Texas Instruments Incorporated (TXN) Management on Q1 2022 Results - Earnings Call Transcript

Texas Instruments Incorporated (NASDAQ:TXN) Q1 2022 Earnings Conference Call April 26, 2022 4:30 PM ET

Company Participants

Dave Pahl - Vice President, Head of Investor Relations

Rafael Lizardi - Chief Financial Officer

Conference Call Participants

Stacy Rasgon - Bernstein Research

Vivek Arya - Bank of America Securities

Ross Seymore - Deutsche Bank

Chris Danley - Citi

Joe Moore - Morgan Stanley

Timothy Arcuri - UBS

William Stein - Truist Securities

Blayne Curtis - Barclays

Ambrish Srivastava - BMO

Operator

Good day, and welcome to the Texas Instruments First Quarter 2022 Earnings Release Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Mr. Dave Pahl. Please, go ahead, sir.

Dave Pahl

Good afternoon and thank you for joining our first quarter 2022 earnings conference call. 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. A replay will be available through the web.

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.

Our Chief Financial Officer, Rafael Lizardi, is with me today, and we'll provide the following updates. First, I'll start with a quick overview of the quarter. Next, I'll provide insight into first quarter revenue results with some details of what we're seeing with respect to our customers and markets. And lastly, Rafael will cover the financial results and our guidance for second quarter, including the impact from COVID-19 restrictions in China.

Starting with a quick overview of first quarter. Revenue in the quarter was $4.9 billion, an increase of 2% sequentially and 14% year-over-year, driven by growth in industrial and automotive, as well as enterprise systems. Analog revenue grew 16%, Embedded Processing grew 2%, and our Other segment grew 27% from the year ago quarter.

Now, let me comment on the environment in the first quarter to provide some context on what we saw with our customers and markets. Overall, the quarter came in about as we expected across product segments, end markets and geographies.