XILINX, INC. SAN JOSE, Calif., April 22, 2015 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced fiscal 2015 sales of $2.38 billion, flat with the prior fiscal year. Fiscal 2015 net income increased 3% to $648 million, or $2.35 per diluted share, versus fiscal 2014 net income of $630 million or $2.19 per diluted share.
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Fourth quarter fiscal 2015 sales were $567 million, down 4% sequentially and down 8% from the fourth quarter of the prior fiscal year. Fourth quarter fiscal 2015 net income was $135 million, or $0.50 per diluted share, including a $24 million restructuring charge, or $0.08 per diluted share.
Additional fourth quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
Growth Rates
Q4 Q3 Q4 Q-T-Q Y-T-Y
FY 2015 FY 2015 FY 2014
------- ------- -------
Net
revenues $567 $594 $618 -4% -8%
Operating
income $159 $190 $190 -17% -16%
Net
income $135 $168 $156 -20% -14%
Diluted
earnings
per
share $0.50 $0.62 $0.53 -19% -6%
"Sales from the 28nm product family increased significantly with broad-based growth in all end markets and all products," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Additionally, the Company reported a record gross margin for the fiscal year of 70%. This is up from 69% in the prior fiscal year and is a testament to the continued focus and rigor we have placed on improving our overall profitability."
Net Revenues by Geography:
Percentages Growth Rates
Q4 Q3 Q4 Q-T-Q Y-T-Y
FY 2015 FY 2015 FY 2014
------- ------- -------
North
America 32% 34% 27% -8% 10%
Asia
Pacific 37% 39% 43% -8% -20%
Europe 21% 17% 21% 12% -9%
Japan 10% 10% 9% -5% -5%
Net Revenues by End Market:
Percentages Growth Rates
Q4 Q3 Q4 Q-T-Q Y-T-Y
FY 2015 FY 2015 FY 2014
------- ------- -------
Communications & Data Center 39% 41% 49% -26%
-7%
Industrial, Aerospace & Defense 42% 43% 34% -7% 13%
Broadcast, Consumer & Automotive 17% 14% 15% 12% 6%
Other 2% 2% 2% -12% -31%
Net Revenues by Product:
Percentages Growth Rates
Q4 Q3 Q4 Q-T-Q Y-T-Y
FY 2015 FY 2015 FY 2014
------- ------- -------
New 49% 43% 42% 8% 5%
Mainstream 29% 29% 34% -6% -22%
Base 19% 25% 21% -25% -14%
Support 3% 3% 3% 4% -6%
Products are classified as follows:
New products: Virtex® and Kintex(TM) Ultrascale, Virtex7, Kintex7, Artix(TM)-7, Zynq(TM)-7000, Virtex6, Spartan(TM)6 products
Mainstream products: Virtex5, Spartan3 and CoolRunner(TM)II products
Base products: Virtex4, VirtexII, VirtexE, Virtex, Spartan-II, Spartan, CoolRunner and XC9500 products
Support products: Configuration solutions, HardWire, Software & Support/Services
Key Statistics:
(Dollars in millions)
Q4 Q3 Q4
FY 2015 FY 2015 FY 2014
------- ------- -------
Annual Return on Equity (%)* 24 25 22
Operating Cash Flow $166 $291 $189
Depreciation Expense $14 $14 $14
Capital Expenditures $6 $6 $14
Combined Inventory Days 136 134 115
Revenue Turns (%) 51 44 54
*Return on equity calculation:
Annualized net income/average
stockholders' equity
Product and Financial Highlights - Fiscal 2015
-- During fiscal year 2015, sales from Xilinx's 28nm product portfolio,
which includes the 7 series FPGAs and the Zynq-7000 families,
represented more than $580 million. This was up from approximately $380
million in the prior fiscal year. Material contributions from all end
markets and all products drove the significant sales increase.
-- The Company continued to drive gross margin improvement, achieving a
record 70% gross margin in fiscal year 2015, up from 69% in the prior
fiscal year. This improvement reflects the Company's continued
discipline and focus on driving gross margin expansion across our
product portfolio.
-- During fiscal 2015, Xilinx paid its shareholders a record $306 million
in dividends and repurchased 15.3 million shares for $650 million.
Additionally, Xilinx increased its quarterly dividend by $0.02 per share
to $0.31 per share, the 10(th) 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, in close partnership with TSMC, began shipping the 20nm
Ultrascale family, including the industry's only 20nm high-end family
and the industry's largest FPGA, which delivers over 4X the capacity of
competitive devices. This family scales from 20nm planar through 16nm
FinFET technologies and beyond, while also scaling from monolithic
through 3D ICs. Additionally, Xilinx remains on track to tape out its
first 16nm device with TSMC in the June quarter.
-- Xilinx continued to strengthen its Software Development Environments
(SDx(TM)). SDx enables developers with little or no FPGA expertise to
use high level programming languages like C, C++ and OpenCL to leverage
the power of programmable hardware with industry standard processors on
or off chip. Xilinx currently offers three different environments
targeting high growth opportunities in areas such as data center,
software defined networks and Industrial Internet-of-things.
