Xilinx Reports Fiscal Fourth Quarter and Fiscal Year 2021 Results

  • Record reve­nue of $851 mil­li­on in the quar­ter; fis­cal 2021 reve­nue of $3.15 billion
  • Data Cen­ter Group (DCG) reve­nue in the quar­ter incre­a­sed 28% sequen­ti­al­ly, and fis­cal 2021 reve­nue incre­a­sed 20% over the pri­or year
  • Wired and Wire­less Group (WWG) reve­nue in the quar­ter incre­a­sed 13% sequen­ti­al­ly, dri­ven by strength in Wire­less with mul­ti­ple regi­ons deploy­ing 5G, par­ti­al­ly off­set by weak­ness in Wired
  • Aero­space & Defen­se, Indus­tri­al and Test, Mea­su­re­ment & Emu­la­ti­on (AIT) reve­nue in the quar­ter decli­ned 2% sequen­ti­al­ly, with strong Indus­tri­al end mar­ket per­for­mance off­set by an expec­ted decli­ne in TME and soft­ness in Aero­space & Defen­se sales
  • Auto­mo­ti­ve, Broad­cast and Con­su­mer (ABC) reve­nue in the quar­ter decli­ned 1% sequen­ti­al­ly, with a record quar­ter in the Auto­mo­ti­ve end mar­ket off­set­ting sea­so­nal decli­nes in Broad­cast and Con­su­mer end markets
  • Fis­cal fourth quar­ter free cash flow of $227 mil­li­on, repre­sen­ting 27% of reve­nue; fis­cal 2021 free cash flow of $1.04 bil­li­on, or 33% of revenue

 

SAN JOSE, Calif.–(BUSINESS WIRE)–May 4, 2021– Xilinx, Inc. (Nasdaq: XLNX), the lea­der in adap­ti­ve com­pu­ting, today announ­ced record reve­nues of $851 mil­li­on for the fis­cal fourth quar­ter, up 6% over the pre­vious quar­ter and an incre­a­se of 13% year over year. Fis­cal 2021 reve­nues were $3.15 bil­li­on, lar­ge­ly flat from the pri­or fis­cal year.

GAAP net inco­me for the fis­cal fourth quar­ter was $188 mil­li­on, or $0.75 per dilu­t­ed share. Non-GAAP net inco­me for the quar­ter was $204 mil­li­on, or $0.82 per dilu­t­ed share. GAAP net inco­me for fis­cal year 2021 was $647 mil­li­on, or $2.62 per dilu­t­ed share. Non-GAAP net inco­me for fis­cal year 2021 was $762 mil­li­on, or $3.08 per dilu­t­ed share.

Addi­tio­nal fourth quar­ter of fis­cal year 2021 com­pa­ri­sons are pro­vi­ded in the charts below.

Q4 Fis­cal 2021 Finan­cial Highlights

(In mil­li­ons, except EPS)

   

 

GAAP

 

 

 

 

 

 

 

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q‑T-Q

Y‑T-Y

Net reve­nues*

$851

$803

$756

 

6%

13%

Gross mar­gin

$570

$547

$528

 

4%

8%

Ope­ra­ting income

$200

$172

$178

 

16%

12%

Net inco­me

$188

$171

$162

 

10%

16%

Dilu­t­ed ear­nings per share

$0.75

$0.69

$0.65

 

9%

15%

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q‑T-Q

Y‑T-Y

Net reve­nues*

$851

$803

$756

 

6%

13%

Gross mar­gin

$579

$554

$535

 

5%

8%

Ope­ra­ting income

$228

$201

$218

 

13%

4%

Net inco­me

$204

$194

$193

 

5%

5%

Dilu­t­ed ear­nings per share

$0.82

$0.78

$0.78

 

5%

5%

 

 

