NXP Semiconductors Reports First Quarter 2024 Results
April 29, 2024 at 4:10 PM EDT
EINDHOVEN, The Netherlands, April 29, 2024 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results
for the first quarter, which ended March 31, 2024. “NXP delivered quarterly revenue of $3.13 billion, in-line with the midpoint of guidance with all our
focus end-markets performing as expected. Our first-quarter results, guidance for the second quarter, and our early views into the second half of theyear underpin a cautious optimism that NXP is successfully navigating through this industry-wide cyclical downturn. We continue to manage what is in
our control enabling NXP to drive solid profitability and earnings in a challenging demand environment,” said Kurt Sievers, NXP President and Chief
Executive Officer.
Key Highlights for the First Quarter 2024:

Revenue was $3.13 billion, up 0.2 percent year-on-year;
GAAP gross margin was 57.0 percent, GAAP operating margin was 27.4 percent and GAAP diluted Net Income per Share
was $2.47;
Non-GAAP gross margin was 58.2 percent, non-GAAP operating margin was 34.5 percent, and non-GAAP diluted Net
Income per Share was $3.24;
Cash flow from operations was $851 million, with net capex investments of $224 million, resulting in non-GAAP free cash
flow of $627 million;
During the first quarter of 2024, NXP continued to execute its capital return policy with the payment of $261 million in cash
dividends, and the repurchase of $303 million of its common shares. The total capital return of $564 million in the quarter
represented 90 percent of first quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return toshareholders represented $2.39 billion or 82 percent of non-GAAP free cash flow. The interim dividend for the first quarter
2024 was paid in cash on April 10, 2024 to shareholders of record as of March 21, 2024. Subsequent to the end of thefirst quarter, between April 1, 2024 and April 26, 2024, NXP executed via a 10b5-1 program additional share repurchases
totaling $97 million;
On March 1, 2024, NXP fully retired at maturity the $1 billion aggregate principal amount of outstanding 4.875% Senior
Unsecured Notes due 2024;
On January 9, 2024, NXP announced the extension of its automotive radar one-chip family. The new SAF86xx integrates ahigh-performance radar transceiver, a multi-core radar processor and a hardware engine for state-of-the-art secure data
communication over Automotive Ethernet;
On January 11, 2024, NXP announced it has signed a memorandum of understanding with Honeywell to help optimize theway commercial buildings sense and securely control energy consumption. The collaboration aims to help make buildings
operate more intelligently by integrating NXP Semiconductors’ neural network-enabled, industrial-grade applications
processors into Honeywell’s building management systems (BMS);On March 19, 2024, NXP published its 2023 Corporate Sustainability Report (CSR), reinforcing its commitment toward
transparency and sustainable business practices. Detailing NXP’s overall Environmental, Social and Governance (ESG)
strategy and guiding principles, the report highlights the company’s year-on-year progress in reaching its mid-term andlong-term ESG goals; andOn March 28, 2024, NXP announced the S32 CoreRide platform, the industry-first platform to combine processing, vehicle
networking and system power management with integrated software to address the complexity, scalability, cost-efficiency
and development efforts required for next-generation Software Defined Vehicles ("SDV"). Coincident with the CoreRideannouncement, NXP introduced the S32N family of vehicle super-integration processors offering best-in-class real-time
performance that enables S32 CoreRide central compute solutions, empowering OEMs with efficient and flexible
processing choices. The 5nm S32N family greatly simplifies complex vehicle architecture development and cuts costs forautomakers and tier-1 suppliers.
Summary of Reported First Quarter 2024 ($ millions, unaudited) (1)Total Revenue
GAAP Gross Profit$$

Q1 2024
3,126
1,783

$
$

Q4 2023
3,422
1,937

$
$

Q1 2023
3,121
1,770

Q-Q
-9%
-8%

Y-Y
—%
1%

Gross Profit Adjustments(i)Non-GAAP Gross Profit

$
$

(35)
1,818

$
$

(73)
2,010

$
$

(46)
1,816

-10%

—%

GAAP Gross Margin
Non-GAAP Gross Margin
GAAP Operating Income (Loss)

57.0%
58.2%
856 $

56.6%
58.7%
907 $

56.7%
58.2%
825

$

(224) $
1,080 $
27.4%
34.5%
639 $

(312) $
1,219 $
26.5%
35.6%
697 $

(260)
1,085
26.4%
34.8%
615

Non-GAAP Net Income (Loss) Attributable to Stockholders

$
$

(201)
840

$
$

(269)
966

$
$

(219)
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

$

Operating Income Adjustments(i)Non-GAAP Operating Income
GAAP Operating Margin
Non-GAAP Operating Margin
GAAP Net Income (Loss) attributable to Stockholders$$

