Forward-Looking Statements
This release contains forward-looking statements and projections. Forward-looking statements and projections can often be identified by the use of forward-looking words such as “expect,” “believe,” “may,” “will,” “could,” “anticipate,” “estimate,” “continue,” “plan,” “intend,” “project” or other similar expressions. Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements. Such forward looking statements include, but are not limited to, statements related to the semiconductor market, the growth and acceptance of our products, expected revenue growth, the demand and growth in the markets we serve, opportunity for expansion into new markets, and our expectations regarding our business outlook for the June quarter. Undue reliance should not be placed on such forward-looking statements and projections, which speak only as of the date they are made. We undertake no obligation to update such forward-looking statements. Actual events and results may differ materially from those in the forward-looking statements and are subject to risks and uncertainties including, among others, the impact of the COVID-19 pandemic and related containment measures (which, in addition to presenting its own risks and uncertainties, may also heighten the other risks and uncertainties faced by our business and decrease our visibility into all aspects of our business), customer acceptance of our new products, current global economic conditions, our dependence on certain customers, trade and export restrictions, the condition and performance of our customers and the end markets in which they participate, our ability to forecast end customer demand, a high dependence on turns business, more customer volume discounts than expected, greater product mix changes than anticipated, fluctuations in manufacturing yields, our ability to deliver product in a timely manner, our ability to successfully manage production at multiple foundries, variability in wafer pricing, costs and liabilities associated with current and future litigation, our ability to generate cost and operating expense savings in an efficient and timely manner, our ability to realize the goals contemplated by our acquisitions and strategic investments, the impact of current and future legislative and regulatory changes, the impact of new accounting pronouncements and tax laws, including the U.S. Tax Cuts and Jobs Act, and interpretations thereof, and other risk factors described in our most recent Forms 10-Q and 10-K.
About Xilinx
Xilinx develops highly flexible and adaptive processing platforms that enable rapid innovation across a variety of technologies - from the endpoint to the edge to the cloud. Xilinx is the inventor of the FPGA, hardware programmable SoCs and the ACAP, designed to deliver the most dynamic processor technology in the industry and enable the adaptable, intelligent and connected world of the future. For more information, visit www.xilinx.com.
Xilinx, the Xilinx logo, Alveo, Artix, Kintex, Spartan, Versal, Vitis, Virtex, Vivado, Zynq, and other designated brands included herein are trademarks of Xilinx in the United States and other countries. All other trademarks are the property of their respective owners.
XLNX-F
XILINX, INC. | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(Unaudited) | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
March 28, 2020 | December 28, 2019 | March 30, 2019 | March 28, 2020 | March 30, 2019 | |||||||||||
Net revenues | $ |
756,169 |
$ |
723,499 |
$ |
828,361 |
$ |
3,162,666 |
$ |
3,059,040 |
|||||
Cost of revenues: | |||||||||||||||
Cost of products sold |
|
221,037 |
|
233,324 |
|
269,457 |
|
1,025,234 |
|
955,868 |
|||||
Amortization of acquisition-related intangibles |
|
6,697 |
|
6,697 |
|
