Texas Instruments Incorporated

- No mention of any current or planned fundraising through debt or equity in the Q4 2020 earnings call. - The company highlighted a strong balance sheet with $6.6 billion in cash and short-term investments and $6.8 billion in total debt at a low cost (2.77% weighted average coupon). - Capital expenditures are expected to be about 6% of revenue long-term, but specific funding or fundraising plans are not discussed. - Discussion focused on disciplined capital allocation, returning free cash flow to shareholders via dividends and share repurchases, with no indication of seeking new external financing. - Government incentives related to their new fab plant remain uncertain but have not prompted any announced debt or equity fundraising actions.

- Texas Instruments (TI) maintains a long-term guidance of capital expenditures (capex) at about 6% of revenue, although it fluctuated down to 4.5% in 2020. - For modeling purposes, TI suggests sticking with the 6% capex guideline going forward as a long-term average. - TI is building a new 300 millimeter fab, expected to be completed with some level of output by the second half of 2022. - Once fully equipped, the new fab has the potential for revenue contribution; the timeline remains as previously communicated. - Regarding government subsidies/incentives related to the new fab, uncertainties remain due to pending legislation and funding decisions. - TI views semiconductor technology as foundational and supports incentives that maintain a level playing field for US companies versus international competitors.

- Texas Instruments expects continued growth driven by strong demand in industrial and automotive markets, which are strategically emphasized. - Embedded segment showing signs of stabilization and plans for long-term consistent growth, leveraging a broader and more diverse product portfolio. - New 300mm fab under construction, expected to start output in the second half of next year, potentially driving revenue growth. - Long-term capex guidance is 6% of revenue to support growth, despite recent fluctuations. - Company aims to grow free cash flow per share, which is considered the primary driver of long-term value. - Supply chain advantages and manufacturing control provide leverage to meet demand without significant constraints. - Revenue guidance for Q1 anticipates a range of $3.79 billion to $4.11 billion, signaling ongoing demand momentum.

- TI expects to continue improving and delivering free cash flow per share growth over the long term. - Q1 Guidance: Revenue expected between $3.79 billion and $4.11 billion; EPS expected between $1.44 and $1.76. - Operating tax rate projected at about 14%, effective tax rate about one percentage point lower. - Long-term gross margin fall-through expected between 70% and 75%. - Operating expenses expected to remain between 20% and 25% of revenue, with recent trends around 21-22%. - Capital expenditures targeted at 6% of revenue as a long-term goal. - Embedded segment expected to stabilize and grow consistently, leveraging a broad, diverse product portfolio. - Management remains confident in growth driven by industrial and automotive markets, emphasizing disciplined capital allocation and competitive advantages in manufacturing and technology.

- The company reports good availability of products, reflecting customer demand accurately, with shipments aligned to what customers are asking for (Page 3). - No significant inventory issues observed; inventories remained stable, and hot spots are being managed effectively (Page 3). - Despite widespread reports of supply chain constraints in the semiconductor industry, Texas Instruments is not experiencing demand signals suggesting significant supply limitations among its customers (Page 2). - The company emphasizes control over its supply chain due to internal wafer production for 80% of wafers, which helps maintain stability (Page 3). - Shipment trends show strong growth year-over-year, especially in Asia and the US markets, indicating robust order fulfillment (Page 3).