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 April 27, 2016 |
XILINX, INC. | ||||||
Date: April 27, 2016 | By: | /s/ Jon A. Olson | ||||
Jon A. Olson | ||||||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | ||
99.1 | Press release of Xilinx, Inc. dated April 27, 2016 |
Growth Rates | ||||||
Q4 FY 2016 | Q3 FY 2016 | Q4 FY 2015 | Q-T-Q | Y-T-Y | ||
Net revenues | $571 | $566 | $567 | 1% | 1% | |
Operating income | $178 | $160 | $159 | 11% | 12% | |
Net income | $145 | $131 | $135 | 11% | 8% | |
Diluted earnings per share | $0.54 | $0.49 | $0.50 | 10% | 8% |
Percentages | Growth Rates | |||||
Q4 FY 2016 | Q3 FY 2016 | Q4 FY 2015 | Q-T-Q | Y-T-Y | ||
North America | 32% | 32% | 32% | 2% | 0% | |
Asia Pacific | 38% | 41% | 37% | -5% | 3% | |
Europe | 21% | 17% | 21% | 18% | 0% | |
Japan | 9% | 10% | 10% | -8% | -4% |
Percentages | Growth Rates | |||||
Q4 FY 2016 | Q3 FY 2016 | Q4 FY 2015 | Q-T-Q | Y-T-Y | ||
Communications & Data Center | 43% | 43% | 41% | 0% | 5% | |
Industrial, Aerospace & Defense | 40% | 41% | 42% | -1% | -3% | |
Broadcast, Consumer & Automotive | 17% | 16% | 17% | 6% | 1% |
Percentages | Growth Rates | |||||
Q4 FY 2016 | Q3 FY 2016 | Q4 FY 2015 | Q-T-Q | Y-T-Y | ||
New | 49% | 47% | 41% | 3% | 21% | |
Mainstream | 23% | 23% | 25% | 4% | -7% | |
Base | 24% | 26% | 30% | -6% | -20% | |
Support | 4% | 4% | 4% | -1% | 5% |
Q4 FY 2016 | Q3 FY 2016 | Q4 FY 2015 | |
Annual Return on Equity (%)* | 21 | 21 | 24 |
Operating Cash Flow | $123 | $290 | $166 |
Depreciation Expense | $12 | $13 | $14 |
Capital Expenditures | $15 | $6 | $6 |
Combined Inventory Days | 102 | 119 | 136 |
Revenue Turns (%) | 49 | 49 | 51 |
• | Xilinx commenced shipments of several of its unique versions of its 16nm UltraScale+ portfolio covering all three families: Virtex, Kintex and Zynq. These products closely follow the delivery of our 20nm UltraScale family, which includes the industry’s only 20nm high-end FPGA. Three consecutive generations of leadership technology at 28nm, 20nm and 16nm showcase the execution of our world class development in collaboration with our foundry partner, TSMC. |
• | The Company’s highly successful 20nm Ultrascale family approached $100M in sales in fiscal 2016, surpassing the Company’s forecasts in every quarter of the fiscal year. This family, which includes the PLD industry’s only high-end family, is receiving adoption in a broad base of applications including wired and wireless communications, test & measurement, industrial and defense applications. |
• | The 28nm product family continues on the path to be the PLD industry’s most successful product family in history. Sales from these products reached a record level as Xilinx exited the fiscal year, driven by the Zynq product family which contributed more to incremental sales growth than any other new product in fiscal 2016. Zynq continues to drive new market adoption in areas such as augmented reality, driver assist and machine vision. |
• | During fiscal 2016, Xilinx paid its shareholders a record $319 million in dividends and repurchased 9.7 million shares for $443 million. Additionally, Xilinx increased its quarterly dividend by $0.02 per share to $0.33 per share, the 11th consecutive year of dividend increases since initiating its first dividend in 2004. Xilinx has returned 100% of operating cash flow to stockholders in the form of dividend and share repurchase over the past ten years. |
• | Xilinx announced strategic collaborations with Qualcomm Technologies, Inc. and IBM to accelerate data center applications. These collaborations are expected to enable higher performance and energy-efficient data center applications through Xilinx FPGA-enabled workload acceleration. Target applications include machine learning, network functions virtualization (NFV), genomics, high performance computing and big data analytics. |
• | In the last year, Xilinx completed rollout of its SDx family of software defined development environments, significantly expanding its target user base to a much larger community of systems and software engineers. |
• | Sales are expected to be approximately flat sequentially. |
• | Gross margin is expected to be 69% to 70%. |
• | 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 $5 million. |
• | Fully diluted share count is expected to be approximately 266 million. |
• | June quarter tax rate is expected to be approximately 14%. |
XILINX, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
