德州仪器公司（TI）（NASDAQ: TXN）日前公布其第一季度财务报告，营业收入49.1亿美元，净收益22.2亿美元，每股收益2.35美元。其中，每股收益包含未涵盖在公司原始计划的2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作如下说明：
“由于汽车市场和工业市场需求的强劲增长，收入同比上涨14%。
“过去12个月中，经营现金流达91亿美元，再次体现了公司商业模式的优势。其中自由现金流在过去一年中达65亿美元，占营业收入的34%。这体现了我们高质量的产品组合，以及高效的制造策略，其中包括300毫米（12英寸）模拟产品的生产优势。
“过去12个月在研发和销售及行政管理开支的投资达32亿美元，资本支出投资达26亿美元，给股东的回报达50亿美元。
“德州仪器对2022年二季度的预期是：营业收入在42亿美元至48亿美元之间，每股收益范围在1.84美元至2.26美元之间。这一预期包含了由于疫情影响导致需求减少而产生的影响。2022年，我们的年度营业税率预期仍为14%。”
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余现金。
盈利摘要
单位为百万美元，每股收益除外。
Q1 2022 | Q1 2021 | 变化 | |||||||
营业收入 | $ | 4,905 | $ | 4,289 | 14% | ||||
营业利润 | $ | 2,563 | $ | 1,939 | 32% | ||||
净收入 | $ | 2,201 | $ | 1,753 | 26% | ||||
每股收益 | $ | 2.35 | $ | 1.87 | 26% | ||||
现金流量
单位为百万美元。
最近连续12个月 | ||||||||||||
Q1 2022 | Q1 2022 | Q1 2021 | 变化 | |||||||||
经营现金流 | $ | 2,144 | $ | 9,050 | $ | 7,138 | 27% | |||||
资本支出 | $ | 443 | $ | 2,597 | $ | 796 | 226% | |||||
自由现金流 | $ | 1,701 | $ | 6,453 | $ | 6,342 | 2% | |||||
自由现金流占营业收入百分比 | 34.0% | 41.1% | ||||||||||
现金回报
单位为百万美元。
最近连续12个月 | ||||||||||||
Q1 2022 | Q1 2022 | Q1 2021 | 变化 | |||||||||
分派股息 | $ | 1,063 | $ | 4,009 | $ | 3,525 | 14% | |||||
股票回购 | $ | 589 | $ | 1,016 | $ | 1,012 | 0% | |||||
总现金回报 | $ | 1,652 | $ | 5,025 | $ | 4,537 | 11% | |||||
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | |||||||
Consolidated Statements of Income |
For Three Months Ended March 31, | ||||||
(In millions, except per-share amounts) | 2022 | 2021 | |||||
Revenue | $ | 4,905 | $ | 4,289 | |||
Cost of revenue (COR) | 1,463 | 1,492 | |||||
Gross profit | 3,442 | 2,797 | |||||
Research and development (R&D) | 391 | 386 | |||||
Selling, general and administrative (SG&A) | 422 | 425 | |||||
Acquisition charges | — | 47 | |||||
Restructuring charges/other | 66 | — | |||||
Operating profit | 2,563 | 1,939 | |||||
Other income (expense), net (OI&E) | 15 | 46 | |||||
Interest and debt expense | 52 | 46 | |||||
Income before income taxes | 2,526 | 1,939 | |||||
Provision for income taxes | 325 | 186 | |||||
Net income | $ | 2,201 | $ | 1,753 | |||
Diluted earnings per common share | $ | 2.35 | $ | 1.87 | |||
Average shares outstanding: | |||||||
Basic | 923 | 922 | |||||
Diluted | 934 | 935 | |||||
Cash dividends declared per common share | $ | 1.15 | $ | 1.02 | |||
Supplemental Information (Quarterly, except as noted) | |||||||
Our annual operating tax rate, which does not include discrete tax items, was 14% in both periods. | |||||||
Provision for income taxes is based on the following: | |||||||
Operating taxes (calculated using the estimated annual effective tax rate) | $ | 361 | $ | 275 | |||
Discrete tax items | (36) | (89) | |||||
Provision for income taxes (effective taxes) | $ | 325 | $ | 186 | |||
A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following: | |||||||
Net income | $ | 2,201 | $ | 1,753 | |||
Income allocated to RSUs | (9) | (8) | |||||
Income allocated to common stock for diluted EPS | $ | 2,192 | $ | 1,745 | |||
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | |||||||
Consolidated Balance Sheets | March 31, | ||||||
