XLNX - Earnings call transcript Q1 2019

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Operator

Good afternoon. My name is Catherine, and I will be your conference operator. I would like to welcome everyone to Xilinx First 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. to call like Poirier. to now would turn over the Matt I you. Thank Mr. your Poirier, you conference may begin

Matt Poirier

Thank you, We'll XXXX. good quarter, and CEO; and Catherine, the and review the and Victor me business for the Lorenzo Peng, business are revised outlook Flores, September the outlook CFO. of provide for financial afternoon, a June everyone. quarter With year fiscal

the We questions. for open call will then

on results future other you information from our expect and risk events XKs. to by to QX, evaluate that supplemental wish to GAAP to you we call Let in the the results measures, that could me in today, cause financial measures financial non-GAAP conference differ addition forward-looking Beginning in measures documents the remind those items purposes statements based and projections our related make to non-recurring to acquisitions. operation, factors one-time to disclose These or are result. statements our the that period-to-period performance comparability statements. items, documents XX-Ks, facilitate such for materially management actual to unusual forward-looking regarding may everyone financial and XX-Qs, projections contain used contained the financial with and excluding the company's intangibles of of certain predictions and we identify These or including actual business differ company or continuing important of certain evaluating disclosed by effects We future as of materially. amortization that that SEC, refer may currently is We company. are during the such files available the caution

to business. measures and our more Relations all significant in overall company's can information these that we from website. is ongoing A live. webcast analyzing conference and the for investors and open It analysts our Xilinx has reconciliation Relations is Investor be As of core earnings financial helpful This closest to sharing website. posted Investor call on measure be non-GAAP strategy, our inorganic is the being growth release included will believe accessed GAAP in been our to becomes non-GAAP

Let over call the now to me turn Victor.

Victor Peng

and you, year markets revenue I'm six drive delighted quarter. growth EPS over our The for with core increased to delivered in growth our our majority afternoon, has business that effort Matt, in markets as year, Thank were and of million revenues our of nine June everyone. XX% up good quarter. record end across the the $XXX of the quarter

accelerated a momentum We're drive build is Service the markets, year. market end in confident our in the hyperscalers design full the are on Data results. the his FPGA Lorenzo market. we and fiscal based strength the QX multiple or on rest communications Center our can the quarter on top key growth business year the Our progress cases line across delivering will remarks. guidance of and as for of strategy TME year beyond the wins in use Consequently, made Center significant full our we discuss second the We getting acceleration from to both and strategy, Data including FAAS. fiscal we raising guidance established through

offering. On access announced FAAS their general to the Huawei FAAS front,

over cumulative developers developers continued our in trained AWS an to also with We XXX trained ecosystem XXX. quarter, number FX the of expansion of the additional the software bringing

neural a DeePhi capabilities our with edge. Beijing-based which DeePhi of artificial front, Tech, significantly optimizations AI, specializing and system-level is to industry-leading On network. capability from the we inorganic in in cloud company the intelligence acquired in deep compression, the strengthens pruning

ecosystem the and of video network analytics, intelligence. in our transcoding, during We across also breadth applications made data a apps, quarter investments multiple including

we early later plan interest Data shared Lastly, we this the as at boards our year, very strong May. Day offering to Analyst Center, the in launch Center see on in we Data

a from MPSoC products. transformation XX and, nanometer our introduced when disruptive XX most began Zynq build recently, which Zynq the Zynq an family, nanometer our we to platform momentum company, FPGA RFSoC nanometer with company XX Our continues to

shipping embedded in automotive inference scalable in high platform Center with first delivers MPSoC strong and and AI automotive in a the top on a set is applications momentum from and June generation record XX Our with about well markets. automotive customers. extremely is active have We're software. excited very low the This a driven achieved collaboration IP are of milestone vehicles. that the our year XX% products our This second industrial, extremely exceptional custom quarter, communications, RFSoC new Zynq automotive AI. announcement in built AG recent now the and design-in Daimler is for sales with platform partnership This production growth growing our for The example our long on a represents of and Data was of solution solution in approximately market performance acceleration, is devices, automotive, XX% future applications quarter, with by another products of the Xilinx our in custom business. consisting AI efficiency history ago their sales. of going and power broad momentum and An latency, total of now

and million more units have the X of Tier into shipped automotive OEMs than ADAS XX suppliers. We cumulatively

