新闻稿

美国德州仪器公司发布2017第一季度财务业绩与股东回报

Untitled 1

德州仪器公司(TI)日前公布其第一季度财务报告,营业收入为34亿美元,净收入9.97亿美元,每股收益97美分。其中,每股收益包含了未涵盖在本季公司业绩预期内的8美分离散税收益。

关于公司业绩及股东回报TI董事长、总裁兼首席执行官Rich Templeton作如下说明

l   “营业收入相较于去年同期增长13%。公司产品在汽车市场中仍然保持着强劲的需求,同时工业市场也持续增强。

l   “在我们的核心业务中,较去年同期相比,模拟产品的营业收入同比增长20%,嵌入式处理产品的营业收入同比增长10 %。两项业务的营业毛利均有所提高。

l   63.0%的毛利率体现了我们高质量的产品组合,以及高效的制造策略,包括300毫米模拟产品生产所具有的优势。

l   “在过去的12月中,我们通过运营所产生的现金流达到48亿美元,再次体现了公司商业模式的优势。自由现金流在过去12个月中同比增长11%,达到42亿美元,占营业收入的30.7%,较去年同期的29.5%有所提升。

l   “在过去12个月中,通过股票回购和分派股息,我们给股东们的回报达到38亿美元。

l   “我们的资产负债表依然强劲,本季度末账面上有30亿美元的现金和短期投资,其中 80%归本公司在美国的实体所拥有。截止本季度末,库存周转天数为132天。

l   “德州仪器在第二季度的预期是:营业收入范围在34亿美元至37亿美元之间,每股收益范围在89美分至1.01美元之间,其中包括估值为3000万美元的离散税收益。

自由现金流为非GAAP财务衡量指标。自由现金流指的是业务营业现金流减去资本支出后的所剩现金。


 

盈利摘要

单位为百万美元,每股收益除外。

 

 

1Q17

 

1Q16

 

变化

营业收入

$

3,402

$

3,008

 

13%

营业利润

$

1,252

$

984

 

27%

净收入

$

997

$

711

 

40%

每股收益

$

0.97

$

0.69

 

41%

现金流量

单位为百万美元。

 

 

 

 

 

最近连续12个月

 

 

 

1Q17

 

 

1Q17

 

 

1Q16

 

变化

营业现金流

 

$

795

 

$

4,756

 

$

4,347

 

9%

资本支出

 

$

127

 

$

534

 

$

552

 

-3%

自由现金流

 

$

668

 

$

4,222

 

$

3,795

 

11%

自由现金流占营业收入百分比

 

 

 

 

 

30.7%

 

 

29.5%

 

 

 

过去12个月中,资本支出占营业收入的4%,与TI的长期目标保持一致。

现金回报

单位为百万美元。

 

 

 

 

 

最近连续12个月

 

 

 

1Q17

 

 

1Q17

 

 

1Q16

 

变化

分派股息

 

$

500

 

$

1,763

 

$

1,471

 

20%

股票回购

 

$

550

 

$

2,052

 

$

2,701

 

-24%

总现金回报

 

$

1,050

 

$

3,815

 

$

4,172

 

-9%


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)

 

 

 

For Three Months Ended

 

 

March 31,

 

 

2017

 

2016

Revenue .......................................................................................................................................

 

$

3,402

 

$

3,008

Cost of revenue (COR) ................................................................................................................

 

 

1,258

 

 

1,179

Gross profit ..................................................................................................................................

 

 

2,144

 

 

1,829

Research and development (R&D) ...............................................................................................

 

 

369

 

 

322

Selling, general and administrative (SG&A) ................................................................................

 

 

439

 

 

441

Acquisition charges ......................................................................................................................

 

 

80

 

 

80

Restructuring charges/other ..........................................................................................................

 

 

4

 

 

2

Operating profit ............................................................................................................................

 

 

1,252

 

 

984

Other income (expense), net (OI&E) ...........................................................................................

