Xilinx Announces First Quarter 2017 Results; Advanced Products Grow 60% Y-T-Y, Strong Profitability Jul 27, 2016
SAN JOSE, Calif., July 27, 2016 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2017 sales of $575 million, up 1% sequentially, and up 5% from the first quarter of the prior fiscal year. First quarter net income was $163 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 August 24, 2016 to all stockholders of record at the close of business on August 11, 2016.
Additional first quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
Q1
FY 2017
Q4
FY 2016
Q1
FY 2016
Q-T-Q
Y-T-Y
Net revenues
$575
$571
$549
1%
5%
Operating income
$186
$178
$178
5%
4%
Net income
$163
$145
$148
12%
10%
Diluted earnings per share
$0.61
$0.54
$0.55
13%
11%
"Xilinx continues to deliver on technology leadership and execution. Sales from our 28nm product family achieved a new record during the quarter. Momentum from our 20nm products continued to be strong, with sales easily surpassing our $30 million target. In addition, 16nm products continued to gain exceptional customer adoption with all three Ultrascale product families shipping to over 100 customers in a broad base of end markets," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Profitability was stronger than expected during the quarter. Gross margin of 70.7% was up from 69.2% in the prior quarter, primarily as a result of operational efficiencies and mix. Operating margin was 32.4%, driven by better gross margin and controlled operating expenses."
Net Revenues by Geography:
Percentages
Growth Rates
Q1
FY 2017
Q4
FY 2016
Q1
FY 2016
Q-T-Q
Y-T-Y
North America
32%
32%
34%
1%
-1%
Asia Pacific
40%
38%
36%
5%
16%
Europe
19%
21%
19%
-6%
5%
Japan
9%
9%
11%
-4%
-15%
Net Revenues by End Market:
Percentages
Growth Rates
Q1
FY 2017
Q4
FY 2016
Q1
FY 2016
Q-T-Q
Y-T-Y
Communications & Data Center
44%
43%
38%
4%
22%
Industrial, Aerospace & Defense
39%
40%
44%
-2%
-8%
Broadcast, Consumer & Automotive
17%
17%
18%
0%
0%
Net Revenues by Product:
Percentages
Growth Rates
Q1
FY 2017
Q4
FY 2016
Q1
FY 2016
Q-T-Q
Y-T-Y
Advanced Products
42%
38%
27%
10%
60%
Core Products
58%
62%
73%
-5%
-16%
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, Spartan, CoolRunner XC9500 products, configuration solutions, 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 2017
Q4
FY 2016
Q1
FY 2016
Annual Return on Equity (%)*
25
21
22
Operating Cash Flow
$339
$127
$187
Depreciation Expense
$12
$12
$13
Capital Expenditures
$21
$15
$8
Combined Inventory Days
117
102
138
Revenue Turns (%)
50
49
46
*Return on equity calculation: Annualized net income/average stockholders equity
Product and Financial Highlights June Quarter
The Advanced Products category grew to a record sales level, increasing 60% year over year. Xilinx continues to deliver on technology leadership and world class execution.
Xilinx generated a record $339 million in operating cash flow during the quarter driven by improved profitability as well as lower working capital requirements. Xilinx remains committed to a healthy return of cash to stockholders in the form of dividend and share repurchase.
Advanced Micro Devices, ARM, Huawei, IBM, Mellanox, Qualcomm Technologies Inc., a subsidiary of Qualcomm Incorporated, and Xilinx, Inc. joined forces to bring a high-performance open acceleration framework to data centers. The companies are collaborating on the specification for the new Cache Coherent Interconnect for Accelerators (CCIX). For the first time in the industry, a single interconnect technology specification will ensure that processors using different instruction set architectures (ISA) can coherently share data with accelerators and enable efficient heterogeneous computing significantly improving compute efficiency for servers running data center workloads.
Xilinx announced the expansion of its 16nm UltraScale product roadmap with new acceleration enhanced technologies for the Data Center. The resulting products will deliver the powerful combination of Xilinxs industry-leading 16nm FinFET FPGAs with integrated High-Bandwidth Memory (HBM), and support for the recently announced CCIX.
Business Outlook September Quarter Fiscal 2017
Sales are expected to be approximately flat sequentially.
Gross margin is expected to be approximately 70%.
Operating expenses are expected to be approximately $230 million including $1 million of amortization of acquisition-related intangibles.
Other income and expenses are expected to be a net expense of approximately $4 million.
Fully diluted share count is expected to be approximately 266 million.
September quarter tax rate is expected to be approximately 14%.
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Xilinx Announces First Quarter 2017 Results; Advanced Products Grow 60% Y-T-Y, Strong Profitability Jul 27, 2016
