德州儀器公司（TI）（NASDAQ: TXN）日前公布其第一季度財(cái)務(wù)報(bào)告，營(yíng)業(yè)收入49.1億美元，凈收益22.2億美元，每股收益2.35美元。其中，每股收益包含未涵蓋在公司原始計(jì)劃的2美分。
關(guān)于公司業(yè)績(jī)及股東回報(bào)，TI董事長(zhǎng)、總裁兼首席執(zhí)行官Rich Templeton作如下說(shuō)明：
“由于汽車(chē)市場(chǎng)和工業(yè)市場(chǎng)需求的強(qiáng)勁增長(zhǎng)，收入同比上漲14%。
“過(guò)去12個(gè)月中，經(jīng)營(yíng)現(xiàn)金流達(dá)91億美元，再次體現(xiàn)了公司商業(yè)模式的優(yōu)勢(shì)。其中自由現(xiàn)金流在過(guò)去一年中達(dá)65億美元，占營(yíng)業(yè)收入的34%。這體現(xiàn)了我們高質(zhì)量的產(chǎn)品組合，以及高效的制造策略，其中包括300毫米（12英寸）模擬產(chǎn)品的生產(chǎn)優(yōu)勢(shì)。
“過(guò)去12個(gè)月在研發(fā)和銷(xiāo)售及行政管理開(kāi)支的投資達(dá)32億美元，資本支出投資達(dá)26億美元，給股東的回報(bào)達(dá)50億美元。
“德州儀器對(duì)2022年二季度的預(yù)期是：營(yíng)業(yè)收入在42億美元至48億美元之間，每股收益范圍在1.84美元至2.26美元之間。這一預(yù)期包含了由于疫情影響導(dǎo)致需求減少而產(chǎn)生的影響。2022年，我們的年度營(yíng)業(yè)稅率預(yù)期仍為14%。”
自由現(xiàn)金流為非GAAP財(cái)務(wù)衡量指標(biāo)。自由現(xiàn)金流指的是經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流減去資本支出后的所余現(xiàn)金。
盈利摘要
單位為百萬(wàn)美元，每股收益除外。
Q1 2022 | Q1 2021 | 變化 | |||||||
營(yíng)業(yè)收入 | $ | 4,905 | $ | 4,289 | 14% | ||||
營(yíng)業(yè)利潤(rùn) | $ | 2,563 | $ | 1,939 | 32% | ||||
凈收入 | $ | 2,201 | $ | 1,753 | 26% | ||||
每股收益 | $ | 2.35 | $ | 1.87 | 26% | ||||
現(xiàn)金流量
單位為百萬(wàn)美元。
最近連續(xù)12個(gè)月 | ||||||||||||
Q1 2022 | Q1 2022 | Q1 2021 | 變化 | |||||||||
經(jīng)營(yíng)現(xiàn)金流 | $ | 2,144 | $ | 9,050 | $ | 7,138 | 27% | |||||
資本支出 | $ | 443 | $ | 2,597 | $ | 796 | 226% | |||||
自由現(xiàn)金流 | $ | 1,701 | $ | 6,453 | $ | 6,342 | 2% | |||||
自由現(xiàn)金流占營(yíng)業(yè)收入百分比 | 34.0% | 41.1% | ||||||||||
現(xiàn)金回報(bào)
單位為百萬(wàn)美元。
最近連續(xù)12個(gè)月 | ||||||||||||
Q1 2022 | Q1 2022 | Q1 2021 | 變化 | |||||||||
分派股息 | $ | 1,063 | $ | 4,009 | $ | 3,525 | 14% | |||||
股票回購(gòu) | $ | 589 | $ | 1,016 | $ | 1,012 | 0% | |||||
總現(xiàn)金回報(bào) | $ | 1,652 | $ | 5,025 | $ | 4,537 | 11% | |||||
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | |||||||
Consolidated Statements of Income |
For Three Months Ended March 31, | ||||||
(In millions, except per-share amounts) | 2022 | 2021 | |||||
Revenue | $ | 4,905 | $ | 4,289 | |||
Cost of revenue (COR) | 1,463 | 1,492 | |||||
Gross profit | 3,442 | 2,797 | |||||
Research and development (R&D) | 391 | 386 | |||||
Selling, general and administrative (SG&A) | 422 | 425 | |||||
Acquisition charges | — | 47 | |||||
Restructuring charges/other | 66 | — | |||||
Operating profit | 2,563 | 1,939 | |||||
