Xilinx Reports Fiscal First Quarter 2022 Results Jul 28, 2021
Record revenue of $879 million, representing 3% sequential growth and 21% annual growth, despite ongoing industry-wide supply chain challenges
Data Center Group (DCG) revenue in the quarter increased 14% sequentially driven by strong demand across hyperscale cloud customers and the Fintech market
Wired and Wireless Group (WWG) revenue was up 13% year-over-year and flat sequentially driven by continuing global 5G deployments
Aerospace & Defense, Industrial and Test, Measurement & Emulation (AIT) revenue declined 10% sequentially, with record Industrial end market performance offset by a decline in Aerospace & Defense sales, and a modest decline in TME
Automotive, Broadcast and Consumer (ABC) revenue in the quarter increased 13% sequentially, with record quarters in the Broadcast and Consumer end markets
Platform transformation continues with total Adaptive SoC revenue, which includes Zynq and Versal platforms, up 13% sequentially and 83% year-over-year, and representing 28% of total revenue
Fiscal first quarter free cash flow of $373 million, representing 42% of revenue
SAN JOSE, Calif.--(BUSINESS WIRE)-- Xilinx, Inc. (Nasdaq: XLNX), the leader in adaptive computing, today announced record revenues of $879 million for the fiscal first quarter, up 3% over the previous quarter.
GAAP net income for the fiscal first quarter was $206 million, or $0.83 per diluted share. Non-GAAP net income for the quarter was $236 million, or $0.95 per diluted share.
Additional first quarter of fiscal year 2022 comparisons are provided in the charts below.
Q1 Fiscal 2022 Financial Highlights
(In millions, except EPS)
GAAP
Q1
Q4
Q1
FY2022
FY2021
FY2021
Q-T-Q
Y-T-Y
Net revenues*
$879
$851
$727
3%
21%
Gross margin
$586
$570
$494
3%
19%
Operating income
$210
$200
$176
5%
20%
Net income
$206
$188
$94
10%
120%
Diluted earnings per share
$0.83
$0.75
$0.38
11%
118%
Non-GAAP
Q1
Q4
Q1
FY2022
FY2021
FY2021
Q-T-Q
Y-T-Y
Net revenues*
$879
$851
$727
3%
21%
Gross margin
$596
$579
$501
3%
19%
Operating income
$246
$228
$187
8%
32%
Net income
$236
$204
$160
16%
47%
Diluted earnings per share
$0.95
$0.82
$0.65
16%
46%
* No adjustment between GAAP and Non-GAAP
Xilinx delivered another record quarter as the demand for our products remains robust, despite an unprecedented and challenging supply constrained environment, said Victor Peng, Xilinx president and CEO. Our stellar results were driven by strength across our diversified end markets. We continue to actively manage the supply situation with our partners, including qualifying a new supplier in a key part of our supply chain, to meet strong customer demand. In addition, we continue to execute extremely well on our roadmap as we have broadened the Versal portfolio with the Versal Edge and Versal HBM series announcements. We are working every day to improve supply for our customers.
Record Q1 revenues were driven by strength in the Data Center end market, as well as a record quarters for our Industrial, Broadcast and Consumer end markets. This drove 3% sequential and 21% year-over-year growth, said Brice Hill, Xilinx CFO. Advanced Products grew 2% sequentially and 27% annually, and represented 72% of total revenue. Top line performance drove record free cash flows of $373 million, or 42% of revenue.
While days of inventory are near historical lows due to the supply chain constraints, we expect inventory to remain relatively stable at current levels as some expected supply increases will be offset by continued strong customer demand. COVID surges in Southeast Asia during Q1 resulted in higher quarter-end shipments to distributors resulting in transitory higher channel inventory. Channel inventory levels decreased by the early part of fiscal Q2 as products shipped through to end customers, and remain lean. We are very proud of the effort and agility of our employees and partners in support of our customers.
Net Revenues by Geography:
Percentages
Growth Rates
Q1
Q4
Q1
FY2022
FY2021
FY2021
Q-T-Q
Y-T-Y
North America
23%
27%
26%
-14%
7%
Asia Pacific
52%
49%
54%
11%
17%
Europe
15%
16%
13%
0%
44%
Japan
10%
8%
7%
22%
55%
Net Revenues by End Market:
Percentages
Growth Rates
Q1
Q4
Q1
FY2022
FY2021
FY2021
Q-T-Q
Y-T-Y
A&D, Industrial and TME
36%
41%
45%
-10%
-2%
Automotive, Broadcast and Consumer
20%
18%
12%
13%
94%
Wired and Wireless Group
30%
31%
32%
0%
13%
Data Center Group
10%
9%
12%
14%
-1%
Channel
4%
1%
-1%
NM
NM
Net Revenues by Product:
Percentages
Growth Rates
Q1
Q4
Q1
FY2022
FY2021
FY2021
Q-T-Q
Y-T-Y
Advanced Products
72%
73%
68%
2%
27%
Core Products
28%
27%
32%
7%
8%
Products are classified as follows:
Advanced Products: Versal, UltraScale+, UltraScale and 7-series product families, and production boards business composed of Alveo, Solarflare, Network, and System-On-Modules.
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)
Q1
Q4
Q1
FY2022
FY2021
FY2021
Operating Cash Flow
$390
$240
$245
Depreciation Expense (including software amortization)
$32
$30
$32
Capital Expenditures (including software)
$17
$13
$15
Free Cash Flow (1)
$373
$227
$230
Inventory Days (internal)
89
101
114
Revenue Turns (%)
27
29
31
(1) Free Cash Flow = Operating Cash Flow - Capital Expenditures (including software)
Product and Financial Highlights - Fiscal First Quarter 2022
Xilinx unveiled the Versal AI Edge series, designed to enable AI innovation from the edge to the endpoint with 10x greater compute density versus previous-genera
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Xilinx Reports Fiscal First Quarter 2022 Results Jul 28, 2021
