April 23, 2014

Xilinx Announces Record Fiscal 2014 Revenues; 28nm Sales Increase More Than 40% Sequentially In Q4

SAN JOSE, Calif., April 23, 2014 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced fiscal 2014 sales of $2.38 billion, up 10% from the prior fiscal year. Fiscal 2014 net income increased 29% to $630 million, or $2.19 per diluted share, versus fiscal 2013 net income of $488 million or $1.79 per diluted share.  

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Fourth quarter fiscal 2014 sales were $618 million, up 5% sequentially and up 16% from the fourth quarter of the prior fiscal year.  Fourth quarter fiscal 2014 net income was $156 million, or $0.53 per diluted share, including a $10 million loss, or $0.03 per diluted share, associated with the recent redemption of convertible notes.

Additional fourth quarter comparisons are represented in the charts below:

 

GAAP Results







(In millions, except EPS)








Growth Rates


Q4

FY 2014

Q3

FY 2014

Q4

FY 2013


 

Q-T-Q

 

Y-T-Y

Net revenues

$617.8

$586.8

$532.2


5%

16%

Operating income

$189.5

$202.7

$147.2


-7%

29%

Net income

$156.0

$175.9

$130.6


-11%

19%

Diluted earnings per share

$0.53

$0.61

$0.47


-13%

13%

 

"The tremendous success of our 28nm product portfolio has contributed to Xilinx PLD segment share gains for the third consecutive fiscal year," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "With March quarter sales exceeding $140 million, we have established an estimated 70% market segment share at 28nm for all of fiscal 2014, with leadership across all product families and broad adoption of our Vivado® Design Suite and UltraFast™ Design Methodology. Our proven formula for success is already bearing fruit at 20nm with the UltraScale™ family, which includes the PLD industry's only high-end product." 

                                                           

Net Revenues by Geography:









Percentages


Growth Rates


Q4

FY 2014

Q3

FY 2014

Q4

FY 2013


 

Q-T-Q

 

Y-T-Y

North America

27%

29%

31%


-2%

0%

Asia Pacific

43%

40%

34%


12%

48%

Europe

21%

22%

26%


3%

-6%

Japan

9%

9%

9%


2%

16%

 

Net Revenues by End Market:









Percentages


Growth Rates


Q4

FY 2014

Q3

FY 2014

Q4

FY 2013


 

Q-T-Q

 

Y-T-Y

Communications & Data Center

49%

44%

44%


17%

30%

Industrial, Aerospace & Defense

34%

37%

37%


-3%

7%

Broadcast, Consumer & Automotive

15%

16%

17%


-4%

2%

Other

2%

3%

2%


-23%

2%










 

Net Revenues by Product:









Percentages


Growth Rates


Q4

FY 2014

Q3

FY 2014

Q4

FY 2013


 

Q-T-Q

 

Y-T-Y

New

42%

38%

27%


17%

85%

Mainstream

34%

33%

41%


8%

-5%

Base

21%

26%

28%


-16%

-16%

Support

3%

3%

4%


10%

0%

 

Products are classified as follows:

New products: Kintex™ Ultrascale, Virtex®‐7, Kinte‐7, Artix™-7, Zynq™-7000, Virtex‐6, Spartan™‐6 products
Mainstream products: Virtex‐5, Spartan‐3 and CoolRunner™‐II products
Base products: Virtex‐4, Virtex‐II, Virtex‐E, Virtex, Spartan-II, Spartan, CoolRunner and XC9500 products
Support products: Configuration solutions, HardWire, Software & Support/Services

 

Key Statistics:




(Dollars in millions)









Q4

FY 2014

Q3

FY 2014

Q4

FY 2013





Annual Return on Equity (%)*

22

20

17





Operating Cash Flow

$189

$216

$174





Depreciation Expense

$14

$14

$14





Capital Expenditures

$14

$11

$6





Combined Inventory Days

115

114

110





Revenue Turns (%)

54

52

58


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

 

Product and Financial Highlights - Fiscal 2014

  • During fiscal year 2014, sales from Xilinx's 28nm product portfolio, which includes the 7 series FPGAs and the Zynq-7000 family, surpassed $380 million with material contributions from all product families. 28nm momentum has continued to grow, driven by a wide range of applications that includes next generation LTE wireless base stations, OTN, Datacenter, industrial networking, surveillance, electronic warfare and automotive driver assist.
  • The Company continued to drive gross margin improvement, achieving a record 68.8% gross margin in fiscal year 2014, up from 66.0% in the prior fiscal year. This improvement reflects the Company's continued discipline and focus on driving gross margin expansion projects across our product portfolio.
  • Xilinx generated over $800 million in operating cash flow in fiscal 2014. Demonstrating a strong commitment to increase shareholder value, Xilinx paid its shareholders a record $267M in dividends and repurchased 5.2 million shares for $242 million. Xilinx recently increased its quarterly dividend by $0.04 per share to $0.29 per share. Additionally, more favorable financial market conditions and a continued strong credit rating enabled Xilinx to issue $1 billion of senior notes, using the proceeds to redeem its 2007 convertible notes.
  • Xilinx, in close partnership with TSMC, shipped the industry's first 20nm device, Kintex Ultrascale, in November 2013 and we expect to ship the first Virtex Ultrascale devices during the June quarter.
  • Xilinx announced the next generation Zynq UltraScale Multi-Processing SoC (MPSoC) Architecture targeted for 16nm.  The UltraScale MPSoC architecture extends Xilinx's ASIC-class UltraScale FPGA and 3D IC architectures to enable heterogeneous multi-processing SoCs with the right engines for the right tasks. Xilinx will be leveraging TSMC's FinFet + process, offering the highest performance FinFet transistors in the industry.  

