SAN JOSE, Calif., April 25, 2019 — Xilinx, Inc. has 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)|
|FY 2019||FY 2019||FY 2018||Q-T-Q||Y-T-Y|
|Diluted earnings per share||$0.95||$0.93||$0.56||2%||70%|
|FY 2019||FY 2019||FY 2018||Q-T-Q||Y-T-Y|
|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.
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 world’s 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 Solarflare’s 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 Company’s leading and growing position in Advanced Driver Assist Systems (ADAS). During the fiscal year, Daimler showcased its AI solution in the new Mercedes GLE Sport Utility Vehicle that is powered by Xilinx products. In addition, ZF Friedrichshafen AG, a global leader and Tier-1 automotive supplier announced a strategic collaboration in which Xilinx technology will power its highly advanced AI-based automotive control unit to enable automated driving applications. Further, BYD in China started mass production of front-camera ADAS technology using Xilinx SoCs.
- Industrial, Aerospace & Defense as well as Automotive, Broadcast and Consumer primary end markets grew to new sales records, with each market supported by a robust and diversified portfolio. Industrial, Aerospace & Defense strength was driven primarily by Industrial growing double digits. Revenues from Automotive, Broadcast and Consumer were driven by double digit growth from each of the businesses.
Business Outlook – Fiscal First Quarter 2020
The following guidance is based on current expectations and estimates, and as indicated, are presented on a GAAP and non-GAAP basis. This guidance is forward-looking and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this release.
|Revenues||$835M – $865M||–||$835M – $865M|
|Operating Expenses||~$315M||$7M (1)||~$308M|
|Tax Rate||7% – 9%||–||7% -9%|
|(1)||Includes an estimated $7 million in M&A related expenses and amortization of acquisition related intangibles|
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the March quarter financial results and management’s outlook for the June quarter. The webcast and subsequent replay will be available in the investor relations section of the Company’s web site at www.investor.xilinx.com. A telephonic replay of the call may be accessed later in the day by calling (855) 859-2056 and referencing confirmation code 7974619 . The telephonic replay will be available for two weeks following the live call.
Xilinx develops highly flexible and adaptive processing platforms that enable rapid innovation across a variety of technologies – from the endpoint to the edge to the cloud. Xilinx is the inventor of the FPGA, hardware programmable SoCs and the ACAP, designed to deliver the most dynamic processor technology in the industry and enable the adaptable, intelligent and connected world of the future. For more information, visit www.xilinx.com.
Source: Xilinx, Inc.