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NXP Semiconductors NV (NXPI) Richard Lynn Clemmer on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 26, 2016 8:00 am ET


Jeff Palmer - Vice President-Investor Relations

Richard Lynn Clemmer - President, CEO & Executive Director

Daniel Durn - Chief Financial Officer & Executive VP


John William Pitzer - Credit Suisse Securities (NYSE:USA) LLC (Broker)

Ross C. Seymore - Deutsche Bank Securities, Inc.

William Stein - SunTrust Robinson Humphrey, Inc.

Vivek Arya - Bank of America Merrill Lynch

Doug Freedman - Sterne Agee CRT

Stacy Aaron Rasgon - Bernstein Research

Toshiya Hari - Goldman Sachs Japan Co., Ltd.

C.J. Muse - Evercore ISI

Craig M. Hettenbach - Morgan Stanley & Co. LLC

Blayne Curtis - Barclays Capital, Inc.


Good day, ladies and gentlemen, and welcome to the NXP Semiconductors First Quarter 2016 Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will host a question-and-answer session and instructions will follow at that time. As a reminder to our audience this conference is being recorded for replay purposes.

Now, I will hand the floor over to Jeff Palmer. Sir, please proceed.

Jeff Palmer - Vice President-Investor Relations

Great. Thank you, Brian and good morning everyone. Welcome to the NXP Semiconductors' first quarter 2016 earnings conference call. With me on the call today is Rick Clemmer, NXP's President and CEO and Dan Durn, our CFO.

If you have not obtained a copy of our first quarter 2016 earnings press release, it can be found at our company website under the Investor Relations section at Additionally, we have posted on our Investor Relations website a supplemental earnings summary presentation and a document of our historical financials to assist you in your modeling efforts.

Included in this supplemental presentation and historical financial model is additional information providing insight into the combined adjusted revenue for NXP and Freescale. This unaudited non-GAAP information has been prepared for comparative purposes only provides historical revenue for each company adjusted for divestitures. Please be aware of the disclosures associated and details of both documents.

This call this morning is being recorded and will be available for replay from our corporate website. Our call today will include forward-looking statements that include risks and uncertainties that could cause NXP's results to differ materially from management's current expectation.

These risks and uncertainties include, but are not limited to, statements regarding the macroeconomic impact on specific end markets in which we operate, the sale of new and existing products, and our expectations for financial results for the second quarter of 2016. Please be reminded that NXP undertakes no obligation to revise or update publicly any forward-looking statements. For a full disclosure on forward-looking statements, please refer to our press release.

Additionally, during our call today, we will make reference to certain non-GAAP financial measures which exclude the impact of purchase price accounting, restructuring, stock-based compensation, impairment, merger-related costs and other charges that are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance.

Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our first quarter 2016 earnings press release, which will be furnished to the SEC on Form 6-K and is available on NXP's website in the Investor Relations' section at

I'd like to now turn the call over to Rick.

Richard Lynn Clemmer - President, CEO & Executive Director

Thanks, Jeff. and welcome to our earnings call today. NXP finished Q1 with strong performance and the merger is continuing to proceed smoothly. We are pleased that we achieved our planned objectives in the first 90 days and we are on track to achieve our cost synergy targets as laid out at the time of the merger announcement.