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Financials : Banks | Small Cap Value
Company profile

First Financial Bancorp. (First Financial) is a regional bank holding company. First Financial is engaged in the business of commercial banking and other banking and banking-related activities through its subsidiary, First Financial Bank, National Association (the Bank). The range of banking services provided by First Financial to individuals and businesses includes commercial lending, real estate lending and consumer financing. First Financial offers deposit products that include interest-bearing and non-interest-bearing accounts, and cash management services for commercial customers. First Financial's Wealth Management division provides a range of trust and asset management services. It operates 159 banking centers in Ohio, Indiana and Kentucky. It operates its Commercial Finance division, responsible for its insurance lending business and franchise lending business, from a non-banking center location in Indiana.

Closing Price
$22.35
Day's Change
0.66 (3.04%)
Bid
--
Ask
--
B/A Size
--
Day's High
22.48
Day's Low
21.85
Volume
(Heavy Day)
Volume:
572,543

10-day average volume:
336,645
572,543

Xilinx Reports Fiscal Fourth Quarter and Fiscal Year 2021 Results

4:20 pm ET May 4, 2021 (BusinessWire) Print

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.

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%
                              

"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%

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
                                         

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(R) 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                                                              Three Months Ended                                                                               Twelve Months Ended
------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                   April 3, 2021
                                                                      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
                                                  ==================== ======= ==================== ==================== ========= ==================== ======== ==================== ========= ==================== ==================== =========
XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
                    April 3, 2021                             April 3, 2021                  March 28, 2020*
--------------------------------------------------- ------------------------------  ------------------------------
                     (unaudited)                               (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
                                                    ==================== ========== ==================== ==========
                                               
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
                                                  Three Months Ended                                                                                                                     Three Months Ended                                                                                           Twelve Months Ended
--------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------         ------------------------------------------------------------
                                                     April 3, 2021                                                                       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
                                                                                                                        (29,400 )                           4,560     (28,082 )                           8,471       27,459
  Taxes paid related to net share settlement of restricted stock units, net of proceeds from issuance of common stock
                                                                                                                                                                                              
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
XILINX, INC.
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS
(Unaudited)
(In thousands, except per share amounts)
                    Three Months Ended                                                                                       Three Months Ended                                                                                                             Twelve Months Ended
---------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------         --------------------------------------------------------------------------------------------------
                       April 3, 2021                                          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 )
                                                           -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------

XLNX-F

Source: Xilinx Newsroom

Category: Corporate Announcements

View source version on businesswire.com: https://www.businesswire.com/news/home/20210504006183/en/

SOURCE: Xilinx, Inc.

Investor Relations Contact: 
Suresh Bhaskaran
Xilinx, Inc.
(408) 879-4784
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