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Texas Instruments earnings call Jan 24 2023


Active member
TXN is the first of the large industrial semiconductor companies to report earnings.

Earnings release:

Seeking Alpha transcript: --- the meat of the introduction by Dave Pahl (investor relations) is as follows:


Revenue was $4.7 billion, a decrease of 11% sequentially and 3% from the same quarter a year ago. As
expected, our results reflect weaker demand in all end markets with the exception of automotive. A component
of the weaker demand was customers working to reduce their inventories. In first quarter, we expect a weaker
than seasonal decline, with the exception of automotive, as we believe customers will continue to reduce
inventory levels. Turning to our segments, fourth quarter Analog revenue declined 5% year-over-year and
Embedded Processing grew 10%. Our Other segment declined 11% from the year-ago quarter.

Now I'll provide some insight into our fourth quarter revenue by end market. I'll focus on sequential performance
again this quarter, as it is more informative at this time. First, the industrial market was down about 10%. The
automotive market was up mid-single digits with strength in most sectors. Personal electronics was down midteens with broad-based weakness. Next, communications equipment was down about 20%, and finally,
enterprise systems was down about 20%.

Lastly, as we do at the end of each calendar year, I'll describe our revenue by end market for 2022. We break
our end markets into six categories that are grouped by their life cycles and market characteristics. The six end
markets are industrial; automotive; personal electronics, which includes products such as mobile phones, PCs,
tablets and TVs; communications equipment; enterprise systems; and other, which is primarily calculators.

As a percentage of revenue for 2022, industrial was 40%, automotive about 25%, personal electronics 20%,
communications equipment 7%, enterprise systems 6%, and other was 2%.

In 2022, industrial and automotive combined made up 65% of TI's revenue, up about three percentage points
from 2021 and up from 42% in 2013. We see good opportunities in all of our markets, but we place additional
strategic emphasis on industrial and automotive. Our industrial and automotive customers are increasingly
turning to analog and embedded technologies to make their end products smarter, safer, more connected and
more efficient. These trends have resulted and will continue to result in growing chip content per application,
which will drive faster growth compared to our other markets.