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Key Documentation

Financial Statements

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
(In thousands, except per share amounts)
October 1, 2016
 
September 26, 2015
 
October 1, 2016
 
September 26, 2015
Net revenues
$
579,209

 
$
527,572

 
$
1,154,190

 
$
1,076,580

Cost of revenues
175,875

 
157,640

 
344,172

 
317,594

Gross margin
403,334

 
369,932

 
810,018

 
758,986

Operating expenses:

 

 

 

Research and development
141,814

 
130,220

 
277,939

 
256,868

Selling, general and administrative
83,463

 
84,761

 
166,573

 
166,904

Amortization of acquisition-related intangibles
1,244

 
1,769

 
2,488

 
3,538

Total operating expenses
226,521

 
216,750

 
447,000

 
427,310

Operating income
176,813

 
153,182

 
363,018

 
331,676

Interest and other expense, net
1,151

 
9,213

 
5,738

 
19,740

Income before income taxes
175,662

 
143,969

 
357,280

 
311,936

Provision for income taxes
11,470

 
16,671

 
30,039

 
36,923

Net income
$
164,192

 
$
127,298

 
$
327,241

 
$
275,013

Net income per common share:

 

 

 

Basic
$
0.65

 
$
0.49

 
$
1.29

 
$
1.07

Diluted
$
0.61

 
$
0.48

 
$
1.22

 
$
1.03

Cash dividends per common share
$
0.33

 
$
0.31

 
$
0.66

 
$
0.62

Shares used in per share calculations:

 

 

 

Basic
253,466

 
257,640

 
253,056

 
257,744

Diluted
270,373

 
266,046

 
267,885

 
268,070

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

 

Current assets:

 

Cash and cash equivalents
$
690,490

 
$
503,816

Short-term investments
2,799,338

 
2,833,883

Accounts receivable, net
227,758

 
307,458

Inventories
196,922

 
178,550

Prepaid expenses and other current assets
104,686

 
92,951

Total current assets
4,019,194

 
3,916,658

Property, plant and equipment, at cost
834,312

 
810,582

Accumulated depreciation and amortization
(541,824
)
 
(527,236
)
Net property, plant and equipment
292,488

 
283,346

Long-term investments
198,545

 
220,807

Goodwill
161,287

 
159,296

Acquisition-related intangibles, net
6,123

 
6,202

Other assets
268,083

 
232,960

Total Assets
$
4,945,720

 
$
4,819,269

 
 
 
 
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

 

Accounts payable
$
103,236

 
$
101,534

Accrued payroll and related liabilities
171,388

 
154,294

Income taxes payable
8,233

 
6,286

Deferred income on shipments to distributors
57,404

 
51,758

Other accrued liabilities
65,891

 
45,108

Current portion of long-term debt
591,667

 
585,417

Total current liabilities
997,819

 
944,397

Long-term debt
994,439

 
993,639

Deferred tax liabilities
294,875

 
261,467

Long-term income taxes payable
7,778

 
15,889

Other long-term liabilities
18,294

 
1,090

Commitments and contingencies
—

 
—

Temporary equity (Note 10)
7,368

 
12,894

Stockholders' equity:

 

Preferred stock, $.01 par value (none issued)
—

 
—

Common stock, $.01 par value
2,525

 
2,537

Additional paid-in capital
773,511

 
726,921

Retained earnings
1,854,320

 
1,867,066

Accumulated other comprehensive loss
(5,209
)
 
(6,631
)
Total stockholders’ equity
2,625,147

 
2,589,893

Total Liabilities, Temporary Equity and Stockholders’ Equity
$
4,945,720

 
$
4,819,269

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
(In thousands)
October 1, 2016
 
September 26, 2015
Cash flows from operating activities:
 
 
 
Net income
$
327,241

 
$
275,013

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
22,807

 
25,725

Amortization
7,714

 
8,708

Stock-based compensation
59,206

 
53,001

Net gain on sale of available-for-sale securities
(823
)
 
(618
)
Amortization of debt discounts
6,033

 
6,019

Provision for deferred income taxes
32,607

 
1,129

Changes in assets and liabilities:
 
 
 
Accounts receivable, net
79,700

 
(36,013
)
Inventories
(18,409
)
 
18,119

Prepaid expenses and other current assets
(3,765
)
 
