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 |
|
