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 July 27, 2016 |
XILINX, INC. | ||||||
Date: July 27, 2016 | By: | /s/ Lorenzo A. Flores | ||||
Lorenzo A. Flores | ||||||
Senior Vice President and Chief Financial Officer |
Exhibit No. | Description | ||
99.1 | Press release of Xilinx, Inc. dated July 27, 2016 |
Growth Rates | ||||||
Q1 FY 2017 | Q4 FY 2016 | Q1 FY 2016 | Q-T-Q | Y-T-Y | ||
Net revenues | $575 | $571 | $549 | 1% | 5% | |
Operating income | $186 | $178 | $178 | 5% | 4% | |
Net income | $163 | $145 | $148 | 12% | 10% | |
Diluted earnings per share | $0.61 | $0.54 | $0.55 | 13% | 11% |
Percentages | Growth Rates | |||||
Q1 FY 2017 | Q4 FY 2016 | Q1 FY 2016 | Q-T-Q | Y-T-Y | ||
North America | 32% | 32% | 34% | 1% | -1% | |
Asia Pacific | 40% | 38% | 36% | 5% | 16% | |
Europe | 19% | 21% | 19% | -6% | 5% | |
Japan | 9% | 9% | 11% | -4% | -15% |
Percentages | Growth Rates | |||||
Q1 FY 2017 | Q4 FY 2016 | Q1 FY 2016 | Q-T-Q | Y-T-Y | ||
Communications & Data Center | 44% | 43% | 38% | 4% | 22% | |
Industrial, Aerospace & Defense | 39% | 40% | 44% | -2% | -8% | |
Broadcast, Consumer & Automotive | 17% | 17% | 18% | 0% | 0% |
Percentages | Growth Rates | |||||
Q1 FY 2017 | Q4 FY 2016 | Q1 FY 2016 | Q-T-Q | Y-T-Y | ||
Advanced Products | 42% | 38% | 27% | 10% | 60% | |
Core Products | 58% | 62% | 73% | -5% | -16% |
Q1 FY 2017 | Q4 FY 2016 | Q1 FY 2016 | |
Annual Return on Equity (%)* | 25 | 21 | 22 |
Operating Cash Flow | $339 | $127 | $187 |
Depreciation Expense | $12 | $12 | $13 |
Capital Expenditures | $21 | $15 | $8 |
Combined Inventory Days | 117 | 102 | 138 |
Revenue Turns (%) | 50 | 49 | 46 |
• | The Advanced Products category grew to a record sales level, increasing 60% year over year. Xilinx continues to deliver on technology leadership and world-class execution. |
• | Xilinx generated a record $339 million in operating cash flow during the quarter driven by improved profitability as well as lower working capital requirements. Xilinx remains committed to a healthy return of cash to stockholders in the form of dividend and share repurchase. |
• | Advanced Micro Devices, ARM, Huawei, IBM, Mellanox, Qualcomm Technologies Inc., a subsidiary of Qualcomm Incorporated, and Xilinx, Inc. joined forces to bring a high-performance open acceleration framework to data centers. The companies are collaborating on the specification for the new Cache Coherent Interconnect for Accelerators (CCIX). For the first time in the industry, a single interconnect technology specification will ensure that processors using different instruction set architectures (ISA) can coherently share data with accelerators and enable efficient heterogeneous computing - significantly improving compute efficiency for servers running data center workloads. |
• | Xilinx announced the expansion of its 16nm UltraScale+ product roadmap with new acceleration enhanced technologies for the Data Center. The resulting products will deliver the powerful combination of Xilinx's industry-leading 16nm FinFET+ FPGAs with integrated High-Bandwidth Memory (HBM), and support for the recently announced CCIX. |
• | Sales are expected to be approximately flat sequentially. |
• | Gross margin is expected to be approximately 70%. |
• | Operating expenses are expected to be approximately $230 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. |
• | Fully diluted share count is expected to be approximately 266 million. |
• | September 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 | |||||||||||
