Xilinx Reports Fiscal Fourth Quarter and Fiscal Year 2021 Results

  • Record reve짯nue of $851 mil짯li짯on in the quar짯ter; fis짯cal 2021 reve짯nue of $3.15 billion
  • Data Cen짯ter Group (DCG) reve짯nue in the quar짯ter increased 28% sequen짯ti짯al짯ly, and fis짯cal 2021 reve짯nue increased 20% over the pri짯or year
  • Wired and Wire짯less Group (WWG) reve짯nue in the quar짯ter increased 13% sequen짯ti짯al짯ly, dri짯ven by strength in Wire짯less with mul짯ti짯ple regi짯ons deploy짯ing 5G, par짯ti짯al짯ly off짯set by weak짯ne짯ss in Wired
  • Aero짯space & Defen짯se, Indus짯tri짯al and Test, Mea짯su짯re짯ment & Emu짯la짯ti짯on (AIT) reve짯nue in the quar짯ter decli짯ned 2% sequen짯ti짯al짯ly, with strong Indus짯tri짯al end mar짯ket per짯for짯mance off짯set by an expec짯ted decli짯ne in TME and soft짯ness in Aero짯space & Defen짯se sales
  • Auto짯mo짯ti짯ve, Broad짯cast and Con짯su짯mer (ABC) reve짯nue in the quar짯ter decli짯ned 1% sequen짯ti짯al짯ly, with a record quar짯ter in the Auto짯mo짯ti짯ve end mar짯ket off짯set짯ting sea짯so짯nal decli짯nes in Broad짯cast and Con짯su짯mer end markets
  • Fis짯cal fourth quar짯ter free cash flow of $227 mil짯li짯on, repre짯sen짯ting 27% of reve짯nue; fis짯cal 2021 free cash flow of $1.04 bil짯li짯on, or 33% of revenue

 

SAN JOSE, Calif.(BUSINESS WIRE)밠ay 4, 2021 Xilinx, Inc. (Nasdaq: XLNX), the lea짯der in adap짯ti짯ve com짯pu짯ting, today announ짯ced record reve짯nues of $851 mil짯li짯on for the fis짯cal fourth quar짯ter, up 6% over the pre짯vious quar짯ter and an increase of 13% year over year. Fis짯cal 2021 reve짯nues were $3.15 bil짯li짯on, lar짯ge짯ly flat from the pri짯or fis짯cal year.

GAAP net inco짯me for the fis짯cal fourth quar짯ter was $188 mil짯li짯on, or $0.75 per diluted share. Non-GAAP net inco짯me for the quar짯ter was $204 mil짯li짯on, or $0.82 per diluted share. GAAP net inco짯me for fis짯cal year 2021 was $647 mil짯li짯on, or $2.62 per diluted share. Non-GAAP net inco짯me for fis짯cal year 2021 was $762 mil짯li짯on, or $3.08 per diluted share.

Addi짯tio짯nal fourth quar짯ter of fis짯cal year 2021 com짯pa짯ri짯sons are pro짯vi짯ded in the charts below.

Q4 Fis짯cal 2021 Finan짯cial Highlights

(In mil짯li짯ons, except EPS)

   

 

GAAP

 

 

 

 

 

 

 

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q멦-Q

Y멦-Y

Net reve짯nues*

$851

$803

$756

 

6%

13%

Gross mar짯gin

$570

$547

$528

 

4%

8%

Ope짯ra짯ting income

$200

$172

$178

 

16%

12%

Net inco짯me

$188

$171

$162

 

10%

16%

Diluted ear짯nings per share

$0.75

$0.69

$0.65

 

9%

15%

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q멦-Q

Y멦-Y

Net reve짯nues*

$851

$803

$756

 

6%

13%

Gross mar짯gin

$579

$554

$535

 

5%

8%

Ope짯ra짯ting income

$228

$201

$218

 

13%

4%

Net inco짯me

$204

$194

$193

 

5%

5%

Diluted ear짯nings per share

$0.82

$0.78

$0.78

 

5%

5%

 

 

* No adjus짯t짯ment bet짯ween GAAP and Non-GAAP

Note: Q4 FY2021 con짯sis짯ted of 13 weeks; Q3 FY2021 con짯sis짯ted of 14 weeks; Q4 FY2020 con짯sis짯ted of 13 weeks

We are plea짯sed with our fourth quar짯ter results as we deli짯ver짯ed record reve짯nues and dou짯ble-digit year-over-year growth in the midst of a chal짯len짯ging sup짯p짯ly chain envi짯ron짯ment, said Vic짯tor Peng, Xilinx pre짯si짯dent and CEO. 쏼ilinx saw fur짯ther impro짯ve짯ment in demand across a majo짯ri짯ty of our diver짯si짯fied end mar짯kets with key strength in our Wire짯less, Data Cen짯ter and Auto짯mo짯ti짯ve mar짯kets, the pil짯lars of our growth stra짯tegy. Our teams have exe짯cu짯ted well and we remain focu짯sed on con짯ti짯nuing to meet cus짯to짯mers cri짯ti짯cal needs.

