Texas Instruments Q4 2022 Earnings Call Transcript

Quartr
Provided by Quartr
January 24, 2023

There are 7 speakers on the call.

Operator

Welcome to the Texas Instruments 4th Quarter 2022 Earnings Release Conference Call. I'm Dave Paul, Head of Investor Relations, and I'm joined by our Chief Financial Officer, Rafael Lizardi. For any of you who missed the release, you can find it on our website at ti.com/ir. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website.

Operator

This call will include forward looking statements that involve risks and uncertainties that could cause TI's results to differ materially from management's current expectations. We encourage you to review the notice regarding forward looking statements contained in the earnings release published today as well as TI's most recent SEC filings for a more complete description. First, you likely saw last week we announced that Haviv Yalan will become President and CEO on April 1st, and that Rich Templeton will continue as our Chairman. I'm sure you want to join me in congratulating both of them. Secondly, let me provide some information that's important to your calendars.

Operator

Next week on Thursday, February 2 at 10 am Central Time, we'll have our capital management call. Similar to what we've done in the past, Rafael and I will summarize our progress and provide some insights into our business in our approach to capital allocation. This will include an update of our 300 millimeter capacity expansion plans to support the increasing confidence that we have in our long term growth. Moving on, today we'll provide the following updates. First, I'll start with a quick overview of the quarter.

Operator

Next, I'll provide insight into 4th quarter revenue results with some details of what we're seeing with respect to our customers and markets. I'll then provide an annual summary of our revenue breakdown by end market. And lastly, Rafael will cover the financial results and our guidance for the Q1 of 2023. Starting with a quick overview, Revenue was $4,700,000,000 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.

Operator

A component of the weaker demand with customers working to reduce their inventories. In the Q1, 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, 4th 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 4th to revenue by end market.

Operator

I'll focus on sequential performance again this quarter as it's more informative at this time. 1st, the industrial market was down about 10%. The automotive market was up mid single digits with strength in most sectors. Personal Electronics was down mid teens with broad based weakness. Next, Communications Equipment was down about 20%.

Operator

And finally, Enterprise Systems was also 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 6 categories that are grouped by their life cycles in Market Characteristics. The 6 end markets are industrial, automotive, personal electronics, which includes products such as mobile phones, PCs, tablets and TVs, communications equipment, enterprise systems in 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%.

Operator

In 2022, industrial and automotive combined made up 60 5% of TI's revenue, up about 3 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. Rafael will now review profitability, capital management and our outlook.

Operator

Rafael?

Speaker 1

Thanks, Dave, and good afternoon, everyone. As Dave mentioned, 4th quarter revenue was $4,700,000,000 Gross profit in the quarter was $3,100,000,000 or 66 percent of revenue. From a year ago, gross profit decreased primarily due to lower revenue, increased capital expenditures and the transition of L5 related charges to cost of revenue. Gross profit margin decreased 320 basis points. Operating expenses in the quarter were 863,000,000 by the end of the call, up 9% from a year ago and about as expected.

Speaker 1

On a trailing 12 month basis, operating expenses were $3,400,000,000 or 17 percent of revenue. Restructuring charges were $48,000,000 in the 4th quarter and were associated with the Elfa factory preproduction costs. As production started at the beginning of December, this cost then transitioned to cost of revenue, where they will be reflected moving forward. In addition, depreciation has begun on these assets. Operating profit was $2,200,000,000 in the quarter or 47 percent of revenue.

Speaker 1

Operating profit was down 13% from the year ago quarter. Net income in the 4th quarter was $2,000,000,000 or $2.13 per share. Earnings per share included $0.11 benefit for items that were not in our original guidance. Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $2,000,000,000 in the quarter.

Speaker 1

Capital expenditures were $1,000,000,000 in the quarter. Free cash flow on a trailing 12 month basis was $5,900,000,000 down 6% from a year ago. In the quarter, we paid $1,100,000,000 in dividends and repurchased $848,000,000 of our stock. In total, we have returned $7,900,000,000 in the past 12 months to owners. We also increased our dividend per share by 8% in the 4th quarter, marking our 19th year of dividend increases.

