NXP Semiconductors N.V. Q4 FY2023 results: revenue $3.4 billion, up 3.3% on the year

NXP Semiconductors N.V. (NXPI) reported revenue of $3.4 billion for Q4 FY2023, the quarter ended 31 December 2023, up 3.3% on the same quarter a year earlier. Net income was $697 million, down 3.5% on the year, and diluted earnings per share $2.67. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$3.4 billionup 3.3%

Net income$697 milliondown 3.5%

Diluted EPS$2.67

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,422	3,434	n/a	n/a
Cost of revenue	1,485	1,469	n/a	n/a
Gross profit	1,937	1,965	n/a	n/a
Gross margin	56.6%	57.2%	n/a
Research and development	651	601	n/a	n/a
Selling, general and administrative	311	294	n/a	n/a
Operating income	907	992	n/a	n/a
Operating margin	26.5%	28.9%	n/a
Interest expense	109	109	n/a	n/a
Pre-tax income	829	917	n/a	n/a
Income tax	124	123	n/a	n/a
Effective tax rate	15.0%	13.4%	n/a
Net income	697	787	n/a	n/a
Net margin	20.4%	22.9%	n/a
Diluted EPS	$2.67	$3.01	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,137	988	n/a	n/a
Capital expenditure	175	200	n/a	n/a
Free cash flow	962	788	n/a	n/a
Free cash flow margin	28.1%	22.9%	n/a
Depreciation and amortisation	269	273	n/a	n/a
Share-based compensation	107	103	n/a	n/a
Buybacks	434	306	n/a	n/a
Dividends paid	261	262	n/a	n/a
Dividend per share	n/a	$1.01	n/a	n/a
Diluted shares, weighted	261m	261m	n/a	n/a
Shares outstanding at period end	256m	258m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	24,353	23,996	n/a	n/a
Cash and equivalents	3,862	4,042	n/a	n/a
Receivables	894	939	n/a	n/a
Inventory	2,134	2,140	n/a	n/a
Goodwill	9,955	9,937	n/a	n/a
Long-term debt	11,250	n/a	n/a	n/a
Long-term debt including finance leases	10,175	10,173	n/a	n/a
Borrowings, as the company tags them	11,250	n/a	n/a	n/a
Operating lease liabilities	204	n/a	n/a	n/a
Shareholders' equity	8,644	8,488	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	3,299	3,434	3,422	3,126	3,127	3,250	3,111	2,835	2,926	3,173	3,335	3,181
Cost of revenue	1,418	1,469	1,485	1,343	1,335	1,384	1,433	1,275	1,364	1,386	1,528	1,393
Gross profit	1,881	1,965	1,937	1,783	1,792	1,866	1,678	1,560	1,562	1,787	1,807	1,788
Gross margin	57%	57%	57%	57%	57%	57%	54%	55%	53%	56%	54%	56%
R&D	589	601	651	564	594	577	612	547	573	575	665	588
SG&A	274	294	311	306	270	265	323	281	278	286	359	284
Operating income	937	992	907	856	896	990	675	723	687	893	744	1,505
Operating margin	28%	29%	27%	27%	29%	30%	22%	26%	23%	28%	22%	47%
Interest expense	109	109	109	105	97.0	96.0	100	106	115	118	127	114
Pre-tax income	863	917	829	786	821	908	584	631	601	795	636	1,409
Tax rate	18%	13%	15%	18%	19%	19%	13%	21%	19%	19%	21%	19%
Net income	698	787	697	639	658	718	495	490	445	631	455	1,122
Net margin	21%	23%	20%	20%	21%	22%	16%	17%	15%	20%	14%	35%
Diluted EPS	$2.67	$3.01	$2.67	$2.47	$2.54	$2.79	$1.93	$1.92	$1.75	$2.48	$1.80	$4.43
Operating cash flow	756	988	1,137	851	761	779	391	565	779	585	891	793
Capital expenditure	201	200	175	226	185	186	130	139	83.0	77.0	98.0	79.0
Free cash flow	555	788	962	625	576	593	261	426	696	508	793	714
Buybacks	302	306	434	303	310	305	455	303	204	54.0	338	102
Dividends paid	264	262	261	261	260	259	258	258	257	256	254	256
Shares outstanding	258m	258m	256m	256m	255m	254m	254m	253m	252m	252m	253m	252m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001413447-24-000013: the filing on EDGAR. All of NXP Semiconductors N.V.'s filings: EDGAR company page.

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