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February 2022
February 2022
January 2022
January 2022
October 2021
August 2021
July 2021
June 2021
May 2021
April 2021
GAAP | |||||||
Q2 | Q1 | Q2 | |||||
FY 2019 | FY 2019 | FY 2018 | Q-T-Q | Y-T-Y | |||
Net Revenues* | $746 | $684 | $627 | 9% | 19% | ||
Operating income | $233 | $216 | $192 | 8% | 21% | ||
Net income | $216 | $190 | $174 | 14% | 24% | ||
Diluted earnings per share | $0.84 | $0.74 | $0.67 | 14% | 25% | ||
Non-GAAP | |||||||
Q2 | Q1 | Q2 | |||||
FY 2019 | FY 2019 | FY 2018 | Q-T-Q | Y-T-Y | |||
Net Revenues* | $746 | $684 | $627 | 9% | 19% | ||
Operating income | $236 | $218 | $193 | 8% | 22% | ||
Net income | $221 | $192 | $174 | 15% | 27% | ||
Diluted earnings per share | $0.87 | $0.75 | $0.67 | 16% | 30% |
Percentages | Growth Rates | |||||
Q2 FY 2019 | Q1 FY 2019 | Q2 FY 2018 | Q-T-Q | Y-T-Y | ||
North America | 28% | 28% | 32% | 7% | 5% | |
Asia Pacific | 44% | 45% | 39% | 8% | 34% | |
Europe | 20% | 19% | 20% | 16% | 20% | |
Japan | 8% | 8% | 9% | 5% | - |
Percentages | Growth Rates | |||||
Q2 FY 2019 | Q1 FY 2019 | Q2 FY 2018 | Q-T-Q | Y-T-Y | ||
Data Center and TME | 21% | 19% | 20% | 24% | 28% | |
Automotive, Broadcast and Consumer | 16% | 16% | 16% | 7% | 17% | |
Communications | 35% | 31% | 31% | 23% | 33% | |
Industrial, Aerospace & Defense | 25% | 33% | 32% | (16)% | (5)% | |
Channel | 3% | 1% | 1% | NM | NM |
Percentages | Growth Rates | |||||
Q2 FY 2019 | Q1 FY 2019 | Q2 FY 2018 | Q-T-Q | Y-T-Y | ||
Advanced Products | 64% | 56% | 53% | 25% | 43% | |
Core Products | 36% | 44% | 47% | (11)% | (9)% |
Q2 FY 2019 | Q1 FY 2019 | Q2 FY 2018 | |
Annual Return on Equity (%)* | 34 | 32 | 26 |
Operating Cash Flow | $313 | $176 | $202 |
Depreciation Expense (including software amortization) | $16 | $15 | $12 |
Capital Expenditures (including software) | $14 | $26 | $12 |
Combined Inventory Days | 100 | 113 | 116 |
Revenue Turns (%) | 48 | 37 | 53 |
• | Data Center and Test, Measurement & Emulation (TME) revenues grew 28% year over year driven by strength in both Data Center and TME businesses. Data Center business momentum continued to strengthen with design wins from hyperscalers and other customers, such as Samsung who recently announced a new product called SmartSSDs that leverages Xilinx FPGAs for near-data acceleration in storage devices. Recently, AWS doubled the availability of FPGA as a Service (FaaS) to eight regions. In addition, Alibaba FaaS moved from Beta to General Access, joining AWS and Huawei. Further developing its platform ecosystem, the Company successfully executed Xilinx Developer Forums in the US and China, with each attracting over 1,100 attendees. |
• | Communications revenues increased 33% year over year, as both wireless and wired businesses benefitted from LTE upgrades, early 5G deployment in Korea and preparation for 5G deployment in both China and North America. Wireless business grew with broad strength across radio and baseband applications with OEM customers across multiple geographies. Customer transitions to next generation products across a range of applications, including OTN/Metro, Access and Data Center Interconnect, fueled the growth of our wired business. |
