Xilinx Inc. (XLNX, Financial) filed Quarterly Report for the period ended 2011-12-31.
Xilinx Inc. has a market cap of $9.53 billion; its shares were traded at around $36.31 with a P/E ratio of 17.7 and P/S ratio of 4. The dividend yield of Xilinx Inc. stocks is 2.1%. Xilinx Inc. had an annual average earning growth of 29.6% over the past 10 years. GuruFocus rated Xilinx Inc. the business predictability rank of 3-star.
For the first nine months of fiscal 2012, approximately 61% of our net revenues were from products sold to distributors for subsequent resale to original equipment manufacturers (OEMs) or their subcontract manufacturers. As of December 31, 2011, we had $89.8 million of deferred revenue and $26.6 million of deferred cost of revenues recognized as a net $63.2 million of deferred income on shipments to distributors. As of April 2, 2011, we had $134.0 million of deferred revenue and $34.2 million of deferred cost of revenues recognized as a net $99.8 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.
SG&A expenses increased $2.4 million during the third quarter of fiscal 2012 and $16.2 million during the first nine months of fiscal 2012 compared to the same periods last year. The increases were primarily due to higher legal expenses related to the current litigation (see Note 18. Contingencies to our condensed consolidated financial statements, included in Part 1. Financial Information, for additional information) and higher compensation expenses, and were partially offset by reduction in outside sales commission due to lower revenues.
The decrease in the effective tax rate in the third quarter of fiscal 2012 as compared to the prior year period was primarily attributable to a decrease in taxes as a result of lapses of statutes of limitation. The decrease in the effective tax rate in the first nine months of fiscal 2012 as compared to the prior year period was attributable to a decrease in taxes as a result of an increase in the amount of permanently reinvested foreign earnings for which no U.S. taxes were provided and to a decrease in taxes as a result of lapses of statutes of limitation.
Operating Activities During the first nine months of fiscal 2012, our operations generated net positive cash flow of $618.2 million, which was $139.1 million higher than the $479.2 million generated during the first nine months of fiscal 2011. The positive cash flow from operations generated during the first nine months of fiscal 2012 was primarily from net income as adjusted for noncash related items, decreases in accounts receivable, deferred income taxes, inventories, and other assets, as well as an increase in accrued liabilities. These items were partially offset by a decrease in deferred income on shipments to distributors and income taxes payable, as well as an increase in prepaid expenses and other current assets. Accounts receivable decreased by $75.3 million at December 31, 2011 from the levels at April 2, 2011, due to lower revenues. Days sales outstanding (DSO) decreased to 35 days at December 31, 2011 from 45 days at April 2, 2011. During fiscal 2011, we agreed to temporarily extend payment terms for Avnet, which increased our trade accounts receivable balance and DSO throughout fiscal 2011 compared to our historical level. In the fourth quarter of fiscal 2011, Avnet returned to standard payment terms and therefore our trade accounts receivable balance and DSO levels specific to Avnet subsequently decreased. Our inventory levels were $19.3 million lower at December 31, 2011 compared to April 2, 2011. Combined inventory days at Xilinx and distribution decreased to 124 days at December 31, 2011 from 135 days at April 2, 2011. The combined inventory days as of April 2, 2011 and December 31, 2011 were relatively higher than usual due to build ahead of a number of legacy parts in response to the previously planned closure of a particular foundry line. Additionally, the combined inventory days as of December 31, 2011 was higher than usual due to the decline in revenues, which affected cost of revenues.
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Xilinx Inc. has a market cap of $9.53 billion; its shares were traded at around $36.31 with a P/E ratio of 17.7 and P/S ratio of 4. The dividend yield of Xilinx Inc. stocks is 2.1%. Xilinx Inc. had an annual average earning growth of 29.6% over the past 10 years. GuruFocus rated Xilinx Inc. the business predictability rank of 3-star.
Highlight of Business Operations:
Net revenues of $511.1 million in the third quarter of fiscal 2012 represented a 10% decrease from the comparable prior year period of $567.2 million. Net revenues for the first nine months of fiscal 2012 were $1.68 billion, a 6% decrease from the comparable prior year period of $1.78 billion. Net revenues from New Products increased in the third quarter and first nine months of fiscal 2012 versus the comparable prior year periods but were not sufficient to offset the declines in our Mainstream, Base and Support Products. No end customer accounted for more than 10% of our net revenues for the third quarter and the first nine months of fiscal 2012.For the first nine months of fiscal 2012, approximately 61% of our net revenues were from products sold to distributors for subsequent resale to original equipment manufacturers (OEMs) or their subcontract manufacturers. As of December 31, 2011, we had $89.8 million of deferred revenue and $26.6 million of deferred cost of revenues recognized as a net $63.2 million of deferred income on shipments to distributors. As of April 2, 2011, we had $134.0 million of deferred revenue and $34.2 million of deferred cost of revenues recognized as a net $99.8 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.
SG&A expenses increased $2.4 million during the third quarter of fiscal 2012 and $16.2 million during the first nine months of fiscal 2012 compared to the same periods last year. The increases were primarily due to higher legal expenses related to the current litigation (see Note 18. Contingencies to our condensed consolidated financial statements, included in Part 1. Financial Information, for additional information) and higher compensation expenses, and were partially offset by reduction in outside sales commission due to lower revenues.
The decrease in the effective tax rate in the third quarter of fiscal 2012 as compared to the prior year period was primarily attributable to a decrease in taxes as a result of lapses of statutes of limitation. The decrease in the effective tax rate in the first nine months of fiscal 2012 as compared to the prior year period was attributable to a decrease in taxes as a result of an increase in the amount of permanently reinvested foreign earnings for which no U.S. taxes were provided and to a decrease in taxes as a result of lapses of statutes of limitation.
Operating Activities During the first nine months of fiscal 2012, our operations generated net positive cash flow of $618.2 million, which was $139.1 million higher than the $479.2 million generated during the first nine months of fiscal 2011. The positive cash flow from operations generated during the first nine months of fiscal 2012 was primarily from net income as adjusted for noncash related items, decreases in accounts receivable, deferred income taxes, inventories, and other assets, as well as an increase in accrued liabilities. These items were partially offset by a decrease in deferred income on shipments to distributors and income taxes payable, as well as an increase in prepaid expenses and other current assets. Accounts receivable decreased by $75.3 million at December 31, 2011 from the levels at April 2, 2011, due to lower revenues. Days sales outstanding (DSO) decreased to 35 days at December 31, 2011 from 45 days at April 2, 2011. During fiscal 2011, we agreed to temporarily extend payment terms for Avnet, which increased our trade accounts receivable balance and DSO throughout fiscal 2011 compared to our historical level. In the fourth quarter of fiscal 2011, Avnet returned to standard payment terms and therefore our trade accounts receivable balance and DSO levels specific to Avnet subsequently decreased. Our inventory levels were $19.3 million lower at December 31, 2011 compared to April 2, 2011. Combined inventory days at Xilinx and distribution decreased to 124 days at December 31, 2011 from 135 days at April 2, 2011. The combined inventory days as of April 2, 2011 and December 31, 2011 were relatively higher than usual due to build ahead of a number of legacy parts in response to the previously planned closure of a particular foundry line. Additionally, the combined inventory days as of December 31, 2011 was higher than usual due to the decline in revenues, which affected cost of revenues.
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