||||||||||
Operating income (loss) | 825 | 980 | 873 | ||||||||||||||
Financial income (expense): | |||||||||||||||||
Other financial income (expense) | (82) | (103) | (105) | ||||||||||||||
Income (loss) before income taxes | 743 | 877 | 768 | ||||||||||||||
Benefit (provision) for income taxes | (118) | (137) | (114) | ||||||||||||||
Results relating to equity-accounted investees | (2) | (6) | 12 | ||||||||||||||
Net income (loss) | 623 | 734 | 666 | ||||||||||||||
Less: Net income (loss) attributable to non-controlling interests | 8 | 12 | 9 | ||||||||||||||
Net income (loss) attributable to stockholders | 615 | 722 | 657 | ||||||||||||||
Earnings per share data: | |||||||||||||||||
Net income (loss) per common share attributable to stockholders in $ | |||||||||||||||||
Basic | $ | 2.37 | $ | 2.78 | $ | 2.50 | |||||||||||
Diluted | $ | 2.35 | $ | 2.76 | $ | 2.48 | |||||||||||
Weighted average number of shares of common stock outstanding during the period (in thousands): | |||||||||||||||||
Basic | 259,576 | 259,618 | 263,089 | ||||||||||||||
Diluted | 261,210 | 261,448 | 265,109 | ||||||||||||||
($ in millions) | As of | |||||||||||||||||||
April 2, 2023 | December 31, 2022 | April 3, 2022 | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,930 | $ | 3,845 | $ | 2,683 | ||||||||||||||
Accounts receivable, net | 1,063 | 960 | 925 | |||||||||||||||||
Inventories, net | 1,977 | 1,782 | 1,311 | |||||||||||||||||
Other current assets | 387 | 348 | 356 | |||||||||||||||||
Total current assets | 7,357 | 6,935 | 5,275 | |||||||||||||||||
Non-current assets: | ||||||||||||||||||||
Other non-current assets | 2,095 | 1,942 | 1,701 | |||||||||||||||||
Property, plant and equipment, net | 3,123 | 3,105 | 2,814 | |||||||||||||||||
Identified intangible assets, net | 1,208 | 1,311 | 1,577 | |||||||||||||||||
Goodwill | 9,949 | 9,943 | 9,954 | |||||||||||||||||
Total non-current assets | 16,375 | 16,301 | 16,046 | |||||||||||||||||
Total assets | 23,732 | 23,236 | 21,321 | |||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable 1) | 1,002 | 1,185 | 1,132 | |||||||||||||||||
Restructuring liabilities-current | 27 | 19 | 16 | |||||||||||||||||
Other current liabilities 1) | 2,186 | 2,066 | 1,697 | |||||||||||||||||
Short-term debt | 998 | — | — | |||||||||||||||||
Total current liabilities | 4,213 | 3,270 | 2,845 | |||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | 10,169 | 11,165 | 10,573 | |||||||||||||||||
Restructuring liabilities | 7 | 1 | 14 | |||||||||||||||||
Deferred tax liabilities | 38 | 45 | 53 | |||||||||||||||||
Other non-current liabilities | 1,057 | 1,015 | 1,076 | |||||||||||||||||
Total non-current liabilities | 11,271 | 12,226 | 11,716 | |||||||||||||||||
Non-controlling interests | 299 | 291 | 251 | |||||||||||||||||
Stockholders’ equity | 7,949 | 7,449 | 6,509 | |||||||||||||||||
Total equity | 8,248 | 7,740 | 6,760 | |||||||||||||||||
Total liabilities and equity | 23,732 | 23,236 | 21,321 | |||||||||||||||||
1) | We have reclassified the following amounts related to customer programs previously presented in “Accounts payable” to “Other current liabilities”: $432 million as of December 31, 2022 and $237 million as of April 3, 2022, to conform to current period presentation. |
($ in millions) | Three months ended | ||||||||||||||||
April 2, 2023 | December 31, 2022 | April 3, 2022 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | 623 | $ | 734 | $ | 666 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||||||||
Depreciation and amortization | 283 | 302 | 310 | ||||||||||||||
Share-based compensation | 99 | 97 | 89 | ||||||||||||||
Amortization of discount (premium) on debt, net | 1 | — | 1 | ||||||||||||||
Amortization of debt issuance costs | 2 | 2 | 2 | ||||||||||||||
Net (gain) loss on sale of assets | — | 2 | (1) | ||||||||||||||
Results relating to equity-accounted investees | 2 | 6 | (12) | ||||||||||||||
(Gain) loss on equity securities, net | 1 | (2) | (4) | ||||||||||||||
Deferred tax expense (benefit) | (62) | (40) | (33) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
(Increase) decrease in receivables and other current assets | (138) | 59 | (61) | ||||||||||||||
(Increase) decrease in inventories | (196) | (201) | (122) | ||||||||||||||
Increase (decrease) in accounts payable and other liabilities | 52 | 88 | 266 | ||||||||||||||