our is share to the on in this quarter quarter. guidance. that has ZTE momentum will as factors September Our sustained We're well ruling plan in across delighted on results. end to full driving we also excellence reached. been Department into our of to resolution as markets, demonstrated year constructive Accordingly, June multiple Commerce details innovation a the as and how this execution shipments resume more ZTE Lorenzo

on in strategy; pleased Center, we intensely growth of the computing. adaptive with significant While we're growth executing core very Data three our our results, markets, elements end and remain driving our in focused driving the on accelerating latest

long-term the our value the sustained to committed absolutely shareholders. delivering growth and business are of We to

to over Now, I'll turn it Lorenzo.

Lorenzo A. Flores

you, Thank Victor.

robust business showing our discussed, is strength. Victor As

So, the the discuss quarter, will updated the pleased am first to and provide I also year. today, rest guidance for I of

million increased X% were quarter, a by Advanced record our of easily to portfolio. X% sales of in June the For midpoint sequentially, the as guidance. broad-based Products. surpassed driven Advanced Products up year-over-year, XX% and of grew growth $XXX strength XX% overall the sequentially, indicative our Sales and our we year-over-year, of product

based in primarily to offset the figures an in From the new impact as a and we new in ZTE. all Data recognition more wireless fiscal the TME an the grew comparisons the both standard. wired down TME first offset end on and decline Center market adopted As due Industrial, prior reminder, standard in revenue and and are was was period perspective, quarter, expected in strength broad decline up, & as an of Defense decline A&D. cryptocurrency. growth Aerospace expected than industrial Communications broader slightly, and

Operating Broadcast revenue was we end was expectations. was million, Operating was $XXX Note, slightly expense $X our and target markets significantly Automotive, XX.X%, Gross with income quarter Consumer guidance. million. all tax in line inventory. $XXX XX.X%. for in in increased. was levels our below higher the remain million, Channel for line quarter of the Channel with for Finally, rate The margin XX%, than guidance. or the quarter

$X.XX, quarter diluted shares. Our Xilinx. for $XXX which XXX net a million were million, the for to for leads and is was shares share That earnings income QX record of per

repurchases. shareholders at million in $XXX a was sheet to operating X.X cash $X.X to and and bought dividends, in We the million highlight net $XX.XX like in shares Now, the the quarter We flows. share. cash and of gross and key ended we billion average few per points flow $XXX In $X.X balance after share returned million our cash quarter, on an million, approximately of cash, debt. with billion I'd $XX price the million of back form $XXX

have We remaining million $XXX authorizations. in repurchase approximately

increased our our We Accounts strategy, will $XX as Day. at discussed million. continue million to $XXX allocation apply Analyst to receivable capital

we decline balance. still of quarter, processes and business increased The management of this shipment receivable new resulted implementing in our in While patterns accounts receivables combination our inventory to the practices. process we our channel expected are

our The accounts are receivable. about However, there collection current, receivables no and quality issues. is anticipate we concern the no of

We in that a are continue to processes and our see confident partners, balance. will reduction conjunction improve with channel our the in we

guidance. the for Now,

guidance now FY Victor seeing billion XXXX on As $X.X billion. and in updating This fiscal We revenue our approximately between we we the expect are our strength be business. the would based broad XXXX midpoint. XX% mentioned, sales at $X.X are to be growth

markets Communications. end are TME, strength to our of with All coming and year, in Data the from notable Industrial, expected Center, grow

recovery Center. gain with to of production the across and growing in ZTE. expanding. IOT, expected vision, revenue customer XG and anticipated deployments with industrial are including of a adoption continue broad Data medical. to TME applications set is early applications, significantly And traction Wireless our is Industrial business We grow and

XX.X% with seeing to the billion. deployment We to in expense XX.X%. margin expected $X.XXX wired increase be is of range infrastructure conjunction XG Gross expected in ramp. an the between billion GAAP and $X.XXX is operating be are also in to

intangibles the acquisition, expenses. in is other For acquired approximately our and DeePhi of $XX preliminary amortization non-recurring million estimate

be $X.XXX million be $XX billion expenses, those of is and to expected billion. is other $XX between range million. GAAP the expense Excluding in non-GAAP to operating to $X.XXX income expected

investment an is $XX expected million of on income $XX in million. gain be expected an non-GAAP to million other Excluding and between $X QX,

