(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 2024 | Q4 2023 | Q1 2023 | Q - Q | Y - Y | |||||||||||||
Total Revenue | $ | 3,126 | $ | 3,422 | $ | 3,121 | -9% | —% | |||||||||
GAAP Gross Profit | $ | 1,783 | $ | 1,937 | $ | 1,770 | -8% | 1% | |||||||||
Gross Profit Adjustments (i) | $ | (35) | $ | (73) | $ | (46) | |||||||||||
Non-GAAP Gross Profit | $ | 1,818 | $ | 2,010 | $ | 1,816 | -10% | —% | |||||||||
GAAP Gross Margin | 57.0 | % | 56.6 | % | 56.7 | % | |||||||||||
Non-GAAP Gross Margin | 58.2 | % | 58.7 | % | 58.2 | % | |||||||||||
GAAP Operating Income (Loss) | $ | 856 | $ | 907 | $ | 825 | -6% | 4% | |||||||||
Operating Income Adjustments (i) | $ | (224) | $ | (312) | $ | (260) | |||||||||||
Non-GAAP Operating Income | $ | 1,080 | $ | 1,219 | $ | 1,085 | -11% | —% | |||||||||
GAAP Operating Margin | 27.4 | % | 26.5 | % | 26.4 | % | |||||||||||
Non-GAAP Operating Margin | 34.5 | % | 35.6 | % | 34.8 | % | |||||||||||
GAAP Net Income (Loss) attributable to Stockholders | $ | 639 | $ | 697 | $ | 615 | |||||||||||
Net Income Adjustments (i) | $ | (201) | $ | (269) | $ | (219) | |||||||||||
Non-GAAP Net Income (Loss) Attributable to Stockholders | $ | 840 | $ | 966 | $ | 834 | |||||||||||
GAAP diluted Net Income (Loss) per Share (ii) | $ | 2.47 | $ | 2.68 | $ | 2.35 | |||||||||||
Non-GAAP diluted Net Income (Loss) per Share (ii) | $ | 3.24 | $ | 3.71 | $ | 3.19 |
Additional information | |||||||||||||||||
Q1 2024 | Q4 2023 | Q1 2023 | Q - Q | Y - Y | |||||||||||||
Automotive | $ | 1,804 | $ | 1,899 | $ | 1,828 | -5% | -1% | |||||||||
Industrial & IoT | $ | 574 | $ | 662 | $ | 504 | -13% | 14% | |||||||||
Mobile | $ | 349 | $ | 406 | $ | 260 | -14% | 34% | |||||||||
Comm. Infra. & Other | $ | 399 | $ | 455 | $ | 529 | -12% | -25% | |||||||||
DIO | 144 | 132 | 135 | ||||||||||||||
DPO | 65 | 72 | 68 | ||||||||||||||
DSO | 26 | 24 | 31 | ||||||||||||||
Cash Conversion Cycle | 105 | 84 | 98 | ||||||||||||||
Channel Inventory (months) | 1.6 | 1.5 | 1.6 | ||||||||||||||
Gross Financial Leverage (iii) | 1.9x | 2.1x | 2.0x | ||||||||||||||
Net Financial Leverage (iv) | 1.3x | 1.3x | 1.3x |
Guidance Range | |||||||||||||||||||||||||||||||||||||||||
GAAP | Reconciliation | non-GAAP | |||||||||||||||||||||||||||||||||||||||
Low | Mid | High | Low | Mid | High | ||||||||||||||||||||||||||||||||||||
Total Revenue | $3,025 | $3,125 | $3,225 | $3,025 | $3,125 | $3,225 | |||||||||||||||||||||||||||||||||||
Q-Q | -3% | 0% | 3% | -3% | 0% | 3% | |||||||||||||||||||||||||||||||||||
Y-Y | -8% | -5% | -2% | -8% | -5% | -2% | |||||||||||||||||||||||||||||||||||
Gross Profit | $1,715 | $1,788 | $1,863 | $(40) | $1,755 | $1,828 | $1,903 | ||||||||||||||||||||||||||||||||||
Gross Margin | 56.7% | 57.2% | 57.8% | 58.0% | 58.5% | 59.0% | |||||||||||||||||||||||||||||||||||
Operating Income (loss) | $821 | $884 | $949 | $(179) | $1,000 | $1,063 | $1,128 | ||||||||||||||||||||||||||||||||||
Operating Margin | 27.1% | 28.3% | 29.4% | 33.1% | 34.0% | 35.0% | |||||||||||||||||||||||||||||||||||
Financial Income (expense) | $(69) | $(69) | $(69) | $(6) | $(63) | $(63) | $(63) | ||||||||||||||||||||||||||||||||||
Tax rate | 17.2%-18.2% | 16.3%-17.3% | |||||||||||||||||||||||||||||||||||||||
