XILINX, INC. SAN JOSE, Calif., April 27, 2016 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced fourth quarter fiscal 2016 sales of $571 million, up 1% sequentially, and up 1% from the fourth quarter of the prior fiscal year. Fourth quarter net income was $145 million, or $0.54 per diluted share. Fiscal 2016 sales were $2.21 billion, down 7% from the prior fiscal year. Fiscal 2016 net income was $551 million, or $2.05 per diluted share.
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The Xilinx Board of Directors declared a quarterly cash dividend of $0.33 per outstanding share of common stock, an increase from the current dividend of $0.31 per share. The quarterly dividend increase will be effective in the June quarter, payable on June 8, 2016 to all stockholders of record at the close of business on May 18, 2016.
Additional fourth quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
Q4 Q3 Q4
FY 2016 FY 2016 FY 2015
Q-T-Q Y-T-Y
----- -----
Net
revenues $571 $566 $567 1% 1%
Operating
income $178 $160 $159 11% 12%
Net
income $145 $131 $135 11% 8%
Diluted
earnings
per
share $0.54 $0.49 $0.50 10% 8%
"Momentum from our new products continued in the fourth fiscal quarter of 2016 with sales from 20nm products significantly exceeding $25 million and sales from the 28nm product family achieving record levels," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Although fiscal 2016 experienced volatility from the wireless communications segment, Xilinx delivered its third consecutive generation of products to market ahead of the competition, enabling substantial PLD share gains. Additionally, our consistent and robust profitability enabled Xilinx to increase its dividend for the eleventh time since initiating the program in 2004."
Net Revenues by Geography:
Percentages Growth Rates
Q4 Q3 Q4
FY 2016 FY 2016 FY 2015 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
North
America 32% 32% 32% 2% 0%
Asia
Pacific 38% 41% 37% -5% 3%
Europe 21% 17% 21% 18% 0%
Japan 9% 10% 10% -8% -4%
Net Revenues by End Market:
Percentages Growth Rates
Q4 Q3 Q4
FY 2016 FY 2016 FY 2015 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
Communications & Data Center 43% 43% 41% 0% 5%
Industrial, Aerospace & Defense 40% 41% 42% -1% -3%
Broadcast, Consumer & Automotive 17% 16% 17% 6% 1%
Net Revenues by Product:
Percentages Growth
Rates
Q4 Q3 Q4
FY 2016 FY 2016 FY 2015 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
New 49% 47% 41% 3% 21%
Mainstream 23% 23% 25% 4% -7%
Base 24% 26% 30% -6% -20%
Support 4% 4% 4% -1% 5%
Products are classified as follows:
New products: UltraScale+,Ultrascale, 7-series and Spartan-6 products.
Mainstream products: Virtex-6, Virtex 5, and CoolRunner II products.
Base products: Virtex 4, Virtex II, Virtex E, Spartan-3, Spartan-II, Spartan, CoolRunner and XC9500 products.
Support products: Configuration solutions, Software & Support/Services.
Key Statistics:
(Dollars in millions)
Q4 Q3 Q4
FY 2016 FY 2016 FY 2015
------- ------- -------
Annual Return on Equity (%)* 21 21 24
Operating Cash Flow $123 $290 $166
Depreciation Expense $12 $13 $14
Capital Expenditures $15 $6 $6
Combined Inventory Days 102 119 136
Revenue Turns (%) 49 49 51
*Return on equity calculation:
Annualized net income/average
stockholders' equity
Product and Financial Highlights - Fiscal 2016
-- Xilinx commenced shipments of several of its unique versions of its 16nm
UltraScale+ portfolio covering all three families: Virtex, Kintex and
Zynq. These products closely follow the delivery of our 20nm UltraScale
family, which includes the industry's only 20nm high-end FPGA. Three
consecutive generations of leadership technology at 28nm, 20nm and 16nm
showcase the execution of our world class development in collaboration
with our foundry partner, TSMC.
-- The Company's highly successful 20nm Ultrascale family approached $100M
in sales in fiscal 2016, surpassing the Company's forecasts in every
quarter of the fiscal year. This family, which includes the PLD
industry's only high-end family, is receiving adoption in a broad base
of applications including wired and wireless communications, test &
measurement, industrial and defense applications.
-- The 28nm product family continues on the path to be the PLD industry's
most successful product family in history. Sales from these products
reached a record level as Xilinx exited the fiscal year, driven by the
Zynq product family which contributed more to incremental sales growth
than any other new product in fiscal 2016. Zynq continues to drive new
market adoption in areas such as augmented reality, driver assist and
machine vision.
-- During fiscal 2016, Xilinx paid its shareholders a record $319 million
in dividends and repurchased 9.7 million shares for $443 million.
Additionally, Xilinx increased its quarterly dividend by $0.02 per share
to $0.33 per share, the 11(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 announced strategic collaborations with Qualcomm Technologies,
Inc. and IBM to accelerate data center applications. These
collaborations are expected to enable higher performance and
energy-efficient data center applications through Xilinx FPGA-enabled
workload acceleration. Target applications include machine learning,
network functions virtualization (NFV), genomics, high performance
computing and big data analytics.
