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Texas Instruments Incorporated (NASDAQ:TXN) Q2 2023 Earnings Conference Call July 25, 2023 4:30 PM ET Company Participants Dave Pahl - Vice President, Investor Relations Rafael Lizardi - Senior Vice President and Chief Financial Officer Conference Call Participants Vivek Arya - Bank of America Securities Toshiya Hari - Goldman Sachs Stacy Rasgon - Bernstein Research Christopher Danely - Citi Harlan Sur - JPMorgan Blayne Curtis - Barclays Joshua Buchalter - TD Cowen Chris Caso - Wolfe Research Dave Pahl Welc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-03761 TEXAS INSTRUMENTS INCORPORATED (Exact Name of Registrant as Specified in Its Charter) Delaware 75-0289970 (State ...

Texas Instruments Incorporated (NASDAQ:TXN) Conference Call Summary Company Overview - **Company**: Texas Instruments Incorporated (TI) - **Event**: Bernstein's 39th Annual Strategic Decisions Conference - **Date**: June 1, 2023 - **Participants**: - Dave Pahl - Vice President, Investor Relations - Haviv Ilan - President and Chief Executive Officer - Rafael Lizardi - Senior Vice President and Chief Financial Officer - Stacy Rasgon - Bernstein Research Analyst Key Points Industry and Market Dynamics - TI is experiencing a shift in market dynamics, with a focus on capital expenditures (CapEx) and investment plans that differ from previous years, indicating a new phase in the company's evolution [3][7] - The semiconductor industry is witnessing synchronous market behavior across various sectors, including personal electronics, industrial, and automotive, with TI observing market trends earlier than competitors [10][11] Financial Performance and Strategy - TI's revenue from industrial and automotive sectors has grown significantly, from 42% in 2013 to 65% in 2022, with an annual growth rate of nearly 11% [30][31] - The company aims for a long-term revenue target of $45 billion by the end of the decade, supported by a growth strategy of approximately 10% [37][38] - CapEx is projected to ramp up to about $5 billion annually from 2023 to 2026, reflecting TI's commitment to expanding capacity [47][48] Inventory Management - TI is adopting a proactive inventory strategy, aiming to maintain higher inventory levels to meet future demand and avoid supply shortages, as experienced during the pandemic [21][24] - The company emphasizes a customer-friendly approach, avoiding non-cancelable orders to better align with customer needs [14][15] Embedded and Analog Business - TI is investing heavily in its embedded processing business, which includes microcontrollers and real-time control systems, indicating confidence in future growth despite historical underperformance [66][70] - The average selling price (ASP) for TI's products ranges from below $0.03 to tens of dollars, with a current average ASP around $0.35 to $0.40 [75][76] Automotive Sector Focus - The automotive segment, which constitutes about 25% of TI's total revenues, is identified as a key growth area, particularly with the rise of electric vehicles (EVs) [77] - TI's strategy includes a broad approach to automotive applications, focusing on multiple sockets and components rather than just high-value items [77][81] Long-term Investments and CHIPS Act - TI's investment strategy is bolstered by the CHIPS Act, which provides tax credits and subsidies, enhancing competitiveness in the semiconductor market [55][58] - The company is positioning itself to benefit from potential geopolitical shifts in semiconductor manufacturing, emphasizing the importance of U.S.-based capacity [59][62] Conclusion - TI is navigating a transformative period with strategic investments in CapEx, inventory management, and a focus on high-growth sectors like automotive and embedded processing. The company's long-term vision is supported by a robust market position and proactive measures to address future demand and supply chain challenges.

Texas Instruments Incorporated (NASDAQ:TXN) Q1 2023 Earnings Conference Call April 25, 2023 4:30 PM ET Company Participants Dave Pahl - Vice President, Investor Relations Rafael Lizardi - Senior Vice President and Chief Financial Officer Conference Call Participants Stacy Rasgon - Bernstein Research Vivek Arya - Bank of America Securities Timothy Arcuri - UBS Ambrish Srivastava - BMO Capital Markets Ross Seymore - Deutsche Bank Christopher Danely - Citi Joseph Moore - Morgan Stanley C.J. Muse - Evercore ISI ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-03761 TEXAS INSTRUMENTS INCORPORATED (Exact Name of Registrant as Specified in Its Charter) Delaware 75-0289970 (State ...

