Xilinx Inc. (NASDAQ:XLNX) Q4 2019 Earnings Conference Call - Final Transcript

Apr 24, 2019 • 05:00 pm ET


Xilinx Inc. (NASDAQ:XLNX) Q4 2019 Earnings Conference Call - Final Transcript


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Good afternoon. My name is Ian, and I will be your conference operator. I would like to welcome everyone to the Xilinx Fourth Quarter Fiscal Year 2019 Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

I would now like to turn the call over to Matt Poirier. Thank you. Mr. Poirier, you may begin your conference.

Matt Poirier

Thank you, and good afternoon, everyone. With me are Victor Peng, CEO and Lorenzo Flores, CFO, who will provide a financial and business review of the March quarter and fiscal year '19 overall as well as provide the business outlook for the June quarter. Lorenzo will also share some color for how we see our fiscal year '20 ahead of our Analyst and Investor Day where we will provide detailed full year guidance.

Let me remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the Company. We wish to caution you that such statements are predictions based on information that is currently available and that actual results may differ materially. We refer you to documents the Company files with the SEC, including our 10-Ks, 10-Qs and 8-Ks. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

In addition to GAAP financial measures, we will be disclosing certain supplemental non-GAAP financial measures used by management to evaluate the Company's financial results. We provide these measures to facilitate period-to-period comparability for purposes of evaluating continuing business operations by excluding the effects of nonrecurring and unusual items, such as amortization of intangibles and certain one-time items related to acquisition. We believe that sharing these non-GAAP measures will be helpful for analysts and investors in analyzing the Company's ongoing core business. A reconciliation of non-GAAP financial information to the closest GAAP measure is included in our earnings release and has been posted on our Investor Relations website.

This conference call is open to all and is being webcast live, it can be accessed from our Xilinx Investor Relations website.

Let me now turn the call over to Victor.

Victor Peng

Thanks, Matt, and good afternoon, everyone. I'm very excited to report that we made exceptional progress on our strategy in fiscal 2019. We far surpassing our original revenue goal by delivering over $3 billion of revenue for the first time in our history. This was 24% growth over fiscal 2018. Our growth was broad-based with all our primary end markets up by double digits. We also reached record levels of profitability as non-GAAP EPS increased 32% year-over-year to $3.48 per share.

The March quarter continued to see strength as revenue increased 30% year-on-year to $828 million, and non-GAAP EPS was up 34% year-on-year to $0.94 per share. Lorenzo will provide more financial details on both the March quarter