Xilinx Announces Second Quarter 2017 Results; Advanced Products Repeat 60% Year-Over-Year Growth Oct 19, 2016
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.
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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 Companys 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. Todays 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 cameras 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 Baidus 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 millio
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Xilinx Announces Second Quarter 2017 Results; Advanced Products Repeat 60% Year-Over-Year Growth Oct 19, 2016
