Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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NXP Semiconductors N.V., consolidated income statement
US$ in millions
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 Gross Profit Trends
- The revenue demonstrated moderate fluctuations from 2017 to 2020, declining from $9,256 million in 2017 to $8,612 million in 2020. A significant rebound occurred in 2021, reaching $11,063 million. Correspondingly, gross profit followed a similar trajectory, peaking at $4,851 million in 2018, dipping to $4,235 million in 2020, and then rising sharply to $6,067 million in 2021. This suggests an overall recovery and improvement in core profitability in the latest year.
- Cost of Revenue and Operating Expenses
- Cost of revenue displayed a gradual decrease from 2017 through 2019, followed by a marginal increase in 2020 and a noticeable rise in 2021 to $4,996 million, indicating increased costs associated with higher sales volumes. Operating expenses, encompassing research and development (R&D), selling and administrative expenses, and amortization of acquisition-related intangible assets, generally decreased from 2017 ($4,092 million) to 2021 ($3,484 million), driven primarily by a substantial reduction in amortization expenses, which dropped from $1,448 million in 2017 to $592 million in 2021. However, R&D expenses increased steadily over the period, reflecting ongoing investment in innovation.
- Operating Income
- Operating income showed volatility, peaking at $2,710 million in 2018 before declining sharply to $418 million in 2020. It then rebounded substantially to $2,583 million in 2021. The decline in 2019 and 2020 is partly correlated with reduced gross profit and stable operating expenses, while the 2021 recovery corresponds with strong revenue and gross profit growth combined with lower operating expenses.
- Other Income and Expense Items
- Other income (expense) presented a notable peak in 2018 at $2,001 million but decreased markedly in subsequent years, contributing less to operating income from 2019 onward. Financial income (expense) remained consistently negative throughout the period, with net financial expenses close to $400 million annually in the latest years. Interest expense was relatively stable, while interest income fluctuated at lower levels. The net loss on extinguishment of debt varied, peaking at $60 million in 2020. Foreign exchange effects remained negative until 2021, when a small positive result was realized.
- Income Before Tax and Net Income
- Income before income taxes mirrored the operating income pattern, with a peak in 2018 ($2,375 million), a sharp decline to near zero in 2020, and a recovery to $2,180 million in 2021. Income tax provisions shifted from a benefit in 2017 and 2020 to significant expense in 2018 and 2021, impacting net income year over year. Net income attributable to stockholders resumed strong growth in 2021, reaching $1,871 million, after experiencing substantial declines in 2019 and 2020 ($243 million and $52 million respectively), reflecting the volatility in operating results and tax effects during those years.
- Summary of Financial Health and Performance
- The data indicates a period of financial stress or transitional challenges between 2018 and 2020, characterized by declining revenues, shrinking operating income, and reduced net income. The substantial improvement in 2021 demonstrates recovery and operational efficiency gains, supported by increased revenue, cost control, and reduced amortization expenses. Continued investment in research and development suggests a focus on sustaining long-term growth despite short-term fluctuations. The overall financial profile in the latest year points to strengthened profitability and a more favorable earnings outlook.