01—Abstract
Summary
Summary of the 10-Q filed April 30, 2024. Cited figures are marked; the original filing is the authoritative source.
NXP Semiconductors N.V.
(NXPI) reported a largely stable financial performance for the first quarter of 2024 compared to the same period last year, with revenue increasing slightly by 0.2% to $3.13 billiona. Net income attributable to stockholders was $639 million, or $2.47 per diluted share, a modest increase from $615 million, or $2.35 per diluted share, in Q1 2023. The company demonstrated strong operational cash flow of $851 million.
A significant event during the quarter was the full retirement of a $1 billionb senior unsecured note at maturity, which contributed to a decrease in total debt. NXP also returned substantial capital to shareholders through dividends and share repurchases.
02—Key points
Key Highlights
- Revenue for Q1 2024 was $3,126 million, a slight increase of 0.2% year-over-year, indicating stable top-line performance.
- Net income attributable to stockholders rose to $639 million ($2.47 diluted EPS) from $615 million ($2.35 diluted EPS) in Q1 2023, reflecting improved profitability.
- The company generated strong operating cash flow of $851 million, highlighting its ability to convert earnings into cash.
- NXP fully retired its $1 billion aggregate principal amount of 4.875% senior unsecured notes due March 2024, reducing its overall debt.
- Total capital returned to shareholders in Q1 2024 was $564 million, comprising $261 million in dividends and $303 million in share repurchases.
- The Industrial & IoT and Mobile segments showed significant year-over-year revenue growth (13.9% and 34.2% respectively), while Automotive and Communication Infrastructure & Other segments saw declines.
- Non-GAAP free cash flow was $627 million, demonstrating robust cash generation after capital expenditures.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2024, NXP Semiconductors N.V. kept $0.21.
- Revenue$3.13B100.0%
- Cost of revenue−$1.34B43.0%
- Gross profit$1.78B57.0%
- Operating costs−$927.0M29.7%
- Operating income$856.0M27.4%
- Interest, other & tax−$212.0M6.8%
- Net income$644.0M20.6%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2024filed April 30, 2024Financial Statements
| Revenue | $3.13B |
| Cost of Revenue | $1.34B |
| Gross Profit | $1.78B |
| R&D Expenses | $564.00M |
| SG&A Expenses | $306.00M |
| Operating Expenses | $921.00M |
| Operating Income | $856.00M |
| Interest Expense | $105.00M |
| Net Income | $644.00M |
| EPS (Basic) | $2.49 |
| EPS (Diluted) | $2.47 |
| Shares Outstanding (Basic) | 256.57M |
| Shares Outstanding (Diluted) | 258.95M |
05—Questions
Frequently Asked Questions
How did NXP's revenue perform in Q1 2024 compared to the previous year?
NXP's revenue for the first quarter of 2024 was $3,126 million, a slight increase of 0.2% compared to $3,121 million in the first quarter of 2023. This indicates a stable top-line performance.
What is the company's profitability and earnings per share for the quarter?
Net income attributable to stockholders for Q1 2024 was $639 million, resulting in a diluted earnings per share of $2.47. This is an increase from $615 million and $2.35 per diluted share, respectively, in Q1 2023.
How has NXP managed its debt and capital resources during the quarter?
NXP fully retired its $1 billion senior unsecured notes at maturity during the quarter, leading to a decrease in total debt. The company also maintained strong operating cash flow and had access to $5.4 billion in liquidity (cash and revolving credit facility), indicating a solid financial position to fund operations and capital returns.
Which end markets showed the most significant revenue changes?
The Industrial & IoT and Mobile segments experienced robust year-over-year revenue growth of 13.9% and 34.2%, respectively. Conversely, the Automotive segment saw a slight decrease of 1.3%, and the Communication Infrastructure & Other segment declined by 24.6%.
06—Continue