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Xilinx Reports Fiscal Fourth Quarter and Fiscal Year 2021 Results

Nachrichtenquelle: Business Wire (engl.)
04.05.2021, 22:20  |  86   |   |   

Xilinx, Inc. (Nasdaq: XLNX), the leader in adaptive computing, today announced record revenues of $851 million for the fiscal fourth quarter, up 6% over the previous quarter and an increase of 13% year over year. Fiscal 2021 revenues were $3.15 billion, largely flat from the prior fiscal year.

GAAP net income for the fiscal fourth quarter was $188 million, or $0.75 per diluted share. Non-GAAP net income for the quarter was $204 million, or $0.82 per diluted share. GAAP net income for fiscal year 2021 was $647 million, or $2.62 per diluted share. Non-GAAP net income for fiscal year 2021 was $762 million, or $3.08 per diluted share.

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Additional fourth quarter of fiscal year 2021 comparisons are provided in the charts below.

Q4 Fiscal 2021 Financial Highlights

(In millions, except EPS)

 

 

GAAP

 

 

 

 

 

 

 

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q-T-Q

Y-T-Y

Net revenues*

$851

$803

$756

 

6%

13%

Gross margin

$570

$547

$528

 

4%

8%

Operating income

$200

$172

$178

 

16%

12%

Net income

$188

$171

$162

 

10%

16%

Diluted earnings per share

$0.75

$0.69

$0.65

 

9%

15%

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q-T-Q

Y-T-Y

Net revenues*

$851

$803

$756

 

6%

13%

Gross margin

$579

$554

$535

 

5%

8%

Operating income

$228

$201

$218

 

13%

4%

Net income

$204

$194

$193

 

5%

5%

Diluted earnings per share

$0.82

$0.78

$0.78

 

5%

5%

 

 

* No adjustment between GAAP and Non-GAAP

Note: Q4 FY2021 consisted of 13 weeks; Q3 FY2021 consisted of 14 weeks; Q4 FY2020 consisted of 13 weeks

“We are pleased with our fourth quarter results as we delivered record revenues and double-digit year-over-year growth in the midst of a challenging supply chain environment,” said Victor Peng, Xilinx president and CEO. “Xilinx saw further improvement in demand across a majority of our diversified end markets with key strength in our Wireless, Data Center and Automotive markets, the pillars of our growth strategy. Our teams have executed well and we remain focused on continuing to meet customers’ critical needs.

“Our investment and strong execution toward our platform strategy are paying off as we are now in full production shipments of our 7nm Versal series, which is the culmination of a multi-year effort and a long-term growth driver for Xilinx. We also introduced new platforms for edge compute including Kria, an adaptive system-on-module (SOM) platform, as well as a cost-optimized UltraScale+ portfolio, to enable and accelerate innovation and AI at the edge.”

“Record Q4 revenues were driven by strength in Wireless and Data Center markets, as well as record quarters for our Industrial and Automotive end markets, which resulted in 6% sequential and 13% year-over-year growth,” said Brice Hill, Xilinx CFO. “Advanced Products also grew 6% sequentially and represented 73% of total revenue. Top line performance drove fourth quarter free cash flows of $227 million, or 27% of revenue, reflecting our efficient financial model.”

Net Revenues by Geography:

 

 

 

 

 

 

 

Percentages

 

Growth Rates

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q-T-Q

Y-T-Y

North America

27%

30%

37%

 

-1%

-16%

Asia Pacific

49%

44%

37%

 

16%

49%

Europe

16%

19%

18%

 

-12%

-3%

Japan

8%

7%

8%

 

18%

13%

 

 

 

 

 

 

 

Net Revenues by End Market:

 

 

 

 

 

 

 

Percentages

 

Growth Rates

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q-T-Q

Y-T-Y

A&D, Industrial and TME

41%

45%

50%

 

-2%

-6%

Automotive, Broadcast and Consumer

18%

19%

16%

 

-1%

30%

Wired and Wireless Group

31%

29%

24%

 

13%

43%

Data Center Group

9%

7%

10%

 

28%

-5%

Channel

1%

0%

0%

 

NM

NM

 

 

 

 

 

 

 

Net Revenues by Product:

 

 

 

 

 

 

 

Percentages

 

Growth Rates

 

Q4

Q3

Q4

 

 

 

 

FY2021

FY2021

FY2020

 

