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    Xilinx Reports Record Revenue in Fiscal Second Quarter 2022

    10/27/21 4:20:00 PM ET
    $XLNX
    Semiconductors
    Technology
    Get the next $XLNX alert in real time by email
    • Record revenue of $936 million, representing 7% sequential growth and 22% annual growth amidst continuing industry-wide supply chain challenges
    • 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
    • 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
    • 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
    • Data Center Group (DCG) revenue declined modestly, down 3% quarter-over-quarter, as Networking strength was offset by a decline in Compute
    • 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

    Xilinx, Inc. (NASDAQ:XLNX), the leader in adaptive computing, today announced record revenues of $936 million for the fiscal second quarter, up 7% over the previous quarter.

    GAAP net income for the fiscal second quarter was $235 million, or $0.94 per diluted share. Non-GAAP net income for the quarter was $266 million, or $1.06 per diluted share.

    As permitted as of October 27, 2021 under the terms of the Merger Agreement between Xilinx and Advanced Micro Devices, Inc. (AMD), the Xilinx Board of Directors voted unanimously to declare a cash dividend of $0.37 per outstanding share of common stock payable on November 15, 2021 to all stockholders of record at the close of business on November 8, 2021. The dividend is conditioned upon and will only be payable if the merger has not closed on or before the record date for such dividend.

    Additional second quarter of fiscal year 2022 comparisons are provided in the charts below.

    Q2 Fiscal 2022 Financial Highlights

    (In millions, except EPS)

     

     

    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

    "Xilinx delivered another record quarter despite the continuing industry-wide supply chain constraints," said Victor Peng, Xilinx president and CEO. "We saw broad strength in the vast majority of our markets in the quarter, driven by record performance from the Industrial, Auto, Broadcast and Consumer end markets, as well as improvement in the Aerospace & Defense end market. Our business and operations teams have made tremendous efforts to support our customers' critical needs in what continues to be an extremely challenging supply environment. We also believe we remain on track for regulatory approval for the AMD transaction and to close by the end of the calendar year.

    "Industry trends continue to drive strong demand for Xilinx products. Core markets are benefiting from multiple tail winds, including the increasing requirements for advanced processing and broad digitalization trends in all industries, that are driving both increased silicon content as well as overall demand. 5G volumes remain strong, led by North America and the Asia Pacific region, across multiple products. Our engagements with hyperscalers are deepening as FPGA-as-a-Service expands to new workloads, and we continue to drive solid design win momentum in Compute, Networking and Storage."

    "The record quarters in Industrial, Auto, Broadcast and Consumer end markets drove total sequential growth of 7% and 22% year-over-year," said Brice Hill, Xilinx CFO. "Our transformation to an adaptive platform company continues to accelerate, with Adaptive SoC sequential revenue growth of 9% and year-over-year growth of 56%. In addition, Advanced Products grew 9% sequentially and 28% year-over-year and represented 74% of total revenue.

    "Free cash flow of $107 million, or 11% of revenue, reflected expected normalization in working capital following exceptionally strong free cash flow in Q1. We are extremely pleased that record revenues, combined with strong gross and operating margins, drove record non-GAAP net income and non-GAAP EPS in the quarter."

    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%

    Products are classified as follows:

    Advanced Products:
    Versal, UltraScale+, UltraScale and 7-series product families, and production boards business composed of Alveo, Solarflare, Network, and System-On-Modules.

    Core Products: Virtex-6, Spartan-6, Virtex‐5, CoolRunner‐II, Virtex-4, Virtex-II, Spartan-3, Spartan-2, XC9500 products, configuration solutions, software & support/services.

    Key Statistics:

    (Dollars in Millions)

     

     

    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

    (1)

    Free Cash Flow = Operating Cash Flow - Capital Expenditures (including software)

    Product and Financial Highlights - Fiscal Second Quarter 2022

    • Microsoft announced that Azure is now utilizing its NP-VM FPGA-as-a-Service infrastructure, powered by Xilinx Alveo accelerators, to dramatically improve the performance of Apache Spark on the Azure Synapse analytics platform.
    • Amazon announced the general availability of Amazon EC2 VT1 instances that feature the same Xilinx Alveo U30 media accelerator transcoding cards used in the SDK.
    • Xilinx and NEC Corporation announced a collaboration on NEC's next generation 5G radio units, expected to be available for global deployment in 2022.
    • Xilinx announced that it has begun shipping its new Zynq RFSoC DFE in volume to multiple radio customers worldwide including a top wireless system vendor.
    • Xilinx and Motovis, a provider of embedded AI for autonomous driving, are collaborating on a solution that pairs the Xilinx Automotive Zynq system-on-chip platform and Motovis' convolutional neural network IP to the automotive market.