* No adjus­t­ment bet­ween GAAP and Non-GAAP

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

We are plea­sed with our fourth quar­ter results as we deli­ve­r­ed record reve­nues and dou­ble-digit year-over-year growth in the midst of a chal­len­ging sup­ply chain envi­ron­ment,” said Vic­tor Peng, Xilinx pre­si­dent and CEO. “Xilinx saw fur­ther impro­ve­ment in demand across a majo­ri­ty of our diver­si­fied end mar­kets with key strength in our Wire­less, Data Cen­ter and Auto­mo­ti­ve mar­kets, the pil­lars of our growth stra­te­gy. Our teams have exe­cu­t­ed well and we remain focu­sed on con­ti­nuing to meet cus­to­mers’ cri­ti­cal needs.

Our invest­ment and strong exe­cu­ti­on toward our plat­form stra­te­gy are paying off as we are now in full pro­duc­tion ship­ments of our 7nm Ver­sal seri­es, which is the cul­mi­na­ti­on of a mul­ti-year effort and a long-term growth dri­ver for Xilinx. We also intro­du­ced new plat­forms for edge com­pu­te inclu­ding Kria, an adap­ti­ve sys­tem-on-modu­le (SOM) plat­form, as well as a cost-opti­mi­zed UltraS­ca­le+ port­fo­lio, to enab­le and acce­le­ra­te inno­va­ti­on and AI at the edge.”

Record Q4 reve­nues were dri­ven by strength in Wire­less and Data Cen­ter mar­kets, as well as record quar­ters for our Indus­tri­al and Auto­mo­ti­ve end mar­kets, which resul­ted in 6% sequen­ti­al and 13% year-over-year growth,” said Bri­ce Hill, Xilinx CFO. “Advan­ced Pro­ducts also grew 6% sequen­ti­al­ly and repre­sen­ted 73% of total reve­nue. Top line per­for­mance dro­ve fourth quar­ter free cash flows of $227 mil­li­on, or 27% of reve­nue, reflec­ting our effi­ci­ent finan­cial model.”

Net Reve­nues by Geography:

 

 

 

 

 

 

 

Per­cen­ta­ges

 

Growth Rates

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q‑T-Q

Y‑T-Y

North Ame­ri­ca

27%

30%

37%

 

-1%

-16%

Asia Paci­fic

49%

44%

37%

 

16%

49%

Euro­pe

16%

19%

18%

 

-12%

-3%

Japan

8%

7%

8%

 

18%

13%

 

 

 

 

 

 

 

Net Reve­nues by End Market:

 

 

 

 

 

 

 

Per­cen­ta­ges

 

Growth Rates

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q‑T-Q

Y‑T-Y

A&D, Indus­tri­al and TME

41%

45%

50%

 

-2%

-6%

Auto­mo­ti­ve, Broad­cast and Consumer

18%

19%

16%

 

-1%

30%

Wired and Wire­less Group

31%

29%

24%

 

13%

43%

Data Cen­ter Group

9%

7%

10%

 

28%

-5%

Chan­nel

1%

0%

0%

 

NM

NM

 

 

 

 

 

 

 

Net Reve­nues by Product:

 

 

 

 

 

 

 

Per­cen­ta­ges

 

Growth Rates

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q‑T-Q

Y‑T-Y

Advan­ced Products

73%

72%

70%

 

6%

16%

Core Pro­ducts

27%

28%

30%

 

6%

3%

Pro­ducts are clas­si­fied as follows:
Advan­ced Pro­ducts:
 Alveo and rela­ted pro­ducts, Ver­sal, UltraS­ca­le+, UltraS­ca­le and 7‑series products.
Core Pro­ducts: Virtex‑6, Spartan‑6, Virtex-5, CoolRunner-II, Virtex‑4, Vir­tex-II, Spartan‑3, Spartan‑2, XC9500 pro­ducts, con­fi­gu­ra­ti­on solu­ti­ons, soft­ware & support/services.

