(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 October 27, 2021 | |||||||
104 | Cover Page Interactive Data File (the Cover Page XBRL tags are embedded within the Inline XBRL document) |
XILINX, INC. | ||||||||||||||||||||
Date: October 27, 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 $936 million, representing 7% sequential growth and 22% annual growth amidst continuing industry-wide supply chain challenges | ||||
l | Aerospace & Defense, Industrial and Test, Measurement & Emulation (AIT) revenue increased 20% sequentially, with strong performance in all sub-markets led by another record performance in the Industrial end market and improvement in Aerospace & Defense business | ||||
l | Automotive, Broadcast and Consumer (ABC) revenue in the quarter increased 19% sequentially, with record quarters in all sub-markets, led by the Automotive end market | ||||
l | Wired and Wireless Group (WWG) revenue increased 9% sequentially and 42% year-over-year as robust global 5G deployments continue and strength from the Wired business | ||||
l | Data Center Group (DCG) revenue declined modestly, down 3% quarter-over-quarter, as Networking strength was offset by a decline in Compute | ||||
l | Platform transformation continues with total Adaptive SoC revenue, which includes Zynq and Versal platforms, up 9% sequentially and 56% year-over-year, and representing 29% of total revenue |
GAAP | ||||||||||||||||||||
Q2 | Q1 | Q2 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
Net revenues* | $936 | $879 | $767 | 7% | 22% | |||||||||||||||
Gross margin | $632 | $586 | $542 | 8% | 17% | |||||||||||||||
Operating income | $250 | $210 | $205 | 19% | 22% | |||||||||||||||
Net income | $235 | $206 | $194 | 14% | 21% | |||||||||||||||
Diluted earnings per share | $0.94 | $0.83 | $0.79 | 13% | 19% | |||||||||||||||
Non-GAAP | ||||||||||||||||||||
Q2 | Q1 | Q2 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
Net revenues* | $936 | $879 | $767 | 7% | 22% | |||||||||||||||
Gross margin | $644 | $596 | $548 | 8% | 17% | |||||||||||||||
Operating income | $288 | $246 | $216 | 17% | 33% | |||||||||||||||
Net income | $266 | $236 | $203 | 13% | 31% | |||||||||||||||
Diluted earnings per share | $1.06 | $0.95 | $0.82 | 12% | 29% | |||||||||||||||
* No adjustment between GAAP and Non-GAAP |
Net Revenues by Geography: | ||||||||||||||||||||
Percentages | Growth Rates | |||||||||||||||||||
Q2 | Q1 | Q2 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
North America | 26% | 23% | 29% | 20% | 7% | |||||||||||||||
Asia Pacific | 48% | 52% | 48% | -3% | 23% | |||||||||||||||
Europe | 16% | 15% | 18% | 16% | 14% | |||||||||||||||
Japan | 10% | 10% | 5% | 8% | 124% | |||||||||||||||
Net Revenues by End Market: | ||||||||||||||||||||
Percentages | Growth Rates | |||||||||||||||||||
Q2 | Q1 | Q2 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
A&D, Industrial and TME | 40% | 36% | 44% | 20% | 13% | |||||||||||||||
Automotive, Broadcast and Consumer | 22% | 20% | 16% | 19% | 70% | |||||||||||||||
Wired and Wireless Group | 31% | 30% | 26% | 9% | 42% | |||||||||||||||
Data Center Group | 9% | 10% | 14% | -3% | -22% | |||||||||||||||
Channel | -2% | 4% | 0% | NM | NM | |||||||||||||||
Net Revenues by Product: | ||||||||||||||||||||
Percentages | Growth Rates | |||||||||||||||||||
Q2 | Q1 | Q2 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
Advanced Products | 74% | 72% | 70% | 9% | 28% | |||||||||||||||
Core Products | 26% | 28% | 30% | 0% | 8% |
Q2 | Q1 | Q2 | |||||||||
FY2022 | FY2022 | FY2021 | |||||||||
Operating Cash Flow | $122 | $390 | $248 | ||||||||
Depreciation Expense (including software amortization) | $31 | $32 | $30 | ||||||||
Capital Expenditures (including software) | $15 | $17 | $15 | ||||||||
Free Cash Flow (1) | $107 | $373 | $232 | ||||||||
Inventory Days (internal) | 86 | 89 | 114 | ||||||||
Revenue Turns (%) | 23 | 27 | 38 |
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 | |||||||||||||||||||
Cover Page |
Jul. 28, 2021 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Document Type | 8-K |
Document Period End Date | Oct. 27, 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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