新闻稿

美国德州仪器公司发布 2016 第三季度财务业绩与股东回报,股息增长32%

北京讯(2016年11月4日)- 德州仪器公司(TI)(NASDAQ:TXN)日前公布其第三季度财务报告,营业收入为36.8亿美元,净收入9.68亿美元,每股收益94美分。
TI还将其季度股息提升了32%,达到每股50美分,而年度股息也增长至2美元。股息提升不仅反映了TI在自由现金流生成方面持续的强劲表现,同时也体现了公司致力于于将盈余现金返回给股东的承诺。季度股息目前已正式公布,并将于2016年11月21日进行支付,支付对象为截止2016年11月7日前在录的股东。
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:

  • “第三季度的营业收入和每股收益略微超出我们的预期范围。相较于去年同期,我们的产品仍然在汽车市场中保持着强劲的需求,同时在工业市场中也实现了增长。个人电子市场需求与去年同期基本持平。”
  • “在我们的核心业务中,嵌入式处理产品的营业收入同比增加10%,模拟产品的营业收入同比增加6%。两项业务的营业毛利均有所提高。”
  • “62%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。”
  • “在过去的12个月中,我们通过运营所产生的现金流达到45亿美元,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8%,达到39亿美元,占营业收入的29.5%,较去年同期的27.5%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38亿美元,这与我们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收益的策略保持一致。”
  • “我们的资产负债表依然强劲,本季度末账面上有31亿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117天。”
  • “德州仪器在2016年第四季度的预期是:营业收入范围在31.7亿美元至34.3亿美元之间,每股收益范围在76美分至86美分之间。2016年,TI的年度有效税率预计约为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 年第三季度

 

2015 年第三季度

变化

营业收入

$

3,675

$

3,429

7%

营业利润

$

1,395

$

1,164

20%

净收入

$

968

$

798

21%

每股收益

$

0.94

$

0.76

24%

现金流量
单位为百万美元。

       

最近连续 12 个月

   

2016 年第三季度

   

2016 年第三季度

 

2015 年第三季度

变化

营业现金流

$

1413

 

$

4,459

$

4,110

8%

资本支出

$

139

 

$

585

$

512

14%

自由现金流

$

1,274

 

$

3,874

$

3,598

8%

自由现金流占营业收入的百分比

       

29.5%

 

27.5%

 


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

   

2016 年第三季度

   

2016 年第三季度

 

2015 年第三季度

变化

分派股息

$

382

 

$

1,533

$

1,414

8%

股票回购

$

500

 

$

2,284

$

2,812

-19%

总现金回报

$

882

 

$

3,817

$

4,226

-10%

 

 

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

For Three Months Ended

September 30,

2016

2015

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

$

3,675

$

3,429

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

 

1,395

 

1,432

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

 

2,280

 

1,997

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

 

356

 

316

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

 

448

 

434

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

 

80

 

83

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

 

1

 

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

 

1,395

 

1,164

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

 

4

 

6

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

 

18

 

22

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

 

1,381

 

1,148

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

 

413

 

350

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

$

968

$

798

   

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

$

.94

$

.76

   

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

 

1,017

 

1,035

   

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

$

968

$

798

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

 

(11)

 

(11)

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

$

957

$

787



TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets
(Millions of dollars, except share amounts)

September 30,

2016

2015

Assets

Current assets:

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

$

1,369

$

1,133

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

1,768

1,602

Accounts receivable, net of allowances of ($14) and ($16) .....................................................

1,447

1,481

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

104

108

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

949

913

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

755

750

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

1,808

1,771

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

789

945

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

7,181

6,932

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

4,982

5,742

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

(2,437)

(3,113)

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

2,545

2,629

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

233

216

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

4,362

4,362

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

1,344

1,662

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

355

247

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

50

54

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

64

76

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

82

81

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

$

16,216

$

16,259

Liabilities and stockholders’ equity

Current liabilities:

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

$

634

$

1,000

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

428

367

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

647

615

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

68

84

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

393

431

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

2,170

2,497

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

2,977

3,121

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

201

247

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

35

41

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

547

383

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

5,930

6,289

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

   

1,757

   

1,562

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

   

32,432

   

30,731

Treasury common stock at cost

           

Shares: September 30, 2016 – 739,693,480; September 30, 2015 – 721,186,352 ..............

   

(25,102)

   

(23,551)

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

   

(542)

   

(513)

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

   

10,286

   

9,970

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

 

$

16,216

 

$

16,259

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

September 30,

 

2016

 

2015

Cash flows from operating activities

   

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

$

968

$

798

Adjustments to Net income:

   

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

 

150

 

193

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

 

80

 

80

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

 

7

 

12

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

 

56

 

66

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

 

(125)

 

(50)

Increase (decrease) from changes in:

   

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

 

(98)

 

(47)

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

 

68

 

114

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

 

95

 

40

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

 

9

 

(48)

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

 

149

 

132

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

 

47

 

99

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

 

24

 

24

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

 

(17)

 

(4)

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

 

1,413

 

1,409

   

Cash flows from investing activities

   

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

 

(139)

 

(139)

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

 

(978)

 

(459)

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

 

515

 

980

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

 

(1)

 

7

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

 

(603)

 

389

   

Cash flows from financing activities

   

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

 

 

(750)

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

 

(382)

 

(348)

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

 

(500)

 

(790)

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

 

159

 

35

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

 

47

 

4

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

 

(676)

 

(1,849)

   

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

 

134

 

(51)

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

 

1,235

 

1,184

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

$

1,369

$

1,133



2016年第三季度各业务单元业绩
百万美元。

 

2016 年第三季度

 

2015 年第三季度

变化

模拟:

         

               营业收入

$

2,323

$

2,182

6%

               营业利润

$

949

$

812

17%

嵌入式处理:

         

              营业收入

$

795

$

725

10%

              营业利润

$

220

$

174

26%

其它:

         

              营业收入

$

557

$

522

7%

              营业利润*

$

226

$

178

27%

                       
*包括收购、重组或其它费用。


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

  • 营业收入的上升主要得益于高性能模拟、硅谷模拟和电源产品营业收入的增加。大容量模拟与逻辑产品营业收入基本持平。
  • 营业利润增加,主要是由于较高的营业收入和较低的生产成本。

嵌入式处理(包括处理器、微控制器和连接业务)

  • 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较高的营业收入和相关的毛利润提升。

其它(包括DLP®产品、计算器、定制ASIC产品和版权费用)

  • 营业收入的上升主要得益于计算器和DLP产品营业收入的增加,版权费用及定制ASIC产品营业收入有所下降。
  • 营业利润的增长主要得益于较高的营业收入和相关的毛利润提升。

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

 
 

September 30,

 
 

2016

 

2015

 

Change

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

 

$

4,459

 

$

4,110

 

8%

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

   

(585)

   

(512)

 

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

 

$

3,874

 

$

3,598

 

8%

         

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

 

$

13,145

 

$

13,080

 
         

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

   

33.9%

   

31.4%

 

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

   

29.5%

   

27.5%