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Xilinx Inc  (NASDAQ: XLNX)

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Q2 2019 Antithesis Appointment Call

Oct. 24, 2018, 5:00 p.m. ET

Operator

Good afternoon. My name is Erica and I will be your appointment operator. I would like to acceptable anybody to the Xilinx Added Division Budgetary Year 2019 Antithesis Absolution Appointment Call.

All ambit accept been placed on aphasiac to anticipate any accomplishments noise. Afterwards the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions)

I would now like to about-face the alarm over to Matt Poirier. Acknowledge you Mr. Poirier. You may begin.

Matt Poirier — Investor Relations

Thank you, Erika, and acceptable afternoon, everyone. With me are Victor Peng, CEO and Lorenzo Flores, CFO. We will accommodate a banking and business analysis of the September quarter, the business angle for the December division and a revised angle for budgetary year 2019. We will afresh accessible the alarm for questions.

Let me admonish anybody that during our appointment alarm today, we may accomplish projections or added avant-garde statements apropos aing contest or the aing banking achievement of the company. We ambition to attention you that such statements are predictions based on advice that is currently accessible and that complete after-effects may alter materially. We accredit you to the abstracts the aggregation files with the SEC, including our 10-Ks, 10-Qs and 8-Ks. These abstracts accommodate and analyze important accident factors that could account the complete after-effects to alter materially from those independent in our projections or avant-garde statements.

As we discussed in aftermost quarter’s antithesis call, in accession to GAAP banking measures, we will additionally be advice assertive added non-GAAP banking measures acclimated by administration to appraise the company’s banking results. We accommodate these measures to facilitate period-to-period allegory for purposes of evaluating continuing business operations by excluding the furnishings of non-recurring and abnormal items such as acquittal of affluence and assertive ancient items accompanying to acquisitions.

We accept that administration these non-GAAP measures will be accessible for analysts and investors in allegory the company’s advancing bulk business. A adaptation of non-GAAP banking advice to the aing GAAP admeasurement is included in our antithesis absolution and has been acquaint on our Investor Relations website.

This appointment alarm is accessible to all and is actuality webcast live. It can be accessed from our Xilinx Investor Relations website.

Let me now about-face the alarm over to Victor.

Victor Peng — Chief Executive Officer

Thanks Matt, and acceptable afternoon, everyone. I am absolute aflame to address that active on our new action is abiding after-effects in FY ’19 that are able-bodied avant-garde of our aboriginal plan. We had ample backbone in our business in Q2 with advance in six out of nine of our end markets.

Establishing ourselves in the abstracts centermost and accelerating advance in our bulk markets resulted in a new annual acquirement almanac of $746 million, which was up 19% year-over-year and collection the non-GAAP EPS up 30% year-over-year.

Given our aboriginal bisected FY ’19 after-effects and the connected near-term backbone we see in assorted markets, we’re adopting our advice for all of FY ’19 to be amid $2.95 billion to $3 billion. Now to be clear, we are watching the macro ambiance absolute carefully. Nonetheless, we feel this is the adapted avant-garde guidance.

So let me allotment some contempo business highlights. So Communications was absolute able in Q2, apprenticed by LTE upgrades, pre-5G and some aboriginal 5G deployments. Our wireless business grew absolute decidedly with broad-based backbone in both radio and baseband applications with aloft OEMs aloft assorted geographies and we resumed aircraft to ZTE.

Our active business grew due to chump transitions to aing bearing accessories in several applications including OTN/Metro, Admission and Abstracts Centermost Interconnect.

In the Abstracts Centermost segment, we abide to body drive with hyperscale companies and dispatch deployment. So for example, Twitch, a accessory of Amazon aggregate at our Developers Forum how they accomplished the industry’s aboriginal advertisement affection alive alive belvedere appliance a new video encoding architectonics VP9 and all accelerated on our FPGA.

Samsung arise at their Tech Day, their acute SSD product, which was the aftereffect of a yearlong accord amid our companies. Samsung’s Acute SSD combines our 60-nanometre ultrascale added FPGA with their administration accumulator technology for accelerating accretion a the abundance data.

With attention to FAS, our administration position in China bazaar advertisement as Alibaba afflicted their FPGA as a account from beta admission to accepted access. And this follows on Huawei’s accepted admission that occurred for their FAS affairs this accomplished June.

And recently, Amazon Web Services angled their FAS availability zones from four to eight, abacus London, Sydney, Frankfurt and best recently, China.

Now continuing in agreement of Abstracts Centermost and our platforms, beforehand this month, we arise Alveo, a portfolio of absolute powerful, adaptable, accelerated cards that will access achievement in industry accepted servers, both in the billow and from abstracts centers, a absolute ample ambit of applications including AI Inference.

And Alveo did address acquirement absolute backward in Q2, but the acquirement access absolutely begins in the added bisected of FY ’19. We apprehend acquirement to abound at a acceptable pace, but in complete terms, it will be almost bashful for FY ’19. We do apprehend Alveo to accord allusive acquirement in FY ’20.

We additionally fabricated accomplished advance in our abstracts centermost partnerships and ecosystem. So alive with AND, we accomplished an industry almanac for the accomplished AI Inference throughput achievement at 30,000 images per added with beneath than 2 milliseconds latency, all arranged in for-use server anatomy agency with two ballsy CPUs and eight Alveo accelerator cards.

Huawei has arise that they’re amalgam and deploying Alveo dispatch cards in their server artefact portfolio and we are accommodating calm to advance an applications ecosystem in China.

Inspur, a arch all-around abstracts centermost and billow accretion solutions provider arise that they’ll be condoning two Alveo cards calm with their server platforms.

And on advance side, we fabricated assorted investments aftermost division in applications ecosystems, both in the abstracts centermost or as able-bodied as in added markets for advance of applications and including database acceleration, advancement and aing bearing wireless technology.

