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Xilinx Announces Second Quarter 2017 Results; Advanced Products Repeat 60% Year-Over-Year Growth

Mittwoch, 19.10.2016 22:35 von

PR Newswire

SAN JOSE, Calif., Oct. 19, 2016 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced second quarter fiscal 2017 sales of $579 million, up 1% sequentially, and up 10% from the second quarter of the prior fiscal year.  Second quarter net income was $164 million, or $0.61 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 payable on November 23, 2016 to all stockholders of record at the close of business on November 8, 2016. 

Additional second quarter comparisons are represented in the charts below:

GAAP Results







(In millions, except EPS)















Q2

FY 2017

Q1

FY 2017

Q2

FY 2016


 

Q-T-Q

 

Y-T-Y

Net revenues

$579

$575

$528


1%

10%

Operating income

$177

$186

$153


-5%

15%

Net income

$164

$163

$127


1%

29%

Diluted earnings per share

$0.61

$0.61

$0.48


0%

27%








"Xilinx delivered growth for the fourth consecutive quarter.  Advanced Product sales increased 10% sequentially and 61% versus the same quarter of the prior fiscal year.  All three technology nodes in this category achieved new sales records.  Operating profit exceeded 30% for the third consecutive quarter," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "We remain confident in our long term growth strategy and ability to generate strong cash flows, which is the basis for our commitment to shareholder return.  As a result, we are initiating a more deliberate repurchase program to complement our long-standing dividend program."

Net Revenues by Geography:














Percentages


Growth Rates


Q2

FY 2017

Q1

FY 2017

Q2

FY 2016


 

Q-T-Q

 

Y-T-Y

North America

33%

32%

30%


1%

20%

Asia Pacific

38%

40%

40%


-3%

6%

Europe

20%

19%

20%


7%

11%

Japan

9%

9%

10%


3%

-7%

                                                                                                      


Net Revenues by End Market:















Percentages


Growth Rates


Q2

FY 2017

Q1

FY 2017

Q2

FY 2016


 

Q-T-Q

 

Y-T-Y

Communications & Data Center

41%

44%

41%


-6%

9%

Industrial, Aerospace & Defense

41%

39%

41%


7%

11%

Broadcast, Consumer & Automotive

18%

17%

18%


5%

8%








                                                                                                                             

Net Revenues by Product:















Percentages


Growth Rates


Q2

FY 2017

Q1

FY 2017

Q2

FY 2016


 

Q-T-Q

 

Y-T-Y

Advanced  Products

46%

42%

31%


10%

61%

Core Products

54%

58%

69%


-6%

-14%

 

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, CoolRunner, XC9500, products, configuration solutions, Software & Support/Services.  

 

Key Statistics:




(Dollars in millions)









Q2

FY 2017

Q1

FY 2017

Q2

FY 2016





Annual Return on Equity (%)*

25

25

21





Operating Cash Flow

$184

$339

$140





Depreciation Expense

$11

$12

$12





Capital Expenditures

$11

$21

$5





Combined Inventory Days

111

117

137





Revenue Turns (%)

55

50

51





*Return on equity calculation: Annualized net income/average stockholders' equity

 

Product and Financial Highlights – September Quarter

  • Xilinx intends to utilize the May 2016 repurchase authorization of $1 billion in a more deliberate manner over the next several quarters. This program complements the Company's capital allocation priorities which include investing in the business and continuously growing the dividend.
  • Xilinx recently reached a significant production milestone for the 16nm UltraScale+ portfolio ahead of schedule. Xilinx has now shipped nine unique products to nearly 200 customers in a broad base of markets including automotive, data center and communications.
  • Xilinx announced the expansion of its cost-optimized Spartan, Artix & Zynq product families targeting a wide range of applications including Embedded Vision and Industrial IoT. Today's Embedded Vision and Industrial IoT applications need to collect, aggregate, and analyze data from a variety of sensors for actionable insights. Whether scaling a multi-sensor camera's functionality on a factory floor, or developing a smart drone with an innovative guidance system based on sensor fusion, designers can take advantage of the Xilinx FPGA and SoC portfolio for part or all of their system needs.
  • Xilinx announced that Baidu, the leading Chinese language Internet search provider, is utilizing Xilinx FPGAs to accelerate machine learning applications in their data centers in China. The two companies are collaborating to further expand volume deployment of FPGA-based accelerated platforms. Baidu-optimized FPGA platforms are tuned for machine learning applications such as image and speech recognition. The platforms will also be leveraged in Baidu's initiative to develop commercially viable autonomous cars.
  • Last quarter, Xilinx joined forces with Advanced Micro Devices, ARM, Huawei, IBM, Mellanox, and Qualcomm Technologies Inc., a subsidiary of Qualcomm Incorporated, to bring a high-performance open acceleration framework, "CCIX" to data centers. Just recently this consortium announced that it has tripled its membership welcoming new members representing silicon providers and ecosystem partners in design, verification, software and systems. In addition, the member companies have aligned to the PCI Express architecture as its first transport layer specification.

