德州儀器（TI）（納斯達(dá)克代碼：TXN）公布其第一季度營收為29.8億美元，凈收入4.87億美元，每股收益44美分。業(yè)績報告中包括3,700萬美元的收益，該收益并未包含在公司此前的前瞻報告中；由于出售了一處網(wǎng)點(diǎn)以及與此前宣布的重組措施相關(guān)的其它資產(chǎn)，每股盈利增長2美分。
關(guān)于公司業(yè)績及股東回報，TI公司董事長、總裁兼首席執(zhí)行官Rich Templeton發(fā)表了如下意見:
· “本季度的收入和盈利處于我們預(yù)期范圍內(nèi)的中上水平，標(biāo)志著本年度的良好開局。
· “與去年相比，我們的營收增長了3％，若不計傳統(tǒng)的無線產(chǎn)品運(yùn)營收入，則營收增長為11％。模擬和嵌入式處理器業(yè)務(wù)收入占第一季度營收的84％。
· “毛利率達(dá)到53.9％，表現(xiàn)強(qiáng)勁，體現(xiàn)了我們模擬和嵌入式處理器業(yè)務(wù)的有效組合以及高效的生產(chǎn)戰(zhàn)略。
· “我們的商業(yè)模式在運(yùn)營過程中持續(xù)產(chǎn)生強(qiáng)勁的現(xiàn)金流。過去12個月的自由現(xiàn)金流接近31億美元，同比增長8％，占營收的25％。這與我們20％-30％的目標(biāo)一致。這一目標(biāo)比早前所定的第一季度20-25％的目標(biāo)調(diào)高了5個百分點(diǎn)。。
· “過去的12個月中，通過分派股息和股票回購，我們給股東們的回報達(dá)到$42億美元。我們的股息策略是將全部無需用來償還債務(wù)的現(xiàn)金流作為股東回報，并回報給他們權(quán)益計酬計劃的收益，這反映了我們對我們的業(yè)務(wù)模式實(shí)現(xiàn)長期可持續(xù)性發(fā)展的信心。在過去的12個月中，我們的股東回報達(dá)到目標(biāo)金額的99％。
· “我們的資產(chǎn)負(fù)債表依然強(qiáng)勁，本季度末賬面上有40億美元的現(xiàn)金和短期投資，其中84％歸我公司在美國的實(shí)體所擁有。庫存周轉(zhuǎn)天數(shù)為112天，符合我們所設(shè)定的105-115天的目標(biāo)。
· “TI公司在2014年第二季度的預(yù)期是：營收范圍在31.4億美元至34億美元之間，每股收益范圍在0.55美元至0.63美元之間。營業(yè)收入的中間值顯示了7％的年增長，若不計傳統(tǒng)無線業(yè)務(wù)，年增長為13％。2014年度的實(shí)際稅率預(yù)期約為28％，高于我們之前做出的約27％的預(yù)期。
不計傳統(tǒng)無線業(yè)務(wù)的營收和自由現(xiàn)金流計算為非一般公認(rèn)會計原則（GAAP）財務(wù)措施。自由現(xiàn)金流指的是業(yè)務(wù)經(jīng)營活動現(xiàn)金流減去資本支出后的所?，F(xiàn)金。
盈利摘要
Amounts are in millions of dollars, except per-share amounts.
|
|
|
|
|
|
|
|
1Q14 |
1Q13 |
Change |
|
|
Revenue |
$ 2,983 |
$ 2,885 |
3% |
|
|
Operating profit |
$ 690 |
$ 395 |
75% |
|
|
Net income |
$ 487 |
$ 362 |
35% |
|
|
Earnings per share |
$ .44 |
$ .32 |
38%
|
|
現(xiàn)金流量
Amounts are in millions of dollars.
|
|
|
|
|
||
|
|
|
|
Trailing 12 Months |
||
|
|
1Q14 |
|
1Q14 |
1Q13 |
Change |
|
Cash flow from operations Capital expenditures Free cash flow Free cash flow % of revenue |
$ 462 $ 77 $ 385 13% |
|
$ 3,486 $ 405 $ 3,081 25% |
$ 3,324 $ 476 $ 2,848 23%
|
5% -15% 8%
|
Capital expenditures for the past twelve months were 3 percent of revenue.
