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Xilinx Announces Q1 Fiscal 2016 Results; 20nm Sales Exceed $10 Million

SAN JOSE, Calif., July 22, 2015 — (PRNewswire) —  Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2016 sales of $549 million, down 3% from the prior quarter and down 10% from the same quarter of the prior fiscal year. First quarter fiscal 2016 gross margin was 71% and net income was $148 million, or $0.55 per diluted share.

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

The Xilinx Board of Directors announced a quarterly cash dividend of $0.31 per outstanding share of common stock, payable on August 26, 2015 to all stockholders of record at the close of business on August 6, 2015.

Additional first quarter comparisons are represented in the charts below:  

GAAP Results

(In millions, except EPS)








  Growth Rates


Q1

FY 2016

Q4

FY 2015

Q1

FY 2015


Q-T-Q

Y-T-Y

Net revenues

$549

$567

$613


-3%

-10%

Operating income

$178

$159

$207


13%

-14%

Net income

$148

$135

$174


10%

-15%

Diluted earnings per share

$0.55

$0.50

$0.62


10%

-11%

"The quarter was marked by strong profitability with Xilinx delivering a 71% gross margin," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "From a product perspective, technology leadership on the 20nm node is translating to sales leadership.  During the quarter, sales from Xilinx's newest 20nm Ultrascale™ product family surpassed $10 million with particular strength coming from Virtex® Ultrascale, the industry's only 20nm, high-end FPGA family.  In addition, sales from the Company's 28nm Zynq®-7000 platform were exceptionally strong during the quarter with primary strength from ADAS applications."

Net Revenues by Geography:










Percentages 



Growth Rates


Q1

FY 2016

Q4

FY 2015

Q1

FY 2015


Q-T-Q

Y-T-Y

North America

34%

32%

26%


2%

18%

Asia Pacific

36%

37%

43%


-7%

-24%

Europe

19%

21%

21%


-11%

-19%

Japan

11%

10%

10%


8%

-5%

                                                                             

Net Revenues by End Market:










Percentages



Growth Rates


Q1
FY 2016

Q4

FY 2015

Q1

FY 2015


Q-T-Q

Y-T-Y

Communications & Data Center

38%

41%

53%


-11%

-36%

Industrial, Aerospace & Defense

44%

42%

31%


3%

27%

Broadcast, Consumer & Automotive

18%

17%

16%


1%

2%

















Note:  The end market categories represented above have been restated to reflect the consolidation of the Other category into Communications & Data Center.  For comparative purposes, we have provided supplemental information on our website at www.investor.xilinx.com that presents results based on previous classifications. 

Net Revenues by Product:










Percentages  



Growth Rates


Q1

FY 2016

Q4

FY 2015

Q1

FY 2015


Q-T-Q

 

Y-T-Y

New

38%

41%

31%


-10%

10%

Mainstream

25%

25%

37%


-4%

-40%

Base

34%

30%

29%


8%

5%

Support

3%

4%

3%


-8%

-4%

 

Products are classified as follows:

 

New products: Virtex and Kintex® Ultrascale, Virtex7, Kintex7, Artix®-7, Zynq-7000, Spartan™6 products
Mainstream products: Virtex-6, Virtex5, and CoolRunner™II products
Base products: Virtex4, VirtexII, VirtexE, Spartan-3 Spartan-II,  CoolRunner and XC9500 products
Support products:
Configuration solutions, HardWire, Software & Support/Services

 

Note:  The product categories represented above have been modified to make categories more meaningful given new product introductions and the maturing of products.  For comparative purposes, we have provided supplemental information on our website at www.investor.xilinx.com that presents results based on previous classifications.

 

Key Statistics:

(Dollars in millions)






Q1

FY 2016

Q4

FY 2015

Q1

FY 2015





Annual Return on Equity (%)*

22

24

25





Operating Cash Flow

$183

$166

$130





Depreciation Expense

$13

$14

$13





Capital Expenditures

$8

$6

$9





Combined Inventory Days

138

136

135





Revenue Turns (%)

46

51

47


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

 

Highlights – June Quarter Fiscal 2016

Business Outlook – September Quarter Fiscal 2016

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the June quarter financial results and management's outlook for the September 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 65209454. 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 expectations regarding our business outlook for the September quarter of fiscal 2016.  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 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, our ability to deliver product in a timely manner, our ability to successfully manage production at multiple foundries, 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 develops All Programmable technologies and devices, beyond hardware to software, digital to analog, and single to multiple die in 3D ICs.  These industry leading devices are coupled with a next-generation design environment and IP to serve a broad range of customer needs, from programmable logic to programmable systems integration.  For more information, visit www.xilinx.com.