Net Income Adjustments(i)

-6%

4%

-11%

—%

Q-Q
-5%
-13%
-14%
-12%

Y-Y
-1%
14%
34%
-25%

Additional information
Automotive
Industrial & IoT
MobileComm. Infra. & Other
DIO
DPO
DSO
Cash Conversion Cycle
Channel Inventory (months)

$
$
$
$

Q1 2024
1,804
574
349
399
144
65
26
105
1.6

$
$
$
$

Q4 2023
1,899
662
406
455
132
72
24
84
1.5

$
$
$
$

Q1 2023
1,828
504
260
529
135
68
31
98
1.6

Gross Financial Leverage(iii)

1.9x

2.1x

2.0x

Net Financial Leverage(iv)

1.3x

1.3x

1.3x

1. Additional Information for the First Quarter 2024:
i. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
ii. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
iii. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
iv. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.
Guidance for the Second Quarter 2024: ($ millions, except Per Share data) (1)
Guidance Range
Reconciliation

GAAP
Total Revenue
Q-Q
Y-Y
Gross Profit
Gross Margin
Operating Income (loss)
Operating Margin
Financial Income (expense)
Tax rate
NCI & Other
Shares - diluted
Earnings Per Share - diluted

non-GAAP

Low

Mid

High

Low

Mid

High

$3,025-3%-8%$1,715
56.7%
$821
27.1%
$(69)

$3,1250%-5%$1,788
57.2%
$884
28.3%
$(69)
17.2%-18.2%
$(9)
258.5
$2.56

$3,2253%-2%$1,863
57.8%
$949
29.4%
$(69)

$3,025-3%-8%$1,75558.0%$1,00033.1%$(63)$3,1250%-5%$1,82858.5%$1,06334.0%$(63)
16.3%-17.3%
$(5)
258.5
$3.20

$3,2253%-2%$1,90359.0%$1,128
35.0%
$(63)

$(9)
258.5
$2.36

$(9)
258.5
$2.77

$(40)
$(179)
$(6)
$(4)

$(5)
258.5
$3.00

$(5)
258.5
$3.41

Note (1) Additional Information:

1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(12) million; Share-based
Compensation, $(15) million; Other Incidentals, $(13) million;
2. GAAP Operating Income (loss) is expected to include PPA effects, $(42) million; Share-based Compensation, $(115)
million; Restructuring and Other Incidentals, $(22) million;
3. GAAP Financial Income (expense) is expected to include Other financial expense $(6) million;

4. GAAP Non-Controlling Interest (NCI) and Other includes non-controlling interest $(5) million and Other $(4) million;
5. 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, theadjustment 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 ofhistorical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists ofpredictions 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 varymaterially 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 thenote regarding "Forward-looking Statements." We undertake no obligation to publicly update or revise any forward-looking statements, including theguidance 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 anddevelopment 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 andthe reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and thefactors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, toassess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating
performance, 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 andtrailing 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 Information
The company will host a conference call with the financial community on Tuesday, April 30, 2024 at 8:00 a.m. U.S. Eastern Standard Time (EST) toreview the first quarter 2024 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 morethan 60 years of combined experience and expertise, the company has approximately 34,200 team members in more than 30 countries and posted
revenue of $13.28 billion in 2023. 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 ofoperations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject tonumerous 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 newtechnologies 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 impact of government actions andregulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy
risks, including theft of sensitive or confidential data; 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 secureadequate 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 alliancepartners; 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; global hostilities, including the invasion of Ukraine by Russia andresulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in
the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our
primary end markets; the ability to maintain good relationships with NXP's suppliers; and a change in tax laws could have an effect on our estimatedeffective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally,
which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets
and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out tobe 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. 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 orcircumstances 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+1 408 205 0687

Media:
Paige Iven
paige.iven@nxp.com+1 817 975 0602

NXP-CORP
NXP Semiconductors
Table 1: Condensed consolidated statement of operations (unaudited)Three months ended($ in millions except share data)

December 31,
2023

March 31, 2024
Revenue
Cost of revenue
Gross profit
Research and development
Selling, general and administrative
Amortization of acquisition-related intangible assets
Total operating expenses
Other income (expense)
Operating income (loss)
Financial income (expense):
Extinguishment of debt
Other financial income (expense)
Income (loss) before income taxes
Benefit (provision) for income taxes
Results relating to equity-accounted investees
Net income (loss)
Less: Net income (loss) attributable to non-controlling interests$

Net income (loss) attributable to stockholders
Earnings per share data:
Net income (loss) per common share attributable to stockholders in $Basic
Diluted$$