(sic) expected expected Fully Our and is XX% count be between $XXX the approximately to year. [XXX is (XX:XX) million XX%. tax for million] share rate diluted be to

September the quarter. on near-term more Now,

quarter sales than wireless approximately both Defense Consumer with and June. in million. very expect are coming Center Broadcast a slight strong quarter. expecting decline, growing million $XXX wired. primary coming Communications a to between and revenue in Data to to be flat, strong record end increase, expected expected With TME end Industrial, be & increase, markets regards also to We is decline a off to markets, off and Automotive, more significantly. June offsetting $XXX Aerospace is expected we is to with

revenue the XG benefit order well more levels as will lifting denial is as activity $XX million work of We we on in channel approximately inventory. from Channel the typical to from of toward as Korea, ZTE. be early expected deployment

be for expected is other and expenses. to and This million, $X our amortization employee primarily acquired of employees, be to margin annual driven be to a expenses, profit investment increase is regular estimate of approximately excludes the expense gross factor intangibles approximately operating growth. expected XX.X%. non-recurring GAAP $XXX gain and preliminary million to $XXX Outside sharing the of operating compensation, is due Our income by non-GAAP on is expected approximately our is expected in be the GAAP $XX revenue compensation acquisition-related a million. $X approximately million. expense of other to including increase primary million, driving

$X expect other gain, that million. of Excluding we income non-GAAP

be expected tax to XX% Our is between XX%. rate and

GAAP to reported data provided, call me revenue reconciles for guidance. back the well our Finally, between FY With under the reconciliation website, as turn to which let a our non-GAAP our new revenue the on we standard, that, updated have and prior operator XXXX for as accounting and Q&A. QX revenue now

Operator

now for is floor questions. The open

Your Joseph first comes line with of Moore Morgan from question the Stanley.

Joseph Moore

you going is you sort important? when there met would you. I've this that you is more perspective if can Thank Thank that put you at, about growth, a have a the much. then both of little of back, it inorganic of you it, they or from the what are looking types Great. bring that that the the more revenue DeePhi, you. to about so of fact you type context could you've how immediate? own but talked thing opportunity in wonder you're for talk broader be I And bit while the look of actually with company that in-house,

Victor Peng

variety technology. the DeePhi, using since quite and achieving beginning, a course, spoken since you'd Joe, expertise, in DNN. the bit our platforms they (XX:XX) grown to they excellent been their disciplines, they've They've got everything. in good have tools, a compilers, expertise you results, using But the the also, know Yeah. probably really of primarily as and them, of

they of applications, I So, had the different second does course, edge cloud, got, already as industries, we've Data with together some into very Not in good only well have it very we as like with China, actually match marketing automotive. applied, well, all technology many but And applications. as this as connections different worked a at imagine, the really various noticed, of of segue question, but with probably presence a companies of because your fair significantly the you think, part with multinational clearly, our strategy. them They've good also them and things amount Centers, and our opportunities done we've joint you'd of with customers. camera in

think thoughts we asking matches what said, our example this on are really have people strategy. the would do and is really of would right, I So, Day, well, a Analyst it we to our good in M&A, and that it's our connection a example. anything a how I which have know stated questions around been strong we believe, good

Operator

us drivers with wondering of strong results. next from give William Securities in Credit strategy? just comes about ZTE, how of but Thank through in John main business ASC your kind to fiscal organic of the (USA) would line guys. being we this, apologize afternoon, the if Your the better? of Suisse you business Good just detail how is - on a is better? missed $XXX Pitzer kind the getting million? third curious, do Yeah. Credit the that LLC question Lorenzo, working what bucket, think of just How John Pitzer the re-addition I about, I'm the organic Congratulations XXX guidance. of, much the increase the you. It's that more increase. And I've I'm be revenue much million increase of year the little could you bit in $XXX And Suisse.

Lorenzo A. Flores

Right.

