Q2 2021

Q2 2020

变化    

营业收入           

$

4,580

$

 3,239    

41%

营业利润

$

2,213

$

 1,228

80%

净收入

$

1,931

$

 1,380

40%

每股收益

$

2.05

$

 1.48

39%

最近连续12个月

Q2 2021

Q2 2021

           Q2 2020

        变化

经营现金流                                                    

$

2,121

$

7,539

           $

6,317

        19%

资本支出

$

386

$

1,052

           $

603

        74%

自由现金流

$

1,735

$

6,487

           $

5,714

        14%

自由现金流占营业收入百分比

    38.7%

               41.7%

最近连续12个月

Q2 2021

Q2 2021 

Q2 2020

变化

分派股息

$

942

$

3,644

$

3,226

13%

股票回购

$

146

$

276

$

3,468

(92)%

总现金回报

$

1,088

$

3,920

$

6,694

(41)%

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

For Three Months Ended

June 30,

(Millions of dollars, except share and per-share amounts)

2021

2020

Revenue

$

4,580

$

3,239

Cost of revenue (COR)

1,503

1,157

Gross profit

3,077

2,082

Research and development (R&D)

391

379

Selling, general and administrative (SG&A)

425

401

Acquisition charges

48

50

Restructuring charges/other

—

24

Operating profit

2,213

1,228

Other income (expense), net (OI&E)

73

99

Interest and debt expense

44

48

Income before income taxes

2,242

1,279

Provision for income taxes

311

(101)

Net income

$

1,931

$

1,380

Diluted earnings per common share

$

2.05

$

1.48

Average shares outstanding (millions):

  Basic

923

916

  Diluted

937

927

Cash dividends declared per common share

$

1.02

$

.90

Supplemental Information

(Quarterly, except as noted)

Our annual operating tax rate, which does not include discrete tax items, was 14% for the current period and 13% for the year-ago period.

Provision for income taxes is based on the following:

Operating taxes (calculated using the estimated annual effective tax rate)

$

322

$

164

Discrete tax items

(11)

(265)

Provision for income taxes (effective taxes)

$

311

$

(101)

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

$

1,931

$

1,380

Income allocated to RSUs

(7)

(7)

Income allocated to common stock for diluted EPS

$

1,924

$

1,373

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

June 30,

(Millions of dollars, except share amounts)

2021

2020

Assets

Current assets:

  Cash and cash equivalents

$

3,649

$

4,294

  Short-term investments

3,741

666

  Accounts receivable, net of allowances of ($9) and ($9) 

1,591

1,176

    Raw materials

201

182

    Work in process

996

977

    Finished goods

659

977

  Inventories

1,856

2,136

  Prepaid expenses and other current assets

340

216

  Total current assets

11,177

8,488

Property, plant and equipment at cost

6,235

5,741

  Accumulated depreciation

(2,557)

(2,540)

  Property, plant and equipment

3,678

3,201

Goodwill

4,362

4,362

Acquisition-related intangibles

57

240

Deferred tax assets

326

236

Capitalized software licenses

99

141

Overfunded retirement plans

254

223

Other long-term assets

650

554

Total assets

$

20,603

$

17,445

Liabilities and stockholders’ equity

Current liabilities:

  Current portion of long-term debt

$

499

$

551

  Accounts payable

587

409

  Accrued compensation

531

505

  Income taxes payable

107

179

  Accrued expenses and other liabilities

477

519

  Total current liabilities

2,201

2,163

Long-term debt

5,752

6,245

Underfunded retirement plans

131

99

Deferred tax liabilities

87

60

Other long-term liabilities

1,279

1,234

Total liabilities

9,450

9,801

Stockholders’ equity:

  Preferred stock, $25 par value. Authorized – 10,000,000 shares; 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

2,485

2,182

  Retained earnings

43,846

40,780

  Treasury common stock at cost

    Shares: June 30, 2021 – 817,729,258; June 30, 2020 – 825,225,307 

(36,596)

(36,725)

  Accumulated other comprehensive income (loss), net of taxes (AOCI)

(323)

(334)

Total stockholders’ equity

11,153

7,644

Total liabilities and stockholders’ equity

$

20,603

$

17,445

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

June 30,

(Millions of dollars)

2021

2020

Cash flows from operating activities

  Net income

$

1,931

$

1,380

  Adjustments to net income:

    Depreciation

184

184

    Amortization of acquisition-related intangibles

48

50

    Amortization of capitalized software

15

15

    Stock compensation

69

69

    Gains on sales of assets

(3)

(1)

    Deferred taxes

(1)

(30)

Increase (decrease) from changes in:

    Accounts receivable

(7)

140

    Inventories

40

(133)

    Prepaid expenses and other current assets

(50)

63

    Accounts payable and accrued expenses

(17)

73

    Accrued compensation

141

148

    Income taxes payable

(175)

(255)

  Changes in funded status of retirement plans

7

(10)

  Other

(61)

27

Cash flows from operating activities

2,121

1,720

Cash flows from investing activities

  Capital expenditures

(386)

(130)

  Proceeds from asset sales

3

1

  Purchases of short-term investments

(1,952)

(249)

  Proceeds from short-term investments

2,455

1,810

  Other

7

5

Cash flows from investing activities

127

1,437

Cash flows from financing activities

  Proceeds from issuance of long-term debt

—

749

  Repayment of debt

—

(500)

  Dividends paid

(942)

(823)

  Stock repurchases

(146)

(882)

  Proceeds from common stock transactions

54

87

  Other

(7)

(12)

Cash flows from financing activities

(1,041)

(1,381)

Net change in cash and cash equivalents

1,207

1,776

Cash and cash equivalents at beginning of period

2,442

2,518

Cash and cash equivalents at end of period

$

3,649

$

4,294

Q2 2021

Q2 2020

           变化

模拟：

营业收入

$ 3,464

$

2,434      

    42%

营业利润

$ 1,778

$

1,053

    69%

嵌入式处理：

   营业收入

$ 780

$

546

    43%

营业利润

$ 312

$

125

    150%

其它：

营业收入

$ 336

$

259

    30%

营业利润*

$ 123

$

50

    146%

*包括收购、重组或其它费用。

For 12 Months Ended

June 30,

2021

2020

Change

Cash flow from operations (GAAP)

$

7,539

$

6,317

19%

Capital expenditures

(1,052)

(603)

Free cash flow (non-GAAP)

$

6,487

$

5,714

14%

Revenue

$

16,762

$

13,689

Cash flow from operations as a percentage of revenue (GAAP)

45.0%

46.1%

Free cash flow as a percentage of revenue (non-GAAP)

38.7%

41.7%