Our invest짯ment and strong exe짯cu짯ti짯on toward our plat짯form stra짯tegy are pay짯ing off as we are now in full pro짯duc짯tion ship짯ments of our 7nm Ver짯sal series, which is the cul짯mi짯na짯ti짯on of a mul짯ti-year effort and a long-term growth dri짯ver for Xilinx. We also intro짯du짯ced new plat짯forms for edge com짯pu짯te inclu짯ding Kria, an adap짯ti짯ve sys짯tem-on-modu짯le (SOM) plat짯form, as well as a cost-opti짯mi짯zed UltraS짯ca짯le+ port짯fo짯lio, to enable and acce짯le짯ra짯te inno짯va짯ti짯on and AI at the edge.

Record Q4 reve짯nues were dri짯ven by strength in Wire짯less and Data Cen짯ter mar짯kets, as well as record quar짯ters for our Indus짯tri짯al and Auto짯mo짯ti짯ve end mar짯kets, which resul짯ted in 6% sequen짯ti짯al and 13% year-over-year growth, said Bri짯ce Hill, Xilinx CFO. 쏛dvan짯ced Pro짯ducts also grew 6% sequen짯ti짯al짯ly and repre짯sen짯ted 73% of total reve짯nue. Top line per짯for짯mance dro짯ve fourth quar짯ter free cash flows of $227 mil짯li짯on, or 27% of reve짯nue, reflec짯ting our effi짯ci짯ent finan짯cial model.

Net Reve짯nues by Geography:

 

 

 

 

 

 

 

Per짯cen짯ta짯ges

 

Growth Rates

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q멦-Q

Y멦-Y

North Ame짯ri짯ca

27%

30%

37%

 

-1%

-16%

Asia Paci짯fic

49%

44%

37%

 

16%

49%

Euro짯pe

16%

19%

18%

 

-12%

-3%

Japan

8%

7%

8%

 

18%

13%

 

 

 

 

 

 

 

Net Reve짯nues by End Market:

 

 

 

 

 

 

 

Per짯cen짯ta짯ges

 

Growth Rates

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q멦-Q

Y멦-Y

A&D, Indus짯tri짯al and TME

41%

45%

50%

 

-2%

-6%

Auto짯mo짯ti짯ve, Broad짯cast and Consumer

18%

19%

16%

 

-1%

30%

Wired and Wire짯less Group

31%

29%

24%

 

13%

43%

Data Cen짯ter Group

9%

7%

10%

 

28%

-5%

Chan짯nel

1%

0%

0%

 

NM

NM

 

 

 

 

 

 

 

Net Reve짯nues by Product:

 

 

 

 

 

 

 

Per짯cen짯ta짯ges

 

Growth Rates

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q멦-Q

Y멦-Y

Advan짯ced Products

73%

72%

70%

 

6%

16%

Core Pro짯ducts

27%

28%

30%

 

6%

3%

Pro짯ducts are clas짯si짯fied as follows:
Advan짯ced Pro짯ducts:
 Alveo and rela짯ted pro짯ducts, Ver짯sal, UltraS짯ca짯le+, UltraS짯ca짯le and 7몊eries products.
Core Pro짯ducts: Virtex6, Spartan6, Virtex-5, CoolRunner-II, Virtex4, Vir짯tex-II, Spartan3, Spartan2, XC9500 pro짯ducts, con짯fi짯gu짯ra짯ti짯on solu짯ti짯ons, soft짯ware & support/services.

Key Sta짯tis짯tics:

(Dol짯lars in Millions)

       

 

Q4

Q3

Q4

 

FY2021

FY2021

FY2020

 

 

 

 

Ope짯ra짯ting Cash Flow

$240

$360

$345

Depre짯cia짯ti짯on Expen짯se (inclu짯ding soft짯ware amortization)

$30

$31

$29

Capi짯tal Expen짯dit짯ures (inclu짯ding software)

$13

$6

$32

Free Cash Flow (1)

$227

$354

$313

Inven짯to짯ry Days (inter짯nal)

101

115

122

Reve짯nue Turns (%)

29

34

46

       

(1) Free Cash Flow = Ope짯ra짯ting Cash Flow Capi짯tal Expen짯dit짯ures (inclu짯ding software)

