德州仪器公司（TI）（NASDAQ: TXN）日前公布其第四季度财务报告，营业收入40.8亿美元，净收益16.9亿美元，每股收益1.80美元。其中，有16%的每股收益包括未涵盖在公司原始计划中。
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、个人电子产品和工业市场需求的强劲增长，收入环比上涨7%，较去年同期增长22%。”
- 在我们的核心业务中，模拟产品营收增长9%；嵌入式处理器营收增长11%。与去年同期相比，前者增长25%，后者增长14%。
- 过去1年中，经营现金流达61亿美元，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55亿美元，占营业收入的38%。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。
- “2020年，通过股票回购和分派股息和给股东的回报达60亿美元。其中，分派股息占自由现金流的62%，体现了其可持续性。股票回购和股息体现了我们将所有自由现金流回报给股东的一贯承诺。”
- “德州仪器对2021年一季度的预期是：营业收入在37.9亿美元至41.1亿美元之间，每股收益范围在1.44美元至1.66美元之间。2021年，我们的年度营业税率预期为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。
|
Q4 2020 |
Q4 2019 |
变化 |
|||||
|
营业收入 |
$ |
4,076 |
$ |
3,350 |
22% |
||
|
营业利润 |
$ |
1,813 |
$ |
1,249 |
45% |
||
|
净收入 |
$ |
1,688 |
$ |
1,070 |
58% |
||
|
每股收益 |
$ |
1.80 |
$ |
1.12 |
61% |
||
现金流量
单位为百万美元。
|
最近连续12个月 |
||||||||||
|
Q4 2020 |
Q4 2020 |
Q4 2019 |
变化 |
|||||||
|
经营现金流 |
$ |
2,125 |
$ |
6,139 |
$ |
6,649 |
(8)% |
|||
|
资本支出 |
$ |
212 |
$ |
649 |
$ |
847 |
(23)% |
|||
|
自由现金流 |
$ |
1,913 |
$ |
5,490 |
$ |
5,802 |
(5)% |
|||
|
自由现金流占营业收入百分比 |
38.0% |
40.3% |
||||||||
现金回报
单位为百万美元
|
|
最近连续12个月 |
||||||||||
|
|
Q4 2020 |
Q4 2020 |
Q4 2019 |
变化 |
|||||||
|
分派股息 |
|
$ |
937 |
$ |
3,426 |
$ |
3,008 |
14% |
|||
|
股票回购 |
|
$ |
15 |
$ |
2,553 |
$ |
2,960 |
(14)% |
|||
|
总现金回报 |
|
$ |
952 |
$ |
5,979 |
$ |
5,968 |
0% |
|||
|
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
||||||||||
|
Consolidated Statements of Income |
||||||||||
|
(Millions of dollars, except share and per-share amounts) |
||||||||||
|
|
For Three Months Ended December 31, |
For Years Ended December 31, |
||||||||
|
|
2020 |
|
2019 |
2020 |
|
2019 |
||||
|
Revenue |
$ |
4,076 |
|
$ |
3,350 |
$ |
14,461 |
|
$ |
14,383 |
|
Cost of revenue (COR) |
|
1,430 |
|
|
1,253 |
|
5,192 |
|
|
5,219 |
|
Gross profit |
|
2,646 |
|
|
2,097 |
|
9,269 |
|
|
9,164 |
|
Research and development (R&D) |
|
388 |
|
|
386 |
|
1,530 |
|
|
1,544 |
|
Selling, general and administrative (SG&A) |
|
398 |
|
|
412 |
|
1,623 |
|
|
1,645 |
|
Acquisition charges |
|
47 |
|
|
50 |
|
198 |
|
|
288 |
|
Restructuring charges/other |
|
|
|
|
— |
|
24 |
|
|
(36) |
|
Operating profit |
|
1,813 |
|
|
1,249 |
|
5,894 |
|
|
5,723 |
|
Other income (expense), net (OI&E) |
|
162 |
|
|
53 |
|
313 |
|
|
175 |
|
Interest and debt expense |
|
48 |
|
|
45 |
|
190 |
|
|
170 |
|
Income before income taxes |
|
1,927 |
|
|
1,257 |
|
6,017 |
|
|
5,728 |
|
Provision for income taxes |
|
239 |
|
|
187 |
|
422 |
|
|
711 |
|
Net income |
$ |
1,688 |
|
$ |
1,070 |
$ |
5,595 |
|
$ |
5,017 |
|
Diluted earnings per common share |
$ |
1.80 |
|
$ |
1.12 |
$ |
5,97 |
|
$ |
5,24 |
|
Average shares outstanding (millions): |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
919 |
|
|
933 |
|
921 |
|
|
936 |
|
Diluted |
|
932 |
|
|
948 |
|
933 |
|
|
952 |
|
Cash dividends declared per common share |
$ |
1.02 |
|
$ |
.90 |
$ |
3.72 |
|
$ |
3.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information |
||||||||||
|
Our annual operating tax rate, which does not include discrete tax items, was 14% compared with 16% in the prior year. |
||||||||||
|
Provision for income taxes is based on the following: |
||||||||||
|
Operating taxes (calculated using the estimated annual effective tax rate) |
$ |
272 |
|
$ |
188 |
$ |
833 |
|
$ |
903 |
|
Discrete tax items |
|
(33) |
|
|
(1) |
|
(411) |
|
|
(192) |
|
Provision for income taxes (effective taxes) |
$ |
239 |
|
$ |
187 |
$ |
422 |
|
$ |
711 |
|
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 |
$ |
1,688 |
|
$ |
1,070 |
$ |
5,595 |
|
$ |
5,017 |
|
Income allocated to RSUs |
|
(8) |
|
|
(6) |
|
(27) |
|
|
(31) |
|
Income allocated to common stock for diluted EPS |
$ |
1,680 |
|
$ |
1,064 |
$ |
5,568 |
|
$ |
4,986 |
