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 April 24, 2019 |
XILINX, INC. | ||||||
Date: April 24, 2019 | By: | /s/ Lorenzo A. Flores | ||||
Lorenzo A. Flores | ||||||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | ||
99.1 |
GAAP | ||||||||
Q4 | Q3 | Q4 | ||||||
FY 2019 | FY 2019 | FY 2018 | Q-T-Q | Y-T-Y | ||||
Net Revenues* | $828 | $800 | $638 | 4% | 30% | |||
Operating income | $250 | $258 | $163 | -3% | 53% | |||
Net income | $245 | $239 | $145 | 2% | 68% | |||
Diluted earnings per share | $0.95 | $0.93 | $0.56 | 2% | 70% | |||
Non-GAAP | ||||||||
Q4 | Q3 | Q4 | ||||||
FY 2019 | FY 2019 | FY 2018 | Q-T-Q | Y-T-Y | ||||
Net Revenues* | $828 | $800 | $638 | 4% | 30% | |||
Operating income | $259 | $263 | $197 | -2% | 31% | |||
Net income | $242 | $237 | $181 | 2% | 34% | |||
Diluted earnings per share | $0.94 | $0.92 | $0.70 | 2% | 34% | |||
* No adjustment between GAAP and Non-GAAP |
Percentages | Growth Rates | |||||
Q4 FY 2019 | Q3 FY 2019 | Q4 FY 2018 | Q-T-Q | Y-T-Y | ||
North America | 27% | 28% | 31% | -3% | 13% | |
Asia Pacific | 47% | 46% | 39% | 6% | 56% | |
Europe | 18% | 18% | 22% | 7% | 12% | |
Japan | 8% | 8% | 8% | 7% | 20% |
Percentages | Growth Rates | |||||
Q4 FY 2019 | Q3 FY 2019 | Q4 FY 2018 | Q-T-Q | Y-T-Y | ||
Communications | 41% | 35% | 31% | 23% | 74% | |
Data Center and TME | 18% | 21% | 25% | -12% | -7% | |
Automotive, Broadcast and Consumer | 14% | 15% | 15% | -6% | 20% | |
Industrial, Aerospace & Defense | 27% | 27% | 35% | 2% | 1% | |
Channel | 0% | 2% | -6% | NM | NM |
Percentages | Growth Rates | |||||
Q4 FY 2019 | Q3 FY 2019 | Q4 FY 2018 | Q-T-Q | Y-T-Y | ||
Advanced Products | 68% | 66% | 57% | 8% | 55% | |
Core Products | 32% | 34% | 43% | -4% | -4% |
Q4 FY 2019 | Q3 FY 2019 | Q4 FY 2018 | |
Annual Return on Equity (%)* | 34 | 34 | 19 |
Operating Cash Flow | $288 | $314 | $242 |
Depreciation Expense (including software amortization) | $22 | $18 | $16 |
Capital Expenditures (including software) | $28 | $20 | $21 |
Combined Inventory Days | 112 | 109 | 117 |
Revenue Turns (%) | 35 | 40 | 33 |
• | Driven by 5G, Communications revenues increased 34% compared to last fiscal year. Wireless strength resulted from momentum across both radio and baseband applications with OEM customers; especially due to 5G deployment in South Korea and preparation for 5G deployment in China. During the year, Xilinx and Samsung jointly enabled the world’s first 5G NR commercial deployment. Xilinx also expanded its breakthrough RFSoC portfolio to the full sub-6GHz spectrum support that is required for 5G. |
• | Data Center and Test, Measurement & Emulation (TME) revenues grew double digits during fiscal year 2019, driven by the Data Center business which grew 40%. During the fiscal year, Xilinx demonstrated strong design-win momentum across hyperscalers, enterprise customers and partners and increased the cumulative number of Xilinx ISV partners to over 500. Xilinx continued to enable key Xilinx platform and Alveo partners through its corporate venture initiatives, doubling ecosystems investments year over year to more than 20 portfolio companies addressing key applications in a variety of areas including data analytics, financial computing and video streaming acceleration. |
• | Xilinx Automotive business grew double digits reflecting the Company’s leading and growing position in Advanced Driver Assist Systems (ADAS). During the fiscal year, Daimler showcased its AI solution in the new Mercedes GLE Sport Utility Vehicle that is powered by Xilinx products. In addition, ZF Friedrichshafen AG, a global leader and Tier-1 automotive supplier announced a strategic collaboration in which Xilinx technology will power its highly advanced AI-based |