Pro짯duct and Finan짯cial High짯lights Fis짯cal Year 2021

  • Data Cen짯ter Group (DCG) deli짯ver짯ed 20% annu짯al reve짯nue growth over fis짯cal 2020 dri짯ven by con짯ti짯nuing adop짯ti짯on with hypers짯ca짯le cus짯to짯mers across com짯pu짯te, net짯wor짯king and sto짯rage workloads. Xilinx main짯ta짯ins strong enga짯ge짯ments with hypers짯ca짯lers to deli짯ver solu짯ti짯ons for AI com짯pu짯te, video acce짯le짯ra짯ti짯on, com짯posable net짯wor짯king and com짯pu짯ta짯tio짯nal sto짯rage. We also intro짯du짯ced new pro짯ducts and solu짯ti짯ons to power the data cen짯ter and the edge in fis짯cal 2021 inclu짯ding new Alveo Smart짯NICs, real-time ser짯ver appli짯ances for ultra-high-den짯si짯ty video trans짯co짯ding, the Sam짯sung SmartS짯SD짰 Com짯pu짯ta짯tio짯nal Sto짯rage Dri짯ve, the industry셲 first adap짯ta짯ble com짯pu짯ta짯tio짯nal sto짯rage plat짯form, and the Xilinx App Store
  • Wired and Wire짯less Group (WWG) reve짯nues were down 14% com짯pared to fis짯cal 2020 reflec짯ting Chi짯na trade-rela짯ted impacts as well as slow짯downs rela짯ted to the COVID-19 pan짯de짯mic. The Wire짯less end mar짯ket reco짯ver짯ed in the second half of fis짯cal 2021 as 5G deploy짯ments acce짯le짯ra짯ted in mul짯ti짯ple regi짯ons across a varie짯ty of tech짯no짯lo짯gies. Ver짯sal is now in pro짯duc짯tion with a Tier1 OEM to enable beam짯forming tech짯no짯lo짯gy in mas짯si짯ve MIMO appli짯ca짯ti짯ons, and con짯ti짯nues to gain momen짯tum with design wins with mul짯ti짯ple OEMs. RFSoC is in deploy짯ment with mul짯ti짯ple cus짯to짯mers and Xilinx has a strong design win pipe짯line with RFSoC DFE. Recent announce짯ments with Mave짯nir and Fuji짯tsu, as well as for the T1 Tel짯co Acce짯le짯ra짯tor Card, posi짯ti짯on Xilinx to sup짯port the emer짯ging growth oppor짯tu짯ni짯ties in ORAN
  • Aero짯space & Defen짯se, Indus짯tri짯al and Test & Mea짯su짯re짯ment (AIT) reve짯nue grew 6% com짯pared to fis짯cal 2020, dri짯ven by strength in Indus짯tri짯al, Sci짯en짯ti짯fic & Medi짯cal (ISM) and Test, Mea짯su짯re짯ment & Emu짯la짯ti짯on (TME) end mar짯kets. Zynq pro짯duct pene짯tra짯ti짯on into appli짯ca짯ti짯ons that have tra짯di짯tio짯nal짯ly used ASSPs and ASICs have pro짯vi짯ded signi짯fi짯cant expan짯si짯on of available mar짯ket opportunities
  • Auto짯mo짯ti짯ve, Broad짯cast and Con짯su짯mer (ABC) mar짯kets deli짯ver짯ed 1% annu짯al growth despi짯te mate짯ri짯al impacts from the COVID-19 pan짯de짯mic. The Auto짯mo짯ti짯ve end mar짯ket reco짯ver짯ed stron짯gly in the second half of fis짯cal 2021 with con짯se짯cu짯ti짯ve quar짯ters of record reve짯nue in Q3 and Q4 despi짯te ongo짯ing sup짯p짯ly chain chal짯lenges. Xilinx plat짯forms con짯ti짯nue to be adopted by lea짯ding glo짯bal OEMs and manu짯fac짯tu짯r짯ers for ADAS appli짯ca짯ti짯ons, inclu짯ding Con짯ti짯nen짯tal for a 4멏 ima짯ging radar and Sub짯aru to power its new-gene짯ra짯ti짯on Eye짯Sight ADAS system
  • Xilinx intro짯du짯ced new solu짯ti짯ons for the edge, inclu짯ding the new Kria adap짯ti짯ve sys짯tem-on-modu짯le (SOM) plat짯form for acce짯le짯ra짯ting AI appli짯ca짯ti짯ons at the edge, and a cost-opti짯mi짯zed UltraS짯ca짯le+ port짯fo짯lio, for ultra-com짯pact, high-per짯for짯mance edge compute
  • Strong adop짯ti짯on momen짯tum con짯ti짯nues for the Vitis soft짯ware deve짯lo짯p짯ment plat짯form with over 76,000 down짯loads and ano짯ther 23,000 esti짯ma짯ted down짯loads for Vitis AI deve짯lo짯p짯ment envi짯ron짯ment for acce짯le짯ra짯ting AI infe짯rence. In addi짯ti짯on, over 20,000 deve짯lo짯pers have been trai짯ned on Xilinx soft짯ware tools, and more than 1,000 ISV part짯ners have published over 200 appli짯ca짯ti짯ons across all Xilinx powered adap짯ti짯ve plat짯forms inclu짯ding cloud, Alveo and SmartSSD