(In millions, except par value) | 2022 | 2021 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 3,505 | $ | 2,442 | |||
Short-term investments | 6,320 | 4,244 | |||||
Accounts receivable, net of allowances of ($9) and ($9) | 1,795 | 1,584 | |||||
Raw materials | 265 | 183 | |||||
Work in process | 1,151 | 980 | |||||
Finished goods | 644 | 727 | |||||
Inventories | 2,060 | 1,890 | |||||
Prepaid expenses and other current assets | 330 | 245 | |||||
Total current assets | 14,010 | 10,405 | |||||
Property, plant and equipment at cost | 8,236 | 5,967 | |||||
Accumulated depreciation | (2,797) | (2,536) | |||||
Property, plant and equipment | 5,439 | 3,431 | |||||
Goodwill | 4,362 | 4,362 | |||||
Deferred tax assets | 273 | 331 | |||||
Capitalized software licenses | 91 | 113 | |||||
Overfunded retirement plans | 383 | 235 | |||||
Other long-term assets | 718 | 762 | |||||
Total assets | $ | 25,276 | $ | 19,639 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 500 | $ | — | |||
Accounts payable | 641 | 554 | |||||
Accrued compensation | 386 | 388 | |||||
Income taxes payable | 405 | 278 | |||||
Accrued expenses and other liabilities | 596 | 480 | |||||
Total current liabilities | 2,528 | 1,700 | |||||
Long-term debt | 7,242 | 6,250 | |||||
Underfunded retirement plans | 81 | 130 | |||||
Deferred tax liabilities | 94 | 88 | |||||
Other long-term liabilities | 1,314 | 1,305 | |||||
Total liabilities | 11,259 | 9,473 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $25 par value. Shares authorized – 10; none issued | — | — | |||||
Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741 | 1,741 | 1,741 | |||||
Paid-in capital | 2,667 | 2,391 | |||||
Retained earnings | 47,053 | 42,860 | |||||
Treasury common stock at cost | |||||||
Shares: March 31, 2022 – 819; March 31, 2021 – 818 | (37,291) | (36,479) | |||||
Accumulated other comprehensive income (loss), net of taxes (AOCI) | (153) | (347) | |||||
Total stockholders’ equity | 14,017 | 10,166 | |||||
Total liabilities and stockholders’ equity | $ | 25,276 | $ | 19,639 | |||
前期资产负债表中的某些金额已重新分类，以符合当前的列报方式。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||||
Consolidated Statements of Cash Flows | For Three Months Ended March 31, | |||||||
(In millions) | 2022 | 2021 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 2,201 | $ | 1,753 | ||||
Adjustments to net income: | ||||||||
Depreciation | 200 | 179 | ||||||
Amortization of acquisition-related intangibles | — | 47 | ||||||
Amortization of capitalized software | 14 | 15 | ||||||
Stock compensation | 74 | 61 | ||||||
Gains on sales of assets | (2) | (1) | ||||||
Deferred taxes | (1) | 8 | ||||||
Increase (decrease) from changes in: | ||||||||
Accounts receivable | (94) | (170) | ||||||
Inventories | (150) | 65 | ||||||
Prepaid expenses and other current assets | 21 | 73 | ||||||
Accounts payable and accrued expenses | 11 | 69 | ||||||
Accrued compensation | (388) | (379) | ||||||
Income taxes payable | 284 | 131 | ||||||
Changes in funded status of retirement plans | 21 | 28 | ||||||
Other | (47) | (29) | ||||||
