SAN JOSE, Calif., Jan. 20,
2016 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today
announced third quarter fiscal 2016 sales of $566 million, up 7% from the prior quarter and
down 5% from the same quarter of the prior fiscal year. Third
quarter fiscal 2016 net income was $131
million, or $0.49 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 March 16,
2016 to all stockholders of record at the close of business
on March 2, 2016.
Additional third quarter comparisons are set forth in the charts
below:
GAAP
Results (In millions, except EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth
Rates
|
|
Q3
FY
2016
|
Q2
FY
2016
|
Q3
FY
2015
|
Q-T-Q
|
Y-T-Y
|
Net
revenues
|
$566
|
$528
|
$594
|
7%
|
-5%
|
Operating
income
|
$160
|
$153
|
$190
|
5%
|
-16%
|
Net
income
|
$131
|
$127
|
$168
|
3%
|
-22%
|
Diluted earnings
per share
|
$0.49
|
$0.48
|
$0.62
|
2%
|
-21%
|
"New product sales were exceptionally strong during the quarter
increasing 18% sequentially, enabling Xilinx to reach the high-end
of our sales guidance. Both our 7-series and UltraScale
families reached new sales records during the quarter, driven by a
very broad base of end markets," said Moshe
Gavrielov, Xilinx President and Chief Executive
Officer. "During the quarter we continued to execute on the
delivery of our next-generation UltraScale+ family by launching
public access development support for these families. This closely
follows the first shipment of the Zynq UltraScale+ MPSoc last
quarter, which was ahead of schedule. The capabilities of the
UltraScale+ product family, coupled with its first-mover advantage,
make it uniquely suited for applications ranging from next
generation ADAS and Industrial Internet-of-Things to 5G
wireless."
Net Revenues by
Geography:
|
|
|
|
|
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q3
FY
2016
|
Q2
FY
2016
|
Q3
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
North
America
|
32%
|
30%
|
34%
|
|
16%
|
-10%
|
Asia
Pacific
|
41%
|
40%
|
39%
|
|
9%
|
-1%
|
Europe
|
17%
|
20%
|
17%
|
|
-6%
|
-5%
|
Japan
|
10%
|
10%
|
10%
|
|
2%
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues by
End Market:
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q3
FY
2016
|
Q2
FY
2016
|
Q3
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
Communications
& Data Center
|
43%
|
41%
|
43%
|
|
12%
|
-3%
|
Industrial,
Aerospace & Defense
|
41%
|
41%
|
43%
|
|
7%
|
-10%
|
Broadcast,
Consumer & Automotive
|
16%
|
18%
|
14%
|
|
-4%
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues by
Product:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
|
|
Growth Rates
|
|
Q3
FY
2016
|
Q2
FY
2016
|
Q3
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
New
|
47%
|
43%
|
36%
|
|
18%
|
28%
|
Mainstream
|
23%
|
25%
|
26%
|
|
-3%
|
-17%
|
Base
|
26%
|
28%
|
35%
|
|
-1%
|
-30%
|
Support
|
4%
|
4%
|
3%
|
|
17%
|
11%
|
|
Products are
classified as follows:
|
|
New products:
Zynq UltraScale+, Virtex and Kintex
UltraScale, Virtex7, Kintex7, Artix-7, Zynq-7000, Spartan6
products
|
Mainstream
products: Virtex-6, Virtex5, and CoolRunnerII
products
|
Base products:
Virtex4, VirtexII, VirtexE, Spartan-3 Spartan-II, CoolRunner and
XC9500 products
|
Support
products: Configuration solutions, Software &
Support/Services
|
Key
Statistics:
(Dollars in
millions)
|
|
|
Q3
FY
2016
|
Q2
FY
2016
|
Q3
FY
2015
|
|
|
|
|
Annual Return on
Equity (%)*
|
21
|
21
|
25
|
|
|
|
|
Operating Cash
Flow
|
$290
|
$134
|
$291
|
|
|
|
|
Depreciation
Expense
|
$13
|
$12
|
$14
|
|
|
|
|
Capital
Expenditures
|
$6
|
$5
|
$6
|
|
|
|
|
Combined Inventory
Days
|
119
|
137
|
134
|
|
|
|
|
Revenue Turns
(%)
|
49
|
51
|
44
|
|
*Return on equity
calculation: Annualized net income/average stockholders'
equity
|
Highlights – December Quarter Fiscal 2016
- After shipping the industry's first 16nm multiprocessor SoC a
quarter ahead of schedule, Xilinx announced public access support
for the 16nm UltraScale+ families, including the Vivado Design
Suite HLx Editions, embedded software development tools, Xilinx
Power Estimator and technical documentation for Zynq UltraScale+
MPSoC and Kintex UltraScale+ devices. This announcement marked the
industry's first publicly available tools for 16nm devices,
enabling broad market adoption.