April 2, 2016 | January 2, 2016 | March 28, 2015 | April 2, 2016 | March 28, 2015 | |||||||||||||||
Net revenues | $ | 571,066 | $ | 566,235 | $ | 566,900 | $ | 2,213,881 | $ | 2,377,344 | |||||||||
Cost of revenues | 175,799 | 178,514 | 170,379 | 671,907 | 708,823 | ||||||||||||||
Gross margin | 395,267 | 387,721 | 396,521 | 1,541,974 | 1,668,521 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 135,645 | 141,378 | 131,942 | 533,891 | 525,745 | ||||||||||||||
Selling, general and administrative | 80,277 | 84,470 | 79,198 | 331,652 | 353,670 | ||||||||||||||
Amortization of acquisition-related intangibles | 1,244 | 1,769 | 2,370 | 6,550 | 9,537 | ||||||||||||||
Restructuring charges | — | — | 24,491 | — | 24,491 | ||||||||||||||
Total operating expenses | 217,166 | 227,617 | 238,001 | 872,093 | 913,443 | ||||||||||||||
Operating income | 178,101 | 160,104 | 158,520 | 669,881 | 755,078 | ||||||||||||||
Interest and other income (expense), net | (8,263 | ) | (5,053 | ) | 958 | (33,056 | ) | (15,002 | ) | ||||||||||
Income before income taxes | 169,838 | 155,051 | 159,478 | 636,825 | 740,076 | ||||||||||||||
Provision for income taxes | 24,803 | 24,232 | 24,855 | 85,958 | 91,860 | ||||||||||||||
Net income | $ | 145,035 | $ | 130,819 | $ | 134,623 | $ | 550,867 | $ | 648,216 | |||||||||
Net income per common share: | |||||||||||||||||||
Basic | $ | 0.57 | $ | 0.51 | $ | 0.52 | $ | 2.14 | $ | 2.44 | |||||||||
Diluted | $ | 0.54 | $ | 0.49 | $ | 0.50 | $ | 2.05 | $ | 2.35 | |||||||||
Cash dividends per common share | $ | 0.31 | $ | 0.31 | $ | 0.29 | $ | 1.24 | $ | 1.16 | |||||||||
Shares used in per share calculations: | |||||||||||||||||||
Basic | 255,467 | 256,450 | 260,857 | 257,184 | 265,480 | ||||||||||||||
Diluted | 268,462 | 269,611 | 269,514 | 268,667 | 276,123 |
XILINX, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
April 2, 2016 | March 28, 2015 * | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash, cash equivalents and short-term investments | $ | 3,337,699 | $ | 3,303,061 | |||
Accounts receivable, net | 307,458 | 246,615 | |||||
Inventories | 178,550 | 231,328 | |||||
Deferred tax assets and other current assets | 95,226 | 154,047 | |||||
Total current assets | 3,918,933 | 3,935,051 | |||||
Net property, plant and equipment | 283,346 | 301,038 | |||||
Long-term investments | 220,807 | 266,902 | |||||
Other assets | 400,068 | 395,074 | |||||
Total assets | $ | 4,823,154 | $ | 4,898,065 | |||
LIABILITIES , TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 307,222 | $ | 321,082 | |||
Deferred income on shipments to distributors | 51,758 | 66,071 | |||||
Current portion of long-term debt | 587,106 | 576,053 | |||||
Total current liabilities | 946,086 | 963,206 | |||||
Long-term debt | 995,835 | 994,839 | |||||
Deferred tax liabilities | 261,467 | 289,868 | |||||
Other long-term liabilities | 16,979 | 14,611 | |||||
Temporary equity | 12,894 | 23,947 | |||||
Stockholders' equity | 2,589,893 | 2,611,594 | |||||
Total Liabilities and Stockholders' Equity | $ | 4,823,154 | $ | 4,898,065 | |||
* Derived from audited financial statements |
XILINX, INC. | |||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
April 2, 2016 | January 2, 2016 | March 28, 2015 | April 2, 2016 | March 28, 2015 | |||||||||||||||
SELECTED CASH FLOW INFORMATION: | |||||||||||||||||||
Depreciation | $ | 12,060 | $ | 13,043 | $ | 14,409 | $ | 50,828 | $ | 55,266 | |||||||||
Amortization | 4,464 | 4,441 | 4,092 | 17,613 | 19,648 | ||||||||||||||
Stock-based compensation | 27,520 | 31,463 | 19,959 | 111,984 | 99,859 | ||||||||||||||
Net cash provided by operating activities | 122,934 | 290,285 | 166,039 | 730,102 | 790,780 | ||||||||||||||
Purchases of property, plant and equipment | 14,835 | 6,118 | 5,937 | 34,004 | 29,619 | ||||||||||||||
Payment of dividends to stockholders | 78,877 | 79,709 | 75,608 | 318,988 | 306,158 | ||||||||||||||
Repurchases of common stock | 143,183 | 100,000 | 174,994 | 443,181 | 651,006 | ||||||||||||||
Proceeds from issuance of common stock | |||||||||||||||||||
to employees and excess tax benefit | 33,201 | 8,768 | 36,316 | 67,247 | 72,323 | ||||||||||||||
STOCK-BASED COMPENSATION INCLUDED IN: | |||||||||||||||||||
Cost of revenues | $ | 2,105 | $ | 2,145 | $ | 1,692 | $ | 7,977 | $ | 8,101 | |||||||||
Research and development | 15,131 | 16,935 | 9,941 | 59,692 | 50,185 | ||||||||||||||
Selling, general and administrative | 10,284 | 12,383 | 7,747 | 44,315 | 40,994 | ||||||||||||||
Restructuring | — | — | 579 | — | 579 |