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Form 8-K XILINX INC For: Jul 22

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July 22, 2015 4:41 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): July 22, 2015
 
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 July 22, 2015, Xilinx, Inc. issued a press release announcing results for the fiscal quarter ended June 27, 2015. 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 July 22, 2015


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: July 22, 2015
 
 
 
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 July 22, 2015





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

XILINX ANNOUNCES Q1 FISCAL 2016 RESULTS;
20NM SALES EXCEED $10 MILLION

SAN JOSE, CA, July 22, 2015-- Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2016 sales of $549 million, down 3% from the prior quarter and down 10% from the same quarter of the prior fiscal year. First quarter fiscal 2016 gross margin was 71% and net income was $148 million, or $0.55 per diluted share.
The Xilinx Board of Directors announced a quarterly cash dividend of $0.31 per outstanding share of common stock, payable on August 26, 2015 to all stockholders of record at the close of business on August 6, 2015.
Additional first quarter comparisons are represented in the charts below:

GAAP Results
(In millions, except EPS)
                         
 
 
 
 
 
  Growth Rates
 
Q1
FY 2016
Q4
FY 2015
Q1
FY 2015
 

Q-T-Q

Y-T-Y
Net revenues
$549
$567
$613
 
-3%
-10%
Operating income
$178
$159
$207
 
13%
-14%
Net income
$148
$135
$174
 
10%
-15%
Diluted earnings per share
$0.55
$0.50
$0.62
 
10%
-11%

“The quarter was marked by strong profitability with Xilinx delivering a 71% gross margin,” said Moshe Gavrielov, Xilinx President and Chief Executive Officer. “From a product perspective, technology leadership on the 20nm node is translating to sales leadership. During the quarter, sales from Xilinx’s newest 20nm Ultrascale™ product family surpassed $10 million with particular strength coming from Virtex® Ultrascale, the industry’s only 20nm, high-end FPGA family. In addition, sales from the Company’s 28nm Zynq®-7000 platform were exceptionally strong during the quarter with primary strength from ADAS applications.”




Net Revenues by Geography:
            
 
Percentages
 
Growth Rates
 
Q1
FY 2016
Q4
FY 2015
Q1
FY 2015
 

Q-T-Q

Y-T-Y
North America
34%
32%
26%
 
2%
18%
Asia Pacific
36%
37%
43%
 
-7%
-24%
Europe
19%
21%
21%
 
-11%
-19%
Japan
11%
10%
10%
 
8%
-5%

Net Revenues by End Market:
        
 
Percentages
 
Growth Rates
 
Q1
FY 2016
Q4
FY 2015
Q1
FY 2015
 
Q-T-Q
Y-T-Y
Communications & Data Center
38%
41%
53%
 
-11%
-36%
Industrial, Aerospace & Defense
44%
42%
31%
 
3%
27%
Broadcast, Consumer & Automotive
18%
17%
16%
 
1%
2%

Note: The end market categories represented above have been restated to reflect the consolidation of the Other category into Communications & Data Center. For comparative purposes, we have provided supplemental information on our website at www.investor.xilinx.com that presents results based on previous classifications.

Net Revenues by Product:
    
 
Percentages
 
Growth Rates
       
Q1
FY 2016
Q4
FY 2015
Q1
FY 2015
 

Q-T-Q

Y-T-Y
New
38%
41%
31%
 
-10%
10%
Mainstream
25%
25%
37%
 
-4%
-40%
Base
34%
30%
29%
 
8%
5%
Support
3%
4%
3%
 
-8%
-4%

Products are classified as follows:

New products: Virtex and Kintex® Ultrascale, Virtex‐7, Kintex‐7, Artix®-7, Zynq-7000, 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, CoolRunner and XC9500 products
Support products: Configuration solutions, HardWire, 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 2016
Q4
FY 2015
Q1
FY 2015
 
 
 
 
Annual Return on Equity (%)*
22
24
25
 
 
 
 
Operating Cash Flow
$183
$166
$130
 
 
 
 
Depreciation Expense
$13
$14
$13
 
 
 
 
Capital Expenditures
$8
$6
$9
 
 
 
 
Combined Inventory Days
138
136
135
 
 
 
 
Revenue Turns (%)
46
51
47

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



Highlights – June Quarter Fiscal 2016

•
Xilinx taped out the industry's first All Programmable Multi-Processor SoC (MPSoC) using TSMC's 16FF+ process. This product family targets applications in embedded vision, including ADAS, Industrial Internet of Things, and 5G wireless systems. The All Programmable Zynq UltraScale+™ MPSoC enables the development of flexible, standards-based platforms by providing 5X system level performance/watt and any-to-any connectivity with the security and safety required for next generation systems.

