(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 January 26, 2022 | |||||||
104 | Cover Page Interactive Data File (the Cover Page XBRL tags are embedded within the Inline XBRL document) |
XILINX, INC. | ||||||||||||||||||||
Date: January 26, 2022 | 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 $1,011 million, representing 8% sequential growth and 26% year-over-year growth, despite ongoing industry-wide supply constraints | ||||
l | Data Center Group (DCG) achieved record revenue with sequential growth of 28% and 81% year-over-year, driven by Compute and Networking strength | ||||
l | Aerospace & Defense, Industrial and Test, Measurement & Emulation (AIT) revenue was also a record, increasing 21% sequentially and 28% year-over-year, driven by record A&D revenue and continued strength in ISM and TME end markets | ||||
l | Automotive, Broadcast and Consumer (ABC) revenue in the quarter decreased 4% sequentially coming off a record Q2 and largely in-line with expectations; revenue increased 28% year-over-year | ||||
l | Wired and Wireless Group (WWG) revenue decreased 18% sequentially and increased 1% year-over-year as supply constraints had a significant impact on business in the quarter | ||||
l | Platform transformation continues with total Adaptive SoC revenue, which includes Zynq and Versal platforms, up 5% sequentially and 30% year-over-year, and representing 28% of total revenue |
GAAP | ||||||||||||||||||||
Q3 | Q2 | Q3 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
Net revenues* | $1,011 | $936 | $803 | 8% | 26% | |||||||||||||||
Gross margin | $726 | $632 | $547 | 15% | 33% | |||||||||||||||
Operating income | $310 | $250 | $172 | 24% | 80% | |||||||||||||||
Net income | $300 | $235 | $171 | 28% | 76% | |||||||||||||||
Diluted earnings per share | $1.19 | $0.94 | $0.69 | 27% | 73% | |||||||||||||||
Non-GAAP | ||||||||||||||||||||
Q3 | Q2 | Q3 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
Net revenues* | $1,011 | $936 | $803 | 8% | 26% | |||||||||||||||
Gross margin | $736 | $644 | $554 | 14% | 33% | |||||||||||||||
Operating income | $340 | $288 | $201 | 18% | 69% | |||||||||||||||
Net income | $325 | $266 | $194 | 22% | 67% | |||||||||||||||
Diluted earnings per share | $1.29 | $1.06 | $0.78 | 22% | 65% | |||||||||||||||
* No adjustment between GAAP and Non-GAAP Note: Q3 and Q2 FY2022 consisted of 13 weeks; Q3 FY2021 consisted of 14 weeks |
Net Revenues by Geography: | ||||||||||||||||||||
Percentages | Growth Rates | |||||||||||||||||||
Q3 | Q2 | Q3 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
North America | 33% | 26% | 30% | 40% | 43% | |||||||||||||||
Asia Pacific | 40% | 48% | 44% | -10% | 13% | |||||||||||||||
Europe | 18% | 16% | 19% | 16% | 18% | |||||||||||||||
Japan | 9% | 10% | 7% | -1% | 53% | |||||||||||||||
Net Revenues by End Market: | ||||||||||||||||||||
Percentages | Growth Rates | |||||||||||||||||||
Q3 | Q2 | Q3 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
A&D, Industrial and TME | 46% | 40% | 45% | 21% | 28% | |||||||||||||||
