XILINX, INC. 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 Q4 Q1
FY 2017 FY 2016 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 Q4 Q1
FY 2017 FY 2016 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 Q4 Q1
FY 2017 FY 2016 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 Q4 Q1
FY 2017 FY 2016 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 Q4 Q1
FY 2017 FY 2016 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.
