32 unchanged sentences
Therefore, we remain cautious about how the economy might behave for the next few years and continue to monitor potential impact on our operations.
+Added: In August 2022, the U.S.
+Added: government enacted the U.S.
+Added: CHIPS and Science Act (CHIPS Act).
+Added: The CHIPS Act provides funding for manufacturing grants and research investments, and it establishes a 25% investment tax credit for certain investments in U.S.
+Added: semiconductor manufacturing.
+Added: We are currently evaluating the benefit we will receive from the CHIPS Act.
Performance summary
−Removed: Our second quarter revenue was $5.21 billion, net income was $2.29 billion and earnings per share (EPS) were $2.45.
−Removed: Revenue increased 14% from the same quarter a year ago due to growth across markets.
+Added: Our third quarter revenue was $5.24 billion, net income was $2.30 billion and earnings per share (EPS) were $2.47.
+Added: Revenue increased 1% sequentially and increased 13% from the same quarter a year ago, about as expected.
+Added: During the quarter we experienced expected weakness in personal electronics and expanding weakness across industrial.
Our cash flow from operations of $9.0 billion for the trailing 12 months again underscored the strength of our business model.
2 unchanged sentences
Over the past 12 months we invested $3.3 billion in R&D and SG&A, invested $3.1 billion in capital expenditures and returned $7.1 billion to shareholders.
−Removed: Results of operations – second quarter 2022 compared with second quarter 2021
−Removed: Revenue of $5.21 billion increased $632 million, or 14%, due to higher revenue from Analog and, to a lesser extent, Embedded Processing.
+Added: Results of operations – third quarter 2022 compared with third quarter 2021
+Added: Revenue of $5.24 billion increased $598 million, or 13%, primarily due to higher revenue from Analog and, to a lesser extent, Embedded Processing.
This increase benefited from higher prices and the mix of products shipped.
6 unchanged sentences
Our provision for income taxes was $363 million compared with $328 million.
−Removed: This increase was primarily due to higher income before income taxes.
+Added: This increase was due to higher income before income taxes, partially offset by higher discrete tax benefits.
Net income was $2.30 billion compared with $1.95 billion.
EPS was $2.47 compared with $2.07.
−Removed: Second quarter 2022 segment results
+Added: Third quarter 2022 segment results
Our segment results compared with the year-ago quarter are as follows:
12 unchanged sentences
Embedded Processing revenue increased.
−Removed: Operating profit increased primarily due to higher revenue and associated gross profit.
+Added: Operating profit increased due to higher revenue and associated gross profit.
Other (includes DLP ® products, calculators and custom ASIC products)
5 unchanged sentences
Other revenue increased $70 million, and operating profit increased $20 million.
−Removed: Results of operations – first six months of 2022 compared with first six months of 2021
−Removed: Revenue of $10.12 billion increased $1.25 billion, or 14%, due to higher revenue from Analog and, to a lesser extent, Embedded Processing.
+Added: Results of operations – first nine months of 2022 compared with first nine months of 2021
+Added: Revenue of $15.36 billion increased $1.85 billion, or 14%, primarily due to higher revenue from Analog and, to a lesser extent, Embedded Processing.
This increase benefited from higher prices and the mix of products shipped.
5 unchanged sentences
OI&E was $55 million of income compared with $134 million of income.
−Removed: Our provision for income taxes was $715 million compared with $497 million.
+Added: Our provision for income taxes was $1.08 billion compared with $825 million.
This increase was due to higher income before income taxes and lower discrete tax benefits.
23 unchanged sentences
Financial condition
−Removed: At the end of the second quarter of 2022, total cash (cash and cash equivalents plus short-term investments) was $8.39 billion, a decrease of $1.35 billion from the end of 2021.
+Added: At the end of the third quarter of 2022, total cash (cash and cash equivalents plus short-term investments) was $9.09 billion, a decrease of $649 million from the end of 2021.
Accounts receivable were $2.04 billion, an increase of $339 million compared with the end of 2021.
−Removed: Days sales outstanding for the second quarter of 2022 were 38 compared with 32 at the end of 2021.
+Added: Days sales outstanding for the third quarter of 2022 were 35 compared with 32 at the end of 2021.
Inventory was $2.40 billion, an increase of $494 million from the end of 2021.
−Removed: Days of inventory for the second quarter of 2022 were 125 compared with 116 at the end of 2021.
+Added: Days of inventory for the third quarter of 2022 were 133 compared with 116 at the end of 2021.
Liquidity and capital resources
2 unchanged sentences
We also have a variable-rate, revolving credit facility.
−Removed: As of June 30, 2022, our credit facility was undrawn, and we had no commercial paper outstanding.
−Removed: Cash flows from operating activities for the first six months of 2022 were $3.91 billion, a decrease of $59 million from the year-ago period due to higher cash used for working capital, partially offset by higher net income.
−Removed: Investing activities for the first six months of 2022 used $443 million compared with $982 million in the year-ago period.
−Removed: Capital expenditures were $1.04 billion compared with $694 million in the year-ago period and were primarily for semiconductor manufacturing equipment and facilities in both periods.
+Added: As of September 30, 2022, our credit facility was undrawn, and we had no commercial paper outstanding.
+Added: Cash flows from operating activities for the first nine months of 2022 were $6.68 billion, an increase of $279 million from the year-ago period due to higher net income, partially offset by higher cash used for working capital.
+Added: Investing activities for the first nine months of 2022 used $2.56 billion compared with $1.87 billion in the year-ago period.
+Added: Capital expenditures were $1.83 billion compared with $1.18 billion in the year-ago period and were primarily for semiconductor manufacturing equipment and facilities in both periods.
+Added: Short-term investments used cash of $788 million compared with $657 million in the year-ago period.
As we continue to invest to strengthen our competitive advantage in manufacturing and technology as part of our long-term capacity planning, we expect our capital expenditures to be higher than historical levels.
−Removed: Short-term investments provided cash of $525 million compared with using cash of $279 million in the year-ago period.
−Removed: Financing activities for the first six months of 2022 used $4.30 billion compared with $2.45 billion in the year-ago period.
−Removed: In 2022, we retired maturing debt of $500 million compared with $550 million in the year-ago period.
+Added: For qualifying capital expenditures in the U.S., we expect to receive the cash benefit associated with the 25% investment tax credit that was established under the CHIPS Act in future periods.
+Added: Financing activities for the first nine months of 2022 used $5.58 billion compared with $1.98 billion in the year-ago period.
+Added: In 2022, we received net proceeds of $695 million from the issuance of fixed-rate, long-term debt and retired maturing debt of $500 million.
+Added: In the year-ago period, we received net proceeds of $1.50 billion from the issuance of fixed-rate, long-term debt, and we retired maturing debt of $550 million.
Dividends paid were $3.17 billion compared with $2.82 billion in the year-ago period, reflecting an increased dividend rate.
1 unchanged sentence
Employee exercises of stock options provided cash proceeds of $191 million compared with $325 million in the year-ago period.
−Removed: We had $3.80 billion of cash and cash equivalents and $4.59 billion of short-term investments as of June 30, 2022.
+Added: In September 2022, we announced we would increase our dividend rate by 8% and also increased our share repurchase authorizations by $15 billion.
+Added: We had $3.17 billion of cash and cash equivalents and $5.92 billion of short-term investments as of September 30, 2022.
We believe we have the necessary financial resources and operating plans to fund our working capital needs, capital expenditures, dividend and debt-related payments, and other business requirements for at least the next 12 months.
7 unchanged sentences
For 12 Months Ended
+Added: September 30,
2022 2021 Change
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.