現(xiàn)金回報
Amounts are in millions of dollars.
|
|
|
|
|
||
|
|
|
|
Trailing 12 Months |
||
|
|
1Q14 |
|
1Q14 |
1Q13 |
Change |
|
Dividends paid Stock repurchases Total cash returned
|
$ 325 $ 720 $ 1,045
|
|
$ 1,268 $ 2,909 $ 4,177
|
$ 856 $ 2,179 $ 3,035
|
48% 34% 38%
|
去年十二個月的現(xiàn)金回報總額達(dá)到公司現(xiàn)金回報目標(biāo)的99％（自由現(xiàn)金流減去凈負(fù)債償還，再加上權(quán)益計酬計劃的收益）。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
(Millions of dollars, except share and per-share amounts)
|
|
For Three Months Ended Mar. 31, |
|
|||||
|
|
|
2014 |
|
2013 |
|||
|
|
|
|
|
|
|||
|
Revenue .................................................................................................. .................................................................................................................... |
|
$ 2,983 |
|
$ 2,885 |
|||
|
Cost of revenue ..................................................................................... |
|
1,376 |
|
1,511 |
|||
|
Gross profit ............................................................................................. |
|
1,607 |
|
1,374 |
|||
|
Research and development (R&D) ..................................................... |
|
366 |
|
419 |
|||
|
Selling, general and administrative (SG&A) ...................................... |
|
479 |
|
459 |
|||
|
Acquisition charges................................................................................ |
|
83 |
|
86 |
|||
|
Restructuring charges/other.................................................................. |
|
(11) |
|
15 |
|||
|
Operating profit ..................................................................................... |
|
690 |
|
395 |
|||
|
Other income (expense), net ................................................................ |
|
6 |
|
2 |
|||
|
Interest and debt expense .................................................................... |
|
25 |
|
23 |
|||
|
Income before income taxes ................................................................. |
|
671 |
|
374 |
|||
|
Provision for income taxes ................................................................... |
|
184 |
|
12 |
|||
|
Net income .............................................................................................. |
|
$ 487 |
|
$ 362 |
|||
|
|
|
|
|
|
|||
|
Earnings per common share: |
|
|
|
|
|||
|
Basic .................................................................................................... |
|
$ .44 |
|
$ .32 |
|||
|
Diluted ................................................................................................. |
|
$ .44 |
|
$ .32 |
|||
|
|
|
|
|
|
|||
|
Average shares outstanding (millions): |
|
|
|
|
|||
|
Basic .................................................................................................... |
|
1,081 |
|
1,107 |
|||
|
Diluted ................................................................................................. |
|
1,096 |
|
1,123 |
|||
|
|
|
|
|
|
|||
|
Cash dividends declared per share of common stock ..................... |
|
$ .30 |
|
$ .21 |
|||
|
|
|
|
|
|
|||
|
Percentage of revenue: |
|
|
|
|
|||
|
Gross profit ............................................................................................. |
|
53.9% |
|
47.6% |
|||
|
R&D ......................................................................................................... |
|
12.3% |
|
14.5% |
|||
|
SG&A ...................................................................................................... |
|
16.1% |
|
15.9% |
|||
|
Operating profit ..................................................................................... |
|
23.1% |
|
13.7% |
|||
As required by accounting rule ASC 260, net income allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, is excluded from the calculation of EPS. $7 million is excluded for both the quarters ending March 31, 2014 and 2013.