Key Sta­tis­tics:

(Dol­lars in Millions)

       

 

Q4

Q3

Q4

 

FY2021

FY2021

FY2020

 

 

 

 

Ope­ra­ting Cash Flow

$240

$360

$345

Depre­cia­ti­on Expen­se (inclu­ding soft­ware amortization)

$30

$31

$29

Capi­tal Expen­dit­ures (inclu­ding software)

$13

$6

$32

Free Cash Flow (1)

$227

$354

$313

Inven­to­ry Days (inter­nal)

101

115

122

Reve­nue Turns (%)

29

34

46

       

(1) Free Cash Flow = Ope­ra­ting Cash Flow — Capi­tal Expen­dit­ures (inclu­ding software)

Pro­duct and Finan­cial High­lights — Fis­cal Year 2021

  • Data Cen­ter Group (DCG) deli­ve­r­ed 20% annu­al reve­nue growth over fis­cal 2020 dri­ven by con­ti­nuing adop­ti­on with hypersca­le cus­to­mers across com­pu­te, net­wor­king and sto­rage workloads. Xilinx main­tains strong enga­ge­ments with hypersca­lers to deli­ver solu­ti­ons for AI com­pu­te, video acce­le­ra­ti­on, com­po­sable net­wor­king and com­pu­ta­tio­nal sto­rage. We also intro­du­ced new pro­ducts and solu­ti­ons to power the data cen­ter and the edge in fis­cal 2021 inclu­ding new Alveo Smart­NICs, real-time ser­ver app­li­an­ces for ultra-high-den­si­ty video trans­co­ding, the Sam­sung SmartS­SD® Com­pu­ta­tio­nal Sto­rage Dri­ve, the industry’s first adap­ta­ble com­pu­ta­tio­nal sto­rage plat­form, and the Xilinx App Store
  • Wired and Wire­less Group (WWG) reve­nues were down 14% com­pa­red to fis­cal 2020 reflec­ting Chi­na tra­de-rela­ted impacts as well as slow­downs rela­ted to the COVID-19 pan­de­mic. The Wire­less end mar­ket reco­ve­r­ed in the second half of fis­cal 2021 as 5G deploy­ments acce­le­ra­ted in mul­ti­ple regi­ons across a varie­ty of tech­no­lo­gies. Ver­sal is now in pro­duc­tion with a Tier‑1 OEM to enab­le beam­forming tech­no­lo­gy in mas­si­ve MIMO app­li­ca­ti­ons, and con­ti­nues to gain momen­tum with design wins with mul­ti­ple OEMs. RFSoC is in deploy­ment with mul­ti­ple cus­to­mers and Xilinx has a strong design win pipe­line with RFSoC DFE. Recent announ­ce­ments with Mave­nir and Fuji­tsu, as well as for the T1 Tel­co Acce­le­ra­tor Card, posi­ti­on Xilinx to sup­port the emer­ging growth oppor­tu­nities in O‑RAN
  • Aero­space & Defen­se, Indus­tri­al and Test & Mea­su­re­ment (AIT) reve­nue grew 6% com­pa­red to fis­cal 2020, dri­ven by strength in Indus­tri­al, Sci­en­ti­fic & Medi­cal (ISM) and Test, Mea­su­re­ment & Emu­la­ti­on (TME) end mar­kets. Zynq pro­duct pene­tra­ti­on into app­li­ca­ti­ons that have tra­di­tio­nal­ly used ASSPs and ASICs have pro­vi­ded signi­fi­cant expan­si­on of avail­ab­le mar­ket opportunities
  • Auto­mo­ti­ve, Broad­cast and Con­su­mer (ABC) mar­kets deli­ve­r­ed 1% annu­al growth des­pi­te mate­ri­al impacts from the COVID-19 pan­de­mic. The Auto­mo­ti­ve end mar­ket reco­ve­r­ed stron­gly in the second half of fis­cal 2021 with con­se­cu­ti­ve quar­ters of record reve­nue in Q3 and Q4 des­pi­te ongo­ing sup­ply chain chal­len­ges. Xilinx plat­forms con­ti­nue to be adop­ted by lea­ding glo­bal OEMs and manu­fac­tu­rers for ADAS app­li­ca­ti­ons, inclu­ding Con­ti­nen­tal for a 4‑D ima­ging radar and Sub­a­ru to power its new-genera­ti­on Eye­Sight ADAS system
  • Xilinx intro­du­ced new solu­ti­ons for the edge, inclu­ding the new Kria adap­ti­ve sys­tem-on-modu­le (SOM) plat­form for acce­le­ra­ting AI app­li­ca­ti­ons at the edge, and a cost-opti­mi­zed UltraS­ca­le+ port­fo­lio, for ultra-com­pact, high-per­for­mance edge compute
  • Strong adop­ti­on momen­tum con­ti­nues for the Vitis soft­ware deve­lo­p­ment plat­form with over 76,000 down­loads and ano­t­her 23,000 esti­ma­ted down­loads for Vitis AI deve­lo­p­ment envi­ron­ment for acce­le­ra­ting AI infe­rence. In addi­ti­on, over 20,000 deve­lo­pers have been trai­ned on Xilinx soft­ware tools, and more than 1,000 ISV part­ners have publis­hed over 200 app­li­ca­ti­ons across all Xilinx powe­red adap­ti­ve plat­forms inclu­ding cloud, Alveo and SmartSSD

