Xilinx Reports Record Revenues; Ninth Consecutive Quarter Of Revenue Growth Jan 24, 2018
SAN JOSE, Calif., Jan. 24, 2018 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced record sales of $631 million for the third quarter of fiscal year 2018, up approximately 2% from the prior quarter and up 8% from the third quarter of the prior fiscal year. December quarter net income was $12 million, or $0.05 per diluted share. Due to the recent enactment of the Tax Cuts and Jobs Act, Xilinx incurred a tax expense of approximately $183 million in the December quarter.
The Xilinx Board of Directors declared a quarterly cash dividend of $0.35 per outstanding share of common stock payable on February 22, 2018 to all stockholders of record at the close of business on February 7, 2018.
Additional December quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
Q3
FY 2018
Q2
FY 2018
Q3
FY 2017
Q-T-Q
Y-T-Y
Net revenues
$631
$620
$586
2%
8%
Operating income
$190
$185
$163
2%
16%
Net income
$12
$168
$142
-93%
-92%
Diluted earnings per share
$0.05
$0.65
$0.52
-92%
-90%
"We delivered our ninth consecutive quarter of revenue growth with December quarter revenues establishing a new record for Xilinx and we achieved our operating margin target of 30% one quarter ahead of schedule," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Revenues from Advanced Products continued to be strong, increasing 30% from the same quarter a year ago and comprising 56% of company sales, supported by accelerated growth in our industry-leading 20nm and 16nm technology nodes. In addition, our 16nm portfolio continued to gain market momentum as we have cumulatively shipped 43 unique products to 1,160 customers."
Net Revenues by Geography:
Percentages
Growth Rates
Q3
FY 2018
Q2
FY 2018
Q3
FY 2017
Q-T-Q
Y-T-Y
North America
31%
31%
30%
3%
12%
Asia Pacific
41%
40%
43%
3%
3%
Europe
20%
20%
19%
2%
11%
Japan
8%
9%
8%
-8%
10%
Net Revenues by End Market:
Percentages
Growth Rates
Q3
FY 2018
Q2
FY 2018
Q3
FY 2017
Q-T-Q
Y-T-Y
Communications & Data Center
35%
37%
44%
-2%
-12%
Industrial, Aerospace & Defense
47%
45%
41%
7%
23%
Broadcast, Consumer & Automotive
18%
18%
15%
-3%
24%
Net Revenues by Product:
Percentages
Growth Rates
Q3
FY 2018
Q2
FY 2018
Q3
FY 2017
Q-T-Q
Y-T-Y
Advanced Products
56%
52%
47%
10%
30%
Core Products
44%
48%
53%
-7%
-12%
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)
Q3
FY 2018
Q2
FY 2018
Q3
FY 2017
Annual Return on Equity (%)*
19
27
25
Operating Cash Flow
$185
$202
$106
Depreciation Expense
$11
$12
$11
Capital Expenditures
$7
$12
$20
Combined Inventory Days
121
116
114
Revenue Turns (%)
46
53
56
*Return on equity calculation: Annualized year to date net income/average stockholders equity
Product and Financial Highlights December Quarter
The Advanced Products category continues to deliver strong revenue growth, posting an increase of 30% from the year ago quarter and constituting 56% of total sales. Broad-based growth was driven by the industry leading 20nm and 16nm technology nodes. Revenues from the 20nm node grew significantly to a new record, increasing more than 70% from the same quarter year ago and the 16nm node continued its accelerated ramp with sales more than quadrupling during the same period, reflecting very broad-based customer adoption.
The Industrial, Aerospace & Defense end market set another quarterly record with revenues of $297 million, an increase of 23% from the same quarter a year ago, driven by significant strength in Semiconductor Test and Emulation Applications. Xilinxs unrivaled technology leadership has been a significant driver for the record-setting revenue performance.
Xilinx achieved its operating margin target of 30%, one quarter ahead of schedule, while continuing investments in its technology leadership, share gains, and market expansion efforts for sustained revenue growth. Xilinx remains committed to returning cash to shareholders and during the first nine months of the fiscal year we have returned approximately 100% of our operating cash flow back to shareholders through a combination of dividends and share repurchases.
Xilinx continued to demonstrate strong customer momentum in its Cloud Computing market expansion opportunity. Market leader Alibaba recently announced plans for two generations of FPGA as a Service (FaaS) F2 and F3 using Virtex Ultrascale + FPGAs. Additionally, Amazon Web Services expanded their FaaS F1 deployment to multiple regions, including availability in its secured government cloud.
Business Outlook March Quarter Fiscal Year 2018
Sales are expected to be approximately $635 - $665 million.
Gross margin is expected to be 69% to 71%.
Operating expenses are expected to increase to approximately $285 million, including a one-time charge of approximately $30 million primarily related to the CEO transition.
Other income is expected to be approximately $3 million.
March quarter tax rate is expected to be approximately 0 5%.
Conference Call
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the December quarter financial results and managements outlook for the March quarter. The webcast and subsequent replay will be available in the investor relations section of the Companys web site at www.investor.xilinx.com. A telephonic replay of the call may be accessed later in the day
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Xilinx Reports Record Revenues; Ninth Consecutive Quarter Of Revenue Growth Jan 24, 2018