- Xilinx and IBM announced a strategic collaboration to
accelerate data center applications. This collaboration is expected
to enable higher performance and energy-efficient data center
applications through Xilinx FPGA-enabled workload acceleration on
IBM POWER-based systems. This follows the Company's announcement
last quarter with Qualcomm Technologies, Inc. Target applications
such as machine learning, network functions virtualization (NFV),
genomics, high performance computing and big data analytics.
- Xilinx announced the Spartan-7 FPGA family that will deliver
I/O intensive devices for cost-sensitive applications. The new
family will address connectivity requirements across a breadth of
markets including automotive, consumer, industrial IoT, data
center, wired and wireless communications, and portable medical
solutions.
Business Outlook – March Quarter Fiscal 2016
- Sales are expected to be approximately flat sequentially.
- Gross margin is expected to be 68-69%.
- Operating expenses are expected to be approximately
$220 million including $1 million of amortization of acquisition-related
intangibles.
- Other income and expenses are expected to be a net expense of
approximately $6 million.
- Fully diluted share count is expected to be approximately 267
million.
- March quarter tax rate is expected to be approximately
13-14%.
Conference Call
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the December
quarter financial results and management's outlook for the March
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 98854132. 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 March 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.
#1605F
Xilinx, the Xilinx logo, Artix, CoolRunner, Kintex, Spartan,
Virtex, Zynq, and Vivado, are trademarks of Xilinx in the United States and other countries. All
other trademarks are the property of their respective owners.
XLNX-F
Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com
XILINX,
INC.
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
January 2,
2016
|
|
September 26,
2015
|
|
December 27,
2014
|
|
January 2,
2016
|
|
December 27,
2014
|
Net
revenues
|
$
566,235
|
|
$
527,572
|
|
$
593,549
|
|
$
1,642,815
|
|
$
1,810,445
|
Cost of
revenues
|
178,514
|
|
157,640
|
|
179,638
|
|
496,108
|
|
538,445
|
Gross
margin
|
387,721
|
|
369,932
|
|
413,911
|
|
1,146,707
|
|
1,272,000
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
141,378
|
|
130,220
|
|
133,455
|
|
398,246
|
|
393,803
|
Selling, general and
administrative
|
84,470
|
|
84,761
|
|
88,076
|
|
251,374
|
|
274,472
|
Amortization of
acquisition-related intangibles
|
1,769
|
|
1,769
|
|
2,371
|
|
5,306
|
|
7,167
|
Total operating
expenses
|
227,617
|
|
216,750
|
|
223,902
|
|
654,926
|
|
675,442
|
Operating
income
|
160,104
|
|
153,182
|
|
190,009
|
|
491,781
|
|
596,558
|
Interest and other
expense, net
|
5,053
|
|
9,213
|
|
4,007
|
|
24,793
|
|
15,960
|
Income before income
taxes
|
155,051
|
|
143,969
|
|
186,002
|
|
466,988
|
|
580,598
|
Provision for income
taxes
|
24,232
|
|
16,671
|
|
17,536
|
|
61,155
|
|
67,005
|
Net income
|
$
130,819
|
|
$
127,298
|
|
$
168,466
|
|
$
405,833
|
|
$
513,593
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.51
|
|
$
0.49
|
|
$
0.64
|
|
$
1.58
|
|
$
1.93
|
Diluted
|
$
0.49
|
|
$
0.48
|
|
$
0.62
|
|
$
1.51
|
|
$
1.85
|
Cash dividends per
common share
|
$
0.31
|
|
$
0.31
|
|
$
0.29
|
|
$
0.93
|
|
$
0.87
|
Shares used in per
share calculations:
|
|
|
|
|
|
|
|
|
|
Basic
|
256,450
|
|
257,640
|
|
262,881
|
|
257,491
|
|
266,299
|
Diluted
|
269,611
|
|
266,046
|
|
273,795
|
|
268,716
|
|
277,709
|
XILINX,
INC.