3,126(1,343)$

3,422(1,485)

April 2, 2023$

3,121
(1,351)

1,783
(564)
(306)
(51)

1,937
(651)
(311)
(63)

1,770
(577)
(280)
(85)

(921)
(6)

(1,025)
(5)

(942)
(3)

856

907

825

—
(70)

—
(78)

—
(82)

786
(141)
(1)

829
(124)
(2)

743
(118)
(2)

644
5

703
6

623
8

639

697

615

2.49
2.47

$
$

2.71
2.68

$
$

2.37
2.35

Weighted average number of shares of common stock outstanding during the period (in thousands):
Basic
256,567
Diluted258,954257,285
260,298

259,576
261,210NXP Semiconductors
Table 2: Condensed consolidated balance sheet (unaudited)
As of($ in millions)

December 31,
2023

March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
Short-term deposits
Accounts receivable, net
Inventories, net
Other current assets
Total current assets

$

2,908
400
881
2,102
603

$

3,862
409
894
2,134
565

April 2, 2023

$

3,930
—
1,063
1,977
387

6,894

7,864

7,357

Non-current assets:
Other non-current assets
Property, plant and equipment, net
Identified intangible assets, net
Goodwill

2,338
3,304
839
9,945

2,289
3,323
922
9,955

2,095
3,123
1,208
9,949

Total non-current assets

16,426

16,48916,375

Total assets

23,32024,35323,732

954
68
1,906
—

1,164
92
1,855
1,000

1,002
27
2,186
998

2,928

4,111

4,213

Non-current liabilities:
Long-term debt
Restructuring liabilities
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities

10,1789
46
1,009

10,1759
44
1,054

10,1697
38
1,057

11,242

11,282

11,271

Non-controlling interests
Stockholders’ equity

321
8,829

316
8,644

299
7,949

Total equity

9,150

8,960

8,248

Total liabilities and equity

23,32024,35323,732

LIABILITIES AND EQUITYCurrent liabilities:
Accounts payable
Restructuring liabilities-current
Other current liabilities
Short-term debt
Total current liabilities

NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)Three months ended($ in millions)

December 31,
2023

March 31, 2024
Cash flows from operating activities:
Net income (loss)$
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating
activities:

644

$

703

April 2, 2023$

623

Depreciation and amortization
Share-based compensation
Amortization of discount (premium) on debt, net
Amortization of debt issuance costs
Net (gain) loss on sale of assets
Results relating to equity-accounted investees(Gain) loss on equity securities, net
Deferred tax expense (benefit)
Changes in operating assets and liabilities:(Increase) decrease in receivables and other current assets(Increase) decrease in inventories
Increase (decrease) in accounts payable and other liabilities(Increase) decrease in other non-current assets
Exchange differences
Other items
Net cash provided by (used for) operating activities
Cash flows from investing activities:
Purchase of identified intangible assets
Capital expenditures on property, plant and equipment
Insurance recoveries received for equipment damage
Proceeds from the disposals of property, plant and equipment
Investment in short-term deposits
Proceeds of short-term deposits
Purchase of investments
Proceeds from the sale of investments
Net cash provided by (used for) investing activities
Cash flows from financing activities:
Repurchase of long-term debt
Dividends paid to common stockholders
Proceeds from issuance of common stock through stock plans
Purchase of treasury shares and restricted stock unit
withholdings
Other, net
Net cash provided by (used for) financing activities

235
115
1
2
(2)
1
2
(64)

269
107
—
2
—
2
—
(97)

283
99
1
2
—
2
1
(62)

(25)
32
(102)
6
3
3

(20)
6
101
65
7
(8)

(138)
(196)
52
(33)
5
(7)

851

1,137

632

(32)
(226)
2
2
—
9
(34)
5

(44)
(175)
—
—
(409)
—
(1)
—

(42)
(251)
—
—
—
—
(58)
—

(274)

(629)

(351)

(1,000)
(261)
37

—
(261)
1

—
(219)
33

(303)
(1)

(434)
—

(11)
(1)

(1,528)

(694)

(198)

(3)

6

2

Cash and cash equivalents at beginning of period

(954)
3,862

(180)
4,042

85
3,845

Cash and cash equivalents at end of period

2,908

3,862

3,930

38
198

83
221

54
294

2
—

—
—

—
—

223

266

176

Effect of changes in exchange rates on cash positions
Increase (decrease) in cash and cash equivalents

Net cash paid during the period for:
Interest
Income taxes, net of refunds
Net gain (loss) on sale of assets:
Cash proceeds from the sale of assets
Book value of these assets
Non-cash investing activities:
Non-cash capital expenditures

NXP Semiconductors
Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)Three months ended($ in millions)