- |
|
22,396 |
|
- |
|||||
Total cost of revenues |
|
227,734 |
|
240,021 |
|
269,457 |
|
1,047,630 |
|
955,868 |
|||||
Gross margin |
|
528,435 |
|
483,478 |
|
558,904 |
|
2,115,036 |
|
2,103,172 |
|||||
Operating expenses: | |||||||||||||||
Research and development |
|
214,968 |
|
211,541 |
|
199,500 |
|
853,589 |
|
743,027 |
|||||
Selling, general and administrative |
|
103,675 |
|
109,612 |
|
107,160 |
|
432,308 |
|
398,416 |
|||||
Amortization of acquisition-related intangibles |
|
3,401 |
|
2,919 |
|
1,866 |
|
8,889 |
|
4,930 |
|||||
Restructuring charges |
|
28,362 |
|
- |
|
- |
|
28,362 |
|
- |
|||||
Total operating expenses |
|
350,406 |
|
324,072 |
|
308,526 |
|
1,323,148 |
|
1,146,373 |
|||||
Operating income |
|
178,029 |
|
159,406 |
|
250,378 |
|
791,888 |
|
956,799 |
|||||
Interest and other income (expense), net |
|
11,717 |
|
6,437 |
|
9,302 |
|
42,096 |
|
11,533 |
|||||
Income before income taxes |
|
189,746 |
|
165,843 |
|
259,680 |
|
833,984 |
|
968,332 |
|||||
Provision for income taxes |
|
27,489 |
|
3,831 |
|
15,040 |
|
41,263 |
|
78,582 |
|||||
Net income | $ |
162,257 |
|
162,012 |
$ |
244,640 |
$ |
792,721 |
$ |
889,750 |
|||||
Net income per common share: | |||||||||||||||
Basic | $ |
0.66 |
$ |
0.65 |
$ |
0.96 |
$ |
3.15 |
$ |
3.52 |
|||||
Diluted | $ |
0.65 |
$ |
0.64 |
$ |
0.95 |
$ |
3.11 |
$ |
3.47 |
|||||
Cash dividends per common share | $ |
0.37 |
$ |
0.37 |
$ |
0.36 |
$ |
1.48 |
$ |
1.44 |
|||||
Shares used in per share calculations: | |||||||||||||||
Basic |
|
247,166 |
|
250,546 |
|
253,855 |
|
251,732 |
|
252,762 |
|||||
Diluted |
|
249,320 |
|
252,808 |
|
258,177 |
|
254,943 |
|
256,434 |
XILINX, INC. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(In thousands) | ||||||
March 28, 2020 | March 30, 2019* | |||||
(unaudited) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash, cash equivalents and short-term investments | $ |
2,267,216 |
$ |
3,175,684 |
||
Accounts receivable, net |
|
273,028 |
|
335,165 |
||
Inventories |
|
304,340 |
|
315,358 |
||
Other current assets |
|
64,557 |
|
65,771 |
||
Total current assets |
|
2,909,141 |
|
3,891,978 |
||
Net property, plant and equipment |
|
372,574 |
|
328,929 |
||
Long-term investments |
|
- |
|
53,433 |
||
Other assets |
|
1,411,619 |
|
877,008 |
||
Total assets | $ |
4,693,334 |
$ |
5,151,348 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable and accrued liabilities | $ |
586,421 |
$ |
475,036 |
||
Current portion of long-term debt |
|
499,260 |
|
- |
||
Total current liabilities |
|
1,085,681 |
|
475,036 |
||
Long-term debt |
|
747,110 |
|
1,234,807 |
||
Other long-term liabilities |
|
545,494 |
|
579,996 |
||
Stockholders' equity |
|
2,315,049 |
|
2,861,509 |
||
Total Liabilities and Stockholders' Equity | $ |
4,693,334 |
$ |
5,151,348 |
||
*Fiscal 2019 balances are derived from audited financial statements. |
XILINX, INC. | |||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||
(Unaudited) | |||||||||||||||
(In thousands) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
March 28, 2020 | December 28, 2019 | March 30, 2019 | March 28, 2020 | March 30, 2019 | |||||||||||
SELECTED CASH FLOW INFORMATION: | |||||||||||||||
Depreciation and amortization of software |
$ |
28,603 |
$ |
26,331 |
$ |
21,607 |
$ |
97,485 |
$ |
70,704 |
|||||
Amortization - others |
|
16,282 |
|
17,257 |
|
10,195 |
|
60,048 |
|
33,656 |
|||||
Stock-based compensation |
|
43,991 |
|
50,157 |
|
38,748 |
|
186,723 |
|
147,942 |
|||||
Net cash provided by operating activities |
|
345,351 |
|
323,575 |
|
288,007 |
|
1,190,836 |
|
1,091,215 |
|||||
Purchases of property, plant, equipment and software |
|
32,309 |
|
34,138 |
|
28,242 |
|
129,289 |
|
89,045 |
|||||
Payment of dividends to stockholders |
|
91,417 |
|
92,931 |
|
91,384 |
|
