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NXP Semiconductors reduces net debt by $65 million in second quarter
By Lisa Kerner
Charlotte, N.C., July 24 - NXP Semiconductors NV's total debt was down $10 million to about $3.82 billion at the end of the second quarter, while net debt was reduced by $65 million from the prior quarter and $865 million year-on-year to about $2.98 billion, chief financial officer Peter Kelly said during the company's earnings call on Tuesday.
The company has no debt maturities until 2016, according to the earnings presentation.
Also during the quarter ended July 1, NXP repurchased 1.6 million shares for a total of about $37 million.
Cash at quarter's end increased $55 million sequentially to $837 million, Kelly said.
NXP reported a trailing 12-month adjusted EBITDA of $974 million and a ratio of net debt to the trailing 12-month adjusted EBITDA of 3.1 times.
Kelly said growing revenues and improved profitability, supported by currency translation effects, helped boost the quarterly cash flow to $269 million.
Revenue was about $1.1 billion, above the upper end of NXP's guidance range. Product revenue growth was up 12% sequentially.
Free cash flow was $196 million for the second quarter, and NXP's free cash flow margin was 18%, said Kelly.
NXP used $70 million of net cash for financing and $82 million for investing.
Net cash interest paid in the period was $30 million, and net capital expenditures totaled $73 million.
Systems on Silicon Manufacturing Co. Pte. Ltd., NXP's wafer fabrication consolidated joint venture with Taiwan Semiconductor Manufacturing Co. Ltd., reported second-quarter 2012 operating income of $38 million, EBITDA of $49 million and a closing cash balance of $192 million. Systems on Silicon paid a dividend of $100 million, of which $39 million was paid to Taiwan Semiconductor during the quarter, according to the company's earnings release.
Eindhoven, the Netherlands-based NXP makes mixed-signal solutions and semiconductor components.
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