NXP Q1 Report 2023

“NXP delivered quarterly revenue of $3.12 billion, with all our focus end-markets performing better than anticipated, which resulted in total company revenue above the high end of guidance. Solid first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through the cyclical downturn in our consumer-exposed businesses, while we see continued strength in our automotive and core-industrial businesses,” said Kurt Sievers, NXP President and Chief Executive Officer.

Key Highlights for the First Quarter 2023:

• Revenue was $3.12 billion, down 0.5 percent year-on-year;
• GAAP gross margin was 56.7 percent, GAAP operating margin was 26.4 percent and GAAP diluted Net Income per Share was $2.35;
• Non-GAAP gross margin was 58.2 percent, non-GAAP operating margin was 34.8 percent, and non-GAAP diluted Net Income per Share was $3.19;
• Cash flow from operations was $632 million, with net capex investments of $251 million, resulting in non-GAAP free cash flow of $381 million;
• During the first quarter of 2023, NXP paid cash dividends of $219 million. The interim dividend for the first quarter 2023 was paid in cash on April 5, 2023 to shareholders of record as of March 15, 2023;
• Beginning with the first quarter 2023 financial guidance, NXP began to apply an estimated annual tax rate to its GAAP and non-GAAP income before tax