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37.7亿美元,净收益14.3亿美元,每股收益1.49美元。其中,每股收益包括未涵盖在公司原始计划中的9美分离散税优惠(discrete tax benefit)。
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:
- 受全球经济疲软影响,本季度营业收入较去年同期相比减少了11%。
- 在我们的核心业务中,较去年同期相比,模拟产品的营业收入减少了8%,嵌入式处理器的营业收入减少了19 %。
- 在过去的12个月中,通过运营所产生的现金流达到70亿美元,再次体现了公司商业模式的优势。其中自由现金流在过去12个月中达到60亿美元,占营业收入的41%。这体现了我们高质量的产品组合,以及高效的制造策略,包括了300毫米(12英寸)模拟产品的生产优势。
- 过去的12个月,通过股票回购和分派股息,我们给股东们的回报达到74亿美元。在过去的12个月中,我们分派的股息在自由现金流中占48%,体现了其可持续性。在9月份,我们宣布将分派股息提高17%,我们的股票回购和分派股息反映了我们一直承诺的将所有自由现金流回报给股东。
- 德州仪器对2019年第四季度的预期是:营业收入范围在30.7亿美元至33.3亿美元之间,每股收益范围在0.91美元至1.09美元之间,其中包括预计500万美元的离散税收益。2019年,我们的年度营业税率预期为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出后的所剩现金。
盈利摘要
单位为百万美元,每股收益除外。
|
|
Q3 2019 |
|
Q3 2018 |
变化 |
营业收入 |
$ |
3,771 |
$ |
4,261 |
(11)% |
营业利润 |
$ |
1,589 |
$ |
1,937 |
(18)% |
净收入 |
$ |
1,425 |
$ |
1,570 |
(9)% |
每股收益 |
$ |
1.49 |
$ |
1.58 |
(6)% |
现金流量
单位为百万美元。
|
|
|
|
|
最近连续12个月 |
||||||
|
|
|
Q3 2019 |
|
|
Q3 2019 |
|
|
Q3 2018 |
|
变化 |
经营现金流 |
|
$ |
1,992 |
|
$ |
7,040 |
|
$ |
6,973 |
|
1% |
资本支出 |
|
$ |
149 |
|
$ |
1,007 |
|
$ |
1,039 |
|
(3)% |
自由现金流 |
|
$ |
1,843 |
|
$ |
6,033 |
|
$ |
5,934 |
|
2% |
自由现金流占营业收入百分比 |
|
|
|
|
|
40.9% |
|
|
37.5% |
|
|
单位为百万美元
Q3 2019 2019 |
Q3 2019 |
Q3 2018 |
变化 |
||||
分配股息 |
$ |
721 |
$ |
2,903 |
$ |
2,430 |
19% |
股票回购 |
$ |
456 |
$ |
4,480 |
$ |
3,797 |
18% |
总现金回报 |
$ |
1,177 |
$ |
7,383 |
$ |
6,227 |
19% |
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
|||||||
Consolidated Statements of Income |
|||||||
(Millions of dollars, except share and per-share amounts) |
|||||||
For Three Months Ended |
|||||||
2019 |
2018 |
||||||
Revenue |
$ |
3,771 |
$ |
4,261 |
|||
Cost of revenue (COR) |
1,325 |
1,457 |
|||||
Gross profit |
2,446 |
2,804 |
|||||
Research and development (R&D) |
379 |
390 |
|||||
Selling, general and administrative (SG&A) |
399 |
396 |
|||||
Acquisition charges |
79 |
80 |
|||||
Restructuring charges/other |
— |
1 |
|||||
Operating profit |
1,589 |
1,937 |
|||||
Other income (expense), net (OI&E) |
34 |
23 |
|||||
Interest and debt expense |
43 |
36 |
|||||
Income before income taxes |
1,580 |
1,924 |
|||||
Provision for income taxes |
155 |
354 |
|||||
Net income |
$ |
1,425 |
$ |
1,570 |
|||
Diluted earnings per common share |
$ |
1.49 |
$ |
1.58 |
|||
Average shares outstanding (millions): |
|||||||
Basic |
935 |
969 |
|||||
Diluted |
950 |
989 |
|||||
Cash dividends declared per common share |
$ |
.77 |
$ |
.62 |
|||
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) |
$ |
257 |
$ |
367 |
|||
Discrete tax items |
(102) |
(13) |
|||||
Provision for income taxes (effective taxes) |
$ |
155 |
$ |
354 |
|||
Annual operating tax rate |
16% |
20% |
|||||
Effective tax rate |
10% |
18% |
|||||
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 |
$ |
1,425 |
$ |
1,570 |
|||
Income allocated to RSUs |
(8) |
(11) |
|||||
Income allocated to common stock for diluted EPS |
$ |
1,417 |
$ |
1,559 |
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
|||||||||||
Consolidated Balance Sheets |
|||||||||||
(Millions of dollars, except share amounts) |
|||||||||||
September 30, |
|||||||||||
2019 |
2018 |
||||||||||
Assets |
|||||||||||
Current assets: |
|||||||||||
Cash and cash equivalents |
$ |
3,893 |
$ |
1,502 |
|||||||
Short-term investments |
1,174 |
3,611 |
|||||||||
Accounts receivable, net of allowances of ($13) and ($13) |
1,342 |
1,585 |
|||||||||
Raw materials |
175 |
171 |
|||||||||
Work in process |
955 |
1,058 |
|||||||||
Finished goods |
910 |
887 |
|||||||||