NCI & Other | $(9) | $(9) | $(9) | $(4) | $(5) | $(5) | $(5) | ||||||||||||||||||||||||||||||||||
Shares - diluted | 258.5 | 258.5 | 258.5 | 258.5 | 258.5 | 258.5 | |||||||||||||||||||||||||||||||||||
Earnings Per Share - diluted | $2.36 | $2.56 | $2.77 | $3.00 | $3.20 | $3.41 |
($ in millions except share data) | Three months ended | ||||||||||||||||
March 31, 2024 | December 31, 2023 | April 2, 2023 | |||||||||||||||
Revenue | $ | 3,126 | $ | 3,422 | $ | 3,121 | |||||||||||
Cost of revenue | (1,343) | (1,485) | (1,351) | ||||||||||||||
Gross profit | 1,783 | 1,937 | 1,770 | ||||||||||||||
Research and development | (564) | (651) | (577) | ||||||||||||||
Selling, general and administrative | (306) | (311) | (280) | ||||||||||||||
Amortization of acquisition-related intangible assets | (51) | (63) | (85) | ||||||||||||||
Total operating expenses | (921) | (1,025) | (942) | ||||||||||||||
Other income (expense) | (6) | (5) | (3) | ||||||||||||||
Operating income (loss) | 856 | 907 | 825 | ||||||||||||||
Financial income (expense): | |||||||||||||||||
Extinguishment of debt | — | — | — | ||||||||||||||
Other financial income (expense) | (70) | (78) | (82) | ||||||||||||||
Income (loss) before income taxes | 786 | 829 | 743 | ||||||||||||||
Benefit (provision) for income taxes | (141) | (124) | (118) | ||||||||||||||
Results relating to equity-accounted investees | (1) | (2) | (2) | ||||||||||||||
Net income (loss) | 644 | 703 | 623 | ||||||||||||||
Less: Net income (loss) attributable to non-controlling interests | 5 | 6 | 8 | ||||||||||||||
Net income (loss) attributable to stockholders | 639 | 697 | 615 | ||||||||||||||
Earnings per share data: | |||||||||||||||||
Net income (loss) per common share attributable to stockholders in $ | |||||||||||||||||
Basic | $ | 2.49 | $ | 2.71 | $ | 2.37 | |||||||||||
Diluted | $ | 2.47 | $ | 2.68 | $ | 2.35 | |||||||||||
Weighted average number of shares of common stock outstanding during the period (in thousands): | |||||||||||||||||
Basic | 256,567 | 257,285 | 259,576 | ||||||||||||||
Diluted | 258,954 | 260,298 | 261,210 | ||||||||||||||
($ in millions) | As of | |||||||||||||||||||
March 31, 2024 | December 31, 2023 | April 2, 2023 | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,908 | $ | 3,862 | $ | 3,930 | ||||||||||||||
Short-term deposits | 400 | 409 | — | |||||||||||||||||
Accounts receivable, net | 881 | 894 | 1,063 | |||||||||||||||||
Inventories, net | 2,102 | 2,134 | 1,977 | |||||||||||||||||
Other current assets | 603 | 565 | 387 | |||||||||||||||||
Total current assets | 6,894 | 7,864 | 7,357 | |||||||||||||||||
Non-current assets: | ||||||||||||||||||||
Other non-current assets | 2,338 | 2,289 | 2,095 | |||||||||||||||||
Property, plant and equipment, net | 3,304 | 3,323 | 3,123 | |||||||||||||||||
Identified intangible assets, net | 839 | 922 | 1,208 | |||||||||||||||||
Goodwill | 9,945 | 9,955 | 9,949 | |||||||||||||||||
Total non-current assets | 16,426 | 16,489 | 16,375 | |||||||||||||||||
Total assets | 23,320 | 24,353 | 23,732 | |||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | 954 | 1,164 | 1,002 | |||||||||||||||||
Restructuring liabilities-current | 68 | 92 | 27 | |||||||||||||||||
Other current liabilities | 1,906 | 1,855 | 2,186 | |||||||||||||||||
