德州仪器公司（TI）发布2022年第四季度及2022年度财务业绩与股东回报

Q4 2022

Q4 2021

变化

营业收入

$

4,670

$

4,832

(3)%

营业利润

$

2,176

$

2,503

(13)%

净收入

$

1,962

$

2,138

(8)%

每股收益

$

2.13

$

2.27

(6)%

最近连续12个月

Q4 2022

Q4 2022

Q4 2021

变化

经营现金流

$

2,042

$

8,720

$

8,756

0%

资本支出

$

967

$

2,797

$

2,462

14%

自由现金流

$

1,075

$

5,923

$

6,294

(6)%

自由现金流占营业收入百分比

29.6%

34.3%

最近连续12个月

Q4 2022

Q4 2022

Q4 2021

变化

分派股息

$

1,123

$

4,297

$

3,886

11%

股票回购

$

848

$

3,615

$

527

586%

总现金回报

$

1,971

$

7,912

$

4,413

79%

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

For Three Months Ended

December 31,

For Years Ended

December 31,

(In millions, except per-share amounts)

2022

2021

2022

2021

Revenue

$ 4,670

$ 4,832

$ 20,028

$ 18,344

Cost of revenue (COR)

1,583

1,482

6,257

5,968

Gross profit

3,087

3,350

13,771

12,376

Research and development (R&D)

434

389

1,670

1,554

Selling, general and administrative (SG&A)

429

404

1,704

1,666

Acquisition charges

—

—

—

142

Restructuring charges/other

48

54

257

54

Operating profit

2,176

2,503

10,140

8,960

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

51

9

106

143

Interest and debt expense

60

49

214

184

Income before income taxes

2,167

2,463

10,032

8,919

Provision for income taxes

205

325

1,283

1,150

Net income

$ 1,962

$ 2,138

$ 8,749

$ 7,769

Diluted earnings per common share

$ 2.13

$ 2.27

$ 9.41

$ 8.26

Average shares outstanding:

Basic

906

924

916

923

Diluted

916

936

926

936

Cash dividends declared per common share

$ 1.24

$ 1.15

$ 4.69

$ 4.21

Supplemental Information

Provision for income taxes is based on the following:

Operating taxes (calculated using the estimated annual effective tax rate)

$ 237

$ 346

$ 1,384

$ 1,280

Discrete tax items

(32)

(21)

(101)

(130)

Provision for income taxes (effective taxes)

$ 205

$ 325

$ 1,283

$ 1,150

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

$ 1,962

$ 2,138

$ 8,749

$ 7,769

Income allocated to RSUs

(9)

(9)

(39)

(33)

Income allocated to common stock for diluted EPS

$ 1,953

$ 2,129

$ 8,710

$ 7,736

TEXASINSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

December 31,

(In millions, except par value)

2022

2021

Assets

Current assets:

Cash and cash equivalents

$

3,050

$

4,631

Short-term investments

6,017

5,108

Accounts receivable, net of allowances of ($13) and ($8)

1,895

1,701

Raw materials

353

245

Work in process

1,546

1,067

Finished goods

858

598

Inventories

2,757

1,910

Prepaid expenses and other current assets

302

335

Total current assets

14,021

13,685

Property, plant and equipment at cost

9,950

7,858

Accumulated depreciation

(3,074)

(2,717)

Property, plant and equipment

6,876

5,141

Goodwill

4,362

4,362

Deferred tax assets

473

263

Capitalized software licenses

152

85

Overfunded retirement plans

188

392

Other long-term assets

1,135

748

Total assets

$

27,207

$

24,676

Liabilities and stockholders’ equity

Current liabilities:

Current portion of long-term debt

$

500

$

500

Accounts payable

851

571

Accrued compensation

799

775

Income taxes payable

189

121

Accrued expenses and other liabilities

646

602

Total current liabilities

2,985

2,569

Long-term debt

8,235

7,241

Underfunded retirement plans

118

79

Deferred tax liabilities

66

87

Other long-term liabilities

1,226

1,367

Total liabilities

12,630

11,343

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

2,951

2,630

Retained earnings

50,353

45,919

Treasury common stock at cost

Shares:2022 – 835; 2021 – 817

(40,214)

(36,800)

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

(254)

(157)

Total stockholders’ equity

14,577

13,333

Total liabilities and stockholders’ equity

$

27,207

$

24,676

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

December 31,

For Years Ended

December 31,

(In millions)

2022

2021

2022

2021

Cash flows from operating activities

Net income

$ 1,962

$ 2,138

$ 8,749

$ 7,769

Adjustments to net income:

Depreciation

249

200

925

755

Amortization of acquisition-related intangibles

—

—

—

142

Amortization of capitalized software

14

13

54

57

Stock compensation

62

50

289

230

Gains on sales of assets

—

(50)

(3)

(57)

Deferred taxes

(173)

(4)

(191)

15

Increase (decrease) from changes in:

Accounts receivable

145

(48)

(194)

(287)

Inventories

(353)

(47)

(847)

45

Prepaid expenses and other current assets

(39)

(42)

6

57

Accounts payable and accrued expenses

34

(54)

106

33

Accrued compensation

136

110

22

7

Income taxes payable

68

34

94

(20)

Changes in funded status of retirement plans

(12)

14

114

62

Other

(51)

43

(404)

(52)

Cash flows from operating activities

2,042

2,357

8,720

8,756

Cash flows from investing activities

Capital expenditures

(967)

(1,282)

(2,797)

(2,462)

Proceeds from asset sales

—

68

3

75

Purchases of short-term investments

(3,688)

(3,697)

(14,483)

(10,124)

Proceeds from short-term investments

3,650

2,708

13,657

8,478

Other

(22)

(26)

37

(62)

Cash flows from investing activities

(1,027)

(2,229)

(3,583)

(4,095)

Cash flows from financing activities

Proceeds from issuance of long-term debt

799

—

1,494

1,495

Repayment of debt

—

—

(500)

(550)

Dividends paid

(1,123)

(1,062)

(4,297)

(3,886)

Stock repurchases

(848)

(142)

(3,615)

(527)

Proceeds from common stock transactions

50

52

241

377

Other

(12)

(8)

(41)

(46)

Cash flows from financing activities

(1,134)

(1,160)

(6,718)

(3,137)

Net change in cash and cash equivalents

(119)

(1,032)

(1,581)

1,524

Cash and cash equivalents at beginning of period

3,169

5,663

4,631

3,107

Cash and cash equivalents at end of period

$ 3,050

$ 4,631

$ 3,050

$ 4,631

Q4 2022

Q4 2021

变化

模拟：

营业收入

$

3,558

$

3,758

(5)%

营业利润

$

1,798

$

2,098

(14)%

嵌入式处理：

营业收入

$

837

$

764

10%

营业利润

$

293

$

293

0%

其他：

营业收入

$

275

$

310

(11)%

营业利润*

$

85

$

112

(24)%

2022

2021

变化

模拟：

营业收入

$

15,359

$

14,050

9%

营业利润

$

8,359

$

7,393

13%

嵌入式处理：

营业收入

$

3,261

$

3,049

7%

营业利润

$

1,253

$

1,174

7%

其他：

营业收入

$

1,408

$

1,245

13%

营业利润*

$

528

$

393

34%

For Years Ended

December 31,

2022

2021

Change

Cash flow from operations (GAAP)

$

8,720

$

8,756

0%

Capital expenditures

(2,797)

(2,462)

Free cash flow (non-GAAP)

$

5,923

$

6,294

(6)%

Revenue

$

20,028

$

18,344

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

43.5%

47.7%

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

29.6%

34.3%