德州儀器公司（TI）發布2018年第二季度財務業績與股東回報

德州儀器

2018-07-26 18:16 205

北京2018年7月26日電 /美通社/ -- 德州儀器公司（TI）(NASDAQ: TXN)日前公布其第二季度財務報告，營業收入40.2億美元，凈收入14.1億美元，每股收益1.40美元。其中，每股收益包括未涵蓋在公司原始計劃中的3美分離散稅收益。

關于公司業績及股東回報，TI董事長、總裁兼首席執行官 Rich Templeton 作如下說明：

“營業收入較去年同期增長9%。TI的模擬及嵌入式處理產品在工業和汽車市場中仍然保持強勁的需求?！?
“過去一年，通過公司運營產生的現金流達到66億美元，再次體現了公司商業模式的優勢。自由現金流達到57億美元，占營業收入的36.6%。體現了我們高質量的產品組合，以及高效的制造策略，包括300毫米（12英寸）模擬產品生產所具有的優勢?！?
“過去一年，通過股票回購和分派股息，我們給股東們的回報達到56億美元，這與我們將所有自由現金流回報給股東的策略相一致。在過去的12個月中，我們分派的股息在自由現金流中的占比達到41%，體現了其可持續性。”
“德州儀器在2018年第三季度的預期是：營業收入范圍在41.1億美元至44.5億美元之間，每股收益范圍在1.41美元至1.63美元之間，其中包括估值為1000萬美元的離散稅收益。2018年與2019年的年度營業稅率預計分別為20%與16%?！?/li>

自由現金流為非GAAP財務衡量指標。自由現金流指的是經營活動產生的現金流減去資本支出后的所?，F金。

盈利摘要

單位為百萬美元，每股收益除外。

		2Q18		2Q17	變化
營業收入	$	4,017	$	3,693	9%
營業利潤	$	1,712	$	1,480	16%
凈收入	$	1,405	$	1,056	33%
每股收益	$	1.40	$	1.03	36%

現金流量

單位為百萬美元。

			最近連續12個月
		2Q18		2Q18		2Q17	變化
經營現金流	$	1,826	$	6,589	$	4,564	44%
資本支出	$	249	$	855	$	527	62%
自由現金流	$	1,577	$	5,734	$	4,037	42%
自由現金流占營業收入百分比				36.6%		28.5%

現金回報

單位為百萬美元。

			最近連續12個月
		2Q18		2Q18		2Q17	變化
分派股息	$	606	$	2,323	$	1,879	24%
股票回購	$	1,018	$	3,247	$	2,175	49%
總現金回報	$	1,624	$	5,570	$	4,054	37%

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
(Millions of dollars, except share and per-share amounts)

	For Three Months Ended
	June 30,
	2018		2017
Revenue ....................................................................................................................................	$	4,017	$	3,693
Cost of revenue (COR) ...........................................................................................................		1,398		1,319
Gross profit ................................................................................................................................		2,619		2,374
Research and development (R&D) ......................................................................................		384		378
Selling, general and administrative (SG&A) .......................................................................		441		434
Acquisition charges .................................................................................................................		79		79
Restructuring charges/other ...................................................................................................		3		3
Operating profit ........................................................................................................................		1,712		1,480
Other income (expense), net (OI&E) ....................................................................................		24		26
Interest and debt expense ......................................................................................................		30		20
Income before income taxes .................................................................................................		1,706		1,486
Provision for income taxes ....................................................................................................		301		430
Net income ................................................................................................................................	$	1,405	$	1,056

Diluted earnings per common share ...................................................................................	$	1.40	$	1.03

Average shares outstanding (millions):
Basic ......................................................................................................................................		977		994
Diluted ...................................................................................................................................		997		1,015

Cash dividends declared per common share ....................................................................	$	.62	$	.50



Supplemental Information
(Quarterly, except as noted)

Provision for income taxes is based on the following:

Operating taxes (calculated using the estimated annual effective tax rate) ................	$	344	$	458
Discrete tax items ....................................................................................................................		(43)		(28)
Provision for income taxes (effective taxes) ......................................................................	$	301	$	430

Annual operating tax rate .......................................................................................................		20%		31%
Effective tax rate ......................................................................................................................		18%		29%

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 ................................................................................................................................	$	1,405	$	1,056
Income allocated to RSUs ......................................................................................................		(11)		(10)
Income allocated to common stock for diluted EPS .........................................................	$	1,394	$	1,046