Business Outlook - June Quarter Fiscal 2015

  • Sales are expected to be up 0% to 4% sequentially.
  • Gross margin is expected to be approximately 68%.
  • Operating expenses are expected to be approximately $220 million including $2.5 million of amortization of acquisition-related intangibles.
  • Other income and expenses are expected to be a net expense of approximately $8 million.
  • Fully diluted share count is expected to be approximately 286 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 8428806. 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 2015.  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.

#1434F

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

Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com

© Copyright 2014 Xilinx

 

XILINX, INC.



CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


(In thousands, except per share amounts)




Three Months Ended


Twelve Months Ended


March 29, 2014


December 28, 2013


March 30, 2013


March 29, 2014


March 30, 2013

Net revenues

$            617,823


$                  586,816


$            532,168


$          2,382,531


$          2,168,652

Cost of revenues

199,945


180,792


180,589


743,253


737,206

Gross margin

417,878


406,024


351,579


1,639,278


1,431,446

Operating expenses:










Research and development

127,812


128,092


111,133


492,447


475,522

Selling, general and administrative

98,087


91,794


90,732


378,607


365,684

Amortization of acquisition-related intangibles

2,462


2,589


2,487


9,887


9,508

Litigation and contingencies


(19,190)



9,410


Total operating expenses

228,361


203,285


204,352


890,351


850,714











Operating income

189,517


202,739


147,227


748,927


580,732

Loss on extinguishment of convertible debentures

9,848




9,848


Interest and other expense, net

3,819


4,807


8,902


29,553


33,726

Income before income taxes

175,850


197,932


138,325


709,526


547,006

Provision for income taxes

19,823


22,055


7,705


79,138


59,470

Net income

$            156,027


$                 175,877


$            130,620


$            630,388


$             487,536

Net income per common share:










Basic

$                  0.58


$                       0.66


$                  0.50


$                  2.37


$                   1.86

Diluted

$                  0.53


$                       0.61


$                  0.47


$                  2.19


$                   1.79

Cash dividends per common share

$                  0.25


$                        0.25


$                  0.22


$                  1.00


$                   0.88

Shares used in per share calculations:










Basic

268,134


267,780


263,035


266,431


261,652

Diluted

294,536


288,195


277,090


287,396


272,573

 

XILINX, INC.




CONDENSED CONSOLIDATED BALANCE SHEETS


(In thousands)





March 29, 2014


March 30, 2013 *


(unaudited)



ASSETS




Current assets:




Cash, cash equivalents and short-term investments

$                                        2,457,321


$                                        1,714,745

Accounts receivable, net

267,833


229,175

Inventories

233,999


201,250

Deferred tax assets and other current assets

107,994


152,469

Total current assets

3,067,147


2,297,639

Net property, plant and equipment

355,089


365,687

Long-term investments

1,190,775


1,651,033

Other assets

424,338


415,092

Total Assets

$                                        5,037,349


$                                        4,729,451









LIABILITIES , TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY




Current liabilities:




  Accounts payable and accrued  liabilities

$                                           369,260


$                                           333,379

  Deferred income on shipments to distributors

55,099


53,358

  Deferred tax liabilities


51

  Current portion of long-term debt

565,001


Total current liabilities

989,360


386,788

Long-term debt

993,870


922,666

Deferred tax liabilities

253,433


415,442

Other long-term liabilities

13,005


41,259

Temporary equity

34,999


Stockholders' equity

2,752,682


2,963,296

Total Liabilities, Temporary Equity and Stockholders' Equity

$                                        5,037,349


$                                        4,729,451









* Derived from audited financial statements

 

XILINX, INC.






SUPPLEMENTAL FINANCIAL INFORMATION





(Unaudited)






(In thousands)







Three Months Ended


Twelve Months Ended


March 29, 2014


December 28, 2013


March 30, 2013


March 29, 2014


March 30, 2013

SELECTED CASH FLOW INFORMATION:










Depreciation

$               13,860


$                     13,595


$               13,893


$               55,464


$               56,327

Amortization

4,980


5,058


4,355


19,808


17,233

Stock-based compensation

25,961


24,339


21,246


94,314


77,862

Net cash provided by operating activities

189,375


216,390


173,653


804,917


656,537

Purchases of property, plant and equipment

14,148


10,975


6,212


44,865


30,265

Payment of dividends to stockholders

67,042


67,096


57,822


267,343


230,469

Repurchases of common stock

73,955


97,140



241,076


197,689

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

111,301


12,729


59,671


268,912


117,872











STOCK-BASED COMPENSATION INCLUDED IN:










Cost of revenues

$                 1,974


$                       1,966


$                 1,638


$                 7,602


$                 6,356

Research and development

12,723


11,912


10,256


46,197


37,937

Selling, general and administrative

11,264


10,461


9,352


40,515


33,569

 

SOURCE Xilinx, Inc.

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