Investor Relations
Financial Statements
XILINX, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited)
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(In thousands, except per share amounts)
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Three Months Ended
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Six Months Ended
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September 30,
2017 |
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July 1,
2017 |
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October 1,
2016 |
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September 30,
2017 |
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October 1,
2016 |
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Net revenues
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$
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619,503
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$
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615,446
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$
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579,209
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$
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1,234,949
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$
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1,154,190
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Cost of revenues
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184,786
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192,095
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175,875
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376,881
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344,172
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Gross margin
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434,717
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423,351
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403,334
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858,068
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810,018
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Operating expenses:
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Research and development
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157,985
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153,051
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141,814
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311,036
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277,939
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Selling, general and administrative
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91,053
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89,175
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83,463
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180,228
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166,573
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Amortization of acquisition-related intangibles
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510
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705
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1,244
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1,215
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2,488
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Total operating expenses
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249,548
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242,931
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226,521
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492,479
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447,000
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Operating income
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185,169
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180,420
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176,813
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365,589
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363,018
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Interest and other income (expense), net
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1,831
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1,839
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(1,151
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)
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3,669
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(5,738
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)
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Income before income taxes
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187,000
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182,259
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175,662
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369,258
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357,280
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Provision for income taxes
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19,468
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15,014
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11,470
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34,481
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30,039
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Net income
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$
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167,532
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$
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167,245
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$
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164,192
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$
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334,777
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$
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327,241
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Net income per common share:
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Basic
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$
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0.68
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$
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0.67
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$
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0.65
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$
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1.35
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$
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1.29
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Diluted
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$
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0.65
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$
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0.63
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$
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0.61
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$
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1.28
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$
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1.22
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Cash dividends per common share
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$
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0.35
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$
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0.35
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$
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0.33
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$
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0.70
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$
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0.66
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Shares used in per share calculations:
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Basic
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248,094
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247,911
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253,466
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247,960
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253,056
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Diluted
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258,217
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265,797
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270,373
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261,739
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267,885
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XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
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September 30, 2017
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April 1, 2017*
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(unaudited)
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ASSETS
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Current assets:
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Cash, cash equivalents and short-term investments
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$
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3,560,220
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$
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3,321,457
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Accounts receivable, net
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286,855
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243,915
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Inventories
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215,397
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227,033
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Other current assets
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109,758
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87,711
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Total current assets
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4,172,230
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3,880,116
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Net property, plant and equipment
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304,118
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303,825
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Long-term investments
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99,862
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116,288
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Other assets
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454,640
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440,303
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Total Assets
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$
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5,030,850
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$
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4,740,532
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XILINX, INC.
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SUPPLEMENTAL FINANCIAL INFORMATION
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(Unaudited)
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(In thousands)
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Three Months Ended
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Six Months Ended
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September 30, 2017
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July 1,
2017 |
October 1, 2016
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September 30, 2017
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October 1, 2016
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SELECTED CASH FLOW INFORMATION:
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Depreciation
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$
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11,732
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$
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11,232
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$
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11,182
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$
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22,964
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$
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22,807
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Amortization
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3,432
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3,729
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4,001
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7,161
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7,714
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Stock-based compensation
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36,372
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32,036
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29,802
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68,408
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59,206
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Net cash provided by operating activities
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202,140
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190,908
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183,593
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393,048
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522,229
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Purchases of property, plant and equipment
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12,223
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9,926
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11,313
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22,149
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31,950
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Payment of dividends to stockholders
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86,957
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87,303
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83,878
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174,260
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167,477
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Repurchases of common stock
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170,454
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67,062
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99,985
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237,516
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200,139
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Net proceeds (withholding) from issuance of
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common stock to employees
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(23,765
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)
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1,070
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(1,784
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)
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(22,695
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)
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9,513
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STOCK-BASED COMPENSATION INCLUDED IN:
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Cost of revenues
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$
|
2,147
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$
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2,150
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$
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1,930
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$
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4,297
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$
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4,049
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Research and development
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20,096
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17,466
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16,529
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37,562
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31,649
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Selling, general and administrative
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14,129
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12,420
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11,343
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26,549
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23,508
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XILINX, INC.
