SAN JOSE, Calif., July 27, 2016 /PRNewswire/ -- Xilinx, Inc.
(Nasdaq: XLNX) today announced first quarter fiscal 2017 sales of
$575 million, up 1% sequentially, and
up 5% from the first quarter of the prior fiscal year. First
quarter net income was $163 million,
or $0.61 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 payable on August 24,
2016 to all stockholders of record at the close of business
on August 11, 2016.
Additional first quarter comparisons are represented in the
charts below:
GAAP
Results
(In millions, except
EPS)
|
|
|
Q1
FY
2017
|
Q4
FY
2016
|
Q1
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
Net
revenues
|
$575
|
$571
|
$549
|
|
1%
|
5%
|
Operating
income
|
$186
|
$178
|
$178
|
|
5%
|
4%
|
Net
income
|
$163
|
$145
|
$148
|
|
12%
|
10%
|
Diluted earnings
per share
|
$0.61
|
$0.54
|
$0.55
|
|
13%
|
11%
|
"Xilinx continues to deliver on technology leadership and
execution. Sales from our 28nm product family achieved a new
record during the quarter. Momentum from our 20nm products
continued to be strong, with sales easily surpassing our
$30 million target. In
addition, 16nm products continued to gain exceptional customer
adoption with all three Ultrascale+ product families shipping to
over 100 customers in a broad base of end markets," said
Moshe Gavrielov, Xilinx President
and Chief Executive Officer. "Profitability was stronger than
expected during the quarter. Gross margin of 70.7% was up
from 69.2% in the prior quarter, primarily as a result of
operational efficiencies and mix. Operating margin was 32.4%,
driven by better gross margin and controlled operating
expenses."
Net Revenues by
Geography:
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q1
FY
2017
|
Q4
FY
2016
|
Q1
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
North
America
|
32%
|
32%
|
34%
|
|
1%
|
-1%
|
Asia
Pacific
|
40%
|
38%
|
36%
|
|
5%
|
16%
|
Europe
|
19%
|
21%
|
19%
|
|
-6%
|
5%
|
Japan
|
9%
|
9%
|
11%
|
|
-4%
|
-15%
|
Net Revenues by
End Market:
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q1
FY
2017
|
Q4
FY
2016
|
Q1
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
Communications
& Data Center
|
44%
|
43%
|
38%
|
|
4%
|
22%
|
Industrial,
Aerospace & Defense
|
39%
|
40%
|
44%
|
|
-2%
|
-8%
|
Broadcast,
Consumer & Automotive
|
17%
|
17%
|
18%
|
|
0%
|
0%
|
|
|
|
|
|
|
|
|
|
Net Revenues by
Product:
|
|
|
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q1
FY
2017
|
Q4
FY
2016
|
Q1
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
Advanced
Products
|
42%
|
38%
|
27%
|
|
10%
|
60%
|
Core
Products
|
58%
|
62%
|
73%
|
|
-5%
|
-16%
|
Products are classified as follows:
Advanced products: UltraScale+,Ultrascale and 7-series
products.
Core products: Virtex-6, Spartan-6, Virtex‐5,
CoolRunner‐II, Virtex‐4, Virtex‐II, Virtex‐E, Spartan-3,
Spartan-II, Spartan, CoolRunner XC9500 products, configuration
solutions, 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
2017
|
Q4
FY
2016
|
Q1
FY
2016
|
|
|
|
|
Annual Return on
Equity (%)*
|
25
|
21
|
22
|
|
|
|
|
Operating Cash
Flow
|
$339
|
$127
|
$187
|
|
|
|
|
Depreciation
Expense
|
$12
|
$12
|
$13
|
|
|
|
|
Capital
Expenditures
|
$21
|
$15
|
$8
|
|
|
|
|
Combined Inventory
Days
|
117
|
102
|
138
|
|
|
|
|
Revenue Turns
(%)
|
50
|
49
|
46
|
|
*Return on equity
calculation: Annualized net income/average stockholders'
equity
|
Product and Financial Highlights – June Quarter
- The Advanced Products category grew to a record sales level,
increasing 60% year over year. Xilinx continues to deliver on
technology leadership and world–class execution.
- Xilinx generated a record $339
million in operating cash flow during the quarter driven by
improved profitability as well as lower working capital
requirements. Xilinx remains committed to a healthy return of cash
to stockholders in the form of dividend and share repurchase.
- Advanced Micro Devices, ARM, Huawei, IBM, Mellanox, Qualcomm
Technologies Inc., a subsidiary of Qualcomm Incorporated, and
Xilinx, Inc. joined forces to bring a high-performance open
acceleration framework to data centers. The companies are
collaborating on the specification for the new Cache Coherent
Interconnect for Accelerators (CCIX). For the first time in the
industry, a single interconnect technology specification will
ensure that processors using different instruction set
architectures (ISA) can coherently share data with accelerators and
enable efficient heterogeneous computing – significantly improving
compute efficiency for servers running data center workloads.
- Xilinx announced the expansion of its 16nm UltraScale+ product
roadmap with new acceleration enhanced technologies for the Data
Center. The resulting products will deliver the powerful
combination of Xilinx's industry-leading 16nm FinFET+ FPGAs with
integrated High-Bandwidth Memory (HBM), and support for the
recently announced CCIX.
