德州仪器公司（TI）发布2021年第二季度财务业绩与股东回报_德州仪器TI_厂商BrandNews

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【查看厂商产品】德州仪器公司（TI）发布2021年第二季度财务业绩与股东回报 2021-08-11

2021年7月27日

德州仪器公司（TI）（NASDAQ: TXN）日前公布其第二季度财务报告，营业收入45.8亿美元，净收益19.3亿美元，每股收益2.05美元。其中，每股收益包含未涵盖在公司原始计划中的6美分优惠。

关于公司业绩及股东回报，TI董事长、总裁兼首席执行官Rich Templeton作如下说明：

“由于汽车市场、个人电子产品和工业市场需求的强劲增长，收入环比上涨7%，较去年同期增长41%。”
在我们的核心业务中，模拟产品营收增长6%；嵌入式处理器营收增长2%。与去年同期相比，前者增长42%，后者增长43%。
过去12个月中，经营现金流达75亿美元，再次体现了公司商业模式的优势。其中自由现金流在过去一年中达65亿美元，占营业收入的39%。这体现了我们高质量的产品组合，以及高效的制造策略，包括了300毫米（12英寸）模拟产品的生产优势。
“过去12个月通过股票回购和分派股息给股东的回报达39亿美元。其中，分派股息占自由现金流的56%，体现了其可持续性。”
“德州仪器对2021年三季度的预期是：营业收入在44.0亿美元至47.6亿美元之间，每股收益范围在1.87美元至2.13美元之间。2021年，我们的年度营业税率预期为14%。

自由现金流为非GAAP财务衡量指标。自由现金流指的是经营活动产生的现金流减去资本支出后的所余现金。

盈利摘要

单位为百万美元，每股收益除外。

	Q2 2021		Q2 2020		变化
营业收入	$	4,580	$	3,239	41%
营业利润	$	2,213	$	1,228	80%
净收入	$	1,931	$	1,380	40%
每股收益	$	2.05	$	1.48	39%

现金流量

单位为百万美元。

			最近连续12个月
	Q2 2021		Q2 2021		Q2 2020		变化
经营现金流	$	2,121	$	7,539	$	6,317	19%
资本支出	$	386	$	1,052	$	603	74%
自由现金流	$	1,735	$	6,487	$	5,714	14%
自由现金流占营业收入百分比			38.7%		41.7%

现金回报

单位为百万美元

			最近连续12个月
	Q2 2021		Q2 2021		Q2 2020		变化
分派股息	$	942	$	3,644	$	3,226	13%
股票回购	$	146	$	276	$	3,468	(92)%
总现金回报	$	1,088	$	3,920	$	6,694	(41)%

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income	For Three Months Ended June 30,
(Millions of dollars, except share and per-share amounts)	2021		2020
Revenue	$	4,580	$	3,239
Cost of revenue (COR)	1,503		1,157
Gross profit	3,077		2,082
Research and development (R&D)	391		379
Selling, general and administrative (SG&A)	425		401
Acquisition charges	48		50
Restructuring charges/other	—		24
Operating profit	2,213		1,228
Other income (expense), net (OI&E)	73		99
Interest and debt expense	44		48
Income before income taxes	2,242		1,279
Provision for income taxes	311		(101)
Net income	$	1,931	$	1,380

Diluted earnings per common share	$	2.05	$	1.48

Average shares outstanding (millions):
Basic	923		916
Diluted	937		927

Cash dividends declared per common share	$	1.02	$	.90

Supplemental Information
(Quarterly, except as noted)

Our annual operating tax rate, which does not include discrete tax items, was 14% for the current period and 13% for the year-ago period.

Provision for income taxes is based on the following:

Operating taxes (calculated using the estimated annual effective tax rate)	$	322	$	164
Discrete tax items	(11)		(265)
Provision for income taxes (effective taxes)	$	311	$	(101)

A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following:

Net income	$	1,931	$	1,380
Income allocated to RSUs	(7)		(7)
Income allocated to common stock for diluted EPS	$	1,924	$	1,373

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets	June 30,
(Millions of dollars, except share amounts)	2021		2020
Assets
Current assets:
Cash and cash equivalents	$	3,649	$	4,294
Short-term investments	3,741		666
Accounts receivable, net of allowances of ($9) and ($9)	1,591		1,176
Raw materials	201		182
Work in process	996		977
Finished goods	659		977
Inventories	1,856		2,136
Prepaid expenses and other current assets	340		216
Total current assets	11,177		8,488
Property, plant and equipment at cost	6,235		5,741
Accumulated depreciation	(2,557)		(2,540)
Property, plant and equipment	3,678		3,201
Goodwill	4,362		4,362
Acquisition-related intangibles	57		240
Deferred tax assets	326		236
Capitalized software licenses	99		141
Overfunded retirement plans	254		223
Other long-term assets	650		554
Total assets	$	20,603	$	17,445

Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt	$	499	$	551
Accounts payable	587		409
Accrued compensation	531		505
Income taxes payable	107		179
Accrued expenses and other liabilities	477		519
Total current liabilities	2,201		2,163
Long-term debt	5,752		6,245
Underfunded retirement plans	131		99
Deferred tax liabilities	87		60
Other long-term liabilities	1,279		1,234
Total liabilities	9,450		9,801
Stockholders’ equity:
Preferred stock, $25 par value. Authorized – 10,000,000 shares; 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	2,485		2,182
Retained earnings	43,846		40,780
Treasury common stock at cost
Shares: June 30, 2021 – 817,729,258; June 30, 2020 – 825,225,307	(36,596)		(36,725)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(323)		(334)
Total stockholders’ equity	11,153		7,644
Total liabilities and stockholders’ equity	$	20,603	$	17,445

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows	For Three Months Ended June 30,
(Millions of dollars)	2021		2020
Cash flows from operating activities
Net income	$	1,931	$	1,380
Adjustments to net income:
Depreciation	184		184
Amortization of acquisition-related intangibles	48		50
Amortization of capitalized software	15		15
Stock compensation	69		69
Gains on sales of assets	(3)		(1)
Deferred taxes	(1)		(30)
Increase (decrease) from changes in:
Accounts receivable	(7)		140
Inventories	40		(133)
Prepaid expenses and other current assets	(50)		63
Accounts payable and accrued expenses	(17)		73
Accrued compensation	141		148
Income taxes payable	(175)		(255)
Changes in funded status of retirement plans	7		(10)
Other	(61)		27
Cash flows from operating activities	2,121		1,720

Cash flows from investing activities
Capital expenditures	(386)		(130)
Proceeds from asset sales	3		1
Purchases of short-term investments	(1,952)		(249)
Proceeds from short-term investments	2,455		1,810
Other	7		5
Cash flows from investing activities	127		1,437

Cash flows from financing activities
Proceeds from issuance of long-term debt	—		749
Repayment of debt	—		(500)
Dividends paid	(942)		(823)
Stock repurchases	(146)		(882)
Proceeds from common stock transactions	54		87
Other	(7)		(12)
Cash flows from financing activities	(1,041)		(1,381)

Net change in cash and cash equivalents	1,207		1,776
Cash and cash equivalents at beginning of period	2,442		2,518
Cash and cash equivalents at end of period	$	3,649	$	4,294

业务分类季度业绩

单位为百万美元

	Q2 2021	Q2 2020			变化
模拟：
营业收入	$ 3,464		$	2,434		42%
营业利润	$ 1,778		$	1,053		69%
嵌入式处理：
营业收入	$ 780		$	546		43%
营业利润	$ 312		$	125		150%
其它：
营业收入	$ 336		$	259		30%
营业利润*	$ 123		$	50		146%

*包括收购、重组或其它费用。

非GAAP财务信息

本新闻稿包括根据这一衡量标准计算的自由现金流及各种比值。这些财务衡量标准并不遵循美国一般公认会计原则(GAAP)。自由现金流的计算方法是从最直接可比GAAP衡量标准，经营活动所产生的现金流（也被称为经营现金流）中减去资本支出。

本公司认为，自由现金流和相关的比值能够深刻反映公司的流动资金、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衡量指标是可比GAAP衡量指标的补充。

下表中的数据是基于最直接可比GAAP的衡量标准经调整后所得出的数据。

单位为百万美元

	For 12 Months Ended June 30,
	2021		2020		Change
Cash flow from operations (GAAP)	$	7,539	$	6,317	19%
Capital expenditures	(1,052)		(603)
Free cash flow (non-GAAP)	$	6,487	$	5,714	14%

Revenue	$	16,762	$	13,689

Cash flow from operations as a percentage of revenue (GAAP)	45.0%		46.1%
Free cash flow as a percentage of revenue (non-GAAP)	38.7%		41.7%

本新闻稿还包括对年度营业税率的参考，这是一个我们用来描述预估年度实际税率的非GAAP数据项，从定义上看，一个GAAP衡量标准不包括离散税项目。我们相信，由于营业税率更加清晰地描述了预估年度实际税率所代表的内容，即税率将会对我们运营的增量变化产生怎样的影响，这一数据项是有用的。在适用年度营业税率时对预估年度实际税率没有进行调整。