Com짯men짯ta짯ry on AMD Transaction

As announ짯ced on Octo짯ber 27, 2020, Advan짯ced Micro Devices, Inc. (AMD) intends to acqui짯re Xilinx in an all-stock tran짯sac짯tion valued at $35 bil짯li짯on. Due to the pen짯ding acqui짯si짯ti짯on, Xilinx will not hold an ear짯nings con짯fe짯rence call or pro짯vi짯de for짯ward-loo짯king gui짯dance. Also, pur짯su짯ant to the terms of the Mer짯ger Agree짯ment bet짯ween the Com짯pa짯ny and AMD, Xilinx has sus짯pen짯ded its quar짯ter짯ly divi짯dend as well as its open mar짯ket stock repurcha짯se program.

Non-GAAP Finan짯cial Information

Fis짯cal year 2021 and fourth quar짯ter 2021 results include finan짯cial mea짯su짯res which are not deter짯mi짯ned in accordance with the United Sta짯tes gene짯ral짯ly accept짯ed accoun짯ting prin짯ci짯ples (GAAP), as indi짯ca짯ted. Non-GAAP mea짯su짯res should not be con짯side짯red as a sub짯sti짯tu짯te for, or supe짯ri짯or to, finan짯cial mea짯su짯res deter짯mi짯ned in accordance with GAAP. The pre짯sen짯ta짯ti짯on of non-GAAP finan짯cial mea짯su짯res has been recon짯ci짯led, in each case, to the most direct짯ly com짯pa짯ra짯ble GAAP mea짯su짯re, as indi짯ca짯ted in the accom짯pany짯ing tables. Xilinx셲 (the Com짯pa짯ny) cal짯cu짯la짯ti짯on of such non-GAAP mea짯su짯res may not be com짯pa짯ra짯ble to simi짯lar짯ly-titled mea짯su짯res used by other companies.

Manage짯ment uses the non-GAAP finan짯cial mea짯su짯res dis짯c짯lo짯sed her짯ein, other than free cash flow, to eva짯lua짯te the Company셲 finan짯cial results from con짯ti짯nuing ope짯ra짯ti짯ons (exclu짯ding the impact of acqui짯si짯ti짯ons) and compa짯re to ope짯ra짯ting per짯for짯mance in past peri짯ods. Simi짯lar짯ly, Manage짯ment belie짯ves pre짯sen짯ta짯ti짯on of the짯se non-GAAP mea짯su짯res is useful to inves짯tors becau짯se it enables inves짯tors and ana짯lysts to eva짯lua짯te ope짯ra짯ting expen짯ses of the Company셲 core busi짯ness, exclu짯ding the impact of non-core busi짯ness expen짯ses, such as acqui짯si짯ti짯on-rela짯ted amor짯tiza짯ti짯on and non-recur짯ring items, as descri짯bed below:

M&A rela짯ted expen짯ses: The짯se expen짯ses main짯ly con짯sist of legal, advi짯so짯ry and con짯sul짯ting fees asso짯cia짯ted with acqui짯si짯ti짯on acti짯vi짯ties, and also include fees and reten짯ti짯on com짯pen짯sa짯ti짯on rela짯ted to the Company셲 acqui짯si짯ti짯on by AMD. The Com짯pa짯ny belie짯ves the짯se cos짯ts do not reflect its cur짯rent ope짯ra짯ting performance.

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intan짯gi짯bles: Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intan짯gi짯ble assets con짯sists of amor짯tiza짯ti짯on of intan짯gi짯ble assets such as deve짯lo짯ped tech짯no짯lo짯gy acqui짯red in con짯nec짯tion with busi짯ness com짯bi짯na짯ti짯ons. The non-GAAP adjus짯t짯ments exclude the짯se char짯ges to faci짯li짯ta짯te an eva짯lua짯ti짯on of the Company셲 cur짯rent ope짯ra짯ting per짯for짯mance and com짯pa짯ri짯sons to its past ope짯ra짯ting performance.

