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%

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%

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

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