Xilinx Reports Fiscal Fourth Quarter and Fiscal Year 2021 Results

Xilinx Reports Fiscal Fourth Quarter and Fiscal Year 2021 Results May 04, 2021

Record revenue of $851 million in the quarter; fiscal 2021 revenue of $3.15 billion

Data Center Group (DCG) revenue in the quarter increased 28% sequentially, and fiscal 2021 revenue increased 20% over the prior year

Wired and Wireless Group (WWG) revenue in the quarter increased 13% sequentially, driven by strength in Wireless with multiple regions deploying 5G, partially offset by weakness in Wired

Aerospace & Defense, Industrial and Test, Measurement & Emulation (AIT) revenue in the quarter declined 2% sequentially, with strong Industrial end market performance offset by an expected decline in TME and softness in Aerospace & Defense sales

Automotive, Broadcast and Consumer (ABC) revenue in the quarter declined 1% sequentially, with a record quarter in the Automotive end market offsetting seasonal declines in Broadcast and Consumer end markets

Fiscal fourth quarter free cash flow of $227 million, representing 27% of revenue; fiscal 2021 free cash flow of $1.04 billion, or 33% of revenue

SAN JOSE, Calif.--(BUSINESS WIRE)-- 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%

* 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

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%

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 st

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