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(Millions of dollars, except share amounts)
|
|
|
Mar. 31, 2014 |
|
Mar. 31, 2013 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents ......................................................................... |
|
$ 1,565 |
|
$ 1,393 |
Short-term investments ............................................................................... |
|
2,467 |
|
2,469 |
Accounts receivable, net of allowances of ($23) and ($26) ................... |
|
1,355 |
|
1,333 |
Raw materials ................................................................................................ |
|
95 |
|
99 |
Work in process ........................................................................................... |
|
898 |
|
930 |
Finished goods ............................................................................................. |
|
721 |
|
671 |
Inventories .................................................................................................... |
|
1,714 |
|
1,700 |
Deferred income taxes ................................................................................. |
|
383 |
|
469 |
Prepaid expenses and other current assets .............................................. |
|
876 |
|
841 |
Total current assets ..................................................................................... |
|
8,360 |
|
8,205 |
Property, plant and equipment at cost .......................................................... |
|
6,426 |
|
6,773 |
Accumulated depreciation .......................................................................... |
|
(3,247) |
|
(3,034) |
Property, plant and equipment, net ........................................................... |
|
3,179 |
|
3,739 |
Long-term investments ................................................................................... |
|
212 |
|
204 |
Goodwill, net....................................................................................................... |
|
4,362 |
|
4,362 |
Acquisition-related intangibles, net .............................................................. |
|
2,142 |
|
2,473 |
Deferred income taxes ..................................................................................... |
|
200 |
|
264 |
Capitalized software licenses, net .................................................................. |
|
111 |
|
169 |
Overfunded retirement plans............................................................................ |
|
129 |
|
62 |
Other assets ...................................................................................................... |
|
240 |
|
223 |
Total assets ....................................................................................................... |
|
$ 18,935 |
|
$ 19,701 |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Current portion of long-term debt ............................................................. |
|
$ 1,000 |
|
$ 1,500 |
Accounts payable ........................................................................................ |
|
405 |
|
440 |
Accrued compensation ............................................................................... |
|
364 |
|
365 |
Income taxes payable .................................................................................. |
|
101 |
|
109 |
Deferred income taxes ................................................................................. |
|
1 |
|
2 |
Accrued expenses and other liabilities ..................................................... |
|
600 |
|
694 |
Total current liabilities ................................................................................. |
|
2,471 |
|
3,110 |
Long-term debt ................................................................................................. |
|
4,652 |
|
4,183 |
Underfunded retirement plans ....................................................................... |
|
218 |
|
258 |
Deferred income taxes ..................................................................................... |
|
536 |
|
598 |
Deferred credits and other liabilities ............................................................. |
|
438 |
|
600 |
Total liabilities .................................................................................................. |
|
8,315 |
|
8,749 |
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 ................................................................................................ |
|
1,181 |
|
1,049 |
Retained earnings ......................................................................................... |
|
28,331 |
|
27,330 |
Treasury common stock at cost.... Shares: Mar. 31, 2014 – 661,464,745; Mar. 31, 2013 –631,661,551................................................................................................. |
|
(20,113) |
|
(18,518) |
Accumulated other comprehensive income (loss), net of taxes ............ |
|
(520) |
|
(650) |
Total stockholders’ equity .......................................................................... |
|
10,620 |
|
10,952 |
Total liabilities and stockholders’ equity ...................................................... |
|
$ 18,935 |
|
$ 19,701 |
Certain amounts in the prior period’s financial statement 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 Mar. 31, |
|
|||||
|
|
|
2014 |
|
2013 |
|||
Cash flows from operating activities: |
|
|
|
|
|||
Net income ..................................................................................... |
|
$ 487 |
|
$ 362 |
|||
Adjustments to net income: |
|
|
|
|
|||
Depreciation .............................................................................. |
|
213 |
|
228 |
|||
Amortization of acquisition-related intangibles .................. |
