“These trends have resulted and will continue to result in growing chip content for application, which will drive faster growth compared to the other markets.”

In context

“tomotive; personal electronics, which includes products such as mobile phones, PCs, tablets and TVs; communications equipment; enterprise systems; and other, which is primarily calculators. As a percentage of revenue for the year, industrial was 41%; automotive, 21%; personal electronics, 24%; Communications Equipment, 6%; Enterprise Systems, 6%; and Other was 2%. In 2021, industrial and automotive combined made up 62% of TI's revenue, up about 5 percentage points from 2020 and up from 42% from 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 promisingly turning to analog and embedded technology 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 for application, which will drive faster growth compared to the other markets. Rafael will now review profitability, capital management and our outlook. Rafael? Rafael Lizardi: Thanks, Dave, and good afternoon, everyone. Gross profit in the quarter was $3.4 billion or 69% of revenue. From a year-ago, gross profit increased, primarily due to higher revenue. Gross profit margin increased 440 basis points. Operating expenses in the quarter were $793 million, up 1% from a year-ago and about as expected. On a trailing 12-month basis, operating expenses were 18% of revenue. For the year, we have invested $1.6 billion in R&D, an important element of our capital allocation. We are pleased with our disciplined process of allocating capital to R&D, which we believe will allow us to continue to grow our top line over the long-term. Restructuring charges were $54 million in the”