Inventories |
2,040 |
2,116 |
|||||||||
Prepaid expenses and other current assets |
264 |
654 |
|||||||||
Total current assets |
8,713 |
9,468 |
|||||||||
Property, plant and equipment at cost |
5,683 |
5,250 |
|||||||||
Accumulated depreciation |
(2,365) |
(2,199) |
|||||||||
Property, plant and equipment |
3,318 |
3,051 |
|||||||||
Long-term investments |
298 |
278 |
|||||||||
Goodwill |
4,362 |
4,362 |
|||||||||
Acquisition-related intangibles |
390 |
707 |
|||||||||
Deferred tax assets |
257 |
243 |
|||||||||
Capitalized software licenses |
77 |
94 |
|||||||||
Overfunded retirement plans |
106 |
220 |
|||||||||
Other long-term assets |
471 |
150 |
|||||||||
Total assets |
$ |
17,992 |
$ |
18,573 |
|||||||
Liabilities and stockholders’ equity |
|||||||||||
Current liabilities: |
|||||||||||
Current portion of long-term debt |
$ |
499 |
$ |
749 |
|||||||
Accounts payable |
397 |
492 |
|||||||||
Accrued compensation |
609 |
613 |
|||||||||
Income taxes payable |
58 |
104 |
|||||||||
Accrued expenses and other liabilities |
444 |
424 |
|||||||||
Total current liabilities |
2,007 |
2,382 |
|||||||||
Long-term debt |
5,302 |
4,318 |
|||||||||
Underfunded retirement plans |
123 |
86 |
|||||||||
Deferred tax liabilities |
49 |
43 |
|||||||||
Other long-term liabilities |
1,526 |
1,228 |
|||||||||
Total liabilities |
9,007 |
8,057 |
|||||||||
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 |
2,058 |
1,918 |
|||||||||
Retained earnings |
39,674 |
37,378 |
|||||||||
Treasury common stock at cost |
|||||||||||
Shares: September 30, 2019 – 805,637,804; September 30, 2018 – 775,952,837 |
(34,045) |
(30,167) |
|||||||||
Accumulated other comprehensive income (loss), net of taxes (AOCI) |
(443) |
(354) |
|||||||||
Total stockholders’ equity |
8,985 |
10,516 |
|||||||||
Total liabilities and stockholders’ equity |
$ |
17,992 |
$ |
18,573 |
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
|||||
Consolidated Statements of Cash Flows |
|||||
(Millions of dollars) |
|||||
For Three Months Ended |
|||||
September 30, |
|||||
2019 |
2018 |
||||
Cash flows from operating activities |
|||||
Net income |
$ |
1,425 |
$ |
1,570 |
|
Adjustments to net income: |
|||||
Depreciation |
183 |
151 |
|||
Amortization of acquisition-related intangibles |
79 |
80 |
|||
Amortization of capitalized software |
13 |
12 |
|||
Stock compensation |
48 |
46 |
|||
Deferred taxes |
(4) |
(52) |
|||
Increase (decrease) from changes in: |
|||||
Accounts receivable |
77 |
(34) |
|||
Inventories |
39 |
(26) |
|||
Prepaid expenses and other current assets |
44 |
151 |
|||
Accounts payable and accrued expenses |
29 |
51 |
|||
Accrued compensation |
129 |
137 |
|||
Income taxes payable |
(93) |
22 |
|||
Changes in funded status of retirement plans |
17 |
12 |
|||
Other |
6 |
(14) |
|||
Cash flows from operating activities |
1,992 |
2,106 |
|||
Cash flows from investing activities |
|||||
Capital expenditures |
(149) |
(370) |
|||
Purchases of short-term investments |
(986) |
(3,099) |
|||
Proceeds from short-term investments |
220 |
1,715 |
|||
Other |
1 |
(14) |
|||
Cash flows from investing activities |
(914) |
(1,768) |
|||
Cash flows from financing activities |
|||||
Proceeds from issuance of long-term debt |
748 |
— |
|||
Repayment of debt |
(750) |
— |
|||
Dividends paid |
(721) |
(602) |
|||
Stock repurchases |
(456) |
(1,200) |
|||
Proceeds from common stock transactions |
194 |
55 |
|||
Other |
(13) |
(8) |
|||
Cash flows from financing activities |
(998) |
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