#1545F

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


June 27, 2015


March 28, 2015


June 28, 2014

Net revenues

$              549,008


$              566,900


$              612,633

Cost of revenues

159,954


170,379


189,189

Gross margin

389,054


396,521


423,444

Operating expenses:






Research and development

126,648


131,942


122,013

Selling, general and administrative

82,143


79,198


92,513

Amortization of acquisition-related intangibles

1,769


2,370


2,418

Restructuring charges


24,491


Total operating expenses

210,560


238,001


216,944

Operating income

178,494


158,520


206,500

Interest and other income (expense), net

(10,527)


958


(6,222)

Income before income taxes

167,967


159,478


200,278

Provision for income taxes

20,252


24,855


26,667

Net income

$              147,715


$              134,623


$              173,611

Net income per common share:






Basic

$                    0.57


$                    0.52


$                    0.65

Diluted

$                    0.55


$                    0.50


$                    0.62

Cash dividends per common share

$                    0.31


$                    0.29


$                    0.29

Shares used in per share calculations:






Basic

258,021


260,857


267,648

Diluted

270,730


269,514


281,579

 

XILINX, INC.




CONDENSED CONSOLIDATED BALANCE SHEETS




(In thousands)





June 27, 2015


March 28, 2015*


(unaudited)



ASSETS




Current assets:




Cash, cash equivalents and short-term investments

$    3,332,425


$        3,303,061

Accounts receivable, net

251,988


246,615

Inventories

222,013


231,328

Deferred tax assets and other current assets

173,300


154,047

Total current assets

3,979,726


3,935,051

Net property, plant and equipment

294,487


301,038

Long-term investments

248,431


266,902

Other assets

392,905


395,074

Total assets

$    4,915,549


$        4,898,065









LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable and accrued  liabilities

$       322,616


$           321,082

Deferred income on shipments to distributors

55,731


66,071

Current portion of long-term debt

578,816


576,053

Total current liabilities

957,163


963,206

Long-term debt

995,086


994,839

Deferred tax liabilities

301,130


289,868

Other long-term liabilities

14,357


14,611

Temporary equity

21,183


23,947

Stockholders' equity

2,626,630


2,611,594

Total Liabilities, Temporary Equity and Stockholders' Equity

$    4,915,549


$        4,898,065









* Derived from audited financial statements




 

XILINX, INC.






SUPPLEMENTAL FINANCIAL INFORMATION






(Unaudited)






(In thousands)







Three Months Ended


June 27, 2015


March 28, 2015


June 28, 2014

SELECTED CASH FLOW INFORMATION:






Depreciation

$            13,253


$               14,409


$            13,468

Amortization

4,354


4,092


5,205

Stock-based compensation

26,320


19,959


22,106

Net cash provided by operating activities

183,153


166,039


130,119

Purchases of property, plant and equipment

7,689


5,937


9,116

Payment of dividends to stockholders

80,206


75,608


77,421

Repurchases of common stock

100,000


174,994


101,016

Proceeds from issuance of common stock to employees and excess tax benefit

22,283


36,316


16,855







STOCK-BASED COMPENSATION INCLUDED IN:






Cost of revenues

$              1,964


$                 1,692


$              1,992

Research and development

14,692


9,941


10,505

Selling, general and administrative

9,664


7,747


9,609

Restructuring


579


 

Investor Relations Contact: 
Lori Owen
Xilinx, Inc.
(408) 879-6911
Email Contact

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/xilinx-announces-q1-fiscal-2016-results-20nm-sales-exceed-10-million-300117195.html

SOURCE Xilinx, Inc.

Contact:
Xilinx, Inc.
Web: http://www.xilinx.com