 

 

21

 

 

(12)

Interest and debt expense .............................................................................................................

 

 

18

 

 

22

Income before income taxes .........................................................................................................

 

 

1,255

 

 

950

Provision for income taxes ...........................................................................................................

 

 

258

 

 

239

Net income ...................................................................................................................................

 

$

997

 

$

711

 

 

 

 

 

 

 

Diluted earnings per common share .............................................................................................

 

$

.97

 

$

.69

 

 

 

 

 

 

 

Average shares outstanding (millions):

 

 

 

 

 

 

Basic.........................................................................................................................................

 

 

998

 

 

1,007

Diluted......................................................................................................................................

 

 

1,019

 

 

1,022

 

 

 

 

 

 

 

Cash dividends declared per common share .................................................................................

 

$

.50

 

$

.38

 

 

 

 

 

 

 

Certain amounts in the prior period have been adjusted to reflect the following: (1) the fourth-quarter 2016 early adoption of ASU 2016-09 related to stock-based compensation, and (2) the first-quarter 2017 early adoption of ASU 2017-07 related to the reclassification of certain pension and other retiree benefit costs to OI&E.

 

Supplemental Information

 

Provision for income taxes is based on the following:

 

Operating taxes (calculated using the estimated annual effective tax rate) ....................................

 

$

382

 

$

281

Discrete tax items .........................................................................................................................

 

 

(124)

 

 

(42)

Provision for income taxes (effective taxes) .................................................................................

 

$

258

 

$

239

 

Operating tax rate .........................................................................................................................

 

 

30%

 

 

30%

Effective tax rate ...........................................................................................................................

 

 

21%

 

 

25%

 

As a result of accounting rule ASC 260, which requires a portion of Net income to be allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents, diluted EPS is calculated using the following:

 

Net income ...................................................................................................................................

 

$

997

 

$

711

Income allocated to RSUs ............................................................................................................

 

 

(10)

 

 

(9)

Income allocated to common stock for diluted EPS .....................................................................

 

$

987

 

$

702


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

 

 

 

 

March 31,

 

 

2017

 

2016

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents .......................................................................................................

 

$

1,073

 

$

1,281

Short-term investments ............................................................................................................

 

 

1,976

 

 

1,519

Accounts receivable, net of allowances of ($11) and ($11) .....................................................

 

 

1,337

 

 

1,269

Raw materials ......................................................................................................................

 

 

102

 

 

105

Work in process ..................................................................................................................

 

 

1,017

 

 

888

Finished goods ....................................................................................................................

 

 

724

 

 

812

Inventories ...............................................................................................................................

 

 

1,843

 

 

1,805

Prepaid expenses and other current assets ...............................................................................

 

 

811

 

 

785

Total current assets ..................................................................................................................

 

 

7,040

 

 

6,659

Property, plant and equipment at cost ...........................................................................................

 

 

4,833

 

 

5,290

Accumulated depreciation ........................................................................................................

 

 

(2,332)

 

 

(2,736)

Property, plant and equipment, net ...........................................................................................

 

 

2,501

 

 

2,554

Long-term investments .................................................................................................................

 

 

241

 

 

220

Goodwill, net ...............................................................................................................................

 

 

4,362

 

 

4,362

Acquisition-related intangibles, net ..............................................................................................

 

 

1,184

 

 

1,503

Deferred income taxes ..................................................................................................................

 

 

361

 

 

175

Capitalized software licenses, net .................................................................................................

 

 

116

 

 

53

Overfunded retirement plans ........................................................................................................

 

 

102

 

 

84

Other assets ..................................................................................................................................

 

 

71

 

 

76

Total assets ...................................................................................................................................

 

$

15,978

 

$

15,686

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of long-term debt ............................................................................................

 

$

378

 

$

1,249

Accounts payable .....................................................................................................................

 

 

429

 

 

387

Accrued compensation .............................................................................................................