Speaker 1

Our balance sheet remains strong with $9,100,000,000 of cash and short term investments at the end of the 4th quarter. In the quarter we issued $800,000,000 in debt. Total debt outstanding was $8,800,000,000 with a weighted average coupon of 2.93%. Inventory was up $353,000,000 from the prior quarter to $2,800,000,000 and days were 157, up 24 days sequentially. Next, to summarize the benefits of the CHIPS Act, we accrued about $350,000,000 on our balance sheet under long term in the Q4, in addition to the $50,000,000 accrued in the Q3.

Speaker 1

These accruals are due to the 25% investment tax credit for investments in our U. S. Factories. This will eventually flow through our income statement as lower depreciation, and we will receive the associated cash benefit in the future. Now let's look at some of these results for the year.

Speaker 1

In 2022, cash flow from operations was $8,700,000,000 Capital expenditures were $2,800,000,000 or 14 percent of revenue. Free cash flow for 2022 was $5,900,000,000 or 30 percent of revenue. Our cash flow reflects the strength of our business model. As we have said, we believe that growth of free cash flow per share is the primary driver of long term value. Turning to our outlook for the Q1, we expect TI revenue in the range of $4,170,000,000 to $4,530,000,000 in earnings per share to be in the range of $1.64 to $1.90 We now expect our 2023 annual effective tax rate to be about 13% to 14%.

Speaker 1

In closing, we will stay focused in the areas that add value in the long term. We continue to invest in our competitive advantages, which in technology, a broad product portfolio, reach of our channels and diverse and long lived positions. We will continue to strengthen these advantages through disciplined capital allocation and by focusing on the best opportunities, which we believe will to continue to deliver free cash

Operator

flow per share growth over the long term. With that, let me turn it back to Dave. Thanks, Rafael. Operator, you can now open the lines for questions. In order to provide as many of you as possible an opportunity to ask your questions, please limit yourself to a single after our response, we'll provide you an opportunity for an additional follow-up.

Operator

Operator?

Speaker 2

We'll first hear from Chris Caso of Credit Suisse.

Speaker 3

Yes, thank you. Good evening. I guess the first question is if you could just maybe characterize what you're seeing going to Q1, you're talking about that being worse than seasonal. Is that also broadly based in terms of the decline as you've seen in Q4? And I know you don't guide by segment, but any kind of color you to provide by segment as to what you're seeing and the extent to which customers are burning inventory as you go into the Q1.

Operator

Yes, Chris, thanks for that question. I'd say that the trends that we saw in the 4th quarter will continue into 1st, meaning that we expect our end markets to decline with the exception of automotive. So automotive is continuing to be resilient. And we do believe as you just said that customers are continuing to work to get their inventories lower. So you have a follow on?

Speaker 3

I do. Thank you. I wonder if you could speak about the pace of depreciation expenses as you go through next year. You spoke about RFAB and I know it started production and it's hitting depreciation now. Is there additional incremental depreciation coming from RFAB as we go through the year?

Speaker 3

What happens to L fab as you I guess, maybe the timing of that when that Starts production and starts hitting depreciation. And then how should we think about some of the benefits that come from CHIPS Act That tend to decrease depreciation over time. I'm sure you're going to speak about that on the capital day coming up as well.

Speaker 1

Yes. Let me take that and we're going to go through all of that, both the CapEx, depreciation and ITC and the chipset in great detail next week. For now, what I would tell you is, as you said, R52 is in production, Lehigh is in production, so both of those are running. That cost now is in cost of revenue, and They're both depreciating, and that is a function of the when the equipment is placed in service, it starts depreciating, right? So as both of those ramp, the equipment goes in service, starts depreciating.

Speaker 1

But big picture, what we told you last year on depreciation was that it would ramp roughly linearly to about $2,500,000,000 in 2025. And again, we'll give you an update on that next week. But I do want to say, just as I said 90 days ago, that since we talked about this last year, Our confidence surrounding our long term growth prospects have only grown. And as you alluded to, we've had the chipset also since last year, that legislation passed in August. So next week, we'll give you all the puts and takes between those trends, and we'll paint a clearer Sure, at that point.

