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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
(標記一個) 
 ☒ 根據1934年證券交易法第13或15(d)條款的季度報告。
截至2024年6月30日季度結束 2024年9月29日
或
☐ 根據1934年證券交易法第13或15(d)條款的過渡報告
到              天從發票日期計算，被視為商業合理。             .
委員會檔案編號： 001-34841
恩智浦半導體股份有限公司。
（依憑章程所載的完整登記名稱）
 
荷蘭
98-1144352
(成立的州或其他地區)
成立或組織證明文件)
(I.R.S.雇主身份識別號碼)
60 High Tech Campus
5656 AG
Eindhoven
荷蘭
(總部辦公地址)
（郵遞區號）
+31
40
2729999
(註冊人電話號碼，包括區號)
根據法案第12(b)條規定註冊的證券：
每種類別的名稱
交易標的
每個註冊交易所的名稱
普通股，每股面值為eur 0.20
NXPI
納斯達克全球精選市場

標示勾選是否申報人（1）已在過去12個月（或在申報人需要申報這些報告的較短期間內）按照1934年證券交易所法第13條或第15(d)條的要求提交了所有報告，並且（2）已受到過去90天內的申報要求的規範。
是  ☒不☐
在檢查標記中，請勾選是否在過去12個月內（或更短期間，即發行人必須提交這些文件的期間）向條例S-t第232.405條提交所有要求提交的交互數據文件。
是  ☒不☐
勾選符號，以示登記申報人是否為大型加速遞交者、加速遞交者、非加速遞交者、較小型報告公司或新興成長公司。請參見《交易所法》第120條2條規定中「大型加速遞交者」、「加速遞交者」、「較小型報告公司」和「新興成長公司」的定義。
大型加速歸檔人
☒
加速歸檔人
☐
非加速歸檔人
☐
小型報告公司
☐
新興成長型企業
☐



如果是新興成長型公司，請勾選表示公司是否已選擇不使用根據《交易所法》第13(a)條提供的遵守任何新的或修訂後的財務會計準則所提供的延長過渡期。☐

請以勾選方式表明，登記申請人是否為交易所法規第120億2條定義的空殼公司。
是的☐不☒

截至2024年11月1日，共有 254,155,580 股我們每股面值為€0.20的一般股票已發行並流通。


恩智浦半導體股份有限公司。
如果通過參照納入
截至2024年9月29日的財務季度
目 錄
頁面
项目2。




介紹和前瞻性陳述
本10-Q表格及包含在此表格中的部分資訊中所提供的前瞻性陳述，受到1995年《私人證券訴訟改革法案》的“安全港”保護。在本10-Q表格中使用時，如“預期”、“相信”、“估計”、“預測”、“期望”、“打算”、“計劃”和“項目”等字詞，以及與我們、我們的管理層或第三方有關的類似表達，均可識別出前瞻性陳述。前瞻性陳述包括有關我們業務策略、財務狀況、營運結果、市場數據以及任何非歷史事實的其他陳述。這些陳述反映了我們管理層的信念，以及我們管理層所做的假設和目前對我們可得到的信息。儘管我們認為這些信念和假設是合理的，但這些陳述受到許多因素、風險和不確定性的影響，可能導致實際結果與預期大不相同。這些因素、風險和不確定性明確適用於我們或代表我們採取行動的人發表的所有隨後口頭和書面前瞻性陳述，另外還包括我們截至2023年12月31日年結的10-K表格中第I部分第1A項所列事項。 風險因素 以及本10-Q表格中其他地方，下列內容：
•市場需求和半導體行業板塊的情況；
•我們成功引入新技術和產品的能力；
•我們產品所包含的商品需求；
•美國和中國之間的貿易爭端，可能導致對國際貿易的障礙增加，從而對我們建立的供應鏈產生干擾；
•政府行為和規定的影響，包括對美國受管制產品和科技出口的限制；
•網絡安全概念不斷增加和演變，包括對敏感或機密數據的偷竊；
•我們能夠產生足夠的現金，籌集足夠的資本或在到期之前 refinancing 我們的債務，以滿足我們的債務服務、研究和發展以及資本投資需求；
•我們準確估計需求並相應調整生產能力，或從第三方供應商那裡獲取供應；
•我們與第三方外包合作夥伴的生產存取，以及可能影響其業務或我們與他們關係的任何事件；
•我們從性能確保來自供應商的充足及及時的設備和材料供應；
•我們能夠避免運營問題和產品缺陷，並且一旦出現這些問題，我們能夠快速進行修正；
•我們在組建戰略合作夥伴關係和聯合企業以及成功與我們的戰略聯盟夥伴合作的能力；
•我們能夠贏得競爭性招標選擇過程；
•我們開發產品供應給客戶使用的能力；
•我們成功聘用和留住主要管理人員和高級產品工程師的能力
•全球敵意，包括俄羅斯入侵烏克蘭並由此導致的區域不穩定、針對俄羅斯的制裁和任何其他報復措施，以及中東持續的敵意和武裝衝突，可能對全球供應鏈產生不利影響，干擾我們的運營或負面影響我們主要最終市場對我們產品的需求；
•我們與供應商保持良好關係的能力；和
•稅法變更可能會對我們預估的有效稅率產生影響。

我們不承擔任何更新前瞻性陳述的義務，並否認有義務更新我們對於本文件中描述的任何風險或不確定性的觀點，也不公開宣布對於在本10-Q表格中所作前瞻性陳述的任何修訂結果，除非法律有要求。

此表格10-Q還包含有關半導體行業、我們的最終市場和業務總體而言的信息，其具有前瞻性並基於各種假設，關於半導體行業、我們的最終市場和業務將如何發展。我們基於目前可用的信息，包括本表格10-Q中所提及的市場研究和行業報告。如果這些假設中的任何一個或多個被證明是不正確的，實際市場結果可能與預測不符。雖然我們不知道這些差異可能對我們的業務產生何種影響，但如果確實存在這些差異，它們可能對我們未來的營運和財務狀況以及我們普通股的交易價格產生重大不利影響。讀者應注意不要對這些前瞻性陳述給予過度依賴，這些陳述僅反映其做出時的結果。除了根據美國聯邦證券法要求披露重要信息之外，NXP沒有任何意圖或義務在我們發布此文件後公開更新或修訂任何前瞻性陳述，無論是為了反映任何未來事件或情況，還是其他任何方面。
1

此10-Q表格中包含的財務信息基於美國通用會計準則（U.S. GAAP），除非另有指示。

在介紹和討論我們的財務狀況、營運結果和現金流量時，管理層使用某些非美國GAAP財務指標。這些非美國GAAP財務指標不應單獨或作為等同於美國GAAP財務指標的替代方案來看待，應與最直接可比的美國GAAP指標一起使用。本表格10-Q中包含的非美國GAAP指標的討論，以及將這些指標與最直接可比的美國GAAP指標進行調解的內容，均詳列於本表格10-Q的第2項“使用某些非美國GAAP財務指標”條款下。 管理層對財務狀況和業績的討論與分析.

除非另有要求，所有提及的「我們」、「我們的」、「我們」、NXP」和「公司」均指恩智浦半導體N.V.及其合併子公司。

本10-Q表格包含了市場數據以及基於行業分析師、市場研究機構和其他獨立來源的報告以及其他出版物的某些其他統計信息和估計，以及管理層的自身誠信估計和分析。NXP相信這些第三方報告很有信譽，但尚未獨立驗證基礎數據來源、方法論或假設。這些報告和其他出版物一般是向公眾提供的，並且並非由NXP委託。基於估計、預測、預測、市場研究或類似方法論的信息固有地存在不確定性，實際事件或情況可能與此信息中反映的事件和情況有實質差異。
2

第一部分 — 財務資訊
第一項：基本報表。

基本財務報表(未經審計)
(以百萬美元計，除非另有說明)
截至2023年1月31日三個月的截至9個月的12月31日
2024年9月29日2023年10月1日2024年9月29日2023年10月1日
營業收入3,250 3,434 9,503 9,854 
營業收入成本(1,384)(1,469)(4,062)(4,238)
毛利潤1,866 1,965 5,441 5,616 
研發(577)(601)(1,735)(1,767)
銷售、一般及行政費用(265)(294)(841)(848)
收購相關無形資產的攤銷(29)(71)(108)(237)
營業費用總計(871)(966)(2,684)(2,852)
其他費用收益(5)(7)(15)(10)
業務利潤（虧損）990 992 2,742 2,754 
財務收益 (費用)：
償債— — — — 
其他財務收入（費用）(82)(75)(227)(231)
稅前收益（虧損）908 917 2,515 2,523 
所得稅利益(費用)(173)(123)(468)(399)
與股權法下投資關聯的結果(6)(2)(10)(5)
729 792 2,037 2,119 
扣除：歸屬於非控制權益的淨利潤11 5 22 19 
歸屬於股東的淨利潤718 787 2,015 2,100 
每股收益數據：
歸屬於股東的每股淨收益（損失）爲$
基本2.82 3.06 7.89 8.12 
稀釋2.79 3.01 7.80 8.03 
期間內流通在外的普通股加權平均數量（以千爲單位）：
基本254,458 257,488 255,501 258,744 
稀釋257,717 261,095 258,426 261,666 

請參閱簡明綜合財務報表附註
3
基本報表綜合損益表
(未經審計)
(以百萬美元計，除非另有說明)
截至2023年1月31日三個月的截至9個月的12月31日
2024年9月29日2023年10月1日2024年9月29日2023年10月1日
729 792 2,037 2,119 
其他綜合收益(損失), 淨額(稅後):
公允價值變動的現金流量套期工具16 (2)8 (12)
外幣翻譯調整變動59 (45)5 (24)
淨的精算增益（損失）變動(1)— 1 — 
其他綜合收益（損失）總額74 (47)14 (36)
總綜合收益（損失）803 745 2,051 2,083 
由非控制權益享有者承擔的綜合收益（損失）11 5 22 19 
歸屬於股東的綜合收益（損失）總額792 740 2,029 2,064 