|
81 |
|
85 |
|||
Amortization of capitalized software ..................................... |
|
16 |
|
32 |
|||
Stock-based compensation ..................................................... |
|
78 |
|
75 |
|||
Gain on sales of assets ............................................................ |
|
(37) |
|
(3) |
|||
Deferred income taxes .............................................................. |
|
-- |
|
26 |
|||
Increase (decrease) from changes in: |
|
|
|
|
|||
Accounts receivable ................................................................ |
|
(149) |
|
(112) |
|||
Inventories ................................................................................ |
|
17 |
|
57 |
|||
Prepaid expenses and other current assets .......................... |
|
(29) |
|
10 |
|||
Accounts payable and accrued expenses ............................ |
|
(117) |
|
(244) |
|||
Accrued compensation ........................................................... |
|
(189) |
|
(154) |
|||
Income taxes payable ............................................................... |
|
80 |
|
29 |
|||
Changes in funded status of retirement plans ......................... |
|
22 |
|
29 |
|||
Other ............................................................................................... |
|
(11) |
|
(60) |
|||
Cash flows from operating activities ............................................. |
|
462 |
|
360 |
|||
|
|
|
|
|
|
|||
Cash flows from investing activities: |
|
|
|
|
|||
Capital expenditures ..................................................................... |
|
(77) |
|
(84) |
|||
Proceeds from asset sales ........................................................... |
|
37 |
|
18 |
|||
Purchases of short-term investments ........................................ |
|
(1,051) |
|
(536) |
|||
Proceeds from short-term investments ..................................... |
|
785 |
|
615 |
|||
Other ............................................................................................... |
|
1 |
|
9 |
|||
Cash flows from investing activities ............................................. |
|
(305) |
|
22 |
|||
|
|
|
|
|
|
|||
Cash flows from financing activities: |
|
|
|
|
|||
Proceeds from issuance of long-term debt ............................... |
|
498 |
|
-- |
|||
Dividends paid .............................................................................. |
|
(325) |
|
(232) |
|||
Stock repurchases ........................................................................ |
|
(720) |
|
(679) |
|||
Proceeds from common stock transactions .............................. |
|
283 |
|
454 |
|||
Excess tax benefit from share-based payments ....................... |
|
49 |
|
52 |
|||
Other ............................................................................................... |
|
(4) |
|
-- |
|||
Cash flows from financing activities ............................................. |
|
(219) |
|
(405) |
|||
Net change in Cash and cash equivalents ................................................. |
|
(62) |
|
(23) |
Cash and cash equivalents, beginning of period ...................................... |
|
1,627 |
|
1,416 |
Cash and cash equivalents, end of period ................................................. |
|
$ 1,565 |
|
$ 1,393 |
Certain amounts in the prior period’s financial statement have been reclassified to conform to the current presentation.
2014年第一季度各業(yè)務(wù)單元業(yè)績
|
|
|
|
|
|
|
1Q14 |
1Q13 |
Change |
|
模擬 : |
|
|
|
|
收入 |
$ 1,837 |
$ 1,648 |
11% |
|
利潤 |
$ 498 |
$ 300 |
66% |
|
嵌入式處理器 : |
|
|
|
|
收入 |
$ 656 |
$ 561 |
17% |
|
利潤 |
$ 52 |
$ 7 |
643% |
|
|
|
|
|
|
其他: |
|
|
|
|
收入 |
$ 490 |
$ 676 |
-28% |
|
利潤* |
$ 140 |
$ 88 |
59% |
|
|
|
|
|
* 包括收購、重組或其他費(fèi)用。
模擬: (包括通用模擬與邏輯、電源管理、高性能模擬和硅谷模擬業(yè)務(wù))
? 與去年同期相比，所有產(chǎn)品線收入均有所增長。電源管理和高性能模擬業(yè)務(wù)收入增長基本持平，其次是硅谷模擬業(yè)務(wù)和通用模擬與邏輯器件產(chǎn)品。
? 營業(yè)利潤較前一年實(shí)現(xiàn)增長，這主要得益于較高的營業(yè)收入及毛利率。
嵌入式處理：(包括處理器、微控制器和連接器)
? 與去年同期相比，所有產(chǎn)品線的收入都實(shí)現(xiàn)了增長。微控制器增長最多，其次是處理器和連接器。
? 營業(yè)利潤較前一年實(shí)現(xiàn)增長，這要得益于較高的營業(yè)收入及毛利率。
其它: (包括DLP®產(chǎn)品、定制ASIC產(chǎn)品、計算器、版費(fèi)和傳統(tǒng)無線產(chǎn)品)
? 與去年同期相比，傳統(tǒng)無線產(chǎn)品收入下降導(dǎo)致總營業(yè)收入減少。
? 營業(yè)利潤較前一年有所增長，主要原因包括較低的營運(yùn)開支，以及較低的重組費(fèi)用及其他費(fèi)用。而這些增長也部分被較低的毛利抵銷。本季度產(chǎn)生的重組費(fèi)用及其他費(fèi)用也從一處營運(yùn)點(diǎn)及其他資產(chǎn)的銷售中受益。
非GAAP財務(wù)信息
不包括傳統(tǒng)無線業(yè)務(wù)的運(yùn)營收入
本新聞稿包含了除傳統(tǒng)無線產(chǎn)品業(yè)務(wù)外TI公司營收狀況和收入前景的信息。本公司相信，這一做法并不遵循美國一般公認(rèn)會計原則（GAAP），僅為投資者洞悉TI公司相關(guān)業(yè)績而提供，并作為基于GAAP財務(wù)信息的補(bǔ)充。下表數(shù)據(jù)為基于GAAP算出的最直接可比數(shù)據(jù)對比調(diào)整后所得。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
(Millions of dollars)
|
|
For Three Months Ended |
|||||
|
|
|
Mar. 31, 2014 |
|
Mar. 31, 2013 |
|
Change |
|
|
|
|
|
|
|
|
Revenue (GAAP)............................................................................ |
|
$ 2,983 |
|
$ 2,885 |
|
3% |
Legacy wireless revenue.................................................................. |
|
(8) |
|
(210) |
|
|
TI Revenue less legacy wireless revenue (non-GAAP)................... |
|
$ 2,975 |
|
$ 2,675 |
|
11% |
|
|
For Three Months Ended |
||||||
|
|
|
Jun. 30, 2014 (Expected)* |
|
Jun. 30, 2013 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Revenue (GAAP)............................................................................ |
|
$ 3,270 |
|
$ 3,047 |
|
7% |
|
Legacy wireless revenue.................................................................. |
|
n/a |
|
(148) |
|
|
|
TI Revenue less legacy wireless revenue (non-GAAP)................... |
|
$ 3,270 |
|
$ 2,899 |
|
13% |
|
* Represents the average of the low point and the high point of the revenue guidance of $3.14 billion – $3.40 billion provided in this release.
