美国德州仪器公司发布2017第一季度财务业绩与股东回报

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德州仪器公司（TI）日前公布其第一季度财务报告，营业收入为34亿美元，净收入9.97亿美元，每股收益97美分。其中，每股收益包含了未涵盖在本季公司业绩预期内的8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：
“营业收入相较于去年同期增长13%。公司产品在汽车市场中仍然保持着强劲的需求，同时工业市场也持续增强。

“在我们的核心业务中，较去年同期相比，模拟产品的营业收入同比增长20%，嵌入式处理产品的营业收入同比增长10 %。两项业务的营业毛利均有所提高。

“63.0%的毛利率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毫米模拟产品生产所具有的优势。

“在过去的12月中，我们通过运营所产生的现金流达到48亿美元，再次体现了公司商业模式的优势。自由现金流在过去12个月中同比增长11%，达到42亿美元，占营业收入的30.7％，较去年同期的29.5%有所提升。

“在过去12个月中，通过股票回购和分派股息，我们给股东们的回报达到38亿美元。

“我们的资产负债表依然强劲，本季度末账面上有30亿美元的现金和短期投资，其中 80%归本公司在美国的实体所拥有。截止本季度末，库存周转天数为132天。

“德州仪器在第二季度的预期是：营业收入范围在34亿美元至37亿美元之间，每股收益范围在89美分至1.01美元之间，其中包括估值为3000万美元的离散税收益。”
自由现金流为非GAAP财务衡量指标。自由现金流指的是业务营业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。

		1Q17		1Q16		变化
营业收入	$	3,402	$	3,008		13%
营业利润	$	1,252	$	984		27%
净收入	$	997	$	711		40%
每股收益	$	0.97	$	0.69		41%

现金流量
单位为百万美元。

					最近连续12个月
			1Q17			1Q17			1Q16		变化
营业现金流		$	795		$	4,756		$	4,347		9%
资本支出		$	127		$	534		$	552		-3%
自由现金流		$	668		$	4,222		$	3,795		11%
自由现金流占营业收入百分比						30.7%			29.5%

过去12个月中，资本支出占营业收入的4%，与TI的长期目标保持一致。
现金回报
单位为百万美元。

					最近连续12个月
			1Q17			1Q17			1Q16		变化
分派股息		$	500		$	1,763		$	1,471		20%
股票回购		$	550		$	2,052		$	2,701		-24%
总现金回报		$	1,050		$	3,815		$	4,172		-9%

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
(Millions of dollars, except share and per-share amounts)

		For Three Months Ended
		March 31,
		2017			2016
Revenue		$	3,402		$	3,008
Cost of revenue (COR)			1,258			1,179
Gross profit			2,144			1,829
Research and development (R&D)			369			322
Selling, general and administrative (SG&A)			439			441
Acquisition charges			80			80
Restructuring charges/other			4			2
Operating profit			1,252			984
Other income (expense), net (OI&E)			21			(12)
Interest and debt expense			18			22
Income before income taxes			1,255			950
Provision for income taxes			258			239
Net income		$	997		$	711
Diluted earnings per common share		$	.97		$	.69
Average shares outstanding (millions):
Basic			998			1,007
Diluted			1,019			1,022
Cash dividends declared per common share		$	.50		$	.38
Certain amounts in the prior period have been adjusted to reflect the following: (1) the fourth-quarter 2016 early adoption of ASU 2016-09 related to stock-based compensation, and (2) the first-quarter 2017 early adoption of ASU 2017-07 related to the reclassification of certain pension and other retiree benefit costs to OI&E.
Supplemental Information
Provision for income taxes is based on the following:
Operating taxes (calculated using the estimated annual effective tax rate)		$	382		$	281
Discrete tax items			(124)			(42)
Provision for income taxes (effective taxes)		$	258		$	239
Operating tax rate			30%			30%
Effective tax rate			21%			25%
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		$	997		$	711
Income allocated to RSUs			(10)			(9)
Income allocated to common stock for diluted EPS		$	987		$	702

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(Millions of dollars, except share amounts)