(9,051
)
Other assets
(5,036
)
 
(3,106
)
Accounts payable
1,701

 
(4,834
)
Accrued liabilities
19,046

 
(11,909
)
Income taxes payable
(11,439
)
 
(10,481
)
Deferred income on shipments to distributors
5,646

 
15,636

Net cash provided by operating activities
522,229

 
327,338

Cash flows from investing activities:
 
 
 
Purchases of available-for-sale securities
(1,952,967
)
 
(1,349,852
)
Proceeds from sale and maturity of available-for-sale securities
2,023,314

 
1,248,939

Purchases of property, plant and equipment
(31,950
)
 
(13,051
)
Other investing activities
(15,849
)
 
242

Net cash provided by (used in) investing activities
22,548

 
(113,722
)
Cash flows from financing activities:
 
 
 
Repurchases of common stock
(200,139
)
 
(199,998
)
Proceeds from issuance of common stock, net of withholding taxes
9,513

 
14,823

Payment of dividends to stockholders
(167,477
)
 
(160,402
)
Net cash used in financing activities
(358,103
)
 
(345,577
)
Net increase (decrease) in cash and cash equivalents
186,674

 
(131,961
)
Cash and cash equivalents at beginning of period
503,816

 
892,572

Cash and cash equivalents at end of period
$
690,490

 
$
760,611

Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
20,688

 
$
20,688

Income taxes paid, net
$
9,118

 
$
46,121

XILINX, INC.
CONSOLIDATED STATEMENTS OF INCOME
 
 
Years Ended
(In thousands, except per share amounts)
April 2, 2016
 
March 28, 2015
 
March 29, 2014
Net revenues
$
2,213,881

 
$
2,377,344

 
$
2,382,531

Cost of revenues
671,907

 
708,823

 
743,253

Gross margin
1,541,974

 
1,668,521

 
1,639,278

Operating expenses:

 

 

Research and development
533,891

 
525,745

 
492,447

Selling, general and administrative
331,652

 
353,670

 
378,607

Amortization of acquisition-related intangibles
6,550

 
9,537

 
9,887

Restructuring charges
—

 
24,491

 
—

Litigation and contingencies
—

 
—

 
9,410

Total operating expenses
872,093

 
913,443

 
890,351

Operating income
669,881

 
755,078

 
748,927

Loss on extinguishment of convertible debentures
—

 
—

 
9,848

Interest and other expense, net
33,056

 
15,002

 
29,553

Income before income taxes
636,825

 
740,076

 
709,526

Provision for income taxes
85,958

 
91,860

 
79,138

Net income
$
550,867

 
$
648,216

 
$
630,388

Net income per common share:

 

 

Basic
$
2.14

 
$
2.44

 
$
2.37

Diluted
$
2.05

 
$
2.35

 
$
2.19

Shares used in per share calculations:

 

 
 
Basic
257,184

 
265,480

 
266,431

Diluted
268,667

 
276,123

 
287,396

XILINX, INC.
CONSOLIDATED BALANCE SHEETS
 
(In thousands, except par value amounts)
April 2, 2016
 
March 28, 2015
ASSETS

 

Current assets:

 

Cash and cash equivalents
$
503,816

 
$
892,572

Short-term investments
2,833,883

 
2,410,489

Accounts receivable, net of allowances for doubtful accounts and customer returns of $3,341 and $3,353 in 2016 and 2015, respectively
307,458

 
246,615

Inventories
178,550

 
231,328

Deferred tax assets
—

 
79,519

Prepaid expenses and other current assets
95,226

 
74,528

Total current assets
3,918,933

 
3,935,051

Property, plant and equipment, at cost:


 


Land
65,298

 
65,298

Buildings
310,795

 
312,610

Machinery and equipment
390,573

 
380,303

Furniture and fixtures
43,916

 
46,412


810,582

 
804,623

Accumulated depreciation and amortization
(527,236
)
 
(503,585
)
Net property, plant and equipment
283,346

 
301,038

Long-term investments
220,807

 
266,902

Goodwill
159,296

 
159,296

Acquisition-related intangibles, net
6,202

 
12,752

Other assets
234,570

 
223,026

Total Assets
$
4,823,154

 
$
4,898,065

LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

 

