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
FY
2017
|
Q3
FY
2017
|
Q4
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
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
FY
2017
|
Q3
FY
2017
|
Q4
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
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
FY
2017
|
Q3
FY
2017
|
Q4
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
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
FY
2017
|
Q3
FY
2017
|
Q4
FY
2016
|
|
Q-T-Q
|
Y-T-Y
|
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
FY
2017
|
Q3
FY
2017
|
Q4
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 12th 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xilinx-sales-grow-for-6th-consecutive-quarter-dividend-raised-for-12th-consecutive-year-300446508.html
SOURCE Xilinx, Inc.