Short-term debt | — | 1,000 | 998 | |||||||||||||||||
Total current liabilities | 2,928 | 4,111 | 4,213 | |||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | 10,178 | 10,175 | 10,169 | |||||||||||||||||
Restructuring liabilities | 9 | 9 | 7 | |||||||||||||||||
Deferred tax liabilities | 46 | 44 | 38 | |||||||||||||||||
Other non-current liabilities | 1,009 | 1,054 | 1,057 | |||||||||||||||||
Total non-current liabilities | 11,242 | 11,282 | 11,271 | |||||||||||||||||
Non-controlling interests | 321 | 316 | 299 | |||||||||||||||||
Stockholders’ equity | 8,829 | 8,644 | 7,949 | |||||||||||||||||
Total equity | 9,150 | 8,960 | 8,248 | |||||||||||||||||
Total liabilities and equity | 23,320 | 24,353 | 23,732 | |||||||||||||||||
($ in millions) | Three months ended | ||||||||||||||||
March 31, 2024 | December 31, 2023 | April 2, 2023 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | 644 | $ | 703 | $ | 623 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||||||||
Depreciation and amortization | 235 | 269 | 283 | ||||||||||||||
Share-based compensation | 115 | 107 | 99 | ||||||||||||||
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) | — | — | ||||||||||||||
Results relating to equity-accounted investees | 1 | 2 | 2 | ||||||||||||||
(Gain) loss on equity securities, net | 2 | — | 1 | ||||||||||||||
Deferred tax expense (benefit) | (64) | (97) | (62) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
(Increase) decrease in receivables and other current assets | (25) | (20) | (138) | ||||||||||||||
(Increase) decrease in inventories | 32 | 6 | (196) | ||||||||||||||
Increase (decrease) in accounts payable and other liabilities | (102) | 101 | 52 | ||||||||||||||
(Increase) decrease in other non-current assets | 6 | 65 | (33) | ||||||||||||||
Exchange differences | 3 | 7 | 5 | ||||||||||||||
Other items | 3 | (8) | (7) | ||||||||||||||
Net cash provided by (used for) operating activities | 851 | 1,137 | 632 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchase of identified intangible assets | (32) | (44) | (42) | ||||||||||||||
Capital expenditures on property, plant and equipment | (226) | (175) | (251) | ||||||||||||||
Insurance recoveries received for equipment damage | 2 | — | — | ||||||||||||||
Proceeds from the disposals of property, plant and equipment | 2 | — | — | ||||||||||||||
Investment in short-term deposits | — | (409) | — | ||||||||||||||
Proceeds of short-term deposits | 9 | — | — | ||||||||||||||
Purchase of investments | (34) | (1) | (58) | ||||||||||||||
Proceeds from the sale of investments | 5 | — | — | ||||||||||||||
Net cash provided by (used for) investing activities | (274) | (629) | (351) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Repurchase of long-term debt | (1,000) | — | — | ||||||||||||||
Dividends paid to common stockholders | (261) | (261) | (219) | ||||||||||||||
Proceeds from issuance of common stock through stock plans | 37 | 1 | 33 | ||||||||||||||
Purchase of treasury shares and restricted stock unit withholdings | (303) | (434) | (11) | ||||||||||||||
Other, net | (1) | — | (1) | ||||||||||||||
Net cash provided by (used for) financing activities | (1,528) | (694) | (198) | ||||||||||||||
