TI reports 4Q13 and 2013 financial results and shareholder returns

Cash generation

Amounts are in millions of dollars.








4Q13


2013

2012

Change

Cash flow from operations

$ 1,199


$ 3,384

$ 3,414

-1%

Capital expenditures

$    107


$    412

$    495

-17%

Free cash flow

$ 1,092


$ 2,972

$ 2,919

2%

Free cash flow % of revenue

36%


24%

23%








 

Capital expenditures in 2013 were 3 percent of revenue.

 

Cash return

Amounts are in millions of dollars.







4Q13


2013

Percentage of 2013

Free Cash Flow

Dividends paid

$    326


$ 1,175

40%

Stock repurchases

$    734


$ 2,868

97%

Total cash returned

$ 1,060


$ 4,043

136%*






* Total does not sum due to rounding.

 


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)







For Three Months Ended


For Years Ended




Dec. 31,

2013


Dec. 31,

2012


Sept. 30,

2013


Dec. 31,

2013


Dec. 31,

2012














Revenue


$     3,028


$       2,979


$       3,244


$   12,205


$     12,825


Cost of revenue


1,388


1,534


1,465


5,841


6,457


Gross profit


1,640


1,445


1,779


6,364


6,368


Research and development (R&D)


346


425


368


1,522


1,877


Selling, general and administrative (SG&A)


461


430


465


1,858


1,804


Acquisition charges


84


88


86


341


450


Restructuring charges/other


62


363


16


(189)


264


Operating profit


687


139


844


2,832


1,973


Other income (expense), net


19


39


(4)


17


47


Interest and debt expense


24


23


24


95


85


Income before income taxes


682


155


816


2,754


1,935


Provision (benefit) for income taxes


171


(109)


187


592


176


Net income


$        511


$          264


$          629


$     2,162


$       1,759














Earnings per common share:












  Basic


$          .46


$           .23


$           .56


$       1.94


$         1.53


  Diluted


$          .46


$           .23


$           .56


$       1.91


$         1.51














Average shares outstanding (millions):












  Basic


1,086


1,113


1,096


1,098


1,132


  Diluted


1,102


1,124


1,111


1,113


1,146














Cash dividends declared per share of common stock


$          .30


$           .21


$           .28


$       1.07


$           .72














Percentage of revenue:












Gross profit


54.2%


48.5%


54.8%


52.1%


49.6%


R&D


11.4%


14.3%


11.3%


12.5%


14.6%


SG&A


15.2%


14.4%


14.4%


15.2%


14.1%


Operating profit


22.7%


4.7%


26.0%


23.2%


15.4%














As required by accounting rule ASC 260, net income allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, is excluded from the calculation of EPS.  The amount excluded is $8 million, $4 million and $11 million for the quarters ending December 31, 2013, December 31, 2012, and September 30, 2013, respectively; and $36 million and $31 million for years ending December 31, 2013, and December 31, 2012, respectively. 


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