Automotive, Broadcast and Consumer | 19% | 22% | 19% | -4% | 28% | |||||||||||||||
Wired and Wireless Group | 23% | 31% | 29% | -18% | 1% | |||||||||||||||
Data Center Group | 11% | 9% | 7% | 28% | 81% | |||||||||||||||
Channel | 1% | -2% | 0% | NM | NM | |||||||||||||||
Net Revenues by Product: | ||||||||||||||||||||
Percentages | Growth Rates | |||||||||||||||||||
Q3 | Q2 | Q3 | ||||||||||||||||||
FY2022 | FY2022 | FY2021 | Q-T-Q | Y-T-Y | ||||||||||||||||
Advanced Products | 78% | 74% | 72% | 14% | 35% | |||||||||||||||
Core Products | 22% | 26% | 28% | -8% | 3% |
Q3 | Q2 | Q3 | |||||||||
FY2022 | FY2022 | FY2021 | |||||||||
Operating Cash Flow | $362 | $122 | $360 | ||||||||
Depreciation Expense (including software amortization) | $30 | $31 | $31 | ||||||||
Capital Expenditures (including software) | $11 | $15 | $6 | ||||||||
Free Cash Flow (1) | $351 | $107 | $354 | ||||||||
Inventory Days (internal) | 106 | 86 | 115 | ||||||||
Revenue Turns (%) | 32 | 23 | 34 |
XILINX, INC. | |||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
January 1, 2022 | October 2, 2021 | January 2, 2021 | January 1, 2022 | January 2, 2021 | |||||||||||||||||||||||||
Net revenues | $ | 1,011,059 | $ | 935,770 | $ | 803,404 | $ | 2,825,434 | $ | 2,296,612 | |||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||||||||
Cost of products sold | 275,479 | 293,327 | 249,529 | 852,247 | 693,753 | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | 10,059 | 10,150 | 6,875 | 29,275 | 20,268 | ||||||||||||||||||||||||
Total cost of revenues | 285,538 | 303,477 | 256,404 | 881,522 | 714,021 | ||||||||||||||||||||||||
Gross margin | 725,521 | 632,293 | 547,000 | 1,943,912 | 1,582,591 | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Research and development | 287,969 | 253,881 | 235,018 | 789,824 | 664,776 | ||||||||||||||||||||||||
Selling, general and administrative | 125,438 | 126,319 | 136,701 | 376,678 | 355,877 | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | 2,000 | 2,252 | 2,856 | 7,093 | 8,581 | ||||||||||||||||||||||||
Total operating expenses | 415,407 | 382,452 | 374,575 | 1,173,595 | 1,029,234 | ||||||||||||||||||||||||
Operating income | 310,114 | 249,841 | 172,425 | 770,317 | 553,357 | ||||||||||||||||||||||||
Interest and other income (expense), net | 25,260 | (9,204) | 3,709 | 17,057 | (19,215) | ||||||||||||||||||||||||
Income before income taxes | 335,374 | 240,637 | 176,134 | 787,374 | 534,142 | ||||||||||||||||||||||||
Provision for income taxes | 35,312 | 6,092 | 5,162 | 46,426 | 75,517 | ||||||||||||||||||||||||
Net income | $ | 300,062 | $ | 234,545 | $ | 170,972 | $ | 740,948 | $ | 458,625 | |||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||||||||
Basic | $ | 1.21 | $ | 0.95 | $ | 0.70 | $ | 3.00 | $ | 1.88 | |||||||||||||||||||
Diluted | $ | 1.19 | $ | 0.94 | $ | 0.69 | $ | 2.96 | $ | 1.86 | |||||||||||||||||||
Cash dividends per common share | $ | 0.37 | $ | — | $ | 0.38 | $ | 0.37 | $ | 1.14 | |||||||||||||||||||
Shares used in per share calculations: | |||||||||||||||||||||||||||||
Basic | 248,003 | 247,765 | 245,145 | 246,744 | 243,976 | ||||||||||||||||||||||||
