Xilinx Reports Fiscal Fourth Quarter and Fiscal Year 2020 Results

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


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