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德州仪器公司（TI）发布2019年第四季度及2019年度财务业绩与股东回报

德州仪器公司（TI）发布2019年第四季度及2019年度财务业绩与股东回报

2020-2-20

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33.5亿美元，净收益10.7亿美元，每股收益1.12美元。其中，每股收益包括未涵盖在公司原始计划中的1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10%。
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5%，嵌入式处理器的营业收入减少了20 %。
在过去的一年中，通过运营所产生的现金流达到66亿美元，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到58亿美元，占营业收入的40%。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。
2019年，通过股票回购和分派股息，我们给股东们的回报达到60亿美元。在过去的一年中，我们分派的股息在自由现金流中占52%，体现了其可持续性。我们的股票回购和分派股息反映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2020年第一季度的预期是：营业收入范围在31.2亿美元至33.8亿美元之间，每股收益范围在0.96美元至1.14美元之间，其中包括预计200万美元的离散税收益。2020年，我们的年度营业税率预期为15%。

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 2019		Q4 2018	变化
营业收入	$	3,350	$	3,717	(10)%
营业利润	$	1,249	$	1,516	(18)%
净收入	$	1,070	$	1,239	(14)%
每股收益	$	1.12	$	1.27	(12)%

现金流量

单位为百万美元。

			最近连续12个月
		Q4 2019		Q4 2019		Q4 2018	变化
经营现金流	$	1,754	$	6,649	$	7,189	(8)%
资本支出	$	163	$	847	$	1,131	(25)%
自由现金流	$	1,591	$	5,802	$	6,058	(4)%
自由现金流占营业收入百分比				40.3%		38.4%

现金回报

单位为百万美元

			最近连续12个月
		Q4 2019		Q4 2019	Q4 2018		变化
分派股息	$	841	$	3,008	$	2,555	18%
股票回购	$	489	$	2,960	$	5,100	(42)%
总现金回报	$	1,330	$	5,968	$	7,655	(22)%

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,
	2019		2018		2019		2018
Revenue	$	3,350	$	3,717	$	14,383	$	15,784
Cost of revenue (COR)	1,253		1,310		5,219		5,507
Gross profit	2,097		2,407		9,164		10,277
Research and development (R&D)	386		400		1,544		1,559
Selling, general and administrative (SG&A)	412		414		1,645		1,684
Acquisition charges	50		79		288		318
Restructuring charges/other	—		(2)		(36)		3
Operating profit	1,249		1,516		5,723		6,713
Other income (expense), net (OI&E)	53		23		175		98
Interest and debt expense	45		36		170		125
Income before income taxes	1,257		1,503		5,728		6,686
Provision for income taxes	187		264		711		1,106
Net income	$	1,070	$	1,239	$	5,017	$	5,580

Diluted earnings per common share	$	1.12	$	1.27	$	5.24	$	5.59

Average shares outstanding (millions):
Basic	933		953		936		970
Diluted	948		970		952		990

Cash dividends declared per common share	$	.90	$	.77	$	3.21	$	2.63


Supplemental Information

Provision for income taxes is based on the following:

Operating taxes (calculated using the estimated annual effective tax rate)	$	188	$	277	$	903	$	1,304
Discrete tax items	(1)		(13)		(192)		(198)
Provision for income taxes (effective taxes)	$	187	$	264	$	711	$	1,106

Effective tax rate	15%		18%		12%		17%

Our annual operating tax rate, which does not include discrete tax items, was 16% compared with 20% in the prior year.

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	$	1,070	$	1,239	$	5,017	$	5,580
Income allocated to RSUs	(6)		(8)		(31)		(42)
Income allocated to common stock for diluted EPS	$	1,064	$	1,231	$	4,986	$	5,538

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(Millions of dollars, except share amounts)

	December 31,
	2019		2018
Assets
Current assets:
Cash and cash equivalents	$	2,437	$	2,438
Short-term investments	2,950		1,795
Accounts receivable, net of allowances of ($8) and ($19)	1,074		1,207
Raw materials	176		181
Work in process	916		1,070
Finished goods	909		966
Inventories	2,001		2,217
Prepaid expenses and other current assets	299		440
Total current assets	8,761		8,097
Property, plant and equipment at cost	5,740		5,425
Accumulated depreciation	(2,437)		(2,242)
Property, plant and equipment	3,303		3,183
Long-term investments	300		251
Goodwill	4,362		4,362
Acquisition-related intangibles	340		628
Deferred tax assets	197		295
Capitalized software licenses	69		89
Overfunded retirement plans	218		92
Other long-term assets	468		140
Total assets	$	18,018	$	17,137

Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt	$	500	$	749
Accounts payable	388		478
Accrued compensation	714		724
Income taxes payable	46		103
Accrued expenses and other liabilities	475		420
Total current liabilities	2,123		2,474
Long-term debt	5,303		4,319
Underfunded retirement plans	93		118
Deferred tax liabilities	78		42
Other long-term liabilities	1,514		1,190
Total liabilities	9,111		8,143
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	2,110		1,950
Retained earnings	39,898		37,906
Treasury common stock at cost
Shares: 2019 – 808,784,381; 2018 – 795,665,646	(34,495)		(32,130)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(347)		(473)
Total stockholders’ equity	8,907		8,994
Total liabilities and stockholders’ equity	$	18,018	$	17,137

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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Millions of dollars)

	For Three Months Ended				For Years Ended
	December 31,				December 31,
	2019		2018		2019		2018
Cash flows from operating activities
Net income	$	1,070	$	1,239	$	5,017	$	5,580
Adjustments to net income:
Depreciation	186		158		708		590
Amortization of acquisition-related intangibles	50		79		288		318
Amortization of capitalized software	14		12		54		46
Stock compensation	41		42		217		232
Gains on sales of assets	—		(3)		(23)		(3)
Deferred taxes	50		(23)		81		(105)
Increase (decrease) from changes in:
Accounts receivable	268		378		133		71
Inventories	39		(101)		216		(282)
Prepaid expenses and other current assets	(20)		101		265		669
Accounts payable and accrued expenses	(29)		(13)		(93)		(7)
Accrued compensation	100		105		(15)		(7)
Income taxes payable	7		147		(193)		158
Changes in funded status of retirement plans	3		10		29		36
Other	(25)		14		(35)		(107)
Cash flows from operating activities	1,754		2,145		6,649		7,189

Cash flows from investing activities
Capital expenditures	(163)