德州仪器公布2014年第一季度财务业绩及股东回报
2014-05-07
德州仪器（TI）（纳斯达克代码：TXN）公布其第一季度营收为29.8亿美元，净收入4.87亿美元，每股收益44美分。业绩报告中包括3,700万美元的收益，该收益并未包含在公司此前的前瞻报告中；由于出售了一处网点以及与此前宣布的重组措施相关的其它资产，每股盈利增长2美分。
关于公司业绩及股东回报，TI公司董事长、总裁兼首席执行官Rich Templeton发表了如下意见:
· “本季度的收入和盈利处于我们预期范围内的中上水平，标志着本年度的良好开局。
· “与去年相比，我们的营收增长了3％，若不计传统的无线产品运营收入，则营收增长为11％。模拟和嵌入式处理器业务收入占第一季度营收的84％。
· “毛利率达到53.9％，表现强劲，体现了我们模拟和嵌入式处理器业务的有效组合以及高效的生产战略。
· “我们的商业模式在运营过程中持续产生强劲的现金流。过去12个月的自由现金流接近31亿美元，同比增长8％，占营收的25％。这与我们20％-30％的目标一致。这一目标比早前所定的第一季度20-25％的目标调高了5个百分点。。
· “过去的12个月中，通过分派股息和股票回购，我们给股东们的回报达到$42亿美元。我们的股息策略是将全部无需用来偿还债务的现金流作为股东回报，并回报给他们权益计酬计划的收益，这反映了我们对我们的业务模式实现长期可持续性发展的信心。在过去的12个月中，我们的股东回报达到目标金额的99％。
· “我们的资产负债表依然强劲，本季度末账面上有40亿美元的现金和短期投资，其中84％归我公司在美国的实体所拥有。库存周转天数为112天，符合我们所设定的105-115天的目标。
· “TI公司在2014年第二季度的预期是：营收范围在31.4亿美元至34亿美元之间，每股收益范围在0.55美元至0.63美元之间。营业收入的中间值显示了7％的年增长，若不计传统无线业务，年增长为13％。2014年度的实际税率预期约为28％，高于我们之前做出的约27％的预期。
不计传统无线业务的营收和自由现金流计算为非一般公认会计原则（GAAP）财务措施。自由现金流指的是业务经营活动现金流减去资本支出后的所剩现金。
盈利摘要
Amounts are in millions of dollars, except per-share amounts.
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|
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|
1Q14 |
1Q13 |
Change |
|
|
Revenue |
$ 2,983 |
$ 2,885 |
3% |
|
|
Operating profit |
$ 690 |
$ 395 |
75% |
|
|
Net income |
$ 487 |
$ 362 |
35% |
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Earnings per share |
$ .44 |
$ .32 |
38%
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现金流量
Amounts are in millions of dollars.
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Trailing 12 Months |
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1Q14 |
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1Q14 |
1Q13 |
Change |
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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%
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5% -15% 8%
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Capital expenditures for the past twelve months were 3 percent of revenue.
现金回报
Amounts are in millions of dollars.
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Trailing 12 Months |
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1Q14 |
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1Q14 |
1Q13 |
Change |
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Dividends paid Stock repurchases Total cash returned
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$ 325 $ 720 $ 1,045
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$ 1,268 $ 2,909 $ 4,177
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$ 856 $ 2,179 $ 3,035
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48% 34% 38%
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去年十二个月的现金回报总额达到公司现金回报目标的99％（自由现金流减去净负债偿还，再加上权益计酬计划的收益）。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
(Millions of dollars, except share and per-share amounts)
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For Three Months Ended Mar. 31, |
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2014 |
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2013 |
|||
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|
|||
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Revenue .................................................................................................. .................................................................................................................... |
|
$ 2,983 |
|
$ 2,885 |
|||
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Cost of revenue ..................................................................................... |
|
1,376 |
|
1,511 |
|||
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Gross profit ............................................................................................. |
|
1,607 |
|
1,374 |
|||
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Research and development (R&D) ..................................................... |
|
366 |
|
419 |
|||
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Selling, general and administrative (SG&A) ...................................... |
|
479 |
|
459 |
|||
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Acquisition charges................................................................................ |
|
83 |
|
86 |
|||
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Restructuring charges/other.................................................................. |
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(11) |
|
15 |
|||
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Operating profit ..................................................................................... |
|
690 |
|
395 |
|||
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Other income (expense), net ................................................................ |
|
6 |
|
2 |
|||
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Interest and debt expense .................................................................... |
|
25 |
|
23 |
|||
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Income before income taxes ................................................................. |
|
671 |
|
374 |
|||
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Provision for income taxes ................................................................... |
|
184 |
|
12 |
|||
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Net income .............................................................................................. |
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$ 487 |
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$ 362 |
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Earnings per common share: |
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|||
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Basic .................................................................................................... |
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$ .44 |
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$ .32 |
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Diluted ................................................................................................. |
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$ .44 |
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$ .32 |
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Average shares outstanding (millions): |
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|||
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Basic .................................................................................................... |
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1,081 |
|
1,107 |
|||
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Diluted ................................................................................................. |
|
1,096 |
|
1,123 |
|||
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|||
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Cash dividends declared per share of common stock ..................... |
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$ .30 |
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$ .21 |
|||
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|
|||
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Percentage of revenue: |
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|||
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Gross profit ............................................................................................. |
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53.9% |
|
47.6% |
|||
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R&D ......................................................................................................... |
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12.3% |
|
14.5% |
|||
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SG&A ...................................................................................................... |
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16.1% |
|
15.9% |
|||
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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)
|
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|
Mar. 31, 2014 |
|
Mar. 31, 2013 |
Assets |
|
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|
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Current assets: |
|
|
|
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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 ..................................................................................... |
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8,360 |
|
8,205 |
Property, plant and equipment at cost .......................................................... |
|
6,426 |
|
6,773 |
Accumulated depreciation .......................................................................... |
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(3,247) |
|
(3,034) |
Property, plant and equipment, net ........................................................... |
|
3,179 |
|
3,739 |
Long-term investments ................................................................................... |
|
212 |
|
204 |
Goodwill, net....................................................................................................... |
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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 ....................................................................................................... |
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$ 18,935 |
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$ 19,701 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Current portion of long-term debt ............................................................. |
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$ 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: |
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Preferred stock, $25 par value. Authorized – 10,000,000 shares. Participating cumulative preferred. None issued. |
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-- |
|
-- |
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.
