德州儀器（TI）公布其第一季營收為 29.8 億美元，淨收入 4.87 億美元，每股收益 44美分。業績報告中包括 3,700 萬美元的收益，該收益並未包含在公司此前的前瞻報告中；由於出售了一處網點以及與此前宣佈的重組措施相關的其它資產，每股盈利增長2美分。
關於公司業績及股東回報，TI 公司董事長、總裁兼首席执行官 Rich Templeton 發表了如下意見：
- 本季的收入和盈利處於我們預期範圍內的中上水準，標誌著本年度的良好開局。
- 與去年相比，我們的營收增長了 3％，若不計傳統的無線產品營運收入，則營收增長為 11％。模擬和嵌入式處理器業務收入占第一季營收的 84％。
- 毛利率達到 53.9％，表現強勁，體現了我們模擬和嵌入式處理器業務的有效組合以及高效的生產戰略。
- 我们的商業模式在營運過程中持續產生强勁的現金流。過去 12 個月的自由現金流接近 31 億美元，同比增長 8％，占營收的 25％。這與我們 20％-30％ 的目標一致。這一目標比早前所定的第一季 20-25％ 的目標調高了 5 個百分點。
- 過去的 12 個月中，通過分派股息和股票回購，我们给股東的回報達到 $42 億美元。我們的股息策略是將全部無需用來償還債務的現金流作為股東回報，並回報給他們權益計酬計畫的收益，這反映了我们對我們的業務模式實現長期可持續性發展的信心。在過去的 12 個月中，我們的股東回報達到目標金額的 99％。
- 我们的資產負債表依然强勁，本季末帳面上有 40 億美元的現金和短期投資，其中 84％ 歸我公司在美國的實体所擁有。庫存周轉天數為 112 天，符合我们所设定的 105-115 天的目标。
- TI 公司在 2014 年第二季的預期是：營收範圍在 31.4 億美元至 34 億美元之間，每股收益範圍在 0.55 美元至 0.63 美元之間。營業收入的中間值顯示了7％的年增長，若不計傳統無線業務，年增長為 13％。2014 年度的實際稅率預期約為 28％，高於我們之前做出的約 27％ 的預期。
不計傳統無線業務的營收和自由現金流計算為非一般公認會計原則（GAAP）財務措施。自由現金流指的是業務經營活動現金流減去資本支出後的所剩現金。
盈利摘要
Amounts are in millions of dollars, except per-share amounts.
| 1Q14 | 1Q13 | Change | ||
| Revenue | $ 2,983 | $ 2,885 | 3% | |
| Operating profit | $ 690 | $ 395 | 75% | |
| Net income | $ 487 | $ 362 | 35% | |
| Earnings per share | $ .44 | $ .32 | 38%
|
現金流量
Amounts are in millions of dollars.
| Trailing 12 Months | |||||
| 1Q14 | 1Q14 | 1Q13 | Change | ||
| Cash flow from operations
Capital expenditures Free cash flow Free cash flow % of revenue |
$ 462
$ 77 $ 385 13% |
$ 3,486
$ 405 $ 3,081 25% |
$ 3,324
$ 476 $ 2,848 23%
|
5%
-15% 8%
|
|
Capital expenditures for the past twelve months were 3 percent of revenue.
現金回報
Amounts are in millions of dollars.
| Trailing 12 Months | |||||
| 1Q14 | 1Q14 | 1Q13 | Change | ||
| Dividends paid
Stock repurchases Total cash returned
|
$ 325
$ 720 $ 1,045
|
$ 1,268
$ 2,909 $ 4,177
|
$ 856
$ 2,179 $ 3,035
|
48%
34% 38%
|
|
去年十二個月的現金回報總額達到公司現金回報目標的 99％（自由現金流減去淨負債償還，再加上權益計酬計畫的收益）。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
(Millions of dollars, except share and per-share amounts)
| For Three Months Ended Mar. 31, |
| 2014 | 2013 | |||
| Revenue …………………………………………………………………………………………….. …………………………………………………………………………………………………………….. | $ 2,983 | $ 2,885 | ||
| Cost of revenue …………………………………………………………………………………. | 1,376 | 1,511 | ||
| Gross profit ………………………………………………………………………………………… | 1,607 | 1,374 | ||
| Research and development (R&D) ……………………………………………………. | 366 | 419 | ||
| Selling, general and administrative (SG&A) ………………………………………. | 479 | 459 | ||
| Acquisition charges……………………………………………………………………………… | 83 | 86 | ||
| Restructuring charges/other…………………………………………………………………. | (11) | 15 | ||
| Operating profit …………………………………………………………………………………. | 690 | 395 | ||
| Other income (expense), net ………………………………………………………………. | 6 | 2 | ||
| Interest and debt expense ………………………………………………………………….. | 25 | 23 | ||
| Income before income taxes …………………………………………………………….. | 671 | 374 | ||
| Provision for income taxes ………………………………………………………………… | 184 | 12 | ||
| Net income ………………………………………………………………………………………… | $ 487 | $ 362 | ||
| Earnings per common share: | ||||
| Basic ………………………………………………………………………………………………. | $ .44 | $ .32 | ||
| Diluted ……………………………………………………………………………………………. | $ .44 | $ .32 | ||
| Average shares outstanding (millions): | ||||
| Basic ………………………………………………………………………………………………. | 1,081 | 1,107 | ||
| Diluted ……………………………………………………………………………………………. | 1,096 | 1,123 | ||
| Cash dividends declared per share of common stock ……………………….. | $ .30 | $ .21 | ||
| Percentage of revenue: | ||||
| Gross profit ………………………………………………………………………………………… | 53.9% | 47.6% | ||
| R&D …………………………………………………………………………………………………… | 12.3% | 14.5% | ||
| SG&A ………………………………………………………………………………………………… | 16.1% | 15.9% | ||
| Operating profit …………………………………………………………………………………. | 23.1% | 13.7% |
As required by accounting rule ASC 260, net income allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, is excluded from the calculation of EPS. $7 million is excluded for both the quarters ending March 31, 2014 and 2013.