Other income (expense), net (OI&E) | 15 | 46 | |||||
Interest and debt expense | 52 | 46 | |||||
Income before income taxes | 2,526 | 1,939 | |||||
Provision for income taxes | 325 | 186 | |||||
Net income | $ | 2,201 | $ | 1,753 | |||
Diluted earnings per common share | $ | 2.35 | $ | 1.87 | |||
Average shares outstanding: | |||||||
Basic | 923 | 922 | |||||
Diluted | 934 | 935 | |||||
Cash dividends declared per common share | $ | 1.15 | $ | 1.02 | |||
Supplemental Information (Quarterly, except as noted) | |||||||
Our annual operating tax rate, which does not include discrete tax items, was 14% in both periods. | |||||||
Provision for income taxes is based on the following: | |||||||
Operating taxes (calculated using the estimated annual effective tax rate) | $ | 361 | $ | 275 | |||
Discrete tax items | (36) | (89) | |||||
Provision for income taxes (effective taxes) | $ | 325 | $ | 186 | |||
A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following: | |||||||
Net income | $ | 2,201 | $ | 1,753 | |||
Income allocated to RSUs | (9) | (8) | |||||
Income allocated to common stock for diluted EPS | $ | 2,192 | $ | 1,745 | |||
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | |||||||
Consolidated Balance Sheets | March 31, | ||||||
(In millions, except par value) | 2022 | 2021 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 3,505 | $ | 2,442 | |||
Short-term investments | 6,320 | 4,244 | |||||
Accounts receivable, net of allowances of ($9) and ($9) | 1,795 | 1,584 | |||||
Raw materials | 265 | 183 | |||||
Work in process | 1,151 | 980 | |||||
Finished goods | 644 | 727 | |||||
Inventories | 2,060 | 1,890 | |||||
Prepaid expenses and other current assets | 330 | 245 | |||||
Total current assets | 14,010 | 10,405 | |||||
Property, plant and equipment at cost | 8,236 | 5,967 | |||||
Accumulated depreciation | (2,797) | (2,536) | |||||
Property, plant and equipment | 5,439 | 3,431 | |||||
Goodwill | 4,362 | 4,362 | |||||
Deferred tax assets | 273 | 331 | |||||
Capitalized software licenses | 91 | 113 | |||||
Overfunded retirement plans | 383 | 235 | |||||
Other long-term assets | 718 | 762 | |||||
Total assets | $ | 25,276 | $ | 19,639 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 500 | $ | — | |||
Accounts payable | 641 | 554 | |||||
Accrued compensation | 386 | 388 | |||||