|
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
|||||
|
Consolidated Balance Sheets |
|||||
|
(Millions of dollars, except share amounts) |
|||||
|
December 31, |
|||||
|
2020 |
2019 |
||||
|
Assets |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
$ |
3,107 |
$ |
2,437 |
|
|
Short-term investments |
3,461 |
2,950 |
|||
|
Accounts receivable, net of allowances of ($12) and ($13) |
1,414 |
1,074 |
|||
|
Raw materials |
180 |
176 |
|||
|
Work in process |
964 |
916 |
|||
|
Finished goods |
811 |
909 |
|||
|
Inventories |
1,955 |
2,001 |
|||
|
Prepaid expenses and other current assets |
302 |
299 |
|||
|
Total current assets |
10,239 |
8,761 |
|||
|
Property, plant and equipment at cost |
5,781 |
5,740 |
|||
|
Accumulated depreciation |
(2,512) |
(2,437) |
|||
|
Property, plant and equipment |
3,269 |
3,303 |
|||
|
Long-term investments |
49 |
300 |
|||
|
Goodwill |
4,362 |
4,362 |
|||
|
Acquisition-related intangibles |
152 |
340 |
|||
|
Deferred tax assets |
343 |
197 |
|||
|
Capitalized software licenses |
122 |
69 |
|||
|
Overfunded retirement plans |
246 |
218 |
|||
|
Other long-term assets |
569 |
468 |
|||
|
Total assets |
$ |
19,351 |
$ |
18.018 |
|
|
Liabilities and stockholders’ equity |
|||||
|
Current liabilities: |
|||||
|
Current portion of long-term debt |
$ |
550 |
$ |
500 |
|
|
Accounts payable |
415 |
388 |
|||
|
Accrued compensation |
767 |
714 |
|||
|
Income taxes payable |
134 |
46 |
|||
|
Accrued expenses and other liabilities |
524 |
475 |
|||
|
Total current liabilities |
2,390 |
2,123 |
|||
|
Long-term debt |
6,248 |
5,303 |
|||
|
Underfunded retirement plans |
131 |
93 |
|||
|
Deferred tax liabilities |
90 |
78 |
|||
|
Other long-term liabilities |
1,305 |
1,514 |
|||
|
Total liabilities |
10,164 |
9,111 |
|||
|
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 |
2,333 |
2,110 |
|||
|
Retained earnings |
42,051 |
39,898 |
|||
|
Treasury common stock at cost |
|||||
|
Shares: September 30, 2020 – 823,174,578; September 30, 2019 – 805,637,804 |
(36,578) |
(34,495) |
|||
|
Accumulated other comprehensive income (loss), net of taxes (AOCI) |
(360) |
(347) |
|||
|
Total stockholders’ equity |
9,187 |
8,907 |
|||
|
Total liabilities and stockholders’ equity |
$ |
19,351 |
$ |
18,018 |
|
|
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
||||||||||
|
Consolidated Statements of Cash Flows |
||||||||||
|
(Millions of dollars) |
||||||||||
|
|
For Three Months Ended December 31, |
For Years Ended December 31, |
||||||||
|
|
2020 |
|
2019 |
2020 |
|
2019 |
||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,688 |
|
$ |
1,070 |
$ |
5,595 |
|
$ |
5,017 |
|
Adjustments to net income: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
180 |
|
|
186 |
|
733 |
|
|
708 |
|
Amortization of acquisition-related intangibles |
|
47 |
|
|
50 |
|
198 |
|
|
288 |
|
Amortization of capitalized software |
|
16 |
|
|
14 |
|
61 |
|
|
54 |
|
Stock compensation |
|
42 |
|
|
41 |
|
224 |
|
|
217 |
|
Gains on sales of assets |
|
(1) |
|
|
— |
|
(4) |
|
|
(23) |
|
Deferred taxes |
|
(22) |
|
|
50 |
|
(137) |
|
|
81 |
|
Increase (decrease) from changes in: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(22) |
|
|
268 |
|
(340) |
|
|
133 |
|
Inventories |
|
117 |
|
|
39 |
|
46 |
|
|
216 |
|
Prepaid expenses and other current assets |
|
(79) |
|
|
(20) |
|
(79) |
|
|
265 |
|
Accounts payable and accrued expenses |
|
3 |
|
|
(29) |
|
63 |
|
|
(93) |
|
Accrued compensation |
|
111 |
|
|
100 |
|
63 |
|
|
(15) |
|
Income taxes payable |
|
135 |
|
|
7 |
|
(181) |
|
|
(193) |
|
Changes in funded status of retirement plans |
|
(25) |
|
|
3 |
|
(9) |
|
|
29 |
|
Other |
|
(65) |
|
|
(25) |
|
(94) |
|
|
(35) |
|
Cash flows from operating activities |
|
2,125 |
|
|
1,754 |
|
6,139 |
|
|
|
