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Form 8-K XILINX INC For: Apr 27

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April 27, 2016 4:34 PM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 27, 2016
 
XILINX, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
Delaware
 
000-18548
 
77-0188631
(State or other jurisdiction of
incorporation)
 
(Commission File
Number)
 
(IRS Employer
Identification No.)
 
 
 
 
 
 
 
2100 Logic Drive, San Jose, California
 
95124
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (408) 559-7778
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








Item 2.02 Results of Operations and Financial Condition
On April 27, 2016, Xilinx, Inc. issued a press release announcing results for the fiscal quarter ended April 2, 2016. A copy of this press release is furnished as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits

(d)
Exhibits
Exhibit No.
  
Description
 
 
99.1

  
Press release of Xilinx, Inc. dated April 27, 2016


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
XILINX, INC.
 
 
 
 
Date: April 27, 2016
 
 
 
By:
 
/s/ Jon A. Olson
 
 
 
 
 
 
Jon A. Olson
 
 
 
 
 
 
Executive Vice President and Chief Financial Officer


EXHIBIT INDEX
 
 
 
 
Exhibit No.
  
Description
 
 
99.1

  
Press release of Xilinx, Inc. dated April 27, 2016





Exhibit 99.1
Investor Relations Contact:                            
Lori Owen
Xilinx, Inc.
(408) 879-6911




XILINX ANNOUNCES FOURTH QUARTER & FISCAL 2016 RESULTS;
RECORD 28NM & 20NM SALES, DIVIDEND RAISED FOR 11th CONSECUTIVE YEAR

SAN JOSE, CA, April 27, 2016-- Xilinx, Inc. (Nasdaq: XLNX) today announced fourth quarter fiscal 2016 sales of $571 million, up 1% sequentially, and up 1% from the fourth quarter of the prior fiscal year. Fourth quarter net income was $145 million, or $0.54 per diluted share. Fiscal 2016 sales were $2.21 billion, down 7% from the prior fiscal year. Fiscal 2016 net income was $551 million, or $2.05 per diluted share.

The Xilinx Board of Directors declared a quarterly cash dividend of $0.33 per outstanding share of common stock, an increase from the current dividend of $0.31 per share. The quarterly dividend increase will be effective in the June quarter, payable on June 8, 2016 to all stockholders of record at the close of business on May 18, 2016. 

Additional fourth quarter comparisons are represented in the charts below:

GAAP Results
(In millions, except EPS)
                     
 
 
 
 
 
  Growth Rates
 
Q4
FY 2016
Q3
FY 2016
Q4
FY 2015
 

Q-T-Q

Y-T-Y
Net revenues
$571
$566
$567
 
1%
1%
Operating income
$178
$160
$159
 
11%
12%
Net income
$145
$131
$135
 
11%
8%
Diluted earnings per share
$0.54
$0.49
$0.50
 
10%
8%


“Momentum from our new products continued in the fourth fiscal quarter of 2016 with sales from 20nm products significantly exceeding $25 million and sales from the 28nm product family achieving record levels,” said Moshe Gavrielov, Xilinx President and Chief Executive Officer. “Although fiscal 2016 experienced volatility from the wireless communications segment, Xilinx delivered its third consecutive generation of products to market ahead of the competition, enabling substantial PLD share gains. Additionally, our consistent and robust profitability enabled Xilinx to increase its dividend for the eleventh time since initiating the program in 2004."











Net Revenues by Geography:     
 
Percentages
 
Growth Rates
 
Q4
FY 2016
Q3
FY 2016
Q4
FY 2015
 

Q-T-Q

Y-T-Y
North America
32%
32%
32%
 
2%
0%
Asia Pacific
38%
41%
37%
 
-5%
3%
Europe
21%
17%
21%
 
18%
0%
Japan
9%
10%
10%
 
-8%
-4%

Net Revenues by End Market:               
 
Percentages
 
Growth Rates
 
Q4
FY 2016
Q3
FY 2016
Q4
FY 2015
 

Q-T-Q

Y-T-Y
Communications & Data Center
43%
43%
41%
 
0%
5%
Industrial, Aerospace & Defense
40%
41%
42%
 
-1%
-3%
Broadcast, Consumer & Automotive
17%
16%
17%
 
6%
1%

Net Revenues by Product:                           
 
Percentages
 
Growth Rates
       
Q4
FY 2016
Q3
FY 2016
Q4
FY 2015
 

Q-T-Q

Y-T-Y
New
49%
47%
41%
 
3%
21%
Mainstream
23%
23%
25%
 
4%
-7%
Base
24%
26%
30%
 
-6%
-20%
Support
4%
4%
4%
 
-1%
5%

Products are classified as follows:

New products: UltraScale+,Ultrascale, 7-series and Spartan-6 products.
Mainstream products: Virtex-6, Virtex‐5, and CoolRunner‐II products.
Base products: Virtex‐4, Virtex‐II, Virtex‐E, Spartan-3, Spartan-II, Spartan, CoolRunner and XC9500 products.
Support products: Configuration solutions, Software & Support/Services.






