XILINX, INC. SAN JOSE, Calif., Jan. 20, 2016 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced third quarter fiscal 2016 sales of $566 million, up 7% from the prior quarter and down 5% from the same quarter of the prior fiscal year. Third quarter fiscal 2016 net income was $131 million, or $0.49 per diluted share.
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The Xilinx Board of Directors announced a quarterly cash dividend of $0.31 per outstanding share of common stock, payable on March 16, 2016 to all stockholders of record at the close of business on March 2, 2016.
Additional third quarter comparisons are set forth in the charts below:
GAAP
Results
(In
millions,
except
EPS)
Growth Rates
Q3 Q2 Q3
FY 2016 FY 2016 FY 2015 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
Net
revenues $566 $528 $594 7% -5%
Operating
income $160 $153 $190 5% -16%
Net
income $131 $127 $168 3% -22%
Diluted
earnings
per
share $0.49 $0.48 $0.62 2% -21%
"New product sales were exceptionally strong during the quarter increasing 18% sequentially, enabling Xilinx to reach the high-end of our sales guidance. Both our 7-series and UltraScale families reached new sales records during the quarter, driven by a very broad base of end markets," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "During the quarter we continued to execute on the delivery of our next-generation UltraScale+ family by launching public access development support for these families. This closely follows the first shipment of the Zynq UltraScale+ MPSoc last quarter, which was ahead of schedule. The capabilities of the UltraScale+ product family, coupled with its first-mover advantage, make it uniquely suited for applications ranging from next generation ADAS and Industrial Internet-of-Things to 5G wireless."
Net Revenues by Geography:
Percentages Growth Rates
Q3 Q2 Q3
FY 2016 FY 2016 FY 2015 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
North
America 32% 30% 34% 16% -10%
Asia
Pacific 41% 40% 39% 9% -1%
Europe 17% 20% 17% -6% -5%
Japan 10% 10% 10% 2% 0%
Net Revenues by End
Market:
Percentages Growth Rates
Q3 Q2 Q3
FY 2016 FY 2016 FY 2015 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
Communications &
Data Center 43% 41% 43% 12% -3%
Industrial,
Aerospace & Defense 41% 41% 43% 7% -10%
Broadcast, Consumer
& Automotive 16% 18% 14% -4% 7%
Net Revenues by
Product:
Growth Rates
Percentages
Q3 Q2 Q3
FY 2016 FY 2016 FY 2015 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
New 47% 43% 36% 18% 28%
Mainstream 23% 25% 26% -3% -17%
Base 26% 28% 35% -1% -30%
Support 4% 4% 3% 17% 11%
Products are classified as follows:
New products: Zynq UltraScale+, Virtex and
Kintex UltraScale, Virtex7, Kintex7, Artix-
7, Zynq-7000, Spartan6 products
Mainstream products: Virtex-6, Virtex5, and
CoolRunnerII products
Base products: Virtex4, VirtexII, VirtexE,
Spartan-3 Spartan-II, CoolRunner and
XC9500 products
Support products: Configuration solutions,
Software & Support/Services
Key Statistics:
(Dollars in millions)
Q3 Q2 Q3
FY 2016 FY 2016 FY 2015
------- ------- -------
Annual Return on Equity (%)* 21 21 25
Operating Cash Flow $290 $134 $291
Depreciation Expense $13 $12 $14
Capital Expenditures $6 $5 $6
Combined Inventory Days 119 137 134
Revenue Turns (%) 49 51 44
*Return on equity calculation:
Annualized net income/average
stockholders' equity
Highlights - December Quarter Fiscal 2016
-- After shipping the industry's first 16nm multiprocessor SoC a quarter
ahead of schedule, Xilinx announced public access support for the 16nm
UltraScale+ families, including the Vivado Design Suite HLx Editions,
embedded software development tools, Xilinx Power Estimator and
technical documentation for Zynq UltraScale+ MPSoC and Kintex
UltraScale+ devices. This announcement marked the industry's first
publicly available tools for 16nm devices, enabling broad market
adoption.
-- Xilinx and IBM announced a strategic collaboration to accelerate data
center applications. This collaboration is expected to enable higher
performance and energy-efficient data center applications through Xilinx
FPGA-enabled workload acceleration on IBM POWER-based systems. This
follows the Company's announcement last quarter with Qualcomm
Technologies, Inc. Target applications such as machine learning, network
functions virtualization (NFV), genomics, high performance computing and
big data analytics.
-- Xilinx announced the Spartan-7 FPGA family that will deliver I/O
intensive devices for cost-sensitive applications. The new family will
address connectivity requirements across a breadth of markets including
automotive, consumer, industrial IoT, data center, wired and wireless
communications, and portable medical solutions.
Business Outlook - March Quarter Fiscal 2016
-- Sales are expected to be approximately flat sequentially.
-- Gross margin is expected to be 68-69%.
-- 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 $6 million.
