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 18:16 199

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%。”

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剩現金。

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。