Inco짯me taxes: The Com짯pa짯ny excludes the inco짯me tax effects of non-GAAP adjus짯t짯ments reflec짯ted in ope짯ra짯ting expen짯ses and other inco짯me, as detail짯ed abo짯ve. It also excludes other signi짯fi짯cant tax effects of post-acqui짯si짯ti짯on tax inte짯gra짯ti짯on tran짯sac짯tions. The Com짯pa짯ny belie짯ves exclu짯ding post-acqui짯si짯ti짯on tax inte짯gra짯ti짯on items will faci짯li짯ta짯te a com짯pa짯ra짯ble eva짯lua짯ti짯on of its cur짯rent per짯for짯mance to its past performance.

In addi짯ti짯on, free cash flow, which is cash flow from ope짯ra짯ti짯ons adjus짯ted to exclude addi짯ti짯ons to soft짯ware, pro짯per짯ty, plant, and equip짯ment, is used by manage짯ment when asses짯sing the Company셲 sources of liqui짯di짯ty, capi짯tal resour짯ces, and qua짯li짯ty of ear짯nings. The Com짯pa짯ny belie짯ves that this non-GAAP finan짯cial mea짯su짯re is hel짯pful in under짯stan짯ding the Company셲 capi짯tal requi짯re짯ments and pro짯vi짯des an addi짯tio짯nal means to eva짯lua짯te the cash flow trends of the Company셲 business.

For짯ward-Loo짯king Statements

This release con짯ta짯ins for짯ward-loo짯king state짯ments, which can often be iden짯ti짯fied by the use of for짯ward-loo짯king words such as 쐃xpect, 쐀elie짯ve, 쐌ay, 쐗ill, 쐁ould, 쏿nti짯ci짯pa짯te, 쐃sti짯ma짯te, 쐁on짯ti짯nue, 쐏lan, 쐇ntend, 쐏ro짯ject or other simi짯lar expres짯si짯ons. State짯ments that refer to or are based on uncer짯tain events or assump짯ti짯ons also iden짯ti짯fy for짯ward-loo짯king state짯ments. Such for짯ward-loo짯king state짯ments include, but are not limi짯t짯ed to, state짯ments rela짯ted to our pro짯po짯sed acqui짯si짯ti짯on by AMD, the semi짯con짯duc짯tor mar짯ket, the growth and accep짯tance of our pro짯ducts, expec짯ted reve짯nue growth, the demand and growth in the mar짯kets we ser짯ve, and oppor짯tu짯ni짯ty for expan짯si짯on into new mar짯kets. Undue reli짯ance should not be pla짯ced on such for짯ward-loo짯king state짯ments, which speak only as of the date they are made. We under짯ta짯ke no obli짯ga짯ti짯on to update such for짯ward-loo짯king state짯ments. Actu짯al events and results may dif짯fer mate짯ri짯al짯ly from tho짯se in the for짯ward-loo짯king state짯ments and are sub짯ject to risks and uncer짯tain짯ties, inclu짯ding, among others, the impact of the ongo짯ing COVID-19 pan짯de짯mic and rela짯ted miti짯ga짯ti짯on mea짯su짯res (which, in addi짯ti짯on to pre짯sen짯ting its own risks and uncer짯tain짯ties, may also heigh짯ten the other risks and uncer짯tain짯ties faced by our busi짯ness and decrease our visi짯bi짯li짯ty into all aspects of our busi짯ness); clo짯sing of the pro짯po짯sed tran짯sac짯tion with AMD on anti짯ci짯pa짯ted timing (inclu짯ding the risk that the con짯di짯ti짯ons to the tran짯sac짯tion are not satis짯fied on a time짯ly basis or at all or the fail짯ure of the tran짯sac짯tion to clo짯se for any other reason) and terms (inclu짯ding obtai짯ning the anti짯ci짯pa짯ted tax tre짯at짯ment, regu짯la짯to짯ry appr짯ovals, requi짯red cons짯ents or aut짯ho짯riza짯ti짯ons); unan짯ti짯ci짯pa짯ted dif짯fi짯cul짯ties or expen짯dit짯ures rela짯ting to the tran짯sac짯tion; the respon짯se of busi짯ness part짯ners and reten짯ti짯on as a result of the announce짯ment and pen짯den짯cy of the tran짯sac짯tion; the diver짯si짯on of manage짯ment time on tran짯sac짯tion-rela짯ted mat짯ters; cus짯to짯mer accep짯tance of our new pro짯ducts; chan짯ging glo짯bal eco짯no짯mic con짯di짯ti짯ons; our depen짯dence on cer짯tain cus짯to짯mers; trade and export rest짯ric짯tions; the con짯di짯ti짯on and per짯for짯mance of our cus짯to짯mers and the end mar짯kets in which they par짯ti짯ci짯pa짯te; our abili짯ty to fore짯cast end cus짯to짯mer demand; a high depen짯dence on turns busi짯ness; more cus짯to짯mer volu짯me dis짯counts than expec짯ted; grea짯ter pro짯duct mix chan짯ges than anti짯ci짯pa짯ted; fluc짯tua짯tions in manu짯fac짯tu짯ring yields; our abili짯ty to deli짯ver pro짯duct in a time짯ly man짯ner; our abili짯ty to suc짯cessful짯ly mana짯ge pro짯duc짯tion at mul짯ti짯ple found짯ries; our reli짯ance on third par짯ties (inclu짯ding dis짯tri짯bu짯tors); varia짯bi짯li짯ty in wafer pri짯cing; cos짯ts and lia짯bi짯li짯ties asso짯cia짯ted with cur짯rent and future liti짯ga짯ti짯on (inclu짯ding liti짯ga짯ti짯on rela짯ting to the pro짯po짯sed tran짯sac짯tion with AMD); our abili짯ty to gene짯ra짯te cost and ope짯ra짯ting expen짯se savings in an effi짯ci짯ent and time짯ly man짯ner; our abili짯ty to rea짯li짯ze the goals con짯tem짯pla짯ted by our acqui짯si짯ti짯ons and stra짯te짯gic invest짯ments; the impact of cur짯rent and future legis짯la짯ti짯ve and regu짯la짯to짯ry chan짯ges; the impact of new accoun짯ting pro짯no짯unce짯ments and tax laws, inclu짯ding the U.S. Tax Cuts and Jobs Act, and inter짯pre짯ta짯ti짯ons the짯reof; and other risk fac짯tors descri짯bed in our most recent Forms 10멡 and 10멚 and sub짯se짯quent filings with the U.S. Secu짯ri짯ties and Exch짯an짯ge Commission.