-- Fully diluted share count is expected to be approximately 267 million.
-- March 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 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 98854132. 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 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.
#1605F
Xilinx, the Xilinx logo, Artix, CoolRunner, Kintex, Spartan, Virtex, Zynq, and Vivado, 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 Nine Months Ended
------------------ -----------------
January 2, 2016 September 26, 2015 December 27, 2014 January 2, 2016 December 27, 2014
--------------- ------------------ ----------------- --------------- -----------------
Net revenues $566,235 $527,572 $593,549 $1,642,815 $1,810,445
Cost of revenues 178,514 157,640 179,638 496,108 538,445
------- ------- ------- ------- -------
Gross margin 387,721 369,932 413,911 1,146,707 1,272,000
------- ------- ------- --------- ---------
Operating expenses:
Research and development 141,378 130,220 133,455 398,246 393,803
Selling, general and
administrative 84,470 84,761 88,076 251,374 274,472
Amortization of
acquisition-related
intangibles 1,769 1,769 2,371 5,306 7,167
Total operating expenses 227,617 216,750 223,902 654,926 675,442
------- ------- ------- ------- -------
Operating income 160,104 153,182 190,009 491,781 596,558
Interest and other expense,
net 5,053 9,213 4,007 24,793 15,960
----- ----- ----- ------ ------
Income before income taxes 155,051 143,969 186,002 466,988 580,598
Provision for income taxes 24,232 16,671 17,536 61,155 67,005
------ ------ ------ ------ ------
Net income $130,819 $127,298 $168,466 $405,833 $513,593
======== ======== ======== ======== ========
Net income per common share:
Basic $0.51 $0.49 $0.64 $1.58 $1.93
===== ===== ===== ===== =====
Diluted $0.49 $0.48 $0.62 $1.51 $1.85
===== ===== ===== ===== =====
Cash dividends per common
share $0.31 $0.31 $0.29 $0.93 $0.87
===== ===== ===== ===== =====
Shares used in per share calculations:
Basic 256,450 257,640 262,881 257,491 266,299
======= ======= ======= ======= =======
Diluted 269,611 266,046 273,795 268,716 277,709
======= ======= ======= ======= =======
XILINX, INC.
CONDENSED
CONSOLIDATED
BALANCE SHEETS
(In thousands)
January 2, 2016 March 28, 2015*
--------------- --------------
(unaudited)
ASSETS
Current assets:
Cash, cash
equivalents
and short-
term
investments $3,396,536 $3,303,061
Accounts
receivable,
net 203,176 246,615
Inventories 195,969 231,328
Deferred tax
assets and
other current
assets 212,613 154,047
Total current
assets 4,008,294 3,935,051
Net property,
plant and
equipment 280,241 301,038
Long-term
investments 224,614 266,902
Other assets 385,008 395,074
Total Assets $4,898,157 $4,898,065
========== ==========
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Current
liabilities:
Accounts
payable and
accrued
liabilities $301,550 $321,082
Deferred income
on shipments
to
distributors 47,016 66,071
Current portion
of long-term
debt 584,343 576,053
------- -------
Total current
liabilities 932,909 963,206
Convertible
debentures 995,584 994,839
Deferred tax
liabilities 347,995 289,868
Other long-
term
liabilities 16,308 14,611
Temporary
equity 15,657 23,947
Stockholders'
equity 2,589,704 2,611,594
Total
Liabilities
and
Stockholders'
Equity $4,898,157 $4,898,065
========== ==========
* Derived from
audited
financial
statements
XILINX, INC.
SUPPLEMENTAL FINANCIAL
INFORMATION
(Unaudited)
(In thousands)
Three Months Ended Nine Months Ended
------------------ -----------------
January 2, 2016 September 26, 2015 December 27, 2014 January 2, 2016 December 27, 2014
--------------- ------------------ ----------------- --------------- -----------------
SELECTED CASH FLOW
INFORMATION:
Depreciation $13,043 $12,472 $13,711 $38,768 $40,857
Amortization 4,441 4,354 5,048 13,149 15,556
Stock-based compensation 31,463 26,681 29,054 84,464 79,900
Net cash provided by
operating activities 290,285 133,730 290,742 607,168 624,741
Purchases of property,
plant and equipment 6,118 5,362 6,139 19,169 23,682
Payment of dividends to
stockholders 79,709 80,196 76,172 240,111 230,550
Repurchases of common stock 100,000 99,998 174,997 299,998 476,012
Net proceeds from issuance
of common stock
to employees and excess tax
benefit 8,768 2,995 16,700 34,046 36,007
STOCK-BASED COMPENSATION
INCLUDED IN:
Cost of revenues $2,145 $1,763 $2,339 $5,872 $6,408
Research and development 16,935 12,934 14,909 44,561 40,245
Selling, general and
administrative 12,383 11,984 11,806 34,031 33,247
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SOURCE Xilinx, Inc.