•
Xilinx announced that it has collaborated with TSMC on the 7nm process and 3D IC technology for its next generation of All Programmable FPGAs, MPSoCs, and 3D ICs. The technology represents the fourth consecutive generation where the two companies have worked together on advanced process and CoWoS 3D stacking technology, and will become TSMC's fourth generation of FinFET technology. The collaboration will provide Xilinx a multi-node scaling advantage and build on its outstanding product, execution, and market success at 28nm, 20nm, and 16nm nodes.

•
Xilinx, Inc. announced the public access release of the SDSoC™ development environment to expand the user base of Zynq® SoCs and MPSoCs to a broad community of systems and software engineers. The SDSoC development environment, a member of the SDx™ family, includes expanded library, board, and design services ecosystem support, enabling embedded C/C++ application development. This public access release also features enhancements to the integrated design environment (IDE) for ease of programming and platform development.

•
Xilinx continued to demonstrate a strong commitment to returning value to stockholders. In the June quarter, the Company repurchased $100 million of stock and paid $80 million in dividends, representing nearly 100% of operating cash flow generated during the quarter.





Business Outlook – September Quarter Fiscal 2016
•Sales are expected to be down 2% to 6% sequentially.
•Gross margin is expected to be 69% to 70%.
•
Operating expenses are expected to be approximately $217 million including $2 million of amortization of acquisition-related intangibles.
•
Other income and expenses are expected to be a net expense of approximately $10 million.
•Fully diluted share count is expected to be approximately 268 million.
•September quarter tax rate is expected to be approximately 12%.


Conference Call
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the June quarter financial results and management's outlook for the September 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 65209454. 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 September 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.

#1545F
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

June 27, 2015

March 28, 2015

June 28, 2014
Net revenues
$
549,008


$
566,900


$
612,633

Cost of revenues
159,954


170,379


189,189

Gross margin
389,054


396,521


423,444

Operating expenses:





Research and development
126,648


131,942


122,013

Selling, general and administrative
82,143


79,198


92,513

Amortization of acquisition-related intangibles
1,769


2,370


2,418

Restructuring charges
—


24,491


—

Total operating expenses
210,560


238,001


216,944

Operating income
178,494


158,520


206,500

Interest and other income (expense), net
(10,527
)

958


(6,222
)
Income before income taxes
167,967


159,478


200,278

Provision for income taxes
20,252


24,855


26,667

Net income
$
147,715


$
134,623


$
173,611

Net income per common share:





Basic
$
0.57


$
0.52


$
0.65

Diluted
$
0.55


$
0.50


$
0.62

Cash dividends per common share
$
0.31


$
0.29


$
0.29

Shares used in per share calculations:





Basic
258,021


260,857


267,648

Diluted
270,730


269,514


281,579




XILINX, INC.



CONDENSED CONSOLIDATED BALANCE SHEETS



(In thousands)




June 27, 2015

March 28, 2015*
 
(unaudited)

 
ASSETS



Current assets:



  Cash, cash equivalents and short-term investments
$
3,332,425


$
3,303,061

  Accounts receivable, net
251,988


246,615

  Inventories
222,013


231,328

  Deferred tax assets and other current assets
173,300


154,047

Total current assets
3,979,726


3,935,051

Net property, plant and equipment
294,487


301,038

Long-term investments
248,431


266,902

Other assets
392,905


395,074

Total assets
$
4,915,549


$
4,898,065









LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY



Current liabilities:



  Accounts payable and accrued liabilities
$
322,616


$
321,082

  Deferred income on shipments to distributors
55,731


66,071

  Current portion of long-term debt
578,816


576,053

Total current liabilities
957,163


963,206

Long-term debt
995,086


994,839

Deferred tax liabilities
301,130


289,868

Other long-term liabilities
14,357


14,611

Temporary equity
21,183


23,947

Stockholders' equity
2,626,630


2,611,594

Total Liabilities, Temporary Equity and Stockholders' Equity
$
4,915,549


$
4,898,065

 
 
 
 
 
 
 
 
* Derived from audited financial statements
 
 
 



XILINX, INC.





SUPPLEMENTAL FINANCIAL INFORMATION





(Unaudited)





(In thousands)






Three Months Ended

June 27, 2015

March 28, 2015

June 28, 2014
SELECTED CASH FLOW INFORMATION:





  Depreciation
$
13,253


$
14,409


$
13,468

  Amortization
4,354


4,092


5,205

  Stock-based compensation
26,320


19,959


22,106

  Net cash provided by operating activities
183,153


166,039


130,119

  Purchases of property, plant and equipment
7,689


5,937


9,116

  Payment of dividends to stockholders
80,206


75,608


77,421

  Repurchases of common stock
100,000


174,994


101,016

  Proceeds from issuance of common stock








    to employees and excess tax benefit
22,283


36,316


16,855









STOCK-BASED COMPENSATION INCLUDED IN:







Cost of revenues
$
1,964


$
1,692


$
1,992

Research and development
14,692


9,941


10,505

Selling, general and administrative
9,664


7,747


9,609

Restructuring
—


579


—




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