EINDHOVEN, The Netherlands, Jan. 31, 2022 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the fourth quarter and full year ended December 31, 2021.
“NXP delivered full-year record revenue of $11.06 billion, an increase of 28 percent year-on-year, with demand accelerating across all of our focus end-markets throughout the year. In the fourth quarter, revenue was $3.04 billion, an increase of 21 percent year-on-year, above the mid-point of our guidance range. In review, 2021 was an excellent year for NXP. We experienced significant design win traction across the entire portfolio and especially within the areas of our strategic growth drivers. The engagement and performance of our employees has been truly outstanding, we are extremely proud of their adaptability, dedication and hard work in the face of adversity. We continue to see growing customer demand, outstripping supply, as inventory across all end markets remains very lean. Taken together, this underpins our continued confidence of robust growth throughout 2022,” said Kurt Sievers, NXP President and Chief Executive Officer.
Key Highlights:
- Fourth-quarter revenue was $3.04 billion, up 21.2 percent year-on-year;
- Fourth-quarter GAAP gross margin was 56.2 percent, and GAAP operating margin was 26.6 percent;
- Fourth-quarter non-GAAP gross margin was 57.3 percent, and non-GAAP operating margin was 34.9 percent;
- Full-year cash flow from operations was $3.08 billion, with net capex investments of $766 million, resulting in non-GAAP free cash flow of $2.31 billion;
- On November 9, 2021 NXP announced the new i.MX 93 family of applications processors designed for automotive, smart home, smart building and smart factory applications, which leverage edge machine learning to anticipate and automate system behavior based on user needs. The i.MX 9 series will enable developers to address diverse areas, from voice-assisted smart home and building systems, to low-power industrial gateways and automotive driver monitoring systems;
- On November 10, 2021 NXP announced a collaboration with the Ford Motor Company to deliver enhanced driver experiences, convenience and services across its global fleet of vehicles, including the 2021 Ford F-150 pickup, Mustang Mach-E and Bronco SUVs. Ford’s new fully networked vehicle architecture implements NXP’s vehicle networking processors and the i.MX 8 Series processors, working together to upgrade vehicles that help improve customer lifestyle and streamline the ownership experience;
- On November 11, 2021, NXP held its triennial Investor Day, where it provided a detailed and underpinned roadmap for the secular growth of the company. NXP anticipates revenue will grow 8-to-12 percent 3-year CAGR, 2021 to 2024.
- On January 31, 2022, the NXP Board of Directors approved a 50 percent increase in the quarterly cash dividend to $0.845 per ordinary share. The interim dividend will be paid in cash on April 6, 2022 to shareholders of record as of March 15, 2022. Additionally, the NXP Board of Directors approved a new $2.00 billion 2022 Share Repurchase Program. The new share repurchase authorization is in addition to the approximately $1.35 billion remaining for repurchase under previously authorized share repurchase programs.