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

	June 30,
	2018		2017
Assets
Current assets:
Cash and cash equivalents ...............................................................................................	$	2,919	$	1,140
Short-term investments ......................................................................................................		2,211		1,844
Accounts receivable, net of allowances of ($8) and ($11) ..........................................		1,551		1,469
Raw materials ..................................................................................................................		155		109
Work in process ...............................................................................................................		1,079		1,099
Finished goods ................................................................................................................		856		739
Inventories ............................................................................................................................		2,090		1,947
Prepaid expenses and other current assets ...................................................................		821		1,111
Total current assets .............................................................................................................		9,592		7,511
Property, plant and equipment at cost .................................................................................		5,025		4,656
Accumulated depreciation .................................................................................................		(2,170)		(2,142)
Property, plant and equipment, net ..................................................................................		2,855		2,514
Long-term investments ...........................................................................................................		271		250
Goodwill, net .............................................................................................................................		4,362		4,362
Acquisition-related intangibles, net ......................................................................................		787		1,105
Deferred income taxes ...........................................................................................................		205		412
Capitalized software licenses, net ........................................................................................		101		114
Overfunded retirement plans ................................................................................................		205		99
Other long-term assets ...........................................................................................................		149		71
Total assets ...............................................................................................................................	$	18,527	$	16,438

Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt .....................................................................................	$	----	$	499
Accounts payable ................................................................................................................		492		450
Accrued compensation ......................................................................................................		472		489
Income taxes payable ........................................................................................................		120		86
Accrued expenses and other liabilities ...........................................................................		382		353
Total current liabilities .........................................................................................................		1,466		1,877
Long-term debt .........................................................................................................................		5,066		3,084
Underfunded retirement plans ..............................................................................................		82		101
Deferred tax liabilities .............................................................................................................		50		33
Other long-term liabilities .......................................................................................................		1,229		635
Total liabilities ...........................................................................................................................		7,893		5,730
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 ......................................................................................................................		1,867		1,683
Retained earnings ...............................................................................................................		36,413		34,149
Treasury common stock at cost
Shares: March 31, 2018 – 759,098,020; March 31, 2017 – 743,085,976 ...........		(29,016)		(26,345)
Accumulated other comprehensive income (loss), net of taxes (AOCI) ...................		(371)		(520)
Total stockholders’ equity ..................................................................................................		10,634		10,708
Total liabilities and stockholders’ equity ..............................................................................	$	18,527	$	16,438

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

	For Three Months Ended
	June 30,
	2018		2017
Cash flows from operating activities
Net income ............................................................................................................................	$	1,405	$	1,056
Adjustments to Net income:
Depreciation .....................................................................................................................		144		134
Amortization of acquisition-related intangibles .........................................................		79		79
Amortization of capitalized software ...........................................................................		10		12
Stock compensation .......................................................................................................		74		75
Deferred taxes .................................................................................................................		1		(54)
Increase (decrease) from changes in:
Accounts receivable ........................................................................................................		(97)		(132)
Inventories ........................................................................................................................		(58)		(104)
Prepaid expenses and other current assets ...............................................................		61		83
Accounts payable and accrued expenses ..................................................................		6		12
Accrued compensation ..................................................................................................		123		131
Income taxes payable ....................................................................................................		120		(385)
Changes in funded status of retirement plans ...............................................................		29		19
Other .......................................................................................................................................		(71)		(9)
Cash flows from operating activities ....................................................................................		1,826		917

Cash flows from investing activities
Capital expenditures ...........................................................................................................		(249)		(151)
Proceeds from asset sales..................................................................................................		(1,213)		(1,130)
Purchases of short-term investments ..............................................................................		1,375		1,265
Proceeds from short-term investments ...........................................................................		1,445		1,120
Other .......................................................................................................................................		6		8
Cash flows from investing activities .....................................................................................		(81)		(8)

Cash flows from financing activities
Proceeds from issuance of long-term debt.....................................................................		1,500		605
Repayment of debt...............................................................................................................		(500)		(375)
Dividends paid ......................................................................................................................		(606)		(498)
Stock repurchases ...............................................................................................................		(1,018)		(650)
Proceeds from common stock transactions ...................................................................		102		84
Other .......................................................................................................................................		(21)		(8)
Cash flows from financing activities .....................................................................................		(543)		(842)

Net change in Cash and cash equivalents ..........................................................................		1,202		67
Cash and cash equivalents at beginning of period ...........................................................		1,717		1,073
Cash and cash equivalents at end of period ......................................................................	$	2,919	$	1,140

各業務單元季度業績

單位為百萬美元。

		2Q18		2Q17	變化
模擬：
營業收入	$	2,690	$	2,411	12%
營業利潤	$	1,263	$	1,077	17%
嵌入式處理：
營業收入	$	943	$	868	9%
營業利潤	$	334	$	271	23%
其它：
營業收入	$	384	$	414	(7)%
營業利潤*	$	115	$	132	(13)%

*包括收購、重組或其它費用。

與去年同期相比：

模擬：(包括電源、信號鏈和大容量模擬業務)

營業收入的增長主要得益于電源和信號鏈產品。大容量模擬業務減少。
營業利潤增加主要得益于更高的營業收入和相關毛利率。

嵌入式處理：(包括連接微控制器和處理器)

兩條產品線營業收入均實現增長。
營業利潤增加主要得益于更高的營業收入和相關毛利率。

其它：(包括DLP®產品、計算器、定制ASIC產品)

