(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) | |||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
99.1 | Press release of Xilinx, Inc. dated July 28, 2021 | |||||||
104 | Cover Page Interactive Data File (the Cover Page XBRL tags are embedded within the Inline XBRL document) |
XILINX, INC. | ||||||||||||||||||||
Date: July 28, 2021 | By: | /s/ Brice Hill | ||||||||||||||||||
Brice Hill | ||||||||||||||||||||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (the Cover Page XBRL tags are embedded within the Inline XBRL document) |
l | Record revenue of $879 million, representing 3% sequential growth and 21% annual growth, despite ongoing industry-wide supply chain challenges | ||||
l | Data Center Group (DCG) revenue in the quarter increased 14% sequentially driven by strong demand across hyperscale cloud customers and the Fintech market | ||||
l | Wired and Wireless Group (WWG) revenue was up 13% year-over-year and flat sequentially driven by continuing global 5G deployments | ||||
l | Aerospace & Defense, Industrial and Test, Measurement & Emulation (AIT) revenue declined 10% sequentially, with record Industrial end market performance offset by a decline in Aerospace & Defense sales, and a modest decline in TME | ||||
l | Automotive, Broadcast and Consumer (ABC) revenue in the quarter increased 13% sequentially, with record quarters in the Broadcast and Consumer end markets | ||||
l | Platform transformation continues with total Adaptive SoC revenue, which includes Zynq and Versal platforms, up 13% sequentially and 83% year-over-year, and representing 28% of total revenue | ||||
l | Fiscal first quarter free cash flow of $373 million, representing 42% of revenue |
GAAP | ||||||||||||||||||||
Q1 | Q4 | Q1 | ||||||||||||||||||
FY2022 | FY2021 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
Net revenues* | $879 | $851 | $727 | 3% | 21% | |||||||||||||||
Gross margin | $586 | $570 | $494 | 3% | 19% | |||||||||||||||
Operating income | $210 | $200 | $176 | 5% | 20% | |||||||||||||||
Net income | $206 | $188 | $94 | 10% | 120% | |||||||||||||||
Diluted earnings per share | $0.83 | $0.75 | $0.38 | 11% | 118% | |||||||||||||||
Non-GAAP | ||||||||||||||||||||
Q1 | Q4 | Q1 | ||||||||||||||||||
FY2022 | FY2021 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
Net revenues* | $879 | $851 | $727 | 3% | 21% | |||||||||||||||
Gross margin | $596 | $579 | $501 | 3% | 19% | |||||||||||||||
Operating income | $246 | $228 | $187 | 8% | 32% | |||||||||||||||
Net income | $236 | $204 | $160 | 16% | 47% | |||||||||||||||
Diluted earnings per share | $0.95 | $0.82 | $0.65 | 16% | 46% | |||||||||||||||
* No adjustment between GAAP and Non-GAAP |
Net Revenues by Geography: | ||||||||||||||||||||
Percentages | Growth Rates | |||||||||||||||||||
Q1 | Q4 | Q1 | ||||||||||||||||||
FY2022 | FY2021 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
North America | 23% | 27% | 26% | -14% | 7% | |||||||||||||||
Asia Pacific | 52% | 49% | 54% | 11% | 17% | |||||||||||||||
Europe | 15% | 16% | 13% | 0% | 44% | |||||||||||||||
Japan | 10% | 8% | 7% | 22% | 55% | |||||||||||||||
Net Revenues by End Market: | ||||||||||||||||||||
Percentages | Growth Rates | |||||||||||||||||||
Q1 | Q4 | Q1 | ||||||||||||||||||
FY2022 | FY2021 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
A&D, Industrial and TME | 36% | 41% | 45% | -10% | -2% | |||||||||||||||
Automotive, Broadcast and Consumer | 20% | 18% | 12% | 13% | 94% | |||||||||||||||
Wired and Wireless Group | 30% | 31% | 32% | 0% | 13% | |||||||||||||||
Data Center Group | 10% | 9% | 12% | 14% | -1% | |||||||||||||||
Channel | 4% | 1% | -1% | NM | NM | |||||||||||||||
Net Revenues by Product: | ||||||||||||||||||||
Percentages | Growth Rates | |||||||||||||||||||
Q1 | Q4 | Q1 | ||||||||||||||||||
FY2022 | FY2021 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
Advanced Products | 72% | 73% | 68% | 2% | 27% | |||||||||||||||
Core Products | 28% | 27% | 32% | 7% | 8% |
Q1 | Q4 | Q1 | |||||||||
FY2022 | FY2021 | FY2021 | |||||||||
Operating Cash Flow | $390 | $240 | $245 | ||||||||
Depreciation Expense (including software amortization) | $32 | $30 | $32 | ||||||||
Capital Expenditures (including software) | $17 | $13 | $15 | ||||||||
Free Cash Flow (1) | $373 | $227 | $230 | ||||||||
Inventory Days (internal) | 89 | 101 | 114 | ||||||||
Revenue Turns (%) | 27 | 29 | 31 |
XILINX, INC. | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
July 3, 2021 | April 3, 2021 | June 27, 2020 | |||||||||||||||
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, 2020 | |||||||||||||||
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, 2020 | |||||||||||||||
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 | |||||||||||
Cover Page |
Jul. 28, 2021 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Document Type | 8-K |
Document Period End Date | Jul. 28, 2021 |
Entity Registrant Name | XILINX, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-18548 |
Entity Tax Identification Number | 77-0188631 |
Entity Address, Address Line One | 2100 Logic Drive, |
Entity Address, City or Town | San Jose, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95124 |
City Area Code | 408 |
Local Phone Number | 559-7778 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | XLNX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000743988 |
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