Operator

Yes. And maybe just to add a small piece that linear ramp will go from about $1,000,000,000 of depreciation that we had this year and about $500,000,000 a year till we get to $2,500,000,000 So just kind of doing the math for you. So thanks, Chris. And we'll go to the next caller, please.

Speaker 2

Next, we'll hear from Chris Danely of Citi.

Operator

All right. The Chris Brothers.

Speaker 3

Hey, guys. So, Dave, I believe you said that your confidence in the long term growth rate has only increased. Maybe just share with us what you've in the last 3 to 6 months that's giving you that confidence. Do you expect the, I guess, non auto markets to bounce back this year? And Conversely, would you expect auto to cool off or to remain strong all year?

Operator

Yes. Again, that's thanks for the question, Chris. The longer term growth rates are really speaking to how things are going to grow over the next 3, 5, 10 years. And that higher confidence comes from the higher semiconductor content growth that we're seeing particularly in industrial and automotive in the fact that those two markets now make up 2 thirds of our revenue. So just as that structurally grows faster than the rest of the market, we're convinced more than ever that that will continue to drive our top line.

Operator

And also the products that we have inside of those markets. And I'd say also the strong customer response for getting to our geopolitically dependable capacity. So since we've shared publicly our plans last February in capital management call. I just say that the response has been very, very strong. So those are really the three things that are adding to our You have a follow-up?

Speaker 3

Yes. One on inventory. So it's bouncing up towards your long term target. Can you talk about when you would start to ease back utilization rates to maintain that inventory? And then maybe spend a little bit of time on I know there's still shortages out there.

Speaker 3

How do you think how long do you think it'll take to, I guess, balance out your inventory this year to achieve some sort of ideal mix?

Speaker 1

Yes. So let me take that. And 1st, big picture, let me point you to our scorecard, the one that we use for capital management. We talked about the When it comes to inventory, it's to maintain high levels of customer service, keeping stable lead times, while minimizing inventory of obsolescence. You know our strategy and our portfolio is such that it's long lived, with a very diverse customer base.

Speaker 1

So the risk of obsolescence is very low. So that's part of the equation. And the other part is the upside that we get by having that inventory, both short term and long term to support customers. So that's why we're comfortable holding higher levels of inventory. I've been talking about from current levels, we could add $1,000,000,000 to $2,000,000,000 of additional inventory.

Speaker 1

And the timing, that all depends on revenue trends. So if they're higher, then it'll take longer. If those revenue a little weaker and it will be a little faster to get there. On the mix, there's a number of angles on that, chip stock versus finished goods. We have a mix of both of those.

Speaker 1

Some cases, it makes sense to have more of one than the other, but they're both very low risk. So that's how we think about Great. Thank you.

Operator

We'll go to the next caller please.

Speaker 2

Toshiya Hari of Goldman Sachs.

Speaker 4

Hey, how's it going? Thank you so much for taking the question. Dave, I'm hoping you guys could talk a little bit about trends in China, what you saw in Q4, if there was any choppiness Toward the end of the quarter and more importantly, how you're thinking about Q1 and beyond. I guess there's hope out there that, China as an economy bounces back in 2023. You guys seeing any early signs of a recovery in terms of end consumption of your products?

Operator

Yes. I'd say, some of the And so nothing exceptional to report with China as a region versus the other regions and we long held the practice that we'd call it out if there's something going on. So really nothing exceptional. And certainly as that economy comes back and consumption increases in China, obviously helping the world GDP, but that would obviously help us as well. It was what we would expect.

Operator

So do you have a follow on?

Speaker 4

Yes, I do. Your analog business in the quarter was down 5% year to year Obviously, you guys are the first to report. So it's hard for us to compare and contrast how you guys did relative to your competition or your peer group. But It feels like you may have underperformed in the quarter and I realize it's only 1 quarter. What's the competitive landscape like today?

Speaker 4

What kind of pricing trends are you seeing as demand patterns start to soften? Thank you.

