SAN JOSE, Calif., July 22, 2015 /PRNewswire/ -- Xilinx, Inc.
(Nasdaq: XLNX) today announced first quarter fiscal 2016 sales of
$549 million, down 3% from the prior
quarter and down 10% from the same quarter of the prior fiscal
year. First quarter fiscal 2016 gross margin was 71% and net income
was $148 million, or $0.55 per diluted share.
Logo - http://photos.prnewswire.com/prnh/20020822/XLNXLOGO
The Xilinx Board of Directors announced a quarterly cash
dividend of $0.31 per outstanding
share of common stock, payable on August 26,
2015 to all stockholders of record at the close of business
on August 6, 2015.
Additional first quarter comparisons are represented in the
charts below:
GAAP
Results
(In millions, except
EPS)
|
|
|
|
|
|
|
|
Growth
Rates
|
|
Q1
FY
2016
|
Q4
FY
2015
|
Q1
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
Net
revenues
|
$549
|
$567
|
$613
|
|
-3%
|
-10%
|
Operating
income
|
$178
|
$159
|
$207
|
|
13%
|
-14%
|
Net
income
|
$148
|
$135
|
$174
|
|
10%
|
-15%
|
Diluted earnings
per share
|
$0.55
|
$0.50
|
$0.62
|
|
10%
|
-11%
|
"The quarter was marked by strong profitability with Xilinx
delivering a 71% gross margin," said Moshe
Gavrielov, Xilinx President and Chief Executive
Officer. "From a product perspective, technology leadership
on the 20nm node is translating to sales leadership. During
the quarter, sales from Xilinx's newest 20nm Ultrascale™ product
family surpassed $10 million with
particular strength coming from Virtex® Ultrascale, the industry's
only 20nm, high-end FPGA family. In addition, sales from the
Company's 28nm Zynq®-7000 platform were exceptionally strong during
the quarter with primary strength from ADAS applications."
Net Revenues by
Geography:
|
|
|
|
|
|
|
|
|
|
Percentages
|
|
|
Growth
Rates
|
|
Q1
FY
2016
|
Q4
FY
2015
|
Q1
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
North
America
|
34%
|
32%
|
26%
|
|
2%
|
18%
|
Asia
Pacific
|
36%
|
37%
|
43%
|
|
-7%
|
-24%
|
Europe
|
19%
|
21%
|
21%
|
|
-11%
|
-19%
|
Japan
|
11%
|
10%
|
10%
|
|
8%
|
-5%
|
Net Revenues by
End Market:
|
|
|
|
|
|
|
|
|
|
Percentages
|
|
|
Growth
Rates
|
|
Q1
FY 2016
|
Q4
FY
2015
|
Q1
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
Communications
& Data Center
|
38%
|
41%
|
53%
|
|
-11%
|
-36%
|
Industrial,
Aerospace & Defense
|
44%
|
42%
|
31%
|
|
3%
|
27%
|
Broadcast,
Consumer & Automotive
|
18%
|
17%
|
16%
|
|
1%
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
The end market categories represented above have been restated to
reflect the consolidation of the Other category into Communications
& Data Center. For comparative purposes, we have provided
supplemental information on our website at www.investor.xilinx.com
that presents results based on previous
classifications.
|
Net Revenues by
Product:
|
|
|
|
|
|
|
|
|
|
Percentages
|
|
|
Growth
Rates
|
|
Q1
FY
2016
|
Q4
FY
2015
|
Q1
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
New
|
38%
|
41%
|
31%
|
|
-10%
|
10%
|
Mainstream
|
25%
|
25%
|
37%
|
|
-4%
|
-40%
|
Base
|
34%
|
30%
|
29%
|
|
8%
|
5%
|
Support
|
3%
|
4%
|
3%
|
|
-8%
|
-4%
|
Products are
classified as follows:
|
New products:
Virtex and Kintex® Ultrascale, Virtex7, Kintex7,
Artix®-7, Zynq-7000, Spartan™6 products
Mainstream products: Virtex-6, Virtex5, and CoolRunner™II
products
Base products: Virtex4, VirtexII, VirtexE, Spartan-3
Spartan-II, CoolRunner and XC9500 products
Support products: Configuration solutions, HardWire, Software
& Support/Services
|
Note:
The product categories represented above have been modified to make
categories more meaningful given new product introductions and the
maturing of products. For comparative purposes, we have
provided supplemental information on our website at
www.investor.xilinx.com that presents results based on previous
classifications.
