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德州仪器公司（TI）日前公布其第四季度财务报告，营业收入为37.5亿美元，净收入3.44亿美元，每股收益34美分。其中，每股收益包括未涵盖在公司原始计划中，由于近期通过的税收改革法案所导致的75美分涉税费用。
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：
- “营业收入较去年同期增长10%。TI的产品在工业和汽车市场中仍然保持强劲的需求。
- “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增长11%，嵌入式处理产品的营业收入增长20 %。两项业务的营业毛利均有所提高。
- “本季度65.1%的毛利率体现了我们高质量的产品组合，以及高效的制造策略，包括300毫米（12英寸）模拟产品生产所具有的优势。
- “在过去的一年中，我们通过经营活动所产生的现金流达到53.6亿美元，再次体现了公司商业模式的优势。自由现金流在过去一年中达到46.7亿美元，较去年相比增长14%，同时其占营业收入的比例由去年的30.5%增长至31.2%。
- “2017年，通过股票回购和分派股息，我们给股东们的回报达到46.6亿美元，这与我们将所有自由现金流回报给股东的策略相一致。在过去的12个月中，我们的分派股息在自由现金流中的占比达到45%，体现了其可持续性。
- “德州仪器在2018年第一季度的预期是：营业收入范围在34.9亿美元至37.9亿美元之间，每股收益范围在1.01美元至1.17美元之间，其中包括估值为3,000万美元的离散税收益。”
- “显然，近期通过的税收改革法案将会让我们的年度营业税率从2017年的31%在2019年降低至18%，这一举措也将让出口获益，同时让制造业、研发和知识产权回到美国。2018年，我们的年度营业税率将会为23%，较2019年的预期高出5%，主要由与2018年美国税率降低相关的过渡费用导致。”
- 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剩现金。
前期的确切金额已经重新计算，以符合目前的陈述。
盈利摘要
单位为百万美元，每股收益除外。
|
|
4Q17 |
|
4Q16 |
|
变化 |
营业收入 |
$ |
3,750 |
$ |
3,414 |
|
10% |
营业利润 |
$ |
1,563 |
$ |
1,332 |
|
17% |
净收入 |
$ |
344 |
$ |
1,047 |
|
-67% |
每股收益 |
$ |
0.34 |
$ |
1.02 |
|
-67% |
现金流量
单位为百万美元。
|
|
|
|
|
最近连续12个月 |
||||||
|
|
|
4Q17 |
|
|
4Q17 |
|
|
4Q16 |
|
变化 |
经营现金流 |
|
$ |
1,929 |
|
$ |
5,363 |
|
$ |
4,614 |
|
16% |
资本支出 |
|
$ |
231 |
|
$ |
695 |
|
$ |
531 |
|
31% |
自由现金流 |
|
$ |
1,698 |
|
$ |
4,668 |
|
$ |
4,083 |
|
14% |
自由现金流占营业收入百分比 |
|
|
|
|
|
31.2% |
|
|
30.5% |
|
|
现金回报
单位为百万美元。
|
|
|
|
|
最近连续12个月 |
||||||
|
|
|
4Q17 |
|
|
4Q17 |
|
|
4Q16 |
|
变化 |
分派股息 |
|
$ |
611 |
|
$ |
2,104 |
|
$ |
1,646 |
|
28% |
股票回购 |
|
$ |
706 |
|
$ |
2,556 |
|
$ |
2,132 |
|
20% |
总现金回报 |
|
$ |
1,317 |
|
$ |
4,660 |
|
$ |
3,778 |
|
23% |
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
(Millions of dollars, except share and per-share amounts)
For Three Months Ended |
For Years Ended |
|||||||||||
December 31, |
December 31, |
|||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||
Revenue |
$ |
3,750 |
$ |
3,414 |
$ |
14,961 |
$ |
13,370 |
||||
Cost of revenue (COR) |
1,310 |
1,277 |
5,347 |
5,113 |
||||||||
Gross profit |
2,440 |
2,137 |
9,614 |
8,257 |
||||||||
Research and development (R&D) |
386 |
340 |
1,508 |
1,356 |
||||||||
Selling, general and administrative (SG&A) |
409 |
405 |
1,694 |
1,742 |
||||||||
Acquisition charges |
79 |
80 |
318 |
319 |
||||||||
Restructuring charges/other |
3 |
(20) |
11 |
(15) |
||||||||
Operating profit |
1,563 |
1,332 |
6,083 |
4,855 |
||||||||
Other income (expense), net (OI&E) |
8 |
184 |
75 |
155 |
||||||||
Interest and debt expense |
21 |
19 |
78 |
80 |
||||||||
Income before income taxes |
1,550 |
1,497 |
6,080 |
4,930 |
||||||||
Provision for income taxes |
1,206 |
450 |
2,398 |
1,335 |
||||||||
Net income |
$ |
344 |
$ |
1,047 |
$ |
3,682 |
$ |
3,595 |
||||
Diluted earnings per common share |
$ |
.34 |
$ |
1.02 |
