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 January 24, 2018 |
XILINX, INC. | ||||||
Date: January 24, 2018 | By: | /s/ Lorenzo A. Flores | ||||
Lorenzo A. Flores | ||||||
Senior Vice President and Chief Financial Officer |
Exhibit No. | Description | ||
99.1 |
Q3 FY 2018 | Q2 FY 2018 | Q3 FY 2017 | Q-T-Q | Y-T-Y | ||
Net revenues | $631 | $620 | $586 | 2% | 8% | |
Operating income | $190 | $185 | $163 | 2% | 16% | |
Net income | $12 | $168 | $142 | -93% | -92% | |
Diluted earnings per share | $0.05 | $0.65 | $0.52 | -92% | -90% |
Percentages | Growth Rates | |||||
Q3 FY 2018 | Q2 FY 2018 | Q3 FY 2017 | Q-T-Q | Y-T-Y | ||
North America | 31% | 31% | 30% | 3% | 12% | |
Asia Pacific | 41% | 40% | 43% | 3% | 3% | |
Europe | 20% | 20% | 19% | 2% | 11% | |
Japan | 8% | 9% | 8% | -8% | 10% |
Percentages | Growth Rates | |||||
Q3 FY 2018 | Q2 FY 2018 | Q3 FY 2017 | Q-T-Q | Y-T-Y | ||
Communications & Data Center | 35% | 37% | 44% | -2% | -12% | |
Industrial, Aerospace & Defense | 47% | 45% | 41% | 7% | 23% | |
Broadcast, Consumer & Automotive | 18% | 18% | 15% | -3% | 24% |
Percentages | Growth Rates | |||||
Q3 FY 2018 | Q2 FY 2018 | Q3 FY 2017 | Q-T-Q | Y-T-Y | ||
Advanced Products | 56% | 52% | 47% | 10% | 30% | |
Core Products | 44% | 48% | 53% | -7% | -12% |
Q3 FY 2018 | Q2 FY 2018 | Q3 FY 2017 | |
Annual Return on Equity (%)* | 19 | 27 | 25 |
Operating Cash Flow | $185 | $202 | $106 |
Depreciation Expense | $11 | $12 | $11 |
Capital Expenditures | $7 | $12 | $20 |
Combined Inventory Days | 121 | 116 | 114 |
Revenue Turns (%) | 46 | 53 | 56 |
• | The Advanced Products category continues to deliver strong revenue growth, posting an increase of 30% from the year ago quarter and constituting 56% of total sales. Broad-based growth was driven by the industry-leading 20nm and 16nm technology nodes. Revenues from the 20nm node grew significantly to a new record, increasing more than 70% from the same quarter year ago and the 16nm node continued its accelerated ramp with sales more than quadrupling during the same period, reflecting very broad-based customer adoption. |
• | The Industrial, Aerospace & Defense end market set another quarterly record with revenues of $297 million, an increase of 23% from the same quarter a year ago, driven by significant strength in Semiconductor Test and Emulation Applications. Xilinx’s unrivaled technology leadership has been a significant driver for the record-setting revenue performance. |
• | Xilinx achieved its operating margin target of 30%, one quarter ahead of schedule, while continuing investments in its technology leadership, share gains, and market expansion efforts for sustained revenue growth. Xilinx remains committed to returning cash to shareholders and during the first nine months of the fiscal year we have returned approximately 100% of our operating cash flow back to shareholders through a combination of dividends and share repurchases. |
• | Xilinx continued to demonstrate strong customer momentum in its Cloud Computing market expansion opportunity. Market leader Alibaba recently announced plans for two generations of FPGA as a Service (FaaS) F2 and F3 using Virtex® Ultrascale +™ |
• | Sales are expected to be approximately $635 - $665 million. |
• | Gross margin is expected to be 69% to 71%. |
• | Operating expenses are expected to increase to approximately $285 million, including a one-time charge of approximately $30 million primarily related to executive transition. |
• | Other income is expected to be approximately $3 million. |
• | March quarter tax rate is expected to be approximately 0 - 5%. |
XILINX, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
December 30, 2017 | September 30, 2017 | December 31, 2016 | December 30, 2017 | December 31, 2016 | |||||||||||||||
Net revenues | $ | 631,193 | $ | 619,503 | $ | 585,688 | $ | 1,866,142 | $ | 1,739,877 | |||||||||
Cost of revenues | 182,156 | 184,786 | 178,233 | 559,037 | 522,404 | ||||||||||||||
