Delaware | 000-18548 | 77-0188631 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2100 Logic Drive, San Jose, California | 95124 | |||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits |
Exhibit No. | Description | ||
99.1 | Press release of Xilinx, Inc. dated October 17, 2012 |
XILINX, INC. | ||||||
Date: October 17, 2012 | By: | /s/ Jon A. Olson | ||||
Jon A. Olson | ||||||
Senior Vice President, Finance and Chief Financial Officer |
Exhibit No. | Description | ||
99.1 | Press release of Xilinx, Inc. dated October 17, 2012 |
Growth Rates | ||||||||||||||||||
Q2 FY 2013 | Q1 FY 2013 | Q2 FY 2012 | Q-T-Q | Y-T-Y | ||||||||||||||
Net revenues | $ | 543.9 | $ | 582.8 | $ | 555.2 | (7 | )% | (2 | )% | ||||||||
Operating income | $ | 148.1 | $ | 164.6 | $ | 154.8 | (10 | )% | (4 | )% | ||||||||
Net income | $ | 123.4 | $ | 129.8 | $ | 126.3 | (5 | )% | (2 | )% | ||||||||
Diluted earnings per share | $ | 0.46 | $ | 0.47 | $ | 0.47 | (2 | )% | (2 | )% |
Percentages | Growth Rates | ||||||||||||||
Q2 FY 2013 | Q1 FY 2013 | Q2 FY 2012 | Q-T-Q | Y-T-Y | |||||||||||
North America | 28 | % | 30 | % | 29 | % | (11 | )% | (5 | )% | |||||
Asia Pacific | 36 | % | 35 | % | 31 | % | (4 | )% | 14 | % | |||||
Europe | 26 | % | 26 | % | 29 | % | (8 | )% | (13 | )% | |||||
Japan | 10 | % | 9 | % | 11 | % | — | % | (9 | )% |
Percentages | Growth Rates | ||||||||||||||
Q2 FY 2013 | Q1 FY 2013 | Q2 FY 2012 | Q-T-Q | Y-T-Y | |||||||||||
Communications & Data Center | 49 | % | 45 | % | 46 | % | 3 | % | 5 | % | |||||
Industrial, Aerospace & Defense | 32 | % | 34 | % | 33 | % | (13 | )% | (8 | )% | |||||
Broadcast, Consumer & Automotive | 15 | % | 16 | % | 16 | % | (15 | )% | (5 | )% | |||||
Other | 4 | % | 5 | % | 5 | % | (24 | )% | (17 | )% |
Percentages | Growth Rates | ||||||||||||||
Q2 FY 2013 | Q1 FY 2013 | Q2 FY 2012 | Q-T-Q | Y-T-Y | |||||||||||
New | 20 | % | 17 | % | 11 | % | 7 | % | 81 | % | |||||
Mainstream | 47 | % | 43 | % | 49 | % | 3 | % | (5 | )% | |||||
Base | 29 | % | 36 | % | 36 | % | (24 | )% | (21 | )% | |||||
Support | 4 | % | 4 | % | 4 | % | (8 | )% | (14 | )% |
Q2 FY 2013 | Q1 FY 2013 | Q2 FY 2012 | ||||||||||
Annual Return on Equity (%)* | 19 | 19 | 23 | |||||||||
Operating Cash Flow | $ | 197 | $ | 163 | $ | 200 | ||||||
Depreciation Expense | $ | 14 | $ | 15 | $ | 13 | ||||||
Capital Expenditures | $ | 8 | $ | 8 | $ | 18 | ||||||
Combined Inventory Days | 109 | 99 | 126 | |||||||||
Revenue Turns (%) | 57 | 55 | 51 |
• | Xilinx announced the acquisition of substantially all of the assets of two companies during the quarter: Modesat Communications and PetaLogix. The acquisition of Modesat, a high performance wireless backhaul solutions provider, allows customers to retain their proprietary IP, while leveraging the backhaul solutions and the flexibility of Xilinx All Programmable FPGAs and SoC devices to achieve faster time-to-market. The acquisition of PetaLogix, an embedded Linux solutions provider, enables Xilinx to strengthen its capabilities and commitment to customers to provide the best Linux solutions possible. |
• | Xilinx remains committed to delivering stockholder value. In spite of a challenging macroeconomic environment, Xilinx generated nearly $200 million in operating cash flow during the quarter, paid $57 million in dividends to stockholders and repurchased 2.5 million shares. |
• | Gross margin is expected to be approximately 66%. |
• | Operating expenses are expected to be approximately $224 million, including $3 million of amortization of acquisition-related intangibles. |
• | Full year fiscal 2013 tax rate is expected to be approximately 15%. |
Three Months Ended | Six Months Ended | ||||||||||||||||||
September 29, 2012 | June 30, 2012 | October 1, 2011 | September 29, 2012 | October 1, 2011 | |||||||||||||||
Net revenues | $ | 543,933 | $ | 582,784 | $ | 555,209 | $ | 1,126,717 | $ | 1,170,672 | |||||||||
Cost of revenues | 187,713 | 198,411 | 200,564 | 386,124 | 423,696 | ||||||||||||||