Com­men­ta­ry on AMD Transaction

As announ­ced on Octo­ber 27, 2020, Advan­ced Micro Devices, Inc. (AMD) intends to acqui­re Xilinx in an all-stock tran­sac­tion valued at $35 bil­li­on. Due to the pen­ding acqui­si­ti­on, Xilinx will not hold an ear­nings con­fe­rence call or pro­vi­de for­ward-loo­king gui­d­ance. Also, pur­suant to the terms of the Mer­ger Agree­ment bet­ween the Com­pa­ny and AMD, Xilinx has sus­pen­ded its quar­ter­ly divi­dend as well as its open mar­ket stock repurcha­se program.

Non-GAAP Finan­cial Information

Fis­cal year 2021 and fourth quar­ter 2021 results inclu­de finan­cial mea­su­res which are not deter­mi­ned in accordance with the United Sta­tes gene­ral­ly accep­ted accoun­ting princi­ples (GAAP), as indi­ca­ted. Non-GAAP mea­su­res should not be con­si­de­red as a sub­sti­tu­te for, or supe­ri­or to, finan­cial mea­su­res deter­mi­ned in accordance with GAAP. The pre­sen­ta­ti­on of non-GAAP finan­cial mea­su­res has been recon­ci­led, in each case, to the most direct­ly com­pa­ra­ble GAAP mea­su­re, as indi­ca­ted in the accom­pany­ing tables. Xilinx’s (the Com­pa­ny) cal­cu­la­ti­on of such non-GAAP mea­su­res may not be com­pa­ra­ble to simi­lar­ly-tit­led mea­su­res used by other companies.

Manage­ment uses the non-GAAP finan­cial mea­su­res dis­c­lo­sed her­ein, other than free cash flow, to eva­lua­te the Company’s finan­cial results from con­ti­nuing ope­ra­ti­ons (exclu­ding the impact of acqui­si­ti­ons) and com­pa­re to ope­ra­ting per­for­mance in past peri­ods. Simi­lar­ly, Manage­ment belie­ves pre­sen­ta­ti­on of the­se non-GAAP mea­su­res is use­ful to inves­tors becau­se it enab­les inves­tors and ana­lysts to eva­lua­te ope­ra­ting expen­ses of the Company’s core busi­ness, exclu­ding the impact of non-core busi­ness expen­ses, such as acqui­si­ti­on-rela­ted amor­tiz­a­ti­on and non-recur­ring items, as descri­bed below:

M&A rela­ted expen­ses: The­se expen­ses main­ly con­sist of legal, advi­so­ry and con­sul­ting fees asso­cia­ted with acqui­si­ti­on acti­vi­ties, and also inclu­de fees and reten­ti­on com­pen­sa­ti­on rela­ted to the Company’s acqui­si­ti­on by AMD. The Com­pa­ny belie­ves the­se cos­ts do not reflect its cur­rent ope­ra­ting performance.