-- In the last year, Xilinx completed rollout of its SDx family of software
defined development environments, significantly expanding its target
user base to a much larger community of systems and software engineers.
Business Outlook - June Quarter Fiscal 2017
-- Sales are expected to be approximately flat sequentially.
-- Gross margin is expected to be 69% to 70%.
-- Operating expenses are expected to be approximately $220 million
including $1 million of amortization of acquisition-related intangibles.
-- Other income and expenses are expected to be a net expense of
approximately $5 million.
-- Fully diluted share count is expected to be approximately 266 million.
-- June 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 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 84718595. 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 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, 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.
#1622F
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 Twelve Months Ended
------------------ -------------------
April 2, 2016 January 2, 2016 March 28, 2015 April 2, 2016 March 28, 2015
------------- --------------- -------------- ------------- --------------
Net revenues $571,066 $566,235 $566,900 $2,213,881 $2,377,344
Cost of revenues 175,799 178,514 170,379 671,907 708,823
------- ------- ------- -------
Gross margin 395,267 387,721 396,521 1,541,974 1,668,521
------- ------- ------- --------- ---------
Operating expenses:
Research and development 135,645 141,378 131,942 533,891 525,745
Selling, general and
administrative 80,277 84,470 79,198 331,652 353,670
Amortization of
acquisition-related
intangibles 1,244 1,769 2,370 6,550 9,537
Restructuring charges - - 24,491 - 24,491
--- --- ------ --- ------
Total operating expenses 217,166 227,617 238,001 872,093 913,443
------- ------- ------- ------- -------
Operating income 178,101 160,104 158,520 669,881 755,078
Interest and other income
(expense), net (8,263) (5,053) 958 (33,056) (15,002)
------ --- ------- -------
Income before income taxes 169,838 155,051 159,478 636,825 740,076
Provision for income taxes 24,803 24,232 24,855 85,958 91,860
------ ------ ------ ------
Net income $145,035 130,819 $134,623 $550,867 $648,216
======== ======= ======== ======== ========
Net income per common share:
Basic $0.57 $0.51 $0.52 $2.14 $2.44
===== ===== ===== ===== =====
Diluted $0.54 $0.49 $0.50 $2.05 $2.35
===== ===== ===== ===== =====
Cash dividends per common
share $0.31 $0.31 $0.29 $1.24 $1.16
===== ===== ===== ===== =====
Shares used in per share calculations:
Basic 255,467 256,450 260,857 257,184 265,480
======= ======= ======= ======= =======
Diluted 268,462 269,611 269,514 268,667 276,123
======= ======= ======= ======= =======
XILINX, INC.
CONDENSED
CONSOLIDATED
BALANCE SHEETS
(In thousands)
April 2, 2016 March 28, 2015 *
------------- ---------------
(unaudited)
ASSETS
Current assets:
Cash, cash
equivalents and
short-term
investments $3,337,699 $3,303,061
Accounts
receivable, net 307,458 246,615
Inventories 178,550 231,328
Deferred tax
assets and other
current assets 95,226 154,047
Total current
assets 3,918,933 3,935,051
Net property,
plant and
equipment 283,346 301,038
Long-term
investments 220,807 266,902
Other assets 400,068 395,074
Total assets $4,823,154 $4,898,065
========== ==========
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Current
liabilities:
Accounts payable
and accrued
liabilities $307,222 $321,082
Deferred income
on shipments to
distributors 51,758 66,071
Current portion
of long-term
debt 587,106 576,053
Total current
liabilities 946,086 963,206
Long-term debt 995,835 994,839
Deferred tax
liabilities 261,467 289,868
Other long-term
liabilities 16,979 14,611
Temporary equity 12,894 23,947
Stockholders'
equity 2,589,893 2,611,594
Total Liabilities
and
Stockholders'
Equity $4,823,154 $4,898,065
========== ==========
* Derived from audited
financial statements
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
Three Months Ended Twelve Months Ended
------------------ -------------------
April 2, 2016 January 2, 2016 March 28, 2015 April 2, 2016 March 28, 2015
------------- --------------- -------------- ------------- --------------
SELECTED CASH FLOW INFORMATION:
Depreciation $12,060 $13,043 $14,409 $50,828 $55,266
Amortization 4,464 4,441 4,092 17,613 19,648
Stock-based compensation 27,520 31,463 19,959 111,984 99,859
Net cash provided by
operating activities 122,934 290,285 166,039 730,102 790,780
Purchases of property,
plant and equipment 14,835 6,118 5,937 34,004 29,619
Payment of dividends to
stockholders 78,877 79,709 75,608 318,988 306,158
Repurchases of common stock 143,183 100,000 174,994 443,181 651,006
Proceeds from issuance of
common stock to employees
and excess tax benefit 33,201 8,768 36,316 67,247 72,323
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues $2,105 $2,145 $1,692 $7,977 $8,101
Research and development 15,131 16,935 9,941 59,692 50,185
Selling, general and
administrative 10,284 12,383 7,747 44,315 40,994
Restructuring - - 579 - 579
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SOURCE Xilinx, Inc.
