Common-Size Income Statement
Quarterly Data
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NXP Semiconductors N.V., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
- Revenue and Gross Profit Trends
- Throughout the periods analyzed, revenue remained constant as the reference base at 100% each quarter. Gross profit as a percentage of revenue exhibited a generally upward trend. Starting from 49.33% in March 2020, it declined slightly in the mid-year quarters of 2020 but then increased steadily from December 2020 onwards, reaching 56.82% by July 2022. This indicates improved cost management and profitability over time.
- Cost of Revenue
- The cost of revenue decreased consistently as a percentage of revenue, moving from a high of 52.67% in June 2020 down to 43.18% in July 2022. This reduction contributed directly to the increase in gross profit margin.
- Operating Expenses
- Operating expenses, which include research and development (R&D), selling, general and administrative (SG&A), and amortization of acquisition-related intangible assets, displayed a decreasing trend relative to revenue. R&D expenses decreased from 21.03% in March 2020 to 16.36% by July 2022, indicating a reduction in relative investment or improved efficiencies. SG&A showed a similar downward trend from 11.53% to 8%. Amortization of acquisition-related intangible assets saw a sharp decline from 18.85% in March 2020 to a more moderate 4.05% by July 2022, suggesting fewer acquisition-related charges over time. Overall, total operating expenses decreased significantly from over 51% to under 29%, reflecting greater operational leverage.
- Operating Income
- Operating income as a percentage of revenue improved dramatically, moving from a modest 3.36% in March 2020, falling briefly into negative territory at -7.98% in June 2020, then rising steadily to 28.47% by July 2022. This substantial growth is attributable to both increasing gross profit margins and declining operating expenses.
- Other Income and Financial Expenses
- Other income (expense) fluctuated with minor values, mostly near zero except a notably positive 5.44% in March 2020. Financial expenses consistently represented a cost, averaging near -3% to -5% of revenue, with no clear improving trend. Extinguishment of debt charges appeared sporadically, with small negative impacts in some quarters but were relatively minor.
- Income Before Taxes and Net Income
- Income before income taxes aligned closely with operating income trends, showing a shift from negative values early in 2020 to a strong positive trend rising to 24.61% by July 2022. Provision for income taxes fluctuated, occasionally showing negative values indicating tax benefits, but became slightly more negative over time, implying increased tax expenses or adjustments in later quarters. Net income followed a similar pattern as income before taxes, with initial losses shifting to profits starting December 2020 at 12.76%. Net income attributable to stockholders improved from a negative 1.04% to over 20% by mid-2022. Non-controlling interests remained a small negative percentage consistently, having minimal impact on overall profitability.
- Summary
- The company showed marked improvement in profitability over the course of the analyzed periods. Cost efficiencies and reduction in amortization expenses contributed positively to gross profit and operating income. While financial expenses remained relatively steady as a negative factor, the overall income before taxes and net income demonstrated strong recovery and growth, particularly from the end of 2020 through mid-2022. The data points to improving operational performance and financial health.