Xilinx Reports Fiscal First Quarter 2022 Results

  • Record reve짯nue of $879 mil짯li짯on, repre짯sen짯ting 3% sequen짯ti짯al growth and 21% annu짯al growth, despi짯te ongo짯ing indus짯try-wide sup짯p짯ly chain challenges
  • Data Cen짯ter Group (DCG) reve짯nue in the quar짯ter increased 14% sequen짯ti짯al짯ly dri짯ven by strong demand across hypers짯ca짯le cloud cus짯to짯mers and the Fin짯tech market
  • Wired and Wire짯less Group (WWG) reve짯nue was up 13% year-over-year and flat sequen짯ti짯al짯ly dri짯ven by con짯ti짯nuing glo짯bal 5G deployments
  • Aero짯space & Defen짯se, Indus짯tri짯al and Test, Mea짯su짯re짯ment & Emu짯la짯ti짯on (AIT) reve짯nue decli짯ned 10% sequen짯ti짯al짯ly, with record Indus짯tri짯al end mar짯ket per짯for짯mance off짯set by a decli짯ne in Aero짯space & Defen짯se sales, and a mode짯st decli짯ne in TME
  • Auto짯mo짯ti짯ve, Broad짯cast and Con짯su짯mer (ABC) reve짯nue in the quar짯ter increased 13% sequen짯ti짯al짯ly, with record quar짯ters in the Broad짯cast and Con짯su짯mer end markets
  • Plat짯form trans짯for짯ma짯ti짯on con짯ti짯nues with total Adap짯ti짯ve SoC reve짯nue, which includes Zynq and Ver짯sal plat짯forms, up 13% sequen짯ti짯al짯ly and 83% year-over-year, and repre짯sen짯ting 28% of total revenue
  • Fis짯cal first quar짯ter free cash flow of $373 mil짯li짯on, repre짯sen짯ting 42% of revenue

SAN JOSE, Calif.밲ilinx, Inc. (Nasdaq: XLNX), the lea짯der in adap짯ti짯ve com짯pu짯ting, today announ짯ced record reve짯nues of $879 mil짯li짯on for the fis짯cal first quar짯ter, up 3% over the pre짯vious quarter.

GAAP net inco짯me for the fis짯cal first quar짯ter was $206 mil짯li짯on, or $0.83 per diluted share. Non-GAAP net inco짯me for the quar짯ter was $236 mil짯li짯on, or $0.95 per diluted share.

Addi짯tio짯nal first quar짯ter of fis짯cal year 2022 com짯pa짯ri짯sons are pro짯vi짯ded in the charts below.

Q1 Fis짯cal 2022 Finan짯cial Highlights

(In mil짯li짯ons, except EPS)

 

 

GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1

 

Q4

 

Q1

 

 

 

 

 

 

 

 

FY2022

 

FY2021

 

FY2021

 

 

 

Q멦-Q

 

Y멦-Y

Net reve짯nues*

 

$879

 

$851

 

$727

 

 

 

3%

 

21%

Gross mar짯gin

 

$586

 

$570

 

$494

 

 

 

3%

 

19%

Ope짯ra짯ting income

 

$210

 

$200

 

$176

 

 

 

5%

 

20%

Net inco짯me

 

$206

 

$188

 

$94

 

 

 

10%

 

120%

Diluted ear짯nings per share

 

$0.83

 

$0.75

 

$0.38

 

 

 

11%

 

118%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1

 

Q4

 

Q1

 

 

 

 

 

 

 

 

FY2022

 

FY2021

 

FY2021

 

 

 

Q멦-Q

 

Y멦-Y

Net reve짯nues*

 

$879

 

$851

 

$727

 

 

 

3%

 

21%

Gross mar짯gin

 

$596

 

$579

 

$501

 

 

 

3%

 

19%

Ope짯ra짯ting income

 

$246

 

$228

 

$187

 

 

 

8%

 

32%

Net inco짯me

 

$236

 

$204

 

$160

 

 

 

16%

 

47%

Diluted ear짯nings per share

 

$0.95

 