CONSOLIDATED STATEMENTS OF INCOME
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Years Ended
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(In thousands, except per share amounts)
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April 1, 2017
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April 2, 2016
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March 28, 2015
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Net revenues
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$
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2,349,330
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$
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2,213,881
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$
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2,377,344
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Cost of revenues
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708,216
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671,907
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708,823
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Gross margin
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1,641,114
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1,541,974
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1,668,521
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Operating expenses:
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|
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Research and development
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601,443
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533,891
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525,745
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Selling, general and administrative
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335,150
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331,652
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353,670
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Amortization of acquisition-related intangibles
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5,127
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|
6,550
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9,537
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Restructuring charges
|
—
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—
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|
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24,491
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Total operating expenses
|
941,720
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|
|
872,093
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|
|
913,443
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Operating income
|
699,394
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|
669,881
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755,078
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Interest and other expense, net
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8,314
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|
|
33,056
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|
|
15,002
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|||
Income before income taxes
|
691,080
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|
|
636,825
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|
|
740,076
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|
|||
Provision for income taxes
|
68,568
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|
|
85,958
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|
|
91,860
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|
|||
Net income
|
$
|
622,512
|
|
|
$
|
550,867
|
|
|
$
|
648,216
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|
Net income per common share:
|
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||||||
Basic
|
$
|
2.47
|
|
|
$
|
2.14
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|
|
$
|
2.44
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|
Diluted
|
$
|
2.32
|
|
|
$
|
2.05
|
|
|
$
|
2.35
|
|
Shares used in per share calculations:
|
|
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|
|
|
||||||
Basic
|
252,301
|
|
|
257,184
|
|
|
265,480
|
|
|||
Diluted
|
268,813
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|
|
268,667
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|
|
276,123
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XILINX, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amounts)
|
April 1, 2017
|
|
April 2, 2016
|
||||
ASSETS
|
|
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|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
966,695
|
|
|
$
|
503,816
|
|
Short-term investments
|
2,354,762
|
|
|
2,833,883
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|
||
Accounts receivable, net of allowances for doubtful accounts of $3,200 and $3,341 in 2017 and 2016, respectively
|
243,915
|
|
|
307,458
|
|
||
Inventories
|
227,033
|
|
|
178,550
|
|
||
Prepaid expenses and other current assets
|
87,711
|
|
|
92,951
|
|
||
Total current assets
|
3,880,116
|
|
|
3,916,658
|
|
||
Property, plant and equipment, at cost:
|
|
|
|
|
|
||
Land
|
65,298
|
|
|
65,298
