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 January 25, 2017 |
XILINX, INC. | ||||||
Date: January 25, 2017 | 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 January 25, 2017 |
Q3 FY 2017 | Q2 FY 2017 | Q3 FY 2016 | Q-T-Q | Y-T-Y | ||
Net revenues | $586 | $579 | $566 | 1% | 3% | |
Operating income | $163 | $177 | $160 | -8% | 2% | |
Net income | $142 | $164 | $131 | -14% | 8% | |
Diluted earnings per share | $0.52 | $0.61 | $0.49 | -15% | 6% |
Percentages | Growth Rates | |||||
Q3 FY 2017 | Q2 FY 2017 | Q3 FY 2016 | Q-T-Q | Y-T-Y | ||
North America | 30% | 33% | 32% | -7% | -3% | |
Asia Pacific | 43% | 38% | 41% | 12% | 9% | |
Europe | 19% | 20% | 17% | -4% | 13% | |
Japan | 8% | 9% | 10% | -5% | -14% |
Percentages | Growth Rates | |||||
Q3 FY 2017 | Q2 FY 2017 | Q3 FY 2016 | Q-T-Q | Y-T-Y | ||
Communications & Data Center | 44% | 41% | 43% | 7% | 4% | |
Industrial, Aerospace & Defense | 41% | 41% | 41% | 1% | 5% | |
Broadcast, Consumer & Automotive | 15% | 18% | 16% | -13% | -2% |
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% |
Q3 FY 2017 | Q2 FY 2017 | Q3 FY 2016 | |
Annual Return on Equity (%)* | 25 | 25 | 21 |
Operating Cash Flow | $106 | $184 | $292 |
Depreciation Expense | $11 | $11 | $13 |
Capital Expenditures | $20 | $11 | $6 |
Combined Inventory Days | 114 | 111 | 119 |
Revenue Turns (%) | 56 | 55 | 49 |
• | 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 that Amazon Web Services (AWS) is deploying Xilinx 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 including Xilinx's Vivado Design Suite and Vivado license. |
• | 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. |
• | March 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 | Nine Months Ended | ||||||||||||||||||
December 31, 2016 | October 1, 2016 | January 2, 2016 | December 31, 2016 | January 2, 2016 | |||||||||||||||
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 |
XILINX, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
December 31, 2016 | April 2, 2016 | ||||||
(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 | |||
XILINX, INC. | |||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
December 31, 2016 | October 1, 2016 | January 2, 2016 | December 31, 2016 | January 2, 2016 | |||||||||||||||
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 |