Q-T-Q

Y-T-Y

Advanced Products

73%

72%

70%

 

6%

16%

Core Products

27%

28%

30%

 

6%

3%

Products are classified as follows:
Advanced Products:
Alveo and related products, Versal, UltraScale+, UltraScale and 7-series products.
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)

 

 

Q4

Q3

Q4

 

FY2021

FY2021

FY2020

 

 

 

 

Operating Cash Flow

$240

$360

$345

Depreciation Expense (including software amortization)

$30

$31

$29

Capital Expenditures (including software)

$13

$6

$32

Free Cash Flow (1)

$227

$354

$313

Inventory Days (internal)

101

115

122

Revenue Turns (%)

29

34

46

 

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

Product and Financial Highlights - Fiscal Year 2021

  • Data Center Group (DCG) delivered 20% annual revenue growth over fiscal 2020 driven by continuing adoption with hyperscale customers across compute, networking and storage workloads. Xilinx maintains strong engagements with hyperscalers to deliver solutions for AI compute, video acceleration, composable networking and computational storage. We also introduced new products and solutions to power the data center and the edge in fiscal 2021 including new Alveo SmartNICs, real-time server appliances for ultra-high-density video transcoding, the Samsung SmartSSD Computational Storage Drive, the industry’s first adaptable computational storage platform, and the Xilinx App Store
  • Wired and Wireless Group (WWG) revenues were down 14% compared to fiscal 2020 reflecting China trade-related impacts as well as slowdowns related to the COVID-19 pandemic. The Wireless end market recovered in the second half of fiscal 2021 as 5G deployments accelerated in multiple regions across a variety of technologies. Versal is now in production with a Tier-1 OEM to enable beamforming technology in massive MIMO applications, and continues to gain momentum with design wins with multiple OEMs. RFSoC is in deployment with multiple customers and Xilinx has a strong design win pipeline with RFSoC DFE. Recent announcements with Mavenir and Fujitsu, as well as for the T1 Telco Accelerator Card, position Xilinx to support the emerging growth opportunities in O-RAN
  • Aerospace & Defense, Industrial and Test & Measurement (AIT) revenue grew 6% compared to fiscal 2020, driven by strength in Industrial, Scientific & Medical (ISM) and Test, Measurement & Emulation (TME) end markets. Zynq product penetration into applications that have traditionally used ASSPs and ASICs have provided significant expansion of available market opportunities
  • Automotive, Broadcast and Consumer (ABC) markets delivered 1% annual growth despite material impacts from the COVID-19 pandemic. The Automotive end market recovered strongly in the second half of fiscal 2021 with consecutive quarters of record revenue in Q3 and Q4 despite ongoing supply chain challenges. Xilinx platforms continue to be adopted by leading global OEMs and manufacturers for ADAS applications, including Continental for a 4-D imaging radar and Subaru to power its new-generation EyeSight ADAS system
  • Xilinx introduced new solutions for the edge, including the new Kria adaptive system-on-module (SOM) platform for accelerating AI applications at the edge, and a cost-optimized UltraScale+ portfolio, for ultra-compact, high-performance edge compute
  • Strong adoption momentum continues for the Vitis software development platform with over 76,000 downloads and another 23,000 estimated downloads for Vitis AI development environment for accelerating AI inference. In addition, over 20,000 developers have been trained on Xilinx software tools, and more than 1,000 ISV partners have published over 200 applications across all Xilinx powered adaptive platforms including cloud, Alveo and SmartSSD

Commentary on AMD Transaction

As announced on October 27, 2020, Advanced Micro Devices, Inc. (AMD) intends to acquire Xilinx in an all-stock transaction valued at $35 billion. Due to the pending acquisition, Xilinx will not hold an earnings conference call or provide forward-looking guidance. Also, pursuant to the terms of the Merger Agreement between the Company and AMD, Xilinx has suspended its quarterly dividend as well as its open market stock repurchase program.

