SAN JOSE, Calif., Oct. 19, 2016 /PRNewswire/ -- Xilinx, Inc.
(Nasdaq: XLNX) today announced second quarter fiscal 2017 sales of
$579 million, up 1% sequentially, and
up 10% from the second quarter of the prior fiscal year.
Second quarter net income was $164
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 November
23, 2016 to all stockholders of record at the close of
business on November 8,
2016.
Additional second quarter comparisons are represented in the
charts below:
GAAP
Results
|
|
|
|
|
|
|
(In millions, except
EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2
FY
2017
|
Q1
FY
2017
|
Q2
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
Net
revenues
|
$579
|
$575
|
$528
|
|
1%
|
10%
|
Operating
income
|
$177
|
$186
|
$153
|
|
-5%
|
15%
|
Net
income
|
$164
|
$163
|
$127
|
|
1%
|
29%
|
Diluted earnings
per share
|
$0.61
|
$0.61
|
$0.48
|
|
0%
|
27%
|
|
|
|
|
|
|
|
"Xilinx delivered growth for the fourth consecutive
quarter. Advanced Product sales increased 10% sequentially
and 61% versus the same quarter of the prior fiscal year. All
three technology nodes in this category achieved new sales
records. Operating profit exceeded 30% for the third
consecutive quarter," said Moshe
Gavrielov, Xilinx President and Chief Executive Officer. "We
remain confident in our long term growth strategy and ability to
generate strong cash flows, which is the basis for our commitment
to shareholder return. As a result, we are initiating a more
deliberate repurchase program to complement our long-standing
dividend program."
Net Revenues by
Geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q2
FY
2017
|
Q1
FY
2017
|
Q2
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
North
America
|
33%
|
32%
|
30%
|
|
1%
|
20%
|
Asia
Pacific
|
38%
|
40%
|
40%
|
|
-3%
|
6%
|
Europe
|
20%
|
19%
|
20%
|
|
7%
|
11%
|
Japan
|
9%
|
9%
|
10%
|
|
3%
|
-7%
|
Net Revenues by
End Market:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q2
FY
2017
|
Q1
FY
2017
|
Q2
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
Communications
& Data Center
|
41%
|
44%
|
41%
|
|
-6%
|
9%
|
Industrial,
Aerospace & Defense
|
41%
|
39%
|
41%
|
|
7%
|
11%
|
Broadcast,
Consumer & Automotive
|
18%
|
17%
|
18%
|
|
5%
|
8%
|
|
|
|
|
|
|
|
Net Revenues by
Product:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q2
FY
2017
|
Q1
FY
2017
|
Q2
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
Advanced
Products
|
46%
|
42%
|
31%
|
|
10%
|
61%
|
Core
Products
|
54%
|
58%
|
69%
|
|
-6%
|
-14%
|
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, CoolRunner, XC9500,
products, configuration solutions, Software & Support/Services.
|
Key
Statistics:
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
Q2
FY
2017
|
Q1
FY
2017
|
Q2
FY
2016
|
|
|
|
|
Annual Return on
Equity (%)*
|
25
|
25
|
21
|
|
|
|
|
Operating Cash
Flow
|
$184
|
$339
|
$140
|
|
|
|
|
Depreciation
Expense
|
$11
|
$12
|
$12
|
|
|
|
|
Capital
Expenditures
|
$11
|
$21
|
$5
|
|
|
|
|
Combined Inventory
Days
|
111
|
117
|
137
|
|
|
|
|
Revenue Turns
(%)
|
55
|
50
|
51
|
|
|
|
|
*Return on equity
calculation: Annualized net income/average stockholders'
equity
|
Product and Financial Highlights – September Quarter
- Xilinx intends to utilize the May
2016 repurchase authorization of $1
billion in a more deliberate manner over the next several
quarters. This program complements the Company's capital allocation
priorities which include investing in the business and continuously
growing the dividend.
- Xilinx recently reached a significant production milestone for
the 16nm UltraScale+ portfolio ahead of schedule. Xilinx has now
shipped nine unique products to nearly 200 customers in a broad
base of markets including automotive, data center and
communications.