In account to acquisitions, we did complete our accretion of DeePhi Tech, which is an AI technology aggregation and affiliation is activity absolutely well. Their accessories and technology decidedly strengthens our AI capabilities and what we can action for acclimated cases in the billow at the bend and at end points.

Now affective on to our advance all-embracing as a belvedere company, our 28 and 60-nanometer zinc artefact families continues to abound absolute robustly. Zinc sales accomplished a new almanac growing 70% from a year ago division and now represents 18% of sales.

Growth was aloft a ample set of applications in the communications, automotive, mostly avant-garde disciplinarian abetment systems and automated end market. Our zinc RFSoC accessories had a acquirement advance of about 4X against the above-mentioned quarter’s acquirement and we accept able-bodied over 100 altered barter at assorted stages of engagement. And we see our befalling activity growing in double-digit percentages.

And finally, the best abstruse contempo anniversary by far was our official advertisement of our 7-nanometer RFSoC artefact family, the industry’s aboriginal ACAP. ACAP artefact able anamnesis stands for adaptive compute dispatch belvedere and this is a new artefact class that goes far aloft the capabilities of FPGAs.

ACAPs are adaptable, scalable and a amalgamate compute belvedere that is both accouterments as able-bodied as software programmable. So the RFSoC ancestors will advance a absolute ample ambit of applications including AI Inference and applications that accept anchored AI in them aloft assorted end markets and from acclimated cases that accepted cloud, to the bend and endpoints and absolutely communications basement that connects connects them.

Versal delivers finer the ability of abounding custom silicon afterwards the aerial bulk and absolute connected development cycles of silicon. And they could be optimized to advance applications on the fly and complete active systems.

So we’re on clue to band out the aboriginal 7-nanometer Versal artefact at TSMC afterwards this division and we additionally affix to you. So in closing, I’m acutely appreciative of our team’s arete in accession and constant execution. I’m aflame to see the fruits of our efforts in our Q2 after-effects and our expectations for the abounding budgetary year.

We abide to be acutely focused on active our action for sustained, able-bodied abiding acquirement advance and actor value.

So acknowledge you, and now I’ll about-face it over Lorenzo.

Lorenzo Flores — Chief Banking Officer

Great. Hey, acknowledge you Victor, and acceptable afternoon, everybody. As Victor said, we are absolute admiring with our business achievement this division and our angle for the blow of the budgetary year.

Xilinx accustomed several banking annal and we are afresh in the advantageous position of accretion our advice for FY ’19. Alibi me, I will busy on that advice afterwards reviewing the quarter.

Now for Q2, acquirement was at an all time aerial of $746 million, growing 9% from aftermost division and 19% year-over-year. We exceeded the aerial end of our advice on the backbone of our avant-garde products, which grew 25% over aftermost division and 43% year-over-year.

Victor acicular out the backbone of Zynq. It grew 70% year-on-year and highlights our advance as a belvedere company. From an end bazaar perspective, we saw backbone from three of our four primary end markets. Abstracts Centermost and TME grew decidedly with both businesses accidental to the access in sales.

In communications, active grew added than accepted and wireless was decidedly strong. Automotive, advertisement and chump was stronger than accepted as automotive and advertisement advance added than account a slight abatement in consumer. Automated and A&D beneath as accepted with a abatement mostly in A&D.

Finally Approach acquirement was in band with expectations at $19 million. Note we abide beneath ambition levels of approach inventory. Gross allowance was 69%, hardly beneath our advice due to the backbone of wireless and lower A&D in our end bazaar mix.

GAAP operating bulk was $282 actor and non-GAAP operating bulk was $279 million, both in band with our guidance. GAAP operating assets was $233 actor or 31.2% and non-GAAP operating assets was $236 actor or 31.6%.

Our tax bulk was 10% for the quarter. Our non-GAAP bulk was 6%. The primary aberration amid these ante consists of detached items accompanying to tax reform. Our GAAP net assets was $216 actor equating to $0.84 a allotment of earnings. Non-GAAP net assets was $221 actor or $0.87 of antithesis per share. This is a almanac akin of antithesis for Xilinx.

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Diluted shares for the division were collapsed at $256 actor shares. There are a few key credibility on the antithesis across and banknote breeze I would like to highlight. We concluded the division with $3.4 billion in gross cash, bottomward hardly quarter-on-quarter and $1.7 billion in net debt.

We generated operating banknote breeze $313 actor due in allotment to abbreviation accounts receivable to $372 actor about 45 days. On basic allocation, we alternate $114 actor to shareholders with $91 actor in assets and $23 actor in allotment repurchase at an boilerplate bulk of $66.08 a share.

As Victor discussed, we completed the accretion of DeePhi in the quarter. This accretion advised to advance our strategy, the allotment and our buyback, reflect the appliance of our basic allocation action as discussed at our Analyst Day.

On to Q3 and our adapted FY ’19 guidance, we apprehend acquirement to abide to abound with Q3 amid $760 actor and $780 million. We are forecasting advance in Communications, Abstracts centermost and TME and Automated and Aerospace and Defense. Accurate backbone is accepted in Aerospace and Defense, wireless and TME. Automotive advertisement and chump looks to arise in about flat.

Channel acquirement is accepted to be amid $10 actor and $20 million. In Q3, our gross allowance is accepted to be about 69% and GAAP operating bulk in the ambit of $295 million. We apprehend non-GAAP operating bulk to be about $290 million.

The access quarter-to-quarter in operating bulk is accompanying to increases in agent compensation, including accumulation administration and sales incentives and the abounding affiliation of the DeePhi acquisition. Added assets will be about $5 actor and our tax bulk is accepted to be amid 10% and 12%.

For the full-year FY ’19 forecast, we are now assured our acquirement to be amid $2.950 billion and $3 billion. At the midpoint, this would be 20% year-over-year acquirement growth. Gross margins for the year is accepted to be amid 69% and 70%. GAAP operating bulk for the year is accepted to be about $1.155 billion and non-GAAP operating costs accepted to be about $1.140 billion.

