新闻稿

德州仪器公司(TI)发布2018年第二季度财务业绩与股东回报

德州仪器公司(TI)发布2018年第二季度财务业绩与股东回报

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40.2亿美元,净收入14.1亿美元,每股收益1.40美元。其中,每股收益包括未涵盖在公司原始计划中的3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:

  • “营业收入较去年同期增长9%。TI的模拟及嵌入式处理产品在工业和汽车市场中仍然保持强劲的需求。”
  • “过去一年,通过公司运营产生的现金流达到66亿美元,再次体现了公司商业模式的优势。自由现金流达到57亿美元,占营业收入的36.6%。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(12英寸)模拟产品生产所具有的优势。”
  • “过去一年,通过股票回购和分派股息,我们给股东们的回报达到56亿美元,这与我们将所有自由现金流回报给股东的策略相一致。在过去的12个月中,我们分派的股息在自由现金流中的占比达到41%,体现了其可持续性。”
  •  “德州仪器在2018年第三季度的预期是:营业收入范围在41.1亿美元至44.5亿美元之间,每股收益范围在1.41美元至1.63美元之间,其中包括估值为1000万美元的离散税收益。2018年与2019年的年度营业税率预计分别为20%与16%。”
  • 自由现金流为非GAAP财务衡量指标。自由现金流指的是经营活动产生的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。

 

 

2Q18

 

2Q17

 

  变化

营业收入

$

4,017

$

3,693

 

9%

营业利润

$

1,712

$

1,480

 

16%

净收入

$

1,405

$

1,056

 

33%

每股收益

$

1.40

$

1.03

 

36%

现金流量
单位为百万美元。

 

 

 

 

 

最近连续12个月

 

 

 

2Q18

 

 

2Q18

 

 

2Q17

 

  变化

经营现金流

 

$

1,826

 

$

6,589

 

$

4,564

 

44%

资本支出

 

$

249

 

$

855

 

$

527

 

62%

自由现金流

 

$

1,577

 

$

5,734

 

$

4,037

 

42%

自由现金流占营业收入百分比

 

 

 

 

 

36.6%%

 

 

28.5%

 

 

现金回报
单位为百万美元。

 

 

 

 

 

最近连续12个月

 

 

 

2Q18

 

 

2Q18

 

 

2Q17

 

   变化

分派股息

 

$

606

 

$

2,323

 

$

1,879

 

24%

股票回购

 

$

1,018

 

$

3,247

 

$

2,175

 

49%

总现金回报

 

$

1,624

 

$

5,570

 

$

4,054

 

37%


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

 

 

For Three Months Ended

 

 

June 30,

 

 

2018

 

2017

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

 

$

4,017

 

$

3,693

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

 

 

1,398

 

 

1,319

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

 

 

2,619

 

 

2,374

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

 

 

384

 

 

378

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

 

 

441

 

 

434

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

 

 

79

 

 

79

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

 

 

3

 

 

3

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

 

 

1,712

 

 

1,480

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

 

 

24

 

 

26

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

 

 

30

 

 

20

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

 

 

1,706

 

 

1,486

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

 

 

301

 

 

430

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

 

$

1,405

 

$

1,056

 

 

 

 

 

 

 

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

 

$

1.40

 

$

1.03

 

 

 

 

 

 

 

Average shares outstanding (millions):

 

 

 

 

 

 

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

 

 

977

 

 

994

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

 

 

997

 

 

1,015

 

 

 

 

 

 

 

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

 

$

.62

 

$

.50

 

 

 

 

 

 

 

 

 

Supplemental Information

(Quarterly, except as noted)

 

Provision for income taxes is based on the following:

 

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

 

$

344

 

$

458

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

 

 

(43)

 

 

(28)

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

 

$

301

 

$

430

 

Annual operating tax rate ...................................................................................................

 

 

20%

 

 

31%

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

 

 

18%

 

 

29%

 

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

 

$

1,405

 

$

1,056

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

 

 

(11)

 

 

(10)

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

 

$

1,394

 

$

1,046

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

 

 

June 30,

 

 

2018

 

2017

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

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

 

$

2,919

 

$

1,140

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

 

 

2,211

 

 

1,844

Accounts receivable, net of allowances of ($8) and ($11) ............................................

 

 

1,551

 

 

1,469

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

 

 

155

 

 

109

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

 

 

1,079

 

 

1,099

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

 

 

856

 

 

739

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

 

 

2,090

 

 

1,947

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

 

 

821

 

 

1,111

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

 

 

9,592

 

 

7,511

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

 

 

5,025

 

 

4,656

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

 

 

(2,170)

 

 

(2,142)

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

 

 

2,855

 

 

2,514

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

 

 

271

 

 

250

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

 

 

4,362

 

 

4,362

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

 

 

787

 

 

1,105

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

 

 

205

 

 

412

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

 

 

101

 

 

114

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

 

 

205

 

 

99

Other long-term assets .......................................................................................................

