NXP(NXPI)2024-11-05 11:04Revenue and Financial Performance - Revenue for Q3 2024 was $3.25 billion, down 5% year-on-year[2] - Q4 2024 revenue guidance is between $3.0 billion and $3.2 billion, reflecting a year-on-year decline of 6% to 12%[6] - Revenue for Q3 2024 was $3.25 billion, compared to $3.127 billion in Q2 2024 and $3.434 billion in Q3 2023[18] - NXP Semiconductors posted revenue of $13.28 billion in 2023[15] Gross Margin and Profitability - GAAP gross margin was 57.4%, and non-GAAP gross margin was 58.2%[3] - Gross profit for Q3 2024 was $1.866 billion, up from $1.792 billion in Q2 2024 but down from $1.965 billion in Q3 2023[18] - GAAP gross profit for the quarter ended September 29, 2024, was $1.866 billion, with a gross margin of 57.4%, compared to $1.792 billion and 57.3% in the previous quarter[23] - Non-GAAP gross profit for the quarter ended September 29, 2024, was $1.892 billion, with a gross margin of 58.2%, compared to $1.833 billion and 58.6% in the previous quarter[23] Operating Income and Margins - Non-GAAP operating margin for Q4 2024 is expected to be between 33.1% and 35.0%[6] - GAAP operating income for the quarter ended September 29, 2024, was $990 million, with an operating margin of 30.5%, compared to $896 million and 28.7% in the previous quarter[23] - Non-GAAP operating income for the quarter ended September 29, 2024, was $1.153 billion, with an operating margin of 35.5%, compared to $1.071 billion and 34.3% in the previous quarter[23] Net Income and Earnings Per Share - Net income attributable to stockholders for Q3 2024 was $718 million, compared to $658 million in Q2 2024 and $787 million in Q3 2023[18] - Diluted earnings per share for Q3 2024 was $2.79, up from $2.54 in Q2 2024 but down from $3.01 in Q3 2023[18] - Net income for the quarter ended September 29, 2024, was $729 million, compared to $664 million in the previous quarter and $792 million in the same period last year[22] - GAAP net income per diluted share for the quarter ended September 29, 2024, was $2.79, compared to $2.54 in the previous quarter and $3.01 in the same period last year[25] - Non-GAAP net income per diluted share for the quarter ended September 29, 2024, was $3.45, compared to $3.20 in the previous quarter and $3.70 in the same period last year[25] Cash Flow and Capital Expenditures - Cash flow from operations was $779 million, with non-GAAP free cash flow of $593 million[3] - Operating cash flow for the quarter ended September 29, 2024, was $779 million, slightly higher than $761 million in the previous quarter but lower than $988 million in the same period last year[22] - Capital expenditures for the quarter ended September 29, 2024, were $186 million, slightly lower than $185 million in the previous quarter and $200 million in the same period last year[22] - Net cash provided by operating activities for September 29, 2024 was $779 million[30] - Non-GAAP free cash flow for September 29, 2024 was $593 million, compared to $577 million for the three months ended June 30, 2024[30] - Trailing twelve month non-GAAP free cash flow as of September 29, 2024 was $2,759 million, representing 21% of Revenue[30] Shareholder Returns and Share Repurchases - Capital return to shareholders in Q3 2024 was $564 million, representing 95% of non-GAAP free cash flow[3] - NXP authorized an additional $2.0 billion for share repurchases, resulting in a $2.64 billion share repurchase balance at the end of Q3 2024[3] Balance Sheet and Financial Position - Total assets as of September 2024 were $23.669 billion, compared to $23.196 billion in June 2024 and $23.996 billion in October 2023[20] - Cash and cash equivalents as of September 2024 were $2.748 billion, down from $2.859 billion in June 2024 and $4.042 billion in October 2023[20] - Long-term debt as of September 2024 was $9.683 billion, slightly up from $9.681 billion in June 2024 but down from $10.173 billion in October 2023[20] - Cash and cash equivalents at the end of the quarter ended September 29, 2024, were $2.748 billion, compared to $2.859 billion in the previous quarter and $4.042 billion in the same period last year[22] Research and Development Expenses - Research and development expenses for Q3 2024 were $577 million, down from $594 million in Q2 2024 and $601 million in Q3 2023[18] Operating Expenses - Total operating expenses for Q3 2024 were $871 million, down from $892 million in Q2 2024 and $966 million in Q3 2023[18] Product Launches and Innovations - NXP launched the Trimension® SR250, the industry's first single-chip UWB solution for Industrial and IoT applications[3] - NXP announced the MC33777, the world's first electric vehicle battery junction box IC[3] - NXP introduced the new i.MX RT700 crossover MCU family for AI-enabled edge devices[3] Other Income and Expenses - GAAP Other income (expense) for September 2024 was $(4) million, while Non-GAAP Other income (expense) was $(1) million[27] - GAAP Results relating to equity-accounted investees for September 29, 2024 was $(6) million, with Non-GAAP Results at $0 million[28] Adjusted EBITDA - Adjusted EBITDA (Non-GAAP) for September 29, 2024 was $1,329 million, compared to $1,243 million for the three months ended June 30, 2024[29] - Trailing twelve month adjusted EBITDA (Non-GAAP) was $5,235 million as of September 29, 2024[29]