• | Industrial, Aerospace & Defense as well as Automotive, Broadcast and Consumer primary end markets grew to new sales records, with each market supported by a robust and diversified portfolio. Industrial, Aerospace & Defense strength was driven primarily by Industrial growing double digits. Revenues from Automotive, Broadcast and Consumer were driven by double digit growth from each of the businesses. |
GAAP | Non-GAAP Adjustments | Non-GAAP | |
Revenues | $835M - $865M | — | $835M - $865M |
Gross Margin | ~66% | — | ~66% |
Operating Expenses | ~$315M | $7M (1) | ~$308M |
Other Income | ~$15M | — | ~$15M |
Tax Rate | 7% - 9% | — | 7% -9% |
(1) | Includes an estimated $7 million in M&A related expenses and amortization of acquisition related intangibles |
XILINX, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
March 30, 2019 | December 29, 2018 | March 31, 2018* | March 30, 2019 | March 31, 2018* | |||||||||||||||
Net revenues | $ | 828,361 | $ | 800,057 | $ | 638,191 | $ | 3,059,040 | $ | 2,467,023 | |||||||||
Cost of revenues | 269,457 | 247,903 | 188,941 | 955,868 | 743,419 | ||||||||||||||
Gross margin | 558,904 | 552,154 | 449,250 | 2,103,172 | 1,723,604 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 199,500 | 189,329 | 162,483 | 743,027 | 639,750 | ||||||||||||||
Selling, general and administrative | 107,160 | 103,039 | 89,348 | 398,416 | 362,329 | ||||||||||||||
Amortization of acquisition-related intangibles | 1,866 | 1,866 | 584 | 4,930 | 2,152 | ||||||||||||||
Executive transition costs | — | — | 33,351 | — | 33,351 | ||||||||||||||
Total operating expenses | 308,526 | 294,234 | 285,766 | 1,146,373 | 1,037,582 | ||||||||||||||
Operating income | 250,378 | 257,920 | 163,484 | 956,799 | 686,022 | ||||||||||||||
Interest and other income (expense), net | 9,302 | (1,330 | ) | (3,781 | ) | 11,533 | 5,357 | ||||||||||||
Income before income taxes | 259,680 | 256,590 | 159,703 | 968,332 | 691,379 | ||||||||||||||
Provision for income taxes | 15,040 | 17,230 | 14,232 | 78,582 | 227,398 | ||||||||||||||
Net income | $ | 244,640 | $ | 239,360 | $ | 145,471 | $ | 889,750 | $ | 463,981 | |||||||||
Net income per common share: | |||||||||||||||||||
Basic | $ | 0.96 | $ | 0.95 | $ | 0.57 | $ | 3.52 | $ | 1.86 | |||||||||
Diluted | $ | 0.95 | $ | 0.93 | $ | 0.56 | $ | 3.47 | $ | 1.80 | |||||||||
Cash dividends per common share | $ | 0.36 | $ | 0.36 | $ | 0.35 | $ | 1.44 | $ | 1.40 | |||||||||
Shares used in per share calculations: | |||||||||||||||||||
Basic | 253,855 | 253,060 | 254,559 | 252,762 | 249,595 | ||||||||||||||
Diluted | 258,177 | 256,374 | 257,916 | 256,434 | 257,960 | ||||||||||||||
* Fiscal 2018 balances have been restated to conform to the new revenue recognition standard (ASC 606). |
XILINX, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
March 30, 2019 | March 31, 2018* | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash, cash equivalents and short-term investments | $ | 3,175,684 | $ | 3,447,570 | |||
Accounts receivable, net | 335,165 | 382,246 | |||||
Inventories | 315,358 | 236,077 | |||||
Other current assets | 65,771 | 88,695 | |||||
Total current assets | 3,891,978 | 4,154,588 | |||||
Net property, plant and equipment | 328,929 | 304,117 | |||||
Long-term investments | 53,433 | 97,896 | |||||
Other assets | 877,008 | 503,946 | |||||
Total assets | $ | 5,151,348 | $ | 5,060,547 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 475,036 | $ | 412,759 | |||
Current portion of long-term debt | — | 499,186 | |||||
Total current liabilities | 475,036 | 911,945 | |||||
Long-term debt | 1,234,807 | 1,214,440 | |||||
Other long-term liabilities | 579,996 | 573,809 | |||||
Stockholders' equity | 2,861,509 | 2,360,353 | |||||
Total Liabilities and Stockholders' Equity | $ | 5,151,348 | $ | 5,060,547 | |||
