Welcome!

News Feed Item

Xilinx Announces Second Quarter 2017 Results; Advanced Products Repeat 60% Year-Over-Year Growth

SAN JOSE, Calif., Oct. 19, 2016 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced second quarter fiscal 2017 sales of $579 million, up 1% sequentially, and up 10% from the second quarter of the prior fiscal year.  Second quarter net income was $164 million, or $0.61 per diluted share.

Logo - http://photos.prnewswire.com/prnh/20020822/XLNXLOGO

The Xilinx Board of Directors declared a quarterly cash dividend of $0.33 per outstanding share of common stock payable on November 23, 2016 to all stockholders of record at the close of business on November 8, 2016. 

Additional second quarter comparisons are represented in the charts below:

GAAP Results







(In millions, except EPS)















Q2

FY 2017

Q1

FY 2017

Q2

FY 2016


 

Q-T-Q

 

Y-T-Y

Net revenues

$579

$575

$528


1%

10%

Operating income

$177

$186

$153


-5%

15%

Net income

$164

$163

$127


1%

29%

Diluted earnings per share

$0.61

$0.61

$0.48


0%

27%








"Xilinx delivered growth for the fourth consecutive quarter.  Advanced Product sales increased 10% sequentially and 61% versus the same quarter of the prior fiscal year.  All three technology nodes in this category achieved new sales records.  Operating profit exceeded 30% for the third consecutive quarter," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "We remain confident in our long term growth strategy and ability to generate strong cash flows, which is the basis for our commitment to shareholder return.  As a result, we are initiating a more deliberate repurchase program to complement our long-standing dividend program."

Net Revenues by Geography:














Percentages


Growth Rates


Q2

FY 2017

Q1

FY 2017

Q2

FY 2016


 

Q-T-Q

 

Y-T-Y

North America

33%

32%

30%


1%

20%

Asia Pacific

38%

40%

40%


-3%

6%

Europe

20%

19%

20%


7%

11%

Japan

9%

9%

10%


3%

-7%

                                                                                                      


Net Revenues by End Market:















Percentages


Growth Rates


Q2

FY 2017

Q1

FY 2017

Q2

FY 2016


 

Q-T-Q

 

Y-T-Y

Communications & Data Center

41%

44%

41%


-6%

9%

Industrial, Aerospace & Defense

41%

39%

41%


7%

11%

Broadcast, Consumer & Automotive

18%

17%

18%


5%

8%








                                                                                                                             

Net Revenues by Product:















Percentages


Growth Rates


Q2

FY 2017

Q1

FY 2017

Q2

FY 2016


 

Q-T-Q

 

Y-T-Y

Advanced  Products

46%

42%

31%


10%

61%

Core Products

54%

58%

69%


-6%

-14%

 

Products are classified as follows:


Advanced products: UltraScale+, UltraScale and 7-series products.

Core products: Virtex-6, Spartan-6, Virtex-5, CoolRunner-II, Virtex-4, Virtex-II, Virtex-E, Spartan-3, Spartan-II, CoolRunner, XC9500, products, configuration solutions, Software & Support/Services.  

 

Key Statistics:




(Dollars in millions)









Q2

FY 2017

Q1

FY 2017

Q2

FY 2016





Annual Return on Equity (%)*

25

25

21





Operating Cash Flow

$184

$339

$140





Depreciation Expense

$11

$12

$12





Capital Expenditures

$11

$21

$5





Combined Inventory Days

111

117

137





Revenue Turns (%)

55

50

51





*Return on equity calculation: Annualized net income/average stockholders' equity

 