|
Key
Statistics:
(Dollars in
millions)
|
|
|
|
|
|
Q1
FY
2016
|
Q4
FY
2015
|
Q1
FY
2015
|
|
|
|
|
Annual Return on
Equity (%)*
|
22
|
24
|
25
|
|
|
|
|
Operating Cash
Flow
|
$183
|
$166
|
$130
|
|
|
|
|
Depreciation
Expense
|
$13
|
$14
|
$13
|
|
|
|
|
Capital
Expenditures
|
$8
|
$6
|
$9
|
|
|
|
|
Combined Inventory
Days
|
138
|
136
|
135
|
|
|
|
|
Revenue Turns
(%)
|
46
|
51
|
47
|
|
*Return on equity
calculation: Annualized net income/average stockholders'
equity
|
Highlights – June Quarter Fiscal 2016
- Xilinx taped out the industry's first All Programmable
Multi-Processor SoC (MPSoC) using TSMC's 16FF+ process. This
product family targets applications in embedded vision, including
ADAS, Industrial Internet of Things, and 5G wireless systems. The
All Programmable Zynq UltraScale+™ MPSoC enables the development of
flexible, standards-based platforms by providing 5X system level
performance/watt and any-to-any connectivity with the security and
safety required for next generation systems.
- Xilinx announced that it has collaborated with TSMC on the 7nm
process and 3D IC technology for its next generation of All
Programmable FPGAs, MPSoCs, and 3D ICs. The technology represents
the fourth consecutive generation where the two companies have
worked together on advanced process and CoWoS 3D stacking
technology, and will become TSMC's fourth generation of FinFET
technology. The collaboration will provide Xilinx a multi-node
scaling advantage and build on its outstanding product, execution,
and market success at 28nm, 20nm, and 16nm nodes.
- Xilinx, Inc. announced the public access release of the SDSoC™
development environment to expand the user base of Zynq® SoCs and
MPSoCs to a broad community of systems and software engineers. The
SDSoC development environment, a member of the SDx™ family,
includes expanded library, board, and design services ecosystem
support, enabling embedded C/C++ application development. This
public access release also features enhancements to the integrated
design environment (IDE) for ease of programming and platform
development.
- Xilinx continued to demonstrate a strong commitment to
returning value to stockholders. In the June quarter, the Company
repurchased $100 million of stock and
paid $80 million in dividends,
representing nearly 100% of operating cash flow generated during
the quarter.
Business Outlook – September Quarter Fiscal 2016
- Sales are expected to be down 2% to 6% sequentially.
- Gross margin is expected to be 69% to 70%.
- Operating expenses are expected to be approximately
$217 million including $2 million of amortization of acquisition-related
intangibles.
- Other income and expenses are expected to be a net expense of
approximately $10 million.
- Fully diluted share count is expected to be approximately 268
million.
- September quarter tax rate is expected to be approximately
12%.
Conference Call
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the June
quarter financial results and management's outlook for the
September quarter. The webcast and subsequent replay will be
available in the investor relations section of the Company's web
site at www.investor.xilinx.com. A telephonic replay of the
call may be accessed later in the day by calling (855)
859-2056 and referencing confirmation code 65209454. The
telephonic replay will be available for two weeks following the
live call.
This release contains forward-looking statements and
projections. Forward-looking statements and projections can often
be identified by the use of forward-looking words such as "expect,"
"believe," "may," "will," "could," "anticipate," "estimate,"
"continue," "plan," "intend," "project" or other similar
expressions. Statements that refer to or are based on
projections, uncertain events or assumptions also identify
forward-looking statements. Such forward looking statements
include, but are not limited to, statements related to the
semiconductor market, the growth and acceptance of our products,
expected revenue growth, the demand and growth in the markets we
serve, opportunity for expansion into new markets, and our
expectations regarding our business outlook for the September
quarter of fiscal 2016. Undue reliance should not be placed
on such forward-looking statements and projections, which speak
only as of the date they are made. We undertake no obligation to
update such forward-looking statements. Actual events and
results may differ materially from those in the forward-looking
statements and are subject to risks and uncertainties including
customer acceptance of our new products, current global economic
conditions, the health of our customers and the end markets in
which they participate, our ability to forecast end customer
demand, a high dependence on turns business, more customer volume
discounts than expected, greater product mix changes than
anticipated, fluctuations in manufacturing yields, our ability to
deliver product in a timely manner, our ability to successfully
manage production at multiple foundries, variability in wafer
pricing, costs and liabilities associated with current and future
litigation, and other risk factors listed in our most recent Forms
10-Q and 10-K.
About Xilinx
Xilinx develops All Programmable technologies and devices,
beyond hardware to software, digital to analog, and single to
multiple die in 3D ICs. These industry leading devices are
coupled with a next-generation design environment and IP to serve a
broad range of customer needs, from programmable logic to
programmable systems integration. For more information, visit
www.xilinx.com.
#1545F
Xilinx, the Xilinx logo, Artix, ISE, Kintex, Spartan, Virtex,
Zynq, Vivado, and other designated brands included herein are
trademarks of Xilinx in the United
States and other countries. All other trademarks are the
property of their respective owners.
