Advanced Computing in the Age of AI | Saturday, June 12, 2021

Xilinx Reports Fiscal Fourth Quarter and Fiscal Year 2021 Results 

SAN JOSE, Calif., May 5, 2021 -- Xilinx, Inc., a leader in adaptive computing, has 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.

“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.”

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%

* No adjustment between GAAP and Non-GAAP

Note: Q4 FY2021 consisted of 13 weeks; Q3 FY2021 consisted of 14 weeks; Q4 FY2020 consisted of 13 weeks

 

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%

Core Products

27%

28%

30%

6%

3%

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

(1) Free Cash Flow = Operating Cash Flow - Capital Expenditures (including software)

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 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.

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 dynamic computing technology. 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.

Click here for the full announcement.


Source: Xilinx

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