Income taxes payable | 405 | 278 | |||||
Accrued expenses and other liabilities | 596 | 480 | |||||
Total current liabilities | 2,528 | 1,700 | |||||
Long-term debt | 7,242 | 6,250 | |||||
Underfunded retirement plans | 81 | 130 | |||||
Deferred tax liabilities | 94 | 88 | |||||
Other long-term liabilities | 1,314 | 1,305 | |||||
Total liabilities | 11,259 | 9,473 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $25 par value. Shares authorized – 10; none issued | — | — | |||||
Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741 | 1,741 | 1,741 | |||||
Paid-in capital | 2,667 | 2,391 | |||||
Retained earnings | 47,053 | 42,860 | |||||
Treasury common stock at cost | |||||||
Shares: March 31, 2022 – 819; March 31, 2021 – 818 | (37,291) | (36,479) | |||||
Accumulated other comprehensive income (loss), net of taxes (AOCI) | (153) | (347) | |||||
Total stockholders’ equity | 14,017 | 10,166 | |||||
Total liabilities and stockholders’ equity | $ | 25,276 | $ | 19,639 | |||
前期資產(chǎn)負(fù)債表中的某些金額已重新分類(lèi)，以符合當(dāng)前的列報(bào)方式。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||||
Consolidated Statements of Cash Flows | For Three Months Ended March 31, | |||||||
(In millions) | 2022 | 2021 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 2,201 | $ | 1,753 | ||||
Adjustments to net income: | ||||||||
Depreciation | 200 | 179 | ||||||
Amortization of acquisition-related intangibles | — | 47 | ||||||
Amortization of capitalized software | 14 | 15 | ||||||
Stock compensation | 74 | 61 | ||||||
Gains on sales of assets | (2) | (1) | ||||||
Deferred taxes | (1) | 8 | ||||||
Increase (decrease) from changes in: | ||||||||
Accounts receivable | (94) | (170) | ||||||
Inventories | (150) | 65 | ||||||
Prepaid expenses and other current assets | 21 | 73 | ||||||
Accounts payable and accrued expenses | 11 | 69 | ||||||
Accrued compensation | (388) | (379) | ||||||
Income taxes payable | 284 | 131 | ||||||
Changes in funded status of retirement plans | 21 | 28 | ||||||
Other | (47) | (29) | ||||||
Cash flows from operating activities | 2,144 | 1,850 | ||||||
Cash flows from investing activities | ||||||||
Capital expenditures | (443) | (308) | ||||||
Proceeds from asset sales | 2 | 1 | ||||||
Purchases of short-term investments | (3,988) | (2,782) | ||||||
Proceeds from short-term investments | 2,774 | 2,000 | ||||||
