XILINX, INC. SAN JOSE, Calif., Jan. 21, 2015 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced third quarter fiscal 2015 sales of $594 million, down 2% from the prior quarter and up 1% from the same quarter of the prior fiscal year. Third quarter fiscal 2015 net income was $168 million or $0.62 per share, including a $0.02 per diluted share benefit primarily related to the reinstatement of the R&D tax credit.
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The Xilinx Board of Directors announced a quarterly cash dividend of $0.29 per outstanding share of common stock, payable on February 25, 2015 to all stockholders of record at the close of business on February 4, 2015.
Additional third quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
Growth
Rates
Y-T-Y
Q3 Q2 Q3 Q-T-Q
FY 2015 FY 2015 FY 2014
------- ------- -------
Net
revenues $593.5 $604.3 $586.8 -2% 1%
Operating
income $190.0 $200.0 $202.7 -5% -6%
Net
income $168.5 $171.5 $175.9 -2% -4%
Diluted
earnings
per
share $0.62 $0.62 $0.61 0% 2%
"Solid profitability during the quarter was tempered by disappointing sales from broadcast and communications end markets," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "However, I am pleased with the renewed growth of our 28nm product family, which increased nearly 20% sequentially. I expect this product family to continue to post healthy growth in 2015 driven by a broad base of applications."
Net Revenues by Geography:
Percentages Growth Rates
Q3 Q2 Q3 Y-T-Y
FY 2015 FY 2015 FY 2014
Q-T-Q
-----
North
America 34% 32% 29% 4% 18%
Asia
Pacific 39% 37% 40% 3% -2%
Europe 17% 21% 22% -18% -16%
Japan 10% 10% 9% -4% 2%
Net Revenues by End Market:
Percentages Growth Rates
Q3 Q2 Q3 Y-T-Y
FY 2015 FY 2015 FY 2014
Q-T-Q
-----
Communications & Data
Center 41% 41% 44% -7%
-3%
Industrial, Aerospace &
Defense 43% 41% 37% 4% 18%
Broadcast, Consumer &
Automotive 14% 15% 16% -6% -9%
Other 2% 3% 3% -41% -39%
Net Revenues by Product:
Percentages Growth
Rates
Q3 Q2 Q3
FY 2015 FY 2015 FY 2014 Y-T-Y
Q-T-Q
-----
New 43% 43% 38% -1% 14%
Mainstream 29% 31% 33% -8% -10%
Base 25% 23% 26% 4% -3%
Support 3% 3% 3% -2% -1%
Products are classified as follows:
New products: Virtex(R) UltraScale(TM), Kintex(R)
UltraScale, Virtex-7, Kintex7, Artix(R)-7,
Zynq(R)-7000, Virtex6, Spartan(R)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)
Q3 Q2 Q3
FY 2015 FY 2015 FY 2014
------- ------- -------
Annual Return on Equity (%)* 25 25 20
Operating Cash Flow $291 $204 $216
Depreciation Expense $14 $14 $14
Capital Expenditures $6 $8 $11
Combined Inventory Days 134 153 114
Revenue Turns (%) 44 48 52
*Return on equity calculation:
Annualized net income/average
stockholders' equity
Highlights - December Quarter Fiscal 2015
-- Xilinx 28nm products exceeded $150 million in sales for the quarter, up
nearly 20% sequentially and up over 50% from the same quarter a year
ago. Sales from all product family members increased sequentially and
were driven by a broad base of applications.
-- Xilinx recently introduced its Kintex UltraScale devices, which are the
industry's first 20nm FPGAs to move into volume production. Customers
can benefit from an estimated one-year time to market advantage relative
to its competition. At 20nm, Xilinx also announced that it is now
shipping the industry's largest FPGA, which delivers over 4X the
capacity of competitive devices and extends its high-end leadership.
-- Xilinx announced the SDAccel(TM) development environment for OpenCL(TM),
C, and C++, enabling up to 25X better performance/watt for data center
application acceleration leveraging FPGAs. SDAccel, the newest member of
the SDx(TM) family, combines the industry's first architecturally
optimizing compiler supporting any combination of OpenCL, C, and C++
kernels, along with libraries, development boards, and the first
complete CPU/GPU-like development and run-time experience for FPGAs.
-- In November, Xilinx Board of Directors granted an authorization for the
Company to repurchase up to $800 million of its common stock. Since
fiscal 2010, the Company has repurchased over 50 million shares for
approximately $1.8 billion.
Business Outlook - March Quarter Fiscal 2015
-- Sales are expected to be down 2% to down 6% sequentially.
-- Gross margin is expected to be approximately 68% to 69%.
-- Operating expenses are expected to be approximately $227 million
including $2.5 million of amortization of acquisition-related
intangibles.