July 2, 2016 | April 2, 2016 | June 27, 2015 | |||||||||
Net revenues | $ | 574,981 | $ | 571,066 | $ | 549,008 | |||||
Cost of revenues | 168,297 | 175,799 | 159,954 | ||||||||
Gross margin | 406,684 | 395,267 | 389,054 | ||||||||
Operating expenses: | |||||||||||
Research and development | 136,125 | 135,645 | 126,648 | ||||||||
Selling, general and administrative | 83,110 | 80,277 | 82,143 | ||||||||
Amortization of acquisition-related intangibles | 1,244 | 1,244 | 1,769 | ||||||||
Total operating expenses | 220,479 | 217,166 | 210,560 | ||||||||
Operating income | 186,205 | 178,101 | 178,494 | ||||||||
Interest and other expense, net | 4,587 | 8,263 | 10,527 | ||||||||
Income before income taxes | 181,618 | 169,838 | 167,967 | ||||||||
Provision for income taxes | 18,569 | 24,803 | 20,252 | ||||||||
Net income | $ | 163,049 | $ | 145,035 | $ | 147,715 | |||||
Net income per common share: | |||||||||||
Basic | $ | 0.64 | $ | 0.57 | $ | 0.57 | |||||
Diluted | $ | 0.61 | $ | 0.54 | $ | 0.55 | |||||
Cash dividends per common share | $ | 0.33 | $ | 0.31 | $ | 0.31 | |||||
Shares used in per share calculations: | |||||||||||
Basic | 252,901 | 255,467 | 258,021 | ||||||||
Diluted | 266,206 | 268,462 | 270,730 |
XILINX, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
July 2, 2016 | April 2, 2016 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash, cash equivalents and short-term investments | $ | 3,517,978 | $ | 3,337,699 | |||
Accounts receivable, net | 217,014 | 307,458 | |||||
Inventories | 195,282 | 178,550 | |||||
Other current assets | 91,426 | 92,951 | |||||
Total current assets | 4,021,700 | 3,916,658 | |||||
Net property, plant and equipment | 292,358 | 283,346 | |||||
Long-term investments | 209,015 | 220,807 | |||||
Other assets | 403,402 | 398,458 | |||||
Total Assets | $ | 4,926,475 | $ | 4,819,269 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 391,286 | $ | 307,222 | |||
Deferred income on shipments to distributors | 71,536 | 51,758 | |||||
Current portion of long-term debt | 588,542 | 585,417 | |||||
Total current liabilities | 1,051,364 | 944,397 | |||||
Long-term debt | 994,039 | 993,639 | |||||
Deferred tax liabilities | 263,413 | 261,467 | |||||
Other long-term liabilities | 17,856 | 16,979 | |||||
Temporary equity | 10,131 | 12,894 | |||||
Stockholders' equity | 2,589,672 | 2,589,893 | |||||
Total Liabilities and Stockholders' Equity | $ | 4,926,475 | $ | 4,819,269 | |||
XILINX, INC. | |||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
Three Months Ended | |||||||||||
July 2, 2016 | April 2, 2016 | June 27, 2015 | |||||||||
SELECTED CASH FLOW INFORMATION: | |||||||||||
Depreciation | $ | 11,625 | $ | 12,060 | $ | 13,253 | |||||
Amortization | 3,713 | 4,464 | 4,354 | ||||||||
Stock-based compensation | 29,404 | 27,520 | 26,320 | ||||||||
Net cash provided by operating activities | 338,636 | 126,761 | 186,992 | ||||||||
Purchases of property, plant and equipment | 20,637 | 14,835 | 7,689 | ||||||||
Payment of dividends to stockholders | 83,599 | 78,877 | 80,206 | ||||||||
Repurchases of common stock | 100,154 | 143,183 | 100,000 | ||||||||
Proceeds from issuance of common stock | |||||||||||
to employees, net of withholding taxes | 11,297 | 29,374 | 18,444 | ||||||||
STOCK-BASED COMPENSATION INCLUDED IN: | |||||||||||
Cost of revenues | $ | 2,119 | $ | 2,105 | $ | 1,964 | |||||
Research and development | 15,120 | 15,131 | 14,692 | ||||||||
Selling, general and administrative | 12,165 | 10,284 | 9,664 |