Conference call on TI website at 3:15 p.m. Central time today
DALLAS, Jan. 25, 2022 — (PRNewswire) — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported fourth quarter revenue of $4.83 billion, net income of $2.14 billion and earnings per share of $2.27. Earnings per share included a 4-cent net cost that was not in the company's original guidance.Regarding the company's performance and returns to shareholders, Rich Templeton, TI's chairman, president and CEO, made the following comments:
- "Revenue increased 19% from the same quarter a year ago driven by strong demand in industrial and automotive markets. Analog revenue grew 20% and Embedded Processing grew 6% from the year-ago quarter.
- "Our cash flow from operations of $8.8 billion for the year again underscored the strength of our business model. Free cash flow for the year was $6.3 billion and 34% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter production.
- "We returned $4.4 billion to owners in 2021 through dividends and stock repurchases. For the year, our dividend represented 62% of free cash flow, underscoring its sustainability. Together, our dividends and stock repurchases reflect our continued commitment to return all free cash flow to our owners.
- "TI's first quarter outlook is for revenue in the range of $4.50 billion to $4.90 billion and earnings per share between $2.01 and $2.29. We expect our 2022 annual operating tax rate to be about 14%."
Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.
Earnings summary
Amounts are in millions of dollars, except per-share amounts.
|
| Q4 2021 |
| Q4 2020 |
| Change |
Revenue | $ 4,832 |
| $ 4,076 |
| 19% |
Operating profit | $ 2,503 |
| $ 1,813 |
| 38% |
Net income | $ 2,138 |
| $ 1,688 |
| 27% |
Earnings per share | $ 2.27 |
| $ 1.80 |
| 26% |
Cash generation
Amounts are in millions of dollars.
|
|
|
| Trailing 12 Months | ||||
|
| Q4 2021 |
| Q4 2021 |
| Q4 2020 |
| Change |
Cash flow from operations | $ 2,357 |
| $ 8,756 |
| $ 6,139 |
| 43% |
Capital expenditures | $ 1,282 |
| $ 2,462 |
| $ 649 |
| 279% |
Free cash flow | $ 1,075 |
| $ 6,294 |
| $ 5,490 |
| 15% |
Free cash flow % of revenue |
|
| 34.3% |
| 38.0% |
|
|