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Millions of dollars)
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For Three Months Ended Mar. 31, |
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2014 |
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2013 |
|||
Cash flows from operating activities: |
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Net income ..................................................................................... |
|
$ 487 |
|
$ 362 |
|||
Adjustments to net income: |
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|
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Depreciation .............................................................................. |
|
213 |
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228 |
|||
Amortization of acquisition-related intangibles .................. |
|
81 |
|
85 |
|||
Amortization of capitalized software ..................................... |
|
16 |
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32 |
|||
Stock-based compensation ..................................................... |
|
78 |
|
75 |
|||
Gain on sales of assets ............................................................ |
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(37) |
|
(3) |
|||
Deferred income taxes .............................................................. |
|
-- |
|
26 |
|||
Increase (decrease) from changes in: |
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|
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|
|||
Accounts receivable ................................................................ |
|
(149) |
|
(112) |
|||
Inventories ................................................................................ |
|
17 |
|
57 |
|||
Prepaid expenses and other current assets .......................... |
|
(29) |
|
10 |
|||
Accounts payable and accrued expenses ............................ |
|
(117) |
|
(244) |
|||
Accrued compensation ........................................................... |
|
(189) |
|
(154) |
|||
Income taxes payable ............................................................... |
|
80 |
|
29 |
|||
Changes in funded status of retirement plans ......................... |
|
22 |
|
29 |
|||
Other ............................................................................................... |
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(11) |
|
(60) |
|||
Cash flows from operating activities ............................................. |
|
462 |
|
360 |
|||
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Cash flows from investing activities: |
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|
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|
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Capital expenditures ..................................................................... |
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(77) |
|
(84) |
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Proceeds from asset sales ........................................................... |
|
37 |
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18 |
|||
Purchases of short-term investments ........................................ |
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(1,051) |
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(536) |
|||
Proceeds from short-term investments ..................................... |
|
785 |
|
615 |
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Other ............................................................................................... |
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1 |
|
9 |
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Cash flows from investing activities ............................................. |
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(305) |
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22 |
|||
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Cash flows from financing activities: |
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Proceeds from issuance of long-term debt ............................... |
|
498 |
|
-- |
|||
Dividends paid .............................................................................. |
|
(325) |
|
(232) |
|||
Stock repurchases ........................................................................ |
|
(720) |
|
(679) |
|||
Proceeds from common stock transactions .............................. |
|
283 |
|
454 |
|||
Excess tax benefit from share-based payments ....................... |
|
49 |
|
52 |
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Other ............................................................................................... |
|
(4) |
|
-- |
|||
Cash flows from financing activities ............................................. |
|
(219) |
|
(405) |
|||
Net change in Cash and cash equivalents ................................................. |
|
(62) |
|
(23) |
Cash and cash equivalents, beginning of period ...................................... |
|
1,627 |
|
1,416 |
Cash and cash equivalents, end of period ................................................. |
|
$ 1,565 |
|
$ 1,393 |
Certain amounts in the prior period’s financial statement have been reclassified to conform to the current presentation.