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(Millions of dollars, except share amounts)
| Mar. 31, 2014 | Mar. 31, 2013 | |||
| Assets | ||||
| Current assets: | ||||
| Cash and cash equivalents ……………………………………………………………… | $ 1,565 | $ 1,393 | ||
| Short-term investments …………………………………………………………………… | 2,467 | 2,469 | ||
| Accounts receivable, net of allowances of ($23) and ($26) ……………. | 1,355 | 1,333 | ||
| Raw materials …………………………………………………………………………………. | 95 | 99 | ||
| Work in process ……………………………………………………………………………….. | 898 | 930 | ||
| Finished goods …………………………………………………………………………………. | 721 | 671 | ||
| Inventories ………………………………………………………………………………………. | 1,714 | 1,700 | ||
| Deferred income taxes …………………………………………………………………….. | 383 | 469 | ||
| Prepaid expenses and other current assets ………………………………………. | 876 | 841 | ||
| Total current assets …………………………………………………………………………. | 8,360 | 8,205 | ||
| Property, plant and equipment at cost ……………………………………………….. | 6,426 | 6,773 | ||
| Accumulated depreciation ………………………………………………………………. | (3,247) | (3,034) | ||
| Property, plant and equipment, net …………………………………………………. | 3,179 | 3,739 | ||
| Long-term investments ……………………………………………………………………….. | 212 | 204 | ||
| Goodwill, net…………………………………………………………………………………………. | 4,362 | 4,362 | ||
| Acquisition-related intangibles, net …………………………………………………….. | 2,142 | 2,473 | ||
| Deferred income taxes ………………………………………………………………………… | 200 | 264 | ||
| Capitalized software licenses, net ……………………………………………………….. | 111 | 169 | ||
| Overfunded retirement plans………………………………………………………………… | 129 | 62 | ||
| Other assets …………………………………………………………………………………………. | 240 | 223 | ||
| Total assets …………………………………………………………………………………………. | $ 18,935 | $ 19,701 | ||
| Liabilities and Stockholders’ Equity | ||||
| Current liabilities: | ||||
| Current portion of long-term debt …………………………………………………… | $ 1,000 | $ 1,500 | ||
| Accounts payable ……………………………………………………………………………. | 405 | 440 | ||
| Accrued compensation ……………………………………………………………………. | 364 | 365 | ||
| Income taxes payable …………………………………………………………………….. | 101 | 109 | ||
| Deferred income taxes …………………………………………………………………….. | 1 | 2 | ||
| Accrued expenses and other liabilities …………………………………………….. | 600 | 694 | ||
| Total current liabilities …………………………………………………………………….. | 2,471 | 3,110 | ||
| Long-term debt …………………………………………………………………………………… | 4,652 | 4,183 | ||
| Underfunded retirement plans ……………………………………………………………. | 218 | 258 | ||
| Deferred income taxes ………………………………………………………………………… | 536 | 598 | ||
| Deferred credits and other liabilities ……………………………………………………. | 438 | 600 | ||
| Total liabilities …………………………………………………………………………………….. | 8,315 | 8,749 |
| 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 ………………………………………………………………………………….. | 1,181 | 1,049 | ||
| Retained earnings …………………………………………………………………………….. | 28,331 | 27,330 | ||
| Treasury common stock at cost.
… Shares: Mar. 31, 2014 – 661,464,745; Mar. 31, 2013 – 631,661,551…………………………………………………………………………………. |
|
(20,113) |
(18,518) |
|
| Accumulated other comprehensive income (loss), net of taxes ………. | (520) | (650) | ||
| Total stockholders’ equity ……………………………………………………………….. | 10,620 | 10,952 | ||
| Total liabilities and stockholders’ equity …………………………………………….. | $ 18,935 | $ 19,701 |
Certain amounts in the prior period’s financial statement have been reclassified to conform to the current presentation.
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