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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
(d) | Exhibits |
Exhibit No. | Description | ||
99.1 | Press release of Xilinx, Inc. dated October 25, 2017 |
XILINX, INC. | ||||||
Date: October 25, 2017 | By: | /s/ Lorenzo A. Flores | ||||
Lorenzo A. Flores | ||||||
Senior Vice President and Chief Financial Officer |
Exhibit No. | Description | ||
99.1 |
Q2 FY 2018 | Q1 FY 2018 | Q2 FY 2017 | Q-T-Q | Y-T-Y | ||
Net revenues | $620 | $615 | $579 | 1% | 7% | |
Operating income | $185 | $180 | $177 | 3% | 5% | |
Net income | $168 | $167 | $164 | 0% | 2% | |
Diluted earnings per share | $0.65 | $0.63 | $0.61 | 3% | 7% |
Percentages | Growth Rates | |||||
Q2 FY 2018 | Q1 FY 2018 | Q2 FY 2017 | Q-T-Q | Y-T-Y | ||
North America | 31% | 29% | 33% | 8% | 1% | |
Asia Pacific | 40% | 43% | 38% | -7% | 12% | |
Europe | 20% | 19% | 20% | 2% | 4% | |
Japan | 9% | 9% | 9% | 8% | 14% |
Percentages | Growth Rates | |||||
Q2 FY 2018 | Q1 FY 2018 | Q2 FY 2017 | Q-T-Q | Y-T-Y | ||
Communications & Data Center | 37% | 41% | 41% | -10% | -5% | |
Industrial, Aerospace & Defense | 45% | 42% | 41% | 7% | 17% | |
Broadcast, Consumer & Automotive | 18% | 17% | 18% | 11% | 12% |
Percentages | Growth Rates | |||||
Q2 FY 2018 | Q1 FY 2018 | Q2 FY 2017 | Q-T-Q | Y-T-Y | ||
Advanced Products | 52% | 52% | 46% | 1% | 21% | |
Core Products | 48% | 48% | 54% | 1% | -5% |
Q2 FY 2018 | Q1 FY 2018 | Q2 FY 2017 | |
Annual Return on Equity (%)* | 27 | 27 | 25 |
Operating Cash Flow | $202 | $191 | $184 |
Depreciation Expense | $12 | $11 | $11 |
Capital Expenditures | $12 | $10 | $11 |
Combined Inventory Days | 116 | 111 | 111 |
Revenue Turns (%) | 53 | 42 | 55 |
• | The Industrial, Aerospace & Defense end market set a quarterly record with revenues of $278 million, an increase of 17% from the same quarter a year ago, and constituted 45% of total Xilinx revenues. The success of this end market is a clear illustration of the robustness and diversification of the Xilinx product portfolio. |
• | The Advanced Products category continues to deliver solid revenue growth, posting an increase of 21% from the year ago quarter. Broad-based growth was driven from the Zynq SoC platform and from the industry-leading 20nm and 16nm technology nodes. Zynq revenue increased 65% from the same quarter a year ago with growth driven largely by applications in Advanced Driver Assist (ADAS), Industrial, and Aerospace and Defense. Revenues from the 20nm node increased more than 40% from the year ago quarter and revenues from the 16nm node nearly quadrupled during the same period, reflecting broader customer and multi-market adoption. |
• | Xilinx made several significant announcements highlighting strong momentum in its Cloud Computing market expansion opportunity. Xilinx announced availability of the software defined development environment, SDAccel, on Amazon Web Services (AWS) for use with F1 instances. In addition, Xilinx announced that Huawei has chosen the Company’s high performance Virtex® UltraScale+™ FPGAs to power their first FaaS instance as part of a new accelerated cloud service. Lastly, Alibaba Cloud, the largest cloud service provider in China, recently announced its next generation FaaS F2 and F3 instances, based on Xilinx FPGAs. |
• | Xilinx, ARM, Cadence and TSMC announced a collaboration to build the first Cache Coherent Interconnect for Accelerators (CCIX) test chip in TSMC 7nm FinFET process |
• | Xilinx announced delivery of its Zynq® UltraScale+™ RFSoC family, a disruptive integration and architectural breakthrough for applications including 5G, cable and wireless backhaul. Based on Xilinx’s 16nm technology, the RFSoCs integrate RF data converters for up to 50-75% system power and footprint reduction. With silicon samples already shipping to multiple customers, the early access program for this product family is now available. |
• | Sales are expected to be approximately $615 - $645 million. |
• | Gross margin is expected to be 69% to 71%. |
• | Operating expenses are expected to increase to approximately $260 million. |
• | Other income is expected to be approximately $4 million. |
• | December quarter tax rate is expected to be approximately 11 - 14%. |
