新闻稿

美国德州仪器公司发布2016第二季度财务业绩与股东回报

Untitled Document

北京讯(2016年7月29日)- 德州仪器公司(TI)(NASDAQ:TXN)日前公布其第二季度财务报告,营业收入为32.7亿美元,净收入7.79亿美元,每股收益76美分。
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作以下说明:

  • “在我们的核心业务中,嵌入式处理产品的营业收入增加了9%,模拟产品的营业收入与去年同期基本持平。两项业务的营业毛利均有所提高。”
  • “毛利率达到61.2%新高,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。”
  • “过去12个月经营业务现金流达到45亿美元,再一次体现了公司商业模式的优势。过去12个月的自由现金流同比增长7%,达到39亿美元,占营业收入的30.0%,相较于去年同期的27.4%有所提升。”
  • “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41亿美元。”
  • “我们的策略是将全部无需用来偿还净债务的现金流作为股东回报,并回报给他们权益计酬的收益,这反映了我们对业务模式实现长期可持续性发展的信心。”
  • “我们的资产负债表依然强劲,本季度末账面上有25亿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。截至本季度末,库存周转天数为133天。”
  • “德州仪器预期在2016年第三季度,营业收入范围在33.4亿美元至36.2亿美元之间,每股收益范围在81美分到91美分之间。2016年,TI的年度有效税率预计将为30%,与此前的预期保持一致。”

自由现金流为非GAAP财务衡量指标。自由现金流指的是业务经营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。

 

 

 

2016年第二季度

 

 

2015年第二季度

 

变化

营业收入

 

$

3,273

 

$

3,232

 

1%

营业利润

 

$

1,117

 

$

1,010

 

11%

净收入

 

$

779

 

$

696

 

12%

每股收益

 

$

0.76

 

$

0.65

 

17%

现金流量
单位为百万美元。

 

 

 

 

 

最近连续12个月

 

 

 

2016年第二季度

 

 

2016年第二季度

 

 

2015年第二季度

 

变化

营业现金流

 

$

1,069

 

$

4,455

 

$

4,084

 

9%

资本支出

 

$

158

 

$

585

 

$

476

 

23%

自由现金流

 

$

911

 

$

3,870

 

$

3,608

 

7%

自由现金流占营业收入百分比比%

 

 

 

 

 

30.0%

 

 

27.4%

 

 

过去12个月中,资本支出占营业收入的4.5%,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

 

 

 

2016年第二季度

 

 

2016年第二季度

 

 

2015年第二季度

 

变化

分派股息

 

$

382

 

$

1,499

 

$

1,385

 

8%

股票回购

 

$

527

 

$

2,574

 

$

2,692

 

-4%

总现金回报

 

$

909

 

$

4,073

 

$

4,077

 

0%

公司的目标现金回报模式为所有自由现金流加上权益计酬计划的收益,再减去净债务偿还。

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
(Millions of dollars, except share and per-share amounts)

 

 

 

For Three Months Ended

 

 

June 30,

 

 

2016

 

2015

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

 

$

3,273

 

$

3,232

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

 

 

1,270

 

 

1,351

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

 

 

2,003

 

 

1,881

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

 

 

345

 

 

320

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

 

 

460

 

 

470

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

 

 

79

 

 

82

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

 

 

2

 

 

(1)

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

 

 

1,117

 

 

1,010

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

 

 

6

 

 

3

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

 

 

21

 

 

24

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

 

 

1,102

 

 

989

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

 

 

323

 

 

293

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

 

$

779

 

$

696

 

 

 

 

 

 

 

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

 

$

.76

 

$

.65

 

 

 

 

 

 

 

Average diluted shares outstanding (millions) .....................................................................

 

 

1,016

 

 

1,051

 

 

 

 

 

 

 

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

 

$

.38

 

$

.34

 

 

 

 

 

 

 

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 .........................................................................................................................

 

$

779

 

$

696

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

 

 

(10)

 

 

(10)

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

 

$

769

 

$

686


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(Millions of dollars, except share amounts)

 

 

 

June 30,

 

 

2016

 

2015

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

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

 

$

1,235

 

$

1,184

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

 

 

1,304

 

 

2,122

Accounts receivable, net of allowances of ($20) and ($17) ............................................

 

 

1,348

 

 

1,434

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

 

 

104

 

 

112

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

 

 

946

 

 

940

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

 

 

826

 

 

833

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

 

 

1,876

 

 

1,885

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

 

 

926

 

 

1,089

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

 

 

6,689

 

 

7,714

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

 

 

5,152

 

 

6,097

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

 

 

(2,595)

 

 

(3,412)

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

 

 

2,557

 

 

2,685

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

 

 

224

 

 

228

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

 

 

4,362

 

 

4,362

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

 

 

1,424

 

 

1,742

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

 

 

231

 

 

200

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

 

 

52

 

 

63

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

 

 

85

 

 

127

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

 

 

69

 

 

83

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

 

$

15,693

 

$

17,204

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

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

 

$

637

 

$

1,750

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

 

 

416

 

 

417

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

 

 

493

 

 

481

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

 

 

58

 

 

117

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

 

 

387

 

 

425

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

 

 

1,991

 

 

3,190

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

 

 

2,975

 

 

3,123

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

 

 

193

 

 

254

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

 

 

40

 

 

42

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

 

 

532

 

 

390

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

 

 

5,731

 

 

6,999

 

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 .................................................................................................................