請查看基本報表附註
4
基本報表資產負債表（未經審計）

(以百萬美元計，除非另有說明)
2024年9月29日2023年12月31日
資產
流動資產：
現金及現金等價物2,748 3,862 
開空期存款400 409 
2,687,823 1,070 894 
淨存貨2,234 2,134 
其他資產574 565 
總流動資產7,026 7,864 
非流動資產：
其他非流動資產2,641 2,289 
減：累計折舊淨額爲 $5,350 的固定資產和設備6,036 和 $5,660
3,309 3,323 
已識別的無形資產減去累計攤銷$1,018 和 $1,342
735 922 
商譽9,958 9,955 
總非流動資產16,643 16,489 
資產總額23,669 24,353 
負債和股東權益
流動負債:
應付賬款899 1,164 
重組負債-流動52 92 
其他流動負債1,542 1,855 
短期債務499 1,000 
流動負債合計2,992 4,111 
非流動負債:
長期債務9,683 10,175 
重組負債4 9 
遞延稅款負債57 44 
其他非流動負債1,189 1,054 
所有非流動負債10,933 11,282 
負債合計13,925 15,393 
股東權益：
非控股權益338 316 
股東權益:
普通股，面值 €0.20：
56 56 
超過面值的資本14,849 14,501 
庫藏股，成本：
 20,517,574 shares (2023: 17,329,585股）
(4,021)(3,210)
累計其他綜合收益(虧損)104 90 
累積赤字(1,582)(2,793)
股東權益總額9,406 8,644 
股東權益總計9,744 8,960 
負債和所有者權益總額23,669 24,353 

請查看基本報表附註
5
權益證券公允價值變動（損失），淨額

(以百萬美元計，除非另有說明)

截至9個月的12月31日
2024年9月29日2023年10月1日
經營活動現金流量：
2,037 2,119 
調整以將淨利潤調節爲經營性現金流量：
折舊和攤銷666 837 
股權酬金344 304 
債務折扣（溢價）攤銷淨額2 2 
債務發行成本攤銷5 6 
資產出售淨（收益）損失(2)(1)
權益證券（股票）的（收益）損失，淨額12 (1)
與股權法下投資關聯的結果10 5 
遞延所得稅費用（收益）(127)(170)
經營性資產和負債變動:
應收款項及其他流動資產的（增加）減少(182)(118)
存貨的(增加)減少(100)(359)
應付賬款及其他負債增減額(204)(220)
其他非流動資產減少（增加）(88)(49)
匯率變動15 15 
其他項目3 6 
經營活動產生的淨現金流量2,391 2,376 
投資活動現金流量：
購買已確認的無形資產(113)(135)
固定資產及無形資產購置(597)(652)
獲得保險賠償用於設備損壞2 — 
處置固定資產的收益3 1 
短期存款收益9 — 
投資購買(193)(93)
出售投資所得款5 — 
投資活動提供的淨現金 (884)(879)
籌集資金的現金流量：
償還長期債務(1,000)— 
普通股股東分紅派息(780)(745)
通過股票計劃發行普通股籌款收入79 70 
購買庫存股和受限股單位扣繳(918)(619)
其他，淨額(2)(2)
籌資活動中提供（使用）的淨現金流量(2,621)(1,296)
匯率變動對現金頭寸的影響— (4)
現金及現金等價物淨增加額(1,114)197 
期初現金及現金等價物餘額3,862 3,845 
期末現金及現金等價物2,748 4,042 
補充披露有關簡明綜合現金流量表
期間內支付的淨現金
利息151 178 
所得稅，減去退款587 698 
資產銷售收益（損失）淨額：
資產出售所得的現金收益額3 1 
這些資產的賬面價值(1)— 
非現金投資活動：
非現金資本支出125 167 

請查看基本報表附註
6
未經審計的簡明綜合權益變動表

(以百萬美元計，除非另有說明)

未償還金額
所提供的本招股說明書涉及的一些 Class A 普通股和 Class B 普通股的數量
股份（在
（以千爲單位）		普通股
股票		資本金
超過
面值		國庫
shares at
成本		累計
累計
其他
compre-
全面
收益
（虧損）。		累積-
累計
虧損		總費用
股票-
股東的
股東權益		非公司治理股份
控制-
trolling
利益		總費用
股東權益
2023年12月31日的餘額257,190 56 14,501 (3,210)90 (2,793)8,644 316 8,960 
639 639 5 644 
其他綜合收益（損失）(46)(46)(46)
基於股份的報酬計劃118 118 118 
根據股票獎勵計劃發行的股份228 44 (7)37 37 
回購並註銷庫存股(1,323)(303)(303)(303)
普通股分紅（$1.014每股)
(260)(260)(260)
2024年3月31日的餘額256,095 56 14,619 (3,469)44 (2,421)8,829 321 9,150 
658 658 6 664 
其他綜合收益（損失）(14)(14)(14)
基於股份的報酬計劃111 111 111 
股份按股票獎勵發行89 17 (14)3 3 
回購和註銷的庫存股(1,208)(310)(310)(310)
普通股股息 ($1.014每股)
(259)(259)(259)
2024年6月30日的餘額254,976 56 14,730 (3,762)30 (2,036)9,018 327 9,345 
718 718 11 729 
其他綜合收益74 74 74 
基於股份的報酬計劃119 119 119 
根據股票獎勵發行的股份245 46 (7)39 39 
庫存股和受限制股單位扣繳(1,219)(305)(305)(305)
普通股分紅 ($)淨利潤1.014每股)
(257)(257)(257)
截至2024年9月29日的餘額254,002 56 14,849 (4,021)104 (1,582)9,406 338 9,744 



7
未經審計的簡明綜合權益變動表

(以百萬美元計，除非另有說明)

未償還金額
所提供的本招股說明書涉及的一些 Class A 普通股和 Class B 普通股的數量
份額（在
（以千爲單位）		普通股
股票		資本金
超過
面值		國庫
shares at
成本		累計
累計
其他
compre-
全面
收益
（虧損）。		Accumu-
累計
虧損		總費用
stock-
股東的
股東權益		非公司治理股份
con-
trolling
利益		總費用
股東權益
2022年12月31日餘額259,463 56 14,091 (2,799)76 (3,975)7,449 291 7,740 
615 615 8 623 
其他綜合收益（損失）22 22 22 
基於股份的報酬計劃101 101 101 
根據股票獎勵發行的股份309 61 (28)33 33 
回購並註銷的國庫股
(37)(7)(7)(7)
普通股股息 ($1.014每股)
(264)(264)(264)
2023年4月2日餘額259,735 56 14,192 (2,745)98 (3,652)7,949 299 8,248 
698 698 6 704 
其他綜合收益（損失）(11)(11)(11)
基於股份的報酬計劃99 99 99 
根據股票獎勵發行的股份71 13 (12)1 1 
回購和註銷的庫藏股(1,681)(302)(302)(302)
普通股分紅($1.014每股)
(262)(262)(262)
截至2023年7月2日的餘額258,125 56 14,291 (3,034)87 (3,228)8,172 305 8,477 
787 787 5 792 
其他綜合收益(47)(47)(47)
基於股份的報酬計劃107 107 107 
根據股票獎勵發行的股份299 59 (23)36 36 
公司回購的股份和限制性股票單位扣繳
(1,474)(306)(306)(306)
普通股息 ($) 分紅派息1.014每股)
(261)(261)(261)
截至2023年10月1日的餘額256,950 56 14,398 (3,281)40 (2,725)8,488 310 8,798 

請查看基本報表附註

8

恩智浦半導體有限公司。
未經審計的摘要合併財務報表註釋
除非另有說明，所有金額均以百萬美元爲單位

1 陳述及概述基礎

我們按照美國通用會計準則準備了配套附註的中期簡明綜合基本報表，與我們截至2023年12月31日的年度10-K表格中應用的準則在所有重大方面保持一致。

我們對基本報表中報告的數額進行了估計和判斷，並附註了相關陳述。我們實際經歷的結果可能與我們的估計有重大差異。這份中期財務信息尚未經審計，但反映了我們認爲必要的所有正常調整，以提供適當的中期期間結果陳述。此中期信息應與我們於2023年12月31日結束的年度報告中的合併財務報表一起閱讀。

2 （附註2 重要會計政策和最近公佈的會計準則）

重要會計政策
有關我們重要會計政策的討論，請參閱《第二部分-項目8. 基本報表與附加數據-綜合財務報表註釋-重要會計政策》的年度報告（表格10-k），截至2023年12月31日。自2023年12月31日年度報告（表格10-k）以來，我們的重要會計政策沒有發生變化。

最近的會計準則

尚未採用的會計準則
2023年11月，FASB發佈了ASU 2023-07《分部報告（主題280）：改進可報告部門披露》，要求按年度和中期披露某些遞增部門信息，包括其他項目在內的顯著部門費用的額外披露，以及單一可報告部門的上市實體提供ASU要求的所有披露。ASU 2023-07於2023年12月15日後開始的財政年度生效，並於2024年12月15日後開始的財政年度內的中期生效，允許提前採納。我們將在2024財年起採用ASU 2023-07（以及此後的中期階段）進行全面回顧，並持續評估其對我們披露的影響。

2023年12月，FASB發佈了會計準則更新（ASU）2023-09號，關於所得稅（第740號議題）：改進所得稅披露，要求年度披露與有效稅率調解和所得稅支付等其他項目相關的一些額外細分所得稅信息。ASU 2023-09自2024年12月15日後開始的會計年度生效，允許提前採納。我們將從2025年開始使用新要求，並繼續評估採納的基礎和對我們披露的影響。

