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NXP Semiconductors N.V. (NASDAQ:NXPI)

This company has been moved to the archive! The financial data has not been updated since July 26, 2022.

Common-Size Income Statement
Quarterly Data

NXP Semiconductors N.V., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue -43.18 -43.34 -43.83 -44.67 -45.22 -47.21 -48.62 -51.92 -52.67 -50.67
Gross profit 56.82% 56.66% 56.17% 55.33% 54.78% 52.79% 51.38% 48.08% 47.33% 49.33%
Research and development -16.36 -16.52 -16.68 -17.20 -18.34 -17.96 -18.35 -19.32 -22.12 -21.03
Selling, general and administrative -8.00 -8.00 -8.46 -8.49 -9.01 -8.65 -8.82 -8.95 -12.22 -11.53
Amortization of acquisition-related intangible assets -4.05 -4.30 -4.48 -4.79 -5.35 -7.01 -5.90 -18.44 -20.91 -18.85
Operating expenses -28.41% -28.83% -29.62% -30.48% -32.70% -33.62% -33.07% -46.71% -55.26% -51.41%
Other income (expense) 0.06 0.00 0.00 0.00 0.00 0.00 0.16 0.04 -0.06 5.44
Operating income (loss) 28.47% 27.84% 26.55% 24.85% 22.07% 19.17% 18.47% 1.41% -7.98% 3.36%
Extinguishment of debt -0.54 0.00 -0.72 0.00 0.00 0.00 -2.39 0.00 0.00 0.00
Other financial income (expense) -3.32 -3.35 -3.32 -3.25 -3.85 -3.39 -3.07 -4.68 -5.28 -3.86
Financial income (expense) -3.86% -3.35% -4.05% -3.25% -3.85% -3.39% -5.46% -4.68% -5.28% -3.86%
Income (loss) before income taxes 24.61% 24.49% 22.51% 21.60% 18.22% 15.78% 13.00% -3.26% -13.26% -0.49%
(Provision) benefit for income taxes -3.89 -3.64 -2.37 -3.32 -2.50 -1.56 -0.20 2.51 1.82 -0.10
Results relating to equity-accounted investees -0.09 0.38 -0.07 0.10 -0.08 -0.04 -0.04 -0.04 -0.06 -0.05
Net income (loss) 20.62% 21.24% 20.07% 18.39% 15.64% 14.18% 12.76% -0.79% -11.50% -0.64%
Net income attributable to non-controlling interests -0.39 -0.29 -0.26 -0.24 -0.35 -0.43 -0.44 -0.18 -0.28 -0.40
Net income (loss) attributable to stockholders 20.23% 20.95% 19.81% 18.14% 15.29% 13.75% 12.33% -0.97% -11.78% -1.04%

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).

The financial trajectory between March 2020 and July 2022 is characterized by a significant expansion in profitability and a marked improvement in operational efficiency. The company transitioned from reporting net losses in early 2020 to maintaining strong, consistent positive net income margins by 2022.

Gross Profit Margin Trends
A consistent upward trend in gross profit is observed, rising from 49.33% in March 2020 to 56.82% in July 2022. This improvement is directly attributed to a reduction in the cost of revenue, which decreased from 50.67% to 43.18% over the same period, suggesting enhanced production efficiency or increased pricing power.
Operating Expense Analysis
Total operating expenses decreased substantially from a peak of 55.26% of revenue in June 2020 to 28.41% in July 2022. This decline was driven by three primary factors: a reduction in research and development spending from 21.03% to 16.36%, a decrease in selling, general, and administrative expenses from 11.53% to 8.00%, and a sharp decline in the amortization of acquisition-related intangible assets, which fell from 20.91% to 4.05%.
Operating and Net Income Performance
Operating income experienced a significant recovery, moving from a deficit of 7.98% in June 2020 to a positive 28.47% by July 2022. This operational turnaround flowed through to the bottom line, with net income attributable to stockholders shifting from a low of -11.78% in June 2020 to a peak of 20.95% in April 2022.
Financial and Tax Obligations
Financial income and expenses remained relatively stable as a percentage of revenue, generally fluctuating between -3% and -5%. However, as the company returned to profitability, the provision for income taxes became a more significant factor, increasing from a benefit of 1.82% in June 2020 to a provision of 3.89% by July 2022.

Overall, the analysis indicates a successful scaling of operations where revenue growth outpaced the growth of operating expenses. The reduction in non-cash amortization charges and the optimization of cost of goods sold were the primary drivers in the expansion of both operating and net margins.

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