 

 

149

 

 

71

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

 

$

18,527

 

$

16,438

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

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

 

$

----

 

$

499

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

 

 

492

 

 

450

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

 

 

472

 

 

489

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

 

 

120

 

 

86

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

 

 

382

 

 

353

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

 

 

1,466

 

 

1,877

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

 

 

5,066

 

 

3,084

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

 

 

82

 

 

101

Deferred tax liabilities .........................................................................................................

 

 

50

 

 

33

Other long-term liabilities ....................................................................................................

 

 

1,229

 

 

635

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

 

 

7,893

 

 

5,730


 

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

 

 

1,867

 

 

1,683

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

 

 

36,413

 

 

34,149

Treasury common stock at cost

 

 

 

 

 

 

Shares: March 31, 2018 – 759,098,020; March 31, 2017 – 743,085,976 .................

 

 

(29,016)

 

 

(26,345)

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

 

 

(371)

 

 

(520)

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

 

 

10,634

 

 

10,708

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

 

$

18,527

 

$

16,438

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

 

 

For Three Months Ended

 

 

June 30,

 

 

2018

 

2017

Cash flows from operating activities

 

 

 

 

 

 

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

 

$

1,405

 

$

1,056

Adjustments to Net income:

 

 

 

 

 

 

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

 

 

144

 

 

134

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

 

 

79

 

 

79

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

 

 

10

 

 

12

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

 

 

74

 

 

75

Deferred taxes ...........................................................................................................

 

 

1

 

 

(54)

Increase (decrease) from changes in:

 

 

 

 

 

 

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

 

 

(97)

 

 

(132)

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

 

 

(58)

 

 

(104)

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

 

 

61

 

 

83

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

 

 

6

 

 

12

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

 

 

123

 

 

131

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

 

 

120

 

 

(385)

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

 

 

29

 

 

19

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

 

 

(71)

 

 

(9)

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

 

 

1,826

 

 

917

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

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

 

 

(249)

 

 

(151)

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

 

 

(1,213)

 

 

(1,130)

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

 

 

1,375

 

 

1,265

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

 

 

1,445

 

 

1,120

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

 

 

6

 

 

8

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

 

 

(81)

 

 

(8)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

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

 

 

1,500

 

 

605

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

 

 

(500)

 

 

(375)

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

 

 

(606)

 

 

(498)

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

 

 

(1,018)

 

 

(650)

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

 

 

102

 

 

84

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

 

 

(21)

 

 

(8)

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

 

 

(543)

 

 

(842)

 

 

 

 

 

 

 

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

 

 

1,202

 

 

67

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

 

 

1,717

 

 

1,073

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

 

$

2,919

 

$

1,140

 

各业务单元季度业绩
单位为百万美元。

 

 

 

2Q18

 

 

2Q17

 

变化

模拟:

 

 

 

 

 

 

 

 

            营业收入

 

$

2,690

 

$

2,411

 

12%

            营业利润

 

$

1,263

 

$

1,077

 

17%

嵌入式处理:

 

 

 

 

 

 

 

 

            营业收入

 

$

943

 

$

868

 

9%

            营业利润

 

$

334

 

$

271

 

23%

其它:

 

 

 

 

 

 

 

 

            营业收入

 

$

384

 

$

414

 

(7)%

            营业利润*

 

$

115

 

$

132

 

(13)%

*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) 

  • 营业收入的增长主要得益于电源和信号链产品。大容量模拟业务减少。
  • 营业利润增加主要得益于更高的营业收入和相关毛利率。

嵌入式处理(包括连接微控制器和处理器)

  • 两条产品线营业收入均实现增长。
  • 营业利润增加主要得益于更高的营业收入和相关毛利率。

其它(包括DLP®产品、计算器、定制ASIC产品)

  • 营业收入减少3,000万美元,营业利润下降1,700万美元。

 

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未包括在美国一般公认的会计原则(GAAP)中。自由现金流的计算方法是从最直接可比的GAAP衡量标准中的经营活动所产生的现金流(也被称为经营现金流)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

 

 

 

 

June 30,

 

 

 

 

2018

 

2017

 

Change

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

 

$

6,589

 

$

4, 564

 

44%

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

 

 

(855)

 

 

(527)

 

 

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

 

$

5,734

 

$

4,037

 

42%

 

 

 

 

 

 

 

 

 

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

 

$

15,672

 

$

14,184

 

 

 

 

 

 

 

 

 

 

 

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

 

 

42.0%

 

 

32.2%

 

 

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

 

 

36.6%

 

 

28.5%

 

 

本新闻稿还包括对年度营业税率的参考,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。在使用年度营业税率时对预估年度实际税率没有进行调整。