TI reports 1Q14 financial results and shareholder returns

Free cash flow and associated ratios:

This release also includes references to free cash flow and various ratios based on that measure. These are financial measures that were not prepared in accordance with GAAP.  Free cash flow was calculated by subtracting Capital expenditures from the most directly comparable GAAP measure, Cash flow from operating activities (also referred to as Cash flow from operations). The various ratios in the release compare free cash flow to the following GAAP measures: Revenue, Dividends paid and Stock repurchases.

The company believes these non-GAAP measures provide insight into its liquidity, its cash-generating capability and the amount of cash potentially available to return to investors, as well as insight into its financial performance.  These non-GAAP measures are supplemental to the comparable GAAP measures.

Reconciliation to the most directly comparable GAAP-based measures is provided in the tables below.


(Millions of dollars)

Free cash flow:

For Three

 Months Ended

Mar. 31, 2014

For Twelve

 Months Ended

Mar. 31, 2014

For Twelve

Months Ended

Mar. 31, 2013



$             2,983

$           12,302

$           12,589

Cash flow from operations (GAAP)

$                462

$             3,486

$             3,324


Capital expenditures




Free cash flow (non-GAAP)

$                385

$             3,081

$             2,848


Cash flow from operations as a percent of revenue (GAAP)




Free cash flow as a percent of revenue (non-GAAP)




Total cash returned to shareholders as a percentage of targeted cash return:

For Twelve

Months Ended

Mar. 31, 2014

Dividends paid

$              1,268

Stock repurchases


Total cash returned to shareholders

$              4,177

Free cash flow (non-GAAP)

$              3,081

    Proceeds from issuance of long-term debt

$              1,484

    Repayment of debt


Net debt retirement

$                 (16)

Proceeds from common stock transactions


Targeted cash return to shareholders (non-GAAP)  

$              4,208

Total cash returned to shareholders as a percentage of targeted cash return to shareholders



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