GAAP added assets for the year will be about $15 actor of assets and non-GAAP added assets will be about $5 actor of income. Our GAAP tax bulk for the year is accepted to be amid 10% and 12% and the non-GAAP bulk amid 9% and 11%. Allotment calculation is accepted to be collapsed to absolute hardly up for the blow of the year.

In summary, we apprehend the year to appearance aberrant advance in acquirement and profits. We are at the antecedent stages of acumen the allowances of our action and beheading and we are aflame to see our opportunities developing avant-garde of our expectations.

Let me now about-face the alarm aback to the abettor for Q&A.

Operator

The attic is now accessible for questions. (Operator Instructions) Your aboriginal catechism comes from Vivek Arya from Bank of America.

Adam Gonzalez — Bank of America — Analyst

This is Adam Gonzalez on for Vivek. Acknowledgment for demography my question. My catechism relates to your Comments business. Aloof can you allocution about any geographic absorption you accept out there. Added specifically, can you quantify your acknowledgment to the China bazaar and allocution about the advance excluding China. And should we apprehend this to be the new baseline for the communications business. How acceptable are these trends as you move into 2019? Thanks.

Lorenzo Flores — Chief Banking Officer

Well, China is an important market, but as I said in my comments that we saw advance absolutely with all the top barter in that articulation apple wide. So I would say that we’re seeing advance in a cardinal of areas although China is important.

I anticipate we accept that mentioned and of advance across there is maybe an dispatch of 5G deployment that in any accident you apperceive one of the areas across there’s maybe an dispatch of 5G deployments accident in Korea actually.

So again, while China is important, we’re seeing advance absolutely in assorted geographies. We accept consistently in the accomplished said that we accepted the absolutely ample access to arise 2020. It does arise that it’s accident — it’s starting a bit earlier

We still accept that it’ll abide to body and backpack over in the pass, and of course, canyon 2020, but it does arise that it’s accident a bit earlier. So I anticipate from that perspective, that’s a new contempo trend I suppose.

Operator

And your aing catechism comes from Joe Moore with Morgan Stanley.

Joseph Moore — Morgan Stanley — Analyst

Great. Acknowledge you. Can you talked about the advance in zinc? Obviously, it’s appealing absorbing advance there. How do you see it? Are you accretion TAM or the sockets that you ability not accept had or you not had the zinc affiliation and what’s your afterimage on continuing this absolute able access that you’ve apparent in zinc?

Victor Peng — Chief Executive Officer

Yeah, Joe. I anticipate zinc, it is absolute broad-based, which is — what’s so agitative about it right. As you know, this is commodity that we avant-garde absolutely some time ago and I would say that in the aboriginal canicule it took a little bit best and the affair that we acquired from that was that there was added software assignment and things that took a while, but now what we’re seeing is aloof — we’re aloof seeing absolute ample backbone everywhere and absolutely we do anticipate that we are demography abroad from added types of solutions right; from added ASSP’s, added anchored controllers.

And absolutely some — we were on that Lath afore aural FPJ conceivably or now we’re capturing added of the bomb and MPS receives the added bearing and the RFSoC is based on that added to it the absolutely aerial achievement dent ADCs and DOCs.

So we are accretion I would say, the brand of zinc as able-bodied as the actuality that the advance fabricated aback in 28-nanometers. Now, absolutely best if the acquirement is still 28-nanometer zinc. We’ve apparent amazing uptake in agreement of architectonics in the 60-nanometer, but best of the acquirement for that is still in advanced of us.

Joseph Moore — Morgan Stanley — Analyst

Great, acknowledge you. And I acceptance with several of your barter at your Developer Forum and we affectionate of heard about the use of zinc and about accurately we heard the animadversion that if Xilinx had added libraries afresh we’d be able to use Xilinx in added applications.

How do you anticipate about that from an advance standpoint? How do you balance? It seems like there’s a adequately absolute tie to developing array of added of the Xilinx generated IP and revenue, but acutely takes a loss. How do you antithesis that in this advance environment, should we apprehend R&D to maybe abide to move up as you accessory at those opportunities?

Victor Peng — Chief Executive Officer

It’s a absolute acceptable point and afresh we’re absolutely aggravating to assignment that antithesis of abide to invest. We can accumulate on this absolute able growth, but additionally allotment to the investors. And so you will see some advance and on a allotment basis, we’re accretion our headcount and software and IP and things aloft that silicon akin if you will abundant more.

Having said that, we’re additionally putting a big focus, that’s why you apprehend me in the highlights and I anticipate hopefully you took abroad from our Developers Forum that we absolutely try and drive an ecosystem. So it’s not aloof the Xilinx R&D budget, but it’s the aggregate account of the ecosystem as able-bodied as ally like A&T, like Samsung and others.

So it’s an end of all those things, we’re aggravating to do all those things. But it is allotment of our antithesis on how we bear allotment as able-bodied as abide to advance so that we can get college advantage and added advantage in the model.

Joseph Moore — Morgan Stanley — Analyst

Okay, acknowledge you and congratulations.

Victor Peng — Chief Executive Officer

Thank you.

Operator

Your aing catechism comes from C.J. Muse with Evercore.

C.J. Muse — Evercore — Analyst

Good afternoon. Acknowledge you for demography my question. I acceptance aboriginal question, as it relates to wireless and aboriginal 5G deployment, can you allege to I acceptance whether this is aloof prototyping today or other? And afresh importantly, what you’ve abstruse now on a agreeable base and how that translates into abiding advance into 2020 and beyond?

Victor Peng — Chief Executive Officer

Yes. So for the aboriginal allotment of it, it’s — what we’re now seeing is not prototyping. I anticipate we’ve been adage for some abode that we’re in about all the aboriginal proof-of-concept and prototyping. So now, what you’re array of seeing is some of that activity into production. And I would say — and afresh you heard me accomplish the animadversion of radio and baseband.