So, be due simplified overly to I the in to to ZTE, increase say the broader in our strength want guide with not. think they because annual organic because it's start is business, would the I

Communications said, see So, and deployments. the as we the new area, some Emulation, Industrial Test to us strength come and emergence I opportunities, both in market the wireless, Victor XG with and and early Data we Center wired as Measurement both of opportunities general, across see

anything $XXX increase has really The nothing ZTE. channel So, in quite embedded with for the strategy. expectations our Victor, And to our significant. you do broader it's strength – add That to do to that than guide. million were previous there just that? is want

Victor Peng

said coming Lorenzo that ZTE ZTE just it. but everything true. read – into I you mean, factor, mean, is I shouldn't is we It's in. a

wireless just we we look ended, we at you that said, stronger even was if and As the than thought, quarter ZTE. without was

pretty the I wanting is in this broad, which overall good to of have is part outlook. yes, confidence So, such raise the reason why

Operator

Ambrish next Your of line Srivastava the question with comes from BMO.

Ambrish Srivastava

Victor, getting very back just part specifically, side, you interest and much. the I indications the wanted to that board side. Thank of make correct. Hi. you understood wanted I go on Data I mentioned sure you're to early to Center just that

going training also, product what you will just what metrics So, of little expand understand at developers you're could to to And you Forum. that, that AWS? – from a I Thank you. bit do Developer least on your more us, you mean actually these the you talk at because on number are unveil when about the

Just provide perspective please. us, a for Thanks.

Victor Peng

Sure. Analyst we and factor, sell very we the because, value boards win-win to are course, into because we a of we shared customers it's in going as Center, Data standard Look, to a Day, as see add our form solution. the more standards-driven that the industry on

lot level board. of issues that get to a with build having speed the without deal their the basic their key the into ability differentiation will also and market We out to on IP system

that projections we're customers, is, us; because just engagements might conservative, a territory team pretty for our interest. on And strong with getting and be, perhaps we of when what Our amount it's quite will sales the in internal is new excited. early

into it. we just modest be bit So, stronger internal come relatively expectations since probably than is expect getting little do a to honest, that which, we're will our out

one that's So, aspect of it.

other growth Center along we're developers mean, the aspect and business, said made the core mean a does the seeing the acquisition, ecosystem what and then, increasing we've base. the matter, of from good DeePhi that that in Data it starting think it's we I applications while investments small for all percentage in about I

all as about, driving it's ease understanding, really the to the partnerships ecosystem, barrier year, foundation, we're building as right, our driving adoption, well the development this lower as improving use, the as for well us on of working the broader with FAAS So, together use.

continue more revenue, material definitely we year, roll the going to that up path think into we growth do and Next this see. is

take foundation. these on from good that year up the you with we this base. it's don't we it's small should frankly, because other building Again, revenue sized is what away percentage want but basis, percentage, to a metrics in a are starting So, emphasize that a

platform. share you feedback trying to share progress we're trying that what we lot metrics we're – So, lot and it's you to developers of I got we're think our over more on getting, the on – these are you'll platform, – certainly do meaningful, right? with a because going a right, whole for other trained with So once see on then time, innovation

Operator

Curtis comes Blayne from of next line question Your with Barclays. the

Blayne Curtis

a I trying line ahead just for Hey, Channel inserted is this the question. question. if you've guys. apologize Thanks here. my I'm understand stupid to taking

So, about by the with next structure. guess it segment? XXX. change and you it I'm trying I how this with increasing quarter, to reporting you do ASC about understand think talked it's But obviously new

Lorenzo A. Flores

No, which part I answer is end question think would I purely would that's it attribution Channel estimate. other markets a is the because reason to we fair question, call the be of Blayne. your an directly,

for we it thought, so And of transparency, call Channel. the we'd purposes

The longer upon And to customers we the are is on our term other end us know our perspective, broader to Channel drive across and very we support that their of of and dependent it, important all to ability their for ability their part markets. growth think them. service partners

will the see of be will bit general little trend in grow the with with the but a would and down, overall it up you so And maybe business. It trend that business. general,

Blayne Curtis

just one maybe DeePhi. quick on another And Helpful. then,

contribution that that break fiscal what acquisition. year can Just curious from of you out guide, if

Victor Peng

mean, revenue. don't I any perspective, material revenue a have From they

getting for – well FY again, said, when co-marketing I does anything customers, – a XXXX us with of number we to and has and think some really, did that as do attention. the with It before technology separate very we really gets We're beyond. even don't excellent position So, we're it.

for – don't absolutely year, mean, there's we do add. me business, we current So, – being this see fiscal our bolstering – material – I the but excuse quarter no

Operator

comes Your the line from Goldman Sachs. of next Toshiya question with Hari

Toshiya Hari

lot about Victor, year year over Aerospace key the the a of year the drivers little for you a bit talk the there in and some question. highlight fiscal you. Defense remainder XX% your & of Thanks for quarter. Industrial, Great. grew business Thank taking Could there? the sustainability perhaps

Victor Peng

Yeah.

sub-segment, thing if segment I at each think very very the like broad. the Even it's piece, we it's that about very, Industrial looked A&D the is piece, broad.