2014年第一季度各业务单元业绩
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1Q14 |
1Q13 |
Change |
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模拟 : |
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收入 |
$ 1,837 |
$ 1,648 |
11% |
|
利润 |
$ 498 |
$ 300 |
66% |
|
嵌入式处理器 : |
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收入 |
$ 656 |
$ 561 |
17% |
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利润 |
$ 52 |
$ 7 |
643% |
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其他: |
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收入 |
$ 490 |
$ 676 |
-28% |
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利润* |
$ 140 |
$ 88 |
59% |
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* 包括收购、重组或其他费用。
模拟: (包括通用模拟与逻辑、电源管理、高性能模拟和硅谷模拟业务)
与去年同期相比，所有产品线收入均有所增长。电源管理和高性能模拟业务收入增长基本持平，其次是硅谷模拟业务和通用模拟与逻辑器件产品。
营业利润较前一年实现增长，这主要得益于较高的营业收入及毛利率。
嵌入式处理：(包括处理器、微控制器和连接器)
与去年同期相比，所有产品线的收入都实现了增长。微控制器增长最多，其次是处理器和连接器。
营业利润较前一年实现增长，这要得益于较高的营业收入及毛利率。
其它: (包括DLP®产品、定制ASIC产品、计算器、版费和传统无线产品)
与去年同期相比，传统无线产品收入下降导致总营业收入减少。
营业利润较前一年有所增长，主要原因包括较低的营运开支，以及较低的重组费用及其他费用。而这些增长也部分被较低的毛利抵销。本季度产生的重组费用及其他费用也从一处营运点及其他资产的销售中受益。
非GAAP财务信息
不包括传统无线业务的运营收入
本新闻稿包含了除传统无线产品业务外TI公司营收状况和收入前景的信息。本公司相信，这一做法并不遵循美国一般公认会计原则（GAAP），仅为投资者洞悉TI公司相关业绩而提供，并作为基于GAAP财务信息的补充。下表数据为基于GAAP算出的最直接可比数据对比调整后所得。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
(Millions of dollars)
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For Three Months Ended |
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Mar. 31, 2014 |
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Mar. 31, 2013 |
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Change |
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Revenue (GAAP)............................................................................ |
|
$ 2,983 |
|
$ 2,885 |
|
3% |
Legacy wireless revenue.................................................................. |
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(8) |
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(210) |
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TI Revenue less legacy wireless revenue (non-GAAP)................... |
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$ 2,975 |
|
$ 2,675 |
|
11% |
|
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For Three Months Ended |
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Jun. 30, 2014 (Expected)* |
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Jun. 30, 2013 |
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Change |
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Revenue (GAAP)............................................................................ |
|
$ 3,270 |
|
$ 3,047 |
|
7% |
|
Legacy wireless revenue.................................................................. |
|
n/a |
|
(148) |
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|
|
TI Revenue less legacy wireless revenue (non-GAAP)................... |
|
$ 3,270 |
|
$ 2,899 |
|
13% |
|
* Represents the average of the low point and the high point of the revenue guidance of $3.14 billion – $3.40 billion provided in this release.
自由现金流及相关比值：
本新闻稿还包含了基于上述方法计算的自由现金流及各种比值。这些计算并不遵循美国一般公认会计原则（GAAP）。自由现金流的计算是根据GAAP算出的最直接可比的经营活动所产生的现金流（也被称为经营业务现金流）减去资本支出而得。本新闻稿中的各种比值按照以下GAAP数据与自由现金流对照：营收、已支付股息和股票回购量。
本公司认为，这些非GAAP数据能反映公司流动资金、现金生成能力和潜在可回报投资者的现金金额，并帮助更好了解公司财务业绩。这些非GAAP数据是对基于GAAP财务信息的补充。
下表数据为基于GAAP算出的最直接可比数据对比调整后所得。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
(Millions of dollars)
Free cash flow:
|
|
For Three Months Ended Mar. 31, 2014 |
For Twelve Months Ended Mar. 31, 2014 |
For Twelve Months Ended Mar. 31, 2013 |
Change |
|
|
|
|
|
|
Revenue ................................................................................. |
$ 2,983 |
$ 12,302 |
$ 12,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operations (GAAP) ..................................... |
$ 462 |
$ 3,486 |
$ 3,324 |
5% |
Capital expenditures .............................................................. |
(77) |
(405) |
(476) |
|
Free cash flow (non-GAAP) ................................................. |
$ 385 |
$ 3,081 |
$ 2,848 |
8% |
|
|
|
|
|
|
|
Cash flow from operations as a percent of revenue (GAAP) |
15% |
28% |
26% |
|
|
Free cash flow as a percent of revenue (non-GAAP) |
13% |
25% |
23% |
|
Total cash returned to shareholders as a percentage of targeted cash return:
|
|
|
|
For Twelve Months Ended Mar. 31, 2014 |
|
|
|
|
|
|
|
|
|
Dividends paid ........................................................................................................................................... |
|
|
$ 1,268 |
|
|
Stock repurchases ...................................................................................................................................... |
|
|
2,909 |
|
|
Total cash returned to shareholders ........................................................................................................... |
|
|
$ 4,177 |
|
|
|
|
|
|
|
|
|
Free cash flow (non-GAAP) ..................................................................................................................... |
|
|
$ 3,081 |
|
|
Proceeds from issuance of long-term debt ............................................................................................. |
|
$ 1,484 |
|
|
|
Repayment of debt.................................................................................................................................. |
|
(1,500) |
|
|
|
Net debt retirement .................................................................................................................................... |
|
|
$ (16) |
|
|
Proceeds from common stock transactions................................................................................................. |
|
|
1,143 |
|
|
Targeted cash return to shareholders (non-GAAP) ................................................................................. |
|
|
$ 4,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total cash returned to shareholders as a percentage of targeted cash return to shareholders (non-GAAP). |
|
|
99% |
||