2024 Q1 Form 10-K Financial Statement

#000141344724000013 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.126B $3.434B $13.28B
YoY Change -0.32% 0.54%
Cost Of Revenue $1.343B $1.469B $5.723B
YoY Change -0.61% 0.62%
Gross Profit $1.783B $1.965B $7.553B
YoY Change -0.1% 0.48%
Gross Profit Margin 57.04% 57.22% 56.89%
Selling, General & Admin $306.0M $294.0M $1.159B
YoY Change 1.73% 8.72%
% of Gross Profit 17.16% 14.96% 15.34%
Research & Development $564.0M $601.0M $2.418B
YoY Change 9.67% 12.57%
% of Gross Profit 31.63% 30.59% 32.01%
Depreciation & Amortization $235.0M $273.0M $1.106B
YoY Change -14.95% -11.52%
% of Gross Profit 13.18% 13.89% 14.64%
Operating Expenses $921.0M $966.0M $3.892B
YoY Change -0.21% 4.62%
Operating Profit $856.0M $992.0M $3.661B
YoY Change -0.9% -3.58%
Interest Expense $105.0M $109.0M -$309.0M
YoY Change 0.0% -172.37%
% of Operating Profit 12.27% 10.99% -8.44%
Other Income/Expense, Net -$70.00M -$75.00M -$309.0M
YoY Change -23.47% -25.72%
Pretax Income $786.0M $917.0M $3.352B
YoY Change 1.55% -0.33%
Income Tax $141.0M $123.0M $523.0M
% Of Pretax Income 17.94% 13.41% 15.6%
Net Earnings $639.0M $787.0M $2.797B
YoY Change 6.64% 0.36%
Net Earnings / Revenue 20.44% 22.92% 21.07%
Basic Earnings Per Share $2.49 $3.06 $10.83
Diluted Earnings Per Share $2.47 $3.01 $10.70
COMMON SHARES
Basic Shares Outstanding 256.5M shares 257.5M shares 258.4M shares
Diluted Shares Outstanding 259.0M shares 261.1M shares 261.4M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.917B $4.054B $4.271B
YoY Change 7.65% 11.08%
Cash & Equivalents $2.908B $4.042B $3.862B
Short-Term Investments $9.000M $12.00M $409.0M
Other Short-Term Assets $603.0M $495.0M $565.0M
YoY Change 41.03% 62.36%
Inventory $2.102B $2.140B $2.134B
Prepaid Expenses
Receivables $881.0M $939.0M $894.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.894B $7.616B $7.864B
YoY Change 13.62% 13.4%
LONG-TERM ASSETS
Property, Plant & Equipment $3.304B $3.197B $3.323B
YoY Change 7.61% 7.02%
Goodwill $9.945B $9.937B
YoY Change 0.28%
Intangibles
YoY Change
Long-Term Investments $120.0M $102.0M
YoY Change 25.93%
Other Assets $2.338B $2.236B $2.289B
YoY Change 15.26% 17.87%
Total Long-Term Assets $16.43B $16.38B $16.49B
YoY Change 0.88% 1.15%
TOTAL ASSETS
Total Short-Term Assets $6.894B $7.616B $7.864B
Total Long-Term Assets $16.43B $16.38B $16.49B
Total Assets $23.32B $24.00B $24.35B
YoY Change 4.6% 4.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $954.0M $959.0M $1.164B
YoY Change -37.48% -28.01%
Accrued Expenses $502.0M $477.0M $555.0M
YoY Change -6.1% 6.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.000B
YoY Change
Long-Term Debt Due $0.00 $999.0M $1.000B
YoY Change
Total Short-Term Liabilities $2.928B $3.964B $4.111B
YoY Change 23.14% 25.72%
LONG-TERM LIABILITIES
Long-Term Debt $10.18B $10.17B $10.18B
YoY Change -8.86% -8.87%
Other Long-Term Liabilities $1.009B $1.014B $1.063B
YoY Change -9.71% 4.63%
Total Long-Term Liabilities $11.24B $11.23B $11.24B
YoY Change -8.93% -7.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.928B $3.964B $4.111B
Total Long-Term Liabilities $11.24B $11.23B $11.24B
Total Liabilities $14.17B $15.20B $15.71B
YoY Change -2.3% -0.49%
SHAREHOLDERS EQUITY
Retained Earnings -$2.421B -$2.725B
YoY Change -32.53%
Common Stock $14.68B $14.45B
YoY Change 2.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.829B $8.488B $8.644B
YoY Change
Total Liabilities & Shareholders Equity $23.32B $24.00B $24.35B
YoY Change 4.6% 4.81%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $639.0M $787.0M $2.797B
YoY Change 6.64% 0.36%
Depreciation, Depletion And Amortization $235.0M $273.0M $1.106B
YoY Change -14.95% -11.52%
Cash From Operating Activities $851.0M $988.0M $3.513B
YoY Change -13.64% -9.81%
INVESTING ACTIVITIES
Capital Expenditures $226.0M $242.0M $1.006B
YoY Change -172.89% -181.99%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$16.00M -$31.00M -$502.0M
YoY Change 10.71% 2181.82%
Cash From Investing Activities -$274.0M -$273.0M -$1.508B
YoY Change -24.17% 20.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$982.0M
YoY Change -28.16%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.528B -533.0M -1.990B
YoY Change -4.65% 22.92%
NET CHANGE
Cash From Operating Activities $851.0M 988.0M 3.513B
Cash From Investing Activities -$274.0M -273.0M -1.508B
Cash From Financing Activities -$1.528B -533.0M -1.990B
Net Change In Cash -$954.0M 182.0M 15.00M
YoY Change -19.11% -98.54%
FREE CASH FLOW
Cash From Operating Activities $851.0M $988.0M $3.513B
Capital Expenditures $226.0M $242.0M $1.006B
Free Cash Flow $625.0M $746.0M $2.507B
YoY Change -49.46% -51.05%

