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Xilinx Guides Up

June 29, 2020

Xilinx 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

“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.”

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