- Xilinx announced the expansion of its cost-optimized Spartan,
Artix & Zynq product families targeting a wide range of
applications including Embedded Vision and Industrial IoT. Today's
Embedded Vision and Industrial IoT applications need to collect,
aggregate, and analyze data from a variety of sensors for
actionable insights. Whether scaling a multi-sensor camera's
functionality on a factory floor, or developing a smart drone with
an innovative guidance system based on sensor fusion, designers can
take advantage of the Xilinx FPGA and SoC portfolio for part or all
of their system needs.
- Xilinx announced that Baidu, the leading Chinese language
Internet search provider, is utilizing Xilinx FPGAs to accelerate
machine learning applications in their data centers in China. The two companies are collaborating to
further expand volume deployment of FPGA-based accelerated
platforms. Baidu-optimized FPGA platforms are tuned for machine
learning applications such as image and speech recognition. The
platforms will also be leveraged in Baidu's initiative to develop
commercially viable autonomous cars.
- Last quarter, Xilinx joined forces with Advanced Micro Devices,
ARM, Huawei, IBM, Mellanox, and Qualcomm Technologies Inc., a
subsidiary of Qualcomm Incorporated, to bring a high-performance
open acceleration framework, "CCIX" to data centers. Just recently
this consortium announced that it has tripled its membership
welcoming new members representing silicon providers and ecosystem
partners in design, verification, software and systems. In
addition, the member companies have aligned to the PCI Express
architecture as its first transport layer specification.
Business Outlook – December Quarter Fiscal 2017
- Sales are expected to be approximately flat sequentially.
- Gross margin is expected to be approximately 69%.
- Operating expenses are expected to be approximately
$245 million including $1 million of amortization of acquisition-related
intangibles.
- Other income and expenses are expected to be a net expense of
approximately $2 million.
- December 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 September
quarter financial results and management's outlook for the December
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 78782757. 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 plans to
repurchase shares of Xilinx stock and our expectations regarding
our business outlook for the December 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 market conditions which could
impact the ability of the Company to execute the repurchase
authorization in a timely manner; 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,
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.
#1641F
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
|
|
Six Months
Ended
|
|
October 1,
2016
|
|
July 2,
2016
|
|
September 26,
2015
|
|
October 1,
2016
|
|
September 26,
2015
|
Net
revenues
|
$
579,209
|
|
$
574,981
|
|
$
527,572
|
|
$
1,154,190
|
|
$
1,076,580
|
Cost of
revenues
|
175,875
|
|
168,297
|
|
157,640
|
|
344,172
|
|
317,594
|
Gross
margin
|
403,334
|
|
406,684
|
|
369,932
|
|
810,018
|
|
758,986
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
141,814
|
|
136,125
|
|
130,220
|
|
277,939
|
|
256,868
|
Selling, general and
administrative
|
83,463
|
|
83,110
|
|
84,761
|
|
166,573
|
|
166,904
|
Amortization of
acquisition-related intangibles
|
1,244
|
|
1,244
|
|
1,769
|
|
2,488
|
|
3,538
|
Total operating
expenses
|
226,521
|
|
220,479
|
|
216,750
|
|
447,000
|
|
427,310
|
Operating
income
|
176,813
|
|
186,205
|
|
153,182
|
|
363,018
|
|
331,676
|
Interest and other
expense, net
|
1,151
|
|
4,587
|
|
9,213
|
|
5,738
|
|
19,740
|
Income before income
taxes
|
175,662
|
|
181,618
|
|
143,969
|
|
357,280
|
|
311,936
|
Provision for income
taxes
|
11,470
|
|
18,569
|
|
16,671
|
|
30,039
|
|
36,923
|
Net income
|
$
164,192
|
|
$
163,049
|
|
$
127,298
|
|
$
327,241
|
|
$
275,013
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.65
|
|
$
0.64
|
|
$
0.49
|
|
$
1.29
|
|
$
1.07
|
Diluted
|
$
0.61
|
|
$
0.61
|
|
$
0.48
|
|
$
1.22
|
|
$
1.03
|
Cash dividends per
common share
|
$
0.33
|
|
$
0.33
|
|
$
0.31
|
|
$
0.66
|
|
$
0.62
|
Shares used in per
share calculations:
|
|
|
|
|
|
|
|
|
|
Basic
|
253,466
|
|
252,901
|
|
257,640
|
|
253,056
|
|
257,744
|
Diluted
|
270,373
|
|
266,206
|
|
266,046
|
|
267,885
|
|
268,070
|
XILINX,
INC.
