Xilinx Reports Record Annual And Quarterly Revenues

Xilinx Reports Record Annual And Quarterly Revenues Apr 25, 2018

SAN JOSE, Calif., April 25, 2018 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced record revenues of $2.54 billion for fiscal year 2018, up 8% from the prior fiscal year. Revenues were $673 million for the fourth quarter of fiscal year 2018, up 7% from the prior quarter and up 10% from the fourth quarter of the prior fiscal year.

Fiscal year 2018 net income was $512 million or $1.99 per diluted share. March quarter net income was $166 million, or $0.64 per diluted share. In fiscal Q3, net income was negatively impacted by approximately $183 million due to the enactment of the 2017 Tax Cuts and Jobs Act. In fiscal Q4, net income was negatively impacted by $33 million due to executive transition costs.

The Xilinx Board of Directors declared a quarterly cash dividend of $0.36 per outstanding share of common stock, an increase from the current dividend of $0.35 per share. The dividend will be payable on June 4, 2018 to all stockholders of record at the close of business on May 15, 2018.

Additional fourth quarter of fiscal year 2018 comparisons are represented in the charts below:

GAAP Results

(In millions, except EPS)

Q4

FY 2018

Q3

FY 2018

Q4

FY 2017

Q-T-Q

Y-T-Y

Net revenues

$673

$631

$609

7%

10%

Operating income

$190

$190

$173

0%

10%

Net income

$166

$12

$153

1283%

8%

Diluted earnings per share

$0.64

$0.05

$0.57

1180%

12%

"Fiscal 2018 was a record year for Xilinx with revenues of $2.5 billion as we realized 8% annual growth driven by broad-based strength across multiple markets, reflecting our concerted efforts to accelerate top line growth," said Victor Peng, President and Chief Executive Officer. "During the year, we continued to build significant momentum in our data center end market and further strengthened the ecosystem. With our three-pronged strategy of data center first, accelerating growth in core markets and driving adaptive compute, Xilinx is well positioned to achieve our long-term growth objectives while delivering shareholder value."

Net Revenues by Geography:

Percentages

Growth Rates

Q4

FY 2018

Q3

FY 2018

Q4

FY 2017

Q-T-Q

Y-T-Y

North America

31%

31%

31%

5%

10%

Asia Pacific

39%

41%

42%

1%

2%

Europe

22%

20%

19%

20%

26%

Japan

8%

8%

8%

7%

17%

Net Revenues by End Market:

Percentages

Growth Rates

Q4

FY 2018

Q3

FY 2018

Q4

FY 2017

Q-T-Q

Y-T-Y

Communications & Data Center

34%

35%

41%

2%

(8%)

Industrial, Aerospace & Defense

48%

47%

43%

10%

25%

Broadcast, Consumer & Automotive

18%

18%

16%

7%

17%

Net Revenues by Product:

Percentages

Growth Rates

Q4

FY 2018

Q3

FY 2018

Q4

FY 2017

Q-T-Q

Y-T-Y

Advanced Products

57%

56%

49%

7%

28%

Core Products

43%

44%

51%

6%

(6%)

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, Spartan-3, Spartan-2, XC9500 products, configuration solutions, software & support/services.

Key Statistics:

(Dollars in millions)

Q4

FY 2018

Q3

FY 2018

Q4

FY 2017

Annual Return on Equity (%)*

21

19

24

Operating Cash Flow

$217

$185

$306

Depreciation Expense

$12

$11

$12

Capital Expenditures (including software)

$21

$7

$20

Combined Inventory Days

112

121

121

Revenue Turns (%)

37

46

44

*Return on equity calculation: Annualized year to date net income/average stockholders equity

Product and Financial Highlights Fiscal Year 2018

The Advanced Products category continues to deliver strong revenue growth during fiscal year 2018, posting an increase of 28% from the previous year and constituting approximately 54% of total sales. Broad-based growth was driven by the Zynq SoC platform and the industry-leading 20nm and 16nm technology nodes. Zynq platform revenue increased more than 60% during the year with growth driven largely by applications in Advanced Driver Assist (ADAS), Industrial, Aerospace and Defense, Communications, and Consumer. Revenues from the 20nm node increased more than 50% from the previous year and the 16nm node continued its accelerated ramp with sales more than quadrupling during the same period.

The Industrial, Aerospace & Defense end market set another annual sales record in fiscal year 2018 with revenues of approximately $1.2 billion, an increase of 21% compared to fiscal year 2017. The growth was driven primarily by significant strength in Aerospace & Defense and Semiconductor Test and Emulation Applications.

Xilinx has established significant momentum in Data Center over the past fiscal year, both developing the foundation for and building out a vibrant ecosystem. The Company demonstrated significant developer engagement on the AWS F1 instance and has trained a total of more than 400 developers, with approximately 300 of those in the March quarter alone. Xilinx continues to invest in its SDAccel environment and middleware libraries to make it easier for software programmers to program Xilinx FPGAs in higher level languages using industry standard APIs and frameworks. As an example, Xilinx recently released a Machine Learning suite on the AWS F1 environment with support for TensorFlow.

Xilinx recently announced a new breakthrough product category called Adaptive Compute Acceleration Platform (ACAP) that extends far beyond the capabilities of an FPGA. An ACAP is a highly integrated multi-core heterogeneous compute platform that can be changed at the hardware level to adapt to the needs of a wide range of applications, including Artificial Intelligence, and workloads resulting from explosive growth of unstructured data such as database acceleration and video transcoding.

During fiscal year 2018, Xilinx returned approximately $828 million to shareholders. This included $

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