Investor Relations

Financial Statements

XILINX, INC.
 
 
 
 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
 
 
 
 
 
 
 
(In thousands, except per share amounts)
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
September 30,
2017
 
July 1,
2017
 
October 1,
2016
 
September 30,
2017
 
October 1,
2016
Net revenues
$
619,503

 
$
615,446

 
$
579,209

 
$
1,234,949

 
$
1,154,190

Cost of revenues
184,786

 
192,095

 
175,875

 
376,881

 
344,172

Gross margin
434,717

 
423,351

 
403,334

 
858,068

 
810,018

Operating expenses:
 
 
 
 
 
 
 
 
 
Research and development
157,985

 
153,051

 
141,814

 
311,036

 
277,939

Selling, general and administrative
91,053

 
89,175

 
83,463

 
180,228

 
166,573

Amortization of acquisition-related intangibles
510

 
705

 
1,244

 
1,215

 
2,488

Total operating expenses
249,548

 
242,931

 
226,521

 
492,479

 
447,000

Operating income
185,169

 
180,420

 
176,813

 
365,589

 
363,018

Interest and other income (expense), net
1,831

 
1,839

 
(1,151
)
 
3,669

 
(5,738
)
Income before income taxes
187,000

 
182,259

 
175,662

 
369,258

 
357,280

Provision for income taxes
19,468

 
15,014

 
11,470

 
34,481

 
30,039

Net income
$
167,532

 
$
167,245

 
$
164,192

 
$
334,777

 
$
327,241

Net income per common share:
 
 
 
 
 
 
 
 
 
Basic
$
0.68

 
$
0.67

 
$
0.65

 
$
1.35

 
$
1.29

Diluted
$
0.65

 
$
0.63

 
$
0.61

 
$
1.28

 
$
1.22

Cash dividends per common share
$
0.35

 
$
0.35

 
$
0.33

 
$
0.70

 
$
0.66

Shares used in per share calculations:
 
 
 
 
 
 
 
 
 
Basic
248,094

 
247,911

 
253,466

 
247,960

 
253,056

Diluted
258,217

 
265,797

 
270,373

 
261,739

 
267,885




XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(In thousands)
 
 
 
 
September 30, 2017
 
April 1, 2017*
 
(unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
  Cash, cash equivalents and short-term investments
$
3,560,220

 
$
3,321,457

  Accounts receivable, net
286,855

 
243,915

  Inventories
215,397

 
227,033

  Other current assets
109,758

 
87,711

Total current assets
4,172,230

 
3,880,116

Net property, plant and equipment
304,118

 
303,825

Long-term investments
99,862

 
116,288

Other assets
454,640

 
440,303

Total Assets
$
5,030,850

 
$
4,740,532

XILINX, INC.
 
 
 
 
 
 
 
 
 
SUPPLEMENTAL FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
September 30, 2017
 
July 1,
2017
 
October 1, 2016
 
September 30, 2017
 
October 1, 2016
SELECTED CASH FLOW INFORMATION:
 
 
 
 
 
 
 
 
 
  Depreciation
$
11,732

 
$
11,232

 
$
11,182

 
$
22,964

 
$
22,807

  Amortization
3,432

 
3,729

 
4,001

 
7,161

 
7,714

  Stock-based compensation
36,372

 
32,036

 
29,802

 
68,408

 
59,206

  Net cash provided by operating activities
202,140

 
190,908

 
183,593

 
393,048

 
522,229

  Purchases of property, plant and equipment
12,223

 
9,926

 
11,313

 
22,149

 
31,950

  Payment of dividends to stockholders
86,957

 
87,303

 
83,878

 
174,260

 
167,477

  Repurchases of common stock
170,454

 
67,062

 
99,985

 
237,516

 
200,139

  Net proceeds (withholding) from issuance of
 
 
 
 
 
 
 
 
 
    common stock to employees
(23,765
)
 
1,070

 
(1,784
)
 
(22,695
)
 
9,513

 
 
 
 
 
 
 
 
 
 
STOCK-BASED COMPENSATION INCLUDED IN:
 
 
 
 
 
 
 
 
Cost of revenues
$
2,147

 
$
2,150

 
$
1,930

 
$
4,297

 
$
4,049

Research and development
20,096

 
17,466

 
16,529

 
37,562

 
31,649

Selling, general and administrative
14,129

 
12,420

 
11,343

 
26,549

 
23,508

XILINX, INC.
CONSOLIDATED STATEMENTS OF INCOME
 
 
Years Ended
(In thousands, except per share amounts)
April 1, 2017
 
April 2, 2016
 
March 28, 2015
Net revenues
$
2,349,330

 
$
2,213,881

 
$
2,377,344

Cost of revenues
708,216

 
671,907

 
708,823

Gross margin
1,641,114

 
1,541,974

 
1,668,521

Operating expenses:

 

 

Research and development
601,443

 
533,891

 
525,745

Selling, general and administrative
335,150

 
331,652

 
353,670

Amortization of acquisition-related intangibles
5,127

 
6,550

 
9,537

Restructuring charges
—

 
—

 
24,491

Total operating expenses
941,720

 
872,093

 
913,443

Operating income
699,394

 
669,881

 
755,078

Interest and other expense, net
8,314

 
33,056

 
15,002

Income before income taxes
691,080

 
636,825

 
740,076

Provision for income taxes
68,568

 
85,958

 
91,860

Net income
$
622,512

 
$
550,867

 
$
648,216

Net income per common share:

 

 

Basic
$
2.47

 
$
2.14

 
$
2.44

Diluted
$
2.32

 
$
2.05

 
$
2.35

Shares used in per share calculations:

 

 
 
Basic
252,301

 
257,184

 
265,480

Diluted
268,813

 
268,667

 
276,123

XILINX, INC.
CONSOLIDATED BALANCE SHEETS
 
(In thousands, except par value amounts)
April 1, 2017
 
April 2, 2016
ASSETS

 

Current assets:

 

Cash and cash equivalents
$
966,695

 
$
503,816

Short-term investments
2,354,762

 
2,833,883

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
(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