Other | (13) | (20) | ||||||
Cash flows from investing activities | (1,668) | (1,109) | ||||||
Cash flows from financing activities | ||||||||
Repayment of debt | — | (550) | ||||||
Dividends paid | (1,063) | (940) | ||||||
Stock repurchases | (589) | (100) | ||||||
Proceeds from common stock transactions | 57 | 196 | ||||||
Other | (7) | (12) | ||||||
Cash flows from financing activities | (1,602) | (1,406) | ||||||
Net change in cash and cash equivalents | (1,126) | (665) | ||||||
Cash and cash equivalents at beginning of period | 4,631 | 3,107 | ||||||
Cash and cash equivalents at end of period | $ | 3,505 | $ | 2,442 | ||||
業(yè)務(wù)分類(lèi)季度業(yè)績(jī)
單位為百萬(wàn)美元。
Q1 2022 | Q1 2021 | 變化 | |||||||
模擬： | |||||||||
營(yíng)業(yè)收入 | $ | 3,816 | $ | 3,280 | 16% | ||||
營(yíng)業(yè)利潤(rùn) | $ | 2,150 | $ | 1,646 | 31% | ||||
嵌入式處理： | |||||||||
營(yíng)業(yè)收入 | $ | 782 | $ | 767 | 2% | ||||
營(yíng)業(yè)利潤(rùn) | $ | 315 | $ | 287 | 10% | ||||
其他： | |||||||||
營(yíng)業(yè)收入 | $ | 307 | $ | 242 | 27% | ||||
營(yíng)業(yè)利潤(rùn)* | $ | 98 | $ | 6 | 1,533% | ||||
* 包括收購(gòu)、重組或其它費(fèi)用。
非GAAP財(cái)務(wù)信息
本新聞稿包括根據(jù)這一衡量標(biāo)準(zhǔn)計(jì)算的自由現(xiàn)金流及各種比值。這些財(cái)務(wù)衡量標(biāo)準(zhǔn)并不遵循美國(guó)一般公認(rèn)會(huì)計(jì)原則(GAAP)。自由現(xiàn)金流的計(jì)算方法是從最直接可比GAAP衡量標(biāo)準(zhǔn)，經(jīng)營(yíng)活動(dòng)所產(chǎn)生的現(xiàn)金流（也被稱(chēng)為經(jīng)營(yíng)現(xiàn)金流）中減去資本支出。
本公司認(rèn)為，自由現(xiàn)金流和相關(guān)的比值能夠深刻反映公司的流動(dòng)資金、現(xiàn)金生成能力和潛在可回報(bào)投資者的現(xiàn)金金額，并幫助更好了解公司財(cái)務(wù)業(yè)績(jī)。這些非GAAP衡量指標(biāo)是可比GAAP衡量指標(biāo)的補(bǔ)充。
下表中的數(shù)據(jù)是基于最直接可比GAAP的衡量標(biāo)準(zhǔn)經(jīng)調(diào)整后所得出的數(shù)據(jù)。
單位為百萬(wàn)美元。
For 12 Months Ended March 31, | ||||||||||||
2022 | 2021 | Change | ||||||||||
Cash flow from operations (GAAP) | $ | 9,050 | $ | 7,138 | 27% | |||||||
Capital expenditures | (2,597) | (796) | ||||||||||
Free cash flow (non-GAAP) | $ | 6,453 | $ | 6,342 | 2% | |||||||
Revenue | $ | 18,960 | $ | 15,421 | ||||||||
Cash flow from operations as a percentage of revenue (GAAP) | 47.7% | 46.3% | ||||||||||
Free cash flow as a percentage of revenue (non-GAAP) | 34.0% | 41.1% | ||||||||||
本新聞稿還包括對(duì)年度營(yíng)業(yè)稅率的參考，這是一個(gè)我們用來(lái)描述預(yù)估年度實(shí)際稅率的非GAAP數(shù)據(jù)項(xiàng)，從定義上看，一個(gè)GAAP衡量標(biāo)準(zhǔn)不包括離散稅項(xiàng)目。我們相信，由于營(yíng)業(yè)稅率更加清晰地描述了預(yù)估年度實(shí)際稅率所代表的內(nèi)容，即稅率將會(huì)對(duì)我們運(yùn)營(yíng)的增量變化產(chǎn)生怎樣的影響，這一數(shù)據(jù)項(xiàng)是有用的。在適用年度營(yíng)業(yè)稅率時(shí)對(duì)預(yù)估年度實(shí)際稅率沒(méi)有進(jìn)行調(diào)整。