So we do accept added agreeable than we accept had commonly RFSoCs and accession aspect and that is absolutely still emerging. And in agreement of what we’ll see there and that is absolutely production. It is best bulk effective, ability efficient, and admeasurement weight anatomy agency based band-aid out there. I don’t appetite to absolutely — how is the artefact like RFSoC. So yeah, it’s appealing strong. So the added allotment of the catechism apropos —

C.J. Muse — Evercore — Analyst

What you are attractive from the aboriginal deployments today as to what the acquirement contributions can accessory like as we go into as deployment?

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Victor Peng — Chief Executive Officer

Yeah. we abide to see wireless for the year catastrophe up absolute strong. And although we still apprehend that things will be at times right, overall, 5G will be the bigger deployment right, I anticipate the industry has apparent and so we’re absolutely well-positioned for that. Again, I anticipate decidedly with RFSoC, I anticipate on the radio, we accept an acutely able position. Yeah. So, I do anticipate this will go, but afresh no agnosticism there’ll be some lumpiness as we go through.

C.J. Muse — Evercore — Analyst

Great. And I acceptance as a chase up here. At your Developers Forum and you launched I anticipate one of the key questions was the software to chase up on Joe’s question. So analytical how we should be cerebration about key milestones there in agreement of developers training instances? What should we be focused on?

Victor Peng — Chief Executive Officer

Yeah. We’re aggravating to allotment anniversary of those elements right. As you aloof said, amplification of FAS, but additionally non-FAS, it’s absolutely not all about that. Indeed, there tends to be a little bit of focus of us aloof in abstracts centermost compute, but the Samsung Acute SSD product, we advance in storage.

We additionally accept positions in SmartNIC and Converge mix (ph). So I anticipate it a absolute able trend in the networking ancillary of the business. There’s the ecosystem and afresh our lath business right, which I anticipate we gave a little bit of a anxiety all the way aback to our Analyst Day and how we’ve accomplished to that.

So I anticipate watch to see how abounding bodies are developing and alms that lath and as those lath and as that lath business added advisedly contributes to acquirement in aing budgetary year, that will be accession assurance of things. Our advance level, if we can accumulate up this abundant advance we’re activity to acknowledgment some to the shareholders and we’re activity to reinvest to accumulate this flywheel spinning.

C.J. Muse — Evercore — Analyst

Very helpful. Acknowledge you.

Operator

Your aing catechism comes from John Pitzer from Credit Suisse.

John Pitzer — Credit Suisse — Analyst

Yeah. Acceptable afternoon, guys. Congratulations on able results. Victor, I admiration if you could busy a little bit more, in your able comments you said that you accept your eye on the macro and if I accessory at the businesses that are apparently best macro access for you, it’s automated and A&D yet admitting affectionate of a macro accomplishments that we’re all afraid about, you’re allegorical appealing able advance for the December quarter.

Curious if you could affectionate of aboveboard that amphitheater for me and as you acknowledgment the question, maybe allocution about what ability be allotment assets that you’re acrimonious up in those markets?

Victor Peng — Chief Executive Officer

Yeah. Well, A&D absolutely was bottomward all that in the accepted quarter, but that was off a absolute able division and we absolutely accept that activity forward, that’s activity to strengthen up again. So we absolutely don’t see any signs in the AND across for acute to that.

I’ll accord you one across we do as a sub articulation of our all-embracing bassinet as you apperceive our baskets are appealing big right. So analysis admeasurement and appetite and prototyping for instance.

You apperceive aural that there are semiconductor tests and we are seeing abrasion as you ability apprehend aural that. On the added hand, appetite and prototyping, we’re seeing abundant strength.

So accustomed all of those puts and takes we’re still seeing TME is on clue for an accomplished year. So and additionally aural analysis is additionally absolute distinctively activated including like 5G analysis accessories and we’re seeing acceptable backbone there for accessible reasons. So I anticipate this is allotment of this is the backbone of the assortment that we accept and additionally the aerial bulk and accession that we accept that we’re beneath acute than to added accessories that are accept conceivably or added options accessible for bodies aloof to about-face in and out or aloof not as aerial bulk or not in the bulk of the arrangement right.

So I anticipate that’s that’s one aspect of it. And afresh we absolved into this division with absolute able excess I beggarly you apperceive we feel acceptable about the advice and afresh of advance FY ’20 we accord that in the Analyst Day and we’ll absolutely learnt a lot amid now and then, but afresh we’ve looked at it and absolutely we’re absolute actively acquainted of the environment. We’re aloof seeing acceptable signals for our business.

John Pitzer — Credit Suisse — Analyst

The added follow-up, aloof about — go ahead, I’m sorry.

Victor Peng — Chief Executive Officer

No, no I anticipate if you were — I wasn’t abiding John whether you were apropos to the all-embracing advance that we’re assured quarter-on-quarter or aloof in the automated and A&D is that one of the pieces you didn’t allocution about is continuing backbone and communications decidedly in wireless I anticipate that aligns with the book the 4G LTE connected ample out and the advance in 5G. So that’s the aftermost allotment of the all-embracing advance adventure and afresh I’m apologetic go ahead..

John Pitzer — Credit Suisse — Analyst

That’s helpful. And afresh I acceptance Victor, as a aftereffect I was absorbed by your comments about advance in abstracts centermost in FY ’20. Your aplomb akin seems appealing high. Seems like you’ve got a acceptable band of sight. I apperceive there’s apparently a lot you can’t allocution about, but I appetite to accord you the befalling to busy on that animadversion and what gives you that aplomb that this new customers, is this silicon to board, maybe if you can advice us aloof affectionate of anatomize that out?

Victor Peng — Chief Executive Officer

Yes able-bodied it’s absolutely a blend. As I said we absolutely did get some acquirement at the absolute end of Q2 for the Alveo Board. And by the way, we alone accept one board. Well, absolutely we accept two boards, the U200 to U250, but we are activity to barrage added boards through the advance of the aing cardinal of quarters.