Operator

Yes. I'll take that question and Rafael if you want to add, but I think certainly looking at to any particular quarter as we've talked about before that our performance is just best measured over time. And I think that that's the way the markets behave and even looking at 1 year or even longer. You've got to look at 3, 5, and 10 years of performance, especially when you go through choppy times like we've been through in the last in the 18 months or so. And so pricing, just to comment on that, I'd say that there's nothing unusual going on with pricing.

Operator

As you know, pricing doesn't move quickly in our markets. Our practices in pricing, though I know that they've changed with many of our peers, our practices have not changed. We just continue to price aggressively in the marketplace, but that pricing isn't the reason why customers to choose our products. It's usually not the top few reasons why they choose our products. So really no changes on that front.

Operator

So Thank you for those questions. And we'll go to the next caller.

Speaker 2

Harlan Sur of JPMorgan.

Speaker 5

Good afternoon. Thanks for taking my question. Last earnings call, the team talked about seeing increasing cancellations. Did cancellations continue to increase through Q4? Did they level off?

Speaker 5

And then your consignment based business, what are the aggregate trends that you're seeing within your customer 6 to 9 months sort of rolling forecast.

Operator

Yes, Harlan. So the first question is in a weakening environment, not too surprising the cancellations that were up in the quarter. So we did see an increase there. And not and from a consignment versus classic backlog customers, really not much difference there. Their visibility even though we'll get visibility out 6 months, their visibility to their demand can change as we know very rapidly within 90 days or certainly even within 30 days as that those windows move along So, I would say that there's not much change in that.

Operator

And oftentimes if customers aren't canceling orders, what

Speaker 5

Yes. So embedded drove 10% year over year growth in the second half of last year. It also drove slight sequential growth in the Q4. So the business is holding up relatively well versus analog, and I know that The team seems to have moved past some of the headwinds in this segment as you sort of focus investments on selective markets and opportunities, right? Is that refocusing like helping the near term trends in embedded?

Speaker 5

And with all of the restructuring, how do you think about the forward

Operator

Yes, yes. Thanks. Great question. Thank you for it. Yes, first, I would just say that our efforts having impact they are.

Operator

And I would just say that we're pleased with the progress that we're making there with embedded and we believe that progress in those results just need to be measured again over time. So we continue to work on that business and we'll continue to do that. When we think about the market opportunity for embedded and analog, we think that both of those markets have about the same growth opportunities. So in time, the growth rates will converge. Though they could be you could see differences in any given quarter, but to longer term we believe that they can grow at the same rates.

Operator

So thank you and Harlan we'll go to the next caller please.

Speaker 2

Next we'll hear from Timothy Arcuri of UBS.

Speaker 3

Thanks a lot. Dave, I had a question about just the analog business generally, both with respect to share and margins. The margins are quite a bit lower than in early 2021 on quite a bit more revenue. I guess is that all just still Supply chain related costs and do we get that back at some point? And then on share, just in that same point, the share, we don't know what the all of the calendar Q4 looks like, but it's pretty clear that the share is going to be down about 150 basis points this year and you're kind of back So I just wonder kind of what's going on there?

Speaker 3

Is there some pricing issue that might explain why that share would be down so much. Thanks Dave. And then I have a follow-up.

Speaker 1

Let me go ahead and start and yes, let me address first on your margin Sean, analog is a huge portion of the company. So anything you're seeing in analog is what you're seeing at the company level. In, when it comes to gross profit, we're very pleased with the results. You came in about as expected, and it decreased as we said in the prepared remarks, it decreased primarily due to lower revenue, the transition of Elfa related costs to a cost of revenue as well as the cost related to increased investments over the last several quarters that are now flowing through the P and L. And those are long term investments that are going to position us very well for top line growth for many, many years to come.

Speaker 1

And on the second part of the question, I think Dave already answered. You got to look at this over a long time, not any one quarter, and particularly during choppy times. So stay tuned on that.

Operator

Yes. And I'll just add that I think our approach to building closer relationships with customers has served us well. As you know, we've moved and taken more of our revenue direct as well as providing services through ti.com. So it's provided a lot of advantages including as being better able to see and respond to changes in demand. And as customers are reducing their inventories now, we haven't employed any long term sales agreements or non cancelable, non rescheduled contracts.