Diluted | 251,971 | 250,457 | 248,148 | 250,448 | 246,786 | ||||||||||||||||||||||||
XILINX, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | |||||||||||
January 1, 2022 | April 03, 2021* | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash, cash equivalents and short-term investments | $ | 3,702,041 | $ | 3,078,899 | |||||||
Accounts receivable, net | 439,397 | 285,214 | |||||||||
Inventories | 331,071 | 311,085 | |||||||||
Other current assets | 57,352 | 71,064 | |||||||||
Total current assets | 4,529,861 | 3,746,262 | |||||||||
Net property, plant and equipment | 328,202 | 345,023 | |||||||||
Other assets | 1,487,378 | 1,427,916 | |||||||||
Total Assets | $ | 6,345,441 | $ | 5,519,201 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 135,382 | $ | 116,046 | |||||||
Accrued and other liabilities | 549,095 | 508,509 | |||||||||
Total current liabilities | 684,477 | 624,555 | |||||||||
Long-term debt | 1,493,623 | 1,492,688 | |||||||||
Other long-term liabilities | 493,031 | 514,997 | |||||||||
Stockholders' equity | 3,674,310 | 2,886,961 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 6,345,441 | $ | 5,519,201 | |||||||
* Fiscal 2021 balances are derived from audited financial statements. |
XILINX, INC. | |||||||||||||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
January 1, 2022 | October 2, 2021 | January 2, 2021 | January 1, 2022 | January 2, 2021 | |||||||||||||||||||||||||
SELECTED CASH FLOW INFORMATION: | |||||||||||||||||||||||||||||
Depreciation and amortization of software | $ | 30,407 | $ | 30,908 | $ | 30,818 | $ | 93,507 | $ | 92,816 | |||||||||||||||||||
Amortization - others | 17,821 | 18,565 | 17,133 | 54,332 | 47,508 | ||||||||||||||||||||||||
Stock-based compensation | 73,442 | 69,720 | 66,331 | 210,771 | 175,153 | ||||||||||||||||||||||||
Net cash provided by operating activities | 362,263 | 122,117 | 360,137 | 874,277 | 853,191 | ||||||||||||||||||||||||
Purchases of property, plant and equipment and software | 11,429 | 14,959 | 6,009 | 43,574 | 36,801 | ||||||||||||||||||||||||
Payment of dividends to stockholders | 91,716 | — | 93,155 | 91,716 | 278,674 | ||||||||||||||||||||||||
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 | (154) | 59,344 | 4,560 | 63,295 | 37,871 | ||||||||||||||||||||||||
STOCK-BASED COMPENSATION INCLUDED IN: | |||||||||||||||||||||||||||||
Cost of revenues | $ | 3,829 | $ | 3,797 | $ | 3,465 | $ | 11,236 | $ | 9,149 | |||||||||||||||||||
Research and development | 45,323 | 42,273 | 40,228 | 129,057 | 106,707 | ||||||||||||||||||||||||
Selling, general and administrative | 24,290 | 23,650 | 22,638 | 70,478 | 59,297 | ||||||||||||||||||||||||
XILINX, INC. | |||||||||||||||||||||||||||||
XILINX, INC. | |||||||||||||||||||||||||||||
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
January 1, 2022 | October 2, 2021 | January 2, 2021 | January 1, 2022 | January 2, 2021 | |||||||||||||||||||||||||
GAAP gross margin | $ | 725,521 | $ | 632,293 | $ | 547,000 | $ | 1,943,912 | $ | 1,582,591 | |||||||||||||||||||