$0.82

 

$0.65

 

 

 

16%

 

46%

 

 

 

* No adjus짯t짯ment bet짯ween GAAP and Non-GAAP

Xilinx deli짯ver짯ed ano짯ther record quar짯ter as the demand for our pro짯ducts remains robust, despi짯te an unpre짯ce짯den짯ted and chal짯len짯ging sup짯p짯ly cons짯trai짯ned envi짯ron짯ment, said Vic짯tor Peng, Xilinx pre짯si짯dent and CEO. 쏰ur stel짯lar results were dri짯ven by strength across our diver짯si짯fied end mar짯kets. We con짯ti짯nue to actively mana짯ge the sup짯p짯ly situa짯ti짯on with our part짯ners, inclu짯ding qua짯li짯fy짯ing a new sup짯pli짯er in a key part of our sup짯p짯ly chain, to meet strong cus짯to짯mer demand. In addi짯ti짯on, we con짯ti짯nue to exe짯cu짯te extre짯me짯ly well on our road짯map as we have broa짯den짯ed the Ver짯sal port짯fo짯lio with the Ver짯sal Edge and Ver짯sal HBM series announce짯ments. We are working every day to impro짯ve sup짯p짯ly for our customers.

Record Q1 reve짯nues were dri짯ven by strength in the Data Cen짯ter end mar짯ket, as well as a record quar짯ters for our Indus짯tri짯al, Broad짯cast and Con짯su짯mer end mar짯kets. This dro짯ve 3% sequen짯ti짯al and 21% year-over-year growth, said Bri짯ce Hill, Xilinx CFO. 쏛dvan짯ced Pro짯ducts grew 2% sequen짯ti짯al짯ly and 27% annu짯al짯ly, and repre짯sen짯ted 72% of total reve짯nue. Top line per짯for짯mance dro짯ve record free cash flows of $373 mil짯li짯on, or 42% of revenue.

While days of inven짯to짯ry are near his짯to짯ri짯cal lows due to the sup짯p짯ly chain cons짯traints, we expect inven짯to짯ry to remain rela짯tively sta짯ble at cur짯rent levels as some expec짯ted sup짯p짯ly increa짯ses will be off짯set by con짯tin짯ued strong cus짯to짯mer demand. COVID sur짯ges in Sou짯the짯ast Asia during Q1 resul짯ted in hig짯her quar짯ter-end ship짯ments to dis짯tri짯bu짯tors resul짯ting in tran짯si짯to짯ry hig짯her chan짯nel inven짯to짯ry. Chan짯nel inven짯to짯ry levels decreased by the ear짯ly part of fis짯cal Q2 as pro짯ducts ship짯ped through to end cus짯to짯mers, and remain lean. We are very proud of the effort and agi짯li짯ty of our employees and part짯ners in sup짯port of our customers.

Net Reve짯nues by Geography:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per짯cen짯ta짯ges

 

 

 

Growth Rates

 

 

Q1

 

Q4

 

Q1

 

 

 

 

 

 

 

 

FY2022

 

FY2021

 

FY2021

 

 

 

Q멦-Q

 

Y멦-Y

North Ame짯ri짯ca

 

23%

 

27%

 

26%

 

 

 

-14%

 

7%

Asia Paci짯fic

 

52%

 

49%

 

54%

 

 

 

11%

 

17%

Euro짯pe

 

15%

 

16%

 

13%

 

 

 

0%

 

44%

Japan

 

10%

 

8%

 

7%

 

 

 

22%

 

55%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Reve짯nues by End Market:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per짯cen짯ta짯ges

 

 

 

Growth Rates

 

 

Q1

 

Q4

 

Q1

 

 

 

 

 

 

 

 

FY2022

 

FY2021

 

FY2021

 

 

 

Q멦-Q

 

Y멦-Y

A&D, Indus짯tri짯al and TME

 

36%

 

41%

 

45%

 

 

 

-10%

 

-2%

Auto짯mo짯ti짯ve, Broad짯cast and Consumer

 

20%

 

18%

 

12%

 

 

 

13%

 