About Xilinx

Xilinx, Inc. deve짯lo짯ps high짯ly fle짯xi짯ble and adap짯ti짯ve com짯pu짯ting plat짯forms that enable rapid inno짯va짯ti짯on across a varie짯ty of tech짯no짯lo짯gies from the cloud, to the edge, to the end짯point. Xilinx is the inven짯tor of the FPGA and Adap짯ti짯ve SoCs (inclu짯ding our Adap짯ti짯ve Com짯pu짯te Acce짯le짯ra짯ti짯on Plat짯form, or ACAP), desi짯gned to deli짯ver the most dyna짯mic com짯pu짯ting tech짯no짯lo짯gy in the indus짯try. We col짯la짯bo짯ra짯te with our cus짯to짯mers to crea짯te sca짯lable, dif짯fe짯ren짯tia짯ted and intel짯li짯gent solu짯ti짯ons that enable the adap짯ta짯ble, intel짯li짯gent and con짯nec짯ted world of the future. For more infor짯ma짯ti짯on, visit xilinx.com.

Xilinx, the Xilinx logo, Alveo, Artix, Kin짯tex, Spar짯tan, Ver짯sal, Vitis, Vir짯tex, Viv짯a짯do, Zynq, Kria and other desi짯gna짯ted brands included her짯ein are trade짯marks of Xilinx in the United Sta짯tes and/or other count짯ries. All other trade짯marks are the pro짯per짯ty of their respec짯ti짯ve owners.

XILINX, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unau짯di짯ted)
(In thou짯sands, except per share amounts)
  Three Months Ended Twel짯ve Months Ended
 

April 3, 2021

Janu짯ary 2, 2021

March 28, 2020

April 3, 2021

March 28, 2020

Net reve짯nues

$

850,987

 

$

803,404

$

756,169

$

3,147,599

 

$

3,162,666

Cost of revenues:          
Cost of pro짯ducts sold

 

272,851

 

 

249,529

 

221,037

 

966,604

 

 

1,025,234

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles

 

7,733

 

 

6,875

 

6,697

 

28,000

 

 

22,396

Total cost of revenues

 

280,584

 

 

256,404

 

227,734

 

994,604

 

 

1,047,630

Gross mar짯gin

 

570,403

 

 

547,000

 

528,435

 

2,152,995

 

 

2,115,036

Ope짯ra짯ting expenses:          
Rese짯arch and development

 

239,863

 

 

235,018

 

214,968

 

904,639

 

 

853,589

Sel짯ling, gene짯ral and administrative

 

127,872

 

 

136,701

 

103,675

 

483,749

 

 

432,308

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles

 

2,887

 

 

2,856

 

3,401

 

11,468

 

 

8,889

Res짯truc짯tu짯ring charges

 

-

 

 

-

 

28,362

 

-

 

 

28,362

Total ope짯ra짯ting expenses

 

370,622

 

 

374,575

 

350,406

 

1,399,856

 

 

1,323,148

Ope짯ra짯ting income

 

199,781

 

 

172,425

 

178,029

 

753,139

 

 

791,888

Inte짯rest and other inco짯me (expen짯se), net

 