 

 

352

 

 

340

Income taxes payable ...............................................................................................................

 

 

77

 

 

67

Accrued expenses and other liabilities .....................................................................................

 

 

366

 

 

377

Total current liabilities ..............................................................................................................

 

 

1,602

 

 

2,420

Long-term debt .............................................................................................................................

 

 

2,980

 

 

2,869

Underfunded retirement plans ......................................................................................................

 

 

97

 

 

195

Deferred income taxes ..................................................................................................................

 

 

36

 

 

38

Deferred credits and other liabilities .............................................................................................

 

 

624

 

 

382

Total liabilities ..............................................................................................................................

 

 

5,339

 

 

5,904

 


 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $25 par value. Authorized – 10,000,000 shares  

 

 

 

 

 

 

Participating cumulative preferred – None issued ...............................................................

 

 

 

 

Common stock, $1 par value. Authorized – 2,400,000,000 shares

 

 

 

 

 

 

Shares issued – 1,740,815,939 ...........................................................................................

 

 

1,741

 

 

1,741

Paid-in capital ..........................................................................................................................

 

 

1,597

 

 

1,515

Retained earnings ....................................................................................................................

 

 

33,595

 

 

31,500

Treasury common stock at cost

 

 

 

 

 

 

Shares: March 31, 2017 – 743,085,976; March 31, 2016 – 734,244,179 ..........................

 

 

(25,767)

 

 

(24,443)

Accumulated other comprehensive income (loss), net of taxes (AOCI) ..................................

 

 

(527)

 

 

(531)

Total stockholders’ equity .......................................................................................................

 

 

10,639

 

 

9,782

Total liabilities and stockholders’ equity ......................................................................................

 

$

15,978

 

$

15,686

 

Certain amounts in the prior period have been recast to conform to the current presentation.


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Millions of dollars)

 

 

 

 

For Three Months Ended

 

 

March 31,

 

 

2017

 

2016

Cash flows from operating activities

 

 

 

 

 

 

Net income ...............................................................................................................................

 

$

997

 

$

711

Adjustments to Net income:

 

 

 

 

 

 

Depreciation ........................................................................................................................

 

 

139

 

 

161

Amortization of acquisition-related intangibles ...................................................................

 

 

80

 

 

80

Amortization of capitalized software ...................................................................................

 

 

11

 

 

8

Stock compensation ............................................................................................................

 

 

68

 

 

72

Deferred income taxes .........................................................................................................

 

 

9

 

 

24

Increase (decrease) from changes in:

 

 

 

 

 

 

Accounts receivable ............................................................................................................

 

 

(68)

 

 

(100)

Inventories ..........................................................................................................................

 

 

(53)

 

 

(114)

Prepaid expenses and other current assets ...........................................................................

 

 

(71)

 

 

43

Accounts payable and accrued expenses .............................................................................

 

 

(78)

 

 

(41)

Accrued compensation ........................................................................................................

 

 

(356)

 

 

(322)

Income taxes payable ..........................................................................................................

 

 

149

 

 

131

Changes in funded status of retirement plans ...........................................................................

 

 

(14)

 

 

18

Other ........................................................................................................................................

 

 

(18)

 

 

(18)

Cash flows from operating activities ............................................................................................

 

 

795

 

 

653

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Capital expenditures .................................................................................................................

 

 

(127)

 

 

(124)

Proceeds from asset sales ........................................................................................................

 

 

40

 

 

Purchases of short-term investments .......................................................................................

 

 

(757)

 

 

(200)

Proceeds from short-term investments .....................................................................................

 

 

1,120

 

 

900

Other ........................................................................................................................................

 

 

(9)

 

 

(3)

Cash flows from investing activities ............................................................................................

 

 

267

 

 

573

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Repayment of debt ...................................................................................................................

 

 

(250)

 

 

Dividends paid .........................................................................................................................

 

 

(500)

 

 

(383)

Stock repurchases ....................................................................................................................