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(In
thousands)
|
|
|
|
|
October 1,
2016
|
|
April 2,
2016
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$
3,489,828
|
|
$
3,337,699
|
Accounts receivable,
net
|
227,758
|
|
307,458
|
Inventories
|
196,922
|
|
178,550
|
Other current
assets
|
104,686
|
|
92,951
|
Total current
assets
|
4,019,194
|
|
3,916,658
|
Net property, plant
and equipment
|
292,488
|
|
283,346
|
Long-term
investments
|
198,545
|
|
220,807
|
Other
assets
|
435,493
|
|
398,458
|
Total
Assets
|
$
4,945,720
|
|
$
4,819,269
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
348,748
|
|
$
307,222
|
Deferred income on
shipments to distributors
|
57,404
|
|
51,758
|
Current portion of
long-term debt
|
591,667
|
|
585,417
|
Total current
liabilities
|
997,819
|
|
944,397
|
Long-term
debt
|
994,439
|
|
993,639
|
Deferred tax
liabilities
|
294,875
|
|
261,467
|
Other long-term
liabilities
|
26,072
|
|
16,979
|
Temporary
equity
|
7,368
|
|
12,894
|
Stockholders'
equity
|
2,625,147
|
|
2,589,893
|
Total Liabilities
and Stockholders' Equity
|
$
4,945,720
|
|
$
4,819,269
|
XILINX,
INC.
|
|
|
|
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
October 1,
2016
|
|
July 2,
2016
|
|
September 26,
2015
|
|
October 1,
2016
|
|
September 26,
2015
|
|
SELECTED CASH FLOW
INFORMATION:
|
|
|
|
|
|
Depreciation
|
$
11,182
|
|
$
11,625
|
|
$
12,472
|
|
$
22,807
|
|
$
25,725
|
|
Amortization
|
4,001
|
|
3,713
|
|
4,354
|
|
7,714
|
|
8,708
|
|
Stock-based compensation
|
29,802
|
|
29,404
|
|
26,681
|
|
59,206
|
|
53,001
|
|
Net cash
provided by operating activities
|
183,593
|
|
338,636
|
|
140,346
|
|
522,229
|
|
327,338
|
|
Purchases of property, plant and equipment
|
11,313
|
|
20,637
|
|
5,362
|
|
31,950
|
|
13,051
|
|
Payment
of dividends to stockholders
|
83,878
|
|
83,599
|
|
80,196
|
|
167,477
|
|
160,402
|
|
Repurchases of common stock
|
99,985
|
|
100,154
|
|
99,998
|
|
200,139
|
|
199,998
|
|
Proceeds
from issuance of common stock
|
|
|
|
|
|
|
|
|
|
|
to employees, net of
withholding taxes
|
(1,784)
|
|
11,297
|
|
(3,621)
|
|
9,513
|
|
14,823
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK-BASED
COMPENSATION INCLUDED IN:
|
|
|
|
|
|
Cost of
revenues
|
$
1,930
|
|
$
2,119
|
|
$
1,763
|
|
$
4,049
|
|
$
3,727
|
|
Research and
development
|
16,529
|
|
15,120
|
|
12,934
|
|
31,649
|
|
27,626
|
|
Selling,
general and administrative
|
11,343
|
|
12,165
|
|
11,984
|
|
23,508
|
|
21,648
|
|
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-second-quarter-2017-results-advanced-products-repeat-60-year-over-year-growth-300347917.html
SOURCE Xilinx, Inc.