Common-Size Income Statement
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NXP Semiconductors N.V., common-size consolidated income statement
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 20-F (reporting date: 2018-12-31), 20-F (reporting date: 2017-12-31).
- Revenue and Cost of Revenue
- Revenue remained stable at 100% across all reported years, serving as the baseline for percentage analysis. The cost of revenue fluctuated moderately, starting at 50.1% in 2017 and decreasing to a low of 45.16% by 2021. This decline in cost suggests improved efficiency or changes in cost structure over the years.
- Gross Profit
- Gross profit showed an overall upward trend, increasing from 49.9% in 2017 to 54.84% in 2021, despite a dip in 2020 to 49.18%. This improvement aligns with the reduction in cost of revenue and indicates strengthening profitability at the gross level.
- Operating Expenses
- Operating expenses, which encompass research and development (R&D), selling, general and administrative (SG&A), and amortization of acquisition-related intangible assets, showed variability. R&D as a percentage of revenue rose to a peak of 20.03% in 2020 before declining to 17.5% in 2021. SG&A expenses steadily decreased from 11.78% in 2017 to 8.64% in 2021, reflecting tighter expense management. Amortization expenses marked a significant decline from around 15-16% in earlier years to 5.35% in 2021, substantially reducing the total operating expenses from 44.21% in 2017 to 31.49% in 2021.
- Other Income and Operating Income
- Other income (expense) showed sharp volatility early on, with a high of 21.27% in 2018 but subsequently dropped to near zero by 2021. Operating income experienced a sizeable variation, peaking at 28.81% in 2018, dropping significantly to as low as 4.85% in 2020, then rebounding to 23.35% in 2021. These fluctuations suggest that operating profitability was notably influenced by other income elements and underlying operational changes.
- Financial Income and Expense
- Net financial income continued to represent a cost to the company, with net interest expense ranging from 2.39% to 4.05% over the years. The net loss on extinguishment of debt lessened over time, suggesting improved debt management. Foreign exchange results were relatively minor but became positive in 2021. Overall financial income (expense) consistently detracted from income before taxes by around 3.5% to 4.8% of revenue.
- Income Before Income Taxes and Net Income
- Income before income taxes displayed considerable volatility, with a high of 25.25% in 2018 and a near break-even point of 0.01% in 2020. It recovered to 19.71% in 2021. The provision for income taxes fluctuated, showing both positive and negative rates, impacting net earnings. Net income attributable to stockholders followed a similar trend, peaking around 24% in 2017-2018, falling sharply to below 3% in 2019 and 2020, then recovering markedly to 16.91% in 2021. This pattern reflects significant earnings variability likely driven by both operational results and other income components.
- Summary
- The data reveals a company experiencing significant fluctuations in profitability and expense composition over the five-year period. Cost management improved, particularly in amortization and SG&A expenses, contributing to a stronger gross profit margin by 2021. Operating income and net income were volatile, with a notable dip around 2019-2020 but a robust recovery in 2021. Financial expenses consistently weighed on profitability, but the company managed to reduce some debt-related costs over time. Overall, the trends suggest adaptive operational strategies with cyclical financial performance impacted by external and non-operational factors.