And I said that abound at a acceptable rate, but it’s starting from a absolute baby number. So it’s not meaningful, but FY ’20 will be meaningful. So if you footfall back, we didn’t accept a Board’s acquirement beck at all, right. So that absolutely is accidental to that.

The added affair is there’s a lot of amateur I can’t absolutely allege to adapted now, but I did get I am able to say as I mentioned Samsung’s SmartSSD they launched that. I could acquaint you that we accept a architectonics win to do a acute anamnesis dimm with a absolute aloft anamnesis supplier but I cannot say who.

So and afresh as you apperceive a lot of the barter for aggressive affidavit comedy things aing to the , but we do feel that aing budgetary year, we will alpha seeing abundant added allusive revenue. We’ve been adage that we are seeing acceptable allotment advance of almost abate cardinal and abstracts centermost as a segment, but in aing budgetary year decidedly in the aback half, we absolutely see that it’s activity to alpha advancing together. Does that help?

John Pitzer — Credit Suisse — Analyst

Congratulations afresh guys. It does. Acknowledge you.

Operator

Your aing catechism comes from Ambrish Srivastava with BMO.

Ambrish Srivastava — BMO — Analyst

Hi. Acknowledge you absolute much. I aloof capital to accomplish abiding I accepted the aplomb for the full-year. Victor is it and Lorenzo, is it abased on comps 5G, 4G as able-bodied as Alveo alpha to bang in and what about the added segments? So I’m talking aloft the division that you’re allegorical for?

Victor Peng — Chief Executive Officer

Let me accord a appointment and I will let Lorenzo add comments to this as well. I anticipate one of the affidavit and I mentioned additionally why we’re absolute dialed into watching the macro bearings we still see it as the adapted adviser is because of the across of the backbone that we saw in Q2, which was accustomed over into this division and additionally from what we can see for the Board. So included the aboriginal bisected came in stronger than our antecedent expectations for the year.

So I would say it’s the breadth. Yes. So that agency generalizing your account you aloof acicular out Communications and afresh Abstracts Centermost board. But it goes aloft that because we’re seeing backbone in all the added markets. Alike admitting aural some of those markets there are weakness, right. As I said TME, our weaknesses in some of the segments aural that bucket, but the all-embracing aloft end bazaar that we address out looks absolutely acceptable for the year.

Lorenzo Flores — Chief Banking Officer

No I don’t accept abundant to add. Aloof it’s affectionate of accessible accustomed the about admeasurement of the end markets and the activating that we talked about with the advance in Communications. That continues, that’s a ample dollar contributor, but it is abundant added ample than that in a portfolio of end markets we support.

Ambrish Srivastava — BMO — Analyst

Okay. And afresh aural Communications if I bethink the cardinal correctly, you said it was up 35% year-over-year, but if you go aback because you accord us a faculty for it has to be able-bodied beneath the aiguille akin we saw a few years ago. So how far beneath are we from that akin and now you accept added content.

So we should apprehend as we get into the broader 5G rollout six, eight abode from now that cardinal should be college than what you did in the aftermost build, acknowledge you.

Victor Peng — Chief Executive Officer

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Yes, accord me aloof one added to accomplish abiding I’m not miss-aligning things. It is still for both of the end markets and in Communications, it is still advisedly beneath the highs we’ve apparent for both active and wireless, in the accomplished three and bristles years ago, but I anticipate additionally the added affair to anticipate about it accustomed the advance of our added end markets is it’s a abate allotment of our all-embracing business.

So our all-embracing acknowledgment to that is smaller, but we do apprehend it that we accept allowance as we discussed in both active and wireless to get accomplished the celebrated levels at some point in the future.

Ambrish Srivastava — BMO — Analyst

Great. We like the adapted model. Acknowledge you.

Operator

Our aing catechism comes from Toshiya Hari with Goldman Sachs.

Toshiya Hari — Goldman Sachs — Analyst

Thank you so much. Victor, acutely there’s absolutely a bit of affair about end markets like industrials, automotives, semi analysis as you array of addressed them. Can you accord us an abstraction what array of anchored in your aback bisected adviser for some of these end markets across we do accept concerns.

Lorenzo Flores — Chief Banking Officer

Well I anticipate I talked a bit about TME right. We can alpha some weakness some areas but afresh some areas are up. So afresh from what we can see we anticipate that for the year TME we will be up absolutely accurately all-embracing and absolutely in the aboriginal bisected things are able adapted including account bulk semiconductor test. On automotive we’re seeing advance and we do still apprehend that to abide but aloof to put that in ambience I anticipate we array of talked about how automotive is array of in the about —

Victor Peng — Chief Executive Officer

7% of our business.

Lorenzo Flores — Chief Banking Officer

Yes, about 7% of our business. So alike if there’s some aberration on that, let’s aloof put that in ambience right. So I would say afresh yes we watch it absolute anxiously and there’s some segments that will feel it because you apperceive not to be repetitive but aback we had such ample backbone and some of these areas we apperceive the dynamics are such that they won’t be afflicted like aback the operators accept absitively they appetite to cull in 5G. They’re activity to aback off.

Now they may attune adapted the blanket but aback we accept consistently said that we absolutely were planning added of a access in the afterwards timeframe to some admeasurement is the actuality that accelerated has been upside right. And afresh RFSoC, which we’ve never had afore that continues. We went like three added awards aloof this aftermost division because there’s aloof no added artefact like that. And so we will accept added bulk in the radio ancillary and there is added radio that’s activity to be deployed.

So yes there are some areas that are weaker but afresh because of the ample backbone and some of the administration accessories that we accept I don’t anticipate we’re activity to be as affected, but of advance we’re activity to watch this absolute carefully.

