TI reports second quarter 2022 financial results and shareholder returns

About this update from Texas Instruments Incorporated

[{"type":"text","content":"Conference call on TI website at 3:30 p.m. Central time today\n www.ti.com/ir\n\n\nDALLAS, July 26, 2022 /PRNewswire/ -- Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported second quarter revenue of $5.21 billion, net income of $2.29 billion and earnings per share of $2.45.\nRegarding the company's performance and returns to shareholders, Rich Templeton, TI's chairman, president and CEO, made the following comments:\n\"Revenue increased 14% from the same quarter a year ago due to growth across markets.\"Our cash flow from operations of $8.7 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the same period was $5.9 billion and 30% 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.\"Over the past 12 months we invested $3.2 billion in R&D and SG&A, invested $2.8 billion in capital expenditures and returned $6.2 billion to owners.\"TI's third quarter outlook is for revenue in the range of $4.90 billion to $5.30 billion and earnings per share between $2.23 and $2.51. We expect our 2022 effective tax rate to be about 14%.\"Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.\nEarnings summary\nAmounts are in millions of dollars, except per-share amounts.\nQ2 2022\nQ2 2021\nChange \nRevenue\n$\n5,212\n$\n4,580\n14 %\nOperating profit\n$\n2,723\n$\n2,213\n23 %\nNet income\n$\n2,291\n$\n1,931\n19 %\nEarnings per share\n$\n2.45\n$\n2.05\n20 %\n \nCash generation\nAmounts are in millions of dollars.\nTrailing 12 Months\nQ2 2022\nQ2 2022\nQ2 2021\nChange \nCash flow from operations\n$\n1,768\n$\n8,697\n$\n7,539\n15 %\nCapital expenditures\n$\n597\n$\n2,808\n$\n1,052\n167 %\nFree cash flow\n$\n1,171\n$\n5,889\n$\n6,487\n(9) %\nFree cash flow % of revenue\n30.1 %\n38.7 %\n \nCash return\nAmounts are in millions of dollars.\nTrailing 12 Months\nQ2 2022\nQ2 2022\nQ2 2021\nChange \nDividends paid\n$\n1,060\n$\n4,127\n$\n3,644\n13 %\nStock repurchases\n$\n1,182\n$\n2,052\n$\n276\n643 %\nTotal cash returned\n$\n2,242\n$\n6,179\n$\n3,920\n58 %\n \nTEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES\nConsolidated Statements of Income\nFor Three Months Ended\nJune 30,\n(In millions, except per-share amounts)\n2022\n2...

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