371,793 |
|
364,244 |
|||||
Repayment of debt |
|
- |
|
- |
|
500,000 |
|
- |
|
500,000 |
|||||
Repurchases of common stock |
|
470,733 |
|
260,939 |
|
- |
|
1,208,917 |
|
161,551 |
|||||
Taxes paid related to net share settlement of restricted stock units, net of proceeds from issuance of common stock |
|
(28,082) |
|
3,565 |
|
(23,927) |
|
27,459 |
|
(334) |
|||||
STOCK-BASED COMPENSATION INCLUDED IN: | |||||||||||||||
Cost of revenues | $ |
1,649 |
$ |
2,961 |
$ |
2,170 |
$ |
10,035 |
$ |
8,820 |
|||||
Research and development |
|
28,857 |
|
31,543 |
|
23,099 |
|
114,976 |
|
86,428 |
|||||
Selling, general and administrative |
|
13,313 |
|
15,653 |
|
13,479 |
|
61,540 |
|
52,694 |
|||||
Restructuring charges |
|
172 |
|
- |
|
- |
|
172 |
|
- |
XILINX, INC. | |||||||||||||||
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS | |||||||||||||||
(Unaudited) | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
March 28, 2020 | December 28, 2019 | March 30, 2019 | March 28, 2020 | March 30, 2019 | |||||||||||
GAAP gross margin | $ |
528,435 |
$ |
483,478 |
$ |
558,904 |
$ |
2,115,036 |
$ |
2,103,172 |
|||||
Inventory valuation adjustment |
|
- |
|
2,114 |
|
- |
|
3,855 |
|
- |
|||||
Amortization of acquisition-related intangibles |
|
6,697 |
|
6,697 |
|
- |
|
22,396 |
|
- |
|||||
Non-GAAP gross margin | $ |
535,132 |
$ |
492,289 |
$ |
558,904 |
$ |
2,141,287 |
$ |
2,103,172 |
|||||
GAAP operating income | $ |
178,029 |
$ |
159,406 |
$ |
250,378 |
$ |
791,888 |
$ |
956,799 |
|||||
Inventory valuation adjustment |
|
- |
|
2,114 |
|
- |
|
3,855 |
|
- |
|||||
Amortization of acquisition-related intangibles |
|
10,098 |
|
9,616 |
|
1,866 |
|
31,285 |
|
4,930 |
|||||
Acquisition-related costs |
|
1,798 |
|
3,042 |
|
6,560 |
|
14,190 |
|
13,469 |
|||||
Restructuring charges |
|
28,362 |
|
- |
|
- |
|
28,362 |
|
- |
|||||
Non-GAAP operating income | $ |
218,287 |
$ |
174,178 |
$ |
258,804 |
$ |
869,580 |
$ |
975,198 |
|||||
GAAP net income | $ |
162,257 |
$ |
162,012 |
$ |
244,640 |
$ |
792,721 |
$ |
889,750 |
|||||
Inventory valuation adjustment |
|
- |
|
2,114 |
|
- |
|
3,855 |
|
- |
|||||
Amortization of acquisition-related intangibles |
|
10,098 |
|
9,616 |
|
1,866 |
|
31,285 |
|
4,930 |
|||||
Acquisition-related costs |
|
1,798 |
|
3,042 |
|
6,560 |
|
14,190 |
|
13,469 |
|||||
Restructuring charges |
|
28,362 |
|
- |
|
- |
|
28,362 |
|
- |
|||||
Gain on investment related to acquisition |
|
- |
|
- |
|
- |
|
- |
|
(6,503) |
|||||
Income tax effect of changes in applicable U.S. tax laws |
|
- |
|
- |
|
(8,508) |
|
- |
|
(6,100) |
|||||
Income tax effect of intercompany integration transactions |
|
- |
|
(3,697) |
|
- |
|
(1,838) |
|
- |
|||||
Income tax effect of non-GAAP adjustments |
|
(9,137) |
|
(2,316) |
|
(2,330) |
|
(15,271) |
|
(3,050) |
|||||
Non-GAAP net income | $ |
193,378 |
$ |
170,771 |
$ |
242,228 |
$ |
853,304 |
$ |
892,496 |
|||||
GAAP diluted EPS | $ |
0.65 |
$ |
0.64 |
$ |
0.95 |
$ |
3.11 |
$ |
3.47 |
|||||
Inventory valuation adjustment |
|
- |
|
0.01 |
|
- |
|
0.02 |
|
- |
|||||
Amortization of acquisition-related intangibles |
|
0.04 |
|
0.04 |
|
0.01 |
|
0.11 |
|
0.02 |
|||||
Acquisition-related costs |
|
0.01 |
|
0.01 |
|
0.02 |
|
0.06 |
|
0.05 |
|||||
Restructuring charges |
|
0.12 |
|
- |
|
- |
|
0.12 |
|
- |
|||||
Gain on investment related to acquisition |
|
- |
|
- |
|
- |
|
- |
|
(0.03) |
|||||
Income tax effect of changes in applicable U.S. tax laws |
|
- |
|
- |
|
(0.03) |
|
- |
|
(0.02) |
|||||
Income tax effect of intercompany integration transactions |
|
- |
|
(0.01) |
|
- |
|
(0.01) |
|
- |
|||||
Income tax effect of non-GAAP adjustments |
|
(0.04) |
|
(0.01) |
|
(0.01) |
|
(0.06) |
|
(0.01) |
|||||
Non-GAAP diluted EPS | $ |
0.78 |
$ |
0.68 |
$ |
0.94 |
$ |
3.35 |
$ |
3.48 |