Amor­tiz­a­ti­on of acqui­si­ti­on-rela­ted intan­gi­bles: Amor­tiz­a­ti­on of acqui­si­ti­on-rela­ted intan­gi­ble assets con­sists of amor­tiz­a­ti­on of intan­gi­ble assets such as deve­lo­ped tech­no­lo­gy acqui­red in con­nec­tion with busi­ness com­bi­na­ti­ons. The non-GAAP adjus­t­ments exclu­de the­se char­ges to faci­li­ta­te an eva­lua­ti­on of the Company’s cur­rent ope­ra­ting per­for­mance and com­pa­ri­sons to its past ope­ra­ting performance.

Inco­me taxes: The Com­pa­ny exclu­des the inco­me tax effects of non-GAAP adjus­t­ments reflec­ted in ope­ra­ting expen­ses and other inco­me, as detail­ed abo­ve. It also exclu­des other signi­fi­cant tax effects of post-acqui­si­ti­on tax inte­gra­ti­on tran­sac­tions. The Com­pa­ny belie­ves exclu­ding post-acqui­si­ti­on tax inte­gra­ti­on items will faci­li­ta­te a com­pa­ra­ble eva­lua­ti­on of its cur­rent per­for­mance to its past performance.

In addi­ti­on, free cash flow, which is cash flow from ope­ra­ti­ons adjus­ted to exclu­de addi­ti­ons to soft­ware, pro­per­ty, plant, and equip­ment, is used by manage­ment when asses­sing the Company’s sources of liqui­di­ty, capi­tal resour­ces, and qua­li­ty of ear­nings. The Com­pa­ny belie­ves that this non-GAAP finan­cial mea­su­re is hel­pful in under­stan­ding the Company’s capi­tal requi­re­ments and pro­vi­des an addi­tio­nal means to eva­lua­te the cash flow trends of the Company’s business.

For­ward-Loo­king Statements

This release con­tains for­ward-loo­king state­ments, which 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 uncer­tain events or assump­ti­ons also iden­ti­fy for­ward-loo­king state­ments. Such for­ward-loo­king state­ments inclu­de, but are not limi­ted to, state­ments rela­ted to our pro­po­sed acqui­si­ti­on by AMD, the semi­con­duc­tor mar­ket, the growth and accep­t­ance of our pro­ducts, expec­ted reve­nue growth, the demand and growth in the mar­kets we ser­ve, and oppor­tu­ni­ty for expan­si­on into new mar­kets. Undue reli­an­ce should not be pla­ced on such for­ward-loo­king state­ments, 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, among others, the impact of the ongo­ing COVID-19 pan­de­mic and rela­ted miti­ga­ti­on mea­su­res (which, in addi­ti­on to pre­sen­ting its own risks and uncer­tain­ties, may also heigh­ten the other risks and uncer­tain­ties faced by our busi­ness and decre­a­se our visi­bi­li­ty into all aspects of our busi­ness); clo­sing of the pro­po­sed tran­sac­tion with AMD on anti­ci­pa­ted timing (inclu­ding the risk that the con­di­ti­ons to the tran­sac­tion are not satis­fied on a time­ly basis or at all or the fail­u­re of the tran­sac­tion to clo­se for any other rea­son) and terms (inclu­ding obtai­ning the anti­ci­pa­ted tax tre­at­ment, regu­la­to­ry appro­vals, requi­red cons­ents or aut­ho­riz­a­ti­ons); unan­ti­ci­pa­ted dif­fi­cul­ties or expen­dit­ures rela­ting to the tran­sac­tion; the respon­se of busi­ness part­ners and reten­ti­on as a result of the announ­ce­ment and pen­den­cy of the tran­sac­tion; the diver­si­on of manage­ment time on tran­sac­tion-rela­ted mat­ters; cus­to­mer accep­t­ance of our new pro­ducts; chan­ging glo­bal eco­no­mic con­di­ti­ons; our depen­dence on cer­tain cus­to­mers; tra­de and export restric­tions; the con­di­ti­on and per­for­mance 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; our reli­an­ce on third par­ties (inclu­ding dis­tri­bu­tors); varia­bi­li­ty in wafer pri­cing; cos­ts and lia­bi­li­ties asso­cia­ted with cur­rent and future liti­ga­ti­on (inclu­ding liti­ga­ti­on rela­ting to the pro­po­sed tran­sac­tion with AMD); our abi­li­ty to gene­ra­te cost and ope­ra­ting expen­se savings in an effi­ci­ent and time­ly man­ner; our abi­li­ty to rea­li­ze the goals con­tem­pla­ted by our acqui­si­ti­ons and stra­te­gic invest­ments; the impact of cur­rent and future legis­la­ti­ve and regu­la­to­ry chan­ges; the impact of new accoun­ting pro­noun­ce­ments and tax laws, inclu­ding the U.S. Tax Cuts and Jobs Act, and inter­pre­ta­ti­ons the­re­of; and other risk fac­tors descri­bed in our most recent Forms 10‑Q and 10‑K and sub­se­quent filings with the U.S. Secu­ri­ties and Exchan­ge Commission.