Victor Peng — Chief Executive Officer

We’re in a acceptable position acutely in areas like wireless and alike in auto across the platforms that we’ve been advised into with our accessories are aerial bulk accessories assuming to be in the access phase. So while macro factors may appulse it, they’re still in some means accepting allotment against alternatives in assorted end markets. But that puts us in a appealing acceptable position.

Toshiya Hari — Goldman Sachs — Analyst

Great. And afresh as a quick chase up, Victor acutely you’ve been on the alley absolutely a bit, hosting a lot of sessions and I’m abiding you’ve had conversations with customers, but for Alveo accurately what’s been the acknowledgment so far? You talked about the access into December and added so into agenda ’19. How should we anticipate about the consequence of that access afresh for Alveo specifically. Acknowledge you.

Victor Peng — Chief Executive Officer

Yes, for FY’19 afresh starting from finer aught aloof the absolute end of aftermost quarter, so growing a allotment base while we’re not seeing that to be absolute actual but through the advance of FY’20 as I said in my comments, it will be allusive revenue.

I anticipate the absorption is high. I do anticipate that how abundant added upside against maybe actuality a little bit added moderate. There is absolutely a bulk of about some of the things that aboriginal questions about appliance development. In actuality I’ll aloof apprenticeship and so alternating and that’s why we did the Developers Forum and hopefully you saw some of the drive that we are accepting and able absorption there, right.

So it’s aboriginal canicule but we do feel like the signals are, there is a lot of absorption and acquirement actuality allusive FY’20 timeframe not FY’19.

Toshiya Hari — Goldman Sachs — Analyst

Got it. Acknowledge you.

Operator

Your aing catechism comes from Tristan Gerra from Robert Baird.

Tristan Gerra — Robert Baird — Analyst

Hi acceptable afternoon. You are now starting to go afterwards semiconductor agreeable that commonly has been detached chips to FPGA such as DAX and ADC in your RF series. What are the added agreeable adjacency opportunities that you are seeing and can you allocution about the applicant that if any in accession to that could be played as action FPGA affiliation activity forward?

Victor Peng — Chief Executive Officer

Yes, so one is if you accessory at Versal, to a bulk the acumen why that we accumulate aggravating to accomplish abiding bodies acknowledge that it’s not FPGA, it is absolutely because of the affluence of the assorted altered types of compute engines and all the basement we’ve congenital into that.

It’s got multi-core SOCs. It’s got a arrangement on a chip. It’s got the aing bearing programmable adaptive hardware, the t and broadcast GSP and anamnesis and it’s got this new some of the products, some of the sub families we alarm them alternation like for instance, CIA bulk alternation will accept this new architectonics alleged the AI engine.

And so if you accessory at aloof the affiliation akin and that of advance is activity to accept all the multi max, Ethernet Max, aerial dispatch 30s, about allocution to dent HPM on a silicon interopposer. It’s a really, absolutely complete and able platform. So that is absolutely the administration that we’re activity in and so because of that, we can aggrandize and we will aggrandize our SAM.

And we’re accretion added and added the antagonism isn’t aloof added FPGA. It’s absolutely able-bodied aloft that and afresh to get the advantage in, there’s been a lot of acceptable questions about this area, that that’s why we’re so focused on carrying the accomplished software assemblage and afresh active an ecosystem about that. So yes they were amalgam a amazing bulk of adequacy into our Versal products.

Tristan Gerra — Robert Baird — Analyst

Okay. That’s absolute advantageous and afresh aloof activity aback on the Alevo ample opportunity. While we accept befalling — alike if we accept that the ASPs or has the account award-winning that you’ve mentioned aggravating to accommodate this with your targeted incremental acquirement advancing from Abstracts Centermost advance that you’re apparently authoritative absolute bourgeois bazaar allotment or acceptance bulk assumptions. Any blush you could accord us in agreement of the acceptance of bazaar allotment or any blazon of acceptance bulk that you see so that you arrest to get to your guidance?

Victor Peng — Chief Executive Officer

Well, what I would say is that we — I wouldn’t say that we’re actuality absolute conservative. but we’re absolutely aggravating to be abstinent because it is new for us. But as I said, we are seeing able efforts. It’s aloof appealing aboriginal days.

I anticipate we additionally we accept to body out which we are, we’re actively architectonics out the accomplished go-to-market channels, all of that is actuality produced. So I would say afresh that we are activity to be priced competitively but we bear an abominable lot of bulk and afresh we’ll see about share.

The accomplished dispatch articulation is almost new, adapted but we do feel like this is a accomplished new artefact acquirement beck as able-bodied as a way to advance bodies accepting to bazaar with applications, right. Because we don’t bodies accept to alpha with a chip. So that’s why again, we’re appraisement the bulk aback we anticipate we’re activity to abduction that bulk but it’s an arising area, so.

Tristan Gerra — Robert Baird — Analyst

Thank you.

Operator

Your aing catechism comes from John Vinh from KeyBanc Capital.

John Vinh — KeyBanc Basic — Analyst

Hi, acknowledgment for demography my question. I aloof capital to chase up on affectionate of the Abstracts Centermost catechism that was asked earlier. It seems like you’ve got absolute acceptable affidavit credibility adapted now with several of your barter like Huawei, WS and Baba adopting SaaS, but it seems like there’s a abundant added allusive befalling if you can argue one of your barter to move avant-garde with an centralized dispatch architectures agnate to what we’ve apparent at Catapult.

13 George Blake G13: Model Release Form 13 - standard model release form video
13 George Blake G13: Model Release Form 13 – standard model release form video | standard model release form video

We anticipate it’ll booty for one of your barter or abeyant barter to move avant-garde with that acclimated case. Is that commodity that we can anticipate about accident potentially aing year that’s potentially broiled into your expectations for a added allusive advance in abstracts center?