Business Outlook – September Quarter Fiscal 2017
- Sales are expected to be approximately flat sequentially.
- Gross margin is expected to be approximately 70%.
- Operating expenses are expected to be approximately
$230 million including $1 million of amortization of acquisition-related
intangibles.
- Other income and expenses are expected to be a net expense of
approximately $4 million.
- Fully diluted share count is expected to be approximately 266
million.
- September 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 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 32174654. 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 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, changing
competitive dynamics due to industry consolidation, 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.
#1632F
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
|
|
July 2,
2016
|
|
April 2,
2016
|
|
June 27,
2015
|
Net
revenues
|
$
574,981
|
|
$
571,066
|
|
$
549,008
|
Cost of
revenues
|
168,297
|
|
175,799
|
|
159,954
|
Gross
margin
|
406,684
|
|
395,267
|
|
389,054
|
Operating
expenses:
|
|
|
|
|
|
Research and
development
|
136,125
|
|
135,645
|
|
126,648
|
Selling, general and
administrative
|
83,110
|
|
80,277
|
|
82,143
|
Amortization of
acquisition-related intangibles
|
1,244
|
|
1,244
|
|
1,769
|
Total operating
expenses
|
220,479
|
|
217,166
|
|
210,560
|
Operating
income
|
186,205
|
|
178,101
|
|
178,494
|
Interest and other
expense, net
|
4,587
|
|
8,263
|
|
10,527
|
Income before income
taxes
|
181,618
|
|
169,838
|
|
167,967
|
Provision for income
taxes
|
18,569
|
|
24,803
|
|
20,252
|
Net income
|
$
163,049
|
|
$
145,035
|
|
$
147,715
|
Net income per common
share:
|
|
|
|
|
|
Basic
|
$
0.64
|
|
$
0.57
|
|
$
0.57
|
Diluted
|
$
0.61
|
|
$
0.54
|
|
$
0.55
|
Cash dividends per
common share
|
$
0.33
|
|
$
0.31
|
|
$
0.31
|
Shares used in per
share calculations:
|
|
|
|
|
|
Basic
|
252,901
|
|
255,467
|
|
258,021
|
Diluted
|
266,206
|
|
268,462
|
|
270,730
|
XILINX,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
July 2,
2016
|
|
April 2,
2016*
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$
3,517,978
|
|
$
3,337,699
|
Accounts receivable,
net
|
217,014
|
|
307,458
|
Inventories
|
195,282
|
|
178,550
|
Other current
assets
|
91,426
|
|
92,951
|
Total current
assets
|
4,021,700
|
|
3,916,658
|
Net property, plant
and equipment
|
292,358
|
|
283,346
|
Long-term
investments
|
209,015
|
|
220,807
|
Other
assets
|
403,402
|
|
398,458
|
Total
Assets
|
$
4,926,475
|
|
$
4,819,269
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
391,286
|
|
$
307,222
|
Deferred income on
shipments to distributors
|
71,536
|
|
51,758
|
Current portion of
long-term debt
|
588,542
|
|
585,417
|
Total current
liabilities
|
1,051,364
|
|
944,397
|
Long-term
debt
|
994,039
|
|
993,639
|
Deferred tax
liabilities
|
263,413
|
|
261,467
|
Other long-term
liabilities
|
17,856
|
|
16,979
|
Temporary
equity
|
10,131
|
|
12,894
|
Stockholders'
equity
|
2,589,672
|
|
2,589,893
|
Total Liabilities
and Stockholders' Equity
|
$
4,926,475
|
|
$
4,819,269
|
|
|
|
|
|
|
|
|
* Derived from
audited financial statements
|
|
|
|
XILINX,
INC.
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
(Unaudited)
|
(In
thousands)
|
|
Three Months
Ended
|
|
July 2,
2016
|
|
April 2,
2016
|
|
June 27,
2015
|
SELECTED CASH FLOW
INFORMATION:
|
|
|
|
|
|
Depreciation
|
$
11,625
|
|
$
12,060
|
|
$
13,253
|
Amortization
|
3,713
|
|
4,464
|
|
4,354
|
Stock-based compensation
|
29,404
|
|
27,520
|
|
26,320
|
Net cash
provided by operating activities
|
338,636
|
|
126,761
|
|
186,992
|
Purchases of property, plant and equipment
|
20,637
|
|
14,835
|
|
7,689
|
Payment
of dividends to stockholders
|
83,599
|
|
78,877
|
|
80,206
|
Repurchases of common stock
|
100,154
|
|
143,183
|
|
100,000
|
Proceeds
from issuance of common stock
|
|
|
|
|
|
to employees, net of
withholding taxes
|
11,297
|
|
29,374
|
|
18,444
|
|
|
|
|
|
|
STOCK-BASED
COMPENSATION INCLUDED IN:
|
|
|
|
|
|
Cost of
revenues
|
$
2,119
|
|
$
2,105
|
|
$
1,964
|
Research and
development
|
15,120
|
|
15,131
|
|
14,692
|
Selling,
general and administrative
|
12,165
|
|
10,284
|
|
9,664
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xilinx-announces-first-quarter-2017-results-advanced-products-grow-60-y-t-y-strong-profitability-300305077.html
SOURCE Xilinx, Inc.