Xilinx Reports First Quarter Fiscal Year 2021 Results
SAN JOSE, Calif., July 31, 2020 -- Xilinx, Inc., provider of adaptive and intelligent computing, announced revenues of $727 million for the first quarter of fiscal year 2021.
GAAP net income for the quarter was $94 million, or $0.38 per diluted share. Non-GAAP net income was $160 million, or $0.65 per diluted share.
The Xilinx Board of Directors declared a quarterly cash dividend of $0.38 per outstanding share of common stock payable on September 3, 2020 to all stockholders of record at the close of business on August 13, 2020.
Additional first quarter of fiscal year 2021 comparisons are provided in the charts below.
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Q1 2021 Financial Highlights |
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(In millions, except EPS) |
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GAAP |
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Q1 |
Q4 |
Q1 |
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FY2021 |
FY2020 |
FY2020 |
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Q-T-Q |
Y-T-Y |
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Net revenues* |
$727 |
$756 |
$850 |
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-4% |
-14% |
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Operating income |
$176 |
$178 |
$251 |
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-1% |
-30% |
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Net income |
$94 |
$162 |
$241 |
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-42% |
-61% |
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Diluted earnings per share |
$0.38 |
$0.65 |
$0.94 |
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-42% |
-60% |
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Non-GAAP |
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Q1 |
Q4 |
Q1 |
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FY2021 |
FY2020 |
FY2020 |
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Q-T-Q |
Y-T-Y |
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Net revenues* |
$727 |
$756 |
$850 |
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-4% |
-14% |
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Operating income |
$187 |
$218 |
$260 |
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-14% |
-28% |
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Net income |
$160 |
$193 |
$249 |
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-17% |
-36% |
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Diluted earnings per share |
$0.65 |
$0.78 |
$0.97 |
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-17% |
-33% |
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* No adjustment between GAAP and Non-GAAP |
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“Our fiscal Q1 revenue was well above the initial guidance despite ongoing business challenges from COVID-19 and global trade issues,” said Xilinx president and CEO Victor Peng. “Results were driven by strength in the Data Center Group (DCG), Wired and Wireless Group (WWG), and the Industrials market, offsetting expected headwinds in consumer-oriented end markets, including Automotive and Broadcast. The outperformance was due to a combination of strength in multiple end markets, as well as some order acceleration driven by recent additional U.S. government trade restrictions on sales of certain Xilinx products to some customers based, or with operations, in China.”
“Our diversified end markets remain a key strength, and our business continues to perform better than expected even after our revised guidance,” said Xilinx CFO Brice Hill. “This strength is reflected in our results for the first quarter as well as our improved outlook for the fiscal second quarter. We continue to be well positioned to capitalize on opportunities across all our end markets.”
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Net Revenues by Geography: |
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Percentages |
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Growth Rates |
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Q1 |
Q4 |
Q1 |
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FY2021 |
FY2020 |
FY2020 |
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Q-T-Q |
Y-T-Y |
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North America |
26% |
37% |
23% |
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-33% |
-6% |
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Asia Pacific |
54% |
37% |
51% |
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42% |
-9% |
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Europe |
13% |
18% |
18% |
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-33% |
-39% |
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Japan |
7% |
8% |
8% |
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-11% |
-18% |
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Net Revenues by End Market: |
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Percentages |
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Growth Rates |
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Q1 |
Q4 |
Q1 |
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FY2021 |
FY2020 |
FY2020 |
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Q-T-Q |
Y-T-Y |
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A&D, Industrial and TME |
45% |
50% |
39% |
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-13% |
-2% |
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Automotive, Broadcast and Consumer |
12% |
16% |
15% |
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-24% |
-29% |
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Wired and Wireless Group |
32% |
24% |
41% |
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27% |
-33% |
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Data Center Group |
12% |
10% |
5% |
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10% |
104% |