Product and Financial Highlights – September Quarter

  • Xilinx intends to utilize the May 2016 repurchase authorization of $1 billion in a more deliberate manner over the next several quarters. This program complements the Company's capital allocation priorities which include investing in the business and continuously growing the dividend.
  • Xilinx recently reached a significant production milestone for the 16nm UltraScale+ portfolio ahead of schedule. Xilinx has now shipped nine unique products to nearly 200 customers in a broad base of markets including automotive, data center and communications.
  • Xilinx announced the expansion of its cost-optimized Spartan, Artix & Zynq product families targeting a wide range of applications including Embedded Vision and Industrial IoT. Today's Embedded Vision and Industrial IoT applications need to collect, aggregate, and analyze data from a variety of sensors for actionable insights. Whether scaling a multi-sensor camera's functionality on a factory floor, or developing a smart drone with an innovative guidance system based on sensor fusion, designers can take advantage of the Xilinx FPGA and SoC portfolio for part or all of their system needs.
  • Xilinx announced that Baidu, the leading Chinese language Internet search provider, is utilizing Xilinx FPGAs to accelerate machine learning applications in their data centers in China. The two companies are collaborating to further expand volume deployment of FPGA-based accelerated platforms. Baidu-optimized FPGA platforms are tuned for machine learning applications such as image and speech recognition. The platforms will also be leveraged in Baidu's initiative to develop commercially viable autonomous cars.
  • Last quarter, Xilinx joined forces with Advanced Micro Devices, ARM, Huawei, IBM, Mellanox, and Qualcomm Technologies Inc., a subsidiary of Qualcomm Incorporated, to bring a high-performance open acceleration framework, "CCIX" to data centers. Just recently this consortium announced that it has tripled its membership welcoming new members representing silicon providers and ecosystem partners in design, verification, software and systems. In addition, the member companies have aligned to the PCI Express architecture as its first transport layer specification.

Business Outlook – December Quarter Fiscal 2017

  • Sales are expected to be approximately flat sequentially.
  • Gross margin is expected to be approximately 69%.
  • Operating expenses are expected to be approximately $245 million including $1 million of amortization of acquisition-related intangibles.
  • Other income and expenses are expected to be a net expense of approximately $2 million.
  • December quarter tax rate is expected to be approximately 14%.

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the September quarter financial results and management's outlook for the December quarter. The webcast and subsequent replay will be available in the investor relations section of the Company's web site at www.investor.xilinx.com.  A telephonic replay of the call may be accessed later in the day by calling (855) 859-2056 and referencing confirmation code 78782757. The telephonic replay will be available for two weeks following the live call. 

This release contains forward-looking statements and projections. Forward-looking statements and projections can often be identified by the use of forward-looking words such as "expect," "believe,"  "may," "will," "could," "anticipate," "estimate," "continue," "plan," "intend," "project" or other similar expressions.  Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements.  Such forward looking statements include, but are not limited to, statements related to the semiconductor market, the growth and acceptance of our products, expected revenue growth, the demand and growth in the markets we serve, opportunity for expansion into new markets, and our plans to repurchase shares of Xilinx stock and our expectations regarding our business outlook for the December quarter of fiscal 2017.  Undue reliance should not be placed on such forward-looking statements and projections, which speak only as of the date they are made. We undertake no obligation to update such forward-looking statements.  Actual events and results may differ materially from those in the forward-looking statements and are subject to risks and uncertainties including market conditions which could impact the ability of the Company to execute the repurchase authorization in a timely manner; customer acceptance of our new products, current global economic conditions, the health of our customers and the end markets in which they participate, our ability to forecast end customer demand, a high dependence on turns business, more customer volume discounts than expected, greater product mix changes than anticipated, fluctuations in manufacturing yields, changing competitive dynamics due to industry consolidation, our ability to deliver product in a timely manner, variability in wafer pricing, costs and liabilities associated with current and future litigation, and other risk factors listed in our most recent Forms 10-Q and 10-K.

About Xilinx

Xilinx is the leading provider of All Programmable FPGAs, SoCs, MPSoCs, and 3D ICs. Xilinx uniquely enables applications that are both software defined and hardware optimized – powering industry advancements in Cloud Computing, Embedded Vision, Industrial IoT, and 5G Wireless. For more information, visit www.xilinx.com.

#1641F

Xilinx, the Xilinx logo, Artix, ISE, Kintex, Spartan, Virtex, Zynq, Vivado, and other designated brands included herein are trademarks of Xilinx in the United States and other countries. All other trademarks are the property of their respective owners.

XLNX-F

 

XILINX, INC.