|
|
||
Buildings
|
339,923
|
|
|
310,795
|
|
||
Machinery and equipment
|
383,681
|
|
|
390,573
|
|
||
Furniture and fixtures
|
50,556
|
|
|
43,916
|
|
||
|
839,458
|
|
|
810,582
|
|
||
Accumulated depreciation and amortization
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(535,633
|
)
|
|
(527,236
|
)
|
||
Net property, plant and equipment
|
303,825
|
|
|
283,346
|
|
||
Long-term investments
|
116,288
|
|
|
220,807
|
|
||
Goodwill
|
161,287
|
|
|
159,296
|
|
||
Acquisition-related intangibles, net
|
3,576
|
|
|
6,202
|
|
||
Other assets
|
275,440
|
|
|
232,960
|
|
||
Total Assets
|
$
|
4,740,532
|
|
|
$
|
4,819,269
|
|
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
108,293
|
|
|
$
|
101,534
|
|
Accrued payroll and related liabilities
|
176,601
|
|
|
154,294
|
|
||
Income taxes payable
|
6,309
|
|
|
6,286
|
|
||
Deferred income on shipments to distributors
|
54,567
|
|
|
51,758
|
|
||
Other accrued liabilities
|
95,098
|
|
|
45,108
|
|
||
Current portion of long-term debt
|
456,328
|
|
|
585,417
|
|
||
Total current liabilities
|
897,196
|
|
|
944,397
|
|
||
Long-term debt
|
995,247
|
|
|
993,639
|
|
||
Deferred tax liabilities
|
317,639
|
|
|
261,467
|
|
||
Long-term income taxes payable
|
4,503
|
|
|
15,889
|
|
||
Other long-term liabilities
|
16,908
|
|
|
1,090
|
|
||
Commitments and contingencies
|
—
|
|
|
—
|
|
||
Temporary equity (Note 12)
|
1,406
|
|
|
12,894
|
|
||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $.01 par value; 2,000 shares authorized; none issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value; 2,000,000 shares authorized; 248,027 and 253,687 shares issued and outstanding in 2017 and 2016, respectively
|
2,480
|
|
|
2,537
|
|
||
Additional paid-in capital
|
803,522
|
|
|
726,921
|
|
||
Retained earnings
|
1,726,312
|
|
|
1,867,066
|
|
||
Accumulated other comprehensive loss
|
(24,681
|
)
|
|
(6,631
|
)
|
||
Total stockholders’ equity
|
2,507,633
|
|
|
2,589,893
|
|
||
Total Liabilities, Temporary Equity and Stockholders’ Equity
|
$
|
4,740,532
|
|
|
$
|
4,819,269
|
|
XILINX, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
Years Ended
|
||||||||||
(In thousands)
|
April 1, 2017
|
|
April 2, 2016
|
|
March 28, 2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
622,512
|
|
|
$
|
550,867
|
|
|
$
|
648,216
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
45,423
|
|
|
50,828
|
|
|
55,266
|
|
|||
Amortization
|
17,203
|
|
|
17,613
|
|
|
19,648
|
|
|||
Stock-based compensation
|
122,858
|
|
|
111,984
|
|
|
99,859
|
|
|||
Net gain on sale of available-for-sale securities
|
(3,532
|
)
|
|
(370
|
)
|
|
(11,878
|
)
|
|||
Amortization of debt discount on convertible debentures
|
11,692
|
|
|
12,048
|
|
|
12,022
|
|
|||
Provision for deferred income taxes
|
67,482
|
|
|
44,128
|
|
|
17,802
|
|
|||
Others
|
1,698
|
|
|
2,000
|
|
|
122
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable, net
|
63,543
|
|
|
(60,843
|
)
|
|
21,219
|
|
|||
Inventories
|
(48,244
|
)
|
|
52,323
|
|
|
2,664
|
|
|||
Prepaid expenses and other current assets
|
(1,000
|
)
|
|
(1,261
|
)
|
|
(13,118
|
)
|
|||
Other assets
|
(20,557
|
)
|
|
(11,945
|
)
|
|
(531
|
)
|
|||
Accounts payable
|
10,983
|
|
|
21,422
|
|
|
(69,583
|
)
|
|||
Accrued liabilities (including restructuring activities)
|
33,788
|
|
|
(16,592
|
)
|
|
1,795
|
|
|||
Income taxes payable
|
7,473
|
|
|
(11,635
|
)
|
|
15,967
|
|
|||
Deferred income on shipments to distributors
|
2,809
|
|
|
(14,312
|
)
|
|
10,972
|
|
|||
Net cash provided by operating activities
|
934,131
|
|
|
746,255
|
|
|
810,442
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Purchases of available-for-sale securities
|
(2,817,197
|
)
|
|
(3,262,324
|
)
|
|
(3,742,742
|
)
|
|||
Proceeds from sale and maturity of available-for-sale securities
|
3,404,577
|
|
|
2,882,342
|
|
|
3,756,021
|
|
|||
Purchases of property, plant and equipment
|
(72,051
|
)
|
|
(34,004
|
)
|
|
(29,619
|
)
|
|||
Other investing activities
|
(21,379
|
)
|
|
(9,950
|
)
|
|
29,296
|
|
|||
Net cash provided by (used in) investing activities
|
493,950
|
|
|
(423,936
|
)
|
|
12,956
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Repurchases of common stock
|
(522,045
|
)
|
|
(443,181
|
)
|
|
(651,006
|
)
|
|||
Restricted stock units withholdings
|
(35,392
|
)
|
|
(34,671
|
)
|
|
(38,298
|
)
|
|||
Proceeds from issuance of common stock through various stock plans
|
68,184
|
|
|
85,765
|
|
|
90,959
|
|
|||
Payment of dividends to stockholders
|
(332,542
|
)
|
|
(318,988
|
)
|
|
(306,158
|
)
|
|||
Repayment of convertible debt
|
(142,082
|
)
|
|
—
|
|
|
—
|
|
|||
Other financing activities
|
(1,325
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash used in financing activities
|
(965,202
|
)
|
|
(711,075
|
)
|
|
(904,503
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
462,879
|
|
|
(388,756
|
)
|
|
(81,105
|
)
|
|||
Cash and cash equivalents at beginning of period
|
503,816
|
|
|
892,572
|
|
|
973,677
|
|
|||
Cash and cash equivalents at end of period
|
$
|
966,695
|
|
|
$
|
503,816
|
|
|
$
|
892,572
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Interest paid
|
$
|
41,375
|
|
|
$
|
41,375
|
|
|
$
|
41,589
|
|
Income taxes paid (refunded), net
|
$
|
(6,341
|
)
|
|
$
|
53,425
|
|
|
$
|
57,896
|
|