(4,245

)

 

3,709

 

11,717

 

(23,461

)

 

42,096

Inco짯me befo짯re inco짯me taxes

 

195,536

 

 

176,134

 

189,746

 

729,678

 

 

833,984

Pro짯vi짯si짯on for inco짯me taxes

 

7,652

 

 

5,162

 

27,489

 

83,170

 

 

41,263

Net inco짯me

$

187,884

 

$

170,972

$

162,257

$

646,508

 

$

792,721

Net inco짯me per com짯mon share:          
Basic

$

0.76

 

$

0.70

$

0.66

$

2.65

 

$

3.15

Diluted

$

0.75

 

$

0.69

$

0.65

$

2.62

 

$

3.11

Cash divi짯dends per com짯mon share

$

-

 

$

0.38

$

0.37

$

1.14

 

$

1.48

Shares used in per share calculations:          
Basic

 

245,774

 

 

245,145

 

247,166

 

244,257

 

 

251,732

Diluted

 

249,030

 

 

248,148

 

249,320

 

247,229

 

 

254,943

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thou짯sands)    
 

April 3, 2021

March 28, 2020*

  (unau짯di짯ted)  
ASSETS    
Cur짯rent assets:    
Cash, cash equi짯va짯lents and short-term investments

$

3,078,899

$

2,267,216

Accounts receiva짯ble, net

 

285,214

 

273,028

Invent짯ories

 

311,085

 

304,340

Other cur짯rent assets

 

71,064

 

64,557

Total cur짯rent assets

 

3,746,262

 

2,909,141

Net pro짯per짯ty, plant and equipment

 

345,023

 

372,574

Other assets

 

1,427,916

 

1,411,619

Total assets

$

5,519,201

$

4,693,334

     
     
LIABILITIES AND STOCKHOLDERS EQUITY    
Cur짯rent liabilities:    
Accounts paya짯ble and accrued liabilities

$

624,555

$

586,421

Cur짯rent por짯ti짯on of long-term debt

 

-

 

499,260

Total cur짯rent liabilities

 

624,555

 

1,085,681

Long-term debt

 

1,492,688

 

747,110

Other long-term liabilities

 

514,997

 

545,494

Stock짯hol짯ders equity

 

2,886,961

 

2,315,049

Total Lia짯bi짯li짯ties and Stock짯hol짯ders Equity

$

5,519,201

$

4,693,334

     
* Fis짯cal 2020 balan짯ces are deri짯ved from audi짯ted finan짯cial statements.
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unau짯di짯ted)
(In thou짯sands)
 

Three Months Ended

Twel짯ve Months Ended

 

April 3, 2021

Janu짯ary 2, 2021

 

March 28, 2020

April 3, 2021

March 28, 2020

SELECTED CASH FLOW INFORMATION:            
Depre짯cia짯ti짯on and amor짯tiza짯ti짯on of software

$

29,616

 

$

30,818

 

$

28,603

 

$

122,432

$

97,485

Amor짯tiza짯ti짯on others

 

16,574

 

 

17,133

 

 

16,282

 

 

64,082

 

60,048

Stock-based com짯pen짯sa짯ti짯on

 

71,077

 

 

66,331

 

 

43,991

 

 

246,230

 

186,723

Net cash pro짯vi짯ded by ope짯ra짯ting activities

 

240,030

 

 

360,137

 

 

345,351

 

 

1,093,221

 

1,190,836

Purcha짯ses of pro짯per짯ty, plant, equip짯ment and software

 

12,864

 

 

6,009

 

 

32,309

 

 

49,665

 

129,289

Pay짯ment of divi짯dends to stockholders

 

-

 

 

93,155

 

 

91,417

 

 

278,674

 

371,793

Repay짯ment of debt

 

500,000

 

 

-

 

 

-

 

 

500,000

 

-

Repurcha짯ses of com짯mon stock

 

-

 

 

-

 

 

470,733

 

 

53,682

 

1,208,917

Taxes paid rela짯ted to net share sett짯le짯ment of rest짯ric짯ted stock units, net of pro짯ceeds from issu짯an짯ce of com짯mon stock

 

(29,400

)

 

4,560

 

 

(28,082

)

 

8,471

 

27,459

             
STOCK-BASED COMPENSATION INCLUDED IN:            
Cost of revenues

$

3,616

 

$

3,465

 

$

1,649

 

$

12,765

$

10,035

Rese짯arch and development

 

43,564

 

 

40,228

 

 

28,857

 

 

150,271

 

114,976

Sel짯ling, gene짯ral and administrative

 

23,897

 

 

22,638

 

 

13,313

 

 

83,194

 

61,540

Res짯truc짯tu짯ring charges

 

-

 

 

-

 

 

172

 