在該期間內，未發佈或生效會對我們合併財務報表產生或預計產生重大影響的其他新的會計聲明。

3 收購和剝離

2024
截至2023年7月31日，續借貸款協議下未償還的借款額爲否 2024年前九個月內的材料收購或剝離。

2023
截至2023年7月31日，續借貸款協議下未償還的借款額爲否 2023年前九個月的資產收購或剝離。


9

4 補充財務信息

利潤表信息：

營收分解

以下表格顯示了按銷售渠道細分的營業收入:
截至2023年1月31日三個月的截至9個月的12月31日
2024年9月29日2023年10月1日2024年9月29日2023年10月1日
經銷商。1,897 1,947 5,440 5,117 
原始設備製造商和電子製造服務1,321 1,463 3,970 4,653 
其他
32 24 93 84 
總收入3,250 3,434 9,503 9,854 

折舊、攤銷和減值

截至2023年1月31日三個月的截至9個月的12月31日
2024年9月29日2023年10月1日2024年9月29日2023年10月1日
固定資產折舊149 163 440 485 
內部使用軟件攤銷8 5 22 14 
其他已識別無形資產的攤銷61 105 204 338 
總計 - 折舊、攤銷和減值218 273 666 837 

自2024年1月起，我們將某些製造設備的預估使用壽命從5年增加到10年。與在此變更之前使用的預估使用壽命相比，這一變更導致了2024年前三個季度的毛利率出現微不足道的增加。


財務收入和支出

截至2023年1月31日三個月的截至9個月的12月31日
2024年9月29日2023年10月1日2024年9月29日2023年10月1日
利息收入36 49 125 134 
利息支出(96)(109)(298)(329)
其他財務收入/（費用）(22)(15)(54)(36)
總費用(82)(75)(227)(231)

10

每股收益

每股收益（EPS）的計算如下表所示：
截至2023年1月31日三個月的截至9個月的12月31日
2024年9月29日2023年10月1日2024年9月29日2023年10月1日
729 792 2,037 2,119 
淨利潤（損失）歸屬於非控股權益11 5 22 19 
歸屬於股東的淨利潤718 787 2,015 2,100 
去年期間（以千爲單位），扣除庫存股份的加權平均股本254,458 257,488 255,501 258,744 
加上假設轉換所得額外股份：
期權 1)
134 182 155 193 
限制股份單位、績效股份單位和股權單位 2)
3,125 3,425 2,770 2,729 
每股普通股攤薄淨收益分母-調整後加權平均數3,259 3,607 2,925 2,922 
去年期間（以千爲單位），扣除庫存股份的調整後加權平均股本257,717 261,095 258,426 261,666 
歸屬於股東的每股收益（單位：美元）：
基本淨利潤（損失）2.82 3.06 7.89 8.12
稀釋後淨收益（虧損）2.79 3.01 7.80 8.03
1)在截至2024年6月30日和2023年6月30日的三個月裏，有其他綜合損益累計金額重新分類至合併報表中。 否 截至2024年第三季度和2024年累積至今（2023年第三季度和截至2023年年底，「天極(NXP)」普通股的期權規模，其條件屬於「不攤薄」，未被納入攤薄後每股收益計算。 否 因爲行權價格高於普通股的平均公允市場價或假定使用未確認薪酬費用收益和行權價格高於尚未行使的期權下的加權平均持有期權股票數量。
2)在截至2024年6月30日和2023年6月30日的三個月裏，有其他綜合損益累計金額重新分類至合併報表中。 否 Q3 2024年未解除的限制股票單位（RSU）、績效股單位（PSU）和股權，以及權益條款 0.2 截至2024年Q3止流通股數量爲XXX萬股（2024年Q3和截至2023年止流通股份爲XXX萬股） 否 這些股票是抗稀釋的，未包括在攤薄後每股收益的計算中，因爲假設使用未確認的補償費用的收益回購的股票數量超過了未解除限制RSU、PSU和股權的加權平均數量，或者績效目標尚未達成。

資產負債表信息

現金及現金等價物

2024年9月29日和2023年12月31日，我們的現金餘額爲$2,748萬美元和3,862 與受限制的股票單位有關的股票獎勵支出基於公司股票價格的公平價值，其分攤期爲歸屬期間，通常在之間。236萬美元和214 百萬美元被SSMC公司持有，這是我們與TSMC合併的合資公司。根據我們與TSMC的合資協議的條款，部分現金可以通過派發分紅的方式支付給我們，但 38.8% 的分紅將支付給我們的合資夥伴。在2024年和2023年的前九個月，SSMC都宣佈了分紅。 否 SSMC宣佈了分紅。

存貨

庫存總結如下：
2024年9月29日2023年12月31日
原材料101 113 
在製品1,560 1,633 
成品573 388 
2,234 2,134 

以上記錄的金額已扣除$數額的過時損失156 ，截至2024年9月29日（2023年12月31日：$數額189。



11



下面討論了我們的市場股票、非市場股票、市場和非市場股票的收益和損失，以及我們按權益法計量的股票。

2024年9月29日和2023年12月31日，投資股權證券的總賬面價值如下所總結：
2024年9月29日2023年12月31日
可變現股份1 12 
不可交易權益證券76 55 
權益法覈算的投資264 101 
341 168 

股權法下投資企業的賬面價值合計如下所示：
2024年9月29日2023年12月31日
參股金融 %數量參股金融 %數量
VisionPower半導體制造業有限公司（VSMC）40.00 %141 — — 
歐洲半導體制造業公司（ESMC）有限責任公司10.00 %31 — — 
SMARt Growth 基金, 有限合夥8.41 %39 8.41 %42 
SigmaSense, 有限責任公司10.64 %30 10.64 %33 
其他— 23 — 26 
264 101 

每個時期結束時，與權益法核算的聯營企業相關的結果如下：
截至截至九個月結束時
2024年9月29日2023年10月1日2024年9月29日2023年10月1日
公司在收入（虧損）中的份額(6)(2)(11)(5)
其他結果— — 1 — 
(6)(2)(10)(5)

其他流動負債

2024年9月29日和2023年12月31日的其他流動負債包括以下項目：
2024年9月29日2023年12月31日
應計的薪資和福利費用416 500 
客戶計劃182 280 
應付所得稅139 170 
股息應付款258 261 
其他547 644 
1,542 1,855 



12

其他綜合損益（損失）累積額

總綜合收益（損失）代表凈利潤（損失）加上某些未反映在簡明合併營運報表中的股權變動結果。 稅後的其他綜合收益（損失）累積元件及其對應變動顯示如下：
货币
翻譯
差異		公允價值變動
公允價值
現金流量
對現金流進行對沖的增益(損失)		網絡精算
收益/(損失)		累積
其他
綜合
收入（損失）
截至2023年12月31日177 1 (88)90 
其他綜合收益 (損失)之前
   重新分类		5 — 1 6 
重分類自累積其他
資本公積 (虧損)		— 11 — 11 
稅收影響— (3)— (3)
其他綜合收入（損失)5 8 1 14 
截至2024年9月29日182 9 (87)104 

現金分紅

在2024年和2023年前九個月，根據NXP的季度股息計劃宣佈了以下分紅派息：

Fiscal Year 2024Fiscal Year 2023
Dividend per shareAmountDividend per shareAmount
First quarter1.014 260 1.014 263 
Second quarter1.014 259 1.014 263 
Third quarter1.014 258 1.014 261 

The dividend declared in the third quarter (not yet paid) is classified in the condensed consolidated balance sheet in other current liabilities as of September 29, 2024 and was subsequently paid on October 9, 2024.


5 Restructuring

At each reporting date, we evaluate our restructuring liabilities, which consist primarily of termination benefits, to ensure that our accruals are still appropriate.

The following table presents the changes in restructuring liabilities in 2024:
As of January 1, 2024AdditionsUtilizedReleasedOther
changes		As of September 29, 2024
Restructuring liabilities101 22 (57)(9)(1)56 

The total restructuring liability as of September 29, 2024 of $56 million is classified in the consolidated balance sheet under current liabilities ($52 million) and non-current liabilities ($4 million).

The restructuring charges for the nine-month period ending September 29, 2024 primarily consist of $21 million for personnel related costs for specific targeted actions, offset by a $9 million release for earlier programs. The restructuring charges for the nine-month period ending October 1, 2023 consist of $21 million for personnel related costs for a restructuring program in 2023, offset by a $7 million release for an earlier program.


These restructuring charges recorded in operating income, for the periods indicated, are included in the following line items in the statement of operations:
13

For the three months endedFor the nine months ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Cost of revenue— — 7 (2)
Research and development— (4)7 10 
Selling, general and administrative— — (1)6 
Net restructuring charges— (4)13 14 

6 Income Tax

Each year NXP makes an estimate of its annual effective tax rate. This estimated annual effective tax rate ("EAETR") is then applied to the year-to-date Income (loss) before income taxes excluding discrete items, to determine the year-to-date benefit (provision) for income taxes. The income tax effects of any discrete items are recognized in the interim period in which they occur. As the year progresses, the Company continually refines the EAETR based upon actual events and the apportionment of our earnings (loss). This continual estimation process periodically may result in a change to our EAETR for the year. When this occurs, we adjust on an accumulated basis the benefit (provision) for income taxes during the quarter in which the change occurs.

Our provision for income taxes for 2024 is based on our EAETR of 17.7%, which is lower than the Netherlands statutory tax rate of 25.8%, primarily due to tax benefits from the Netherlands and foreign tax incentives.

For the three months endedFor the nine months ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Tax benefit (provision) calculated at EAETR(160)(134)(446)(407)
Discrete tax benefit (provision) items(13)11 (22)8 
Benefit (provision) for income taxes(173)(123)(468)(399)
Effective tax rate19.0 %13.4 %18.6 %15.8 %


The effective tax rate of 19.0% for the third quarter of 2024 was higher than the EAETR due to the income tax expense for discrete items of $13 million. The discrete items are primarily related to changes in estimates for previous years, and the impact of foreign currency on income tax related items. In addition to this, there was a recapture of tax benefit of $1 million due to a higher EAETR compared to prior quarter.