So, trend a is build I across of line. such this seeing areas They things we – scale seeing rolled their but ramp the the of moving would wins common again, strength – going kind all lot to Nobody's want say, There good aren't kind and and could MPSoC. moving, adoption up I product Zynq-based that platforms. fast Zynq, of we're a these and on point design first-generation now, people some through second to one with they generation solutions. doing custom up, a really that faster extremely we're we're products after the of they seeing and in

chain, officials their it's our latest as, in good and consistent the also adopt And them know of area, of a to much services, technologies. well shorter to the beginning to customers, in I've cycles, direct number I it's adopt development both see technology they supply of of have pretty are more and I the on a think to basis. – & Defense Aerospace advanced rapid wanting more as talked course,

good. all that's So,

time, Zynq. the clear see it being at right? product, that, is stages in of very, but again the think do level very as original be I that has and disruptive change – MPSoC the will the first of platform, a we right, also of really on kind RFSoC think I but early same over we're

got advanced excitement bleeding WAF has so. in into ADC, incredible really integrated So, edge technology very the customers, and digital

Lorenzo A. Flores

Yeah.

business So, so probably be business of strong, big as quarter Defense. trend. for normalize But to applications in & I very, long-term, this lumpy. to for set the aspect broadening would in Victor quarter a of the on any on it Industrial, business to going you a well A&D A applications be that broad term is can a in add comparisons, said, would can be us. have the chunks, Aerospace as longer in cautionary in growth to some bit little very as very based and it's of It good come of

Victor Peng

Yeah.

the last quarter Overall as might sustainable view So, although, answer to quarter Lorenzo quarter part question, dips. directly to be points definitely will more Like strong, last this see integrated your and out, down. it's some of sustained. quarter you was is extremely slightly up the it's

Operator

Muse comes next from Evercore. Your C.J. the of question with line

C.J. Muse

Yeah. you fiscal on for question. you guided down guess and segments question that now. believe you XXXX, year thank I be up my earlier year the afternoon, I that I taking on think, for but Comms, Good X% business, all would said

as of you've the there you how through mentioned Thanks. times seeing that's kind I'm curious, million are that, from expect early contribution through $XX $XXX a million walk growth ZTE? us in suggesting so, – the fiscal coming I help could And into of strength And just the of of of understand from XXXX? is so, the thinking you're about what flattish-plus, the XXXX part few you and you you're then flow and roughly so guess, XG. fiscal signs now call, you early on Can

Victor Peng

not actually be up, We will getting that expect flat. Yeah. Communications just to now being back

MPSoC technology, there into it ZTE, deployments. a this XG, the shouldn't We maybe As it expected. those And FPGAs, the while believe some like timeframe, a we in but of technology have pure as well of are some RFSoC take well seem does deployments away all early little bit had of what as but is earlier seeing as our on yes, yes, the we that. will be going ago, of that real to XG, deployments as said bulk around you happen that And it's ZTE. ahead we production little some some both than XXXX are going still we

contributor. So, that's a

absolutely is is As we contributing. although said it small, that Center, growing, so also, it's Data

certainly ZTE. It isn't thing, just singly just market. a broad is single not it So,

it thing from what And We turning when revenues. share negative So, being is first – see say guess broke about a customer the to out, this positive. the a details I'd when that. I shipment, that have we we don't now and specific any do first mentioned Nevertheless, is order, close around we the really ZTE anybody we who that contributing that even XX% an resume that's to that customers customer, could denial strength. is nor news to don't important had

Lorenzo A. Flores

you've it average said had Day. it at repeat than that our C.J., positive our those ZTE. too see the the but We much mid-single expectations Yes, correctly we just Victor I both terms in end now significantly guided won't on markets Analyst down, X%, of digits of and in said what for Communications it for more in combined, is breadth,