預(yù)測(cè)性聲明通知
此新聞稿包含根據(jù)美國(guó)1995年《私人證券訴訟改革法案》之免責(zé)條款所擬定的前瞻性聲明。這些聲明一般以TI及其管理層“相信”、“期望”、“預(yù)期”、“預(yù)見(jiàn)”、“估計(jì)”或其它具有相似含義的字詞呈現(xiàn)。同樣，文中對(duì)TI的業(yè)務(wù)戰(zhàn)略、前景、目的、計(jì)劃、意圖或目標(biāo)之陳述亦屬前瞻性聲明。所有此等前瞻性聲明均具有一定風(fēng)險(xiǎn)及不確定性，可能導(dǎo)致實(shí)際結(jié)果與前瞻性聲明內(nèi)容存在重大差異。
我們希望讀者能仔細(xì)考慮以下重要因素，它們可能導(dǎo)致實(shí)際結(jié)果與TI或其管理層的預(yù)期產(chǎn)生重大差異：
新冠疫情的持續(xù)時(shí)間和范圍，政府和其他第三方對(duì)此的反應(yīng)以及對(duì)全球經(jīng)濟(jì)的影響，包括對(duì)我們的業(yè)務(wù)以及我們的供應(yīng)商、客戶(hù)和分銷(xiāo)商的業(yè)務(wù)影響；
我們、我們的客戶(hù)或我們的供應(yīng)商所在國(guó)家的經(jīng)濟(jì)、社會(huì)和政治狀況，以及自然事件，包括全球貿(mào)易政策；
市場(chǎng)對(duì)半導(dǎo)體的需求，特別是在工業(yè)和汽車(chē)市場(chǎng)，以及與預(yù)測(cè)不同的客戶(hù)需求；
我們?cè)诟?jìng)爭(zhēng)激烈的行業(yè)中保持產(chǎn)品和價(jià)格競(jìng)爭(zhēng)的能力；
與我們或客戶(hù)或供應(yīng)商的信息技術(shù)系統(tǒng)相關(guān)的網(wǎng)絡(luò)安全和其他威脅的演進(jìn)；
我們成功實(shí)施和實(shí)現(xiàn)戰(zhàn)略、業(yè)務(wù)和組織變革機(jī)會(huì)的能力，或我們實(shí)現(xiàn)重組費(fèi)用和相關(guān)成本節(jié)約的數(shù)量和時(shí)間預(yù)期的能力；
我們?cè)诳焖僮兓募夹g(shù)環(huán)境中開(kāi)發(fā)、制造和銷(xiāo)售創(chuàng)新產(chǎn)品的能力，以及我們及時(shí)實(shí)施新的制造工藝和安裝制造設(shè)備的能力；
原材料、公用事業(yè)、制造設(shè)備、第三方制造服務(wù)和制造技術(shù)的可用性和成本；
與我們的產(chǎn)品、制造、交付、服務(wù)、設(shè)計(jì)或傳播相關(guān)的產(chǎn)品責(zé)任、保修或其他索賠，或由我們的客戶(hù)對(duì)包含我們其中一個(gè)部件的產(chǎn)品進(jìn)行召回；
遵守復(fù)雜法律和規(guī)章制度或法律制度的改變，或官方的強(qiáng)制措施，對(duì)我們業(yè)務(wù)運(yùn)營(yíng)帶來(lái)限制，或我們受到罰款、處罰和其他法律責(zé)任；
由于稅收法規(guī)和會(huì)計(jì)準(zhǔn)則的改變所導(dǎo)致的稅率變化同樣適用于我們，在司法管轄區(qū)，必須按照獲得的利潤(rùn)交稅，稅務(wù)審計(jì)的不利決議，關(guān)稅稅率的提升，以及實(shí)現(xiàn)遞延所得稅資產(chǎn)的能力；
分銷(xiāo)商財(cái)務(wù)困難或他們對(duì)同類(lèi)競(jìng)爭(zhēng)產(chǎn)品線(xiàn)的推廣而導(dǎo)致我們損失；或與重要分銷(xiāo)商發(fā)生糾紛；
因主要客戶(hù)導(dǎo)致的損失或采購(gòu)縮減，分銷(xiāo)商及其他客戶(hù)調(diào)整庫(kù)存所涉的時(shí)間和金額；
競(jìng)爭(zhēng)激烈的周期性行業(yè)中保持或提高利潤(rùn)率的能力，包括充分利用生產(chǎn)設(shè)施以實(shí)現(xiàn)固定營(yíng)業(yè)成本的能力；
我們維護(hù)和落實(shí)強(qiáng)大知識(shí)產(chǎn)權(quán)組合以及保持自由運(yùn)營(yíng)的能力，或我們?cè)馐芮謾?quán)索賠；
全球信用和金融市場(chǎng)的不穩(wěn)定性；
我們招募和留住熟練技術(shù)人才的能力，有效處理關(guān)鍵崗位交接問(wèn)題的能力；
以及非金融資產(chǎn)的減值。
有關(guān)這些因素的更詳細(xì)討論，請(qǐng)參閱TI最新10-K表格1A項(xiàng)“風(fēng)險(xiǎn)因素”的討論。本新聞稿中包含的前瞻性陳述僅截至本新聞稿發(fā)布之日有效，TI不承擔(dān)任何對(duì)這些前瞻性陳述進(jìn)行更新以反映后續(xù)事件或情況的義務(wù)。如果我們更新任何前瞻性聲明，不應(yīng)推斷我們將對(duì)該聲明或任何其他前瞻性聲明會(huì)進(jìn)行額外更新。
