Xilinx Announces Third Quarter 2017 Results; Fifth Consecutive Quarter Of Revenue Growth; EPS: $0.52
The Xilinx Board of Directors declared a quarterly cash dividend of
Additional third quarter comparisons are represented in the charts below:
GAAP Results | ||||||
(In millions, except EPS) | ||||||
Q3 FY 2017 |
Q2 FY 2017 |
Q3 FY 2016 |
Q-T-Q |
Y-T-Y | ||
Net revenues |
|
|
|
1% |
3% | |
Operating income |
|
|
|
-8% |
2% | |
Net income |
|
|
|
-14% |
8% | |
Diluted earnings per share |
|
|
|
-15% |
6% |
"
Net Revenues by Geography: | ||||||
Percentages |
Growth Rates | |||||
Q3 FY 2017 |
Q2 FY 2017 |
Q3 FY 2016 |
Q-T-Q |
Y-T-Y | ||
|
30% |
33% |
32% |
-7% |
-3% | |
|
43% |
38% |
41% |
12% |
9% | |
|
19% |
20% |
17% |
-4% |
13% | |
|
8% |
9% |
10% |
-5% |
-14% |
Net Revenues by End Market: | |||||||||
Percentages |
Growth Rates | ||||||||
Q3 FY 2017 |
Q2 FY 2017 |
Q3 FY 2016 |
Q-T-Q |
Y-T-Y | |||||
|
44% |
41% |
43% |
7% |
4% | ||||
Industrial, Aerospace & Defense |
41% |
41% |
41% |
1% |
5% | ||||
Broadcast, Consumer & Automotive |
15% |
18% |
16% |
-13% |
-2% |
Net Revenues by Product: | ||||||
Percentages |
Growth Rates | |||||
Q3 FY 2017 |
Q2 FY 2017 |
Q3 FY 2016 |
Q-T-Q |
Y-T-Y | ||
Advanced Products |
47% |
46% |
37% |
2% |
30% | |
Core Products |
53% |
54% |
63% |
0% |
-12% |
Products are classified as follows: | |
Advanced products: UltraScale+, Ultrascale and 7-series products. | |
Core products: |
Key Statistics: | |||
(Dollars in millions) | |||
Q3 FY 2017 |
Q2 FY 2017 |
Q3 FY 2016 | |
Annual Return on Equity (%)* |
25 |
25 |
21 |
Operating Cash Flow |
|
|
|
Depreciation Expense |
|
|
|
Capital Expenditures |
|
|
|
Combined Inventory Days |
114 |
111 |
119 |
Revenue Turns (%) |
56 |
55 |
49 |
* |
Return on equity calculation: Annualized net income/average stockholders' equity |
Product and Financial Highlights -
Xilinx introduced the Reconfigurable Acceleration Stack, with a goal to enable mainstream adoption of FPGAs in the data center. Target applications include machine learning, video transcoding and big data analytics. Designed for cloud scale applications, the stack provides the fastest path to realize up to 40x better compute efficiency with Xilinx FPGAs compared to x86 server CPUs and up to six times the compute efficiency over competitive FPGAs.Xilinx unveiled details for new 16nm Virtex UltraScale+ FPGAs with HBM and CCIX technology. Containing the highest memory bandwidth available, these HBM-enabled FPGAs offer 20X higher memory bandwidth relative to a DDR4 DIMM and 4X less power per bit versus competing memory technologies. This product family is architected to support compute acceleration in the data center, high data rate Ethernet connectivity, 8K Video, and radar systems.Xilinx announced thatAmazon Web Services (AWS) is deployingXilinx 16nm UltraScale+ FPGAs in the new Amazon Elastic Cloud Compute (Amazon EC2) F1 instance type, accelerating genomics, financial analytics, video processing, big data, security, and machine learning inference workloads. In addition to Amazon EC2 F1 instances, AWS also announced an FPGA Developer Amazon Machine Image which is pre-built with the development tools and scripts includingXilinx's Vivado Design Suite and Vivado license.
Business Outlook - March Quarter Fiscal 2017
- Sales are expected to be in the range of
$590M-$620M . - Gross margin is expected to be approximately 68-70%.