(Increase) decrease in other non-current assets | (33) | 19 | (247) | ||||||||||||||
Exchange differences | 5 | 19 | — | ||||||||||||||
Other items | (7) | (9) | 2 | ||||||||||||||
Net cash provided by (used for) operating activities | 632 | 1,076 | 856 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchase of identified intangible assets | (42) | (37) | (43) | ||||||||||||||
Capital expenditures on property, plant and equipment | (251) | (233) | (280) | ||||||||||||||
Purchase of equipment leased to others | — | — | (5) | ||||||||||||||
Proceeds from the disposals of property, plant and equipment | — | — | 1 | ||||||||||||||
Purchase of interests in businesses, net of cash acquired | — | — | (4) | ||||||||||||||
Purchase of investments | (58) | (11) | — | ||||||||||||||
Proceeds from the sale of investments | — | 1 | — | ||||||||||||||
Proceeds from return of equity investments | — | 8 | 2 | ||||||||||||||
Net cash provided by (used for) investing activities | (351) | (272) | (329) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Cash paid for debt issuance costs | — | (1) | (1) | ||||||||||||||
Dividends paid to common stockholders | (219) | (221) | (149) | ||||||||||||||
Proceeds from issuance of common stock through stock plans | 33 | 1 | 28 | ||||||||||||||
Purchase of treasury shares and restricted stock unit withholdings 1) | (11) | (506) | (552) | ||||||||||||||
Other, net | (1) | (1) | — | ||||||||||||||
Net cash provided by (used for) financing activities | (198) | (728) | (674) | ||||||||||||||
Effect of changes in exchange rates on cash positions | 2 | 10 | — | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 85 | 86 | (147) | ||||||||||||||
Cash and cash equivalents at beginning of period | 3,845 | 3,759 | 2,830 | ||||||||||||||
Cash and cash equivalents at end of period | 3,930 | 3,845 | 2,683 | ||||||||||||||
Net cash paid during the period for: | |||||||||||||||||
Interest | 54 | 106 | 45 | ||||||||||||||
Income taxes, net of refunds | 294 | 126 | 122 | ||||||||||||||
Net gain (loss) on sale of assets: | |||||||||||||||||
Cash proceeds from the sale of assets | — | — | 1 | ||||||||||||||
Book value of these assets | — | (2) | — | ||||||||||||||
Non-cash investing activities: | |||||||||||||||||
Non-cash capital expenditures | 176 | 232 | 246 |
($ in millions) | Three months ended | ||||||||||||||||
April 2, 2023 | December 31, 2022 | April 3, 2022 | |||||||||||||||
Revenue | $ | 3,121 | $ | 3,312 | $ | 3,136 | |||||||||||
GAAP Gross Profit | $ | 1,770 | $ | 1,891 | $ | 1,777 | |||||||||||
PPA Effects | (13) | (15) | (14) | ||||||||||||||
Restructuring | 2 | — | — | ||||||||||||||
Share-based compensation | (13) | (12) | (11) | ||||||||||||||
Other incidentals | (22) | (4) | (5) | ||||||||||||||
Non-GAAP Gross Profit | $ | 1,816 | $ | 1,922 | $ | 1,807 | |||||||||||
GAAP Gross margin | 56.7 | % | 57.1 | % | 56.7 | % | |||||||||||
Non-GAAP Gross margin | 58.2 | % | 58.0 | % | 57.6 | % | |||||||||||
GAAP Research and development | $ | (577) | $ | (540) | $ | (518) | |||||||||||
Restructuring | (14) | — | 1 | ||||||||||||||
Share-based compensation | (52) | (49) | (44) | ||||||||||||||
Other incidentals | (1) | (1) | (1) | ||||||||||||||
Non-GAAP Research and development | $ | (510) | $ | (490) | $ | (474) | |||||||||||
GAAP Selling, general and administrative | $ | (280) | $ | (261) | $ | (251) | |||||||||||
PPA effects | (1) | (1) | (1) | ||||||||||||||
Restructuring | (6) | 2 | — | ||||||||||||||
Share-based compensation | (34) | (36) | (34) | ||||||||||||||
Other incidentals | (21) | (3) | (2) | ||||||||||||||
Non-GAAP Selling, general and administrative | $ | (218) | $ | (223) | $ | (214) | |||||||||||
GAAP amortization of acquisition-related intangible assets | $ | (85) | $ | (109) | $ | (135) | |||||||||||
PPA effects | (85) | (109) | (135) | ||||||||||||||
Non-GAAP amortization of acquisition-related intangible assets | $ | — | $ | — | $ | — | |||||||||||
GAAP Other income (expense) | $ | (3) | $ | (1) | $ | — | |||||||||||
Other incidentals | — | — | — | ||||||||||||||
Non-GAAP Other income (expense) | $ | (3) | $ | (1) | $ | — | |||||||||||
GAAP Operating income (loss) | $ | 825 | $ | 980 | $ | 873 | |||||||||||
PPA effects | (99) | (125) | (150) | ||||||||||||||
Restructuring | (18) | 2 | 1 | ||||||||||||||
Share-based compensation | (99) | (97) | (89) | ||||||||||||||