CONDENSED CONSOLIDATED STATEMENTS OF INCOME





(Unaudited)










(In thousands, except per share amounts)









Three Months Ended


Six Months Ended


October 1, 2016


July 2, 2016


September 26, 2015


October 1, 2016


September 26, 2015

Net revenues

$             579,209


$      574,981


$                    527,572


$          1,154,190


$                 1,076,580

Cost of revenues

175,875


168,297


157,640


344,172


317,594

Gross margin

403,334


406,684


369,932


810,018


758,986

Operating expenses:










Research and development

141,814


136,125


130,220


277,939


256,868

Selling, general and administrative

83,463


83,110


84,761


166,573


166,904

Amortization of acquisition-related intangibles

1,244


1,244


1,769


2,488


3,538

Total operating expenses

226,521


220,479


216,750


447,000


427,310

Operating income

176,813


186,205


153,182


363,018


331,676

Interest and other expense, net

1,151


4,587


9,213


5,738


19,740

Income before income taxes

175,662


181,618


143,969


357,280


311,936

Provision for income taxes

11,470


18,569


16,671


30,039


36,923

Net income

$             164,192


$      163,049


$                    127,298


$             327,241


$                    275,013

Net income per common share:










Basic

$                   0.65


$            0.64


$                          0.49


$                   1.29


$                          1.07

Diluted

$                   0.61


$            0.61


$                          0.48


$                   1.22


$                          1.03

Cash dividends per common share

$                   0.33


$            0.33


$                          0.31


$                   0.66


$                          0.62

Shares used in per share calculations:










Basic

253,466


252,901


257,640


253,056


257,744

Diluted

270,373


266,206


266,046


267,885


268,070

 

XILINX, INC.




CONDENSED CONSOLIDATED BALANCE SHEETS




(In thousands)





October 1, 2016


April 2, 2016


(unaudited)



ASSETS




Current assets:




Cash, cash equivalents and short-term investments

$        3,489,828


$  3,337,699

Accounts receivable, net

227,758


307,458

Inventories

196,922


178,550

Other current assets

104,686


92,951

Total current assets

4,019,194


3,916,658

Net property, plant and equipment

292,488


283,346

Long-term investments

198,545


220,807

Other assets

435,493


398,458

Total Assets

$        4,945,720


$  4,819,269









LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable and accrued liabilities

$           348,748


$     307,222

Deferred income on shipments to distributors

57,404


51,758

Current portion of long-term debt

591,667


585,417

Total current liabilities

997,819


944,397

Long-term debt

994,439


993,639

Deferred tax liabilities

294,875


261,467

Other long-term liabilities

26,072


16,979

Temporary equity

7,368


12,894

Stockholders' equity

2,625,147


2,589,893

Total Liabilities and Stockholders' Equity

$        4,945,720


$  4,819,269

 

XILINX, INC.





SUPPLEMENTAL FINANCIAL INFORMATION





(Unaudited)








(In thousands)









Three Months Ended


Six Months Ended


October 1, 2016


July 2, 2016


September 26, 2015


October 1, 2016


September 26, 2015


SELECTED CASH FLOW INFORMATION:






   Depreciation

$               11,182


$        11,625


$                      12,472


$               22,807


$                      25,725


   Amortization

4,001


3,713


4,354


7,714


8,708


   Stock-based compensation

29,802


29,404


26,681


59,206


53,001


   Net cash provided by operating activities

183,593


338,636


140,346


522,229


327,338


   Purchases of property, plant and equipment

11,313


20,637


5,362


31,950


13,051


   Payment of dividends to stockholders

83,878


83,599


80,196


167,477


160,402


   Repurchases of common stock

99,985


100,154


99,998


200,139


199,998


   Proceeds from issuance of common stock











     to employees, net of withholding taxes

(1,784)


11,297


(3,621)


9,513


14,823













STOCK-BASED COMPENSATION INCLUDED IN:






  Cost of revenues

$                 1,930


$          2,119


$                        1,763


$                 4,049


$                        3,727


  Research and development

16,529


15,120


12,934


31,649


27,626


  Selling, general and administrative

11,343


12,165


11,984


23,508


21,648


Investor Relations Contact:                          
Lori Owen
Xilinx, Inc.
(408) 879-6911
[email protected]

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xilinx-announces-second-quarter-2017-results-advanced-products-repeat-60-year-over-year-growth-300347917.html

SOURCE Xilinx, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
LogMeIn has completed its previously disclosed merger with Citrix Systems, Inc.’s GetGo, Inc. subsidiary, a wholly owned subsidiary consisting of Citrix’s GoTo family of service offerings. The merger officially closed after market hours on January 31, 2017. Effected through a Reverse Morris Trust transaction, the merger brings together two of the preeminent players in cloud connectivity to instantly create one of the world’s top 10 public SaaS companies, and a market leader with the scale, resou...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...