 

 

(550)

 

 

(630)

Proceeds from common stock transactions ..............................................................................

 

 

161

 

 

68

Other ........................................................................................................................................

 

 

(4)

 

 

Cash flows from financing activities ............................................................................................

 

 

(1,143)

 

 

(945)

 

 

 

 

 

 

 

Net change in Cash and cash equivalents .....................................................................................

 

 

(81)

 

 

281

Cash and cash equivalents at beginning of period ........................................................................

 

 

1,154

 

 

1,000

Cash and cash equivalents at end of period ..................................................................................

 

$

1,073

 

$

1,281

 

Certain amounts in the prior period have been recast to conform to the current presentation.


 

 业务分类季度业绩

单位为百万美元。

 

 

 

1Q17

 

 

1Q16

 

变化

模拟:

 

 

 

 

 

 

 

 

               营业收入

 

$

2,256

 

$

1,879

 

20%

               营业利润

 

$

935

 

$

688

 

36%

嵌入式处理:

 

 

 

 

 

 

 

 

              营业收入

 

$

803

 

$

729

 

10%

              营业利润

 

$

240

 

$

187

 

28%

其它:

 

 

 

 

 

 

 

 

              营业收入

 

$

343

 

$

400

 

-14%

              营业利润*

 

$

77

 

$

109

 

-29%

*包括收购、重组或其它费用。

与去年同期相比:

模拟:(包括电源、信号链和大容量模拟业务) 

l   营业收入的增长主要得益于电源和信号链产品营业收入的增加。大容量模拟营业收入也有所增长。

l   营业利润增加,主要得益于营业收入和相关毛利润的提升。

嵌入式处理(包括连接微控制器和处理器)

l   两个产品线的营业收入均实现增长,且增长量相同。

l   营业利润实现增长,主要得益于营业收入和相关毛利润的提升。

其它(包括DLP®产品、计算器、定制ASIC产品)

l   营业收入减少5,700万美元,营业利润下降3,200万美元。


 

GAAP财务信息

本新闻稿包括根据这一衡量标准计算的自由现金流及各种比值。这些财务衡量标准并不遵循美国一般公认会计原则(GAAP)。自由现金流的计算方法是从最直接可比GAAP衡量标准,经营活动所产生的现金流(也被称为经营现金流)中减去资本支出。

 

本公司认为,自由现金流和相关的比值能够深刻反映公司的流动资金、现金生成能力和潜在可回报投资者的现金金额,并帮助更好了解公司财务业绩。这些非GAAP衡量指标是可比GAAP衡量指标的补充。

下表中的数据是基于最直接可比GAAP的衡量标准经调整后所得出的数据。

 

单位为百万美元。

 

 

 

 

 

 

 

 

 

 

 

For 12 Months Ended

 

 

 

 

March 31,

 

 

 

 

2017

 

2016

 

Change

Cash flow from operations (GAAP) .....................................................................

 

$

4,756

 

$

4,347

 

9%

Capital expenditures ...............................................................................................

 

 

(534)

 

 

(552)

 

 

Free cash flow (non-GAAP) .................................................................................

 

$

4,222

 

$

3,795

 

11%

 

 

 

 

 

 

 

 

 

Revenue .................................................................................................................

 

$

13,764

 

$

12,858

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations as a percent of revenue (GAAP) ................................

 

 

34.6%

 

 

33.8%

 

 

Free cash flow as a percent of revenue (non-GAAP) ............................................

 

 

30.7%

 

 

29.5%

 

 

 

本新闻稿还包括对营业税率的引用,这是一个我们用来描述预估年度实际税率的非GAAP数据项,从定义上看,一个GAAP衡量标准不包括离散税项目。我们相信,由于营业税率更加清晰地描述了预估年度实际税率所代表的内容,即税率将会对我们运营的增量变化产生怎样的影响,这一数据项是有用的。对预估年度实际税率没有进行调整。