TI reports 3Q13 financial results and shareholder returns

 


TEXAS INSTRUMENTS INCORPORATED

(Millions of dollars)




For Three Months Ended












Sept. 30, 2013


Jun. 30, 2013


Change








Revenue (GAAP)


$                3,244


$                3,047


6%

Less legacy wireless revenue


57


148



TI Revenue less legacy wireless revenue (non-GAAP)


$                3,187


$                2,899


10%









For Three Months Ended












Dec. 31, 2013

(Expected)


Dec. 31, 2012


Change








Revenue (GAAP)


$                2,980

(a)    

$               2,979


0%

Less legacy wireless revenue


50


270



TI Revenue less legacy wireless revenue (non-GAAP)


$                2,930


$               2,709


8%












(a)

Represents the mid-point of the revenue guidance of $2.86 – 3.10 billion provided in the Outlook section of this release. The amount was determined by calculating the average of the low point and high point of that range.

 

Free cash flow

This release also includes references to free cash flow and various ratios based on that measure.  These are financial measures that were not prepared in accordance with GAAP.  Free cash flow was calculated by subtracting Capital expenditures from the most directly comparable GAAP measure of Cash flow from operating activities (also referred to as Cash flow from operations). 

The free cash flow measures were compared to the following GAAP items to determine the various non-GAAP ratios presented below and referred to in the release:  Revenue, Dividends paid and Stock repurchases.  Reconciliation to the most directly comparable GAAP-based ratios is provided in the table below.

The company believes these non-GAAP measures provide insight into its liquidity, its cash-generating capability and the amount of cash available to return to investors as well as insight into its financial performance.  These non-GAAP measures are supplemental to the comparable GAAP measures.

 

TEXAS INSTRUMENTS INCORPORATED

(Millions of dollars)




For the Twelve

Months Ended

Sept. 30, 2013


Percentage of

Revenue


For the Twelve

Months Ended

Sept. 30, 2012


Percentage of

Revenue










Revenue


$             12,155




$            13,266












Cash flow from operations (GAAP)


$               3,270


27%


$              3,298


25%

Less Capital expenditures


402


3%


551


4%

Free cash flow (non-GAAP)


$               2,868


24%


$              2,747


21%






























For the Twelve

Months Ended

Sept. 30, 2013


Percentage of

Cash Flow from

Operations

(GAAP)


Percentage of

Free

Cash Flow

(Non-GAAP)












Dividends paid


$               1,084


33%


38%



Stock repurchases


2,734


84%


95%



Total cash returned to shareholders


$               3,818


117%


133%






















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