Gross margin | 356,220 | 384,373 | 354,645 | 740,593 | 746,976 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 113,887 | 121,447 | 105,774 | 235,334 | 211,791 | ||||||||||||||
Selling, general and administrative | 91,928 | 96,201 | 88,681 | 188,129 | 185,077 | ||||||||||||||
Amortization of acquisition-related intangibles | 2,319 | 2,148 | 1,982 | 4,467 | 3,605 | ||||||||||||||
Restructuring charges | — | — | 3,369 | — | 3,369 | ||||||||||||||
Total operating expenses | 208,134 | 219,796 | 199,806 | 427,930 | 403,842 | ||||||||||||||
Operating income | 148,086 | 164,577 | 154,839 | 312,663 | 343,134 | ||||||||||||||
Interest and other expense, net | 10,003 | 9,672 | 8,598 | 19,675 | 16,409 | ||||||||||||||
Income before income taxes | 138,083 | 154,905 | 146,241 | 292,988 | 326,725 | ||||||||||||||
Provision for income taxes | 14,646 | 25,074 | 19,955 | 39,720 | 46,065 | ||||||||||||||
Net income | $ | 123,437 | $ | 129,831 | $ | 126,286 | $ | 253,268 | $ | 280,660 | |||||||||
Net income per common share: | |||||||||||||||||||
Basic | $ | 0.47 | $ | 0.49 | $ | 0.48 | $ | 0.97 | $ | 1.06 | |||||||||
Diluted | $ | 0.46 | $ | 0.47 | $ | 0.47 | $ | 0.93 | $ | 1.03 | |||||||||
Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.19 | $ | 0.44 | $ | 0.38 | |||||||||
Shares used in per share calculations: | |||||||||||||||||||
Basic | 260,605 | 263,055 | 264,006 | 262,143 | 264,853 | ||||||||||||||
Diluted | 270,265 | 273,820 | 267,927 | 272,182 | 273,009 |
September 29, 2012 | March 31, 2012 * | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash, cash equivalents and short-term investments | $ | 1,706,457 | $ | 1,917,627 | |||
Accounts receivable, net | 222,269 | 214,965 | |||||
Inventories | 204,067 | 204,866 | |||||
Deferred tax assets and other current assets | 117,265 | 112,851 | |||||
Total current assets | 2,250,058 | 2,450,309 | |||||
Net property, plant and equipment | 382,206 | 394,982 | |||||
Long-term investments | 1,497,394 | 1,209,228 | |||||
Other assets | 418,976 | 409,603 | |||||
Total Assets | $ | 4,548,634 | $ | 4,464,122 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 294,689 | $ | 275,774 | |||
Deferred income on shipments to distributors | 47,967 | 67,002 | |||||
Total current liabilities | 342,656 | 342,776 | |||||
Convertible debentures | 915,109 | 906,569 | |||||
Deferred tax liabilities | 499,709 | 463,045 | |||||
Other long-term liabilities | 39,469 | 44,047 | |||||
Stockholders' equity | 2,751,691 | 2,707,685 | |||||
Total Liabilities and Stockholders' Equity | $ | 4,548,634 | $ | 4,464,122 |
* | Derived from audited financial statements |
Three Months Ended | Six Months Ended | ||||||||||||||||||
September 29, 2012 | June 30, 2012 | October 1, 2011 | September 29, 2012 | October 1, 2011 | |||||||||||||||
SELECTED CASH FLOW INFORMATION: | |||||||||||||||||||
Depreciation | $ | 14,151 | $ | 14,603 | $ | 13,396 | $ | 28,754 | $ | 27,094 | |||||||||
Amortization | 4,188 | 4,267 | 4,326 | 8,455 | 8,036 | ||||||||||||||
Stock-based compensation | 19,246 | 17,608 | 16,899 | 36,854 | 30,666 | ||||||||||||||
Net cash provided by operating activities | 197,370 | 162,946 | 199,584 | 360,316 | 437,278 | ||||||||||||||
Purchases of property, plant and equipment | 7,636 | 8,342 | 17,628 | 15,978 | 31,417 | ||||||||||||||
Payment of dividends to stockholders | 57,255 | 58,066 | 50,348 | 115,321 | 100,804 | ||||||||||||||
Repurchases of common stock | 87,441 | 90,707 | 111,537 | 178,148 | 177,191 | ||||||||||||||
Proceeds from issuance of common stock to employees and excess tax benefit | 28,627 | 9,027 | 28,369 | 37,654 | 59,819 | ||||||||||||||
STOCK-BASED COMPENSATION INCLUDED IN: | |||||||||||||||||||
Cost of revenues | $ | 1,473 | $ | 1,728 | $ | 1,284 | $ | 3,201 | $ | 2,594 | |||||||||
Research and development | 9,404 | 8,623 | 8,103 | 18,027 | 14,590 | ||||||||||||||
Selling, general and administrative | 8,369 | 7,257 | 7,512 | 15,626 | 13,482 |