德州仪器公司（TI）发布2023年第一季度财务业绩与股东回报

Q1 2023

Q1 2022

变化

营业收入

$

4,379

$

4,905

(11)%

营业利润

$

1,934

$

2,563

(25)%

净收入

$

1,708

$

2,201

(22)%

每股收益

$

1.85

$

2.35

(21) %

Q1 2023

Q1 2022

变化

营业收入

$

4,379

$

4,905

(11)%

营业利润

$

1,934

$

2,563

(25)%

净收入

$

1,708

$

2,201

(22)%

每股收益

$

1.85

$

2.35

(21) %

最近连续12个月

Q3 2022

Q3 2022

Q3 2021

变化

分派股息

$

1,125

$

4,359

$

4,009

9%

股票回购

$

103

$

3,129

$

1,016

208%

总现金回报

$

1,228

$

7,488

$

5,025

49%

TEXASINSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

For Three Months Ended

March 31,

(In millions, except per-share amounts)

2023

2022

Revenue

$

4,379

$

4,905

Cost of revenue (COR)

1,516

1,463

Gross profit

2,863

3,442

Research and development (R&D)

455

391

Selling, general and administrative (SG&A)

474

422

Restructuring charges/other

—

66

Operating profit

1,934

2,563

Other income (expense), net (OI&E)

80

15

Interest and debt expense

68

52

Income before income taxes

1,946

2,526

Provision for income taxes

238

325

Net income

$

1,708

$

2,201

Diluted earnings per common share

$

1.85

$

2.35

Average shares outstanding:

Basic

907

923

Diluted

916

934

Cash dividends declared per common share

$

1.24

$

1.15

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)

$

276

$

361

Discrete tax items

(38)

(36)

Provision for income taxes (effective taxes)

$

238

$

325

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

$

1,708

$

2,201

Income allocated to RSUs

(9)

(9)

Income allocated to common stock for diluted EPS

$

1,699

$

2,192

TEXASINSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

March 31,

(In millions, except par value)

2023

2022

Assets

Current assets:

Cash and cash equivalents

$

4,477

$

3,505

Short-term investments

5,068

6,320

Accounts receivable, net of allowances of ($13) and ($9)

1,877

1,795

Raw materials

378

265

Work in process

1,850

1,151

Finished goods

1,060

644

Inventories

3,288

2,060

Prepaid expenses and other current assets

313

330

Total current assets

15,023

14,010

Property, plant and equipment at cost

10,791

8,236

Accumulated depreciation

(3,126)

(2,797)

Property, plant and equipment

7,665

5,439

Goodwill

4,362

4,362

Deferred tax assets

486

273

Capitalized software licenses

140

91

Overfunded retirement plans

189

383

Other long-term assets

1,355

718

Total assets

$

29,220

$

25,276

Liabilities and stockholders’ equity

Current liabilities:

Current portion of long-term debt

$

500

$

500

Accounts payable

952

641

Accrued compensation

394

386

Income taxes payable

372

405

Accrued expenses and other liabilities

686

596

Total current liabilities

2,904

2,528

Long-term debt

9,626

7,242

Underfunded retirement plans

123

81

Deferred tax liabilities

73

94

Other long-term liabilities

1,251

1,314

Total liabilities

13,977

11,259

Stockholders’ equity:

Preferred stock,$25par value. Shares authorized – 10; none issued

—

—

Common stock,$1par value. Shares authorized – 2,400; shares issued – 1,741

1,741

1,741

Paid-in capital

3,016

2,667

Retained earnings

50,930

47,053

Treasury common stock at cost

Shares:March 31, 2023– 819;March 31, 2022– 819

(40,192)

(37,291)

Accumulated other comprehensive income (loss), net of taxes (AOCI)

(252)

(153)

Total stockholders’ equity

15,243

14,017

Total liabilities and stockholders’ equity

$

29,220

$

25,276

TEXASINSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

March 31,

(In millions)

2023

2022

Cash flows from operating activities

Net income

$

1,708

$

2,201

Adjustments to net income:

Depreciation

265

200

Amortization of capitalized software

16

14

Stock compensation

104

74

Gains on sales of assets

—

(2)

Deferred taxes

(8)

(1)

Increase (decrease) from changes in:

Accounts receivable

18

(94)

Inventories

(531)

(150)

Prepaid expenses and other current assets

(4)

21

Accounts payable and accrued expenses

(124)

11

Accrued compensation

(407)

(388)

Income taxes payable

185

284

Changes in funded status of retirement plans

6

21

Other

(68)

(47)

Cash flows from operating activities

1,160

2,144

Cash flows from investing activities

Capital expenditures

(982)

(443)

Proceeds from asset sales

1

2

Purchases of short-term investments

(3,013)

(3,988)

Proceeds from short-term investments

4,026

2,774

Other

(4)

(13)

Cash flows from investing activities

28

(1,668)

Cash flows from financing activities

Repayment of debt

1,397

—

Dividends paid

(1,125)

(1,063)

Stock repurchases

(103)

(589)

Proceeds from common stock transactions

85

57

Other

(15)

(7)

Cash flows from financing activities

239

(1,602)

Net change in cash and cash equivalents

1,427

(1,126)

Cash and cash equivalents at beginning of period

3,050

4,631

Cash and cash equivalents at end of period

$

4,477

$

3,505

Q1 2023

Q1 2022

变化

模拟：

营业收入

$

3,289

$

3,816

(14)%

营业利润

$

1,574

$

2,150

(27)%

嵌入式处理：

营业收入

$

832

$

782

6 %

营业利润

$

237

$

315

(25) %

其他：

营业收入

$

258

$

307

(16)%

营业利润*

$

123

$

98

26%

For 12 Months Ended

March 31,

2023

2022

Change

Cash flow from operations (GAAP)

$

7,736

$

9,050

(15) %

Capital expenditures

(3,336)

(2,597)

Free cash flow (non-GAAP)

$

4,400

$

6,453

(32) %

Revenue

$

19,502

$

18,960

Cash flow from operations as a percentage of revenue (GAAP)

39.7%

47.7%

Free cash flow as a percentage of revenue (non-GAAP)

22.6%

34.0%