Xilinx Inc (XLNX) 10-Q Quarterly Report Fri Oct 25 2019

-- Xilinx, Inc. (Nasdaq: XLNX), the leader in adaptive and intelligent computing, today announced revenues of $833 million for the second quarter of fiscal year 2020, down 2% from the prior quarter and up 12% year over year. GAAP net income for the September quarter was $227 million, or $0.89 per diluted share. Non-GAAP net income for the September quarter was $240 million, or $0.94 per diluted share.

The Xilinx Board of Directors declared a quarterly cash dividend of $0.37 per outstanding share of common stock payable on December 3, 2019, to all stockholders of record at the close of business on November 12, 2019. The Xilinx Board of Directors also approved a new authorization for the Company to repurchase up to $1.0 billion of its common stock. The timing of share repurchases and exact number of common shares to be purchased will depend upon prevailing market conditions and other factors.

Additional second quarter of fiscal year 2020 comparisons are provided in the charts below.

Q2 2020 Financial Highlights

(In millions, except EPS)



	GAAP

	Q2	Q1	Q2
	FY 2020	FY 2020	FY 2019	Q-T-Q	Y-T-Y
Net revenues*	$833	$850	$746	-2%	12%
Operating income	$204	$251	$233	-19%	-13%
Net income	$227	$241	$216	-6%	5%
Diluted earnings per share	$0.89	$0.94	$0.84	-5%	6%

	Non-GAAP

	Q2	Q1	Q2
	FY 2020	FY 2020	FY 2019	Q-T-Q	Y-T-Y
Net revenues*	$833	$850	$746	-2%	12%
Operating income	$217	$260	$236	-16%	-8%
Net income	$240	$249	$221	-4%	8%
Diluted earnings per share	$0.94	$0.97	$0.87	-3%	8%
* No adjustment between GAAP and Non-GAAP

The following information was filed by Xilinx Inc (XLNX) on Wednesday, October 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Xilinx Inc's 10-Q Quarterly Report:

Financial - Expense Highlight
The 43% and 31% increases in stock-based compensation expense for the second quarter and the first six months of fiscal 2020, respectively, as compared to the prior year periods were primarily related to higher expenses associated with RSUs to remain competitive in employee compensation, as we granted RSUs at a higher fair value than in the prior years.

Financial - Debt Highlight
Based on this definition, our critical accounting policies include: valuation of marketable securities, which impacts losses on debt and equity securities when we record impairments; revenue recognition, which impacts the recording of revenues; and valuation of inventories, which impacts cost of revenues and gross margin.
Revenue - Product Highlight
The increases were primarily due to higher sales from Wireless business, driven by the initial deployment ramp of 5G wireless networks, and to a lesser extent due to higher sales from Data Center business.
Financial - Shares Highlight
During the first six months of fiscal 2020, the Company repurchased a total of 4.4 million shares for $477.2 million through a combination of open market and accelerated share repurchase program.
Revenue - Product Highlight
The increases were largely driven by higher sales in the Compute and Storage businesses.
Financial - Cash Flow
Operating Activities -During the first...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Revenue - Product
The increases were primarily due...Read more
Other - Other
We have manufacturing operations in...Read more
Revenue - Product
The increase in the first...Read more
Revenue - Product
Net revenues from Automotive, Broadcast...Read more
Revenue - Product
We expect sales of Advanced...Read more
Financial - Expense
For the first six months...Read more
Revenue - Product
Channel Revenue was slightly negative...Read more
Financial - Earnings
Gross margin was lower in...Read more
Revenue - Product
Accounts receivable decreased by $334...Read more
Revenue - Product
The increases were due primarily...Read more
Other - Other
We also have other key...Read more
Financial - Dividend
The dividend is payable on...Read more
Revenue - Product
The decreases were largely due...Read more
Revenue - Product
Net revenues from Core Products...Read more
Revenue - Product
Net revenues in Europe decreased...Read more
Financial - Income
As of the fiscal year...Read more
Other - Other
However, the risk factors discussed...Read more
Financial - Cash Flow
The positive cash flow from...Read more
Revenue - Product
The decreases were primarily due...Read more
Other - Other
We expect to mitigate any...Read more
Financial - Income
Without obtaining a further Singapore...Read more
Revenue - Product
The decrease in the second...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Xilinx Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: XLNX
CIK: 743988
Form Type: 10-Q Quarterly Report
Accession Number: 0000743988-19-000038
Submitted to the SEC: Thu Oct 24 2019 3:09:13 PM EST
Accepted by the SEC: Fri Oct 25 2019
Period: Saturday, September 28, 2019
Industry: Semiconductors And Related Devices