Operator

Really just focused on customers and trying to meet their needs and service them well for the long term. I think all those things has us in a position where we do believe that we're able to to grow the top line faster over the next few years. And as we talked about, we'll give you some insight into that next week and how that's to change some of our plans. Was that Tim's follow-up or I don't hear you a follow-up Tim?

Speaker 3

I do Dave. I do Dave. Thanks. So just a comment that autos grow in Q1, is that a year over year comment or you expect autos to be up on on Q1, Q basis also in Q1. Thanks.

Operator

Yes. So year on year automotive was up about 30%. And just put that in context from Q4 2019, I just picked that because it's pre pandemic levels, our revenues in auto are in the mid-70s. So we continue to see strong growth there. So that's the year on year.

Operator

The comment that we made before that it was up mid single digits was a sequential comment, Tim. Thank you. We'll go to the next caller please.

Speaker 2

Next we'll hear from Ambrish Srivastava of BMO Capital Markets. Hi.

Speaker 6

Thank you very much, Dave. I'll just stay with autos. It's an interesting data point versus the pre pandemic. But I'm just looking at the auto business and the rest of the business, everything is decelerating as you would expect. And auto seems to be, if not accelerating, kind of in that high 20%, 30% range.

Speaker 6

I just wanted your perspective what's your sense? Usually, all these things are pretty interconnected, and maybe it's a quarter or 2 quarters before everything kind of follows the same cadence. So, we'd just love to get some perspective from you guys on the disparity between autos and the rest of the broader businesses.

Operator

Yes. Ambrish, thanks. I'd say that as we You almost have to go back to the beginning of the pandemic and how revenues behaved as we went through Q1 and into 2nd and 3rd. And if you remember, as the pandemic spread in Q3, we saw wide in very deep cancellations across all of the markets, including automotive. But as we all went home to set up our home offices, we either bought a new monitor or a printer for PC.

Operator

So very quickly our personal electronics customers came back and came back very strong if you remember. The other markets began to follow, but automotive was the last to respond and people early in the pandemic weren't shopping for cars, they weren't going out of the house. So they had that issue and as manufacturers tried to reopen, they had more issues with COVID protocols and working to bring their plants back online. So it's not too surprising that as it asynchronously came out as a asynchronously going down. So, but all these markets we believe over the long term will behave the same.

Operator

And at some point we believe that we will see a correction in automotive. It may not, but we don't we just don't know. And we'll continue ship product to customer demand. It's obviously very strong. There's lots of reasons why besides us gaining share, there's more content, there's mix in other factors inside of that.

Operator

But clearly there's inventory built across all markets that's inclusive of automotive. So do you have a follow-up?

Speaker 6

Hi, Dave. Just a quick one on the cash grant side of the CHIPS Act. And whatever I have read, it may be incorrect, but my recollection is that in Q1, Q2 timeframe, the government will delineate kind of the guidelines. And what's your expectation of when that cash starts to come in?

Speaker 1

Yes. So the CHIPS Act has both an ITC, investment So you're asking about the grants. We're still working through those details. We do not have an update to share right now. The applications opened in February.

Speaker 1

So we are actively we're going to actively seek funding on those in whatever for whatever we could qualify. So we're going to submit our application in February, but right now we don't have any information All the accruals that we have taken so far, the $400,000,000 that we have taken our all for the ITC for investment tax credit, 25% investment credit for U. S.-based manufacturing.

Speaker 6

And the timing on that, Rafael, you will let us know about when that flows through the cash flow later on, right?

Speaker 1

Yes. In fact, let me take a second and kind of walk through how it flows through the financials. So you can actually look at our balance sheet on the Page 4 of our release, the other long term assets that is up to $1,100,000,000 you can see the increase year on year. That's the 400 that's where the 400,000,000 receivable is for that ITC. If we had not taken the ITC, that $400,000,000 would have gone to property, plant and equipment.