94%

Wired and Wire짯less Group

 

30%

 

31%

 

32%

 

 

 

0%

 

13%

Data Cen짯ter Group

 

10%

 

9%

 

12%

 

 

 

14%

 

-1%

Chan짯nel

 

4%

 

1%

 

-1%

 

 

 

NM

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Reve짯nues by Product:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per짯cen짯ta짯ges

 

 

 

Growth Rates

 

 

Q1

 

Q4

 

Q1

 

 

 

 

 

 

 

 

FY2022

 

FY2021

 

FY2021

 

 

 

Q멦-Q

 

Y멦-Y

Advan짯ced Products

 

72%

 

73%

 

68%

 

 

 

2%

 

27%

Core Pro짯ducts

 

28%

 

27%

 

32%

 

 

 

7%

 

8%

Pro짯ducts are clas짯si짯fied as follows:

Advan짯ced Pro짯ducts: Ver짯sal, UltraS짯ca짯le+, UltraS짯ca짯le and 7몊eries pro짯duct fami짯lies, and pro짯duc짯tion boards busi짯ness com짯po짯sed of Alveo, Solar짯fla짯re, Net짯work, and System-On-Modules.

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)

             

 

 

Q1

 

Q4

 

Q1

 

 

FY2022

 

FY2021

 

FY2021

 

 

 

 

 

 

 

Ope짯ra짯ting Cash Flow

 

$390

 

$240

 

$245

Depre짯cia짯ti짯on Expen짯se (inclu짯ding soft짯ware amortization)

 

$32

 

$30

 

$32

Capi짯tal Expen짯dit짯ures (inclu짯ding software)

 

$17

 

$13

 

$15

Free Cash Flow (1)

 

$373

 

$227

 

$230

Inven짯to짯ry Days (inter짯nal)

 

89

 

101

 

114

Reve짯nue Turns (%)

 

27

 

29

 

31

(1)  

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

Pro짯duct and Finan짯cial High짯lights Fis짯cal First Quar짯ter 2022

  • Xilinx unvei짯led the Ver짯sal꽓 AI Edge series, desi짯gned to enable AI inno짯va짯ti짯on from the edge to the end짯point with 10x grea짯ter com짯pu짯te den짯si짯ty ver짯sus pre짯vious-gene짯ra짯ti짯on adap짯ti짯ve SoCs. Tar짯get appli짯ca짯ti짯ons include auto짯ma짯ted dri짯ving, col짯la짯bo짯ra짯ti짯ve robo짯tics, pre짯dic짯ti짯ve fac짯to짯ry and health짯ca짯re sys짯tems, and mul짯ti-mis짯si짯on pay짯loads for the aero짯space and defen짯se end markets.
  • Xilinx also intro짯du짯ced the Ver짯sal꽓 HBM series, archi짯tec짯ted to keep up with the hig짯her memo짯ry needs of the most com짯pu짯te inten짯si짯ve, memo짯ry bound appli짯ca짯ti짯ons for data cen짯ter, wired net짯wor짯king, test and mea짯su짯re짯ment, and aero짯space and defen짯se end markets.
  • Xilinx intro짯du짯ced Viv짯a짯do짰 ML Edi짯ti짯ons, the industry셲 first FPGA EDA tool suite based on machi짯ne-lear짯ning opti짯miza짯ti짯on algo짯rith짯ms, as well as advan짯ced team-based design flows, for signi짯fi짯cant design time and cost savings.
  • Xilinx released Vitis꽓 AI 1.4 fea짯turing sup짯port for the Company셲 7nm Ver짯sal ACAPs and the 16nm-based Kria꽓 SoM pro짯vi짯ding more pos짯si짯bi짯li짯ties for users to achie짯ve hig짯her-per짯for짯mance, sca짯la짯bi짯li짯ty and cloud-to-edge deploy짯ment opti짯ons in AI productization.
  • Xilinx acqui짯red Sil짯e짯xi짯ca, a pro짯vi짯der of C/C++ pro짯gramming and ana짯ly짯sis tools who짯se SLX FPGA tool suite will be inte짯gra짯ted with the Xilinx Vitis uni짯fied soft짯ware plat짯form to redu짯ce the lear짯ning cur짯ve for soft짯ware deve짯lo짯pers buil짯ding appli짯ca짯ti짯ons on Xilinx technology.

