Xilinx Inc. Reports Operating Results (10-Q)
Xilinx, Inc. has a market cap of $8.68 billion; its shares were traded at around $33.34 with a P/E ratio of 17.8 and P/S ratio of 3.9. The dividend yield of Xilinx, Inc. stocks is 2.7%. Xilinx, Inc. had an annual average earning growth of 26.6% over the past 10 years. GuruFocus rated Xilinx, Inc. the business predictability rank of 3.5-star.
Highlight of Business Operations:For the first three months of fiscal 2013, approximately 57% of our net revenues were from products sold to distributors for subsequent resale to original equipment manufacturers (OEMs) or their subcontract manufacturers. As of June 30, 2012, we had $77.8 million of deferred revenue and $21.1 million of deferred cost of revenues recognized as a net $56.7 million of deferred income on shipments to distributors. As of March 31, 2012, we had $90.0 million of deferred revenue and $23.0 million of deferred cost of revenues recognized as a net $67.0 million of deferred income on shipments to distributors. The deferred income on shipments to distributors that will ultimately be recognized in our consolidated statement of income will be different than the amount shown on the consolidated balance sheet due to actual price adjustments issued to the distributors when the product is sold to their end customers.
Net revenues from Support Products decreased in the first quarter of fiscal 2013 compared to the prior year period. The decrease was due to a decline in sales from our PROM products.
Net revenues from the Communications and Data Center end market decreased in the first quarter of fiscal 2013 compared to the prior year period. The decrease was due to weaker sales from both wired and wireless communication applications.
SG&A expenses decreased slightly by $195 thousand during the first quarter of fiscal 2013 compared to the same period last year. The decrease was primarily due to reduction in outside sales commission due to lower revenues, and was partially offset by higher
Operating Activities — During the first quarter of fiscal 2013, our operations generated net positive cash flow of $162.9 million, which was $74.7 million lower than the $237.7 million generated during the first quarter of fiscal 2012. The positive cash flow from operations generated during the first quarter of fiscal 2013 was primarily from net income as adjusted for non-cash related items, decreases in deferred income taxes and inventories, as well as an increase in accounts payables. These items were partially offset by decreases in deferred income on shipments to distributors and accrued liabilities, as well as an increase in accounts receivable. Accounts receivable increased by $43.0 million and days sales outstanding (DSO) increased to 40 days at June 30, 2012 from 35 days at March 31, 2012 due to timing of shipments. Our inventory levels were $11.6 million lower at June 30, 2012 compared to March 31, 2012. Combined inventory days at Xilinx and distribution decreased to 99 days at June 30, 2012 from 106 days at March 31, 2012. While we were able to manage our inventory and reduce the combined inventory days in the past few quarters, the combined inventory days as of March 31, 2012 and June 30, 2012 were still relatively higher than historical trends due to build ahead of a number of legacy parts in response to the previously planned closure of a particular foundry line. We expect to sell these parts over the next three years.
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