Effect of changes in exchange rates on cash positions | (3) | 6 | 2 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (954) | (180) | 85 | ||||||||||||||
Cash and cash equivalents at beginning of period | 3,862 | 4,042 | 3,845 | ||||||||||||||
Cash and cash equivalents at end of period | 2,908 | 3,862 | 3,930 | ||||||||||||||
Net cash paid during the period for: | |||||||||||||||||
Interest | 38 | 83 | 54 | ||||||||||||||
Income taxes, net of refunds | 198 | 221 | 294 | ||||||||||||||
Net gain (loss) on sale of assets: | |||||||||||||||||
Cash proceeds from the sale of assets | 2 | — | — | ||||||||||||||
Book value of these assets | — | — | — | ||||||||||||||
Non-cash investing activities: | |||||||||||||||||
Non-cash capital expenditures | 223 | 266 | 176 |
($ in millions) | Three months ended | ||||||||||||||||
March 31, 2024 | December 31, 2023 | April 2, 2023 | |||||||||||||||
GAAP Gross Profit | $ | 1,783 | $ | 1,937 | $ | 1,770 | |||||||||||
PPA Effects | (12) | (13) | (13) | ||||||||||||||
Restructuring | (3) | (13) | 2 | ||||||||||||||
Share-based compensation | (15) | (14) | (13) | ||||||||||||||
Other incidentals | (5) | (33) | (22) | ||||||||||||||
Non-GAAP Gross Profit | $ | 1,818 | $ | 2,010 | $ | 1,816 | |||||||||||
GAAP Gross margin | 57.0 | % | 56.6 | % | 56.7 | % | |||||||||||
Non-GAAP Gross margin | 58.2 | % | 58.7 | % | 58.2 | % | |||||||||||
GAAP Research and development | $ | (564) | $ | (651) | $ | (577) | |||||||||||
Restructuring | (3) | (49) | (14) | ||||||||||||||
Share-based compensation | (58) | (55) | (52) | ||||||||||||||
Other incidentals | (1) | (1) | (1) | ||||||||||||||
Non-GAAP Research and development | $ | (502) | $ | (546) | $ | (510) | |||||||||||
GAAP Selling, general and administrative | $ | (306) | $ | (311) | $ | (280) | |||||||||||
PPA effects | — | (1) | (1) | ||||||||||||||
Restructuring | (1) | (22) | (6) | ||||||||||||||
Share-based compensation | (42) | (38) | (34) | ||||||||||||||
Other incidentals | (29) | (5) | (21) | ||||||||||||||
Non-GAAP Selling, general and administrative | $ | (234) | $ | (245) | $ | (218) | |||||||||||
GAAP Operating income (loss) | $ | 856 | $ | 907 | $ | 825 | |||||||||||
PPA effects | (63) | (77) | (99) | ||||||||||||||
Restructuring | (7) | (84) | (18) | ||||||||||||||
Share-based compensation | (115) | (107) | (99) | ||||||||||||||
Other incidentals | (39) | (44) | (44) | ||||||||||||||
Non-GAAP Operating income (loss) | $ | 1,080 | $ | 1,219 | $ | 1,085 | |||||||||||
GAAP Operating margin | 27.4 | % | 26.5 | % | 26.4 | % | |||||||||||
Non-GAAP Operating margin | 34.5 | % | 35.6 | % | 34.8 | % | |||||||||||
GAAP Income tax benefit (provision) | $ | (141) | $ | (124) | $ | (118) | |||||||||||
Income tax effect | 30 | 54 | 49 | ||||||||||||||
Non-GAAP Income tax benefit (provision) | $ | (171) | $ | (178) | $ | (167) | |||||||||||
($ in millions) | Three months ended | ||||||||||||||||
March 31, 2024 | December 31, 2023 | April 2, 2023 | |||||||||||||||
GAAP Net income (loss) attributable to stockholders | $ | 639 | $ | 697 | $ | 615 | |||||||||||
PPA Effects | (63) | (77) | (99) | ||||||||||||||
Restructuring | (7) | (84) | (18) | ||||||||||||||
Share-based compensation | (115) | (107) | (99) | ||||||||||||||