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Channel |
-1% |
0% |
0% |
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NM |
NM |
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Net Revenues by Product: |
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Percentages |
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Growth Rates |
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Q1 |
Q4 |
Q1 |
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FY2021 |
FY2020 |
FY2020 |
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Q-T-Q |
Y-T-Y |
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Advanced Products |
68% |
70% |
69% |
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-7% |
-16% |
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Core Products |
32% |
30% |
31% |
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2% |
-12% |
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Products are classified as follows: |
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Advanced Products: Alveo and related products, UltraScale+, UltraScale and 7-series products. |
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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. |
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Key Statistics: |
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(Dollars in Millions) |
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Q1 |
Q4 |
Q1 |
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FY2021 |
FY2020 |
FY2020 |
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Annual Return on Equity (%) (1) |
26 |
31 |
38 |
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Operating Cash Flow |
$245 |
$345 |
$298 |
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Depreciation Expense (including software amortization) |
$32 |
$29 |
$24 |
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Capital Expenditures (including software) |
$15 |
$32 |
$29 |
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Free Cash Flow (2) |
$230 |
$313 |
$269 |
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Inventory Days (internal) |
114 |
122 |
107 |
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Revenue Turns (%) |
31 |
46 |
24 |
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(1) |
Return on Equity = Trailing twelve months GAAP net income / average stockholders’ equity |
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(2) |
Free Cash Flow = Operating Cash Flow - Capital Expenditures (including software) |
Product and Financial Highlights - Fiscal First Quarter 2021
- Xilinx launched the industry’s first 20-nanometer (nm) space-grade FPGA, delivering radiation tolerance and ultra-high throughput and bandwidth performance for satellite and space applications.
- Xilinx introduced two real-time video server appliances that will enable service providers to deliver high-quality, low-cost live video streaming for applications such as eSports and game streaming platforms, social and video conferencing, and live distance learning.
- In order to provide critical infrastructure and funding to support novel research in adaptive compute acceleration for high performance computing (HPC), Xilinx established the Xilinx Adaptive Compute Clusters (XACC) at ETH Zurich in Switzerland, University of California, Los Angeles (UCLA), University of Illinois at Urbana Champaign (UIUC), and the National University of Singapore (NUS).
- Targeting the data center and wired and wireless communications markets, Xilinx released the new Virtex UltraScale+ VU57P FPGA for latency-sensitive workloads where fast data throughput and fast memory are key requirements.
- Xilinx issued $750 million in 2030 Notes with net proceeds to be used for general corporate purposes, which may include refinancing or repayment of debt.
- Xilinx repurchased 0.7 million shares of common stock at an average price of $78.38 and paid dividends of $92 million.
Business Outlook - Fiscal Second Quarter 2021
The following guidance is based on current expectations and estimates and, as indicated, is presented on a GAAP and non-GAAP basis. This guidance is forward-looking and actual results may differ materially as a result of, among other things, the important factors discussed and referred to at the end of this press release.
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Non-GAAP |
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GAAP |
Adjustments |
Non-GAAP |
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Revenues |
$730M - $780M |
− |
$730M - $780M |
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Gross Margin |
68.5% - 71.5% |
~1% (1) |
69.5% - 72.5% |
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Operating Expenses |
$326M - $340M |
~$(4M) (2) |
$322M - $336M |
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Other Expense |
~$15M |
− |
~$15M |
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Tax Rate |
0% - 3% |
~1% (3) |
1% - 4% |
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Notes regarding Non-GAAP Adjustments: |
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(1) |
Amortization of acquisition-related intangibles |
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(2) |
M&A related expenses and amortization of acquisition-related intangibles |
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(3) |
Income tax effect of Non-GAAP adjustments |
For additional graphics, visit https://www.xilinx.com/news/press/2020/xilinx-reports-first-quarter-fiscal-year-2021-results.html
About Xilinx
Xilinx develops highly flexible and adaptive processing platforms that enable rapid innovation across a variety of technologies - from the endpoint to the edge to the cloud. Xilinx is the inventor of the FPGA, hardware programmable SoCs and the ACAP, designed to deliver the most dynamic processor technology in the industry and enable the adaptable, intelligent and connected world of the future. For more information, visit www.xilinx.com.
Source: Xilinx
