DALLAS, April 23, 2024 /PRNewswire/ -- Texas Instruments Incorporated (TI) (NASDAQ:TXN) today reported first quarter revenue of $3.66 billion, net income of $1.11 billion and earnings per share of $1.20.  Earnings per share included a 10-cent benefit for items that were not in the company's original guidance. Regarding the company's performance and returns to shareholders, Haviv Ilan, TI's president and CEO, made the following comments: "Revenue decreased 16% from the same quarter a year ago and 10% sequentially, as revenue declined across all end markets. "Our cash flow from operations of $6.3 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was $940 million. "Over the past 12 months we invested $3.7 billion in R&D and SG&A, invested $5.3 billion in capital expenditures and returned $4.8 billion to owners. "TI's second quarter outlook is for revenue in the range of $3.65 billion to $3.95 billion and earnings per share between $1.05 and $1.25. We continue to expect our effective tax rate to be about 13%." Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures. Earnings summary (In millions, except per-share amounts) Q1 2024 Q1 2023 Change  Revenue $ 3,661 $ 4,379 (16) % Operating profit $ 1,286 $ 1,934 (34) % Net income $ 1,105 $ 1,708 (35) % Earnings per share $ 1.20 $ 1.85 (35) %   Cash generation Trailing 12 Months (In millions) Q1 2024 Q1 2024 Q1 2023 Change  Cash flow from operations $ 1,017 $ 6,277 $ 7,736 (19) % Capital expenditures $ 1,248 $ 5,337 $ 3,336 60 % Free cash flow $ (231) $ 940 $ 4,400 (79) % Free cash flow % of revenue 5.6 % 22.6 %   Cash return Trailing 12 Months (In millions) Q1 2024 Q1 2024 Q1 2023 Change  Dividends paid $ 1,183 $ 4,615 $ 4,359 6 % Stock repurchases $ 3 $ 193 $ 3,129 (94) % Total cash returned $ 1,186 $ 4,808 $ 7,488 (36) %   TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES Consolidated Statements of Income For Three Months Ended March 31, (In millions, except per-share amounts) 2024 2023 Revenue $ 3,661 $ 4,379 Cost of revenue (COR) 1,566 1,516 Gross profit 2,095 2,863 Research and development (R&D) 478 455 Selling, general and administrative (SG&A) 455 474 Restructuring charges/other (124) — Operating profit 1,286 1,934 Other income (expense), net (OI&E) 123 80 Interest and debt expense 116 68 Income before income taxes 1,293 1,946 Provision for income taxes 188 238 Net income $ 1,105 $ 1,708 Diluted earnings per common share $ 1.20 $ 1.85 Average shares outstanding:    Basic 910 907    Diluted 917 916 Cash dividends declared per common share $ 1.30 $ 1.24 Supplemental Information (Quarterly, except as noted) Provision for income taxes is based on the following: Operating taxes (calculated using the estimated annual effective tax rate) $ 176 $ 276 Discrete tax items 12 (38) Provision for income taxes (effective taxes) $ 188 $ 238