 

-

 

172

XILINX, INC.
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS
(Unau짯di짯ted)
(In thou짯sands, except per share amounts)
 

Three Months Ended

Twel짯ve Months Ended

 

April 3, 2021

Janu짯ary 2, 2021

March 28, 2020

April 3, 2021

March 28, 2020

GAAP gross margin

$

570,403

 

$

547,000

 

$

528,435

 

$

2,152,995

 

$

2,115,036

 

Inven짯to짯ry valua짯ti짯on adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

3,855

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles

 

7,733

 

 

6,875

 

 

6,697

 

 

28,000

 

 

22,396

 

M&A rela짯ted expenses

 

842

 

 

114

 

 

-

 

 

957

 

 

-

 

Non-GAAP gross margin

$

578,978

 

$

553,989

 

$

535,132

 

$

2,181,952

 

$

2,141,287

 

           
GAAP ope짯ra짯ting income

$

199,781

 

$

172,425

 

$

178,029

 

$

753,139

 

$

791,888

 

Inven짯to짯ry valua짯ti짯on adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

3,855

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles

 

10,620

 

 

9,731

 

 

10,098

 

 

39,468

 

 

31,285

 

M&A rela짯ted expenses

 

17,220

 

 

19,150

 

 

1,798

 

 

39,440

 

 

14,190

 

Res짯truc짯tu짯ring charges

 

-

 

 

-

 

 

28,362

 

 

-

 

 

28,362

 

Non-GAAP ope짯ra짯ting income

$

227,621

 

$

201,306

 

$

218,287

 

$

832,047

 

$

869,580

 

           
GAAP net income

$

187,884

 

$

170,972

 

$

162,257

 

$

646,508

 

$

792,721

 

Inven짯to짯ry valua짯ti짯on adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

3,855

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles

 

10,620

 

 

9,731

 

 

10,098

 

 

39,468

 

 

31,285

 

M&A rela짯ted expenses

 

17,220

 

 

19,150

 

 

1,798

 

 

39,440

 

 

14,190

 

Res짯truc짯tu짯ring charges

 

-

 

 

-

 

 

28,362

 

 

-

 

 

28,362

 

Inco짯me tax effect of inter짯com짯pa짯ny inte짯gra짯ti짯on transactions

 

-

 

 

-

 

 

-

 

 

-

 

 

(1,838

)

Inco짯me tax effect of tax-rela짯ted items

 

(6,776

)

 

(528

)

 

-

 

 

49,497

 

 

-

 

Inco짯me tax effect of non-GAAP adjustments

 

(5,006

)

 

(5,100

)

 

(9,137

)

 

(13,167

)

 

(15,271

)

Non-GAAP net income

$

203,942

 

$

194,225

 

$

193,378

 

$

761,746

 

$

853,304

 

           
GAAP diluted EPS

$

0.75

 

$

0.69

 

$

0.65

 

$

2.62

 

$

3.11

 

Inven짯to짯ry valua짯ti짯on adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

0.02

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles

 

0.04

 

 

0.04

 

 

0.04

 

 

0.16

 

 

0.11

 

M&A rela짯ted expenses

 

0.08

 

 

0.07

 

 

0.01

 

 

0.15

 

 

0.06

 

Res짯truc짯tu짯ring charges

 

-

 

 

-

 

 

0.12

 

 

-

 

 

0.12

 

Inco짯me tax effect of inter짯com짯pa짯ny inte짯gra짯ti짯on transactions

 

-

 

 

-

 

 

-

 

 

-

 

 

(0.01

)

Inco짯me tax effect of tax-rela짯ted items

 

(0.03

)

 

-

 

 

-

 

 

0.20

 

 

-

 

Inco짯me tax effect of non-GAAP adjustments

 

(0.02

)

 

(0.02

)

 

(0.04

)

 

(0.05

)

 

(0.06

)

Non-GAAP diluted EPS

$

0.82

 

$

0.78

 

$

0.78

 

$

3.08

 

$

3.35

 

           
GAAP cash flow from operations

$

240,030

 

$

360,137

 

$

345,351

 

$

1,093,221

 

$

1,190,836

 

Capi짯tal expen짯dit짯ures (inclu짯ding software)

 

(12,864

)

 

(6,009

)

 

(32,309

)

 

(49,665

)

 

(129,289

)

Free cash flow

$

227,166

 

$

354,128

 

$

313,042

 

$

1,043,556

 

$

1,061,547

 

XLNX

Source: Xilinx Newsroom

Cate짯go짯ry: Cor짯po짯ra짯te Announcements

Inves짯tor Rela짯ti짯ons Contact:
Suresh Bhaskaran
Xilinx, Inc.
(408) 8794784

Source: Xilinx, Inc.