SAN JOSE, Calif., Jan. 25, 2017 /PRNewswire/ -- Xilinx, Inc.
(Nasdaq: XLNX) today announced third quarter fiscal 2017 sales of
$586 million, up 1% sequentially, and
up 3% from the third quarter of the prior fiscal year. Third
quarter net income was $142 million,
or $0.52 per diluted share.
The Xilinx Board of Directors declared a quarterly cash
dividend of $0.33 per outstanding
share of common stock payable on February
23, 2017 to all stockholders of record at the close of
business on February 8,
2017.
Additional third quarter comparisons are represented in the
charts below:
GAAP
Results
|
(In millions, except
EPS)
|
|
|
Q3
FY
2017
|
Q2
FY
2017
|
Q3
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
Net
revenues
|
$586
|
$579
|
$566
|
|
1%
|
3%
|
Operating
income
|
$163
|
$177
|
$160
|
|
-8%
|
2%
|
Net
income
|
$142
|
$164
|
$131
|
|
-14%
|
8%
|
Diluted earnings
per share
|
$0.52
|
$0.61
|
$0.49
|
|
-15%
|
6%
|
"Xilinx delivered growth for the fifth consecutive
quarter. Sales from our 16nm Ultrascale+, 20nm Ultrascale,
and 28nm Zynq products contributed to significant market
expansion. The growth from these products was driven by a
broad base of markets such as data center, automotive, test &
measurement, wired and wireless communications and space," said
Moshe Gavrielov, Xilinx President
and Chief Executive Officer. "Our FY17 strategic increase in
R&D investment continues to pay off with the recent expansion
announcement of our 16nm portfolio integrating High Bandwidth
Memory and Cache Coherent Interconnect technology into Ultrascale+
FPGAs. In addition, our 16nm execution continues
unabated. We are currently shipping 12 unique products to
nearly 300 customers and remain over a year ahead of the
competition."
Net Revenues by
Geography:
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q3
FY
2017
|
Q2
FY
2017
|
Q3
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
North
America
|
30%
|
33%
|
32%
|
|
-7%
|
-3%
|
Asia
Pacific
|
43%
|
38%
|
41%
|
|
12%
|
9%
|
Europe
|
19%
|
20%
|
17%
|
|
-4%
|
13%
|
Japan
|
8%
|
9%
|
10%
|
|
-5%
|
-14%
|
Net Revenues by
End Market:
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q3
FY
2017
|
Q2
FY
2017
|
Q3
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
Communications
& Data Center
|
44%
|
41%
|
43%
|
|
7%
|
4%
|
Industrial,
Aerospace & Defense
|
41%
|
41%
|
41%
|
|
1%
|
5%
|
Broadcast,
Consumer & Automotive
|
15%
|
18%
|
16%
|
|
-13%
|
-2%
|
Net Revenues by
Product:
|
|
|
Percentages
|
|
Growth
Rates
|
|
Q3
FY
2017
|
Q2
FY
2017
|
Q3
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
Advanced
Products
|
47%
|
46%
|
37%
|
|
2%
|
30%
|
Core
Products
|
53%
|
54%
|
63%
|
|
0%
|
-12%
|
|
|
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, XC9500, products, configuration solutions, Software
& Support/Services.
|
Key
Statistics:
|
(Dollars in
millions)
|
|
|
Q3
FY
2017
|
Q2
FY
2017
|
Q3
FY
2016
|
|
|
|
|
Annual Return on
Equity (%)*
|
25
|
25
|
21
|
|
|
|
|
Operating Cash
Flow
|
$106
|
$184
|
$292
|
|
|
|
|
Depreciation
Expense
|
$11
|
$11
|
$13
|
|
|
|
|
Capital
Expenditures
|
$20
|
$11
|
$6
|
|
|
|
|
Combined Inventory
Days
|
114
|
111
|
119
|
|
|
|
|
Revenue Turns
(%)
|
56
|
55
|
49
|
|
*
|
Return on equity
calculation: Annualized net income/average stockholders'
equity
|
Product and Financial Highlights – December Quarter
- Xilinx introduced the Reconfigurable Acceleration Stack, with a
goal to enable mainstream adoption of FPGAs in the data center.
Target applications include machine learning, video transcoding and
big data analytics. Designed for cloud scale applications, the
stack provides the fastest path to realize up to 40x better compute
efficiency with Xilinx FPGAs compared to x86 server CPUs and up to
six times the compute efficiency over competitive FPGAs.
- Xilinx unveiled details for new 16nm Virtex UltraScale+ FPGAs
with HBM and CCIX technology. Containing the highest memory
bandwidth available, these HBM-enabled FPGAs offer 20X higher
memory bandwidth relative to a DDR4 DIMM and 4X less power per bit
versus competing memory technologies. This product family is
architected to support compute acceleration in the data center,
high data rate Ethernet connectivity, 8K Video, and radar
systems.
- Xilinx announced that Amazon Web Services (AWS) is deploying
Xilinx 16nm UltraScale+ FPGAs in the new Amazon Elastic Cloud
Compute (Amazon EC2) F1 instance type, accelerating genomics,
financial analytics, video processing, big data, security, and
machine learning inference workloads. In addition to Amazon EC2 F1
instances, AWS also announced an FPGA Developer Amazon Machine
Image which is pre-built with the development tools and scripts
including Xilinx's Vivado Design Suite and Vivado license.
Business Outlook – March Quarter Fiscal 2017
- Sales are expected to be in the range of $590M-$620M.
- Gross margin is expected to be approximately 68-70%.
- Operating expenses are expected to be approximately
$244 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.
- March 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 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 34530294. 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 March 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.