For the first nine months ended 2024 the effective tax rate of 18.6% was higher than 17.7% due to a net result of unfavorable discrete items of $22 million.

The effective tax rate of 18.6% for the first nine months of 2024 was higher compared to the rate for the first nine months ended 2023 of 15.8% due to a different mix of the benefit (provision) for income taxes in our operating locations, lower foreign tax incentives in the current period as a result of a decrease in qualifying income, newly enacted alternative minimum tax law as per 2024, and also due to the impact of the discrete items in the respective periods.


7 Identified Intangible Assets

Identified intangible assets as of September 29, 2024 and December 31, 2023, respectively, were composed of the following:
September 29, 2024December 31, 2023
Gross
 carrying
amount		Accumulated
amortization		Gross carrying
amount		Accumulated
amortization
In-process R&D (IPR&D) 1)
33 — 70 — 
Customer-related791 (388)788 (352)
Technology-based929 (630)1,406 (990)
Identified intangible assets1,753 (1,018)2,264 (1,342)
1) IPR&D is not subject to amortization until completion or abandonment of the associated research and development effort.

14

The estimated amortization expense for these identified intangible assets for each of the five succeeding years is:
2024 (remaining) 70 
2025180 
202699 
202771 
202863 
Thereafter252 

All intangible assets, excluding IPR&D and goodwill, are subject to amortization and have no assumed residual value.

The expected weighted average remaining life of identified intangibles is 5 years as of September 29, 2024 (December 31, 2023: 4 years).

8 Debt

The following table summarizes the outstanding debt as of September 29, 2024 and December 31, 2023:
September 29, 2024December 31, 2023
MaturitiesAmountInterest
rate		AmountInterest
rate
Fixed-rate 4.875% senior unsecured notes
Mar, 2024— 4.875 1,000 4.875 
Fixed-rate 2.7% senior unsecured notes
May, 2025500 2.700 500 2.700 
Fixed-rate 5.35% senior unsecured notes
Mar, 2026500 5.350 500 5.350 
Fixed-rate 3.875% senior unsecured notes
Jun, 2026750 3.875 750 3.875 
Fixed-rate 3.15% senior unsecured notes
May, 2027500 3.150 500 3.150 
Fixed-rate 4.40% senior unsecured notes
Jun, 2027500 4.400 500 4.400 
Fixed-rate 5.55% senior unsecured notes
Dec, 2028500 5.550 500 5.550 
Fixed-rate 4.3% senior unsecured notes
Jun, 20291,000 4.300 1,000 4.300 
Fixed-rate 3.4% senior unsecured notes
May, 20301,000 3.400 1,000 3.400 
Fixed-rate 2.5% senior unsecured notes
May, 20311,000 2.500 1,000 2.500 
Fixed-rate 2.65% senior unsecured notes
Feb, 20321,000 2.650 1,000 2.650 
Fixed-rate 5.0% senior unsecured notes
Jan, 20331,000 5.000 1,000 5.000 
Fixed-rate 3.25% senior unsecured notes
May, 20411,000 3.250 1,000 3.250 
Fixed-rate 3.125% senior unsecured notes
Feb, 2042500 3.125 500 3.125 
Fixed-rate 3.25% senior unsecured notes
Nov, 2051500 3.250 500 3.250 
Floating-rate revolving credit facility (RCF)Aug, 2027— — — — 
Total principal10,250 11,250 
Unamortized discounts, premiums and debt
   issuance costs		(68)(75)
Total debt, including unamortized discounts,
   premiums, debt issuance costs and fair value
  adjustments		10,182 11,175 
Current portion of long-term debt(499)(1,000)
Long-term debt9,683 10,175 


9 Related-Party Transactions

The Company's related parties are the members of the board of directors of NXP Semiconductors N.V., the executive officers of NXP Semiconductors N.V. and equity-accounted investees.

15

The following table presents the amounts related to revenue and other income and purchase of goods and services incurred in transactions with these related parties:
For the three months endedFor the nine months ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Revenue and other income1 2 3 3 
Purchase of goods and services1 1 3 2 


The following table presents the amounts related to receivable and payable balances with these related parties:
September 29, 2024December 31, 2023
Receivables1 1 
Payables3 7 

Refer to Note 4 – Supplemental Financial Information for information on the total carrying value of investments in equity-accounted investees, and to Note 11 – Commitments and Contingencies for NXP’s related party commitments.

10 Fair Value Measurements

The following table summarizes the estimated fair value of our financial instruments which are measured at fair value on a recurring basis:
Estimated fair value
Fair value
hierarchy		September 29, 2024December 31, 2023
Assets:
Short-term deposits1400 409 
Money market funds11,912 3,137 
Marketable equity securities12 12 
Derivative instruments-assets214 12 
Liabilities:
Derivative instruments-liabilities2(5)(3)

The following methods and assumptions were used to estimate the fair value of financial instruments:

Assets and liabilities measured at fair value on a recurring basis
Investments in short-term deposits, representing liquid assets with original maturity beyond three months and having no significant risk of changes in fair value, are represented at carrying value as reasonable estimates of fair value due to the relatively short period of time between the origination of the instruments and their expected realization. Money market funds (as part of our cash and cash equivalents) and marketable equity securities (as part of other non-current assets) have fair value measurements which are all based on quoted prices in active markets for identical assets or liabilities. For derivatives (as part of other current assets or accrued liabilities) the fair value is based upon significant other observable inputs depending on the nature of the derivative.

Assets and liabilities recorded at fair value on a non-recurring basis
We measure and record our non-marketable equity securities, equity method investments and non-financial assets, such as intangible assets and property, plant and equipment, at fair value when an impairment charge is required.

Assets and liabilities not recorded at fair value on a recurring basis
Financial instruments not recorded at fair value on a recurring basis include non-marketable equity securities and equity method investments that have not been remeasured or impaired in the current period and debt.

As of September 29, 2024, the estimated fair value of current and non-current debt was $9.5 billion ($10.3 billion as of December 31, 2023). The fair value is estimated on the basis of broker-dealer quotes, which are Level 2 inputs. Accrued interest is included under accrued liabilities and not within the carrying amount or estimated fair value of debt.



16

11 Commitments and Contingencies

Purchase Commitments
The Company maintains purchase commitments with certain suppliers, primarily for raw materials, semi-finished goods and manufacturing services and for some non-production items. Purchase commitments for inventory materials are generally restricted to a forecasted time-horizon as mutually agreed upon between the parties. This forecasted time-horizon can vary for different suppliers. As of September 29, 2024, other than foundry joint venture commitments, the Company had purchase commitments of $3,468 million, which are due through 2044.

Foundry Joint Venture Commitments
Driven by our investment in VisionPower Semiconductor Manufacturing Company Pte. Ltd. (VSMC), NXP has initially invested $140 million of equity in the third quarter of 2024 and has committed to invest an additional $1,460 million in equity through 2026. NXP has committed to contribute an additional $1,200 million to support the long-term capacity infrastructure that is expected to be paid through 2026. In addition, NXP has an agreed purchase commitment with VSMC that over the lifetime of the factory the minimal loading will be between 80% - 90%, resulting in a total purchase commitment of approximately $14,242 million that is expected to be purchased over 37 years once wafer production starts.

Related to our investment in European Semiconductor Manufacturing Company (ESMC) GmbH, NXP has committed to invest an additional $526 million in equity through 2028.

Legal Proceedings
We are regularly involved as plaintiffs or defendants in claims and litigation relating to a variety of matters such as contractual disputes, personal injury claims, employee grievances and intellectual property litigation. In addition, our acquisitions, divestments and financial transactions sometimes result in, or are followed by, claims or litigation. Some of these claims may possibly be recovered from insurance reimbursements. Although the ultimate disposition of asserted claims cannot be predicted with certainty, it is our belief that the outcome of any such claims, either individually or on a combined basis, will not have a material adverse effect on our consolidated financial position. However, such outcomes may be material to our condensed consolidated statement of operations for a particular period. The Company records an accrual for any claim that arises whenever it considers that it is probable that it is exposed to a loss contingency and the amount of the loss contingency can be reasonably estimated. The Company does not record a gain contingency until the period in which all contingencies are resolved and the gain is realized or realizable. Legal fees are expensed when incurred.

Motorola Personal Injury Lawsuits
The Company is currently assisting Motorola in the defense of personal injury lawsuits due to indemnity obligations included in the agreement that separated Freescale from Motorola in 2004. The multi-plaintiff Motorola lawsuits are pending in the Circuit Court of Cook County, Illinois. These claims allege a link between working in semiconductor manufacturing clean room facilities and birth defects in 21 individuals. The Motorola suits allege exposures between 1980 and 2005. Each claim seeks an unspecified amount of damages for the alleged injuries; however, legal counsel representing the plaintiffs has indicated they will seek substantial compensatory and punitive damages from Motorola for the entire inventory of claims which, if proven and recovered, the Company considers to be material. A portion of any indemnity due to Motorola will be reimbursed to NXP if Motorola receives an indemnification payment from its insurance coverage. Motorola has potential insurance coverage for many of the years indicated above, but with differing types and levels of coverage, self-insurance retention amounts and deductibles. We are in discussions with Motorola and their insurers regarding the availability of applicable insurance coverage for each of the individual cases. Motorola and NXP have denied liability for these alleged injuries based on numerous defenses.

