SAN JOSE, Calif., April 27, 2016 /PRNewswire/ -- Xilinx, Inc.
(Nasdaq: XLNX) today announced fourth quarter fiscal 2016 sales of
$571 million, up 1% sequentially, and
up 1% from the fourth quarter of the prior fiscal year.
Fourth quarter net income was $145
million, or $0.54 per diluted
share. Fiscal 2016 sales were $2.21
billion, down 7% from the prior fiscal year. Fiscal 2016 net
income was $551 million, or
$2.05 per diluted share.
Logo - http://photos.prnewswire.com/prnh/20020822/XLNXLOGO
The Xilinx Board of Directors declared a quarterly cash
dividend of $0.33 per outstanding
share of common stock, an increase from the current dividend of
$0.31 per share. The quarterly
dividend increase will be effective in the June quarter, payable on
June 8, 2016 to all stockholders of
record at the close of business on May
18, 2016.
Additional fourth quarter comparisons are represented in the
charts below:
GAAP
Results
|
(In millions, except
EPS)
|
|
|
Q4 FY
2016
|
Q3 FY
2016
|
Q4 FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
Net
revenues
|
$571
|
$566
|
$567
|
|
1%
|
1%
|
Operating
income
|
$178
|
$160
|
$159
|
|
11%
|
12%
|
Net
income
|
$145
|
$131
|
$135
|
|
11%
|
8%
|
Diluted earnings
per share
|
$0.54
|
$0.49
|
$0.50
|
|
10%
|
8%
|
"Momentum from our new products continued in the fourth fiscal
quarter of 2016 with sales from 20nm products significantly
exceeding $25 million and sales from
the 28nm product family achieving record levels," said Moshe Gavrielov, Xilinx President and Chief
Executive Officer. "Although fiscal 2016 experienced
volatility from the wireless communications segment, Xilinx
delivered its third consecutive generation of products to market
ahead of the competition, enabling substantial PLD share
gains. Additionally, our consistent and robust profitability
enabled Xilinx to increase its dividend for the eleventh time since
initiating the program in 2004."
Net Revenues by
Geography:
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q4
FY
2016
|
Q3
FY
2016
|
Q4
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
North
America
|
32%
|
32%
|
32%
|
|
2%
|
0%
|
Asia
Pacific
|
38%
|
41%
|
37%
|
|
-5%
|
3%
|
Europe
|
21%
|
17%
|
21%
|
|
18%
|
0%
|
Japan
|
9%
|
10%
|
10%
|
|
-8%
|
-4%
|
Net Revenues by
End Market:
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q4
FY
2016
|
Q3
FY
2016
|
Q4
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
Communications
& Data Center
|
43%
|
43%
|
41%
|
|
0%
|
5%
|
Industrial,
Aerospace & Defense
|
40%
|
41%
|
42%
|
|
-1%
|
-3%
|
Broadcast,
Consumer & Automotive
|
17%
|
16%
|
17%
|
|
6%
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues by
Product:
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q4
FY
2016
|
Q3
FY
2016
|
Q4
FY
2015
|
|
Q-T-Q
|
Y-T-Y
|
New
|
49%
|
47%
|
41%
|
|
3%
|
21%
|
Mainstream
|
23%
|
23%
|
25%
|
|
4%
|
-7%
|
Base
|
24%
|
26%
|
30%
|
|
-6%
|
-20%
|
Support
|
4%
|
4%
|
4%
|
|
-1%
|
5%
|
Products are classified as follows:
New products: UltraScale+,Ultrascale, 7-series and
Spartan-6 products.
Mainstream products: Virtex-6, Virtex‐5, and
CoolRunner‐II products.
Base products: Virtex‐4, Virtex‐II, Virtex‐E, Spartan-3,
Spartan-II, Spartan, CoolRunner and XC9500 products.
Support products: Configuration solutions, Software &
Support/Services.
Key
Statistics:
|
(Dollars in
millions)
|
|
|
Q4
FY
2016
|
Q3
FY
2016
|
Q4
FY
2015
|
|
|
|
|
Annual Return on
Equity (%)*
|
21
|
21
|
24
|
|
|
|
|
Operating Cash
Flow
|
$123
|
$290
|
$166
|
|
|
|
|
Depreciation
Expense
|
$12
|
$13
|
$14
|
|
|
|
|
Capital
Expenditures
|
$15
|
$6
|
$6
|
|
|
|
|
Combined Inventory
Days
|
102
|
119
|
136
|
|
|
|
|
Revenue Turns
(%)
|
49
|
49
|
51
|
|
*Return on equity
calculation: Annualized net income/average stockholders'
equity
|
Product and Financial Highlights – Fiscal 2016
- Xilinx commenced shipments of several of its unique versions of
its 16nm UltraScale+ portfolio covering all three families:
Virtex, Kintex and Zynq. These products closely follow
the delivery of our 20nm UltraScale family, which includes the
industry's only 20nm high-end FPGA. Three consecutive
generations of leadership technology at 28nm, 20nm and 16nm
showcase the execution of our world class development in
collaboration with our foundry partner, TSMC.