Gross margin | 449,037 | 434,717 | 407,455 | 1,307,105 | 1,217,473 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 166,231 | 157,985 | 159,248 | 477,267 | 437,187 | ||||||||||||||
Selling, general and administrative | 92,753 | 91,053 | 83,780 | 272,981 | 250,353 | ||||||||||||||
Amortization of acquisition-related intangibles | 353 | 510 | 1,455 | 1,568 | 3,943 | ||||||||||||||
Total operating expenses | 259,337 | 249,548 | 244,483 | 751,816 | 691,483 | ||||||||||||||
Operating income | 189,700 | 185,169 | 162,972 | 555,289 | 525,990 | ||||||||||||||
Interest and other income (expense), net | 5,469 | 1,831 | (392 | ) | 9,138 | (6,130 | ) | ||||||||||||
Income before income taxes | 195,169 | 187,000 | 162,580 | 564,427 | 519,860 | ||||||||||||||
Provision for income taxes | 183,224 | 19,468 | 20,734 | 217,705 | 50,773 | ||||||||||||||
Net income | $ | 11,945 | $ | 167,532 | $ | 141,846 | $ | 346,722 | $ | 469,087 | |||||||||
Net income per common share: | |||||||||||||||||||
Basic | $ | 0.05 | $ | 0.68 | $ | 0.57 | $ | 1.39 | $ | 1.86 | |||||||||
Diluted | $ | 0.05 | $ | 0.65 | $ | 0.52 | $ | 1.34 | $ | 1.74 | |||||||||
Cash dividends per common share | $ | 0.35 | $ | 0.35 | $ | 0.33 | $ | 1.05 | $ | 0.99 | |||||||||
Shares used in per share calculations: | |||||||||||||||||||
Basic | 254,089 | 248,094 | 250,982 | 248,671 | 252,811 | ||||||||||||||
Diluted | 258,108 | 258,217 | 270,781 | 258,995 | 269,182 |
XILINX, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
December 30, 2017 | April 1, 2017* | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash, cash equivalents and short-term investments | $ | 3,541,576 | $ | 3,321,457 | |||
Accounts receivable, net | 348,464 | 243,915 | |||||
Inventories | 226,533 | 227,033 | |||||
Other current assets | 81,310 | 87,711 | |||||
Total current assets | 4,197,883 | 3,880,116 | |||||
Net property, plant and equipment | 303,984 | 303,825 | |||||
Long-term investments | 102,375 | 116,288 | |||||
Other assets | 515,377 | 440,303 | |||||
Total Assets | $ | 5,119,619 | $ | 4,740,532 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 429,421 | $ | 386,301 | |||
Deferred income on shipments to distributors | 32,974 | 54,567 | |||||
Current portion of long-term debt | — | 456,328 | |||||
Total current liabilities | 462,395 | 897,196 | |||||
Long-term debt | 1,730,211 | 995,247 | |||||
Deferred tax liabilities | 110 | 317,639 | |||||
Long-term income taxes payable | 531,522 | 4,503 | |||||
Other long-term liabilities | 30,747 | 16,908 | |||||
Temporary equity | — | 1,406 | |||||
Stockholders' equity | 2,364,634 | 2,507,633 | |||||
Total Liabilities and Stockholders' Equity | $ | 5,119,619 | $ | 4,740,532 | |||
* Derived from audited financial statements | |||||||
XILINX, INC. | |||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
December 30, 2017 | September 30, 2017 | December 31, 2016 | December 30, 2017 | December 31, 2016 | |||||||||||||||
SELECTED CASH FLOW INFORMATION: | |||||||||||||||||||
Depreciation | $ | 11,452 | $ | 11,732 | $ | 11,110 | $ | 34,416 | $ | 33,917 | |||||||||
Amortization | 5,458 | 3,432 | 4,887 | 12,619 | 12,601 | ||||||||||||||
Stock-based compensation | 36,801 | 36,372 | 30,867 | 105,209 | 90,073 | ||||||||||||||
Net cash provided by operating activities | 184,686 | 202,140 | 105,584 | 577,734 | 627,813 | ||||||||||||||
Purchases of property, plant and equipment | 6,791 | 12,223 | 19,875 | 28,940 | 51,825 | ||||||||||||||
Payment of dividends to stockholders | 89,491 | 86,957 | 83,256 | 263,751 | 250,733 | ||||||||||||||
Repurchases of common stock | 73,290 | 170,454 | 213,844 | 310,806 | 413,983 | ||||||||||||||
Net proceeds (withholding) from issuance | |||||||||||||||||||
of common stock to employees | (2,131 | ) | (23,765 | ) | 1,195 | (24,826 | ) | 10,708 | |||||||||||
STOCK-BASED COMPENSATION INCLUDED IN: | |||||||||||||||||||
Cost of revenues | $ | 2,188 | $ | 2,147 | $ | 1,945 | $ | 6,486 | $ | 5,994 | |||||||||
Research and development | 20,217 | 20,096 | 17,154 | 57,779 | 48,803 | ||||||||||||||
Selling, general and administrative | 14,396 | 14,129 | 11,768 | 40,944 | 35,276 |