About Xilinx

Xilinx, Inc. deve­lo­ps high­ly fle­xi­ble and adap­ti­ve com­pu­ting plat­forms that enab­le rapid inno­va­ti­on across a varie­ty of tech­no­lo­gies — from the cloud, to the edge, to the end­point. Xilinx is the inven­tor of the FPGA and Adap­ti­ve SoCs (inclu­ding our Adap­ti­ve Com­pu­te Acce­le­ra­ti­on Plat­form, or ACAP), desi­gned to deli­ver the most dyna­mic com­pu­ting tech­no­lo­gy in the indus­try. We col­la­bo­ra­te with our cus­to­mers to crea­te scala­b­le, dif­fe­ren­tia­ted and intel­li­gent solu­ti­ons that enab­le the adap­ta­ble, intel­li­gent and con­nec­ted world of the future. For more infor­ma­ti­on, visit xilinx.com.

Xilinx, the Xilinx logo, Alveo, Artix, Kin­tex, Spar­tan, Ver­sal, Vitis, Vir­tex, Viva­do, Zynq, Kria and other desi­gna­ted brands inclu­ded her­ein are trade­marks of Xilinx in the United Sta­tes and/or other coun­tries. All other trade­marks are the pro­per­ty of their respec­ti­ve owners.

XILINX, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unau­di­ted)
(In thousands, except per share amounts)
  Three Mon­ths Ended Twel­ve Mon­ths Ended
 

April 3, 2021

Janu­a­ry 2, 2021

March 28, 2020

April 3, 2021

March 28, 2020

Net reve­nues

$

850,987

 

$

803,404

$

756,169

$

3,147,599

 

$

3,162,666

Cost of revenues:          
Cost of pro­ducts sold

 

272,851

 

 

249,529

 

221,037

 

966,604

 

 

1,025,234

Amor­tiz­a­ti­on of acqui­si­ti­on-rela­ted 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 mar­gin

 

570,403

 

 

547,000

 

528,435

 

2,152,995

 

 

2,115,036

Ope­ra­ting expenses:          
Rese­arch and development

 

239,863

 

 

235,018

 

214,968

 

904,639

 

 

853,589

Sel­ling, gene­ral and administrative

 

127,872

 

 

136,701

 

103,675

 

483,749

 

 

432,308

Amor­tiz­a­ti­on of acqui­si­ti­on-rela­ted intangibles

 

2,887

 

 

2,856

 