* Fiscal 2018 balances have been restated to conform to the new revenue recognition standard (ASC 606). | |||||||
XILINX, INC. | |||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
March 30, 2019 | December 29, 2018 | March 31, 2018 | March 30, 2019 | March 31, 2018 | |||||||||||||||
SELECTED CASH FLOW INFORMATION: | |||||||||||||||||||
Depreciation and amortization of software | $ | 21,607 | $ | 17,974 | $ | 15,756 | $ | 70,704 | $ | 50,172 | |||||||||
Amortization | 10,195 | 7,984 | 33,963 | 33,656 | 46,582 | ||||||||||||||
Stock-based compensation | 38,748 | 38,641 | 48,606 | 147,942 | 153,815 | ||||||||||||||
Net cash provided by operating activities | 288,007 | 313,917 | 242,293 | 1,091,215 | 820,027 | ||||||||||||||
Purchases of property, plant ,equipment and software | 28,242 | 20,270 | 20,978 | 89,045 | 49,918 | ||||||||||||||
Payment of dividends to stockholders | 91,384 | 91,108 | 89,302 | 364,244 | 353,053 | ||||||||||||||
Repayment of debt | 500,000 | — | — | 500,000 | 457,918 | ||||||||||||||
Repurchases of common stock | — | 1,015 | 163,448 | 161,551 | 474,254 | ||||||||||||||
STOCK-BASED COMPENSATION INCLUDED IN: | |||||||||||||||||||
Cost of revenues | $ | 2,170 | $ | 2,366 | $ | 2,006 | $ | 8,820 | $ | 8,492 | |||||||||
Research and development | 23,099 | 22,352 | 19,011 | 86,428 | 76,790 | ||||||||||||||
Selling, general and administrative | 13,479 | 13,923 | 10,968 | 52,694 | 51,912 | ||||||||||||||
Executive transition costs | — | — | 16,621 | — | 16,621 |
XILINX, INC. | |||||||||||||||||||
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
March 30, 2019 | December 29, 2018 | March 31, 2018* | March 30, 2019 | March 31, 2018* | |||||||||||||||
GAAP operating income | $ | 250,378 | $ | 257,920 | $ | 163,484 | $ | 956,799 | $ | 686,022 | |||||||||
Acquisition-related costs | 6,560 | 3,208 | — | 13,469 | — | ||||||||||||||
Amortization of acquisition-related intangibles | 1,866 | 1,866 | 584 | 4,930 | 2,152 | ||||||||||||||
Executive transition costs | — | — | 33,351 | — | 33,351 | ||||||||||||||
Non-GAAP operating income | $ | 258,804 | $ | 262,994 | $ | 197,419 | $ | 975,198 | $ | 721,525 | |||||||||
GAAP net income | $ | 244,640 | $ | 239,360 | $ | 145,471 | $ | 889,750 | $ | 463,981 | |||||||||
Acquisition-related costs | 6,560 | 3,208 | — | 13,469 | — | ||||||||||||||
Amortization of acquisition-related intangibles | 1,866 | 1,866 | 584 | 4,930 | 2,152 | ||||||||||||||
Executive transition costs | — | — | 33,351 | — | 33,351 | ||||||||||||||
Gain from private investments | — | — | — | (6,503 | ) | — | |||||||||||||
Income tax effect of changes in applicable U.S. tax laws | (8,508 | ) | (6,949 | ) | 11,623 | (6,100 | ) | 190,503 | |||||||||||
Income tax effect of non-GAAP adjustments | (2,330 | ) | (559 | ) | (10,045 | ) | (3,050 | ) | (10,045 | ) | |||||||||
Non-GAAP net income | $ | 242,228 | $ | 236,926 | $ | 180,984 | $ | 892,496 | $ | 679,942 | |||||||||
GAAP diluted EPS | $ | 0.95 | $ | 0.93 | $ | 0.56 | $ | 3.47 | $ | 1.80 | |||||||||
Acquisition-related costs | 0.02 | 0.01 | — | 0.05 | — | ||||||||||||||
Amortization of acquisition-related intangibles | 0.01 | 0.01 | — | 0.02 | 0.01 | ||||||||||||||
Executive transition costs | — | — | 0.13 | — | 0.13 | ||||||||||||||
Gain from private investments | — | — | — | (0.03 | ) | — | |||||||||||||
Income tax effect of changes in applicable U.S. tax laws | (0.03 | ) | (0.03 | ) | 0.05 | (0.02 | ) | 0.74 | |||||||||||
Income tax effect of non-GAAP adjustments | (0.01 | ) | — | (0.04 | ) | (0.01 | ) | (0.04 | ) | ||||||||||
Non-GAAP diluted EPS | $ | 0.94 | $ | 0.92 | $ | 0.70 | $ | 3.48 | $ | 2.64 | |||||||||
* Fiscal 2018 balances have been restated to conform to the new revenue recognition standard (ASC 606). |