Non-GAAP Financial Information

Fiscal year 2021 and fourth quarter 2021 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.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended

April 3, 2021

January 2, 2021

March 28, 2020

April 3, 2021

March 28, 2020

Net revenues

$

850,987

 

$

803,404

$

756,169

$

3,147,599

 

$

3,162,666

Cost of revenues:
Cost of products sold

 

272,851

 

 

249,529

 

221,037

 

966,604

 

 

1,025,234

Amortization of acquisition-related intangibles

 

7,733

 

 

6,875

 

6,697

 

28,000

 

 

22,396

Total cost of revenues

 

280,584

 

 

256,404

 

227,734

 

994,604

 

 

1,047,630

Gross margin

 

570,403

 

 

547,000

 

528,435

 

2,152,995

 

 

2,115,036

Operating expenses:
Research and development

 

239,863

 

 

235,018

 

214,968

 

904,639

 

 

853,589

Selling, general and administrative

 

127,872

 

 

136,701

 

103,675

 

483,749

 

 

432,308

Amortization of acquisition-related intangibles

 

2,887

 

 

2,856

 

3,401

 

11,468

 

 

8,889

Restructuring charges

 

-

 

 

-

 

28,362

 

-

 

 

28,362

Total operating expenses

 

370,622

 

 

374,575

 

350,406

 

1,399,856

 

 

1,323,148

Operating income

 

199,781

 

 

172,425

 

178,029

 

753,139

 

 

791,888

Interest and other income (expense), net

 

(4,245

)

 

3,709

 

11,717

 

(23,461

)

 

42,096

Income before income taxes

 

195,536

 

 

176,134

 

189,746

 

729,678

 

 

833,984

Provision for income taxes

 

7,652

 

 

5,162

 

27,489

 

83,170

 

 

41,263

Net income

$

187,884

 

$

170,972

$

162,257

$

646,508

 

$

792,721

Net income per common share:
Basic

$

0.76

 

$

0.70

$

0.66

$

2.65

 

$

3.15

Diluted

$

0.75

 

$

0.69

$

0.65

$

2.62

 

$

3.11

Cash dividends per common share

$

-

 

$

0.38

$

0.37

$

1.14

 

$

1.48

Shares used in per share calculations:
Basic

 

245,774

 

 

245,145

 

247,166

 

244,257

 

 

251,732

Diluted

 

249,030

 

 

248,148

 

249,320

 

247,229

 

 

254,943

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

April 3, 2021

March 28, 2020*

(unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short-term investments

$

3,078,899

$

2,267,216

Accounts receivable, net

 

285,214

 

273,028

Inventories

 

311,085

 

304,340

Other current assets

 

71,064

 

64,557

Total current assets

 

3,746,262

 

2,909,141

Net property, plant and equipment

 

345,023

 

372,574

Other assets

 

1,427,916

 

1,411,619

Total assets

$

5,519,201

$

4,693,334

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

$

624,555

$

586,421

Current portion of long-term debt

 

-

 

499,260

Total current liabilities

 

624,555

 

1,085,681

Long-term debt

 

1,492,688

 

747,110

Other long-term liabilities

 

514,997

 

545,494

Stockholders' equity

 

2,886,961

 

2,315,049

Total Liabilities and Stockholders' Equity

$

5,519,201

$

4,693,334

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

Three Months Ended

Twelve Months Ended

April 3, 2021

January 2, 2021

 

March 28, 2020

April 3, 2021

March 28, 2020

SELECTED CASH FLOW INFORMATION:
Depreciation and amortization of software

$

29,616

 

$

30,818

$

28,603

 

$

122,432

$

97,485

Amortization - others

 

16,574

 

 

17,133

 

16,282

 

 

64,082

 

60,048

Stock-based compensation

 

71,077

 

 

66,331

 

43,991

 

 

246,230

 

186,723

Net cash provided by operating activities

 

240,030

 

 

360,137

 

345,351

 

 

1,093,221

 

1,190,836

Purchases of property, plant, equipment and software

 

12,864

 

 

6,009

 

32,309

 

 

49,665

 

129,289

Payment of dividends to stockholders

 

-

 

 

93,155

 

91,417

 

 

278,674

 

371,793

Repayment of debt

 

500,000

 

 

-

 

-

 

 

500,000

 

-

Repurchases of common stock

 

-

 

 

-

 

470,733

 

 

53,682

 

1,208,917

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

 

(29,400

)

 

4,560

 

(28,082

)

 

8,471

 

27,459

 
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues

$

3,616

 

$

3,465

$

1,649

 

$

12,765

$

10,035

Research and development

 

43,564

 

 

40,228

 

28,857

 

 

150,271

 

114,976

Selling, general and administrative

 

23,897

 

 

22,638

 

13,313

 

 

83,194

 