自由現(xiàn)金流及相關(guān)比值：
本新聞稿還包含了基于上述方法計算的自由現(xiàn)金流及各種比值。這些計算并不遵循美國一般公認(rèn)會計原則（GAAP）。自由現(xiàn)金流的計算是根據(jù)GAAP算出的最直接可比的經(jīng)營活動所產(chǎn)生的現(xiàn)金流（也被稱為經(jīng)營業(yè)務(wù)現(xiàn)金流）減去資本支出而得。本新聞稿中的各種比值按照以下GAAP數(shù)據(jù)與自由現(xiàn)金流對照：營收、已支付股息和股票回購量。
本公司認(rèn)為，這些非GAAP數(shù)據(jù)能反映公司流動資金、現(xiàn)金生成能力和潛在可回報投資者的現(xiàn)金金額，并幫助更好了解公司財務(wù)業(yè)績。這些非GAAP數(shù)據(jù)是對基于GAAP財務(wù)信息的補(bǔ)充。
下表數(shù)據(jù)為基于GAAP算出的最直接可比數(shù)據(jù)對比調(diào)整后所得。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
(Millions of dollars)
Free cash flow:
|
|
For Three Months Ended Mar. 31, 2014 |
For Twelve Months Ended Mar. 31, 2014 |
For Twelve Months Ended Mar. 31, 2013 |
Change |
|
|
|
|
|
|
Revenue ................................................................................. |
$ 2,983 |
$ 12,302 |
$ 12,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operations (GAAP) ..................................... |
$ 462 |
$ 3,486 |
$ 3,324 |
5% |
Capital expenditures .............................................................. |
(77) |
(405) |
(476) |
|
Free cash flow (non-GAAP) ................................................. |
$ 385 |
$ 3,081 |
$ 2,848 |
8% |
|
|
|
|
|
|
|
Cash flow from operations as a percent of revenue (GAAP) |
15% |
28% |
26% |
|
|
Free cash flow as a percent of revenue (non-GAAP) |
13% |
25% |
23% |
|
Total cash returned to shareholders as a percentage of targeted cash return:
|
|
|
|
For Twelve Months Ended Mar. 31, 2014 |
|
|
|
|
|
|
|
|
|
Dividends paid ........................................................................................................................................... |
|
|
$ 1,268 |
|
|
Stock repurchases ...................................................................................................................................... |
|
|
2,909 |
|
|
Total cash returned to shareholders ........................................................................................................... |
|
|
$ 4,177 |
|
|
|
|
|
|
|
|
|
Free cash flow (non-GAAP) ..................................................................................................................... |
|
|
$ 3,081 |
|
|
Proceeds from issuance of long-term debt ............................................................................................. |
|
$ 1,484 |
|
|
|
Repayment of debt.................................................................................................................................. |
|
(1,500) |
|
|
|
Net debt retirement .................................................................................................................................... |
|
|
$ (16) |
|
|
Proceeds from common stock transactions................................................................................................. |
|
|
1,143 |
|
|
Targeted cash return to shareholders (non-GAAP) ................................................................................. |
|
|
$ 4,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total cash returned to shareholders as a percentage of targeted cash return to shareholders (non-GAAP). |
|
|
99% |
||