Texas Instruments Incorporated (NASDAQ:TXN) Morgan Stanley Technology, Media & Telecom Conference March 7, 2023 12:50 PM ET Company Participants Joe Moore - Semiconductor Industry Analyst Conference Call Participants Dave Pahl - VP, IR Rafael Lizardi - CFO Joe Moore Great. Welcome back. I'm Joe Moore. I'm very happy to have with us here today the management team of Texas Instruments. Rafael Lizardi, CFO; and Dave Pahl who runs Investor Relations. Just a quick research hedge for important disclosures, please ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-03761 TEXAS INSTRUMENTS INCORPORATED (Exact Name of Registrant as Specified in Its Charter) Delaware 75-0289970 (State of I ...

Texas Instruments Incorporated (NASDAQ:TXN) Q4 2022 Earnings Conference Call January 24, 2023 4:30 PM ET Company Participants Dave Pahl – Head-Investor Relations Rafael Lizardi – Chief Financial Officer Conference Call Participants Chris Caso – Credit Suisse Chris Danely – Citi Toshiya Hari – Goldman Sachs Harlan Sur – JPMorgan Timothy Arcuri – UBS Ambrish Srivastava – BMO Capital Markets Joshua Buchalter – Cowen Dave Pahl Welcome to the Texas Instruments' Fourth Quarter 2022 Earnings Release Conference Cal ...

Texas Instruments Incorporated Conference Call Summary Company Overview - **Company**: Texas Instruments Incorporated (NASDAQ: TXN) - **Event**: Credit Suisse 26th Annual Technology Conference - **Date**: November 29, 2022 Key Industry Insights - **Market Cycles**: Texas Instruments (TI) emphasizes a long-term perspective, focusing on preparing for future opportunities rather than solely reacting to current market cycles. The company acknowledges the cyclical nature of the semiconductor industry but prioritizes strategic planning for the next decade [2][20]. - **Sector Performance**: The company has observed varying performance across sectors, with personal electronics and notebooks showing weakness, while automotive remains stable. TI anticipates corrections in these markets but does not predict exact timing [3][4]. - **Industrial Growth**: TI is optimistic about the industrial sector's growth potential, citing a strong position in industrial and automotive markets, with a market share above 60% as of 2021. The company is preparing for significant growth in the next 10 years [6][14]. Strategic Initiatives - **Capital Expenditure (CapEx)**: TI is investing in capacity ahead of demand, with a focus on maintaining a competitive edge through its own manufacturing capabilities. The company believes it is better to invest early rather than late in the cycle [7][9][20]. - **Geopolitical Dependability**: TI is focusing on creating a reliable supply chain that reassures customers about the origin and availability of parts, which is crucial for long-term relationships [10][11]. - **R&D Focus**: TI maintains a steady investment in R&D, particularly in analog and embedded systems, ensuring that products are competitive in terms of cost and performance. The company has reallocated R&D resources to align with its competitive advantages [23][24][27]. Competitive Landscape - **Market Position**: TI's strategy differs from competitors like Analog Devices, as TI does not rely on long-term supply agreements due to its ownership of manufacturing plants. This allows for greater flexibility and responsiveness to market changes [15][16][18]. - **China Market**: TI acknowledges the competitive nature of the Chinese market, where local companies pose challenges. However, TI believes its breadth of product offerings and manufacturing control provide a competitive advantage [30][31]. Financial Outlook - **Pricing Strategy**: TI adopts a steady pricing approach, focusing on long-term market share rather than short-term price competition. The company aims to ensure that pricing does not hinder customer adoption [33][39]. - **Cash Flow Projections**: TI anticipates that investments in new manufacturing capacity will lead to improved free cash flow starting in 2023-2024, contingent on market conditions and revenue growth [40][41]. Additional Considerations - **Supply Chain Management**: TI emphasizes the importance of controlling input costs and manufacturing capacity to mitigate risks associated with inflation and supply chain disruptions [36][37]. - **Long-term Investments**: The company is committed to making substantial investments in capacity and technology, viewing these as essential for future growth despite potential short-term downturns [39][41].