• | Zynq based revenues grew approximately 70% year over year driven by a broad set of applications across multiple end markets, including ADAS in Automotive, reflecting the Company’s transformation to a platform company. RFSoC revenues grew strongly and were approximately 4x higher over the prior quarter. Customer momentum for the RFSoC product family continues to grow with over 100 customers in various stages of engagement. Additionally, RFSoC was used in trials during the 2018 World Cup to provide high bandwidth streaming over traditional LTE bands. The Zynq SoC Platform, which includes Zynq at 28nm and both MPSoC and RFSoC at 16nm, now represents 18% of total revenues. |
• | The Advanced Products category in the second quarter increased 43% year over year and constituted approximately 64% of total sales. Revenues from the 28nm node increased 16% and revenues from the 20nm node increased approximately 40% year over year. Revenue from the 16nm node continued its accelerated ramp with broad-based adoption, increasing approximately 3.5x during the same period. |
• | Enabling a new era of rapid innovation for any application by any developer, Xilinx recently announced Versal - the industry's first Adaptive Compute Acceleration Platform (ACAP). Built on TSMC's 7-nm FinFET process technology, the Versal portfolio is the first platform to combine software programmability with domain-specific hardware acceleration and the adaptability necessary to keep pace with today's rapid pace of innovation. Versal accelerates a broad range of applications, including machine learning inference, across multiple end markets ranging from the cloud to network to edge and endpoint. |
• | Xilinx also recently launched Alveo, a portfolio of powerful accelerator cards designed to dramatically increase performance in industry-standard servers across cloud and on-premise data centers. With Alveo, customers can expect breakthrough performance improvement at low latency when running key data center applications like real-time machine learning inference as well as video processing, genomics, and data analytics, among others. Huawei recently announced that they are integrating and deploying Alveo acceleration cards in its server product portfolio, and collaborating with Xilinx to jointly enable a unified ecosystem of applications partners in China. In addition, Inspur, a leading global data center and cloud computing solutions provider, announced that it is qualifying two Alveo cards for key server platforms. |
GAAP | Non-GAAP Adjustments | Non-GAAP | |
Revenues | $760M - $780M | - | $760M - $780M |
Gross Margin | ~ 69% | - | ~ 69% |
Operating Expenses | ~$295M | $5M (1) | ~$290M |
Other Income | ~$4-5M | - | ~$4-5M |
Tax Rate | 10% - 12% | - | 10% - 12% |
GAAP | Non-GAAP Adjustments | Non-GAAP | |
Revenues | $2,950M - $3,000M | - | $2,950M - $3,000M |
Gross Margin | 69% - 70% | - | 69% - 70% |
Operating Expenses | $1,145M - $1,165M | $15 M (2) | $1,130M - $1,150M |
Other Income | ~$10M-15M | $7 M (3) | ~$3M-8M |
Tax Rate | 10% - 12% | (1%) (4) | 9% - 11% |
Diluted Share count | 256M | - | 256M |
(1) | Excludes an estimated amount of $5 million in M&A related expenses and amortization of acquired intangibles |
(2) | Excludes an estimated amount of $15 million in M&A related expenses and amortization of acquired intangibles |
(3) | Excludes an amount of approximately $7 million from a gain on investment |
(4) | Excludes income tax effects of non-GAAP adjustments reflected in Operating Expenses and Other Income as well as U.S. tax reform related items |