Legal Proceedings Related Accruals and Insurance Coverage
The Company reevaluates at least on a quarterly basis the claims that have arisen to determine whether any new accruals need to be made or whether any accruals made need to be adjusted based on the most current information available to it and based on its best estimate. Based on the procedures described above, the Company has an aggregate amount of $236 million accrued for potential and current legal proceedings pending as of September 29, 2024, compared to $112 million accrued at December 31, 2023 (without reduction for any related insurance reimbursements). The accruals are included in “Other current liabilities” and in “Other non-current liabilities”. As of September 29, 2024, the Company’s related balance of insurance reimbursements was $209 million (December 31, 2023: $67 million) and is included in “Other non-current assets”.

The Company also estimates the aggregate range of reasonably possible losses in excess of the amount accrued based on currently available information for those cases for which such estimate can be made. The estimated aggregate range requires significant judgment, given the varying stages of the proceedings, the existence of multiple defendants (including the Company) in such claims whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the claims, and the attendant uncertainty of the various potential outcomes of such claims. Accordingly, the Company’s estimate will change from time to time, and actual losses may be more than the current estimate. As at September 29, 2024, the Company believes that for all litigation pending its potential aggregate exposure to loss in excess of the amount accrued (without reduction for any
17

amounts that may possibly be recovered under insurance programs) could range between $0 and $235 million. Based upon our past experience with these matters, the Company would expect to receive additional insurance reimbursement of up to $212 million on certain of these claims that would partially offset the potential aggregate exposure to loss in excess of the amount accrued.


Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis (MD&A) should be read in conjunction with our consolidated financial statements and notes and the MD&A in our Annual Report on Form 10-K for the year ended December 31, 2023, and the financial statements and the related notes that appear elsewhere in this document.

Overview

Quarter in Focus
•Revenue was $3.3 billion, down 5.4% year-on-year;
•GAAP gross margin was 57.4%, and GAAP operating margin was 30.5%;
•Non-GAAP gross margin was 58.2%, and non-GAAP operating margin was 35.5%;
•Cash flow from operations was $779 million, with net capital expenditures on property, plant and equipment of $186 million, resulting in non-GAAP free cash flow of $593 million;
•During the third quarter of 2024, NXP returned capital to shareholders with the payment of $259 million in cash dividends and the repurchase of $305 million of its common shares, for a total capital return of $564 million.

On September 4, 2024, NXP acquired shares in the newly founded VisionPower Semiconductor Manufacturing Company Pte. Ltd. (VSMC), which will build and operate a new 300mm semiconductor wafer manufacturing facility in Singapore. VSMC is 60% owned by Vanguard International Semiconductor Corporation and 40% owned by NXP. NXP will invest $1,600 million for our equity position, of which $140 million has been invested in the third quarter of 2024 and $740 million is expected to be paid in the next 12 months. NXP has committed to contribute an additional $1,200 million to support the long-term capacity infrastructure that is expected to be paid through 2026, of which $660 million is expected to be paid in the next 12 months.

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18

Sequential Results
Q3 2024 compared to Q2 2024
Revenue for the three months ended September 29, 2024 was $3,250 million compared to $3,127 million for the three months ended June 30, 2024, an increase of $123 million or 3.9% quarter-on-quarter, in line with management's expectations. Within our end markets, the Automotive end market increased $101 million or 5.8%, the Mobile end market increased $62 million or 18.0%, and the Communication Infrastructure & Other end market increased $13 million or 3.0%, which were offset by a decrease in the Industrial IoT end market of $53 million or 8.6%.

When aggregating all end markets together and reviewing sales channel performance, revenues through NXP's third party distribution partners was $1,897 million, an increase of $93 million or 5.2% compared to the previous period. Revenues through NXP's third party direct OEM and EMS customers was $1,321 million, an increase of $27 million or 2.1% versus the previous period.

From a geographic perspective, revenue increased quarter-on-quarter in the China region by 9.6%, in the EMEA region by 6.4%, and in the Americas region by 6.2%, while revenue decreased in the Asia Pacific region by 5.9%.

Our gross profit percentage for the three months ended September 29, 2024 of 57.4% was relatively consistent compared with 57.3% for the three months ended June 30, 2024.

Operating income for the three months ended September 29, 2024 was $990 million compared to $896 million for the three months ended June 30, 2024, an increase of $94 million or 10.5%. Increased revenue and a cost control focus were the main drivers for the sequential increase.

Results of operations

The following table presents operating results for each of the three- and nine-month periods ended September 29, 2024 and October 1, 2023, respectively:

($ in millions, unless otherwise stated)Q3 2024% of RevenueQ3 2023% of RevenueYTD 2024% of RevenueYTD 2023% of Revenue
Revenue3,250 3,434 9,503 9,854 
% nominal growth(5.4)(0.3)(3.6)(0.4)
Gross profit1,866 1,965 5,441 5,616 
Gross margin57.4 %57.2 %57.3 %57.0 %
Research and development(577)17.8 %(601)17.5 %(1,735)18.3 %(1,767)17.9 %
Selling, general and administrative(265)8.2 %(294)8.6 %(841)8.8 %(848)8.6 %
Amortization of acquisition-related intangible assets(29)0.9 %(71)2.1 %(108)1.1 %(237)2.4 %
Other income (expense)(5)0.2 %(7)0.2 %(15)0.2 %(10)0.1 %
Operating income (loss)990 30.5 %992 28.9 %2,742 28.9 %2,754 27.9 %
Financial income (expense)(82)2.5 %(75)2.2 %(227)2.4 %(231)2.3 %
Benefit (provision) for income taxes(173)5.3 %(123)3.6 %(468)4.9 %(399)4.0 %
Results relating to equity-accounted investees(6)0.2 %(2)0.1 %(10)0.1 %(5)0.1 %
Net income (loss)729 22.4 %792 23.1 %2,037 21.4 %2,119 21.5 %
Less: Net income (loss) attributable to non-controlling interests11 0.3 %5 0.1 %22 0.2 %19 0.2 %
Net income (loss) attributable to stockholders718 22.1 %787 22.9 %2,015 21.2 %2,100 21.3 %
Diluted earnings per share2.79 3.01 7.80 8.03 


19

Revenue

Q3 2024 Overview

319231933194

Q3 2024 compared to Q3 2023
Revenue for the three months ended September 29, 2024 was $3,250 million compared to $3,434 million for the three months ended October 1, 2023, a decrease of $184 million or 5.4%, in line with management’s expectations.


YTD 2024 Overview

340634073408
YTD 2024 compared to YTD 2023
Revenue for the nine months ended September 29, 2024 was $9,503 million compared to $9,854 million for the nine months ended October 1, 2023, a decrease of $351 million or 3.6%.


20

Revenue by end market was as follows:
($ in millions, unless otherwise stated)Q3 2024Q3 2023% changeYTD 2024YTD 2023% change
Automotive1,829 1,891 (3.3)%5,361 5,585 (4.0)%
Industrial & IoT563 607 (7.2)%1,753 1,689 3.8 %
Mobile407 377 8.0 %1,101 921 19.5 %
Communication Infrastructure & Other451 559 (19.3)%1,288 1,659 (22.4)%
Total Revenue3,250 3,434 (5.4)%9,503 9,854 (3.6)%

Revenue by sales channel was as follows:
($ in millions, unless otherwise stated)Q3 2024Q3 2023% changeYTD 2024YTD 2023% change
Distributors1,897 1,947 (2.6)%5,440 5,117 6.3 %
OEM/EMS1,321 1,463 (9.7)%3,970 4,653 (14.7)%
Other32 24 33.3 %93 84 10.7 %
Total Revenue3,250 3,434 (5.4)%9,503 9,854 (3.6)%

Revenue by geographic region, which is based on the customer’s shipped-to location was as follows:
($ in millions, unless otherwise stated)Q3 2024Q3 2023% changeYTD 2024YTD 2023% change
China 1)
1,203 1,150 4.6 %3,315 3,128 6.0 %
APAC, excluding China845 906 (6.7)%2,653 2,839 (6.6)%
EMEA (Europe, the Middle East and Africa)719 866 (17.0)%2,138 2,388 (10.5)%
Americas483 512 (5.7)%1,397 1,499 (6.8)%
Total Revenue3,250 3,434 (5.4)%9,503 9,854 (3.6)%
1) China includes Mainland China and Hong Kong

Q3 2024 compared to Q3 2023
From an end market perspective, NXP experienced growth in its Mobile end market, which was offset by declines in the Communication Infrastructure & Other, Automotive, and Industrial IoT end markets versus the year ago period.

Revenue in the Automotive end market was $1,829 million, a decrease of $62 million or 3.3% versus the year ago period. The decrease in the Automotive end market revenue was attributable to declines in our automotive processors and connectivity products, which were offset by growth in our ADAS – Safety products and advanced analog portfolio.

Revenue in the Industrial & IoT end market was $563 million, a decrease of $44 million or 7.2% versus the year-ago period. The decrease in the Industrial & IoT end market revenue was attributable to declines in our processors and security products.

Revenue in the Mobile end market was $407 million, an increase of $30 million or 8.0% versus the year ago period. The increase in the Mobile end market revenue was attributable to growth in our mobile wallet products, which were offset by declines in our connectivity and advanced analog products.

Revenue in the Communication Infrastructure & Other end market was $451 million, a decrease of $108 million or 19.3% versus the year ago period. The decrease in the Communication Infrastructure & Other end market revenue was attributable to declines in our secure cards, legacy processors, and RF power products.

When aggregating all end markets together, and reviewing sales channel performance, revenues through NXP’s third party distribution partners was $1,897 million, a decrease of 2.6% versus the year-ago period. Revenues through direct OEM and EMS customers was $1,321 million, a decrease of 9.7% versus the year ago period.

From a geographic perspective, revenue increased year-on-year in the China region by 4.6%, while revenue decreased in the EMEA region by 17.0%, in the Asia Pacific region by 6.7%, and in the Americas region by 5.7%.

