TI reports 3Q14 financial results and shareholder returns

 

Certain amounts in the prior period's financial statement have been reclassified to conform to the current presentation.

3Q14 segment results






   3Q14

   3Q13

Change

Analog:




       Revenue

$ 2,149

$ 1,931

11%

       Operating profit

$    802

$    583

38%





Embedded Processing:




      Revenue

$    711

$    668

6%

      Operating profit

$    114

$      83

37%





Other:




      Revenue

$    641

$    645

-1%

      Operating profit*

$    259

$    178

46%





* Includes Acquisition charges and Restructuring charges/other.

 

Compared with the year-ago quarter:

Analog:  (includes High Volume Analog & Logic, Power Management, High Performance Analog and Silicon Valley Analog) 

  • Revenue increased in all product lines, led by Power Management.
  • Operating profit increased primarily due to higher revenue and associated gross profit.

Embedded Processing:  (includes Processors, Microcontrollers and Connectivity)

  • Revenue increased in all product lines, each of which grew by about the same amount.
  • Operating profit increased due to higher gross profit and lower operating expenses.

Other:  (includes DLP® products, custom ASIC products, calculators, royalties and legacy wireless products)

  • Revenue was about even as a decline in legacy wireless products was mostly offset by growth in DLP products.
  • Operating profit increased due to higher gross profit, lower Restructuring charges/other and lower operating expenses.

Non-GAAP financial information 

Free cash flow and associated ratios

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

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

Reconciliation to the most directly comparable GAAP-based measures is provided in the table below.



For Three











Months Ended


For Twelve Months Ended





September 30,



September 30,





2014



2014


2013


Change

Cash flow from operations (GAAP)


$

1,383



$

3,819


$

3,270


17%

Capital expenditures



(103)




(367)



(402)



Free cash flow (non-GAAP)


$

1,280



$

3,452


$

2,868


20%














Revenue


$

3,501



$

12,804


$

12,155
















Cash flow from operations as a percent of













revenue (GAAP)



40%




30%



27%



Free cash flow as a percent of revenue













(non-GAAP)



37%




27%



24%




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