XILINX, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
September 29, 2018 | June 30, 2018 | September 30, 2017* | September 29, 2018 | September 30, 2017* | |||||||||||||||
Net revenues | $ | 746,252 | $ | 684,370 | $ | 627,419 | $ | 1,430,622 | $ | 1,230,229 | |||||||||
Cost of revenues | 231,620 | 206,888 | 185,685 | 438,508 | 376,509 | ||||||||||||||
Gross margin | 514,632 | 477,482 | 441,734 | 992,114 | 853,720 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 183,372 | 170,826 | 157,985 | 354,198 | 311,036 | ||||||||||||||
Selling, general and administrative | 97,685 | 90,532 | 91,053 | 188,217 | 180,228 | ||||||||||||||
Amortization of acquisition-related intangibles | 839 | 360 | 510 | 1,199 | 1,215 | ||||||||||||||
Total operating expenses | 281,896 | 261,718 | 249,548 | 543,614 | 492,479 | ||||||||||||||
Operating income | 232,736 | 215,764 | 192,186 | 448,500 | 361,241 | ||||||||||||||
Interest and other income (expense), net | 6,408 | (2,847 | ) | 1,831 | 3,561 | 3,669 | |||||||||||||
Income before income taxes | 239,144 | 212,917 | 194,017 | 452,061 | 364,910 | ||||||||||||||
Provision for income taxes | 23,432 | 22,879 | 20,266 | 46,311 | 33,915 | ||||||||||||||
Net income | $ | 215,712 | $ | 190,038 | $ | 173,751 | $ | 405,750 | $ | 330,995 | |||||||||
Net income per common share: | |||||||||||||||||||
Basic | $ | 0.85 | $ | 0.75 | $ | 0.70 | $ | 1.61 | $ | 1.33 | |||||||||
Diluted | $ | 0.84 | $ | 0.74 | $ | 0.67 | $ | 1.59 | $ | 1.26 | |||||||||
Cash dividends per common share | $ | 0.36 | $ | 0.36 | $ | 0.35 | $ | 0.72 | $ | 0.70 | |||||||||
Shares used in per share calculations: | |||||||||||||||||||
Basic | 252,988 | 252,682 | 248,094 | 252,541 | 247,960 | ||||||||||||||
Diluted | 255,522 | 255,935 | 258,217 | 255,057 | 261,739 | ||||||||||||||
* Fiscal 2018 balances have been restated to conform to the new revenue recognition standard (ASC 606). |
XILINX, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
September 29, 2018 | March 31, 2018* | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash, cash equivalents and short-term investments | $ | 3,280,560 | $ | 3,447,570 | |||
Accounts receivable, net | 372,983 | 382,246 | |||||
Inventories | 243,642 | 236,077 | |||||
Other current assets | 68,098 | 88,695 | |||||
Total current assets | 3,965,283 | 4,154,588 | |||||
Net property, plant and equipment | 312,810 | 304,117 | |||||
Long-term investments | 91,627 | 97,896 | |||||
Other assets | 777,816 | 503,946 | |||||
Total Assets | $ | 5,147,536 | $ | 5,060,547 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 431,909 | $ | 412,759 | |||
Current portion of long-term debt | 499,629 | 499,186 | |||||
Total current liabilities | 931,538 | 911,945 | |||||
Long-term debt | 1,201,884 | 1,214,440 | |||||
Other long-term liabilities | 569,228 | 573,809 | |||||
Stockholders' equity | 2,444,886 | 2,360,353 | |||||
Total Liabilities and Stockholders' Equity | $ | 5,147,536 | $ | 5,060,547 | |||
* Fiscal 2018 balances have been restated to conform to the new revenue recognition standard (ASC 606). |
XILINX, INC. | |||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
September 29, 2018 | June 30, 2018 | September 30, 2017 | September 29, 2018 | September 30, 2017 | |||||||||||||||
SELECTED CASH FLOW INFORMATION: | |||||||||||||||||||
Depreciation and amortization of other intangibles | $ | 16,048 | $ | 15,075 | $ | 11,732 | $ | 31,123 | $ | 22,964 | |||||||||
