$Texas Instruments(TXN)$ Cash Flow after 1Q
TTM FCF $0.9 B (Last FY below $1 B was 2001)
Dividends 5x that ($4.6 B)
Capex $5.3 (above guided per year for 2023-2026 )
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TXN balance sheet showing (debt) the effort to pay dividends while keeping this elevated Capex
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TXN Capex guidance $5 B / year
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TXN 2001 FCF below $1 B (negative the year before)
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TXN weak quarter, revenue mid point of guidance
1Q YoY
Revenue -16% // -10% QoQ
Net Income -35%
Dil. EPS -35%
OCF -12%
FCF negative
2Q outlook
Revenue $3.65 billion to $3.95 billion (-16% YoY at mid point ; +4% QoQ)
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