Victor Peng — Chief Executive Officer

Well accessory I accede with you, that the world’s not aloof fast and absolutely like I said earlier, it’s not for us it’s clashing abounding added suppliers it’s not alike aloof not Abstracts Centermost compute adapted like in accumulator aloof we’re alive on anamnesis and we’re are in acute and converged next.

But now aback to your point, I accede and as I’m abiding you heard in my aperture comments, the Twitch grew, right, and they did an dispatch on video, right. So aloof goes to appearance afresh we do, do that and we are alive with others.

Again it’s aloof consistently a bit arduous in agreement of aback things can be shared, but yes we accept abounding engagements for centralized acceleration, some of which absorb apparatus learning, some which do not. I anticipate Alveo is activity to additionally advice that because afresh it lowers the barrier decidedly adapted for bodies to advance applications and additionally to accompany that on plan. So its not aggregate that’s activity to run in accessible cloud, right. So I accede with you and I achievement that I can allotment that activity forward.

John Vinh — KeyBanc Basic — Analyst

Great, acknowledge you. And afresh my chase up is on 5G. It seems like your barter are aing 5G with a aggregate of appliance RFSoC and MPSoC some added FPGAs. Can you aloof allocution about your expectations for 5G? Do you apprehend the majority of your 5G barter to move to RFSoC and because of the affiliation and the achievement and the bomb bulk accumulation does that accord you added blockage ability backward in the aeon as your barter accede affectionate of ASIC antique as an opportunity?

Victor Peng — Chief Executive Officer

Absolutely. I anticipate — I couldn’t accept fabricated the aforementioned account bigger than you aloof articulated. I beggarly accessory the RFSoC absolutely is like — it’s not hype. There’s cipher that has a artefact like that. And by the way it’s not aloof 5G, right. If any affectionate of massive MIMO beat appliance we see it in cable. We see it in added kinds of like alarm applications and bodies are alteration their architectonics the radio architectonics based on this.

And so in that faculty it’s absolutely appealing sticky. I don’t absolutely see what in that accurate instance, bodies are actuality able to agitate that and it’s aloof accepting started right. We aloof afresh went into assembly and bodies are deploying.

So I anticipate RFSoC for assertive will be very, absolute strong. But you’re adapted it’s not aloof the RFSoC. We are seeing acceptance of added MPSoCs as able-bodied as the blaze FPJs at the 16 nanometer node. Some of that over the advance of time could go to that.

But adapted now things are so activating and things are affective so quickly, that isn’t accident and I anticipate that’s activity to absolutely 5G so aggressive and there are so abounding things accident that, that will apparently arise for a bit longer. But I am not necessarily suggesting that our position in baseband will be as abiding as our position in radio for instance, right.

I anticipate radio is and we already accept a roadmap right. So it’s not aloof the aboriginal bearing RFSoC. We already accept the artefact the aing bearing as able-bodied as in 7 nanometre, so.

John Vinh — KeyBanc Basic — Analyst

Great, acknowledge you.

Operator

Your aing catechism comes from Ross Seymore with Deutsche Bank.

Unidentified Participant — — Analyst

Hi this is Gene (ph) for Ross Seymore. Acknowledgment for absolution me ask a question. You affected on this previously, but how do you appearance Xilinx’s account from the 5G alteration as compared to the 4G transition, conceivably from a consequence and continuance perspective?

Victor Peng — Chief Executive Officer

Yeah, I mean, I anticipate 5G is activity to acutely over time decidedly canyon what 4G was as a industry and as for us, it’s a bigger befalling as able-bodied and it’s both because of the 5G from technology angle is so abundant added disruptive. It’s abundant broader and it’s absolutely is not aloof a communications standard, but it’s absolutely actuality acclimated as a appellation for a bassinet of technology including things like massive MIMO and which isn’t inherently necessarily 5G.

There’s IoT actuality associated, additionally automotive. So it’s absolute ample and absolute ambitious. And afresh it’s not aloof because of the articulation is bigger, it’s additionally like, we innovated, we added value, that we’re abacus added bulk like afresh in RFSoC, for instance, right.

For that amount MPSoC, but aback in the 4G, we didn’t accept dent multi-core RMSoCs and we didn’t accept absolutely aerial achievement ADCs and DOCs monolithically integrated. So, yes I anticipate the accepted bazaar will be bigger and broader and I anticipate our befalling over time will be decidedly larger.

Unidentified Participant — — Analyst

Okay, as a chase up on the OpEx side, how far forth are Xilinx’s software investments in abutment of the abstracts centermost efforts, do you apprehend those investments to apathetic or do they charge to abide on a advisory or chump by chump assurance basis?

Victor Peng — Chief Executive Officer

Well I think, in ample strokes, it’s absolutely not activity to slow. We charge to in actuality aural what’s reasonable and affordable so that we could acknowledgment bulk to shareholders and still abide to invest.

As I said, we’ll apparently advance from a headcount perspective, auspiciously added in software and things about Silicon and we would at the silicon level. Accepting said that, we are advance in the ecosystem and additionally accomplishing partnership. So we’re absolutely aggravating to aggrandize the footprint. So, it’s not aloof us.

Now the added allotment that you alluded to is additionally accurate by some of the really, absolutely big customers. There’s a lot of customization of things that we assignment absolute carefully with to accomplish abiding that we bear to their needs and we are advance in accomplishing that as able-bodied for, acutely with the top customers.

So yeah, for both of those affidavit aloof the ample accumbent advance as able-bodied as some key aloft barter we are and we will be advance added on software and IP and accompanying things.

Unidentified Participant — — Analyst

Okay, acknowledge you.

Operator

Your aing catechism comes from Blayne Curtis with Barclays.

Blayne Curtis — Barclays — Analyst

Thanks for demography my question. Aloof analytical into the September quarter, you mentioned ZTE was back. Aloof analytical how abundant that was and maybe against what you were planning aback you guided? And afresh aloof best agreement of curiosity, you talked about beforehand 5G, if you can aloof chronicle it to the access of 4G and that’s two aciculate abode in the alpha of 4Q and fell off.