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(In
thousands)
|
|
|
|
|
January 2,
2016
|
|
March 28,
2015*
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$
3,396,536
|
|
$
3,303,061
|
Accounts receivable,
net
|
203,176
|
|
246,615
|
Inventories
|
195,969
|
|
231,328
|
Deferred tax assets
and other current assets
|
212,613
|
|
154,047
|
Total current
assets
|
4,008,294
|
|
3,935,051
|
Net property, plant
and equipment
|
280,241
|
|
301,038
|
Long-term
investments
|
224,614
|
|
266,902
|
Other
assets
|
385,008
|
|
395,074
|
Total
Assets
|
$
4,898,157
|
|
$
4,898,065
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
301,550
|
|
$
321,082
|
Deferred income on
shipments to distributors
|
47,016
|
|
66,071
|
Current portion of
long-term debt
|
584,343
|
|
576,053
|
Total current
liabilities
|
932,909
|
|
963,206
|
Convertible
debentures
|
995,584
|
|
994,839
|
Deferred tax
liabilities
|
347,995
|
|
289,868
|
Other long-term
liabilities
|
16,308
|
|
14,611
|
Temporary
equity
|
15,657
|
|
23,947
|
Stockholders'
equity
|
2,589,704
|
|
2,611,594
|
Total Liabilities
and Stockholders' Equity
|
$
4,898,157
|
|
$
4,898,065
|
|
|
|
|
|
|
|
|
* Derived from
audited financial statements
|
|
|
|
XILINX,
INC.
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
January 2,
2016
|
|
September 26,
2015
|
|
December 27,
2014
|
|
January 2,
2016
|
|
December 27,
2014
|
SELECTED CASH FLOW
INFORMATION:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
$
13,043
|
|
$
12,472
|
|
$
13,711
|
|
$
38,768
|
|
$
40,857
|
Amortization
|
4,441
|
|
4,354
|
|
5,048
|
|
13,149
|
|
15,556
|
Stock-based
compensation
|
31,463
|
|
26,681
|
|
29,054
|
|
84,464
|
|
79,900
|
Net cash provided by
operating activities
|
290,285
|
|
133,730
|
|
290,742
|
|
607,168
|
|
624,741
|
Purchases of
property, plant and equipment
|
6,118
|
|
5,362
|
|
6,139
|
|
19,169
|
|
23,682
|
Payment of dividends
to stockholders
|
79,709
|
|
80,196
|
|
76,172
|
|
240,111
|
|
230,550
|
Repurchases of common
stock
|
100,000
|
|
99,998
|
|
174,997
|
|
299,998
|
|
476,012
|
Net proceeds from
issuance of common stock
|
|
|
|
|
|
|
|
|
|
to employees and
excess tax benefit
|
8,768
|
|
2,995
|
|
16,700
|
|
34,046
|
|
36,007
|
|
|
|
|
|
|
|
|
|
|
STOCK-BASED
COMPENSATION INCLUDED IN:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,145
|
|
$
1,763
|
|
$
2,339
|
|
$
5,872
|
|
$
6,408
|
Research and
development
|
16,935
|
|
12,934
|
|
14,909
|
|
44,561
|
|
40,245
|
Selling, general and
administrative
|
12,383
|
|
11,984
|
|
11,806
|
|
34,031
|
|
33,247
|
To view the original version on PR Newswire,
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SOURCE Xilinx, Inc.