Xilinx Reports Third Quarter Fiscal Year 2021 Results

 

XILINX, INC.

 
CONDENSED CONSOLIDATED BALANCE SHEETS  
(In thousands)  
January 2, 2021   March 28, 2020*
(unaudited)  
ASSETS  
Current assets:  
Cash, cash equivalents and short-term investments

$

3,324,425

 

$

2,267,216

Accounts receivable, net

 

269,605

 

 

273,028

Inventories

 

300,107

 

 

304,340

Other current assets

 

73,112

 

 

64,557

Total current assets

 

3,967,249

 

 

2,909,141

Net property, plant and equipment

 

351,513

 

 

372,574

Other assets

 

1,430,203

 

 

1,411,619

Total Assets

$

5,748,965

 

$

4,693,334

   
   
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities

$

614,227

 

$

586,421

Current portion of long-term debt

 

499,865

 

 

499,260

Total current liabilities

 

1,114,092

 

 

1,085,681

Long-term debt

 

1,492,377

 

 

747,110

Other long-term liabilities

 

543,605

 

 

545,494

Stockholders' equity

 

2,598,891

 

 

2,315,049

Total Liabilities and Stockholders' Equity

$

5,748,965

 

$

4,693,334

   
* Fiscal 2020 balances are derived from audited financial statements.
XILINX, INC.  
SUPPLEMENTAL FINANCIAL INFORMATION  
(Unaudited)
(In thousands)

Three Months Ended

 

Nine Months Ended

 

January 2, 2021

 

September 26, 2020

 

December 28, 2019

 

January 2, 2021

 

December 28, 2019

 
SELECTED CASH FLOW INFORMATION:          
Depreciation and amortization of software

$

30,818

 

$

30,249

 

$

26,331

 

$

92,816

 

$

68,882

 
Amortization - others

 

17,133

 

 

15,316

 

 

15,276

 

 

47,508

 

 

37,326

 
Stock-based compensation

 

66,331

 

 

58,439

 

 

50,157

 

 

175,153

 

 

142,732

 
Net cash provided by operating activities

 

360,137

 

 

247,583

 

 

323,575

 

 

853,191

 

 

845,485

 
Purchases of property, plant and equipment and software

 

6,009

 

 

15,331

 

 

34,138

 

 

36,801

 

 

96,980

 
Payment of dividends to stockholders

 

93,155

 

 

93,105

 

 

92,931

 

 

278,674

 

 

280,376

 
Repurchases of common stock

 

-

 

 

-

 

 

260,939

 

 

53,682

 

 

738,184

 
Taxes paid related to net share settlement of restricted stock units, net of proceeds from issuance of common stock

 

4,560

 

 

30,072

 

 

3,565

 

 

37,871

 

 

55,541

 
           
           
STOCK-BASED COMPENSATION INCLUDED IN:          
Cost of revenues

$

3,465

 

$

2,963

 

$

2,961

 

$

9,149

 

$

8,386

 
Research and development

 

40,228

 

 

36,110

 

 

31,543

 

 

106,707

 

 

86,119

 
Selling, general and administrative

 

22,638

 

 

19,366

 

 

15,653

 

 

59,297

 

 

48,227

 
XILINX, INC.
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended

January 2, 2021

September 26, 2020 December 28, 2019 January 2, 2021 December 28, 2019
GAAP gross margin

$

547,000

 

$

541,719

 

$

483,478

 

$

1,582,591

 

$

1,586,601

 

Inventory valuation adjustment

 

-

 

 

-

 

 

2,114

 

 

-

 

 

3,856

 

Amortization of acquisition-related intangibles

 

6,875

 

 

6,696

 

 

6,697

 

 

20,268

 

 

15,699

 

M&A related expenses

 

114

 

 

-

 

 

-

 

 

114

 

 

-

 

Non-GAAP gross margin

$

553,989

 

$

548,415

 

$

492,289

 

$

1,602,973

 

$

1,606,156

 

 
GAAP operating income

$

172,425

 

$

205,417

 

$

159,406

 

$

553,357

 

$

613,859

 

Inventory valuation adjustment

 

-

 

 

-

 

 

2,114

 

 

-

 

 

3,856

 

Amortization of acquisition-related intangibles

 

9,731

 

 

9,558

 

 

9,616

 

 

28,849

 

 

21,187

 

M&A related expenses

 

19,150

 

 

1,506

 

 

3,042

 

 

22,219

 

 

12,393

 

Non-GAAP operating income

$

201,306

 

$

216,481

 

$

174,178

 

$

604,425

 

$

651,295

 

 
GAAP net income

$

170,972

 

$

193,816

 

$

162,012

 

$

458,625

 

$

630,463

 

Inventory valuation adjustment

 

-

 

 

-

 

 

2,114

 

 

-

 

 

3,856

 

Amortization of acquisition-related intangibles

 

9,731

 

 

9,558

 

 

9,616

 

 

28,849

 

 

21,187

 

M&A related expenses

 

19,150

 

 

1,506

 

 

3,042

 

 

22,219

 

 

12,393

 

Income tax effect of tax-related items

 

(528

)

 

-

 

 

(3,697

)

 

56,273

 

 

(1,838

)

Income tax effect of non-GAAP adjustments

 

(5,100

)

 

(1,470

)

 

(2,316

)

 

(8,160

)

 

(6,133

)

Non-GAAP net income

$

194,225

 

$

203,410

 

$

170,771

 

$

557,806

 

$

659,928

 

 
GAAP diluted EPS

$

0.69

 

$

0.79

 

$

0.64

 

$

1.86

 

$

2.47

 

Inventory valuation adjustment

 

-

 

 

-

 

 

0.01

 

 

-

 

 

0.01

 

Amortization of acquisition-related intangibles

 

0.04

 

 

0.03

 

 

0.04

 

 

0.12

 

 

0.08

 

M&A related expenses

 

0.07

 

 

0.01

 

 

0.01

 

 

0.08

 

 

0.05

 

Income tax effect of tax-related items

 

-

 

 

-

 

 

(0.01

)

 

0.23

 

 

(0.01

)

Income tax effect of non-GAAP adjustments

 

(0.02

)

 

(0.01

)

 

(0.01

)

 

(0.03

)

 

(0.02

)

Non-GAAP diluted EPS

$

0.78

 

$

0.82

 

$

0.68

 

$

2.26

 

$

2.58

 

 
GAAP cash flow from operations

$

360,137

 

$

247,583

 

$

323,575

 

$

853,191

 

$

845,485

 

Capital expenditures (including software)

 

(6,009

)

 

(15,331

)

 

(34,138

)

 

(36,801

)

 

(96,980

)

Free cash flow

$

354,128

 

$

232,252

 

$

289,437

 

$

816,390

 

$

748,505

 

 

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