December 31,
2023

March 31, 2024
GAAP Gross Profit
PPA Effects
Restructuring
Share-based compensation
Other incidentals

$

1,783
(12)
(3)
(15)
(5)

$

1,937
(13)
(13)
(14)
(33)

April 2, 2023
$

1,770
(13)
2
(13)
(22)

Non-GAAP Gross Profit
GAAP Gross margin
Non-GAAP Gross margin
GAAP Research and development
Restructuring
Share-based compensation

$

1,816

$

(502)

$

(546)

$

(510)

$

(306)
—
(1)
(42)
(29)

$

(311)
(1)
(22)
(38)
(5)

$

(280)
(1)
(6)
(34)
(21)

$

(234)

$

(245)

$

(218)

$

856
(63)
(7)
(115)
(39)

$

907
(77)
(84)
(107)
(44)

$

825
(99)
(18)
(99)
(44)

$

1,080

$

1,219

$

1,085

$

27.4%
34.5%
(141) $
30

26.5%
35.6%
(124) $
54

26.4%
34.8%
(118)
49

$

(171)

$

(178)

$

(167)

$

639
(63)
(7)
(115)
(39)

$

697
(77)
(84)
(107)
(44)

$

615
(99)
(18)
(99)
(44)

$

Income tax effectNon-GAAP Income tax benefit (provision)
GAAP Net income (loss) attributable to stockholders
PPA Effects
Restructuring
Share-based compensation
Other incidentals
Other adjustments:
Foreign exchange loss
Other financial expense
Income tax effect

$

56.7%
58.2%
(577)
(14)
(52)
(1)

Other incidentals
Non-GAAP Operating income (loss)
GAAP Operating margin
Non-GAAP Operating margin
GAAP Income tax benefit (provision)

2,010

56.6%
58.7%
(651) $
(49)
(55)
(1)

Other incidentals
Non-GAAP Selling, general and administrative
GAAP Operating income (loss)
PPA effects
Restructuring
Share-based compensation

$

57.0%
58.2%
(564) $
(3)
(58)
(1)

Other incidentals
Non-GAAP Research and development
GAAP Selling, general and administrative
PPA effects
Restructuring
Share-based compensation

1,818

(1)
(5)
30
(1)

Results relating to equity-accounted investees

(6)
(3)
54
(2)

(3)
(3)
49
(2)

$

840

$

966

$

834

GAAP net income (loss) per common share attributable to stockholders - diluted $PPA Effects
Restructuring
Share-based compensation
Other incidentals
Other adjustments:
Foreign exchange loss
Other financial expense
Income tax effect2.47(0.24)(0.03)(0.44)(0.15)$

2.68(0.30)(0.32)(0.41)(0.17)$

2.35(0.38)(0.07)(0.38)(0.17)

Non-GAAP Net income (loss) attributable to stockholders

Results relating to equity-accounted investees
Non-GAAP net income (loss) per common share attributable to stockholders diluted$—(0.02)
0.11—
3.24(0.02)(0.01)
0.21(0.01)$

3.71(0.01)(0.01)
0.19(0.01)$3.19

NXP Semiconductors
Table 5: Adjusted EBITDA and Free Cash Flow (unaudited)Three months ended($ in millions)

December 31,
2023

March 31, 2024
GAAP Net income (loss)
Reconciling items to EBITDA (Non-GAAP)
Financial (income) expense(Benefit) provision for income taxes

$

644
70
141

$

703
78
124

April 2, 2023
$

623
82
118

Depreciation
Amortization

145
90
1,090

167
102
$

EBITDA (Non-GAAP)
Reconciling items to adjusted EBITDA (Non-GAAP)
Results of equity-accounted investees
Restructuring
Share-based compensation
Other incidental items$

Adjusted EBITDA (Non-GAAP)
Trailing twelve month adjusted EBITDA (Non-GAAP)

$

1,252

$

1,411

$

1,267

$

5,395

$

5,410

$

5,457

—

$

2

1
7
115
39

1,174

160
123
$

2
84
107
44

1,106
2
18
99
42

1)Excluding depreciation/amortization within:— other incidental items—

Three months ended($ in millions)

December 31,
2023

March 31, 2024
Net cash provided by (used for) operating activities
Net capital expenditures on property, plant and equipment$

Non-GAAP free cash flow
Trailing twelve month non-GAAP free cash flow
Trailing twelve month non-GAAP free cash flowas percent of Revenue$

Source: NXP USA, Inc.

$

851
(224)

$

627

$

2,933
$
22%

April 2, 2023

1,137
(175)

$

962

$

2,687
$
20%

632
(251)
381
2,638
20%