3,401

 

11,468

 

 

8,889

Rest­ruc­tu­ring charges

 

-

 

 

-

 

28,362

 

-

 

 

28,362

Total ope­ra­ting expenses

 

370,622

 

 

374,575

 

350,406

 

1,399,856

 

 

1,323,148

Ope­ra­ting income

 

199,781

 

 

172,425

 

178,029

 

753,139

 

 

791,888

Inte­rest and other inco­me (expen­se), net

 

(4,245

)

 

3,709

 

11,717

 

(23,461

)

 

42,096

Inco­me befo­re inco­me taxes

 

195,536

 

 

176,134

 

189,746

 

729,678

 

 

833,984

Pro­vi­si­on for inco­me taxes

 

7,652

 

 

5,162

 

27,489

 

83,170

 

 

41,263

Net inco­me

$

187,884

 

$

170,972

$

162,257

$

646,508

 

$

792,721

Net inco­me per com­mon share:          
Basic

$

0.76

 

$

0.70

$

0.66

$

2.65

 

$

3.15

Dilu­t­ed

$

0.75

 

$

0.69

$

0.65

$

2.62

 

$

3.11

Cash divi­dends per com­mon 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 thousands)    
 

April 3, 2021

March 28, 2020*

  (unau­di­ted)  
ASSETS    
Cur­rent assets:    
Cash, cash equi­va­lents and short-term investments

$

3,078,899

$

2,267,216

Accounts receiva­ble, net

 

285,214

 

273,028

Invent­ories

 

311,085

 

304,340

Other cur­rent assets

 

71,064

 

64,557

Total cur­rent assets

 

3,746,262

 

2,909,141

Net pro­per­ty, 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 STOCKHOLDERSEQUITY    
Cur­rent liabilities:    
Accounts paya­ble and accrued liabilities

$

624,555

$

586,421

Cur­rent por­ti­on of long-term debt

 

-

 

499,260

Total cur­rent liabilities

 

624,555

 

1,085,681

Long-term debt

 

1,492,688

 

747,110

Other long-term liabilities

 

514,997

 

545,494

Stock­hol­ders’ equity

 

2,886,961

 

2,315,049

Total Lia­bi­li­ties and Stock­hol­ders’ Equity

$

5,519,201

$

4,693,334

     
* Fis­cal 2020 balan­ces are deri­ved from audi­ted finan­cial statements.
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unau­di­ted)
(In thousands)
 

Three Mon­ths Ended

Twel­ve Mon­ths Ended

 

April 3, 2021

Janu­a­ry 2, 2021

 

March 28, 2020

April 3, 2021

March 28, 2020

SELECTED CASH FLOW INFORMATION:            
Depre­cia­ti­on and amor­tiz­a­ti­on of software

$

29,616

 

$

30,818

 

$

28,603

 

$

122,432

$

97,485

Amor­tiz­a­ti­on — others

 

16,574

 

 

17,133

 

 

16,282

 

 

64,082

 

60,048

Stock-based com­pen­sa­ti­on

 

71,077

 

 

66,331

 

 

43,991

 

 

246,230

 

186,723

Net cash pro­vi­ded by ope­ra­ting activities

 

240,030

 

 

360,137

 

 

345,351

 

 

1,093,221

 

1,190,836

Purcha­ses of pro­per­ty, plant, equip­ment and software

 

12,864

 

 

6,009

 

 

32,309

 

 

49,665

 

129,289

Pay­ment of divi­dends to stockholders

 

-

 

 

93,155

 

 

91,417

 

 

278,674

 

371,793

Repay­ment of debt

 

500,000

 

 

-

 

 

-

 

 

500,000

 

-

Repurcha­ses of com­mon stock

 

-

 

 

-

 

 

470,733

 

 

53,682

 

1,208,917

Taxes paid rela­ted to net share sett­le­ment of restric­ted stock units, net of pro­ceeds from issu­an­ce of com­mon 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