Accounts payable
$
101,534

 
$
80,113

Accrued payroll and related liabilities
154,294

 
156,600

Income taxes payable
6,286

 
19,693

Deferred income on shipments to distributors
51,758

 
66,071

Other accrued liabilities
45,108

 
64,676

Current portion of long-term debt
587,106

 
576,053

Total current liabilities
946,086

 
963,206

Long-term debt
995,835

 
994,839

Deferred tax liabilities
261,467

 
289,868

Long-term income taxes payable
15,889

 
13,245

Other long-term liabilities
1,090

 
1,366

Commitments and contingencies

 

Temporary equity (Note 13)
12,894

 
23,947

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; 253,687 and 258,340 shares issued and outstanding in 2016 and 2015, respectively
2,537

 
2,583

Additional paid-in capital
726,921

 
653,882

Retained earnings
1,867,066

 
1,966,278

Accumulated other comprehensive loss
(6,631
)
 
(11,149
)
Total stockholders’ equity
2,589,893

 
2,611,594

Total Liabilities, Temporary Equity and Stockholders’ Equity
$
4,823,154

 
$
4,898,065

XILINX, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Years Ended
(In thousands)
April 2, 2016
 
March 28, 2015
 
March 29, 2014
Cash flows from operating activities:

 

 
 
Net income
$
550,867

 
$
648,216

 
$
630,388

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Depreciation
50,828

 
55,266

 
55,464

Amortization
17,613

 
19,648

 
19,808

Stock-based compensation
111,984

 
99,859

 
94,314

Loss on extinguishment of convertible debentures
—

 
—

 
9,848

Net (gain) loss on sale of available-for-sale securities
(370
)
 
(11,878
)
 
332

Amortization of debt discount on convertible debentures
12,048

 
12,022

 
16,319

Provision for deferred income taxes
44,128

 
17,802

 
53,854

Excess tax benefit from stock-based compensation
(16,153
)
 
(19,662
)
 
(30,754
)
Others
2,000

 
122

 
(1,618
)
Changes in assets and liabilities:

 

 

Accounts receivable, net
(60,843
)
 
21,219

 
(38,658
)
Inventories
52,323

 
2,664

 
(32,333
)
Prepaid expenses and other current assets
(1,261
)
 
(13,118
)
 
(4,754
)
Other assets
(11,945
)
 
(531
)
 
(21,335
)
Accounts payable
21,422

 
(69,583
)
 
76,929

Accrued liabilities (including restructuring activities)
(16,592
)
 
1,795

 
19,659

Income taxes payable
(11,635
)
 
15,967

 
(44,287
)
Deferred income on shipments to distributors
(14,312
)
 
10,972

 
1,741

Net cash provided by operating activities
730,102

 
790,780

 
804,917

Cash flows from investing activities:

 

 

Purchases of available-for-sale securities
(3,262,324
)
 
(3,742,742
)
 
(3,843,395
)
Proceeds from sale and maturity of available-for-sale securities
2,882,342

 
3,756,021

 
3,900,858

Purchases of property, plant and equipment
(34,004
)
 
(29,619
)
 
(44,865
)
Other investing activities
(9,950
)
 
29,296

 
16,048

Net cash provided by (used in) investing activities
(423,936
)
 
12,956

 
28,646

Cash flows from financing activities:

 

 

Repurchase of convertible debentures
—

 
—

 
(1,234,086
)
Repurchases of common stock
(443,181
)
 
(651,006
)
 
(241,076
)
Proceeds from issuance of common stock through various stock plans, net
51,094

 
52,661

 
238,158

Payment of dividends to stockholders
(318,988
)
 
(306,158
)
 
(267,343
)
Proceeds from issuance of long-term debts, net
—

 
—

 
990,149

Excess tax benefit from stock-based compensation
16,153

 
19,662

 
30,754

Net cash used in financing activities
(694,922
)
 
(884,841
)
 
(483,444
)
Net increase (decrease) in cash and cash equivalents
(388,756
)
 
(81,105
)
 
350,119

Cash and cash equivalents at beginning of period
892,572

 
973,677

 
623,558

Cash and cash equivalents at end of period
$
503,816

 
$
892,572

 
$
973,677

Supplemental disclosure of cash flow information:

 

 

Interest paid
$
41,375

 
$
41,589

 
$
36,847

Income taxes paid, net
$
53,425

 
$
57,896

 
$
68,215