Cash flows from operating activities | 2,144 | 1,850 | ||||||
Cash flows from investing activities | ||||||||
Capital expenditures | (443) | (308) | ||||||
Proceeds from asset sales | 2 | 1 | ||||||
Purchases of short-term investments | (3,988) | (2,782) | ||||||
Proceeds from short-term investments | 2,774 | 2,000 | ||||||
Other | (13) | (20) | ||||||
Cash flows from investing activities | (1,668) | (1,109) | ||||||
Cash flows from financing activities | ||||||||
Repayment of debt | — | (550) | ||||||
Dividends paid | (1,063) | (940) | ||||||
Stock repurchases | (589) | (100) | ||||||
Proceeds from common stock transactions | 57 | 196 | ||||||
Other | (7) | (12) | ||||||
Cash flows from financing activities | (1,602) | (1,406) | ||||||
Net change in cash and cash equivalents | (1,126) | (665) | ||||||
Cash and cash equivalents at beginning of period | 4,631 | 3,107 | ||||||
Cash and cash equivalents at end of period | $ | 3,505 | $ | 2,442 | ||||
业务分类季度业绩
单位为百万美元。
Q1 2022 | Q1 2021 | 变化 | |||||||
模拟： | |||||||||
营业收入 | $ | 3,816 | $ | 3,280 | 16% | ||||
营业利润 | $ | 2,150 | $ | 1,646 | 31% | ||||
嵌入式处理： | |||||||||
营业收入 | $ | 782 | $ | 767 | 2% | ||||
营业利润 | $ | 315 | $ | 287 | 10% | ||||
其他： | |||||||||
营业收入 | $ | 307 | $ | 242 | 27% | ||||
营业利润* | $ | 98 | $ | 6 | 1,533% | ||||
* 包括收购、重组或其它费用。
非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, | ||||||||||||
2022 | 2021 | Change | ||||||||||
Cash flow from operations (GAAP) | $ | 9,050 | $ | 7,138 | 27% | |||||||
Capital expenditures | (2,597) | (796) | ||||||||||
Free cash flow (non-GAAP) | $ | 6,453 | $ | 6,342 | 2% | |||||||
Revenue | $ | 18,960 | $ | 15,421 | ||||||||
Cash flow from operations as a percentage of revenue (GAAP) | 47.7% | 46.3% | ||||||||||
Free cash flow as a percentage of revenue (non-GAAP) | 34.0% | 41.1% | ||||||||||
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。在适用年度营业税率时对预估年度实际税率没有进行调整。
预测性声明通知
此新闻稿包含根据美国1995年《私人证券诉讼改革法案》之免责条款所拟定的前瞻性声明。这些声明一般以TI及其管理层“相信”、“期望”、“预期”、“预见”、“估计”或其它具有相似含义的字词呈现。同样，文中对TI的业务战略、前景、目的、计划、意图或目标之陈述亦属前瞻性声明。所有此等前瞻性声明均具有一定风险及不确定性，可能导致实际结果与前瞻性声明内容存在重大差异。
我们希望读者能仔细考虑以下重要因素，它们可能导致实际结果与TI或其管理层的预期产生重大差异：
新冠疫情的持续时间和范围，政府和其他第三方对此的反应以及对全球经济的影响，包括对我们的业务以及我们的供应商、客户和分销商的业务影响；
我们、我们的客户或我们的供应商所在国家的经济、社会和政治状况，以及自然事件，包括全球贸易政策；
市场对半导体的需求，特别是在工业和汽车市场，以及与预测不同的客户需求；
我们在竞争激烈的行业中保持产品和价格竞争的能力；
与我们或客户或供应商的信息技术系统相关的网络安全和其他威胁的演进；
我们成功实施和实现战略、业务和组织变革机会的能力，或我们实现重组费用和相关成本节约的数量和时间预期的能力；
我们在快速变化的技术环境中开发、制造和销售创新产品的能力，以及我们及时实施新的制造工艺和安装制造设备的能力；
原材料、公用事业、制造设备、第三方制造服务和制造技术的可用性和成本；
与我们的产品、制造、交付、服务、设计或传播相关的产品责任、保修或其他索赔，或由我们的客户对包含我们其中一个部件的产品进行召回；
遵守复杂法律和规章制度或法律制度的改变，或官方的强制措施，对我们业务运营带来限制，或我们受到罚款、处罚和其他法律责任；
由于税收法规和会计准则的改变所导致的税率变化同样适用于我们，在司法管辖区，必须按照获得的利润交税，税务审计的不利决议，关税税率的提升，以及实现递延所得税资产的能力；
分销商财务困难或他们对同类竞争产品线的推广而导致我们损失；或与重要分销商发生纠纷；
因主要客户导致的损失或采购缩减，分销商及其他客户调整库存所涉的时间和金额；
竞争激烈的周期性行业中保持或提高利润率的能力，包括充分利用生产设施以实现固定营业成本的能力；
我们维护和落实强大知识产权组合以及保持自由运营的能力，或我们遭受侵权索赔；
全球信用和金融市场的不稳定性；
我们招募和留住熟练技术人才的能力，有效处理关键岗位交接问题的能力；
以及非金融资产的减值。
有关这些因素的更详细讨论，请参阅TI最新10-K表格1A项“风险因素”的讨论。本新闻稿中包含的前瞻性陈述仅截至本新闻稿发布之日有效，TI不承担任何对这些前瞻性陈述进行更新以反映后续事件或情况的义务。如果我们更新任何前瞻性声明，不应推断我们将对该声明或任何其他前瞻性声明会进行额外更新。
