Xilinx Updates Financial Guidance for First Quarter Fiscal 2021

SAN JOSE, Calif. — (BUSINESS WIRE) — June 29, 2020 — Xilinx, Inc. (NASDAQ: XLNX), the leader in adaptive and intelligent computing, today updated the range of its prior guidance for its first quarter of fiscal 2021 ended June 27, 2020, as set forth below:

   

 

 

 

 

Non-GAAP

 

 

 

 

   

GAAP

 

 

 

Adjustments

 

 

 

Non-GAAP

Revenues

   

$720M - $734M

 

 

 

 

 

 

 

$720M - $734M

Gross Margin

   

~67% - 68%

 

 

 

~ 1% (1)

 

 

 

~68% - 69%

Operating Expenses

   

$314M - $320M

 

 

 

$4M (2)

 

 

 

$310M - $316M

Other Expense

   

~$11M

 

 

 

 

 

 

 

~$11M

Tax Rate

   

~45%-47%

 

 

 

~34% (3)

 

 

 

~11%-13%

Notes regarding Non-GAAP Adjustments:

(1) Amortization of acquisition-related intangibles
(2) M&A related expenses and amortization of acquisition-related intangibles
(3) Income tax effect of Non-GAAP adjustments, excluding a one-time charge related to impacts from a third-party legal proceeding related to cost sharing arrangements (see “Non-GAAP Financial Information – Income Taxes” for additional detail)

“While we have seen some COVID-19 related impacts during the June quarter, our business has generally performed well overall, with stronger than expected revenues in our Wired and Wireless Group and Data Center Group more than offsetting weaker than expected revenues in our consumer-oriented end markets, including automotive, broadcast, and consumer. A portion of the revenue strength in the quarter was due to customers accelerating orders following recent changes to the U.S. government restrictions on sales of certain of our products to international customers,” said Victor Peng, Xilinx’s President and Chief Executive Officer.

“Given our preliminary assessment of the expected financial results in the June quarter, we are raising the midpoint for revenue and narrowing our overall guidance ranges. Furthermore, we are updating our expected tax rate for the June quarter to include the prior and current year potential impacts of the Altera Corp. v. Commissioner tax case, a third-party legal proceeding concerning related-party R&D cost sharing arrangements and stock-based compensation. The potential impact for prior years is approximately $57 million while the impact to the fiscal 2021 expected tax rate is an additional 1%-2%.”

“We will continue to closely monitor the business environment, which remains dynamic. Based on our current assessment, we expect our fiscal second quarter revenues to be, approximately, in line with the fiscal first quarter.”

There will be no conference call associated with this press release. Xilinx will report results for the fiscal first quarter and provide more detailed estimates for its fiscal second quarter during its next earnings conference call scheduled for July 30, 2020.

Non-GAAP Financial Information
First quarter of fiscal 2021 business outlook 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. The Company’s 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 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.

1 | 2  Next Page »



Review Article Be the first to review this article


Featured Video
Jobs
Senior ArcGIS® Developer for TerraGo Technologies at Sterling, Virginia
GIS Analyst 1 for CBRE at Glendale, California
GIS Analyst for Town of Little Elm at Little Elm, Texas
GIS Manager for Union County NC at Monroe, California
GIS Analyst for Union County NC at Monroe, California
Sr Marketing Specialist for CBRE at Los Angeles, California
Upcoming Events
GEO Business at ExCel London United Kingdom - May 19 - 20, 2021
FOSSGIS-Konferenz 2021 at OST - Ostschweizer Fachhochschule Campus Rapperswil Oberseestrasse 10 Rapperswil Switzerland - Jun 6 - 9, 2021
GI_Forum 2021 | re.connecting spatially at Salzburg Austria - Jul 5 - 9, 2021
University of Denver GIS Masters Degree Online



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise