Xilinx Inc. (NASDAQ:XLNX) Q1 2021 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 05:00 pm ET

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Xilinx Inc. (NASDAQ:XLNX) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon. My name is Chantel, and I'll be your conference operator. I would like to welcome everyone to the Xilinx First Quarter 2021 Earnings Release Conference Call. [Operator Instructions]

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

Executive
Matt Poirier

Thank you, and good afternoon. With me are Victor Peng, CEO; and Brice Hill, our CFO. Let me remind everyone that during our conference call today, we may make projections or other forward 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 the 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 onetime items related to acquisitions.

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.

Executive
Victor Peng

Thanks, Matt, and thanks to everyone for joining today's call. I hope you and your families are healthy and well. Let me start with an update of the COVID-19 situation before I discuss the business highlights and results. Our supply chain has been operating without any significant disruption, and the business performed well overall despite the COVID-19 challenges. Most of our employees are working from home, except in China where employees have been allowed to return to work.

For employees and contractors who must be at our sites, we have adopted daily health screening. We require masks and are practicing social distance. Travel restrictions continue to be in force worldwide. We're not experiencing any significant operational challenges and continue to execute well on our strategy. When we provided guidance for fiscal Q1 on our April earnings call, in a significant uncertainty about how much impact COVID-19 would have on supply chains and overall demand. As we progress through the quarter, the business is performing better-than-expected in multiple markets, offsetting weakness in others.

This demonstrates the strength of our business model in addressing a diverse set of end markets and our progress in executing our strategy in a challenging environment.