Xilinx Announces Q3 Fiscal 2016 Results; Strong New Product Growth Drives 7% Sequential Sales Increase
SAN JOSE, Calif.,
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The Xilinx Board of Directors announced a quarterly cash dividend of
Additional third quarter comparisons are set forth in the charts below:
GAAP Results |
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Growth Rates | |||||
Q3 FY 2016 |
Q2 FY 2016 |
Q3 FY 2015 |
Q-T-Q |
Y-T-Y | |
Net revenues |
|
|
|
7% |
-5% |
Operating income |
|
|
|
5% |
-16% |
Net income |
|
|
|
3% |
-22% |
Diluted earnings per share |
|
|
|
2% |
-21% |
"New product sales were exceptionally strong during the quarter increasing 18% sequentially, enabling
Net Revenues by Geography: |
||||||
Percentages |
Growth Rates | |||||
Q3 FY 2016 |
Q2 FY 2016 |
Q3 FY 2015 |
Q-T-Q |
Y-T-Y | ||
|
32% |
30% |
34% |
16% |
-10% | |
|
41% |
40% |
39% |
9% |
-1% | |
|
17% |
20% |
17% |
-6% |
-5% | |
|
10% |
10% |
10% |
2% |
0% | |
Net Revenues by End Market: |
||||||
Percentages |
Growth Rates | |||||
Q3 FY 2016 |
Q2 FY 2016 |
Q3 FY 2015 |
Q-T-Q |
Y-T-Y | ||
|
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: |
||||||
Percentages |
Growth Rates | |||||
Q3 FY 2016 |
Q2 FY 2016 |
Q3 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: |
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 FY 2016 |
Q2 FY 2016 |
Q3 FY 2015 | |
Annual Return on Equity (%)* |
21 |
21 |
25 |
Operating Cash Flow |
|
|
|
Depreciation Expense |
|
|
|
Capital Expenditures |
|
|
|
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 withQualcomm 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
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
#1605F
XLNX-F
Investor Relations Contact:
(408) 879-6911
ir@xilinx.com
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||
(Unaudited) |
|||||||||
(In thousands, except per share amounts) |
|||||||||
Three Months Ended |
Nine Months Ended | ||||||||
|
|
|
|
| |||||
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 |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
(In thousands) |
|||
|
| ||
(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 |
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SUPPLEMENTAL FINANCIAL INFORMATION |
|||||||||
(Unaudited) |
|||||||||
(In thousands) |
|||||||||
Three Months Ended |
Nine Months Ended | ||||||||
|
|
|
|
| |||||
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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