Amortization - others | 8,144 | 7,333 | 3,432 | 15,477 | 7,161 | ||||||||||||||
Stock-based compensation | 34,945 | 35,608 | 36,372 | 70,553 | 68,408 | ||||||||||||||
Net cash provided by operating activities | 313,123 | 176,168 | 202,140 | 489,291 | 393,048 | ||||||||||||||
Purchases of property, plant and equipment and other intangibles | 14,174 | 26,359 | 12,223 | 40,533 | 22,149 | ||||||||||||||
Payment of dividends to stockholders | 91,077 | 90,675 | 86,957 | 181,752 | 174,260 | ||||||||||||||
Repurchases of common stock | 23,236 | 137,300 | 170,454 | 160,536 | 237,516 | ||||||||||||||
Proceeds from issuance of common stock to employees, net of withholding taxes | (15,797 | ) | (5,281 | ) | (23,765 | ) | (21,078 | ) | (22,695 | ) | |||||||||
STOCK-BASED COMPENSATION INCLUDED IN: | |||||||||||||||||||
Cost of revenues | $ | 2,249 | $ | 2,035 | $ | 2,147 | $ | 4,284 | $ | 4,297 | |||||||||
Research and development | 20,047 | 20,930 | 20,096 | 40,977 | 37,562 | ||||||||||||||
Selling, general and administrative | 12,649 | 12,643 | 14,129 | 25,292 | 26,549 |
XILINX, INC. | |||||||||||||||||||
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
September 29, 2018 | June 30, 2018 | September 30, 2017* | September 29, 2018 | September 30, 2017* | |||||||||||||||
GAAP operating income | $ | 232,736 | $ | 215,764 | $ | 192,186 | $ | 448,500 | $ | 361,241 | |||||||||
Acquisition-related costs | 2,206 | 1,495 | — | 3,701 | — | ||||||||||||||
Amortization of acquisition-related intangibles | 839 | 360 | 510 | 1,199 | 1,215 | ||||||||||||||
Non-GAAP operating income | $ | 235,781 | $ | 217,619 | $ | 192,696 | $ | 453,400 | $ | 362,456 | |||||||||
GAAP net income | $ | 215,712 | $ | 190,038 | $ | 173,751 | $ | 405,750 | $ | 330,995 | |||||||||
Acquisition-related costs | 2,206 | 1,495 | — | 3,701 | — | ||||||||||||||
Amortization of acquisition-related intangibles | 839 | 360 | 510 | 1,199 | 1,215 | ||||||||||||||
Gain from private investments | (6,503 | ) | — | — | (6,503 | ) | — | ||||||||||||
Income tax effect of changes in applicable U.S. tax laws | 9,355 | — | — | 9,355 | — | ||||||||||||||
Income tax effect of non-GAAP adjustments | (160 | ) | — | — | (160 | ) | — | ||||||||||||
Non-GAAP net income | $ | 221,449 | $ | 191,893 | $ | 174,261 | $ | 413,342 | $ | 332,210 | |||||||||
GAAP diluted EPS | $ | 0.84 | $ | 0.74 | $ | 0.67 | $ | 1.59 | $ | 1.26 | |||||||||
Acquisition-related costs | 0.01 | 0.01 | — | 0.01 | — | ||||||||||||||
Amortization of acquisition-related intangibles | — | — | — | — | 0.01 | ||||||||||||||
Gain from private investments | (0.02 | ) | — | — | (0.02 | ) | — | ||||||||||||
Income tax effect of changes in applicable U.S. tax laws | 0.04 | — | — | 0.04 | — | ||||||||||||||
Income tax effect of non-GAAP adjustments | — | — | — | — | — | ||||||||||||||
Non-GAAP diluted EPS | $ | 0.87 | $ | 0.75 | $ | 0.67 | $ | 1.62 | $ | 1.27 | |||||||||
* Fiscal 2018 balances have been restated to conform to the new revenue recognition standard (ASC 606). |
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Ticker: XLNXEvents:
CIK: 743988
Form Type: 8-K Corporate News
Accession Number: 0000743988-18-000041
Submitted to the SEC: Wed Oct 24 2018 4:32:58 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Wednesday, October 24, 2018
Industry: Semiconductors And Related Devices