YTD 2024 compared to YTD 2023
From an end market perspective, NXP experienced growth in its Mobile and Industrial & IoT end markets, which were offset by declines in the Communication Infrastructure & Other and the Automotive end markets versus the year ago period.

21

Revenue in the Automotive end market was $5,361 million, a decrease of $224 million or 4.0% versus the year ago period. The decrease in the Automotive end market revenue was attributable to declines in our automotive processors and connectivity products, which were offset by growth in our advanced analog portfolio and ADAS – Safety products.

Revenue in the Industrial & IoT end market was $1,753 million, an increase of $64 million or 3.8% versus the year ago period. Within the Industrial & IoT end market the year-on-year increase was across the entire product portfolio, including processors, advanced analog, security, and connectivity.

Revenue in the Mobile end market was $1,101 million, an increase of $180 million or 19.5% versus the year ago period. The increase in the Mobile end market revenue was attributable to increases in our mobile wallet and advanced analog products, which was offset by our connectivity products.

Revenue in the Communication Infrastructure & Other end market was $1,288 million, a decrease of $371 million or 22.4% versus the year ago period. The decrease in revenue of secure cards and RF power products was due to weak end market demand. Legacy processors experienced anticipated end-of-life trends.

When aggregating all end markets together, and reviewing sales channel performance, revenues through NXP’s third party distribution partners was $5,440 million, an increase of 6.3% versus the year-ago period. Revenues through direct OEM and EMS customers was $3,970 million, a decrease of 14.7% versus the year-ago period.

From a geographic perspective, revenue increased year-on-year in the China region by 6.0%, while revenue decreased in the EMEA region by 10.5%, in the Americas region by 6.8%, and in the Asia Pacific region by 6.6%.

Gross profit
Q3 2024 compared to Q3 2023
Gross profit for the three months ended September 29, 2024 was $1,866 million, or 57.4% of revenue, compared to $1,965 million, or 57.2% of revenue for the three months ended October 1, 2023, relatively consistent with revenue and costs, both of which had comparable decreases year on year.

YTD 2024 compared to YTD 2023
Gross profit for the nine months ended September 29, 2024 was $5,441 million, or 57.3% of revenue, compared to $5,616 million, or 57.0% of revenue for the nine months ended October 1, 2023, relatively consistent with revenue and costs, both of which had comparable decreases in the year-to-date period.

Operating expenses
Q3 2024 compared to Q3 2023
Operating expenses for the three months ended September 29, 2024 totaled $871 million, or 26.8% of revenue, compared to $966 million, or 28.1% of revenue for the three months ended October 1, 2023.

YTD 2024 compared to YTD 2023
Operating expenses for the nine months ended September 29, 2024 totaled $2,684 million, or 28.2% of revenue, compared to $2,852 million, or 28.9% of revenue for the nine months ended October 1, 2023.

•Research and development
($ in millions, unless otherwise stated)Q3 2024Q3 2023% changeYTD 2024YTD 2023% change
Research and development577 601 (4.0)%1,735 1,767 (1.8)%
As a percentage of revenue17.8 %17.5 %0.3  ppt18.3 %17.9 %0.4  ppt

Q3 2024 compared to Q3 2023
R&D costs for the three months ended September 29, 2024 decreased by $24 million, or 4.0%, when compared to the three months ended October 1, 2023 primarily driven by lower personnel-related costs of $13 million and higher government grants and subsidies of $12 million.


22

YTD 2024 compared to YTD 2023
R&D costs for the nine months ended September 29, 2024 decreased by $32 million, or 1.8%, when compared to the nine months ended October 1, 2023 mainly driven by higher government grants and subsidies of $52 million, partly offset by licensing fees of $15 million.

•Selling, general and administrative
($ in millions, unless otherwise stated)Q3 2024Q3 2023% changeYTD 2024YTD 2023% change
Selling, general and administrative265 294 (9.9)%841 848 (0.8)%
As a percentage of revenue8.2 %8.6 %(0.4)ppt8.8 %8.6 %0.2 ppt

Q3 2024 compared to Q3 2023
SG&A costs for the three months ended September 29, 2024 decreased by $29 million, or 9.9%, when compared to the three months ended October 1, 2023 primarily due to lower legal expenses of $28 million.

YTD 2024 compared to YTD 2023
SG&A costs for the nine months ended September 29, 2024 decreased by $7 million, or 0.8%, when compared to the nine months ended October 1, 2023 primarily due to lower legal expenses of $19 million.

•Amortization of acquisition-related intangible assets
($ in millions, unless otherwise stated)Q3 2024Q3 2023% changeYTD 2024YTD 2023% change
Amortization of acquisition-related intangible assets29 71 (59.2)%108 237 (54.4)%
As a percentage of revenue0.9 %2.1 %(1.2) ppt1.1 %2.4 %(1.3) ppt

Q3 2024 compared to Q3 2023
Amortization of acquisition-related intangible assets for the three months ended September 29, 2024 decreased by $42 million, or 59.2%, when compared to the three months ended October 1, 2023 primarily due to the effect of certain acquisition-related intangibles becoming fully amortized (with regard to the previous Marvell and Freescale acquisitions).

YTD 2024 compared to YTD 2023
Amortization of acquisition-related intangible assets for the nine months ended September 29, 2024 decreased by $129 million, or 54.4%, when compared to the nine months ended October 1, 2023 primarily due to the effect of certain acquisition-related intangibles becoming fully amortized (with regard to the previous Marvell and Freescale acquisitions).

Financial income (expense)
The following table presents the details of financial income and expenses:
($ in millions, unless otherwise stated)Q3 2024Q3 2023YTD 2024YTD 2023
Interest income36 49 125 134 
Interest expense(96)(109)(298)(329)
Total other financial income/ (expense)(22)(15)(54)(36)
Total(82)(75)(227)(231)

Q3 2024 compared to Q3 2023
Financial income (expense) was an expense of $82 million for the three months ended September 29, 2024, compared to an expense of $75 million for the three months ended October 1, 2023. Interest income decreased $13 million as a result of lower cash levels, and interest expense decreased by $13 million primarily due to the retirement of the 4.875% senior unsecured notes on March 1, 2024. Within Other financial income/ (expense), unrecognized tax benefit related interest increased $3 million. Additionally, fair value adjustments in equity securities resulted in a loss of $5 million for the three months ended September 29, 2024, versus a loss of $4 million for the three months ended October 1, 2023.

YTD 2024 compared to YTD 2023
Financial income (expense) was an expense of $227 million for the nine months ended September 29, 2024, compared to an expense of $231 million for the nine months ended September 29, 2024. Interest income decreased $9 million as a result of
23

lower cash levels, and interest expense decreased by $31 million primarily due to the retirement of the 4.875% senior unsecured notes on March 1, 2024. Within Other financial income/ (expense), unrecognized tax benefit related interest increased $10 million. Additionally, there were fair value adjustments in equity securities, a loss of $10 million for the nine months ended September 29, 2024, versus a profit of $1 million for the nine months ended October 1, 2023.

Benefit (provision) for income taxes
Our provision for income taxes for 2024 is based on our EAETR of 17.7% , which is lower than the Netherlands statutory tax rate of 25.8%, primarily due to tax benefits from the Netherlands and foreign tax incentives.
Q3 2024Q3 2023YTD 2024YTD 2023
Tax benefit (provision) calculated at EAETR(160)(134)(446)(407)
Discrete tax benefit (provision) items(13)11 (22)8 
Benefit (provision) for income taxes(173)(123)(468)(399)
Effective tax rate19.0 %13.4 %18.6 %15.8 %

Q3 2024 compared to Q3 2023
The effective tax rate of 19.0% for the third quarter of 2024 was higher than the EAETR due to the income tax expense for discrete items of $13 million. The discrete items are primarily related to changes in estimates for previous years, and the impact of foreign currency on income tax related items. In addition to this, there was a recapture of tax benefit of $1 million due to a higher EAETR compared to prior quarter.

YTD 2024 compared to YTD 2023
For the first nine months ended 2024 the effective tax rate of 18.6% was higher than 17.7% due to an net result of unfavorable discrete items of $22 million.

The effective tax rate of 18.6% for the first nine months of 2024 was higher compared to the rate for the first nine months ended 2023 of 15.8% due to a different mix of the benefit (provision) for income taxes in our operating locations, lower foreign tax incentives in the current period as a result of a decrease in qualifying income, newly enacted alternative minimum tax law as per 2024, and also due to the impact of the discrete items in the respective periods.

Results Relating to Equity-accounted Investees
Q3 2024 compared to Q3 2023
Results relating to equity-accounted investees amounted to a loss of $6 million for the three months ended September 29, 2024, whereas the three months ended October 1, 2023 results relating to equity-accounted investees amounted to a loss of $2 million.

YTD 2024 compared to YTD 2023
Results relating to equity-accounted investees amounted to a loss of $10 million for the nine months ended September 29, 2024, whereas the nine months ended October 1, 2023 results relating to equity-accounted investees amounted to a loss of $5 million.
Non-controlling Interests
Q3 2024 compared to Q3 2023
Non-controlling interests are related to the third-party share in the results of consolidated companies, predominantly SSMC. Their share of non-controlling interests amounted to a profit of $11 million for the three months ended September 29, 2024, compared to a profit of $5 million for the three months ended October 1, 2023.