Business Outlook - June Quarter Fiscal 2016
-- Sales are expected to be flat to down 4% sequentially.
-- Gross margin is expected to be 69% to 70%.
-- Operating expenses are expected to be approximately $210 million
including $2 million of amortization of acquisition-related intangibles.
-- Other income and expenses are expected to be a net expense of
approximately $12 million.
-- Fully diluted share count is expected to be approximately 266 million.
-- June 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 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 98457054. 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 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.
#1530F
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 Twelve Months Ended
------------------ -------------------
March 28, December 27, March 29, March 28, March 29,
2015 2014 2014 2015 2014
---- ---- ---- ---- ----
Net revenues $566,900 $593,549 $617,823 $2,377,344 $2,382,531
Cost of revenues 170,379 179,638 199,945 708,823 743,253
------- ------- ------- ------- -------
Gross margin 396,521 413,911 417,878 1,668,521 1,639,278
------- ------- ------- --------- ---------
Operating expenses:
Research and development 131,942 133,455 127,812 525,745 492,447
Selling, general and
administrative 79,198 88,076 98,087 353,670 378,607
Amortization of acquisition-
related intangibles 2,370 2,371 2,462 9,537 9,887
Litigation and contingencies - - - - 9,410
Restructuring charge 24,491 - - 24,491 -
------ --- --- ------ ---
Total operating expenses 238,001 223,902 228,361 913,443 890,351
------- ------- ------- ------- -------
Operating income 158,520 190,009 189,517 755,078 748,927
Loss on extinguishment of
convertible debentures - - 9,848 - 9,848
Interest and other income
(expense), net 958 (4,007) (3,819) (15,002) (29,553)
--- ------ ------ ------- -------
Income before income taxes 159,478 186,002 175,850 740,076 709,526
Provision for income taxes 24,855 17,536 19,823 91,860 79,138
------ ------ ------ ------ ------
Net income $134,623 $168,466 $156,027 $648,216 $630,388
======== ======== ======== ======== ========
Net income per common share:
Basic $0.52 $0.64 $0.58 $2.44 $2.37
===== ===== ===== ===== =====
Diluted $0.50 $0.62 $0.53 $2.35 $2.19
===== ===== ===== ===== =====
Cash dividends per common
share $0.29 $0.29 $0.25 $1.16 $1.00
===== ===== ===== ===== =====
Shares used in per share calculations:
Basic 260,857 262,881 268,134 265,480 266,431
======= ======= ======= ======= =======
Diluted 269,514 273,795 294,536 276,123 287,396
======= ======= ======= ======= =======
XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 28, 2015 March 29, 2014 *
-------------- ---------------
(unaudited)
ASSETS
Current assets:
Cash, cash equivalents and
short-term investments $3,303,061 $2,457,321
Accounts receivable, net 246,615 267,833
Inventories 231,328 233,999
Deferred tax assets and other
current assets 154,046 107,994
------- -------
Total current assets 3,935,050 3,067,147
Net property, plant and
equipment 301,038 355,089
Long-term investments 266,902 1,190,775
Other assets 395,075 424,338
Total Assets $4,898,065 $5,037,349
========== ==========
LIABILITIES , TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY
Accounts payable and accrued
liabilities $321,082 $369,260
Deferred income on shipments
to distributors 66,071 55,099
Current portion of long-term
debt 576,053 565,001
------- -------
Total current liabilities 963,206 989,360
Long-term debt 994,839 993,870
Deferred tax liabilities 289,868 253,433
Other long-term liabilities 14,611 13,005
Temporary equity 23,947 34,999
Stockholders' equity 2,611,594 2,752,682
Total Liabilities, Temporary
Equity and Stockholders'
Equity $4,898,065 $5,037,349
========== ==========
* Derived from audited
financial statements
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
Three Months Ended Twelve Months Ended
------------------ -------------------
March 28, December 27, March 29, March 28, March 29,
2015 2014 2014 2015 2014
---- ---- ---- ---- ----
SELECTED CASH FLOW INFORMATION:
Depreciation $14,409 $13,711 $13,860 $55,266 $55,464
Amortization 4,092 5,048 4,980 19,648 19,808
Stock-based compensation 19,959 29,054 25,961 99,859 94,314
Net cash provided by
operating activities 166,039 290,742 189,375 790,780 804,917
Purchases of property,
plant and equipment 5,937 6,139 14,148 29,619 44,865
Payment of dividends to
stockholders 75,608 76,172 67,042 306,158 267,343
Repurchases of common stock 174,994 174,997 73,955 651,006 241,076
Proceeds from issuance of
common stock to employees
and excess tax benefit 36,316 16,700 111,301 72,323 268,912
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues $1,692 $2,339 $1,974 $8,101 $7,602
Research and development 9,941 14,909 12,723 50,185 46,197
Selling, general and
administrative 7,747 11,806 11,264 40,994 40,515
Restructuring 579 - - 579 -
Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com
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SOURCE Xilinx, Inc.
