Xilinx Reports Fiscal Third Quarter 2020 Results

 

Key Statistics:  

(Dollars in Millions)



Q3

FY 2020

Q2

FY 2020

Q3

FY 2019





Annual Return on Equity (%)*

31

34

34





Operating Cash Flow

$324

$224

$314





Depreciation Expense (including software amortization)

$26

$22

$18





Capital Expenditures (including software)

$34

$34

$20





Inventory Days (internal)

124

104

104





Revenue Turns (%)

39

37

40


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

Product and Financial Highlights – Fiscal Third Quarter 2020

  • Advanced Products constituted approximately 70% of total revenues in the third quarter, although revenues from the category decreased 4% year over year. Zynq-based revenues grew 26% year over year despite the impact of a weaker Wireless business, further validating Xilinx platform strategy. The Zynq SoC platform, which includes Zynq at 28nm and both MPSoC and RFSoC at 16nm, represented 23% of total revenues, higher than the year ago period.
  • In early December, Xilinx announced that Vitis AI, its AI inference development platform was available for download. Combined with the Vitis unified software platform, Vitis AI empowers software developers with deep learning acceleration. Vitis AI integrates a domain-specific architecture (DSA) and configures Xilinx hardware to be optimized and programmed using industry-leading frameworks such as TensorFlow and Caffe. Xilinx has cumulatively trained over 8,000 developers to date and has over 900 independent software vendors as part of the ecosystem.
  • Collaborating with Xilinx, Cortical.io a, leader in AI based natural language understanding , announced a new e-mail classification appliance. Using Supermicro servers and Xilinx Alveo accelerator cards, the appliance is expected to enable real-time filtering and classification of incoming and outgoing e-mails.
  • Xilinx announced that Automotive Zynq UltraScale+ MPSoC is powering Baidu's production-ready Apollo Computing Unit (ACU)- an advanced platform for automated valet parking (AVP), the industry's first dedicated computing solution for AVP. Separately, Xilinx disclosed that SK Telecom adopted Xilinx Alveo Data Center Accelerator cards to power a real-time AI-based physical intrusion and theft detection service.
  • During the XDF Europe keynote, CERN, a European organization for nuclear research, joined Xilinx onstage to discuss a network of Xilinx FPGAs housed 100 meters underground designed to instantaneously filter and identify novel particle substructures as evidence of the existence of dark matter and other physical phenomena. CERN said that Xilinx enabled a fixed, extremely low latency AI inference capability of about three microseconds per event, a feat that could not be achieved by CPUs or GPUs.
  • During the XDF China keynote, Inspur Systems joined Xilinx onstage proclaiming that Xilinx ACAPs and FPGAs will be a cornerstone of Inspur's future technology. Alibaba Cloud also highlighted how Xilinx technology is not only powering Alibaba's own data center, but also that of its enterprise customers using Alibaba Cloud services. Alibaba noted that unprecedented traffic hosted during Singles Day in Asia has proven the reliability and security of its system platform running Xilinx FPGAs.
  • Xilinx repurchased 2.8 million shares of common stock at an average price of $93.70 per share and paid dividends of $93 million during the quarter.

Business Outlook – Fiscal Fourth Quarter 2020

The following guidance is based on current expectations and estimates, and as indicated, is 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 and referred to at the end of this release. 


GAAP

Non-GAAP
Adjustments

Non-GAAP

Revenues

$750M - $780M


$750M - $780M

Gross margin

67.5% - 69.5%

1% (1)

68.5% - 70.5%

Operating expenses

$351M - $355M

$35M (2,3)

$316M - $320M

Other income

~$8M


~$8M

Tax rate

7%-9%


7%-9%





Notes regarding Non-GAAP Adjustments:




(1)

Amortization of acquisition-related intangibles and inventory valuation adjustment


(2)

M&A related expenses and amortization of acquisition-related intangibles


(3)

Severance-related expenses


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