XILINX, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | |||||||||||||||
Net revenues | $ | 619,503 | $ | 615,446 | $ | 579,209 | $ | 1,234,949 | $ | 1,154,190 | |||||||||
Cost of revenues | 184,786 | 192,095 | 175,875 | 376,881 | 344,172 | ||||||||||||||
Gross margin | 434,717 | 423,351 | 403,334 | 858,068 | 810,018 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 157,985 | 153,051 | 141,814 | 311,036 | 277,939 | ||||||||||||||
Selling, general and administrative | 91,053 | 89,175 | 83,463 | 180,228 | 166,573 | ||||||||||||||
Amortization of acquisition-related intangibles | 510 | 705 | 1,244 | 1,215 | 2,488 | ||||||||||||||
Total operating expenses | 249,548 | 242,931 | 226,521 | 492,479 | 447,000 | ||||||||||||||
Operating income | 185,169 | 180,420 | 176,813 | 365,589 | 363,018 | ||||||||||||||
Interest and other income (expense), net | 1,831 | 1,839 | (1,151 | ) | 3,669 | (5,738 | ) | ||||||||||||
Income before income taxes | 187,000 | 182,259 | 175,662 | 369,258 | 357,280 | ||||||||||||||
Provision for income taxes | 19,468 | 15,014 | 11,470 | 34,481 | 30,039 | ||||||||||||||
Net income | $ | 167,532 | $ | 167,245 | $ | 164,192 | $ | 334,777 | $ | 327,241 | |||||||||
Net income per common share: | |||||||||||||||||||
Basic | $ | 0.68 | $ | 0.67 | $ | 0.65 | $ | 1.35 | $ | 1.29 | |||||||||
Diluted | $ | 0.65 | $ | 0.63 | $ | 0.61 | $ | 1.28 | $ | 1.22 | |||||||||
Cash dividends per common share | $ | 0.35 | $ | 0.35 | $ | 0.33 | $ | 0.70 | $ | 0.66 | |||||||||
Shares used in per share calculations: | |||||||||||||||||||
Basic | 248,094 | 247,911 | 253,466 | 247,960 | 253,056 | ||||||||||||||
Diluted | 258,217 | 265,797 | 270,373 | 261,739 | 267,885 |
XILINX, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
September 30, 2017 | April 1, 2017* | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash, cash equivalents and short-term investments | $ | 3,560,220 | $ | 3,321,457 | |||
Accounts receivable, net | 286,855 | 243,915 | |||||
Inventories | 215,397 | 227,033 | |||||
Other current assets | 109,758 | 87,711 | |||||
Total current assets | 4,172,230 | 3,880,116 | |||||
Net property, plant and equipment | 304,118 | 303,825 | |||||
Long-term investments | 99,862 | 116,288 | |||||
Other assets | 454,640 | 440,303 | |||||
Total Assets | $ | 5,030,850 | $ | 4,740,532 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 372,255 | $ | 386,301 | |||
Deferred income on shipments to distributors | 50,966 | 54,567 | |||||
Current portion of long-term debt | — | 456,328 | |||||
Total current liabilities | 423,221 | 897,196 | |||||
Long-term debt | 1,738,666 | 995,247 | |||||
Deferred tax liabilities | 359,323 | 317,639 | |||||
Other long-term liabilities | 23,557 | 21,411 | |||||
Temporary equity | — | 1,406 | |||||
Stockholders' equity | 2,486,083 | 2,507,633 | |||||
Total Liabilities and Stockholders' Equity | $ | 5,030,850 | $ | 4,740,532 | |||
* Derived from audited financial statements | |||||||
XILINX, INC. | |||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | |||||||||||||||
SELECTED CASH FLOW INFORMATION: | |||||||||||||||||||
Depreciation | $ | 11,732 | $ | 11,232 | $ | 11,182 | $ | 22,964 | $ | 22,807 | |||||||||
Amortization | 3,432 | 3,729 | 4,001 | 7,161 | 7,714 | ||||||||||||||
Stock-based compensation | 36,372 | 32,036 | 29,802 | 68,408 | 59,206 | ||||||||||||||
Net cash provided by operating activities | 202,140 | 190,908 | 183,593 | 393,048 | 522,229 | ||||||||||||||
Purchases of property, plant and equipment | 12,223 | 9,926 | 11,313 | 22,149 | 31,950 | ||||||||||||||
Payment of dividends to stockholders | 86,957 | 87,303 | 83,878 | 174,260 | 167,477 | ||||||||||||||
Repurchases of common stock | 170,454 | 67,062 | 99,985 | 237,516 | 200,139 | ||||||||||||||
Net proceeds (withholding) from issuance of | |||||||||||||||||||
common stock to employees | (23,765 | ) | 1,070 | (1,784 | ) | (22,695 | ) | 9,513 | |||||||||||
STOCK-BASED COMPENSATION INCLUDED IN: | |||||||||||||||||||
Cost of revenues | $ | 2,147 | $ | 2,150 | $ | 1,930 | $ | 4,297 | $ | 4,049 | |||||||||
Research and development | 20,096 | 17,466 | 16,529 | 37,562 | 31,649 | ||||||||||||||
Selling, general and administrative | 14,129 | 12,420 | 11,343 | 26,549 | 23,508 |