Other incidentals | (39) | (44) | (44) | ||||||||||||||
Other adjustments: | |||||||||||||||||
Foreign exchange loss | (1) | (6) | (3) | ||||||||||||||
Other financial expense | (5) | (3) | (3) | ||||||||||||||
Income tax effect | 30 | 54 | 49 | ||||||||||||||
Results relating to equity-accounted investees | (1) | (2) | (2) | ||||||||||||||
Non-GAAP Net income (loss) attributable to stockholders | $ | 840 | $ | 966 | $ | 834 | |||||||||||
GAAP net income (loss) per common share attributable to stockholders - diluted | $ | 2.47 | $ | 2.68 | $ | 2.35 | |||||||||||
PPA Effects | (0.24) | (0.30) | (0.38) | ||||||||||||||
Restructuring | (0.03) | (0.32) | (0.07) | ||||||||||||||
Share-based compensation | (0.44) | (0.41) | (0.38) | ||||||||||||||
Other incidentals | (0.15) | (0.17) | (0.17) | ||||||||||||||
Other adjustments: | |||||||||||||||||
Foreign exchange loss | — | (0.02) | (0.01) | ||||||||||||||
Other financial expense | (0.02) | (0.01) | (0.01) | ||||||||||||||
Income tax effect | 0.11 | 0.21 | 0.19 | ||||||||||||||
Results relating to equity-accounted investees | — | (0.01) | (0.01) | ||||||||||||||
Non-GAAP net income (loss) per common share attributable to stockholders - diluted | $ | 3.24 | $ | 3.71 | $ | 3.19 | |||||||||||
($ in millions) | Three months ended | ||||||||||||||||
March 31, 2024 | December 31, 2023 | April 2, 2023 | |||||||||||||||
GAAP Net income (loss) | $ | 644 | $ | 703 | $ | 623 | |||||||||||
Reconciling items to EBITDA (Non-GAAP) | |||||||||||||||||
Financial (income) expense | 70 | 78 | 82 | ||||||||||||||
(Benefit) provision for income taxes | 141 | 124 | 118 | ||||||||||||||
Depreciation | 145 | 167 | 160 | ||||||||||||||
Amortization | 90 | 102 | 123 | ||||||||||||||
EBITDA (Non-GAAP) | $ | 1,090 | $ | 1,174 | $ | 1,106 | |||||||||||
Reconciling items to adjusted EBITDA (Non-GAAP) | |||||||||||||||||
Results of equity-accounted investees | 1 | 2 | 2 | ||||||||||||||
Restructuring | 7 | 84 | 18 | ||||||||||||||
Share-based compensation | 115 | 107 | 99 | ||||||||||||||
Other incidental items | 39 | 44 | 42 | ||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 1,252 | $ | 1,411 | $ | 1,267 | |||||||||||
Trailing twelve month adjusted EBITDA (Non-GAAP) | $ | 5,395 | $ | 5,410 | $ | 5,457 | |||||||||||
1) Excluding depreciation/amortization within: | |||||||||||||||||
–other incidental items | — | — | $ | 2 | |||||||||||||
($ in millions) | Three months ended | ||||||||||||||||
March 31, 2024 | December 31, 2023 | April 2, 2023 | |||||||||||||||
Net cash provided by (used for) operating activities | $ | 851 | $ | 1,137 | $ | 632 | |||||||||||
Net capital expenditures on property, plant and equipment | (224) | (175) | (251) | ||||||||||||||
Non-GAAP free cash flow | $ | 627 | $ | 962 | $ | 381 | |||||||||||
Trailing twelve month non-GAAP free cash flow | $ | 2,933 | $ | 2,687 | $ | 2,638 | |||||||||||
Trailing twelve month non-GAAP free cash flow as percent of Revenue | 22 | % | 20 | % | 20 | % | |||||||||||
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Cover |
Apr. 29, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 29, 2024 |
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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