- Operating expenses are expected to be approximately
$244 million including$1 million of amortization of acquisition-related intangibles. - Other income and expenses are expected to be a net expense of approximately
$4 million . - March quarter tax rate is expected to be approximately 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 plans to repurchase shares of
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||
(Unaudited) | |||||||||
(In thousands, except per share amounts) | |||||||||
Three Months Ended |
Nine Months Ended | ||||||||
|
|
|
|
| |||||
Net revenues |
$ 585,688 |
$ 579,209 |
$ 566,235 |
$ 1,739,877 |
$ 1,642,815 | ||||
Cost of revenues |
178,233 |
175,875 |
178,514 |
522,404 |
496,108 | ||||
Gross margin |
407,455 |
403,334 |
387,721 |
1,217,473 |
1,146,707 | ||||
Operating expenses: |
|||||||||
Research and development |
159,248 |
141,814 |
141,378 |
437,187 |
398,246 | ||||
Selling, general and administrative |
83,780 |
83,463 |
84,470 |
250,353 |
251,374 | ||||
Amortization of acquisition-related intangibles |
1,455 |
1,244 |
1,769 |
3,943 |
5,306 | ||||
Total operating expenses |
244,483 |
226,521 |
227,617 |
691,483 |
654,926 | ||||
Operating income |
162,972 |
176,813 |
160,104 |
525,990 |
491,781 | ||||
Interest and other expense, net |
392 |
1,151 |
5,053 |
6,130 |
24,793 | ||||
Income before income taxes |
162,580 |
175,662 |
155,051 |
519,860 |
466,988 | ||||
Provision for income taxes |
20,734 |
11,470 |
24,232 |
50,773 |
61,155 | ||||
Net income |
$ 141,846 |
$ 164,192 |
$ 130,819 |
$ 469,087 |
$ 405,833 | ||||
Net income per common share: |
|||||||||
Basic |
$ 0.57 |
$ 0.65 |
$ 0.51 |
$ 1.86 |
$ 1.58 | ||||
Diluted |
$ 0.52 |
$ 0.61 |
$ 0.49 |
$ 1.74 |
$ 1.51 | ||||
Cash dividends per common share |
$ 0.33 |
$ 0.33 |
$ 0.31 |
$ 0.99 |
$ 0.93 | ||||
Shares used in per share calculations: |
|||||||||
Basic |
250,982 |
253,466 |
256,450 |
252,811 |
257,491 | ||||
Diluted |
270,781 |
270,373 |
269,611 |
269,182 |
268,716 |
| |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(In thousands) | |||
|
| ||
(unaudited) |
|||
ASSETS |
|||
Current assets: |
|||
Cash, cash equivalents and short-term investments |
$ 3,254,135 |
$ 3,337,699 | |
Accounts receivable, net |
340,852 |
307,458 | |
Inventories |
205,927 |
178,550 | |
Other current assets |
115,138 |
92,951 | |
Total current assets |
3,916,052 |
3,916,658 | |
Net property, plant and equipment |
301,504 |
283,346 | |
Long-term investments |
183,082 |
220,807 | |
Other assets |
435,650 |
398,458 | |
Total Assets |
$ 4,836,288 |
$ 4,819,269 | |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable and accrued liabilities |
$ 361,624 |
$ 307,222 | |
Deferred income on shipments to distributors |
53,626 |
51,758 | |
Current portion of long-term debt |
594,792 |
585,417 | |
Total current liabilities |
1,010,042 |
944,397 | |
Long-term debt |
994,842 |
993,639 | |
Deferred tax liabilities |
323,777 |
261,467 | |
Other long-term liabilities |
23,419 |
16,979 | |
Temporary equity |
4,605 |
12,894 | |
Stockholders' equity |
2,479,603 |
2,589,893 | |
Total Liabilities and Stockholders' Equity |
$ 4,836,288 |
$ 4,819,269 |
| |||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||
(Unaudited) | |||||||||
(In thousands) | |||||||||
Three Months Ended |
Nine Months Ended | ||||||||
|
|
|
|
| |||||
SELECTED CASH FLOW INFORMATION: |
|||||||||
Depreciation |
$ 11,110 |
$ 11,182 |
$ 13,043 |
$ 33,917 |
$ 38,768 | ||||
Amortization |
4,887 |
4,001 |
4,441 |
12,601 |
13,149 | ||||
Stock-based compensation |
30,867 |
29,802 |
31,463 |
90,073 |
84,464 | ||||
Net cash provided by operating activities |
105,584 |
183,593 |
292,156 |
627,813 |
619,494 | ||||
Purchases of property, plant and equipment |
19,875 |
11,313 |
6,118 |
51,825 |
19,169 | ||||
Payment of dividends to stockholders |
83,256 |
83,878 |
79,709 |
250,733 |
240,111 | ||||
Repurchases of common stock |
213,844 |
99,985 |
100,000 |
413,983 |
299,998 | ||||
Proceeds from issuance of common stock |
|||||||||
to employees, net of withholding taxes |
1,195 |
(1,784) |
6,897 |
10,708 |
21,720 | ||||
STOCK-BASED COMPENSATION INCLUDED IN: |
|||||||||
Cost of revenues |
$ 1,945 |
$ 1,930 |
$ 2,145 |
$ 5,994 |
$ 5,872 | ||||
Research and development |
17,154 |
16,529 |
16,935 |
48,803 |
44,561 | ||||
Selling, general and administrative |
11,768 |
11,343 |
12,383 |
35,276 |
34,031 |
Investor Relations Contact:
(408) 879-6911
ir@xilinx.com
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