Xilinx Inc.

12/01/2021 | Press release | Distributed by Public on 12/01/2021 14:48

Xilinx Announces Fiscal 2015 Results; Record 70% FY Gross Margin, 28nm FY Sales Reach $580M

SAN JOSE, Calif., April 22, 2015 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced fiscal 2015 sales of $2.38 billion, flat with the prior fiscal year. Fiscal 2015 net income increased 3% to $648 million, or $2.35 per diluted share, versus fiscal 2014 net income of $630 million or $2.19 per diluted share.

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Fourth quarter fiscal 2015 sales were $567 million, down 4% sequentially and down 8% from the fourth quarter of the prior fiscal year. Fourth quarter fiscal 2015 net income was $135 million, or $0.50 per diluted share, including a $24 million restructuring charge, or $0.08 per diluted share.

Additional fourth quarter comparisons are represented in the charts below:

GAAP Results

(In millions, except EPS)

Growth Rates

Q4

FY 2015

Q3

FY 2015

Q4

FY 2014

Q-T-Q

Y-T-Y

Net revenues

$567

$594

$618

-4%

-8%

Operating income

$159

$190

$190

-17%

-16%

Net income

$135

$168

$156

-20%

-14%

Diluted earnings per share

$0.50

$0.62

$0.53

-19%

-6%

"Sales from the 28nm product family increased significantly with broad-based growth in all end markets and all products," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Additionally, the Company reported a record gross margin for the fiscal year of 70%. This is up from 69% in the prior fiscal year and is a testament to the continued focus and rigor we have placed on improving our overall profitability."

Net Revenues by Geography:

Percentages

Growth Rates

Q4

FY 2015

Q3

FY 2015

Q4

FY 2014

Q-T-Q

Y-T-Y

North America

32%

34%

27%

-8%

10%

Asia Pacific

37%

39%

43%

-8%

-20%

Europe

21%

17%

21%

12%

-9%

Japan

10%

10%

9%

-5%

-5%

Net Revenues by End Market:

Percentages

Growth Rates

Q4

FY 2015

Q3

FY 2015

Q4

FY 2014

Q-T-Q

Y-T-Y

Communications & Data Center

39%

41%

49%

-7%

-26%

Industrial, Aerospace & Defense

42%

43%

34%

-7%

13%

Broadcast, Consumer & Automotive

17%

14%

15%

12%

6%

Other

2%

2%

2%

-12%

-31%

Net Revenues by Product:

Percentages

Growth Rates

Q4

FY 2015

Q3

FY 2015

Q4

FY 2014

Q-T-Q

Y-T-Y

New

49%

43%

42%

8%

5%

Mainstream

29%

29%

34%

-6%

-22%

Base

19%

25%

21%

-25%

-14%

Support

3%

3%

3%

4%

-6%

Products are classified as follows:

New products: Virtex® and Kintex™ Ultrascale, Virtex7, Kintex7, Artix™-7, Zynq™-7000, Virtex6, Spartan™6 products
Mainstream products: Virtex5, Spartan3 and CoolRunner™II products
Base products: Virtex4, VirtexII, VirtexE, Virtex, Spartan-II, Spartan, CoolRunner and XC9500 products
Support products: Configuration solutions, HardWire, Software & Support/Services

Key Statistics:

(Dollars in millions)

Q4

FY 2015

Q3

FY 2015

Q4

FY 2014

Annual Return on Equity (%)*

24

25

22

Operating Cash Flow

$166

$291

$189

Depreciation Expense

$14

$14

$14

Capital Expenditures

$6

$6

$14

Combined Inventory Days

136

134

115

Revenue Turns (%)

51

44

54

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

Product and Financial Highlights - Fiscal 2015

  • During fiscal year 2015, sales from Xilinx's 28nm product portfolio, which includes the 7 series FPGAs and the Zynq-7000 families, represented more than $580 million. This was up from approximately $380 million in the prior fiscal year. Material contributions from all end markets and all products drove the significant sales increase.
  • The Company continued to drive gross margin improvement, achieving a record 70% gross margin in fiscal year 2015, up from 69% in the prior fiscal year. This improvement reflects the Company's continued discipline and focus on driving gross margin expansion across our product portfolio.
  • During fiscal 2015, Xilinx paid its shareholders a record $306 million in dividends and repurchased 15.3 million shares for $650 million. Additionally, Xilinx increased its quarterly dividend by $0.02 per share to $0.31 per share, the 10th consecutive year of dividend increases since initiating its first dividend in 2004. Xilinx has returned 100% of operating cash flow to stockholders in the form of dividend and share repurchase over the past ten years.
  • Xilinx, in close partnership with TSMC, began shipping the 20nm Ultrascale family, including the industry's only 20nm high-end family and the industry's largest FPGA, which delivers over 4X the capacity of competitive devices. This family scales from 20nm planar through 16nm FinFET technologies and beyond, while also scaling from monolithic through 3D ICs. Additionally, Xilinx remains on track to tape out its first 16nm device with TSMC in the June quarter.
  • Xilinx continued to strengthen its Software Development Environments (SDx™). SDx enables developers with little or no FPGA expertise to use high level programming languages like C, C++ and OpenCL to leverage the power of programmable hardware with industry standard processors on or off chip. Xilinx currently offers three different environments targeting high growth opportunities in areas such as data center, software defined networks and Industrial Internet-of-things.