Other incidentals | (44) | (8) | (8) | ||||||||||||||
Non-GAAP Operating income (loss) | $ | 1,085 | $ | 1,208 | $ | 1,119 | |||||||||||
GAAP Operating margin | 26.4 | % | 29.6 | % | 27.8 | % | |||||||||||
Non-GAAP Operating margin | 34.8 | % | 36.5 | % | 35.7 | % | |||||||||||
GAAP Financial income (expense) | $ | (82) | $ | (103) | $ | (105) | |||||||||||
Foreign exchange gain (loss) | (3) | (8) | (1) | ||||||||||||||
Other financial income (expense) | (3) | — | (1) | ||||||||||||||
Non-GAAP Financial income (expense) | $ | (76) | $ | (95) | $ | (103) | |||||||||||
GAAP Income tax benefit (provision) | $ | (118) | |||||||||||||||
Income tax effect | 49 | ||||||||||||||||
Non-GAAP Income tax benefit (provision) | $ | (167) | |||||||||||||||
GAAP Results relating to equity-accounted investees | $ | (2) | |||||||||||||||
Results relating to equity-accounted investees | (2) | ||||||||||||||||
Non-GAAP Results relating to equity-accounted investees | $ | — | |||||||||||||||
GAAP Net income (loss) | $ | 623 | |||||||||||||||
Less: Net income (loss) attributable to non-controlling interests | 8 | ||||||||||||||||
GAAP Net income (loss) attributable to stockholders | $ | 615 | |||||||||||||||
($ in millions) | Three months ended | ||||||||||||||||
April 2, 2023 | December 31, 2022 | April 3, 2022 | |||||||||||||||
GAAP Net income (loss) attributable to stockholders | $ | 615 | |||||||||||||||
PPA Effects | (99) | ||||||||||||||||
Restructuring | (18) | ||||||||||||||||
Share-based compensation | (99) | ||||||||||||||||
Other incidentals | (44) | ||||||||||||||||
Other adjustments | 41 | ||||||||||||||||
Non-GAAP Net income (loss) attributable to stockholders | $ | 834 | |||||||||||||||
GAAP Diluted earnings per share | $ | 2.35 | |||||||||||||||
Non-GAAP Diluted earnings per share | $ | 3.19 | |||||||||||||||
($ in millions) | Three months ended | ||||||||||||||||
April 2, 2023 | December 31, 2022 | April 3, 2022 | |||||||||||||||
GAAP Net income (loss) | $ | 623 | $ | 734 | $ | 666 | |||||||||||
Reconciling items to EBITDA (Non-GAAP) | |||||||||||||||||
Financial (income) expense | 82 | 103 | 105 | ||||||||||||||
(Benefit) provision for income taxes | 118 | 137 | 114 | ||||||||||||||
Depreciation | 160 | 158 | 142 | ||||||||||||||
Amortization | 123 | 144 | 168 | ||||||||||||||
EBITDA (Non-GAAP) | $ | 1,106 | $ | 1,276 | $ | 1,195 | |||||||||||
Reconciling items to adjusted EBITDA (Non-GAAP) | |||||||||||||||||
Results of equity-accounted investees | 2 | 6 | (12) | ||||||||||||||
Restructuring | 18 | (2) | (1) | ||||||||||||||
Share-based compensation | 99 | 97 | 89 | ||||||||||||||
Other incidental items 1) | 42 | 8 | 8 | ||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 1,267 | $ | 1,385 | $ | 1,279 | |||||||||||
Trailing twelve month adjusted EBITDA (Non-GAAP) | $ | 5,457 | $ | 5,469 | $ | 4,576 | |||||||||||
1) Excluding depreciation/amortization within: | |||||||||||||||||
–other incidental items | $ | 2 | $ | — | $ | — | |||||||||||
($ in millions) | Three months ended | ||||||||||||||||
April 2, 2023 | December 31, 2022 | April 3, 2022 | |||||||||||||||
Net cash provided by (used for) operating activities | $ | 632 | $ | 1,076 | $ | 856 | |||||||||||
Net capital expenditures on property, plant and equipment | (251) | (233) | (279) | ||||||||||||||
Non-GAAP free cash flow | $ | 381 | $ | 843 | $ | 577 | |||||||||||
Trailing twelve month non-GAAP free cash flow | $ | 2,638 | $ | 2,834 | $ | 2,306 | |||||||||||
Trailing twelve month non-GAAP free cash flow as percent of Revenue | 20 | % | 21 | % | 20 | % | |||||||||||
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Cover |
May 01, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 01, 2023 |
Entity Registrant Name | NXP Semiconductors N.V. |
Entity Incorporation, State or Country Code | P7 |
Entity File Number | 001-34841 |
Entity Tax Identification Number | 98-1144352 |
Entity Address, Address Line One | 60 High Tech Campus |
Entity Address, City or Town | Eindhoven |
Entity Address, Country | NL |
Entity Address, Postal Zip Code | 5656 AG |
Country Region | +31 |
City Area Code | 40 |
Local Phone Number | 2729999 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common shares, EUR 0.20 par value |
Trading Symbol | NXPI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001413447 |
Amendment Flag | false |
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