Amounts are in millions of dollars.
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4Q13 |
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2013 |
2012 |
Change |
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Cash flow from operations |
$ 1,199 |
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$ 3,384 |
$ 3,414 |
-1% |
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Capital expenditures |
$ 107 |
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$ 412 |
$ 495 |
-17% |
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Free cash flow |
$ 1,092 |
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$ 2,972 |
$ 2,919 |
2% |
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Free cash flow % of revenue |
36% |
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24% |
23% |
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Capital expenditures in 2013 were 3 percent of revenue.
Cash return
Amounts are in millions of dollars.
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4Q13 |
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2013 |
Percentage of 2013 Free Cash Flow |
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Dividends paid |
$ 326 |
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$ 1,175 |
40% |
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Stock repurchases |
$ 734 |
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$ 2,868 |
97% |
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Total cash returned |
$ 1,060 |
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$ 4,043 |
136%* |
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* Total does not sum due to rounding. |
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES Consolidated Statements of Income (Millions of dollars, except share and per-share amounts) | |||||||||||
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For Three Months Ended |
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For Years Ended |
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Dec. 31, 2013 |
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Dec. 31, 2012 |
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Sept. 30, 2013 |
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Dec. 31, 2013 |
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Dec. 31, 2012 |
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Revenue |
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$ 3,028 |
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$ 2,979 |
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$ 3,244 |
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$ 12,205 |
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$ 12,825 |
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Cost of revenue |
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1,388 |
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1,534 |
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1,465 |
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5,841 |
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6,457 |
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Gross profit |
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1,640 |
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1,445 |
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1,779 |
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6,364 |
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6,368 |
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Research and development (R&D) |
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346 |
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425 |
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368 |
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1,522 |
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1,877 |
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Selling, general and administrative (SG&A) |
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461 |
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430 |
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465 |
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1,858 |
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1,804 |
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Acquisition charges |
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84 |
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88 |
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86 |
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341 |
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450 |
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Restructuring charges/other |
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62 |
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363 |
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16 |
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(189) |
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264 |
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Operating profit |
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687 |
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139 |
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844 |
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2,832 |
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1,973 |
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Other income (expense), net |
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19 |
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39 |
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(4) |
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17 |
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47 |
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Interest and debt expense |
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24 |
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23 |
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24 |
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95 |
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85 |
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Income before income taxes |
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682 |
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155 |
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816 |
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2,754 |
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1,935 |
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Provision (benefit) for income taxes |
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171 |
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(109) |
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187 |
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592 |
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176 |
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Net income |
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$ 511 |
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$ 264 |
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$ 629 |
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$ 2,162 |
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$ 1,759 |
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Earnings per common share: |
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Basic |
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$ .46 |
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$ .23 |
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$ .56 |
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$ 1.94 |
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$ 1.53 |
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Diluted |
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$ .46 |
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$ .23 |
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$ .56 |
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$ 1.91 |
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$ 1.51 |
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Average shares outstanding (millions): |
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Basic |
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1,086 |
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1,113 |
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1,096 |
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1,098 |
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1,132 |
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Diluted |
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1,102 |
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1,124 |
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1,111 |
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1,113 |
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1,146 |
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Cash dividends declared per share of common stock |
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$ .30 |
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$ .21 |
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$ .28 |
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$ 1.07 |
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$ .72 |
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Percentage of revenue: |
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Gross profit |
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54.2% |
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48.5% |
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54.8% |
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52.1% |
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49.6% |
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R&D |
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11.4% |
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14.3% |
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11.3% |
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12.5% |
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14.6% |
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SG&A |
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15.2% |
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14.4% |
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14.4% |
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15.2% |
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14.1% |
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Operating profit |
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22.7% |
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4.7% |
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26.0% |
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23.2% |
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15.4% |
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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. |