Business Outlook - June Quarter Fiscal 2016

  • Sales are expected to be flat to down 4% sequentially.
  • Gross margin is expected to be 69% to 70%.
  • Operating expenses are expected to be approximately $210 million including $2 million of amortization of acquisition-related intangibles.
  • Other income and expenses are expected to be a net expense of approximately $12 million.
  • Fully diluted share count is expected to be approximately 266 million.
  • June quarter tax rate is expected to be approximately 13% - 14%.

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the March quarter financial results and management's outlook for the June 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 98457054. 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 June 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.

#1530F

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

Twelve Months Ended

March 28,
2015

December 27,
2014

March 29,
2014

March 28,
2015

March 29,
2014

Net revenues

$ 566,900

$ 593,549

$ 617,823

$ 2,377,344

$ 2,382,531

Cost of revenues

170,379

179,638

199,945

708,823

743,253

Gross margin

396,521

413,911

417,878

1,668,521

1,639,278

Operating expenses:

Research and development

131,942

133,455

127,812

525,745

492,447

Selling, general and administrative

79,198

88,076

98,087

353,670

378,607

Amortization of acquisition-related intangibles

2,370

2,371

2,462

9,537

9,887

Litigation and contingencies

-

-

-

-

9,410

Restructuring charge

24,491

-

-

24,491

-

Total operating expenses

238,001

223,902

228,361

913,443

890,351

Operating income

158,520

190,009

189,517

755,078

748,927

Loss on extinguishment of convertible debentures

-

-

9,848

-

9,848

Interest and other income (expense), net

958

(4,007)

(3,819)

(15,002)

(29,553)

Income before income taxes

159,478

186,002

175,850

740,076

709,526

Provision for income taxes

24,855

17,536

19,823

91,860

79,138

Net income

$ 134,623

$ 168,466

$ 156,027

$ 648,216

$ 630,388

Net income per common share:

Basic

$ 0.52

$ 0.64

$ 0.58

$ 2.44

$ 2.37

Diluted

$ 0.50

$ 0.62

$ 0.53

$ 2.35

$ 2.19

Cash dividends per common share

$ 0.29

$ 0.29

$ 0.25

$ 1.16

$ 1.00

Shares used in per share calculations:

Basic

260,857

262,881

268,134

265,480

266,431

Diluted

269,514

273,795

294,536

276,123

287,396

XILINX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

March 28, 2015

March 29, 2014 *

(unaudited)

ASSETS

Current assets:

Cash, cash equivalents and short-term investments

$ 3,303,061

$ 2,457,321

Accounts receivable, net

246,615

267,833

Inventories

231,328

233,999

Deferred tax assets and other current assets

154,046

107,994

Total current assets

3,935,050

3,067,147

Net property, plant and equipment

301,038

355,089

Long-term investments

266,902

1,190,775

Other assets

395,075

424,338

Total Assets

$ 4,898,065

$ 5,037,349

LIABILITIES , TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY

Accounts payable and accrued liabilities

$ 321,082

$ 369,260

Deferred income on shipments to distributors

66,071

55,099

Current portion of long-term debt

576,053

565,001

Total current liabilities

963,206

989,360

Long-term debt

994,839

993,870

Deferred tax liabilities

289,868

253,433

Other long-term liabilities

14,611

13,005

Temporary equity

23,947

34,999

Stockholders' equity

2,611,594

2,752,682

Total Liabilities, Temporary Equity and Stockholders' Equity

$ 4,898,065

$ 5,037,349

* Derived from audited financial statements

XILINX, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In thousands)

Three Months Ended

Twelve Months Ended

March 28,
2015

December 27,
2014

March 29,
2014

March 28,
2015

March 29,
2014

SELECTED CASH FLOW INFORMATION:

Depreciation

$ 14,409

$ 13,711

$ 13,860

$ 55,266

$ 55,464

Amortization

4,092

5,048

4,980

19,648

19,808

Stock-based compensation

19,959

29,054

25,961

99,859

94,314

Net cash provided by operating activities

166,039

290,742

189,375

790,780

804,917

Purchases of property, plant and equipment

5,937

6,139

14,148

29,619

44,865

Payment of dividends to stockholders

75,608

76,172

67,042

306,158

267,343

Repurchases of common stock

174,994

174,997

73,955

651,006

241,076

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

36,316

16,700

111,301

72,323

268,912

STOCK-BASED COMPENSATION INCLUDED IN:

Cost of revenues

$ 1,692

$ 2,339

$ 1,974

$ 8,101

$ 7,602

Research and development

9,941

14,909

12,723

50,185

46,197

Selling, general and administrative

7,747

11,806

11,264

40,994

40,515

Restructuring

579

-

-

579

-

Investor Relations Contact: Lori Owen
Xilinx, Inc.
(408) 879-6911
[email protected]

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SOURCE Xilinx, Inc.