-- Other income and expenses are expected to be a net expense of
approximately $7 million.
-- Fully diluted share count is expected to be approximately 270 million.
-- March quarter tax rate is expected to be approximately 13%.
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 50649087. 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 March quarter of fiscal 2015. 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.
#1503F
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
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XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
------------------ -----------------
December 27, 2014 September 27, 2014 December 28, 2013 December 27, 2014 December 28, 2013
----------------- ------------------ ----------------- ----------------- -----------------
Net revenues $593,549 $604,262 $586,816 $1,810,445 $1,764,708
Cost of revenues 179,638 169,617 180,792 538,445 543,308
------- ------- ------- ------- -------
Gross margin 413,911 434,645 406,024 1,272,000 1,221,400
------- ------- ------- --------- ---------
Operating expenses:
Research and development 133,455 138,335 128,092 393,803 364,635
Selling, general and
administrative 88,076 93,883 91,794 274,472 280,520
Amortization of
acquisition-related
intangibles 2,371 2,378 2,589 7,167 7,425
Litigation and
contingencies - - (19,190) - 9,410
--- --- ------- --- -----
Total operating expenses 223,902 234,596 203,285 675,442 661,990
------- ------- ------- ------- -------
Operating income 190,009 200,049 202,739 596,558 559,410
Interest and other expense,
net 4,007 5,731 4,807 15,960 25,734
----- ----- ----- ------ ------
Income before income taxes 186,002 194,318 197,932 580,598 533,676
Provision for income taxes 17,536 22,802 22,055 67,005 59,315
------ ------ ------ ------ ------
Net income $168,466 $171,516 $175,877 $513,593 $474,361
======== ======== ======== ======== ========
Net income per common share:
Basic $0.64 $0.64 $0.66 $1.93 $1.78
===== ===== ===== ===== =====
Diluted $0.62 $0.62 $0.61 $1.85 $1.66
===== ===== ===== ===== =====
Cash dividends per common
share $0.29 $0.29 $0.25 $0.87 $0.75
===== ===== ===== ===== =====
Shares used in per share calculations:
Basic 262,881 265,942 267,780 266,299 266,068
======= ======= ======= ======= =======
Diluted 273,795 275,800 288,195 277,709 285,380
======= ======= ======= ======= =======
XILINX, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(In thousands)
December 27, March 29,
2014 2014 *
---- -----
(unaudited)
ASSETS
Current assets:
Cash, cash equivalents
and short-term
investments $2,920,768 $2,457,321
Accounts receivable, net 187,496 267,833
Inventories 246,664 233,999
Deferred tax assets and
other current assets 160,213 107,994
------- -------
Total current assets 3,515,141 3,067,147
Net property, plant and
equipment 337,914 355,089
Long-term investments 654,013 1,190,775
Other assets 408,137 424,338
Total Assets $4,915,205 $5,037,349
========== ==========
LIABILITIES , TEMPORARY
EQUITY AND
STOCKHOLDERS' EQUITY
Accounts payable and
accrued liabilities $288,240 $369,260
Deferred income on
shipments to
distributors 51,486 55,099
Current portion of long-
term debt 573,290 565,001
------- -------
Total current
liabilities 913,016 989,360
Long-term debt 994,595 993,870
Deferred tax liabilities 293,138 253,433
Other long-term
liabilities 14,268 13,005
Temporary equity 26,710 34,999
Stockholders' equity 2,673,478 2,752,682
Total Liabilities,
Temporary Equity and
Stockholders' Equity $4,915,205 $5,037,349
========== ==========
* Derived from audited
financial statements
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
Three Months Ended Nine Months Ended
------------------ -----------------
December 27, September 27, December 28, December 27, December 28,
2014 2014 2013 2014 2013
---- ---- ---- ---- ----
SELECTED CASH FLOW INFORMATION:
Depreciation $13,711 $13,678 $13,595 $40,857 $41,604
Amortization 5,048 5,303 5,058 15,556 14,828
Stock-based compensation 29,054 28,740 24,339 79,900 68,353
Net cash provided by
operating activities 290,742 203,881 216,390 624,741 615,542
Purchases of property,
plant and equipment 6,139 8,427 10,975 23,682 30,717
Payment of dividends to
stockholders 76,172 76,957 67,096 230,550 200,301
Repurchases of common stock 174,997 199,999 97,140 476,012 167,121
Proceeds from issuance of
common stock to employees
and excess tax benefit 16,700 2,452 12,729 36,007 157,611
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues $2,339 $2,077 $1,966 $6,408 $5,628
Research and development 14,909 14,831 11,912 $40,245 $33,474
Selling, general and
administrative 11,806 11,832 10,461 $33,247 $29,251
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SOURCE Xilinx, Inc.