YTD 2024 compared to YTD 2023
Non-controlling interests are related to the third-party share in the results of consolidated companies, predominantly SSMC. Their share of non-controlling interests amounted to a profit of $22 million for the nine months ended September 29, 2024, compared to a profit of $19 million for the nine months ended October 1, 2023.
24

Liquidity and Capital Resources

We derive our liquidity and capital resources primarily from our cash flows from operations. We continue to generate strong positive operating cash flows. At the end of the third quarter of 2024, our cash balance was $2,748 million, a decrease of $1,114 million compared to December 31, 2023 having fully retired our $1 billion aggregate principal amount of outstanding 4.875% senior unsecured notes due March 2024. Taking into account the available amount of the Unsecured Revolving Credit Facility of $2,500 million, we had access to $5,248 million of liquidity as of September 29, 2024. We currently use cash to fund operations, meet working capital requirements, for capital expenditures and for potential common stock repurchases, dividends and strategic investments. Based on past performance and current expectations, we believe that our current available sources of funds (including cash and cash equivalents, short-term deposits, RCF Agreement of $2.5 billion, plus anticipated cash generated from operations) will be adequate to finance our operations, working capital requirements, capital expenditures and potential dividends for at least the next twelve months.

($ in millions, unless otherwise stated)YTD 2024YTD 2023
Cash from operations2,391 2,376 
Capital expenditures(597)(652)
Cash to shareholders(1,698)(1,364)

Cash and short-term deposits
At September 29, 2024, our cash and short-term deposits balance was $3,148 million of which $236 million was held by SSMC, our consolidated joint venture company with TSMC. Under the terms of our joint venture agreement with TSMC, a portion of this cash can be distributed by way of a dividend to us, but 38.8% of the dividend will be paid to our joint venture partner.

Capital expenditures
Our cash outflows for capital expenditures were $597 million in the first nine months of 2024, compared to $652 million in the first nine months of 2023.

Capital return
Under our Quarterly Dividend Program, interim dividends of $1.014 per ordinary share were paid on January 5, 2024 ($261 million), dividends of $1.014 per ordinary share were paid on April 10, 2024 ($260 million), dividends of $1.014 per ordinary share were paid on July 10, 2024 ($259 million) and dividends of $1.014 per ordinary share were paid on October 9, 2024 ($258 million).

In the first nine months of 2024 we repurchased approximately $918 million of shares.

Debt
Our total debt, inclusive of aggregate principal, unamortized discounts, premiums, debt issuance costs and fair value adjustments, amounted to $10,182 million as of September 29, 2024, a decrease of $993 million compared to December 31, 2023 ($11,175 million). On March 1, 2024, we fully retired at maturity our $1 billion aggregate principal amount of outstanding 4.875% senior unsecured notes using available cash on balance sheet.

As of September 29, 2024, we had outstanding fixed-rate notes with varying maturities for an aggregate principal amount of $10,250 million (collectively the “Notes”), of which $500 million is payable within 12 months. Future interest payments associated with the Notes total $2,862 million, with $378 million payable within 12 months.

Our net debt position (see section Use of Certain Non-GAAP Financial Measures) at September 29, 2024 amounted to $7,034 million, compared to $6,904 million as of December 31, 2023.

Additional Capital Requirements
Expected working and other capital requirements are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. At September 29, 2024, other than for changes disclosed in the “Notes to Condensed Consolidated Financial Statements” and “Liquidity and Capital Resources” in this Quarterly Report, there have been no other material changes to our expected working and other capital requirements described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.



25

Cash flows

Our cash and cash equivalents during the first nine months of 2024 decreased by $1,114 million (excluding the effect of changes in exchange rates on our cash position of nil million) as follows:

($ in millions, unless otherwise stated)YTD 2024YTD 2023
Net cash provided by (used for) operating activities2,391 2,376 
Net cash (used for) provided by investing activities(884)(879)
Net cash provided by (used for) financing activities(2,621)(1,296)
Increase (decrease) in cash and cash equivalents(1,114)201 

Cash Flow from Operating Activities
For the first nine months of 2024 our operating activities provided $2,391 million in cash. This was primarily the result of net income of $2,037 million, adjustments to reconcile the net income of $910 million and changes in operating assets and liabilities of $(574) million. Adjustments to net income (loss) include offsetting non-cash items, such as depreciation and amortization of $666 million, share-based compensation of $344 million and changes in deferred taxes of $(127) million. Changes in operating assets and liabilities were primarily driven by a $204 million decrease in accounts payable and other liabilities as a result of lower purchase volumes and timing related to payments, $182 million increase in receivables and other current assets due to the linearity of revenue between the two periods, customer mix, and the related timing of cash collection, $100 million increase in inventories in order to align inventory on hand with expected demand, and $88 million increase in other non-current assets due to movements in our prepayments and balance of insurance reimbursements.

For the first nine months of 2023 our operating activities provided $2,376 million in cash. This was primarily the result of net income of $2,119 million, adjustments to reconcile the net income of $982 million and changes in operating assets and liabilities of $(746) million. Adjustments to net income (loss) includes offsetting non-cash items, such as depreciation and amortization of $837 million, share-based compensation of $304 million and changes in deferred taxes of $(170) million. Changes in operating assets and liabilities were primarily driven by a $359 million increase in inventories due to increased production levels in order to align inventory on hand with expected demand, $118 million increase in receivables and other current assets due to the linearity of revenue between the two periods, customer mix, and the related timing of cash collection, partially offset by $220 million increase in accounts payable and other liabilities as a result of timing related to payments.

Cash Flow from Investing Activities
Net cash used for investing activities amounted to $884 million for the first nine months of 2024 and principally consisted of the cash outflows for capital expenditures of $597 million, $193 million for the purchase of investments (driven primarily by the capital contributions of approximately $31 million into ESMC and approximately $140 million into VSMC) and $113 million for the purchase of identified intangible assets, including EDA (electronic design automation).

Net cash used for investing activities amounted to $879 million for the first nine months of 2023 and principally consisted of the cash outflows for capital expenditures of $652 million, $93 million for the purchase of investments, and $135 million for the purchase of identified intangible assets.

Cash Flow from Financing Activities
Net cash used for financing activities of $2,621 million for the first nine months of 2024 was primarily driven by the payment of $1 billion to retire at maturity our outstanding 4.875% senior unsecured notes due March 2024, dividend payments to common stockholders of $780 million, and purchase of treasury shares and restricted stock unit holdings of $918 million, partially offset by the proceeds from the issuance of common stock through stock plans of $79 million.

Net cash used for financing activities of $1,296 million for the first nine months of 2023 was primarily driven by the dividend payments to common stockholders of $745 million and the purchase of treasury shares and restricted stock unit holdings of $619 million, partially offset by the proceeds from the issuance of common stock through stock plans of $70 million.

26


Information Regarding Guarantors of NXP (unaudited)

Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries
All debt instruments are guaranteed, fully and unconditionally, jointly and severally, by NXP Semiconductors N.V. and issued or guaranteed by NXP USA, Inc., NXP B.V. and NXP LLC, (together, the “Subsidiary Obligors” and together with NXP Semiconductors N.V., the “Obligor Group”). Other than the Subsidiary Obligors, none of the Company’s subsidiaries (together the “Non-Guarantor Subsidiaries”) guarantee the Notes. The Company consolidates the Subsidiary Obligors in its consolidated financial statements and each of the Subsidiary Obligors are wholly owned subsidiaries of the Company.

All of the existing guarantees by the Company rank equally in right of payment with all of the existing and future senior indebtedness of the Obligor Group. There are no significant restrictions on the ability of the Obligor Group to obtain funds from respective subsidiaries by dividend or loan.
The following tables present summarized financial information of the Obligor Group on a combined basis, with intercompany balances and transactions between entities of the Obligor Group eliminated and investments and equity in the earnings of the Non-Guarantor Subsidiaries excluded. The Obligor Group’s amounts due from, amounts due to, and intercompany transactions with Non-Guarantor Subsidiaries have been disclosed below the table, when material.

Summarized Statements of Income
For the nine months ended
($ in millions)September 29, 2024
Revenue5,480 
Gross Profit2,791 
Operating income1,038 
Net income382 

Summarized Balance Sheets
As of
($ in millions)September 29, 2024December 31, 2023
Current assets3,175 4,298 
Non-current assets11,993 11,773 
Total assets15,168 16,071 
Current liabilities1,267 2,005 
Non-current liabilities10,219 10,566 
Total liabilities11,486 12,571 
Obligor's Group equity3,682 3,500 
Total liabilities and Obligor's Group equity15,168 16,071 

NXP Semiconductors N.V. is the head of a fiscal unity for the corporate income tax and VAT that contains the most significant Dutch wholly-owned group companies. The Company is therefore jointly and severally liable for the tax liabilities of the tax entity as a whole, and as such the income tax expense of the Dutch fiscal unity has been included in the Net income of the Obligor Group.

The financial information of the Obligor Group includes sales executed through a Non-Guarantor Subsidiary single-billing entity as a sales agent on behalf of an entity in the Obligor Group. The Obligor Group has sales to non-guarantors (for the nine months ended September 29, 2024: $519 million). The Obligor Group has amounts due from equity financing (September 29, 2024: $5,438 million; December 31, 2023: $5,441 million) and due to debt financing (September 29, 2024: $1,779 million; December 31, 2023: $2,346 million) with non-guarantor subsidiaries.

27


Use of Certain Non-GAAP Financial Measures

Non-GAAP Financial Measures
In addition to providing financial information on a basis consistent with U.S. generally accepted accounting principles (“US GAAP” or “GAAP”), NXP also provides selected financial measures on a non-GAAP basis which are adjusted for specified items. The adjustments made to achieve these non-GAAP financial measures or the non-GAAP financial measures as specified are described below, including the usefulness to management and investors.

