Xilinx Reports Record Revenues Exceeding $3 Billion For Fiscal 2019

Xilinx Reports Record Revenues Exceeding $3 Billion For Fiscal 2019 Fiscal fourth quarter revenues up 30% year over year Apr 24, 2019

SAN JOSE, Calif., April 24, 2019 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced record revenues of $3.06 billion for fiscal year 2019, up 24% from the prior fiscal year. Revenues were $828 million for the fourth quarter of fiscal year 2019, up 4% from the prior quarter and up 30% year over year.

GAAP net income for fiscal year 2019 was $890 million, or $3.47 per diluted share. Non-GAAP net income for fiscal year 2019 was $892 million, or $3.48 per diluted share. GAAP net income for the March quarter was $245 million, or $0.95 per diluted share. Non-GAAP net income for the March quarter was $242 million, or $0.94 per diluted share.

The Xilinx Board of Directors declared a quarterly cash dividend of $0.37 per outstanding share of common stock payable on June 3, 2019 to all stockholders of record at the close of business on May 16, 2019.

Additional fourth quarter of fiscal year 2019 comparisons are provided in the charts below. Due to the adoption of the new revenue recognition standard in the first quarter of fiscal year 2019, all 2018 results have been restated to conform with the new standard.

Q4 2019 Financial Highlights

(In millions, except EPS)

GAAP

Q4

Q3

Q4

FY 2019

FY 2019

FY 2018

Q-T-Q

Y-T-Y

Net Revenues*

$828

$800

$638

4%

30%

Operating income

$250

$258

$163

-3%

53%

Net income

$245

$239

$145

2%

68%

Diluted earnings per share

$0.95

$0.93

$0.56

2%

70%

Non-GAAP

Q4

Q3

Q4

FY 2019

FY 2019

FY 2018

Q-T-Q

Y-T-Y

Net Revenues*

$828

$800

$638

4%

30%

Operating income

$259

$263

$197

-2%

31%

Net income

$242

$237

$181

2%

34%

Diluted earnings per share

$0.94

$0.92

$0.70

2%

34%

* No adjustment between GAAP and Non-GAAP

"Fiscal year 2019 was truly an exceptional year for Xilinx. For the year, we exceeded $3 billion in annual revenues for the first time and posted 24% growth from last year, driven by Advanced Product revenues which grew 40% year over year. In addition, we demonstrated strong profitability by posting over 30% growth in both non-GAAP operating income and non-GAAP diluted earnings per share. We are executing to our strategy and focusing on growth across our portfolio as we continue our transformation to a platform company," said Victor Peng, president and chief executive officer, Xilinx.

Net Revenues by Geography:

Percentages

Growth Rates

Q4

Q3

Q4

FY 2019

FY 2019

FY 2018

Q-T-Q

Y-T-Y

North America

27%

28%

31%

-3%

13%

Asia Pacific

47%

46%

39%

6%

56%

Europe

18%

18%

22%

7%

12%

Japan

8%

8%

8%

7%

20%

Net Revenues by End Market:

Percentages

Growth Rates

Q4

Q3

Q4

FY 2019

FY 2019

FY 2018

Q-T-Q

Y-T-Y

Communications

41%

35%

31%

23%

74%

Data Center and TME

18%

21%

25%

-12%

-7%

Automotive, Broadcast and Consumer

14%

15%

15%

-6%

20%

Industrial, Aerospace & Defense

27%

27%

35%

2%

1%

Channel

0%

2%

-6%

NM

NM

Net Revenues by Product:

Percentages

Growth Rates

Q4

Q3

Q4

FY 2019

FY 2019

FY 2018

Q-T-Q

Y-T-Y

Advanced Products

68%

66%

57%

8%

55%

Core Products

32%

34%

43%

-4%

-4%

Products are classified as follows:

Advanced Products: Alveo, 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

FY 2019

Q3

FY 2019

Q4

FY 2018

Annual Return on Equity (%)*

34

34

19

Operating Cash Flow

$288

$314

$242

Depreciation Expense (including software amortization)

$22

$18

$16

Capital Expenditures (including software)

$28

$20

$21

Combined Inventory Days

112

109

117

Revenue Turns (%)

35

40

33

*Return on equity calculation: Annualized year to date GAAP net income/average stockholders equity

Product and Financial Highlights Fiscal Year 2019

Driven by 5G, Communications revenues increased 34% compared to last fiscal year. Wireless strength resulted from momentum across both radio and baseband applications with OEM customers; especially due to 5G deployment in South Korea and preparation for 5G deployment in China. During the year, Xilinx and Samsung jointly enabled the worlds first 5G NR commercial deployment. Xilinx also expanded its breakthrough RFSoC portfolio to the full sub-6GHz spectrum support that is required for 5G.

Data Center and Test, Measurement & Emulation (TME) revenues grew double digits during fiscal year 2019, driven by the Data Center business which grew 40%. During the fiscal year, Xilinx demonstrated strong design-win momentum across hyperscalers, enterprise customers and partners and increased the cumulative number of Xilinx ISV partners to over 500. Xilinx continued to enable key Xilinx platform and Alveo partners through its corporate venture initiatives, doubling ecosystems investments year over year to more than 20 portfolio companies addressing key applications in a variety of areas including data analytics, financial computing and video streaming acceleration.

Continuing on this path, Xilinx announced today that it has entered into a definitive agreement to acquire Solarflare Communications, a leading provider of high-performance, low latency networking solutions for customers spanning FinTech to cloud computing, further accelerating its "Data Center First" strategy. This acquisition will enable Xilinx to combine its industry leading FPGA, MPSoC and ACAP solutions with Solarflares high-speed network interface card (NIC) technology and Onload application acceleration software, to enable a new converged SmartNIC platform.

Xilinx Automotive business grew double digits reflecting the Companys leading and growing pos

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