Texas Instruments Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Texas Instruments Inc. filed its Q1 2024 10-Q report, detailing financial performance and segment data.</b>

AI Summary

TEXAS INSTRUMENTS INC (TXN) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Texas Instruments Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Key segments reported include Analog and Embedded Processing. The filing includes data on revenue by geographic region, such as the US, China, Rest of Asia, EMEA, Japan, and Rest of World.

Why It Matters

For investors and stakeholders tracking TEXAS INSTRUMENTS INC, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational details for Texas Instruments. Understanding the segment performance and geographic revenue breakdown is crucial for assessing the company's market position and future growth prospects.

Risk Assessment

Risk Level: medium — TEXAS INSTRUMENTS INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the semiconductor industry is subject to cyclicality and geopolitical risks, which could impact future performance.

Analyst Insight

Monitor upcoming earnings calls and analyst reports for deeper insights into Texas Instruments' performance and outlook following this filing.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-04-24 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period end date)

Key Players & Entities

• TEXAS INSTRUMENTS INC (company) — Filer name
• 0000097476 (company) — Central Index Key
• 3674 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• DALLAS (company) — Business Address City
• TX (company) — Business Address State
• 75266 (company) — Business Address Zip
• 9729953773 (company) — Business Phone

FAQ

Risk Factors

• Geographic Concentration Risk [medium — market]: Revenue is subject to geographic concentration risk, with data provided for US, China, Rest of Asia, EMEA, Japan, and Rest of World.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 TXN The Nasdaq Global Select Market I

Filing Documents

• txn-20240331.htm (10-Q) — 832KB
• q12024txnex31a.htm (EX-31.A) — 9KB
• q12024txnex31b.htm (EX-31.B) — 9KB
• q12024txnex32a.htm (EX-32.A) — 4KB
• q12024txnex32b.htm (EX-32.B) — 4KB
• 0000097476-24-000021.txt (&nbsp;) — 5392KB
• txn-20240331.xsd (EX-101.SCH) — 33KB
• txn-20240331_cal.xml (EX-101.CAL) — 66KB
• txn-20240331_def.xml (EX-101.DEF) — 123KB
• txn-20240331_lab.xml (EX-101.LAB) — 389KB
• txn-20240331_pre.xml (EX-101.PRE) — 278KB
• txn-20240331_htm.xml (XML) — 1016KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial statements

ITEM 1. Financial statements For Three Months Ended Consolidated Statements of Income March 31, (In millions, except per-share amounts) 2024 2023 Revenue $ 3,661 $ 4,379 Cost of revenue (COR) 1,566 1,516 Gross profit 2,095 2,863 Research and development (R&D) 478 455 Selling, general and administrative (SG&A) 455 474 Restructuring charges/other ( 124 ) — Operating profit 1,286 1,934 Other income (expense), net (OI&E) 123 80 Interest and debt expense 116 68 Income before income taxes 1,293 1,946 Provision for income taxes 188 238 Net income $ 1,105 $ 1,708 Earnings per common share (EPS): Basic $ 1.21 $ 1.87 Diluted $ 1.20 $ 1.85 Average shares outstanding: Basic 910 907 Diluted 917 916 A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following: Net income $ 1,105 $ 1,708 Income allocated to RSUs ( 5 ) ( 9 ) Income allocated to common stock for diluted EPS $ 1,100 $ 1,699 See accompanying notes. 2 TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES For Three Months Ended Consolidated Statements of Comprehensive Income March 31, (In millions) 2024 2023 Net income $ 1,105 $ 1,708 Other comprehensive income (loss) Net actuarial losses of defined benefit plans: Adjustments, net of tax effect of ($ 2 ) and $ 1 5 ( 2 ) Recognized within net income, net of tax effect of ($ 1 ) and ($ 1 ) 2 3 Derivative instruments: Change in fair value, net of tax effect of $ 0 and $ 1 1 ( 2 ) Available-for-sale investments: Unrealized gains (losses), net of tax effect of $ 2 and $ 0 ( 6 ) 3 Other comprehensive income (loss), net of taxes 2 2 Total comprehensive income $ 1,107 $ 1,710 See accompanying notes. 3 TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES March 31, December 31, Consolidated Balance Sheets 2024 2023 (In millions, except par value) Assets Current assets: Cash and cash equivalents $ 2,483 $ 2,964 Short-ter

Notes to financial statements

Notes to financial statements 1. Description of business, including segment and geographic area information We design and manufacture semiconductors that we sell to electronics designers and manufacturers all over the world. We have two reportable segments, Analog and Embedded Processing, each of which represents groups of similar products that are combined on the basis of similar design and development requirements, product characteristics, manufacturing processes and distribution channels. Our segments also reflect how management allocates resources and measures results. Analog semiconductors change real-world signals, such as sound, temperature, pressure or images, by conditioning them, amplifying them and often converting them to a stream of digital data that can be processed by other semiconductors, such as embedded processors. Analog semiconductors are also used to manage power in all electronic equipment by converting, distributing, storing, discharging, isolating and measuring electrical energy, whether the equipment is plugged into a wall or using a battery. Our Analog segment consists of two major product lines: Power and Signal Chain. Embedded Processing products are the digital "brains" of many types of electronic equipment. They are designed to handle specific tasks and can be optimized for various combinations of performance, power and cost, depending on the application. We report the results of our remaining business activities in Other. Other includes operating segments that do not meet the quantitative thresholds for individually reportable segments and cannot be aggregated with other operating segments. Other includes DLP products, calculators and custom ASIC products. Our centralized manufacturing and support organizations, such as facilities, procurement and logistics, provide support to our operating segments, including those in Other. Costs incurred by these organizations, including depreciation, are charged to the segments on a per-unit

Management's discussion and analysis of financial condition and results of operations

ITEM 2. Management's discussion and analysis of financial condition and results of operations Overview We design and manufacture semiconductors that we sell to electronics designers and manufacturers all over the world. Technology is the foundation of our company, but ultimately, our objective and the best metric for owners to measure our progress is through the growth of free cash flow per share over the long term. Our strategy to maximize long-term free cash flow per share growth has three elements: 1. A great business model that is focused on analog and embedded processing products and built around four sustainab

View Full Filing

View this 10-Q filing on SEC EDGAR