M&A related expenses | 754 | 1,249 | 114 | 2,936 | 114 | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | 10,059 | 10,150 | 6,875 | 29,275 | 20,268 | ||||||||||||||||||||||||
Non-GAAP gross margin | $ | 736,334 | $ | 643,692 | $ | 553,989 | $ | 1,976,123 | $ | 1,602,973 | |||||||||||||||||||
GAAP operating income | $ | 310,114 | $ | 249,841 | $ | 172,425 | $ | 770,317 | $ | 553,357 | |||||||||||||||||||
Amortization of acquisition-related intangibles | 12,059 | 12,402 | 9,731 | 36,368 | 28,849 | ||||||||||||||||||||||||
M&A related expenses | 17,721 | 25,905 | 19,150 | 67,384 | 22,219 | ||||||||||||||||||||||||
Non-GAAP operating income | $ | 339,894 | $ | 288,148 | $ | 201,306 | $ | 874,069 | $ | 604,425 | |||||||||||||||||||
GAAP net income | $ | 300,062 | 234,545 | $ | 170,972 | $ | 740,948 | $ | 458,625 | ||||||||||||||||||||
Amortization of acquisition-related intangibles | 12,059 | 12,402 | 9,731 | 36,368 | 28,849 | ||||||||||||||||||||||||
M&A related expenses | 17,721 | 25,905 | 19,150 | 67,384 | 22,219 | ||||||||||||||||||||||||
Income tax effect of tax-related items | — | — | (528) | — | 56,273 | ||||||||||||||||||||||||
Income tax effect of non-GAAP adjustments | (5,341) | (7,021) | (5,100) | (18,621) | (8,160) | ||||||||||||||||||||||||
Non-GAAP net income | $ | 324,501 | $ | 265,831 | $ | 194,225 | $ | 826,079 | $ | 557,806 | |||||||||||||||||||
GAAP diluted EPS | $ | 1.19 | $ | 0.94 | $ | 0.69 | $ | 2.96 | $ | 1.86 | |||||||||||||||||||
Amortization of acquisition-related intangibles | 0.05 | 0.05 | 0.04 | 0.15 | 0.12 | ||||||||||||||||||||||||
Acquisition-related costs | 0.07 | 0.10 | 0.07 | 0.26 | 0.08 | ||||||||||||||||||||||||
Income tax effect of tax-related items | — | — | — | — | 0.23 | ||||||||||||||||||||||||
Income tax effect of non-GAAP adjustments | (0.02) | (0.03) | (0.02) | (0.07) | (0.03) | ||||||||||||||||||||||||
Non-GAAP diluted EPS | $ | 1.29 | $ | 1.06 | $ | 0.78 | $ | 3.30 | $ | 2.26 | |||||||||||||||||||
GAAP cash flow from operations | $ | 362,263 | $ | 122,117 | $ | 360,137 | $ | 874,277 | $ | 853,191 | |||||||||||||||||||
Capital expenditures (including software) | (11,429) | (14,959) | (6,009) | (43,574) | (36,801) | ||||||||||||||||||||||||
Free cash flow | $ | 350,834 | $ | 107,158 | $ | 354,128 | $ | 830,703 | $ | 816,390 |
Cover Page |
Jul. 28, 2021 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Document Type | 8-K |
Document Period End Date | Jan. 26, 2022 |
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, $0.01 par value |
Trading Symbol | XLNX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000743988 |
%^@2O&+(=/EB>N$_NG_A.
M\SQ-LPRKZ'8;9;#%ZI9E\!>/AG$##RP/9'I;K?%NXQ/R^AQ@/7UM0K"=XI.(
M[12O-2#QNH%'GL>[C>4!#ZP+V.Q _G@>F*FX3YI"5S%NV G&D3S'$)C%^(QF
M&5*=##[Q_F"G)$WS/(X %F>0IA@"IQ%', ; 4/2='@//GL?)=-[*CG_5U/\
M!%!+ P04 " ;A#I4EXJ[', 3 @ "P %]R96QS+RYR96QSG9*Y
M;L,P#$!_Q=">, ?0(8@S9?$6!/D!5J(/V!(%BD6=OZ_:I7&0"QEY/3P2W!YI
M0.TXI+:+J1C]$%)I6M6X 4BV)8]ISI%"KM0L'C6'TD!$VV-#L%HL/D N&6:W
MO606IW.D5XA
"S*6/)*/57GIPI86D;;L0&ZDUB4\=GGY0*":W9P
M$_C9J(#MXH,%+K7Y(^X 4)AGJQ\9N\E5$)6([MX63YO&?.O?0>Q/X<=R 4GA%I=!1S5DA8".RB7L>!ZH
MK+IL,HFJ3++