In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

Non-GAAP Adjustment or MeasureDefinitionUsefulness to Management and Investors
Purchase price accounting effectsPurchase price accounting ("PPA") effects reflect the fair value adjustments impacting acquisition accounting and other acquisition adjustments charged to the Consolidated Statement of Operations. This typically relates to inventory, property, plant and equipment, as well as intangible assets, such as developed technology and marketing and customer relationships acquired. The PPA effects are recorded within both cost of revenue and operating expenses in our US GAAP financial statements. These charges are recorded over the estimated useful life of the related acquired asset, and thus are generally recorded over multiple years.We believe that excluding these charges related to fair value adjustments for purposes of calculating certain non-GAAP measures allows the users of our financial statements to better understand the historic and current cost of our products, our gross margin, our operating costs, our operating margin, and also facilitates comparisons to peer companies.
RestructuringRestructuring charges are costs primarily related to employee severance and benefit arrangements. Charges related to restructuring are recorded within both cost of revenue and operating expenses in our US GAAP financial statementsWe exclude restructuring charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our core operating performance. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends.
Share-based compensationShare-based compensation consists of incentive expense granted to eligible employees in the form of equity based instruments. Charges related to share-based compensation are recorded within both cost of revenue and operating expenses in our US GAAP financial statements.We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these charges, which are non-cash, are not representative of our core operating performance as they can fluctuate from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model, how management currently evaluates core operational performance, and additional means to evaluate expense trends.
Other incidentalsOther incidentals consist of certain items which may be non-recurring, unusual, infrequent or directly related to an event that is distinct and non-reflective of the Company’s core operating performance. These may include such items as process and product transfer costs, certain charges related to acquisitions and divestitures, litigation and legal settlements, costs associated with the exit of a product line, factory or facility, environmental or governmental settlements, and other items of similar nature.We exclude these certain items which may be non-recurring, unusual, infrequent or directly related to an event that is distinct and non-reflective of the Company’s core operating performance for purposes of calculating certain non-GAAP measures. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends.
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Non-GAAP Adjustment or MeasureDefinitionUsefulness to Management and Investors
Non-GAAP Provision for income taxesNon-GAAP provision for income taxes is NXP's GAAP provision for income taxes adjusted for the income tax effects of the adjustments to our GAAP measure, including the effects of purchase price accounting (“PPA”), restructuring costs, share-based compensation, other incidental items and certain other adjustments to financial income (expense) items. Additionally, adjustments are made for the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).The non-GAAP provision for income taxes is used to ascertain and present on a comparable basis NXP's provision for income tax after adjustments, the usefulness of which is described within this table. Additionally, the income tax effects of the adjustments to achieve the noted non-GAAP measures are used to determine NXP's non-GAAP net income (loss) attributable to stockholders and accordingly, our diluted non-GAAP earnings per share attributable to stockholders.
Free Cash FlowFree Cash Flow represents operating cash flow adjusted for net additions to property, plant and equipment.We believe that free cash flow provides insight into our cash-generating capability and our financial performance, and is an efficient means by which users of our financial statements can evaluate our cash flow after meeting our capital expenditure.
Net debtNet debt represents total debt (short-term and long-term) after deduction of cash and cash equivalents and short-term deposits.We believe this measure provides investors with useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect of calculating our net leverage.



The following are reconciliations of our most comparable US GAAP measures to our non-GAAP measures presented:

($ in millions)For the three months ended
September 29, 2024June 30, 2024October 1, 2023
GAAP gross profit$1,866 $1,792 $1,965 
PPA effects(12)(12)(13)
Restructuring— (4)— 
Share-based compensation(14)(15)(14)
Other incidentals— (10)(18)
Non-GAAP gross profit$1,892 $1,833 $2,010 
GAAP Gross Margin57.4 %57.3 %57.2 %
Non-GAAP Gross Margin58.2 %58.6 %58.5 %
GAAP research and development$(577)$(594)$(601)
Restructuring— (4)4 
Share-based compensation(58)(58)(53)
Other incidentals— — (2)
Non-GAAP research and development$(519)$(532)$(550)
GAAP selling, general and administrative$(265)$(270)$(294)
PPA effects(1)(1)(1)
Restructuring— 2 — 
Share-based compensation(43)(41)(36)
Other incidentals(2)(2)(4)
Non-GAAP selling, general and administrative$(219)$(228)$(253)
GAAP operating income (loss)$990 $896 $992 
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($ in millions)For the three months ended
September 29, 2024June 30, 2024October 1, 2023
GAAP operating income (loss)$990 $896 $992 
PPA effects(42)(41)(85)
Restructuring— (6)4 
Share-based compensation(115)(114)(103)
Other incidentals(6)(14)(27)
Non-GAAP operating income (loss)$1,153 $1,071 $1,203 
GAAP Operating Margin30.5 %28.7 %28.9 %
Non-GAAP Operating Margin35.5 %34.3 %35.0 %
GAAP Income tax benefit (provision)$(173)$(154)$(123)
Income tax effect9 15 45 
Non-GAAP Income tax benefit (provision)$(182)$(169)$(168)


($ in millions)For the three months ended
September 29, 2024June 30, 2024October 1, 2023
Net cash provided by (used for) operating activities $779 $761 $988 
Net capital expenditures on property, plant and equipment(186)(184)(200)
Non-GAAP free cash flow$593 $577 $788 

($ in millions)For the three months ended
September 29, 2024June 30, 2024October 1, 2023
Long-term debt$9,683 $9,681 $10,173 
Short-term debt499 499 999 
Total debt10,182 10,180 11,172 
Less: cash and cash equivalents(2,748)(2,859)(4,042)
Less: short-term deposits(400)(400)— 
Net debt$7,034 $6,921 $7,130 



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Item 3.    Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to the Company’s market risk during the first nine months of 2024. For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2023.



Item 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of the Chief Executive Officer and Chief Financial Officer (Certifying Officers), evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended) on September 29, 2024. Based on that evaluation, the Certifying Officers concluded the Company's disclosure controls and procedures were effective as of September 29, 2024.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company's internal control over financial reporting during the three-month period ended September 29, 2024, which were identified in connection with management's evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


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PART II — OTHER INFORMATION

Item 1.    Legal Proceedings

Not applicable.


Item 1A.   Risk Factors

There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.


Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Our Board has approved the purchase of shares from participants in NXP's equity programs to satisfy participants' tax withholding obligations and this authorization will remain in effect until terminated by the Board. In January 2022, the Board approved the repurchase of shares up to a maximum of $2 billion (the Share Repurchase Program"). In August 2024, the Board approved an additional $2 billion authorization to the Share Repurchase Program. Per September 29, 2024, there was approximately $2.6 billion remaining for the repurchase of shares under the Share Repurchase Program.

The following share repurchase activity occurred under these programs during the three months ended September 29, 2024:
Period

Total Number
of Shares
Purchased
Average Price
Paid per Share
Number of Shares Purchased as Part of Publicly Announced Buy Back Programs
Maximum Number of
Shares That May
Yet Be Purchased
Under the Buy Back Program
Number of Shares Purchased as Trade for Tax (1)
July 1, 2024 – August 4, 2024448,603$267.08433,6613,450,47014,942
August 5, 2024 – September 1, 2024405,290$247.02401,22710,614,7754,063
September 2, 2024 – September 29, 2024365,142$232.19365,14210,763,975—
Total
1,219,0351,200,03019,005
(1) Reflects shares surrendered by participants to satisfy tax withholding obligations in connection with the Company's equity programs.


Item 5.    Other Information

Rule 10b5-1 Trading Plans

On August 7, 2024, Andrew Micallef, Executive Vice President and Chief Operations and Manufacturing Officer of the Company, entered into a Rule 10b5-1 Trading Plan (the “Plan”), pursuant to which a maximum amount of 4,000 common shares of the Company may be sold under the Plan from March 17, 2025 through December 31, 2025. The Plan terminates on the earlier of: (i) December 31, 2025, (ii) the first date on which all trades set forth in the Plan have been executed, or (iii) such date the Plan is otherwise terminated according to its terms.

Other

The Compensation Committee of the Board of Directors of NXP Semiconductors N.V. (the “Company”) has approved a form of Performance Restricted Stock Unit Award Agreement (attached as Exhibit 10.1 to this Report) for the award of equity grants to our employees, including the Company’s Chief Executive Officer, Chief Financial Officer and other named executive officers. These equity awards will be granted under the NXP Semiconductors N.V. 2019 Omnibus Incentive Plan which was previously approved by the Company’s annual general meeting of shareholders.
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Item 6.    Exhibits

Exhibit
Number
Exhibit Description
3.1
10.1 *+
31.1*
Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer
31.2*
Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer
32.1*
Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer
101The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Operations for the three and nine months ended September 29, 2024 and October 1, 2023; (ii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 29, 2024 and October 1, 2023; (iii) Condensed Consolidated Balance Sheets as of September 29, 2024 and December 31, 2023; (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 29, 2024 and October 1, 2023; (v) Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 29, 2024 and October 1, 2023; and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*Filed or furnished herewith.
+Indicates management contract or compensatory plan or arrangement.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: November 5, 2024
 
NXP Semiconductors N.V.
/s/ William J. Betz
Name: William J. Betz, CFO
34


Exhibit 31.1
CERTIFICATION
I, Kurt Sievers, certify that:

1.I have reviewed this quarterly report on Form 10-Q of NXP Semiconductors N.V.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: November 5, 2024
By:
/s/ Kurt Sievers
Kurt Sievers
President & Chief Executive Officer



Exhibit 31.2
CERTIFICATION
I, William J. Betz, certify that:

1.I have reviewed this quarterly report on Form 10-Q of NXP Semiconductors N.V.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: November 5, 2024
By:
/s/ William J. Betz
William J. Betz
Chief Financial Officer



Exhibit 32.1
CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


I, Kurt Sievers, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of NXP Semiconductors N.V. on Form 10-Q for the period ended September 29, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of NXP Semiconductors N.V. at the dates and for the periods indicated.

Date: November 5, 2024
By:
/s/ Kurt Sievers
Kurt Sievers
President & Chief Executive Officer

I, William J. Betz, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of NXP Semiconductors N.V. on Form 10-Q for the period ended September 29, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of NXP Semiconductors N.V. at the dates and for the periods indicated.

Date: November 5, 2024
By:
/s/ William J. Betz
William J. Betz
Chief Financial Officer