- The Company's highly successful 20nm Ultrascale family
approached $100M in sales in fiscal
2016, surpassing the Company's forecasts in every quarter of the
fiscal year. This family, which includes the PLD
industry's only high-end family, is receiving adoption in a broad
base of applications including wired and wireless communications,
test & measurement, industrial and defense applications.
- The 28nm product family continues on the path to be the PLD
industry's most successful product family in history. Sales
from these products reached a record level as Xilinx exited the
fiscal year, driven by the Zynq product family which contributed
more to incremental sales growth than any other new product in
fiscal 2016. Zynq continues to drive new market adoption in areas
such as augmented reality, driver assist and machine vision.
- During fiscal 2016, Xilinx paid its shareholders a record
$319 million in dividends and
repurchased 9.7 million shares for $443
million. Additionally, Xilinx increased its quarterly
dividend by $0.02 per share to
$0.33 per share, the 11th
consecutive year of dividend increases since initiating its first
dividend in 2004. Xilinx has returned 100% of operating cash
flow to stockholders in the form of dividend and share repurchase
over the past ten years.
- Xilinx announced strategic collaborations with Qualcomm
Technologies, Inc. and IBM to accelerate data center applications.
These collaborations are expected to enable higher performance and
energy-efficient data center applications through Xilinx
FPGA-enabled workload acceleration. Target applications
include machine learning, network functions virtualization (NFV),
genomics, high performance computing and big data analytics.
- In the last year, Xilinx completed rollout of its SDx family of
software defined development environments, significantly expanding
its target user base to a much larger community of systems and
software engineers.
Business Outlook – June Quarter Fiscal 2017
- Sales are expected to be approximately flat sequentially.
- Gross margin is expected to be 69% to 70%.
- 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 $5 million.
- Fully diluted share count is expected to be approximately 266
million.
- June quarter tax rate is expected to be approximately 14%.
Conference Call
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the March
quarter financial results and management's outlook for the June
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 84718595. 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 June quarter of
fiscal 2017. 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 is the leading provider of All Programmable FPGAs, SoCs,
MPSoCs, and 3D ICs. Xilinx uniquely enables applications that are
both software defined and hardware optimized – powering industry
advancements in Cloud Computing, Embedded Vision, Industrial IoT,
and 5G Wireless. For more information, visit www.xilinx.com.
#1622F
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
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
|
|
Twelve Months
Ended
|
|
April 2,
2016
|
|
January 2,
2016
|
|
March 28,
2015
|
|
April 2,
2016
|
|
March 28,
2015
|
Net
revenues
|
$
571,066
|
|
$
566,235
|
|
$
566,900
|
|
$ 2,213,881
|
|
$
2,377,344
|
Cost of
revenues
|
175,799
|
|
178,514
|
|
170,379
|
|
671,907
|
|
708,823
|
Gross
margin
|
395,267
|
|
387,721
|
|
396,521
|
|
1,541,974
|
|
1,668,521
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
135,645
|
|
141,378
|
|
131,942
|
|
533,891
|
|
525,745
|
Selling, general and
administrative
|
80,277
|
|
84,470
|
|
79,198
|
|
331,652
|
|
353,670
|
Amortization of
acquisition-related intangibles
|
1,244
|
|
1,769
|
|
2,370
|
|
6,550
|
|
9,537
|
Restructuring
charges
|
—
|
|
—
|
|
24,491
|
|
—
|
|
24,491
|
Total operating
expenses
|
217,166
|
|
227,617
|
|
238,001
|
|
872,093
|
|
913,443
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
178,101
|
|
160,104
|
|
158,520
|
|
669,881
|
|
755,078
|
Interest and other
income (expense), net
|
(8,263)
|
|
(5,053)
|
|
958
|
|
(33,056)
|
|
(15,002)
|
Income before income
taxes
|
169,838
|
|
155,051
|
|
159,478
|
|
636,825
|
|
740,076
|
Provision for income
taxes
|
24,803
|
|
24,232
|
|
24,855
|
|
85,958
|
|
91,860
|
Net income
|
$
145,035
|
|
130,819
|
|
$
134,623
|
|
$
550,867
|
|
$
648,216
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.57
|
|
$
0.51
|
|
$
0.52
|
|
$
2.14
|
|
$
2.44
|
Diluted
|
$
0.54
|
|
$
0.49
|
|
$
0.50
|
|
$
2.05
|
|
$
2.35
|
Cash dividends per
common share
|
$
0.31
|
|
$
0.31
|
|
$
0.29
|
|
$
1.24
|
|
$
1.16
|
Shares used in per
share calculations:
|
|
|
|
|
|
|
|
|
|
Basic
|
255,467
|
|
256,450
|
|
260,857
|
|
257,184
|
|
265,480
|
Diluted
|
268,462
|
|
269,611
|
|
269,514
|
|
268,667
|
|
276,123
|
XILINX,
INC.