Operator

from next Your Tristan question W. Baird. Robert with comes of Guerra line the

Tristan Gerra

afternoon. see and for margin if a in also presumably the XXXX, the than for Good the quarters fiscal embedded be the but guidance Still products. XX% those had still and pickup the you a of very little levels three presumably, Data Hi. bit would margin XX% high lower in in strength higher rest of that year, gross you Communication to Center,

the level used give little if on of us to not, profile? gross that lower years bit details margin you gross of So, of a you type bring a that ago? basically what couple markets you Are opportunities? margin have maybe Or could margin end to pursuing us the the back are

Lorenzo A. Flores

is think but as perspective put where it. the good, below levels really side cost half to do and that of are our a So – result aggressively hey, attained up the second a managing provide ended year margin have a gross the company customers, we you of I the we observation the of how we value the quite in Tristan. we're bit The correct, little is that guide

say hard. up real keep down, to strong have higher got worked will XX.X% customers one margin a particular a XX%, We we than very you on portfolio the of of and so. performance business all opportunities in in aggressively mix. end Communications mind is We It margin is that revenue the I the you think have them. portfolio pursue business we each we're up of dynamics dependent we But we sort can that the premises and I guess and said, different any average, aggregate. XX.X%, growth of think passing of wouldn't Analyst move So, Day markets, get, to with with are at we quite that screen.

Victor Peng

let that wireless comment So, specifically very generally is last on competitive. here that note, me just

don't wireless think if communications, so be think Communications is very depends. including the the Data at appropriate as frankly. on you statement tends communications side, whole, margin Center look the And I characterization, rich a really it I And wireless to that not

Center, some healthy talk to about case storage opportunities use to You remember the depends business. have that when In hold. we can Data what we we value have is, are other the on cases, networking. in And compute, and that there good, have you for compete

margins perhaps, you things a careful historic, today. versus where little be that are about say have I'd yeah, to So,

Operator

Nomura. from comes the question line Shah Romit next Your of with

Kellan Grenier

the May everyone. that I Romit. Yeah. wondering, year the full Hey, was for in there any for plan you change about and kind to spending just million. looks $XX quarter. CapEx million halfway this your taking Thanks Kellan over like of Is next number year full the distribution $XX periods? was three exiting to Grenier there It is question. we're for This the gave the

Lorenzo A. Flores

We up going lumpy it building but have And order on some million, might refresh that a be nothing basically projects it's the plan, to material. we be $XX million could the but from on on. a based some of little – $XX of little

nothing significant. there's So,

Operator

of Citi. with the Chris from line comes question last Danely Your

Unknown Speaker

much about me of more crypto the Hi, quarter? this versus detail for Thanks behalf why letting Data of you Billy, of This the about Center it? How guys. a on question. is ask little Chris talk that rest down was was Danely. the Can

Lorenzo A. Flores

Yeah, I'll talk impacted that. largely It by crypto. about was

XX% crypto, quarter think, high-single you grew We over to we take I actually If out year quarter and, grew. digits year.

on strong, number. small very but a based again, So,

So, was that mainly that down. that segment took crypto

Operator

And this at there are no further questions time.

Matt Poirier

Okay. Well, thanks for today. joining us

We playback today. Eastern X Pacific this p.m. a at call X P.M. will beginning have of Time,

of visit our please earnings Relations website. For Investor a our copy release,

fiscal quarter XXXX October second XX, Our next will for close. the earnings year the after market release be Wednesday, date

Tech conferences Conference Vail August will Citi be Jefferies in for call. your Global New you also our attending in KeyBank participation. in York September Infrastructure and this the Thank the August following Tech This XX, on completes quarter: The Chicago on all XX, We Forum City on X. Summit

Operator

this call. gentlemen, and concludes conference today's Ladies

now may You disconnect.

Matt Poirier	Xilinx, Inc.
Victor Peng	Xilinx, Inc.
Lorenzo A. Flores	Xilinx, Inc.
Joseph Moore	Morgan Stanley & Co. LLC
John William Pitzer	Credit Suisse Securities (NYSE:USA) LLC
Ambrish Srivastava	BMO Capital Markets (United States)
Blayne Curtis	Barclays Capital, Inc.
Toshiya Hari	Goldman Sachs & Co. LLC
C.J. Muse	Evercore ISI
Tristan Gerra	Robert W. Baird & Co., Inc.
Kellan Grenier	Nomura Instinet

Xilinx (XLNX) 25 Jul 182019 Q1 Earnings call transcript