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 first quar짯ter 2022 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.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unau짯di짯ted)
(In thou짯sands, except per share amounts)
    Three Months Ended
    July 3, 2021   April 3, 2021   June 27, 2021
Net reve짯nues  

$

878,606

 

$

850,987

 

 

$

726,673

 

Cost of revenues:            
Cost of pro짯ducts sold  

 

283,441

 

 

272,851

 

 

 

226,103

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles  

 

9,066

 

 

7,733

 

 

 

6,697

 

Total cost of revenues  

 

292,507

 

 

280,584

 

 

 

232,800

 

Gross mar짯gin  

 

586,099

 

 

570,403

 

 

 

493,873

 

Ope짯ra짯ting expenses:            
Rese짯arch and development  

 

247,975

 

 

239,863

 

 

 

210,113

 

Sel짯ling, gene짯ral and administrative  

 

124,920

 

 

127,872

 

 

 

105,383

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles  

 

2,841

 

 

2,887

 

 

 

2,862

 

Total ope짯ra짯ting expenses  

 

375,736

 

 

370,622

 

 

 

318,358

 

Ope짯ra짯ting income  

 

210,363

 

 

199,781

 

 

 

175,515

 

Inte짯rest and other inco짯me (expen짯se), net  

 

1,000

 

 

(4,245

)

 

 

(12,153

)

Inco짯me befo짯re inco짯me taxes  

 

211,363

 

 

195,536

 

 

 

163,362

 

Pro짯vi짯si짯on for inco짯me taxes  

 

5,022

 

 

7,652

 

 

 

69,526

 

Net inco짯me  

$

206,341

 

$

187,884

 

 

$

93,836

 

Net inco짯me per com짯mon share:            
Basic  

$

0.84

 

$

0.76

 

 

$

0.39

 

Diluted  

$

0.83

 

$

0.75

 

 

$

0.38

 

Cash divi짯dends per com짯mon share  

$

 

$

 

 

$

0.38

 

Shares used in per share calculations:            
Basic  

 

245,860

 

 

245,774

 

 

 

243,180

 

Diluted  

 

249,320

 

 

249,030

 

 

 

245,543

 

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thou짯sands)
    July 3, 2021   April 3, 2021
    (unau짯di짯ted)    
ASSETS    
Cur짯rent assets:    
Cash, cash equi짯va짯lents and short-term investments  

$

3,389,631

 

$

3,078,899

Accounts receiva짯ble, net  

 

233,887

 

 

285,214

Invent짯ories  

 

287,043

 

 

311,085

Other cur짯rent assets  

 

75,848

 

 

71,064

Total cur짯rent assets  

 

3,986,409

 

 

3,746,262

Net pro짯per짯ty, plant and equipment  

 

343,993

 

 

345,023

Other assets  

 

1,521,781

 

 

1,427,916

Total Assets  

$

5,852,183

 

$

5,519,201

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

$

714,896

 

$

624,555

Total cur짯rent liabilities  

 

714,896

 

 

624,555

Long-term debt  

 

1,492,999

 

 

1,492,688

Other long-term liabilities  

 

524,684

 

 

514,997

Stock짯hol짯ders equity  

 

3,119,604

 

 

2,886,961

Total Lia짯bi짯li짯ties and Stock짯hol짯ders Equity  

$

5,852,183

 

$

5,519,201

         
         
* Fis짯cal 2021 balan짯ces are deri짯ved from audi짯ted finan짯cial statements.
XILINX, INC.            
SUPPLEMENTAL FINANCIAL INFORMATION            
(Unau짯di짯ted)            
(In thou짯sands)            
    Three Months Ended
    July 3, 2021   April 3, 2021   June 27, 2021
SELECTED CASH FLOW INFORMATION:            
Depre짯cia짯ti짯on and amor짯tiza짯ti짯on of software  