XLNX-F
XILINX,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(Unaudited)
|
(In thousands,
except per share amounts)
|
|
Three Months
Ended
|
|
June 27,
2015
|
|
March 28,
2015
|
|
June 28,
2014
|
Net
revenues
|
$
549,008
|
|
$
566,900
|
|
$
612,633
|
Cost of
revenues
|
159,954
|
|
170,379
|
|
189,189
|
Gross
margin
|
389,054
|
|
396,521
|
|
423,444
|
Operating
expenses:
|
|
|
|
|
|
Research and
development
|
126,648
|
|
131,942
|
|
122,013
|
Selling, general and
administrative
|
82,143
|
|
79,198
|
|
92,513
|
Amortization of
acquisition-related intangibles
|
1,769
|
|
2,370
|
|
2,418
|
Restructuring
charges
|
—
|
|
24,491
|
|
—
|
Total operating
expenses
|
210,560
|
|
238,001
|
|
216,944
|
Operating
income
|
178,494
|
|
158,520
|
|
206,500
|
Interest and other
income (expense), net
|
(10,527)
|
|
958
|
|
(6,222)
|
Income before income
taxes
|
167,967
|
|
159,478
|
|
200,278
|
Provision for income
taxes
|
20,252
|
|
24,855
|
|
26,667
|
Net income
|
$
147,715
|
|
$
134,623
|
|
$
173,611
|
Net income per common
share:
|
|
|
|
|
|
Basic
|
$
0.57
|
|
$
0.52
|
|
$
0.65
|
Diluted
|
$
0.55
|
|
$
0.50
|
|
$
0.62
|
Cash dividends per
common share
|
$
0.31
|
|
$
0.29
|
|
$
0.29
|
Shares used in per
share calculations:
|
|
|
|
|
|
Basic
|
258,021
|
|
260,857
|
|
267,648
|
Diluted
|
270,730
|
|
269,514
|
|
281,579
|
XILINX,
INC.
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(In
thousands)
|
|
|
|
|
June 27,
2015
|
|
March 28,
2015*
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$ 3,332,425
|
|
$
3,303,061
|
Accounts receivable,
net
|
251,988
|
|
246,615
|
Inventories
|
222,013
|
|
231,328
|
Deferred tax assets
and other current assets
|
173,300
|
|
154,047
|
Total current
assets
|
3,979,726
|
|
3,935,051
|
Net property, plant
and equipment
|
294,487
|
|
301,038
|
Long-term
investments
|
248,431
|
|
266,902
|
Other
assets
|
392,905
|
|
395,074
|
Total
assets
|
$ 4,915,549
|
|
$
4,898,065
|
|
|
|
|
|
|
|
|
LIABILITIES,
TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$ 322,616
|
|
$
321,082
|
Deferred income on
shipments to distributors
|
55,731
|
|
66,071
|
Current portion of
long-term debt
|
578,816
|
|
576,053
|
Total current
liabilities
|
957,163
|
|
963,206
|
Long-term
debt
|
995,086
|
|
994,839
|
Deferred tax
liabilities
|
301,130
|
|
289,868
|
Other long-term
liabilities
|
14,357
|
|
14,611
|
Temporary
equity
|
21,183
|
|
23,947
|
Stockholders'
equity
|
2,626,630
|
|
2,611,594
|
Total Liabilities,
Temporary Equity and Stockholders' Equity
|
$ 4,915,549
|
|
$
4,898,065
|
|
|
|
|
|
|
|
|
* Derived from
audited financial statements
|
|
|
|
XILINX,
INC.
|
|
|
|
|
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
Three Months
Ended
|
|
June 27,
2015
|
|
March 28,
2015
|
|
June 28,
2014
|
SELECTED CASH FLOW
INFORMATION:
|
|
|
|
|
|
Depreciation
|
$
13,253
|
|
$
14,409
|
|
$
13,468
|
Amortization
|
4,354
|
|
4,092
|
|
5,205
|
Stock-based
compensation
|
26,320
|
|
19,959
|
|
22,106
|
Net cash provided by
operating activities
|
183,153
|
|
166,039
|
|
130,119
|
Purchases of
property, plant and equipment
|
7,689
|
|
5,937
|
|
9,116
|
Payment of dividends
to stockholders
|
80,206
|
|
75,608
|
|
77,421
|
Repurchases of common
stock
|
100,000
|
|
174,994
|
|
101,016
|
Proceeds from
issuance of common stock to
employees and excess tax benefit
|
22,283
|
|
36,316
|
|
16,855
|
|
|
|
|
|
|
STOCK-BASED
COMPENSATION INCLUDED IN:
|
|
|
|
|
|
Cost of
revenues
|
$
1,964
|
|
$
1,692
|
|
$
1,992
|
Research and
development
|
14,692
|
|
9,941
|
|
10,505
|
Selling, general and
administrative
|
9,664
|
|
7,747
|
|
9,609
|
Restructuring
|
—
|
|
579
|
|
—
|
Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xilinx-announces-q1-fiscal-2016-results-20nm-sales-exceed-10-million-300117195.html
SOURCE Xilinx, Inc.