 

 

1,681

 

 

1,504

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

 

 

31,850

 

 

30,286

Treasury common stock at cost

 

 

 

 

 

 

Shares: June 30, 2016 – 737,467,669; June 30, 2015 – 706,714,155 ........................

 

 

(24,774)

 

 

(22,812)

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

 

 

(536)

 

 

(514)

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

 

 

9,962

 

 

10,205

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

 

$

15,693

 

$

17,204

Certain amounts in the prior period’s balance sheet have been reclassified to conform to the current presentation.

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Millions of dollars)

 

 

For Three Months Ended

 

 

June 30,

 

 

2016

 

2015

Cash flows from operating activities

 

 

 

 

 

 

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

 

$

779

 

$

696

Adjustments to Net income:

 

 

 

 

 

 

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

 

 

155

 

 

198

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

 

 

79

 

 

80

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

 

 

8

 

 

13

Stock-based compensation ..........................................................................................

 

 

76

 

 

84

Gains on sales of assets ..............................................................................................

 

 

 

 

(2)

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

 

 

(59)

 

 

(57)

Increase (decrease) from changes in:

 

 

 

 

 

 

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

 

 

(76)

 

 

(40)

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

 

 

(71)

 

 

(41)

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

 

 

(8)

 

 

(5)

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

 

 

39

 

 

(34)

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

 

 

147

 

 

125

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

 

 

(25)

 

 

(225)

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

 

 

14

 

 

22

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

 

 

11

 

 

6

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

 

 

1,069

 

 

820

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

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

 

 

(158)

 

 

(125)

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

 

 

 

 

9

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

 

 

(993)

 

 

(919)

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

 

 

1,210

 

 

860

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

 

 

6

 

 

1

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

 

 

65

 

 

(174)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from issuance of long-term debt ......................................................................

 

 

499

 

 

498

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

 

 

(1,000)

 

 

(250)

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

 

 

(382)

 

 

(354)

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

 

 

(527)

 

 

(654)

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

 

 

194

 

 

51

Excess tax benefit from share-based payments ...............................................................

 

 

39

 

 

8

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

 

 

(3)

 

 

(3)

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

 

 

(1,180)

 

 

(704)

 

 

 

 

 

 

 

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

 

 

(46)

 

 

(58)

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

 

 

1,281

 

 

1,242

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

 

$

1,235

 

$

1,184


2016年第二季度各业务单元业绩
单位为百万美元。

 

 

 

2016年第二季度

 

 

2015年第二季度

 

变化

模拟:

 

 

 

 

 

 

 

 

营业收入

 

$

2,044

 

$

2,049

 

0%

营业利润

 

$

771

 

$

728

 

6%

嵌入式处理:

 

 

 

 

 

 

 

 

营业收入

 

$

755

 

$

690

 

9%

营业利润

 

$

189

 

$

135

 

40%

其他:

 

 

 

 

 

 

 

 

营业收入

 

$

474

 

$

493

 

-4%

营业利润*

 

$

157

 

$

147

 

7%

* 包括并购、重组其他费用。

与去年同期相比:
模拟:(包括大容量模拟与逻辑,电源管理,高性能模拟硅谷模拟业务)

  • 高性能模拟和硅谷模拟产品业务有所增长,大容量模拟与逻辑及电源管理产品业务有所下降,营业收入基本持平。
  • 制造成本的下降导致毛利率的提升,实现了营业利润的增长。

嵌入式处理:(包括微控制器,处理器和连接业务

  • 三个产品线的营业收入都有所增长,其中处理器产品的增长最为显著。
  • 营业利润的增长主要得益于营业收入以及相关毛利率的提升。

其他:(包括DLP®产品,计算器定制ASIC产品版权费用)

  • 计算器、版权费用和定制ASIC业务有所减少,导致营业收入下降。DLP产品业务实现增长。
  • 营业利润增加1,000万美元。

非GAAP财务信息
自由现金流及相关比值

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依照最直接可比GAAP衡量标准,从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,并帮助更好地了解公司财务业绩。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对比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

 

 

 

 

June 30,

 

 

 

 

2016

 

2015

 

Change

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

 

$

4,455

 

$

4,084

 

9%

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

 

 

(585)

 

 

(476)

 

 

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

 

$

3,870

 

$

3,608

 

7%

 

 

 

 

 

 

 

 

 

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

 

$

12,899

 

$

13,152

 

 

 

 

 

 

 

 

 

 

 

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

 

 

34.5%

 

 

31.1%

 

 

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

 

 

30.0%

 

 

27.4%