$

32,192

 

$

29,616

 

 

$

31,749

Amor짯tiza짯ti짯on others  

 

17,946

 

 

16,574

 

 

 

15,059

Stock-based com짯pen짯sa짯ti짯on  

 

67,609

 

 

71,077

 

 

 

50,383

Net cash pro짯vi짯ded by ope짯ra짯ting activities  

 

389,897

 

 

240,030

 

 

 

245,471

Purcha짯ses of pro짯per짯ty, plant and equip짯ment and software  

 

17,186

 

 

12,864

 

 

 

15,461

Pay짯ment of divi짯dends to stockholders  

 

 

 

 

 

 

92,414

Repay짯ment of debt  

 

 

 

500,000

 

 

 

Repurcha짯ses of com짯mon stock  

 

 

 

 

 

 

53,682

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

 

3,796

 

 

(29,400

)

 

 

3,239

             
             
STOCK-BASED COMPENSATION INCLUDED IN:            
Cost of revenues  

$

3,610

 

$

3,616

 

 

$

2,721

Rese짯arch and development  

 

41,462

 

 

43,564

 

 

 

30,369

Sel짯ling, gene짯ral and administrative  

 

22,537

 

 

23,897

 

 

 

17,293

XILINX, INC.
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS
(Unau짯di짯ted)
(In thou짯sands, except per share amounts)
    Three Months Ended
    July 3, 2021   April 3, 2021   June 27, 2021
GAAP gross margin  

$

586,099

 

 

$

570,403

 

 

$

493,873

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles  

 

9,066

 

 

 

7,733

 

 

 

6,697

 

M&A rela짯ted expenses  

 

933

 

 

 

842

 

 

 

 

Non-GAAP gross margin  

$

596,098

 

 

$

578,978

 

 

$

500,570

 

             
GAAP ope짯ra짯ting income  

$

210,363

 

 

$

199,781

 

 

$

175,515

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles  

 

11,907

 

 

 

10,620

 

 

 

9,559

 

M&A rela짯ted expenses  

 

23,757

 

 

 

17,220

 

 

 

1,563

 

Non-GAAP ope짯ra짯ting income  

$

246,027

 

 

$

227,621

 

 

$

186,637

 

             
GAAP net income  

$

206,341

 

 

$

187,884

 

 

$

93,836

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles  

 

11,907

 

 

 

10,620

 

 

 

9,559

 

M&A rela짯ted expenses  

 

23,757

 

 

 

17,220

 

 

 

1,563

 

Inco짯me tax effect of tax-rela짯ted items  

 

 

 

 

(6,776

)

 

 

56,801

 

Inco짯me tax effect of non-GAAP adjustments  

 

(6,259

)

 

 

(5,006

)

 

 

(1,590

)

Non-GAAP net income  

$

235,746

 

 

$

203,942

 

 

$

160,169

 

             
GAAP diluted EPS  

$

0.83

 

 

$

0.75

 

 

$

0.38

 

Amor짯tiza짯ti짯on of acqui짯si짯ti짯on-rela짯ted intangibles  

 

0.05

 

 

 

0.04

 

 

 

0.04

 

M&A rela짯ted expenses  

 

0.10

 

 

 

0.08

 

 

 

0.01

 

Inco짯me tax effect of tax-rela짯ted items  

 

 

 

 

(0.03

)

 

 

0.23

 

Inco짯me tax effect of non-GAAP adjustments  

 

(0.03

)

 

 

(0.02

)

 

 

(0.01

)

Non-GAAP diluted EPS  

$

0.95

 

 

$

0.82

 

 

$

0.65

 

             
GAAP cash flow from operations  

$

389,897

 

 

$

240,030

 

 

$

245,471

 

Capi짯tal expen짯dit짯ures (inclu짯ding software)  

 

(17,186

)

 

 

(12,864

)

 

 

(15,461

)

Free cash flow  

$

372,711

 

 

$

227,166

 

 

$

230,010

 

XLNX

Source: Xilinx Newsroom