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(In
thousands)
|
|
|
|
|
April 2,
2016
|
|
March 28, 2015
*
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$ 3,337,699
|
|
$
3,303,061
|
Accounts receivable,
net
|
307,458
|
|
246,615
|
Inventories
|
178,550
|
|
231,328
|
Deferred tax assets
and other current assets
|
95,226
|
|
154,047
|
Total current
assets
|
3,918,933
|
|
3,935,051
|
Net property, plant
and equipment
|
283,346
|
|
301,038
|
Long-term
investments
|
220,807
|
|
266,902
|
Other
assets
|
400,068
|
|
395,074
|
Total
assets
|
$ 4,823,154
|
|
$
4,898,065
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
307,222
|
|
$
321,082
|
Deferred income on
shipments to distributors
|
51,758
|
|
66,071
|
Current portion of
long-term debt
|
587,106
|
|
576,053
|
Total current
liabilities
|
946,086
|
|
963,206
|
Long-term
debt
|
995,835
|
|
994,839
|
Deferred tax
liabilities
|
261,467
|
|
289,868
|
Other long-term
liabilities
|
16,979
|
|
14,611
|
Temporary
equity
|
12,894
|
|
23,947
|
Stockholders'
equity
|
2,589,893
|
|
2,611,594
|
Total Liabilities
and Stockholders' Equity
|
$ 4,823,154
|
|
$
4,898,065
|
|
* Derived from
audited financial statements
|
XILINX,
INC.
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
April 2,
2016
|
|
January 2,
2016
|
|
March 28,
2015
|
|
April 2,
2016
|
|
March 28,
2015
|
SELECTED CASH FLOW
INFORMATION:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
$
12,060
|
|
$
13,043
|
|
$
14,409
|
|
$
50,828
|
|
$
55,266
|
Amortization
|
4,464
|
|
4,441
|
|
4,092
|
|
17,613
|
|
19,648
|
Stock-based
compensation
|
27,520
|
|
31,463
|
|
19,959
|
|
111,984
|
|
99,859
|
Net cash
provided by operating activities
|
122,934
|
|
290,285
|
|
166,039
|
|
730,102
|
|
790,780
|
Purchases of
property, plant and equipment
|
14,835
|
|
6,118
|
|
5,937
|
|
34,004
|
|
29,619
|
Payment of
dividends to stockholders
|
78,877
|
|
79,709
|
|
75,608
|
|
318,988
|
|
306,158
|
Repurchases of
common stock
|
143,183
|
|
100,000
|
|
174,994
|
|
443,181
|
|
651,006
|
Proceeds
from issuance of common stock to employees and excess tax
benefit
|
33,201
|
|
8,768
|
|
36,316
|
|
67,247
|
|
72,323
|
|
|
|
|
|
|
|
|
|
|
STOCK-BASED
COMPENSATION INCLUDED IN:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,105
|
|
$
2,145
|
|
$
1,692
|
|
$
7,977
|
|
$
8,101
|
Research
and development
|
15,131
|
|
16,935
|
|
9,941
|
|
59,692
|
|
50,185
|
Selling,
general and administrative
|
10,284
|
|
12,383
|
|
7,747
|
|
44,315
|
|
40,994
|
Restructuring
|
—
|
|
—
|
|
579
|
|
—
|
|
579
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xilinx-announces-fourth-quarter--fiscal-2016-results-record-28nm--20nm-sales-dividend-raised-for-11th-consecutive-year-300258729.html
SOURCE Xilinx, Inc.