XILINX, INC. SAN JOSE, Calif., April 26, 2017 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced March quarter and fiscal 2017 results. Sales increased 4% to $609 million in the March quarter, representing the sixth consecutive quarter of sales increase for the Company. March quarter net income was $153 million, or $0.57 per diluted share. Fiscal 2017 sales were $2.35 billion, up 6% from the prior fiscal year. Fiscal 2017 net income was $623 million, or $2.32 per diluted share.
The Xilinx Board of Directors declared a quarterly cash dividend of $0.35 per outstanding share of common stock, an increase from the current dividend of $0.33 per share. The quarterly dividend increase will be effective in the June quarter, payable on June 1, 2017 to all stockholders of record at the close of business on May 16, 2017.
Additional March quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
Q4 Q3 Q4 Q-T-Q Y-T-Y
FY 2017 FY 2017 FY 2016
------- ------- -------
Net
revenues $609 $586 $571 4% 7%
Operating
income $173 $163 $178 6% -3%
Net
income $153 $142 $145 8% 6%
Diluted
earnings
per
share $0.57 $0.52 $0.54 10% 6%
"In the March quarter, we achieved a major milestone when sales from our 28nm product family significantly surpassed $200 million, setting a PLD industry record," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Our newest products, manufactured on the 20nm and 16nm nodes, experienced similar success during the quarter. Our 20nm products generated $60 million in sales driven by a broad base of applications. At the 16nm node, we are now shipping 14 unique products to more than 450 customers. Our execution at the 28nm, 20nm and 16nm technology nodes has enabled our '3-peat' leadership over the competition."
Net Revenues by Geography:
Percentages Growth Rates
Q4 Q3 Q4 Q-T-Q Y-T-Y
FY 2017 FY 2017 FY 2016
------- ------- -------
North
America 31% 30% 32% 8% 2%
Asia
Pacific 42% 43% 38% 2% 17%
Europe 19% 19% 21% 5% 1%
Japan 8% 8% 9% 0% -7%
Net Revenues by End Market:
Percentages Growth Rates
Q4 Q3 Q4 Q-T-Q Y-T-Y
FY 2017 FY 2017 FY 2016
------- ------- -------
Communications &
Data Center 41% 44% 43% -3% 1%
Industrial,
Aerospace &
Defense 43% 41% 40% 8% 14%
Broadcast,
Consumer &
Automotive 16% 15% 17% 13% 4%
Net Revenues by Product:
Percentages Growth Rates
Q4 Q3 Q4 Q-T-Q Y-T-Y
FY 2017 FY 2017 FY 2016
------- ------- -------
Advanced
Products 49% 47% 38% 9% 36%
Core
Products 51% 53% 62% 0% -11%
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, Spartan-3,
Spartan-2, XC9500 products, configuration
solutions, software & support/Services.
Key Statistics:
(Dollars in millions)
Q4 Q3 Q4
FY 2017 FY 2017 FY 2016
------- ------- -------
Annual Return on Equity (%)* 24 25 21
Operating Cash Flow $306 $106 $127
Depreciation Expense $12 $11 $12
Capital Expenditures $20 $20 $15
Combined Inventory Days 121 114 102
Revenue Turns (%) 44 56 49
*Return on equity calculation:
Annualized net income/average
stockholders' equity
Product and Financial Highlights
-- Xilinx's 28nm product family significantly surpassed $200 million in
sales during the March quarter, setting a PLD industry record.
Introduced in 2011, the 28nm node is the broadest product family ever
offered by Xilinx with innovative new products such as Zynq SoCs and 3D
ICs. As a result, this node is driving success across multi-markets as
well as a much longer and more profitable sales ramp than any product in
Xilinx's history.
-- Xilinx and Amazon Web Services (AWS) announced the General Availability
of Virtex UltraScale+ FPGAs in the Amazon Elastic Compute Cloud F1
instances. F1 provides programmable hardware acceleration with FPGAs and
enables users to optimize their compute resources for the unique
requirements of their workloads. F1 instances will be used to solve
complex science, engineering and business problems that require high
bandwidth, enhanced networking and very high compute capabilities.
-- The PLD Industry's most successful All Programmable SoC, Xilinx's Zynq
family, surpassed 10% of sales in the recently ended March quarter,
achieving a new record. Sales for these devices are being driven by a
broad base of applications including Advanced Driver Assist, Aerospace
and Defense, Industrial and Communications.
-- Xilinx recently announced a major expansion of the 16nm portfolio with
our All Programmable RF SoC product family, a disruptive integration and
architectural breakthrough for 5G wireless with RF class analog
technology. This family provides a 50-75% power and footprint reduction
for 5G, cable and wireless backhaul applications.
-- Xilinx recently introduced the reVISION stack, enabling design teams
without deep hardware expertise to more easily combine machine learning
and computer vision algorithms into highly responsive systems. This
software stack is intended to enable new applications such as
collaborative robots, drones, augmented reality, autonomous vehicles,
automated surveillance and medical diagnostics.
