北京2014年5月7日電 /美通社/ -- 德州儀器（TI）（納斯達(dá)克代碼：TXN）公布其第一季度營收為29.8億美元，凈收入4.87億美元，每股收益44美分。業(yè)績報告中包括3,700萬美元的收益，該收益并未包含在公司此前的前瞻報告中；由于出售了一處網(wǎng)點以及與此前宣布的重組措施相關(guān)的其它資產(chǎn)，每股盈利增長2美分。
關(guān)于公司業(yè)績及股東回報，TI公司董事長、總裁兼首席執(zhí)行官Rich Templeton發(fā)表了如下意見:
不計傳統(tǒng)無線業(yè)務(wù)的營收和自由現(xiàn)金流計算為非一般公認(rèn)會計原則（GAAP）財務(wù)措施。自由現(xiàn)金流指的是業(yè)務(wù)經(jīng)營活動現(xiàn)金流減去資本支出后的所?，F(xiàn)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(xiàn)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(xiàn)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(xiàn)金回報總額達(dá)到公司現(xiàn)金回報目標(biāo)的99％（自由現(xiàn)金流減去凈負(fù)債償還，再加上權(quán)益計酬計劃的收益）。
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.
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Millions of dollars)
| For Three Months Ended Mar. 31, | ||||
| 2014 | 2013 | |||
| Cash flows from operating activities: | ||||
| Net income | $ 487 | $ 362 | ||
| Adjustments to net income: | ||||
| Depreciation | 213 | 228 | ||
| Amortization of acquisition-related intangibles | 81 | 85 | ||
| Amortization of capitalized software | 16 | 32 | ||
| Stock-based compensation | 78 | 75 | ||
| Gain on sales of assets | (37) | (3) | ||
| Deferred income taxes | -- | 26 | ||
| Increase (decrease) from changes in: | ||||
| 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 | (11) | (60) | ||
| Cash flows from operating activities | 462 | 360 | ||
| Cash flows from investing activities: | ||||
| Capital expenditures | (77) | (84) | ||
| Proceeds from asset sales | 37 | 18 | ||
| Purchases of short-term investments | (1,051) | (536) | ||
| Proceeds from short-term investments | 785 | 615 | ||
| Other | 1 | 9 | ||
| Cash flows from investing activities | (305) | 22 | ||
| Cash flows from financing activities: | ||||
| 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 | ||
| 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年第一季度各業(yè)務(wù)單元業(yè)績
| 1Q14 | 1Q13 | Change | |
| 模擬 : | |||
| 收入 | $ 1,837 | $ 1,648 | 11% |
| 利潤 | $ 498 | $ 300 | 66% |
| 嵌入式處理器 : |
|||
| 收入 | $ 656 | $ 561 | 17% |
| 利潤 | $ 52 | $ 7 | 643% |
| 其他: | |||
| 收入 | $ 490 | $ 676 | -28% |
| 利潤* | $ 140 | $ 88 | 59% |
* 包括收購、重組或其他費(fèi)用。
模擬： (包括通用模擬與邏輯、電源管理、高性能模擬和硅谷模擬業(yè)務(wù))
嵌入式處理：(包括處理器、微控制器和連接器)
其它： (包括DLP®產(chǎn)品、定制ASIC產(chǎn)品、計算器、版費(fèi)和傳統(tǒng)無線產(chǎn)品)
非GAAP財務(wù)信息
不包括傳統(tǒng)無線業(yè)務(wù)的運(yùn)營收入
本新聞稿包含了除傳統(tǒng)無線產(chǎn)品業(yè)務(wù)外TI公司營收狀況和收入前景的信息。本公司相信，這一做法并不遵循美國一般公認(rèn)會計原則（GAAP），僅為投資者洞悉TI公司相關(guān)業(yè)績而提供，并作為基于GAAP財務(wù)信息的補(bǔ)充。下表數(shù)據(jù)為基于GAAP算出的最直接可比數(shù)據(jù)對比調(diào)整后所得。
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
(Millions of dollars)
| For Three Months Ended | ||||||
| Mar. 31, 2014 | Mar. 31, 2013 | Change | ||||
| Revenue (GAAP) | $ 2,983 | $ 2,885 | 3% | |||
| Legacy wireless revenue | (8) | (210) | ||||
| TI Revenue less legacy wireless revenue (non-GAAP) | $ 2,975 | $ 2,675 | 11% | |||
| For Three Months Ended | |||||||
| Jun. 30, 2014 (Expected)* | Jun. 30, 2013 | Change | |||||
| Revenue (GAAP) | $ 3,270 | $ 3,047 | 7% | ||||
| Legacy wireless revenue | n/a | (148) | |||||
| 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.
自由現(xiàn)金流及相關(guān)比值：
本新聞稿還包含了基于上述方法計算的自由現(xiàn)金流及各種比值。這些計算并不遵循美國一般公認(rèn)會計原則（GAAP）。自由現(xiàn)金流的計算是根據(jù)GAAP算出的最直接可比的經(jīng)營活動所產(chǎn)生的現(xiàn)金流（也被稱為經(jīng)營業(yè)務(wù)現(xiàn)金流）減去資本支出而得。本新聞稿中的各種比值按照以下GAAP數(shù)據(jù)與自由現(xiàn)金流對照：營收、已支付股息和股票回購量。
本公司認(rèn)為，這些非GAAP數(shù)據(jù)能反映公司流動資金、現(xiàn)金生成能力和潛在可回報投資者的現(xiàn)金金額，并幫助更好了解公司財務(wù)業(yè)績。這些非GAAP數(shù)據(jù)是對基于GAAP財務(wù)信息的補(bǔ)充。
下表數(shù)據(jù)為基于GAAP算出的最直接可比數(shù)據(jù)對比調(diào)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% |
安全港聲明
1995 年《私人證券訴訟改革法案》（Private Securities Litigation Reform Act of 1995） 之免責(zé)聲明：
此新聞稿包含根據(jù)美國1995年《私人證券訴訟改革法案》之免責(zé)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(yù)期”、“預(yù)見”、“估計”或其它具有相似含義的字詞呈現(xiàn)。同樣，文中對TI公司業(yè)務(wù)戰(zhàn)略、前景、目的、計劃、意圖或目標(biāo)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(fēng)險及不確定性，可能導(dǎo)致實際結(jié)果與前瞻性聲明內(nèi)容存在重大差異。
我們希望讀者能仔細(xì)考慮以下重要因素，它們可能導(dǎo)致實際結(jié)果與TI或其管理層的預(yù)期產(chǎn)生重大差異：
有關(guān)這些因素的更詳細(xì)討論，請參閱截止于2013年12月31日的年度TI10-K表格1A項“風(fēng)險因素”的討論。本新聞稿中包含的前瞻性陳述僅截至本新聞稿發(fā)布之日有效，TI不承擔(dān)任何對這些前瞻性陳述進(jìn)行更新以反映后續(xù)事件或情況的義務(wù)。