Key Statistics:
(Dollars in millions)
 
Q4
FY 2016
Q3
FY 2016
Q4
FY 2015
Annual Return on Equity (%)*
21
21
24
 
 
 
 
Operating Cash Flow
$123
$290
$166
 
 
 
 
Depreciation Expense
$12
$13
$14
 
 
 
 
Capital Expenditures
$15
$6
$6
 
 
 
 
Combined Inventory Days
102
119
136
 
 
 
 
Revenue Turns (%)
49
49
51

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

Product and Financial Highlights - Fiscal 2016

•
Xilinx commenced shipments of several of its unique versions of its 16nm UltraScale+ portfolio covering all three families: Virtex, Kintex and Zynq. These products closely follow the delivery of our 20nm UltraScale family, which includes the industry’s only 20nm high-end FPGA. Three consecutive generations of leadership technology at 28nm, 20nm and 16nm showcase the execution of our world class development in collaboration with our foundry partner, TSMC.

•
The Company’s highly successful 20nm Ultrascale family approached $100M in sales in fiscal 2016, surpassing the Company’s forecasts in every quarter of the fiscal year. This family, which includes the PLD industry’s only high-end family, is receiving adoption in a broad base of applications including wired and wireless communications, test & measurement, industrial and defense applications.

•
The 28nm product family continues on the path to be the PLD industry’s most successful product family in history. Sales from these products reached a record level as Xilinx exited the fiscal year, driven by the Zynq product family which contributed more to incremental sales growth than any other new product in fiscal 2016. Zynq continues to drive new market adoption in areas such as augmented reality, driver assist and machine vision.
   
•
During fiscal 2016, Xilinx paid its shareholders a record $319 million in dividends and repurchased 9.7 million shares for $443 million. Additionally, Xilinx increased its quarterly dividend by $0.02 per share to $0.33 per share, the 11th 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 announced strategic collaborations with Qualcomm Technologies, Inc. and IBM to accelerate data center applications. These collaborations are expected to enable higher performance and energy-efficient data center applications through Xilinx FPGA-enabled workload acceleration. Target applications include machine learning, network functions virtualization (NFV), genomics, high performance computing and big data analytics.





•
In the last year, Xilinx completed rollout of its SDx family of software defined development environments, significantly expanding its target user base to a much larger community of systems and software engineers.

Business Outlook - June Quarter Fiscal 2017
•
Sales are expected to be approximately flat sequentially.
•
Gross margin is expected to be 69% to 70%.
•
Operating expenses are expected to be approximately $220 million including $1 million of amortization of acquisition-related intangibles.
•
Other income and expenses are expected to be a net expense of approximately $5 million.
•
Fully diluted share count is expected to be approximately 266 million.
•
June quarter tax rate is expected to be approximately 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 84718595. 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 2017. 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 is the leading provider of All Programmable FPGAs, SoCs, MPSoCs, and 3D ICs. Xilinx uniquely enables applications that are both software defined and hardware optimized - powering industry advancements in Cloud Computing, Embedded Vision, Industrial IoT, and 5G Wireless. For more information, visit www.xilinx.com.


#1622F

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

April 2, 2016
 
January 2, 2016
 
March 28, 2015
 
April 2, 2016
 
March 28, 2015
Net revenues
$
571,066

 
$
566,235

 
$
566,900

 
$
2,213,881

 
$
2,377,344

Cost of revenues
175,799

 
178,514

 
170,379

 
671,907

 
708,823

Gross margin
395,267

 
387,721

 
396,521

 
1,541,974

 
1,668,521

Operating expenses:

 

 

 
 
 
 