$ |
3.61 |
$ |
3.48 |
||||
Average shares outstanding (millions): |
||||||||||||
Basic |
985 |
998 |
991 |
1,003 |
||||||||
Diluted |
1,007 |
1,018 |
1,012 |
1,021 |
||||||||
Cash dividends declared per common share |
$ |
.62 |
$ |
.50 |
$ |
2.12 |
$ |
1.64 |
||||
Certain amounts in the prior periods have been adjusted to reflect the first-quarter 2017 early adoption of ASU 2017-07 related to the reclassification of certain pension and other retiree benefit costs to OI&E.
Supplemental Information |
||||||||||||
Provision for income taxes is based on the following: |
||||||||||||
Operating taxes (calculated using the estimated annual effective tax rate) |
$ |
476 |
$ |
465 |
$ |
1,858 |
$ |
1,489 |
||||
Discrete tax items |
730 |
(15) |
540 |
(154) |
||||||||
Provision for income taxes (effective taxes) |
$ |
1,206 |
$ |
450 |
$ |
2,398 |
$ |
1,335 |
||||
Annual operating tax rate |
31% |
31% |
31% |
30% |
||||||||
Effective tax rate |
78% |
30% |
39% |
27% |
||||||||
|
As a result of accounting rule ASC 260, which requires a portion of Net income to be allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents, diluted EPS is calculated using the following: |
||||||||||||
Net income |
$ |
344 |
$ |
1,047 |
$ |
3,682 |
$ |
3,595 |
||||
Income allocated to RSUs |
(3) |
(13) |
(33) |
(44) |
||||||||
Income allocated to common stock for diluted EPS |
$ |
341 |
$ |
1,034 |
$ |
3,649 |
$ |
3,551 |
||||
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(Millions of dollars, except share amounts)
December 31, |
||||||
2017 |
2016 |
|||||
Assets |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
1,656 |
$ |
1,154 |
||
Short-term investments |
2,813 |
2,336 |
||||
Accounts receivable, net of allowances of ($8) and ($17) |
1,278 |
1,267 |
||||
Raw materials |
126 |
102 |
||||
Work in process |
1,089 |
954 |
||||
Finished goods |
742 |
734 |
||||
Inventories |
1,957 |
1,790 |
||||
Prepaid expenses and other current assets |
1,030 |
910 |
||||
Total current assets |
8,734 |
7,457 |
||||
Property, plant and equipment at cost |
4,789 |
4,923 |
||||
Accumulated depreciation |
(2,125) |
(2,411) |
||||
Property, plant and equipment, net |
2,664 |
2,512 |
||||
Long-term investments |
268 |
235 |
||||
Goodwill |
4,362 |
4,362 |
||||
Acquisition-related intangibles |
946 |
1,264 |
||||
Deferred tax assets |
264 |
374 |
||||
Capitalized software licenses |
110 |
52 |
||||
Overfunded retirement plans |
208 |
96 |
||||
Other assets |
86 |
79 |
||||
Total assets |
$ |
17,642 |
$ |
16,431 |
||
Liabilities and stockholders’ equity |
||||||
Current liabilities: |
||||||
Current portion of long-term debt |
$ |
500 |
$ |
631 |
||
Accounts payable |
466 |
396 |
||||
Accrued compensation |
722 |
710 |
||||
Income taxes payable |
128 |
83 |
||||
Accrued expenses and other liabilities |
442 |
444 |
||||
Total current liabilities |
2,258 |