營業收入減少3,000萬美元，營業利潤下降1,700萬美元。

非GAAP財務信息

本新聞稿包括根據這一衡量標準計算的自由現金流及各種比值。這些財務衡量標準并未包括在美國一般公認的會計原則(GAAP)中。自由現金流的計算方法是從最直接可比的GAAP衡量標準中的經營活動所產生的現金流（也被稱為經營現金流）減去資本支出。

本公司認為，自由現金流和相關的比值能夠深刻反映公司的流動資金、現金生成能力和潛在可回報投資者的現金金額，并幫助更好了解公司財務業績。這些非GAAP衡量指標是可比GAAP衡量指標的補充。

下表中的數據是基于最直接可比GAAP的衡量標準經調整后所得出的數據。

單位為百萬美元。


	For 12 Months Ended
	June 30,
	2018		2017		Change
Cash flow from operations (GAAP) ...............................................................	$	6,589	$	4, 564	44%
Capital expenditures .........................................................................................		(855)		(527)
Free cash flow (non-GAAP) .............................................................................	$	5,734	$	4,037	42%

Revenue ..............................................................................................................	$	15,672	$	14,184

Cash flow from operations as a percent of revenue (GAAP) ...................		42.0%		32.2%
Free cash flow as a percent of revenue (non-GAAP) .................................		36.6%		28.5%

本新聞稿還包括對年度營業稅率的參考，這是一個我們用來描述預估年度實際稅率的非GAAP數據項，從定義上看，一個GAAP衡量標準不包括離散稅項目。我們相信，由于營業稅率更加清晰地描述了預估年度實際稅率所代表的內容，即稅率將會對我們運營的增量變化產生怎樣的影響，這一數據項是有用的。在使用年度營業稅率時對預估年度實際稅率沒有進行調整。

預測性聲明通知

此新聞稿包含根據美國1995年《私人證券訴訟改革法案》之免責條款所擬定的前瞻性聲明。這些聲明一般以 TI及其管理層“相信”、“期望”、“預期”、“預見”、“估計”或其它具有相似含義的字詞呈現。同樣，文中對TI的業務戰略、前景、目的、計劃、意圖或目標之陳述亦屬前瞻性聲明。所有此等前瞻性聲明均具有一定風險及不確定性，可能導致實際結果與前瞻性聲明內容存在重大差異。

我們希望讀者能仔細考慮以下重要因素，它們可能導致實際結果與TI或其管理層的預期產生重大差異：

市場對半導體的需求，尤其是工業、汽車和個人電子產品等TI的終端市場；
TI在競爭激烈的行業中保持產品和價格競爭力的能力；
客戶需求與預測不符，由于需求導致與預測不一致的TI庫存短缺或過剩所帶來的財務影響；
TI及其客戶或供應商所在地區的經濟、社會和政治條件，包括安全隱患、國際貿易政策、政治與社會穩定性、衛生條件、交通運輸、通信和信息技術網絡可能發生中斷以及外幣兌換匯率波動等；
TI及其客戶或供應商的信息技術系統發生損壞或中斷；
TI及其客戶或供應商所在地區發生自然事件，如惡劣天氣、地震和流行病等；
TI在瞬息萬變的技術環境里開發、生產和營銷創新產品的能力；
及時實施新的制造工藝和安裝制造設備，或獲得必要第三方代工和封裝/測試分包服務的能力；
原材料、公用事業、制造設備、第三方制造服務和制造技術的可用性和成本；
由于復雜法律和規章制度的服從或改變，或官方的強制措施，對TI產品的制造和運輸，或業務運營帶來限制，或TI受到罰款、處罰和其他法律責任；
因疫情或交收失誤，或與TI產品、制造、服務、設計和傳播相關，或因含TI部件的產品從客戶處召回所產生的產品責任或索賠申報；
因TI應納稅利潤所在司法管轄區稅法變化而導致的適用于TI的稅率變化、稅務審計結果和實現資產遞延稅項的能力；
由于客戶和分銷商所導致的TI委托庫存的損失；
分銷商財務困難或他們對同類競爭產品線的推廣而導致TI損失，或失去數目龐大的分銷商；
因主要客戶導致的損失或采購縮減，分銷商及其他客戶調整庫存所涉的時間和金額;
在競爭激烈的周期性行業中保持或提高利潤率的能力，包括充分利用生產設施以實現固定營業成本的能力；
TI維護和落實強大知識產權組合以及保持自由運營的能力，或TI遭受侵權索賠；
全球信用和金融市場的不穩定性，對TI在資助日常運營、投資商業、戰略性收購，或債務本金和利息支付等方面的能力造成影響；
醫療保健和退休津貼的成本提升；
TI招募和留住熟練工程、管理和技術人才的能力；
TI通過并購成功整合和實現成長機會的能力，或在重組成本和附帶成本節省的數額和時間上實現預期的能力；
非金融資產的減值。