Research and development
135,645

 
141,378

 
131,942

 
533,891

 
525,745

Selling, general and administrative
80,277

 
84,470

 
79,198

 
331,652

 
353,670

Amortization of acquisition-related intangibles
1,244

 
1,769

 
2,370

 
6,550

 
9,537

Restructuring charges
—

 
—

 
24,491

 
—

 
24,491

Total operating expenses
217,166

 
227,617

 
238,001

 
872,093

 
913,443




 


 


 
 
 
 
Operating income
178,101

 
160,104

 
158,520

 
669,881

 
755,078

Interest and other income (expense), net
(8,263
)
 
(5,053
)
 
958

 
(33,056
)
 
(15,002
)
Income before income taxes
169,838

 
155,051

 
159,478

 
636,825

 
740,076

Provision for income taxes
24,803

 
24,232

 
24,855

 
85,958

 
91,860

Net income
$
145,035

 
$
130,819

 
$
134,623

 
$
550,867

 
$
648,216

Net income per common share:





 
 
 
 
Basic
$
0.57


$
0.51


$
0.52

 
$
2.14

 
$
2.44

Diluted
$
0.54


$
0.49


$
0.50

 
$
2.05

 
$
2.35

Cash dividends per common share
$
0.31


$
0.31


$
0.29

 
$
1.24

 
$
1.16

Shares used in per share calculations:





 
 
 
 
Basic
255,467


256,450


260,857

 
257,184

 
265,480

Diluted
268,462


269,611


269,514

 
268,667

 
276,123





XILINX, INC.
 
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
(In thousands)
 
 
 
 
April 2, 2016
 
March 28, 2015 *
 
(unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
  Cash, cash equivalents and short-term investments
$
3,337,699

 
$
3,303,061

  Accounts receivable, net
307,458

 
246,615

  Inventories
178,550

 
231,328

  Deferred tax assets and other current assets
95,226

 
154,047

Total current assets
3,918,933

 
3,935,051

Net property, plant and equipment
283,346

 
301,038

Long-term investments
220,807

 
266,902

Other assets
400,068

 
395,074

Total assets
$
4,823,154

 
$
4,898,065

 
 
 
 
 
 
 
 
LIABILITIES , TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
  Accounts payable and accrued liabilities
$
307,222

 
$
321,082

  Deferred income on shipments to distributors
51,758

 
66,071

  Current portion of long-term debt
587,106

 
576,053

Total current liabilities
946,086

 
963,206

Long-term debt
995,835

 
994,839

Deferred tax liabilities
261,467

 
289,868

Other long-term liabilities
16,979

 
14,611

Temporary equity
12,894

 
23,947

Stockholders' equity
2,589,893

 
2,611,594

Total Liabilities and Stockholders' Equity
$
4,823,154

 
$
4,898,065

 
 
 
 
 
 
 
 
* Derived from audited financial statements
 
 
 




XILINX, INC.
 
 
 
 
 
 
 
 
 
SUPPLEMENTAL FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
April 2, 2016
 
January 2, 2016
 
March 28, 2015
 
April 2, 2016
 
March 28, 2015
SELECTED CASH FLOW INFORMATION:
 
 
 
 
 
 
 
 
 
  Depreciation
$
12,060

 
$
13,043

 
$
14,409

 
$
50,828

 
$
55,266

  Amortization
4,464

 
4,441

 
4,092

 
17,613

 
19,648

  Stock-based compensation
27,520

 
31,463

 
19,959

 
111,984

 
99,859

  Net cash provided by operating activities
122,934

 
290,285

 
166,039

 
730,102

 
790,780

  Purchases of property, plant and equipment
14,835

 
6,118

 
5,937

 
34,004

 
29,619

  Payment of dividends to stockholders
78,877

 
79,709

 
75,608

 
318,988

 
306,158

  Repurchases of common stock
143,183

 
100,000

 
174,994

 
443,181

 
651,006

  Proceeds from issuance of common stock
 
 
 
 
 
 
 
 
 
    to employees and excess tax benefit
33,201

 
8,768

 
36,316

 
67,247

 
72,323

 
 
 
 
 
 
 
 
 
 
STOCK-BASED COMPENSATION INCLUDED IN:
 
 
 
 
 
 
 
 
 
   Cost of revenues
$
2,105

 
$
2,145

 
$
1,692

 
$
7,977

 
$
8,101

   Research and development
15,131

 
16,935

 
9,941

 
59,692

 
50,185

   Selling, general and administrative
10,284

 
12,383

 
7,747

 
44,315

 
40,994

Restructuring
—

 
—

 
579

 
—

 
579





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