Speaker 1

You can see property, plant and equipment, dollars 6,900,000,000 that would have been $7,300,000,000 So instead it's on a long term asset, a receivable, Therefore, it's not going to depreciate. That $400,000,000 doesn't depreciate because it's not part of PP and E. And eventually, we'll get the cash. Now to your question right now, based on our interpretation of the law, we're not going to get that cash until late 2024. And then every year, it will be like 1 year in Enrique is right.

Speaker 1

You got to count 1 year late, but that could change. Clearly, that's something that companies are advocating for to get that cash early. But right now, we're not planning to get that until 24. So again, that's how you see it on the balance sheet, lower PP and E, you see our receivable instead, then because of lower PP and A, you have lower depreciation over the life of the asset. And then that the receivable Because the receivable eventually you get the cash, so it goes from a receivable to the cash line, right.

Speaker 1

And then eventually we return it to the owners of the company who used it for for the corporate purposes. Hopefully that answers your question. Thank you

Speaker 6

very much.

Operator

Thank you very much. 'twenty four timing is tied to when we File our taxes for 2023, right?

Speaker 1

Yes. So not to add more confusion, but we get the cash through filing the taxes. However, this will not affect the tax rate, because the accounting will put that, as I just described, through lower PP and E, and you actually see the cash in the cash flow statement in the investing section. But the actual receiving of the cash happens at tax filing time in October or so of September of every year, in, we just pay less taxes through that. But again, not to confuse you, the tax rate will not change.

Speaker 1

Great.

Speaker 6

I'm moderating accounting. Thank you, guys.

Operator

Yes. Okay. Operator, we have time for one more caller, please.

Speaker 2

Thank you. And our final question for today will come from Joshua Buschhalter of Cowen.

Speaker 3

Hey, guys. Thanks for squeezing me in. You mentioned customers getting inventory lower in the quarter. You're more direct Than many of your peers, so you'd have a better, I guess, view into end demand theoretically. And so can you help us understand, Are we close to bottoming?

Speaker 3

Do you think we're getting to healthy levels? And were there particular end markets that saw more acute inventory correction in the short term? Thank you.

Operator

Yes, Joshua, maybe just quickly, obviously when customers begin producing inventory, it's never a 1 quarter phenomenon. It usually takes several quarters for that to happen. We won't have insight and obviously will also depend on Better visibility because we do have more direct relationships with customers overall. So you have a follow on?

Speaker 3

Yes, thank you. A lot of attention gets paid to your CapEx for obvious reasons, but R and D grew, I think 7%, 8% in 2022 after being flat for a few years. And I think you guys, fair or unfair, get dinged for under investing on the R and D line. So I was wondering, could you walk through some of your Priorities for that spending and how should we think about R and D into 2023, recognize it might be a question for next week? Thank you.

Speaker 1

Sure. No, I'm happy to address that. So first, these are long term investments in nature. The R and D, clearly, that's where we get to continue to build in the broad portfolio. That's where we have process technology and that will get results over many, many years into the future, and we're going to protect those investments.

Speaker 1

But it's not just R and D. Even in SG and A, we have areas that are tied to capabilities. Ti.com is the best example. That's another place where we're investing and that's tied to a long term top line growth of the company to be strengthening the reach of channels at Vantage. You could add CapEx to that picture, that's also obviously a long term investment to strengthen our manufacturing and technology advantage.

Speaker 1

If you look at over the last 4 or 5 years, our OpEx, so R and D and SG and A, they've been at a very steady $3,200,000,000 for like 4 or 5 years. This year, for the first time, we ticked that up to $3,400,000,000 So we went up a little bit as we increased investments, but actually there was an impact on due to inflation, which we're not immune to that. You can expect that to continue increasing a little bit over the in 'twenty three and over the next several years as we continue to increase investments, there's also the inflation component. But big picture, Those are great long term investments that will fuel the growth for our company over the next 10 to 15 years.

Operator

Okay. Thank you, Joshua, and thank you all for joining us. Again, we look forward to sharing with you our capital management update next Thursday, February 2 at 10 am Central Time, and a replay of this call will be available shortly on our website. Good evening.

Speaker 2

That does conclude today's conference. Thank you all for your participation. You may now disconnect.

Powered by Quartr
Earnings Conference Call
Texas Instruments Q4 2022
00:00 / 00:00