Xilinx Reports Record Revenue in Fiscal Second Quarter 2022

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								Six Months Ended
	October 2, 2021			July 3, 2021		September 26, 2020			October 2, 2021			September 26, 2020
Net revenues	$	935,770		$	878,606	$	766,535		$	1,814,376		$	1,493,208
Cost of revenues:
Cost of products sold		293,327			283,441		218,120			576,768			444,223
Amortization of acquisition-related intangibles		10,150			9,066		6,696			19,216			13,393
Total cost of revenues		303,477			292,507		224,816			595,984			457,616
Gross margin		632,293			586,099		541,719			1,218,392			1,035,592
Operating expenses:
Research and development		253,881			247,975		219,647			501,856			429,760
Selling, general and administrative		126,319			124,920		113,793			251,239			219,176
Amortization of acquisition-related intangibles		2,252			2,841		2,862			5,093			5,724
Total operating expenses		382,452			375,736		336,302			758,188			654,660
Operating income		249,841			210,363		205,417			460,204			380,932
Interest and other income (expense), net		(9,204	)		1,000		(10,771	)		(8,204	)		(22,924	)
Income before income taxes		240,637			211,363		194,646			452,000			358,008
Provision for income taxes		6,092			5,022		830			11,114			70,356
Net income	$	234,545		$	206,341	$	193,816		$	440,886		$	287,652
Net income per common share:
Basic	$	0.95		$	0.84	$	0.79		$	1.79		$	1.18
Diluted	$	0.94		$	0.83	$	0.79		$	1.77		$	1.17
Cash dividends per common share	$	-		$	-	$	0.38		$	-		$	0.76
Shares used in per share calculations:
Basic		247,765			245,860		244,837			246,344			243,602
Diluted		250,457			249,320		246,763			249,478			245,847

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
	October 2, 2021		April 03, 2021*
	(unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short-term investments	$	3,421,227	$	3,078,899
Accounts receivable, net		405,040		285,214
Inventories		285,568		311,085
Other current assets		73,257		71,064
Total current assets		4,185,092		3,746,262
Net property, plant and equipment		336,183		345,023
Other assets		1,474,286		1,427,916
Total Assets	$	5,995,561	$	5,519,201


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	107,429	$	116,046
Accrued and other liabilities	$	506,757	$	508,509
Total current liabilities		614,186		624,555
Long-term debt		1,493,311		1,492,688
Other long-term liabilities		492,519		514,997
Stockholders' equity		3,395,545		2,886,961
Total Liabilities and Stockholders' Equity	$	5,995,561	$	5,519,201

* Fiscal 2021 balances are derived from audited financial statements.

XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
	Three Months Ended						Six Months Ended
	October 2, 2021		July 3, 2021		September 26, 2020		October 2, 2021		September 26, 2020
SELECTED CASH FLOW INFORMATION:
Depreciation and amortization of software	$	30,908	$	32,192	$	30,249	$	63,100	$	61,998
Amortization - others		18,565		17,946		15,316		36,511		30,375
Stock-based compensation		69,720		67,609		58,439		137,329		108,822
Net cash provided by operating activities		122,117		389,897		247,583		512,014		493,054
Purchases of property, plant and equipment and software		14,959		17,186		15,331		32,145		30,792
Payment of dividends to stockholders		-		-		93,105		-		185,519
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		59,344		3,796		30,072		63,140		33,311


STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues		3,797	$	3,610	$	2,963	$	7,407	$	5,684
Research and development		42,273		41,462		36,110		83,735		66,479
Selling, general and administrative		23,650		22,537		19,366		46,187		36,659

XILINX, INC.
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS
(Unaudited)
(In thousands, except per share amounts)
	Three Months Ended									Six Months Ended
	October 2, 2021			July 3, 2021			September 26, 2020			October 2, 2021			September 26, 2020
GAAP gross margin	$	632,293		$	586,099		$	541,719		$	1,218,392		$	1,035,592
M&A related expenses		1,249			933			-			2,182			-
Amortization of acquisition-related intangibles		10,150			9,066			6,696			19,216			13,393
Non-GAAP gross margin	$	643,692		$	596,098		$	548,415		$	1,239,790		$	1,048,985

GAAP operating income	$	249,841		$	210,363		$	205,417		$	460,204		$	380,932
Amortization of acquisition-related intangibles		12,402			11,907			9,558			24,309			19,117
M&A related expenses		25,905			23,757			1,506			49,662			3,069
Non-GAAP operating income	$	288,148		$	246,027		$	216,481		$	534,175		$	403,118

GAAP net income	$	234,545			206,341		$	193,816		$	440,886		$	287,652
Amortization of acquisition-related intangibles		12,402			11,907			9,558			24,309			19,117
M&A related expenses		25,905			23,757			1,506			49,662			3,069
Income tax effect of tax-related items		-			-			-			-			56,801
Income tax effect of non-GAAP adjustments		(7,021	)		(6,259	)		(1,470	)		(13,280	)		(3,060	)
Non-GAAP net income	$	265,831		$	235,746		$	203,410		$	501,577		$	363,579

GAAP diluted EPS	$	0.94		$	0.83		$	0.79		$	1.77		$	1.17
Amortization of acquisition-related intangibles		0.05			0.05			0.03			0.10			0.08
Acquisition-related costs		0.10			0.10			0.01			0.20			0.01
Income tax effect of tax-related items		-			-			-			-			0.23
Income tax effect of non-GAAP adjustments		(0.03	)		(0.03	)		(0.01	)		(0.05	)		(0.01	)
Non-GAAP diluted EPS	$	1.06		$	0.95		$	0.82		$	2.02		$	1.48

GAAP cash flow from operations	$	122,117		$	389,897		$	247,583		$	512,014		$	493,054
Capital expenditures (including software)		(14,959	)		(17,186	)		(15,331	)		(32,145	)		(30,792	)
Free cash flow	$	107,158		$	372,711		$	232,252		$	479,869		$	462,262

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