61,540

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

April 3, 2021

January 2, 2021

March 28, 2020

April 3, 2021

March 28, 2020

GAAP gross margin

$

570,403

 

$

547,000

 

$

528,435

 

$

2,152,995

 

$

2,115,036

 

Inventory valuation adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

3,855

 

Amortization of acquisition-related intangibles

 

7,733

 

 

6,875

 

 

6,697

 

 

28,000

 

 

22,396

 

M&A related expenses

 

842

 

 

114

 

 

-

 

 

957

 

 

-

 

Non-GAAP gross margin

$

578,978

 

$

553,989

 

$

535,132

 

$

2,181,952

 

$

2,141,287

 

 
GAAP operating income

$

199,781

 

$

172,425

 

$

178,029

 

$

753,139

 

$

791,888

 

Inventory valuation adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

3,855

 

Amortization of acquisition-related intangibles

 

10,620

 

 

9,731

 

 

10,098

 

 

39,468

 

 

31,285

 

M&A related expenses

 

17,220

 

 

19,150

 

 

1,798

 

 

39,440

 

 

14,190

 

Restructuring charges

 

-

 

 

-

 

 

28,362

 

 

-

 

 

28,362

 

Non-GAAP operating income

$

227,621

 

$

201,306

 

$

218,287

 

$

832,047

 

$

869,580

 

 
GAAP net income

$

187,884

 

$

170,972

 

$

162,257

 

$

646,508

 

$

792,721

 

Inventory valuation adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

3,855

 

Amortization of acquisition-related intangibles

 

10,620

 

 

9,731

 

 

10,098

 

 

39,468

 

 

31,285

 

M&A related expenses

 

17,220

 

 

19,150

 

 

1,798

 

 

39,440

 

 

14,190

 

Restructuring charges

 

-

 

 

-

 

 

28,362

 

 

-

 

 

28,362

 

Income tax effect of intercompany integration transactions

 

-

 

 

-

 

 

-

 

 

-

 

 

(1,838

)

Income tax effect of tax-related items

 

(6,776

)

 

(528

)

 

-

 

 

49,497

 

 

-

 

Income tax effect of non-GAAP adjustments

 

(5,006

)

 

(5,100

)

 

(9,137

)

 

(13,167

)

 

(15,271

)

Non-GAAP net income

$

203,942

 

$

194,225

 

$

193,378

 

$

761,746

 

$

853,304

 

 
GAAP diluted EPS

$

0.75

 

$

0.69

 

$

0.65

 

$

2.62

 

$

3.11

 

Inventory valuation adjustment

 

-

 

 

-

 

 

-

 

 

-

 

 

0.02

 

Amortization of acquisition-related intangibles

 

0.04

 

 

0.04

 

 

0.04

 

 

0.16

 

 

0.11

 

M&A related expenses

 

0.08

 

 

0.07

 

 

0.01

 

 

0.15

 

 

0.06

 

Restructuring charges

 

-

 

 

-

 

 

0.12

 

 

-

 

 

0.12

 

Income tax effect of intercompany integration transactions

 

-

 

 

-

 

 

-

 

 

-

 

 

(0.01

)

Income tax effect of tax-related items

 

(0.03

)

 

-

 

 

-

 

 

0.20

 

 

-

 

Income tax effect of non-GAAP adjustments

 

(0.02

)

 

(0.02

)

 

(0.04

)

 

(0.05

)

 

(0.06

)

Non-GAAP diluted EPS

$

0.82

 

$

0.78

 

$

0.78

 

$

3.08

 

$

3.35

 

 
GAAP cash flow from operations

$

240,030

 

$

360,137

 

$

345,351

 

$

1,093,221

 

$

1,190,836

 

Capital expenditures (including software)

 

(12,864

)

 

(6,009

)

 

(32,309

)

 

(49,665

)

 

(129,289

)

Free cash flow

$

227,166

 

$

354,128

 

$

313,042

 

$

1,043,556

 

$

1,061,547

 

XLNX-F

Source: Xilinx Newsroom

Category: Corporate Announcements

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Disclaimer

Xilinx Reports Fiscal Fourth Quarter and Fiscal Year 2021 Results Xilinx, Inc. (Nasdaq: XLNX), the leader in adaptive computing, today announced record revenues of $851 million for the fiscal fourth quarter, up 6% over the previous quarter and an increase of 13% year over year. Fiscal 2021 revenues were $3.15 …

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