#1703F
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
|
|
Nine Months
Ended
|
|
December 31,
2016
|
|
October 1,
2016
|
|
January 2,
2016
|
|
December 31,
2016
|
|
January 2,
2016
|
Net
revenues
|
$
585,688
|
|
$
579,209
|
|
$
566,235
|
|
$
1,739,877
|
|
$
1,642,815
|
Cost of
revenues
|
178,233
|
|
175,875
|
|
178,514
|
|
522,404
|
|
496,108
|
Gross
margin
|
407,455
|
|
403,334
|
|
387,721
|
|
1,217,473
|
|
1,146,707
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
159,248
|
|
141,814
|
|
141,378
|
|
437,187
|
|
398,246
|
Selling, general and
administrative
|
83,780
|
|
83,463
|
|
84,470
|
|
250,353
|
|
251,374
|
Amortization of
acquisition-related intangibles
|
1,455
|
|
1,244
|
|
1,769
|
|
3,943
|
|
5,306
|
Total operating
expenses
|
244,483
|
|
226,521
|
|
227,617
|
|
691,483
|
|
654,926
|
Operating
income
|
162,972
|
|
176,813
|
|
160,104
|
|
525,990
|
|
491,781
|
Interest and other
expense, net
|
392
|
|
1,151
|
|
5,053
|
|
6,130
|
|
24,793
|
Income before income
taxes
|
162,580
|
|
175,662
|
|
155,051
|
|
519,860
|
|
466,988
|
Provision for income
taxes
|
20,734
|
|
11,470
|
|
24,232
|
|
50,773
|
|
61,155
|
Net income
|
$
141,846
|
|
$
164,192
|
|
$
130,819
|
|
$
469,087
|
|
$
405,833
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.57
|
|
$
0.65
|
|
$
0.51
|
|
$
1.86
|
|
$
1.58
|
Diluted
|
$
0.52
|
|
$
0.61
|
|
$
0.49
|
|
$
1.74
|
|
$
1.51
|
Cash dividends per
common share
|
$
0.33
|
|
$
0.33
|
|
$
0.31
|
|
$
0.99
|
|
$
0.93
|
Shares used in per
share calculations:
|
|
|
|
|
|
|
|
|
|
Basic
|
250,982
|
|
253,466
|
|
256,450
|
|
252,811
|
|
257,491
|
Diluted
|
270,781
|
|
270,373
|
|
269,611
|
|
269,182
|
|
268,716
|
XILINX,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
December 31,
2016
|
|
April 2,
2016
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$
3,254,135
|
|
$
3,337,699
|
Accounts receivable,
net
|
340,852
|
|
307,458
|
Inventories
|
205,927
|
|
178,550
|
Other current
assets
|
115,138
|
|
92,951
|
Total current
assets
|
3,916,052
|
|
3,916,658
|
Net property, plant
and equipment
|
301,504
|
|
283,346
|
Long-term
investments
|
183,082
|
|
220,807
|
Other
assets
|
435,650
|
|
398,458
|
Total
Assets
|
$
4,836,288
|
|
$
4,819,269
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
361,624
|
|
$
307,222
|
Deferred income on
shipments to distributors
|
53,626
|
|
51,758
|
Current portion of
long-term debt
|
594,792
|
|
585,417
|
Total current
liabilities
|
1,010,042
|
|
944,397
|
Long-term
debt
|
994,842
|
|
993,639
|
Deferred tax
liabilities
|
323,777
|
|
261,467
|
Other long-term
liabilities
|
23,419
|
|
16,979
|
Temporary
equity
|
4,605
|
|
12,894
|
Stockholders'
equity
|
2,479,603
|
|
2,589,893
|
Total Liabilities
and Stockholders' Equity
|
$
4,836,288
|
|
$
4,819,269
|
XILINX,
INC.
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
(Unaudited)
|
(In
thousands)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
December 31,
2016
|
|
October 1,
2016
|
|
January 2,
2016
|
|
December 31,
2016
|
|
January 2,
2016
|
SELECTED CASH FLOW
INFORMATION:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
$
11,110
|
|
$
11,182
|
|
$
13,043
|
|
$
33,917
|
|
$
38,768
|
Amortization
|
4,887
|
|
4,001
|
|
4,441
|
|
12,601
|
|
13,149
|
Stock-based compensation
|
30,867
|
|
29,802
|
|
31,463
|
|
90,073
|
|
84,464
|
Net cash
provided by operating activities
|
105,584
|
|
183,593
|
|
292,156
|
|
627,813
|
|
619,494
|
Purchases of property, plant and equipment
|
19,875
|
|
11,313
|
|
6,118
|
|
51,825
|
|
19,169
|
Payment
of dividends to stockholders
|
83,256
|
|
83,878
|
|
79,709
|
|
250,733
|
|
240,111
|
Repurchases of common stock
|
213,844
|
|
99,985
|
|
100,000
|
|
413,983
|
|
299,998
|
Proceeds
from issuance of common stock
|
|
|
|
|
|
|
|
|
|
to employees, net of
withholding taxes
|
1,195
|
|
(1,784)
|
|
6,897
|
|
10,708
|
|
21,720
|
|
|
|
|
|
|
|
|
|
|
STOCK-BASED
COMPENSATION INCLUDED IN:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
1,945
|
|
$
1,930
|
|
$
2,145
|
|
$
5,994
|
|
$
5,872
|
Research and
development
|
17,154
|
|
16,529
|
|
16,935
|
|
48,803
|
|
44,561
|
Selling,
general and administrative
|
11,768
|
|
11,343
|
|
12,383
|
|
35,276
|
|
34,031
|
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-third-quarter-2017-results-fifth-consecutive-quarter-of-revenue-growth-eps-052-300396839.html
SOURCE Xilinx, Inc.