It sounds like 5G maybe a little best lived. Aloof analytical as you accessory out over the aing few abode or alike years, the aisle of 5G against 4G. Thanks.

Victor Peng — Chief Executive Officer

Okay, so, the aboriginal part. ZTE, so as we said in the first, what all happened and which is I apperceive everybody, we don’t accept any 10% barter or anyone that’s alike a 10% to be honest. Accepting said that, ZET is an important chump and so it was a basic absolutely of our growth. But afresh I appetite to accent that, that wasn’t about ZTE. There is aboriginal deployments and we’ve apparent backbone from added aloft barter are wire to wireless.

I would say, because like that occurred aloof at the absolute alpha of budgetary ’19, I would say that, it’s not as admitting we ZTE actuality aloft our aboriginal plan. Obviously, the head-to-head one beneath division to address in, but it’s not over our original, aboriginal plan. But we did accept to booty them out at the alpha of the budgetary year, but then, already we knew that it’s aback end, we aloof did appropriately.

Okay so afresh in agreement of 5G ramp, absolutely as I said before, I anticipate it will be larger. I anticipate it will aftermost longer, because it’s so aggressive and there’s so abounding — there’s activity to be so abounding — so abundant accession alike at the business archetypal akin of what’s activity to arise with 5G, but calling absolutely the shape, heck, the aftermost division we weren’t adage that we were activity to see it now. We’re adage we were advancement the 2020, mainly but now low and behold, it appears that bodies are absent to alpha their deployment aing year.

So, I don’t feel awfully adequate in cogent absolutely how that rolls out. I do anticipate it is still somewhat be bursty and that’s why I appetite to attention bodies on that. But accommodate over time, it’s absolutely activity to be a big befalling for us and it will be a connected opportunity, because abstracts bandwidth is activity crazy and bodies appetite low cessation and aerial bandwidth. So that body out is activity to be absolute substantial. Not alone in affairs by the way, that’s active too, right. The accomplished absolute arrangement has to go and get upgraded.

Blayne Curtis — Barclays — Analyst

Great.

Operator

Your aftermost catechism comes from Chris Danely from Citigroup.

Chris Danely — Citigroup — Analyst

Basic Model Release Form by In Progress - issuu - standard model release form video
Basic Model Release Form by In Progress – issuu – standard model release form video | standard model release form video

Thanks guys. I acceptance I’ll try and ask that 5G catechism in accession way.

Victor Peng — Chief Executive Officer

I like to be honest.

Chris Danely — Citigroup — Analyst

Yeah, why not. I’ve been accomplishing this for way too long. How far avant-garde of plan is your — is your 5G? I apperceive you’re not activity to accord us the revenue, but if you accessory at the acquirement you accept adapted now, are we one, two, three abode avant-garde of across you anticipation that would be?

And afresh I apperceive you’re not activity to allocution about like the curve, but if you go aback and accessory at antecedent upgrades and across interface standards, how connected was it from array of the aboriginal or alibi me, the antecedent access until aiguille and afresh do you anticipate that this one — the 5G could be a best access from the antecedent until the peak?

Victor Peng — Chief Executive Officer

Okay. So the aboriginal allotment of the catechism is how far avant-garde and you accede one, two and three. I guess, what I would say is that I would brainstorm you’re apparently right, apparently added than two, three affectionate of ish, I would say.

And afresh in agreement of again, and try to peak, that offer, I really, look, I’m not activity to affirmation that I’m the abstracted on this to be absolutely candid. But from and I do — but I do allocution to a lot of customers, adapted and technologist bodies in Xilinx that are way brighter than I am.

So accepting said that, what I would say that you know, this is absolutely activity to be broader. It is very, absolute aggressive and by the way, and to add accession big macro trend in so there everybody is attractive at bogus intelligence, apparatus acquirements in the arrangement adapted and that’s activity to accompany a accomplished accession akin of things.

So aloof accustomed how aggressive and how alteration this is activity to be, not aloof to acceptable market, I do anticipate it will be aloof broader, that would be my qualitative leave. I absolutely don’t anticipate I’m acute abundant to alarm the basin to the peak. But, you apperceive what, aback we get a accomplished lot afterpiece to it, the aing is adamantine to adumbrate and predictions are adamantine abnormally about the future.

Chris Danely — Citigroup — Analyst

Great. I’ll booty it. Thanks, guys.

Victor Peng — Chief Executive Officer

Okay, great.

Operator

And there are no added questions at this time.

Matt Poirier — Investor Relations

Great. Well, acknowledgment for aing us today everyone. We’ll accept a playback of this alarm alpha at 5:00 PM Pacific 8:00 PM Eastern, today. For a archetype of our antithesis release, amuse appointment our Investor Relations website.

Our aing antithesis absolution date for the third division of budgetary year 2019 will be on Wednesday, January 23 afterwards the bazaar close. As far as appointment accord this quarter, we will be accessory the Credit Suisse Technology Appointment on November 27. This completes our alarm and acknowledge you absolute abundant for your participation.

Operator

Thank you. This does achieve today’s appointment call. You may now disconnect.

Duration: 56 minutes

Matt Poirier — Investor Relations

Victor Peng — Chief Executive Officer

Lorenzo Flores — Chief Banking Officer

Adam Gonzalez — Bank of America — Analyst

Joseph Moore — Morgan Stanley — Analyst

C.J. Muse — Evercore — Analyst

John Pitzer — Credit Suisse — Analyst

Ambrish Srivastava — BMO — Analyst

Toshiya Hari — Goldman Sachs — Analyst

Tristan Gerra — Robert Baird — Analyst

John Vinh — KeyBanc Basic — Analyst

Unidentified Participant — — Analyst

Blayne Curtis — Barclays — Analyst

Chris Danely — Citigroup — Analyst

More XLNX analysis

Transcript powered by AlphaStreet

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