-- Xilinx recently increased its quarterly dividend by $0.02 per share to
$0.35 per share, effective in the June quarter of fiscal 2018, marking
its 12(th) consecutive year of dividend increases. During fiscal 2017,
Xilinx generated $934 million in operating cash flow, paid its
shareholders a record $333 million in dividends and repurchased 9.8
million shares for $522 million.
Business Outlook - June Quarter Fiscal 2018
-- Sales are expected to be approximately $600 million to $630 million.
-- Gross margin is expected to be 68% to 70%.
-- Operating expenses are expected to be approximately $242 million
including $1 million of amortization of acquisition-related intangibles.
-- Other income is expected to be approximately $1 million.
-- June quarter tax rate is expected to be approximately 12-15%.
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 73811483. 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 2018. 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.
#1712F
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
------------------ -------------------
April 1, 2017 December 31, 2016 April 2, 2016 April 1, 2017 April 2, 2016
------------- ----------------- ------------- ------------- -------------
Net revenues $609,452 $585,688 $571,066 $2,349,330 $2,213,881
Cost of revenues 185,811 178,233 175,799 708,216 671,907
------- ------- ------- ------- -------
Gross margin 423,641 407,455 395,267 1,641,114 1,541,974
------- ------- ------- --------- ---------
Operating expenses:
Research and development 164,256 159,248 135,645 601,443 533,891
Selling, general and
administrative 84,797 83,780 80,277 335,150 331,652
Amortization of acquisition-
related intangibles 1,184 1,455 1,244 5,127 6,550
Total operating expenses 250,237 244,483 217,166 941,720 872,093
------- ------- ------- ------- -------
Operating income 173,404 162,972 178,101 699,394 669,881
Interest and other expense,
net 2,184 392 8,263 8,314 33,056
----- --- ----- ----- ------
Income before income taxes 171,220 162,580 169,838 691,080 636,825
Provision for income taxes 17,795 20,734 24,803 68,568 85,958
------ ------ ------ ------ ------
Net income $153,425 $141,846 $145,035 $622,512 $550,867
======== ======== ======== ======== ========
Net income per common share:
Basic $0.62 $0.57 $0.57 $2.47 $2.14
===== ===== ===== ===== =====
Diluted $0.57 $0.52 $0.54 $2.32 $2.05
===== ===== ===== ===== =====
Cash dividends per common
share $0.33 $0.33 $0.31 $1.32 $1.24
===== ===== ===== ===== =====
Shares used in per share calculations:
Basic 249,014 250,982 255,467 252,301 257,184
======= ======= ======= ======= =======
Diluted 267,157 270,781 268,462 268,813 268,667
======= ======= ======= ======= =======
XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
April 1, 2017 April 2, 2016
------------- -------------
(unaudited)
ASSETS
Current assets:
Cash, cash
equivalents and
short-term
investments $3,321,457 $3,337,699
Accounts receivable,
net 243,915 307,458
Inventories 227,033 178,550
Other current assets 87,711 92,951
Total current assets 3,880,116 3,916,658
Net property, plant
and equipment 303,825 283,346
Long-term investments 116,288 220,807
Other assets 440,303 398,458
Total Assets $4,740,532 $4,819,269
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities $386,301 $307,222
Deferred income on
shipments to
distributors 54,567 51,758
Current portion of
long-term debt 456,328 585,417
------- -------
Total current
liabilities 897,196 944,397
Long-term debt 995,247 993,639
Deferred tax
liabilities 317,639 261,467
Other long-term
liabilities 21,411 16,979
Temporary equity 1,406 12,894
Stockholders' equity 2,507,633 2,589,893
Total Liabilities and
Stockholders' Equity $4,740,532 $4,819,269
========== ==========
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
Three Months Ended Twelve Months Ended
------------------ -------------------
April 1, 2017 December 31, 2016 April 2, 2016 April 1, 2017 April 2, 2016
------------- ----------------- ------------- ------------- -------------
SELECTED CASH FLOW INFORMATION:
Depreciation $11,506 $11,110 $12,060 $45,423 $50,828
Amortization 4,602 4,887 4,464 17,203 17,613
Stock-based compensation 32,785 30,867 27,520 122,858 111,984
Net cash provided by
operating activities 306,318 105,584 126,761 934,131 746,255
Purchases of property,
plant and equipment 20,226 19,875 14,835 72,051 34,004
Payment of dividends to
stockholders 81,809 83,256 78,877 332,542 318,988
Repurchases of common stock 108,062 213,844 143,183 522,045 443,181
Proceeds from issuance of
common stock to employees,
net of withholding taxes 22,084 1,195 29,374 32,792 51,094
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues $2,020 $1,945 $2,105 $8,014 $7,977
Research and development 18,019 17,154 15,131 66,822 59,692
Selling, general and
administrative 12,746 11,768 10,284 48,022 44,315
Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com
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SOURCE Xilinx, Inc.