2,264 |
||||
Long-term debt |
3,577 |
2,978 |
||||
Underfunded retirement plans |
89 |
129 |
||||
Deferred tax liabilities |
78 |
33 |
||||
Deferred credits and other liabilities |
1,303 |
554 |
||||
Total liabilities |
7,305 |
5,958 |
||||
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 |
1,776 |
1,674 |
||||
Retained earnings |
34,662 |
33,107 |
||||
Treasury common stock at cost |
||||||
Shares: 2017 – 757,657,217; 2016 – 744,831,978 |
(27,458) |
(25,523) |
||||
Accumulated other comprehensive income (loss), net of taxes (AOCI) |
(384) |
(526) |
||||
Total stockholders’ equity |
10,337 |
10,473 |
||||
Total liabilities and stockholders’ equity |
$ |
17,642 |
$ |
16,431 |
||
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Millions of dollars)
For Three Months Ended |
For Years Ended |
|||||||||||
December 31, |
December 31, |
|||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||
Cash flows from operating activities |
||||||||||||
Net income |
$ |
344 |
$ |
1,047 |
$ |
3,682 |
$ |
3,595 |
||||
Adjustments to Net income: |
||||||||||||
Depreciation |
133 |
139 |
539 |
605 |
||||||||
Amortization of acquisition-related intangibles |
79 |
80 |
318 |
319 |
||||||||
Amortization of capitalized software |
12 |
8 |
47 |
31 |
||||||||
Stock-based compensation |
45 |
48 |
242 |
252 |
||||||||
Gains on sales of assets |
— |
(40) |
— |
(40) |
||||||||
Deferred taxes |
159 |
(42) |
112 |
(202) |
||||||||
Increase (decrease) from changes in: |
||||||||||||
Accounts receivable |
299 |
166 |
(7) |
(108) |
||||||||
Inventories |
(49) |
18 |
(167) |
(99) |
||||||||
Prepaid expenses and other current assets |
33 |
(211) |
76 |
(81) |
||||||||
Accounts payable and accrued expenses |
70 |
59 |
51 |
72 |
||||||||
Accrued compensation |
82 |
62 |
(3) |
36 |
||||||||
Income taxes payable |
694 |
180 |
468 |
333 |
||||||||
Changes in funded status of retirement plans |
(15) |
(129) |
21 |
(73) |
||||||||
Other |
43 |
2 |
(16) |
(26) |
||||||||
Cash flows from operating activities |
1,929 |
1,387 |
5,363 |
4,614 |
||||||||
Cash flows from investing activities |
||||||||||||
Capital expenditures |
(231) |
(110) |
(695) |
(531) |
||||||||
Proceeds from asset sales |
— |
— |
40 |
— |
||||||||
Purchases of short-term investments |
(1,450) |
(1,332) |
(4,555) |
(3,503) |
||||||||
Proceeds from short-term investments |
790 |
765 |
4,095 |
3,390 |
||||||||
Other |
(7) |
(8) |
(12) |
(6) |
||||||||
Cash flows from investing activities |
(898) |
(685) |
(1,127) |
(650) |
||||||||
Cash flows from financing activities |
||||||||||||
Proceeds from issuance of debt |
494 |
— |
1,099 |
499 |
||||||||
Repayment of debt |
— |
— |
(625) |
(1,000) |
||||||||
Dividends paid |
(611) |
(499) |
(2,104) |
(1,646) |
||||||||
Stock repurchases |
(706) |
(475) |
(2,556) |
(2,132) |
||||||||
Proceeds from common stock transactions |
162 |
57 |
||||||||||