Xilinx Reports Fiscal First Quarter 2022 Results

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.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
July 3, 2021 April 3, 2021 June 27, 2021
Net revenues

$

878,606

$

850,987

 

$

726,673

 

Cost of revenues:
Cost of products sold

 

283,441

 

272,851

 

 

226,103

 

Amortization of acquisition-related intangibles

 

9,066

 

7,733

 

 

6,697

 

Total cost of revenues

 

292,507

 

280,584

 

 

232,800

 

Gross margin

 

586,099

 

570,403

 

 

493,873

 

Operating expenses:
Research and development

 

247,975

 

239,863

 

 

210,113

 

Selling, general and administrative

 

124,920

 

127,872

 

 

105,383

 

Amortization of acquisition-related intangibles

 

2,841

 

2,887

 

 

2,862

 

Total operating expenses

 

375,736

 

370,622

 

 

318,358

 

Operating income

 

210,363

 

199,781

 

 

175,515

 

Interest and other income (expense), net

 

1,000

 

(4,245

)

 

(12,153

)

Income before income taxes

 

211,363

 

195,536

 

 

163,362

 

Provision for income taxes

 

5,022

 

7,652

 

 

69,526

 

Net income

$

206,341

$

187,884

 

$

93,836

 

Net income per common share:
Basic

$

0.84

$

0.76

 

$

0.39

 

Diluted

$

0.83

$

0.75

 

$

0.38

 

Cash dividends per common 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 thousands)
July 3, 2021 April 3, 2021
(unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short-term investments

$

3,389,631

$

3,078,899

Accounts receivable, net

 

233,887

 

285,214

Inventories

 

287,043

 

311,085

Other current assets

 

75,848

 

71,064

Total current assets

 

3,986,409

 

3,746,262

Net property, 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
Current liabilities:
Accounts payable and accrued liabilities

$

714,896

$

624,555

Total current liabilities

 

714,896

 

624,555

Long-term debt

 

1,492,999

 

1,492,688

Other long-term liabilities

 

524,684

 

514,997

Stockholders' equity

 

3,119,604

 

2,886,961

Total Liabilities and Stockholders' Equity

$

5,852,183

$

5,519,201

 
 
* Fiscal 2021 balances are derived from audited financial statements.
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
Three Months Ended
July 3, 2021 April 3, 2021 June 27, 2021
SELECTED CASH FLOW INFORMATION:
Depreciation and amortization of software

$

32,192

$

29,616

 

$

31,749

Amortization - others

 

17,946

 

16,574

 

 

15,059

Stock-based compensation

 

67,609

 

71,077

 

 

50,383

Net cash provided by operating activities

 

389,897

 

240,030

 

 

245,471

Purchases of property, plant and equipment and software

 

17,186

 

12,864

 

 

15,461

Payment of dividends to stockholders

 

 

 

 

92,414

Repayment of debt

 

 

500,000

 

 

Repurchases of common stock

 

 

 

 

53,682

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

 

3,796

 

(29,400

)

 

3,239

 
 
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues

$

3,610

$

3,616

 

$

2,721

Research and development

 

41,462

 

43,564

 

 

30,369

Selling, general and administrative

 

22,537

 

23,897

 

 

17,293

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

 

Amortization of acquisition-related intangibles

 

9,066

 

 

7,733

 

 

6,697

 

M&A related expenses

 

933

 

 

842

 

 

 

Non-GAAP gross margin

$

596,098

 

$

578,978

 

$

500,570

 

 
GAAP operating income

$

210,363

 

$

199,781

 

$

175,515

 

Amortization of acquisition-related intangibles

 

11,907

 

 

10,620

 

 

9,559

 

M&A related expenses

 

23,757

 

 

17,220

 

 

1,563

 

Non-GAAP operating income

$

246,027

 

$

227,621

 

$

186,637

 

 
GAAP net income

$

206,341

 

$

187,884

 

$

93,836

 

Amortization of acquisition-related intangibles

 

11,907

 

 

10,620

 

 

9,559

 

M&A related expenses

 

23,757

 

 

17,220

 

 

1,563

 

Income tax effect of tax-related items

 

 

 

(6,776

)

 

56,801

 

Income 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

 

Amortization of acquisition-related intangibles

 

0.05

 

 

0.04

 

 

0.04

 

M&A related expenses

 

0.10

 

 

0.08

 

 

0.01

 

Income tax effect of tax-related items

 

 

 

(0.03

)

 

0.23

 

Income 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

 

Capital expenditures (including software)

 

(17,186

)

 

(12,864

)

 

(15,461

)

Free cash flow

$

372,711

 

$

227,166

 

$

230,010

 


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