Rese­arch and development

 

43,564

 

 

40,228

 

 

28,857

 

 

150,271

 

114,976

Sel­ling, gene­ral and administrative

 

23,897

 

 

22,638

 

 

13,313

 

 

83,194

 

61,540

Rest­ruc­tu­ring charges

 

-

 

 

-

 

 

172

 

 

-

 

172

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

Three Mon­ths Ended

Twel­ve Mon­ths Ended

 

April 3, 2021

Janu­a­ry 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

 

Inven­to­ry valua­ti­on adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

3,855

 

Amor­tiz­a­ti­on of acqui­si­ti­on-rela­ted intangibles

 

7,733

 

 

6,875

 

 

6,697

 

 

28,000

 

 

22,396

 

M&A rela­ted expenses

 

842

 

 

114

 

 

-

 

 

957

 

 

-

 

Non-GAAP gross margin

$

578,978

 

$

553,989

 

$

535,132

 

$

2,181,952

 

$

2,141,287

 

           
GAAP ope­ra­ting income

$

199,781

 

$

172,425

 

$

178,029

 

$

753,139

 

$

791,888

 

Inven­to­ry valua­ti­on adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

3,855

 

Amor­tiz­a­ti­on of acqui­si­ti­on-rela­ted intangibles

 

10,620

 

 

9,731

 

 

10,098

 

 

39,468

 

 

31,285

 

M&A rela­ted expenses

 

17,220

 

 

19,150

 

 

1,798

 

 

39,440

 

 

14,190

 

Rest­ruc­tu­ring charges

 

-

 

 

-

 

 

28,362

 

 

-

 

 

28,362

 

Non-GAAP ope­ra­ting income

$

227,621

 

$

201,306

 

$

218,287

 

$

832,047

 

$

869,580

 

           
GAAP net income

$

187,884

 

$

170,972

 

$

162,257

 

$

646,508

 

$

792,721

 

Inven­to­ry valua­ti­on adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

3,855

 

Amor­tiz­a­ti­on of acqui­si­ti­on-rela­ted intangibles

 

10,620

 

 

9,731

 

 

10,098

 

 

39,468

 

 

31,285

 

M&A rela­ted expenses

 

17,220

 

 

19,150

 

 

1,798

 

 

39,440

 

 

14,190

 

Rest­ruc­tu­ring charges

 

-

 

 

-

 

 

28,362

 

 

-

 

 

28,362

 

Inco­me tax effect of inter­com­pa­ny inte­gra­ti­on transactions

 

-

 

 

-

 

 

-

 

 

-

 

 

(1,838

)

Inco­me tax effect of tax-rela­ted items

 

(6,776

)

 

(528

)

 

-

 

 

49,497

 

 

-

 

Inco­me 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

 

Inven­to­ry valua­ti­on adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

0.02

 

Amor­tiz­a­ti­on of acqui­si­ti­on-rela­ted intangibles

 

0.04

 

 

0.04

 

 

0.04

 

 

0.16

 

 

0.11

 

M&A rela­ted expenses

 

0.08

 

 

0.07

 

 

0.01

 

 

0.15

 

 

0.06

 

Rest­ruc­tu­ring charges

 

-

 

 

-

 

 

0.12

 

 

-

 

 

0.12

 

Inco­me tax effect of inter­com­pa­ny inte­gra­ti­on transactions

 

-

 

 

-

 

 

-

 

 

-

 

 

(0.01

)

Inco­me tax effect of tax-rela­ted items

 

(0.03

)

 

-

 

 

-

 

 

0.20

 

 

-

 

Inco­me 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

 

Capi­tal expen­dit­ures (inclu­ding 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‑F

Source: Xilinx Newsroom

Cate­go­ry: Cor­po­ra­te Announcements

Inves­tor Rela­ti­ons Contact:
Suresh Bhaskaran
Xilinx, Inc.
(408) 879‑4784

Source: Xilinx, Inc.

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