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<div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-bottom:3pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</span></div>
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CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of risk </span></div><div style="margin-bottom:3pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, including derivative financial instruments, that may potentially subject NXP to concentrations of credit risk, consist principally of cash and cash equivalents, short-term deposits, short-term investments, long-term investments, accounts receivable and forward contracts. </span></div><div style="margin-bottom:3pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We sell our products to OEMs and to distributors in various markets, who resell these products to OEMs or to their subcontract manufacturers. One of our distributors accounted for 21% of our revenue in 2023, 20% in 2022 and 18% in 2021. No other distributor accounted for greater than 10% of our revenue for 2023, 2022 or 2021. No individual OEM for which we had direct sales to accounted for more than 10% of our revenue for 2023, 2022 or 2021.</span></div><div style="margin-bottom:3pt;text-indent:24.75pt"><span><br/></span></div><div style="margin-bottom:3pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit exposure related to NXP’s foreign currency forward contracts is limited to the realized and unrealized gains on these contracts. </span></div><div style="margin-bottom:3pt;text-indent:24.75pt"><span><br/></span></div><div style="margin-bottom:3pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company uses outside suppliers or foundries for a portion of its manufacturing capacity. </span></div>We have operations in Europe and Asia subject to collective bargaining agreements which could pose a risk to the Company but we do not expect that our operations will be disrupted if such is the case.
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CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
26000000 usd
CY2022 nxpi Employee Service Share Based Compensation Excess Tax Benefit From Compensation Expense Portion Of Excess Tax Benefits
EmployeeServiceShareBasedCompensationExcessTaxBenefitFromCompensationExpensePortionOfExcessTaxBenefits
4000000 usd
CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
54000000 usd
CY2021 nxpi Employee Service Share Based Compensation Excess Tax Benefit From Compensation Expense Portion Of Excess Tax Benefits
EmployeeServiceShareBasedCompensationExcessTaxBenefitFromCompensationExpensePortionOfExcessTaxBenefits
32000000 usd
CY2022 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
39000000 usd
CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-35000000 usd
CY2022 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
46000000 usd
CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
28000000 usd
CY2023 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-15000000 usd
CY2023 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-17000000 usd
CY2023 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-12000000 usd
CY2023 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
14000000 usd
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 business
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13276000000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13205000000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11063000000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3323000000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3105000000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2635000000 usd

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