Xilinx Reports First Quarter Fiscal Year 2021 Results Jul 30, 2020Revenues of $727 million, exceeding initial guidance and in-line with revised guidance
Record Data Center Group (DCG) revenue, with 10% sequential and 104% annual growth
Wireless Group (WWG) revenue increased 27% sequentially
Free cash flow of $230 million, or 32% of revenue
Returned $146 million to stockholders through dividends and share repurchases
SAN JOSE, Calif.--(BUSINESS WIRE)-- Xilinx, Inc. (Nasdaq: XLNX), the leader in adaptive and intelligent computing, today 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.
Q1 2021 Financial Highlights
(In millions, except EPS)
GAAP
Q1
Q4
Q1
FY2021
FY2020
FY2020
Q-T-Q
Y-T-Y
Net revenues*
$727
$756
$850
-4%
-14%
Operating income
$176
$178
$251
-1%
-30%
Net income
$94
$162
$241
-42%
-61%
Diluted earnings per share
$0.38
$0.65
$0.94
-42%
-60%
Non-GAAP
Q1
Q4
Q1
FY2021
FY2020
FY2020
Q-T-Q
Y-T-Y
Net revenues*
$727
$756
$850
-4%
-14%
Operating income
$187
$218
$260
-14%
-28%
Net income
$160
$193
$249
-17%
-36%
Diluted earnings per share
$0.65
$0.78
$0.97
-17%
-33%
* No adjustment between GAAP and Non-GAAP
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.
Net Revenues by Geography:
Percentages
Growth Rates
Q1
Q4
Q1
FY2021
FY2020
FY2020
Q-T-Q
Y-T-Y
North America
26%
37%
23%
-33%
-6%
Asia Pacific
54%
37%
51%
42%
-9%
Europe
13%
18%
18%
-33%
-39%
Japan
7%
8%
8%
-11%
-18%
Net Revenues by End Market:
Percentages
Growth Rates
Q1
Q4
Q1
FY2021
FY2020
FY2020
Q-T-Q
Y-T-Y
A&D, Industrial and TME
45%
50%
39%
-13%
-2%
Automotive, Broadcast and Consumer
12%
16%
15%
-24%
-29%
Wired and Wireless Group
32%
24%
41%
27%
-33%
Data Center Group
12%
10%
5%
10%
104%
Channel
-1%
0%
0%
NM
NM
Net Revenues by Product:
Percentages
Growth Rates
Q1
Q4
Q1
FY2021
FY2020
FY2020
Q-T-Q
Y-T-Y
Advanced Products
68%
70%
69%
-7%
-16%
Core Products
32%
30%
31%
2%
-12%
Products are classified as follows:
Advanced Products: Alveo and related products, 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)
Q1
Q4
Q1
FY2021
FY2020
FY2020
Annual Return on Equity (%) (1)
26
31
38
Operating Cash Flow
$245
$345
$298
Depreciation Expense (including software amortization)
$32
$29
$24
Capital Expenditures (including software)
$15
$32
$29
Free Cash Flow (2)
$230
$313
$269
Inventory Days (internal)
114
122
107
Revenue Turns (%)
31
46
24
(1)
Return on Equity = Trailing twelve months GAAP net income / average stockholders' equity
(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 u
