德州仪器公司（TI）发布2018年第二季度财务业绩与股东回报

德州仪器

2018-07-26 18:16 25374

北京2018年7月26日电 /美通社/ -- 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40.2亿美元，净收入14.1亿美元，每股收益1.40美元。其中，每股收益包括未涵盖在公司原始计划中的3美分离散税收益。

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：

“营业收入较去年同期增长9%。TI的模拟及嵌入式处理产品在工业和汽车市场中仍然保持强劲的需求。”
“过去一年，通过公司运营产生的现金流达到66亿美元，再次体现了公司商业模式的优势。自由现金流达到57亿美元，占营业收入的36.6%。体现了我们高质量的产品组合，以及高效的制造策略，包括300毫米（12英寸）模拟产品生产所具有的优势。”
“过去一年，通过股票回购和分派股息，我们给股东们的回报达到56亿美元，这与我们将所有自由现金流回报给股东的策略相一致。在过去的12个月中，我们分派的股息在自由现金流中的占比达到41%，体现了其可持续性。”
“德州仪器在2018年第三季度的预期是：营业收入范围在41.1亿美元至44.5亿美元之间，每股收益范围在1.41美元至1.63美元之间，其中包括估值为1000万美元的离散税收益。2018年与2019年的年度营业税率预计分别为20%与16%。”

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剩现金。

盈利摘要

单位为百万美元，每股收益除外。

		2Q18		2Q17	变化
营业收入	$	4,017	$	3,693	9%
营业利润	$	1,712	$	1,480	16%
净收入	$	1,405	$	1,056	33%
每股收益	$	1.40	$	1.03	36%

现金流量

单位为百万美元。

			最近连续12个月
		2Q18		2Q18		2Q17	变化
经营现金流	$	1,826	$	6,589	$	4,564	44%
资本支出	$	249	$	855	$	527	62%
自由现金流	$	1,577	$	5,734	$	4,037	42%
自由现金流占营业收入百分比				36.6%		28.5%

现金回报

单位为百万美元。

			最近连续12个月
		2Q18		2Q18		2Q17	变化
分派股息	$	606	$	2,323	$	1,879	24%
股票回购	$	1,018	$	3,247	$	2,175	49%
总现金回报	$	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

各业务单元季度业绩

单位为百万美元。

		2Q18		2Q17	变化
模拟：
营业收入	$	2,690	$	2,411	12%
营业利润	$	1,263	$	1,077	17%
嵌入式处理：
营业收入	$	943	$	868	9%
营业利润	$	334	$	271	23%
其它：
营业收入	$	384	$	414	(7)%
营业利润*	$	115	$	132	(13)%

*包括收购、重组或其它费用。

与去年同期相比：

模拟：(包括电源、信号链和大容量模拟业务)

营业收入的增长主要得益于电源和信号链产品。大容量模拟业务减少。
营业利润增加主要得益于更高的营业收入和相关毛利率。

嵌入式处理：(包括连接微控制器和处理器)

两条产品线营业收入均实现增长。
营业利润增加主要得益于更高的营业收入和相关毛利率。

其它：(包括DLP®产品、计算器、定制ASIC产品)

营业收入减少3,000万美元，营业利润下降1,700万美元。

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未包括在美国一般公认的会计原则(GAAP)中。自由现金流的计算方法是从最直接可比的GAAP衡量标准中的经营活动所产生的现金流（也被称为经营现金流）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,
	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。在使用年度营业税率时对预估年度实际税率没有进行调整。

预测性声明通知

此新闻稿包含根据美国1995年《私人证券诉讼改革法案》之免责条款所拟定的前瞻性声明。这些声明一般以 TI及其管理层“相信”、“期望”、“预期”、“预见”、“估计”或其它具有相似含义的字词呈现。同样，文中对TI的业务战略、前景、目的、计划、意图或目标之陈述亦属前瞻性声明。所有此等前瞻性声明均具有一定风险及不确定性，可能导致实际结果与前瞻性声明内容存在重大差异。

我们希望读者能仔细考虑以下重要因素，它们可能导致实际结果与TI或其管理层的预期产生重大差异：

市场对半导体的需求，尤其是工业、汽车和个人电子产品等TI的终端市场；
TI在竞争激烈的行业中保持产品和价格竞争力的能力；
客户需求与预测不符，由于需求导致与预测不一致的TI库存短缺或过剩所带来的财务影响；
TI及其客户或供应商所在地区的经济、社会和政治条件，包括安全隐患、国际贸易政策、政治与社会稳定性、卫生条件、交通运输、通信和信息技术网络可能发生中断以及外币兑换汇率波动等；
TI及其客户或供应商的信息技术系统发生损坏或中断；
TI及其客户或供应商所在地区发生自然事件，如恶劣天气、地震和流行病等；
TI在瞬息万变的技术环境里开发、生产和营销创新产品的能力；
及时实施新的制造工艺和安装制造设备，或获得必要第三方代工和封装/测试分包服务的能力；
原材料、公用事业、制造设备、第三方制造服务和制造技术的可用性和成本；
由于复杂法律和规章制度的服从或改变，或官方的强制措施，对TI产品的制造和运输，或业务运营带来限制，或TI受到罚款、处罚和其他法律责任；
因疫情或交收失误，或与TI产品、制造、服务、设计和传播相关，或因含TI部件的产品从客户处召回所产生的产品责任或索赔申报；
因TI应纳税利润所在司法管辖区税法变化而导致的适用于TI的税率变化、税务审计结果和实现资产递延税项的能力；
由于客户和分销商所导致的TI委托库存的损失；
分销商财务困难或他们对同类竞争产品线的推广而导致TI损失，或失去数目庞大的分销商；
因主要客户导致的损失或采购缩减，分销商及其他客户调整库存所涉的时间和金额;
在竞争激烈的周期性行业中保持或提高利润率的能力，包括充分利用生产设施以实现固定营业成本的能力；
TI维护和落实强大知识产权组合以及保持自由运营的能力，或TI遭受侵权索赔；
全球信用和金融市场的不稳定性，对TI在资助日常运营、投资商业、战略性收购，或债务本金和利息支付等方面的能力造成影响；
医疗保健和退休津贴的成本提升；
TI招募和留住熟练工程、管理和技术人才的能力；
TI通过并购成功整合和实现成长机会的能力，或在重组成本和附带成本节省的数额和时间上实现预期的能力；
非金融资产的减值。