Xilinx Reports First Quarter Fiscal Year 2021 Results

The Company 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. The second quarter of fiscal 2021 outlook does not reflect other tax related items which the Company is not able to predict without unreasonable efforts due to their inherent uncertainty.

Forward-Looking Statements

This release contains forward-looking statements and projections. Forward-looking statements and projections 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 projections, uncertain events or assumptions also identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements related to the semiconductor market, the growth and acceptance of our products, expected revenue growth, the demand and growth in the markets we serve, opportunity for expansion into new markets, and our expectations regarding our business outlook for the September quarter. Undue reliance should not be placed on such forward-looking statements and projections, 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), customer acceptance of our new products, current 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, 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.

About Xilinx

Xilinx develops highly flexible and adaptive processing platforms that enable rapid innovation across a variety of technologies - from the endpoint to the edge to the cloud. Xilinx is the inventor of the FPGA, hardware programmable SoCs and the ACAP, designed to deliver the most dynamic processor technology in the industry and enable the adaptable, intelligent and connected world of the future. For more information, visit www.xilinx.com.

Xilinx, the Xilinx logo, Alveo, Artix, Kintex, Spartan, Versal, Vitis, Virtex, Vivado, Zynq, 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.

XLNX-F

XILINX, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
  Three Months Ended
  June 27, 2020 March 28, 2020 June 29, 2019
Net revenues  

$

726,673

 

$

756,169

$

849,632

Cost of revenues:  
Cost of products sold  

 

226,103

 

 

221,037

 

283,500

Amortization of acquisition-related intangibles  

 

6,697

 

 

6,697

 

3,269

Total cost of revenues  

 

232,800

 

 

227,734

 

286,769

Gross margin  

 

493,873

 

 

528,435

 

562,863

Operating expenses:  
Research and development  

 

210,113

 

 

214,968

 

204,100

Selling, general and administrative  

 

105,383

 

 

103,675

 

107,425

Amortization of acquisition-related intangibles  

 

2,862

 

 

3,401

 

400

Restructuring charges  

 

-

 

 

28,362

 

-

Total operating expenses  

 

318,358

 

 

350,406

 

311,925

Operating income  

 

175,515

 

 

178,029

 

250,938

Interest and other income (expense), net  

 

(12,153

)

 

11,717

 

11,612

Income before income taxes  

 

163,362

 

 

189,746

 

262,550

Provision for income taxes  

 

69,526

 

 

27,489

 

21,091

Net income  

$

93,836

 

$

162,257

$

241,459

Net income per common share:  
Basic  

$

0.39

 

$

0.66

$

0.95

Diluted  

$

0.38

 

$

0.65

$

0.94

Cash dividends per common share  

$

0.38

 

$

0.37

$

0.37

Shares used in per share calculations:  
Basic  

 

243,180

 

 

247,166

 

253,268

Diluted  

 

245,543

 

 

249,320

 

257,928

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
  June 27, 2020 March 28, 2020*
  (unaudited)
ASSETS  
Current assets:  
Cash, cash equivalents and short-term investments  

$

2,999,335

$

2,267,216

Accounts receivable, net  

 

305,180

 

273,028

Inventories  

 

292,213

 

304,340

Other current assets  

 

67,935

 

64,557

Total current assets  

 

3,664,663

 

2,909,141

Net property, plant and equipment  

 

361,528

 

372,574

Other assets  

 

1,418,572

 

1,411,619

Total Assets  

$

5,444,763

$

4,693,334

   
   
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities  

$

547,775

$

586,421

Current portion of long-term debt  

 

499,461

 

499,260

Total current liabilities  

 

1,047,236

 

1,085,681

Long-term debt  

 

1,491,752

 

747,110

Other long-term liabilities  

 

586,122

 

545,494

Stockholders' equity  

 

2,319,653

 

2,315,049

Total Liabilities and Stockholders' Equity  

$

5,444,763

$

4,693,334

   
   
* Fiscal 2020 balances are derived from audited financial statements.
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
  Three Months Ended
  June 27, 2020 March 28, 2020 June 29, 2019
SELECTED CASH FLOW INFORMATION:  
Depreciation and amortization of software  

$

31,749

$

28,603

 

$

23,853

Amortization - others  

 

15,059

 

16,282

 

 

9,085

Stock-based compensation  

 

50,383

 

43,991

 

 

42,753

Net cash provided by operating activities  

 

245,471

 

345,351

 

 

298,216

Purchases of property, plant and equipment and software  

 

15,461

 

32,309

 

 

29,201

Payment of dividends to stockholders  

 

92,414

 

91,417

 

 

93,961

Repurchases of common stock  

 

53,682

 

470,733

 

 

444,995

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

 

3,239

 

(28,082

)

 

4,119

   
   
STOCK-BASED COMPENSATION INCLUDED IN:  
Cost of revenues  

$

2,721

$

1,649

 

$

2,613

Research and development  

 

30,369

 

28,857

 

 

24,874

Selling, general and administrative  

 

17,293

 

13,313

 

 

15,266

Restructuring charges  

 

-

 

172

 

 

-

XILINX, INC.
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS
(Unaudited)
(In thousands, except per share amounts)
  Three Months Ended
  June 27, 2020 March 28, 2020 June 29, 2019
GAAP gross margin  

$

493,873

 

$

528,435

 

$

562,863

 

Amortization of acquisition-related intangibles  

 

6,697

 

 

6,697

 

 

3,269

 

Non-GAAP gross margin  

$

500,570

 

$

535,132

 

$

566,132

 

   
GAAP operating income  

$

175,515

 

$

178,029

 

$

250,938

 

Amortization of acquisition-related intangibles  

 

9,559

 

 

10,098

 

 

3,669

 

Acquisition-related costs  

 

1,563

 

 

1,798

 

 

5,371

 

Restructuring charges  

 

-

 

 

28,362

 

 

-

 

Non-GAAP operating income  

$

186,637

 

$

218,287

 

$

259,978

 

   
GAAP net income  

$

93,836

 

 

162,257

 

$

241,459

 

Amortization of acquisition-related intangibles  

 

9,559

 

 

10,098

 

 

3,669

 

Acquisition-related costs  

 

1,563

 

 

1,798

 

 

5,371

 

Restructuring charges  

 

-

 

 

28,362

 

 

-

 

Income tax effect of tax-related items  

 

56,801

 

 

-

 

 

-

 

Income tax effect of non-GAAP adjustments  

 

(1,590

)

 

(9,137

)

 

(1,423

)

Non-GAAP net income  

$

160,169

 

$

193,378

 

$

249,076

 

   
GAAP diluted EPS  

$

0.38

 

$

0.65

 

$

0.94

 

Amortization of acquisition-related intangibles  

 

0.04

 

 

0.04

 

 

0.01

 

Acquisition-related costs  

 

0.01

 

 

0.01

 

 

0.02

 

Restructuring charges  

 

-

 

 

0.12

 

 

-

 

Income tax effect of tax-related items  

 

0.23

 

 

-

 

 

-

 

Income tax effect of non-GAAP adjustments  

 

(0.01

)

 

(0.04

)

 

-

 

Non-GAAP diluted EPS  

$

0.65

 

$

0.78

 

$

0.97

 


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