Business Outlook – December Quarter Fiscal 2017

  • Sales are expected to be approximately flat sequentially.
  • Gross margin is expected to be approximately 69%.
  • Operating expenses are expected to be approximately $245 million including $1 million of amortization of acquisition-related intangibles.
  • Other income and expenses are expected to be a net expense of approximately $2 million.
  • December 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 September quarter financial results and management's outlook for the December 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 78782757. 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 plans to repurchase shares of Xilinx stock and our expectations regarding our business outlook for the December 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 market conditions which could impact the ability of the Company to execute the repurchase authorization in a timely manner; 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, 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.

#1641F

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


Six Months Ended


October 1, 2016


July 2, 2016


September 26, 2015


October 1, 2016


September 26, 2015

Net revenues

$             579,209


$      574,981


$                    527,572


$          1,154,190


$                 1,076,580

Cost of revenues

175,875


168,297


157,640


344,172


317,594

Gross margin

403,334


406,684


369,932


810,018


758,986

Operating expenses:










Research and development

141,814


136,125


130,220


277,939


256,868

Selling, general and administrative

83,463


83,110


84,761


166,573


166,904

Amortization of acquisition-related intangibles

1,244


1,244


1,769


2,488


3,538

Total operating expenses

226,521


220,479


216,750


447,000


427,310

Operating income

176,813


186,205


153,182


363,018


331,676

Interest and other expense, net

1,151


4,587


9,213


5,738


19,740

Income before income taxes

175,662


181,618


143,969


357,280


311,936

Provision for income taxes

11,470


18,569


16,671


30,039


36,923

Net income

$             164,192


$      163,049


$                    127,298


$             327,241


$                    275,013

Net income per common share:










Basic

$                   0.65


$            0.64


$                          0.49


$                   1.29


$                          1.07

Diluted

$                   0.61


$            0.61


$                          0.48


$                   1.22


$                          1.03

Cash dividends per common share

$                   0.33


$            0.33


$                          0.31


$                   0.66


$                          0.62

Shares used in per share calculations:










Basic

253,466


252,901


257,640


253,056


257,744

Diluted

270,373


266,206


266,046


267,885


268,070

 

XILINX, INC.




CONDENSED CONSOLIDATED BALANCE SHEETS




(In thousands)





October 1, 2016


April 2, 2016


(unaudited)



ASSETS




Current assets:




Cash, cash equivalents and short-term investments

$        3,489,828


$  3,337,699

Accounts receivable, net

227,758


307,458

Inventories

196,922


178,550

Other current assets

104,686


92,951

Total current assets

4,019,194


3,916,658

Net property, plant and equipment

292,488


283,346

Long-term investments

198,545


220,807

Other assets

435,493


398,458

Total Assets

$        4,945,720


$  4,819,269









LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable and accrued liabilities

$           348,748


$     307,222

Deferred income on shipments to distributors

57,404


51,758

Current portion of long-term debt

591,667


585,417

Total current liabilities

997,819


944,397

Long-term debt

994,439


993,639

Deferred tax liabilities

294,875


261,467

Other long-term liabilities

26,072


16,979

Temporary equity

7,368


12,894

Stockholders' equity

2,625,147


2,589,893

Total Liabilities and Stockholders' Equity

$        4,945,720


$  4,819,269

 

XILINX, INC.





SUPPLEMENTAL FINANCIAL INFORMATION





(Unaudited)








(In thousands)









Three Months Ended


Six Months Ended


October 1, 2016


July 2, 2016


September 26, 2015


October 1, 2016


September 26, 2015


SELECTED CASH FLOW INFORMATION:






   Depreciation

$               11,182


$        11,625


$                      12,472


$               22,807


$                      25,725


   Amortization

4,001


3,713


4,354


7,714


8,708


   Stock-based compensation

29,802


29,404


26,681


59,206


53,001


   Net cash provided by operating activities

183,593


338,636


140,346


522,229


327,338


   Purchases of property, plant and equipment

11,313


20,637


5,362


31,950


13,051


   Payment of dividends to stockholders

83,878


83,599


80,196


167,477


160,402


   Repurchases of common stock

99,985


100,154


99,998


200,139


199,998


   Proceeds from issuance of common stock











     to employees, net of withholding taxes

(1,784)


11,297


(3,621)


9,513


14,823













STOCK-BASED COMPENSATION INCLUDED IN:






  Cost of revenues

$                 1,930


$          2,119


$                        1,763


$                 4,049


$                        3,727


  Research and development

16,529


15,120


12,934


31,649


27,626


  Selling, general and administrative

11,343


12,165


11,984


23,508


21,648


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-announces-second-quarter-2017-results-advanced-products-repeat-60-year-over-year-growth-300347917.html

SOURCE Xilinx, Inc.