		March 31,
		2017			2016
Assets
Current assets:
Cash and cash equivalents		$	1,073		$	1,281
Short-term investments			1,976			1,519
Accounts receivable, net of allowances of ($11) and ($11)			1,337			1,269
Raw materials			102			105
Work in process			1,017			888
Finished goods			724			812
Inventories			1,843			1,805
Prepaid expenses and other current assets			811			785
Total current assets			7,040			6,659
Property, plant and equipment at cost			4,833			5,290
Accumulated depreciation			(2,332)			(2,736)
Property, plant and equipment, net			2,501			2,554
Long-term investments			241			220
Goodwill, net			4,362			4,362
Acquisition-related intangibles, net			1,184			1,503
Deferred income taxes			361			175
Capitalized software licenses, net			116			53
Overfunded retirement plans			102			84
Other assets			71			76
Total assets		$	15,978		$	15,686
Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt		$	378		$	1,249
Accounts payable			429			387
Accrued compensation			352			340
Income taxes payable			77			67
Accrued expenses and other liabilities			366			377
Total current liabilities			1,602			2,420
Long-term debt			2,980			2,869
Underfunded retirement plans			97			195
Deferred income taxes			36			38
Deferred credits and other liabilities			624			382
Total liabilities			5,339			5,904

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			1,597			1,515
Retained earnings			33,595			31,500
Treasury common stock at cost
Shares: March 31, 2017 – 743,085,976; March 31, 2016 – 734,244,179			(25,767)			(24,443)
Accumulated other comprehensive income (loss), net of taxes (AOCI)			(527)			(531)
Total stockholders’ equity			10,639			9,782
Total liabilities and stockholders’ equity		$	15,978		$	15,686

Certain amounts in the prior period have been recast to conform to the current presentation.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Millions of dollars)

		For Three Months Ended
		March 31,
		2017			2016
Cash flows from operating activities
Net income		$	997		$	711
Adjustments to Net income:
Depreciation			139			161
Amortization of acquisition-related intangibles			80			80
Amortization of capitalized software			11			8
Stock compensation			68			72
Deferred income taxes			9			24
Increase (decrease) from changes in:
Accounts receivable			(68)			(100)
Inventories			(53)			(114)
Prepaid expenses and other current assets			(71)			43
Accounts payable and accrued expenses			(78)			(41)
Accrued compensation			(356)			(322)
Income taxes payable			149			131
Changes in funded status of retirement plans			(14)			18
Other			(18)			(18)
Cash flows from operating activities			795			653
Cash flows from investing activities
Capital expenditures			(127)			(124)
Proceeds from asset sales			40			—
Purchases of short-term investments			(757)			(200)
Proceeds from short-term investments			1,120			900
Other			(9)			(3)
Cash flows from investing activities			267			573
Cash flows from financing activities
Repayment of debt			(250)			—
Dividends paid			(500)			(383)
Stock repurchases			(550)			(630)
Proceeds from common stock transactions			161			68
Other			(4)			—
Cash flows from financing activities			(1,143)			(945)
Net change in Cash and cash equivalents			(81)			281
Cash and cash equivalents at beginning of period			1,154			1,000
Cash and cash equivalents at end of period		$	1,073		$	1,281

Certain amounts in the prior period have been recast to conform to the current presentation.

业务分类季度业绩
单位为百万美元。

			1Q17			1Q16		变化
模拟：
营业收入		$	2,256		$	1,879		20%
营业利润		$	935		$	688		36%
嵌入式处理：
营业收入		$	803		$	729		10%
营业利润		$	240		$	187		28%
其它：
营业收入		$	343		$	400		-14%
营业利润*		$	77		$	109		-29%

*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营业收入的增加。大容量模拟营业收入也有所增长。
营业利润增加，主要得益于营业收入和相关毛利润的提升。
嵌入式处理：(包括连接微控制器和处理器)
两个产品线的营业收入均实现增长，且增长量相同。
营业利润实现增长，主要得益于营业收入和相关毛利润的提升。
其它：(包括DLP®产品、计算器、定制ASIC产品)
营业收入减少5,700万美元，营业利润下降3,200万美元。

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
		March 31,
		2017			2016			Change
Cash flow from operations (GAAP)		$	4,756		$	4,347		9%
Capital expenditures			(534)			(552)
Free cash flow (non-GAAP)		$	4,222		$	3,795		11%
Revenue		$	13,764		$	12,858
Cash flow from operations as a percent of revenue (GAAP)			34.6%			33.8%
Free cash flow as a percent of revenue (non-GAAP)			30.7%			29.5%

本新闻稿还包括对营业税率的引用，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。对预估年度实际税率没有进行调整。

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收入为34亿美元