    Commentary on AMD Transaction

    As announced on October 27, 2020, Advanced Micro Devices, Inc. (AMD) intends to acquire Xilinx in an all-stock transaction. Due to the pending acquisition, Xilinx will not hold an earnings conference call or provide forward-looking guidance. As permitted as of October 27, 2021 under the terms of the Merger Agreement between Xilinx and AMD, the Xilinx Board of Directors has declared a cash dividend of $0.37 per outstanding share of common stock. The dividend is conditioned upon and will only be payable if the merger has not closed on or before the record date for such dividend. Xilinx's stock repurchase program remains suspended. The parties believe that the transaction remains on-track for regulatory approval and close by calendar year end.

    Non-GAAP Financial Information

    Fiscal second quarter 2022 results include financial measures which are not determined in accordance with the United States generally accepted accounting principles (GAAP), as indicated. Non-GAAP measures should not be considered as a substitute for, or superior to, financial measures determined in accordance with GAAP. The presentation of non-GAAP financial measures has been reconciled, in each case, to the most directly comparable GAAP measure, as indicated in the accompanying tables. Xilinx's (the Company) calculation of such non-GAAP measures may not be comparable to similarly-titled measures used by other companies.

    Management uses the non-GAAP financial measures disclosed herein, other than free cash flow, to evaluate the Company's financial results from continuing operations (excluding the impact of acquisitions) and compare to operating performance in past periods. Similarly, Management believes presentation of these non-GAAP measures is useful to investors because it enables investors and analysts to evaluate operating expenses of the Company's core business, excluding the impact of non-core business expenses, such as acquisition-related amortization and non-recurring items, as described below:

    M&A related expenses: These expenses mainly consist of legal, advisory and consulting fees associated with acquisition activities, and also include fees and retention compensation related to the Company's acquisition by AMD. The Company believes these costs do not reflect its current operating performance.

    Amortization of acquisition-related intangibles: Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as developed technology acquired in connection with business combinations. The non-GAAP adjustments exclude these charges to facilitate an evaluation of the Company's current operating performance and comparisons to its past operating performance.

    Income taxes: The Company excludes the income tax effects of non-GAAP adjustments reflected in operating expenses and other income, as detailed above. It also excludes other significant tax effects of post-acquisition tax integration transactions. The Company believes excluding post-acquisition tax integration items will facilitate a comparable evaluation of its current performance to its past performance.

    In addition, free cash flow, which is cash flow from operations adjusted to exclude additions to software, property, plant, and equipment, is used by management when assessing the Company's sources of liquidity, capital resources, and quality of earnings. The Company believes that this non-GAAP financial measure is helpful in understanding the Company's capital requirements and provides an additional means to evaluate the cash flow trends of the Company's business.

    Forward-Looking Statements

    This release contains forward-looking statements, which 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 uncertain events or assumptions also identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements related to our proposed acquisition by AMD, the semiconductor market, the growth and acceptance of our products, expected revenue growth, the demand and growth in the markets we serve, and opportunity for expansion into new markets. Undue reliance should not be placed on such forward-looking statements, 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 ongoing COVID-19 pandemic and related mitigation 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); closing of the proposed transaction with AMD on anticipated timing (including the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close for any other reason) and terms (including obtaining the anticipated tax treatment, regulatory approvals, required consents or authorizations); unanticipated difficulties or expenditures relating to the transaction; the response of business partners and retention as a result of the announcement and pendency of the transaction; the diversion of management time on transaction-related matters; customer acceptance of our new products; changing 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; our reliance on third parties (including distributors); variability in wafer pricing; costs and liabilities associated with current and future litigation (including litigation relating to the proposed transaction with AMD); 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 and subsequent filings with the U.S. Securities and Exchange Commission.

    About Xilinx

    Xilinx, Inc. develops highly flexible and adaptive computing platforms that enable rapid innovation across a variety of technologies - from the cloud, to the edge, to the endpoint. Xilinx is the inventor of the FPGA and Adaptive SoCs (including our Adaptive Compute Acceleration Platform, or ACAP), designed to deliver the most dynamic computing technology in the industry. We collaborate with our customers to create scalable, differentiated and intelligent solutions that enable the adaptable, intelligent and connected world of the future. For more information, visit xilinx.com.

    Xilinx, the Xilinx logo, Alveo, Artix, Kintex, Spartan, Versal, Vitis, Virtex, Vivado, Zynq, Kria and other designated brands included herein are trademarks of Xilinx in the United States and/or other countries. All other trademarks are the property of their respective owners.

    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

     

    XLNX-F

    Source: Xilinx Newsroom

    Category: Corporate Announcements

    View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005954/en/

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