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Key Documentation

Financial Statements

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
Three Months Ended
(In thousands, except per share amounts)
July 1, 2017
 
July 2, 2016
Net revenues
$
615,446

 
$
574,981

Cost of revenues
192,095

 
168,297

Gross margin
423,351

 
406,684

Operating expenses:

 

Research and development
153,051

 
136,125

Selling, general and administrative
89,175

 
83,110

Amortization of acquisition-related intangibles
705

 
1,244

Total operating expenses
242,931

 
220,479

Operating income
180,420

 
186,205

Interest and other income (expense), net
1,839

 
(4,587
)
Income before income taxes
182,259

 
181,618

Provision for income taxes
15,014

 
18,569

Net income
$
167,245

 
$
163,049

Net income per common share:

 

Basic
$
0.67

 
$
0.64

Diluted
$
0.63

 
$
0.61

Cash dividends per common share
$
0.35

 
$
0.33

Shares used in per share calculations:

 

Basic
247,911

 
252,901

Diluted
265,797

 
266,206

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(In thousands, except par value amounts)
July 1, 2017
 
April 1, 2017  [1]
 
(unaudited)
 
 
ASSETS

 

Current assets:

 

Cash and cash equivalents
$
1,059,355

 
$
966,695

Short-term investments
2,588,207

 
2,354,762

Accounts receivable, net
268,257

 
243,915

Inventories
215,210

 
227,033

Prepaid expenses and other current assets
96,879

 
87,711

Total current assets
4,227,908

 
3,880,116

Property, plant and equipment, at cost
846,192

 
839,458

Accumulated depreciation and amortization
(542,982
)
 
(535,633
)
Net property, plant and equipment
303,210

 
303,825

Long-term investments
106,862

 
116,288

Goodwill
161,287

 
161,287

Acquisition-related intangibles, net
2,871

 
3,576

Other assets
284,924

 
275,440

Total Assets
$
5,087,062

 
$
4,740,532

LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

 

Accounts payable
$
106,234

 
$
108,293

Accrued payroll and related liabilities
202,230

 
176,601

Income taxes payable
8,282

 
6,309

Deferred income on shipments to distributors
43,750

 
54,567

Other accrued liabilities
79,337

 
95,098

Current portion of long-term debt
—

 
456,328

Total current liabilities
439,833

 
897,196

Long-term debt
1,737,410

 
995,247

Deferred tax liabilities
346,566

 
317,639

Long-term income taxes payable
5,294

 
4,503

Other long-term liabilities
19,692

 
16,908

Commitments and contingencies
—

 
—

Temporary equity (Note 10)
—

 
1,406

Stockholders' equity:

 

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

 
—

Common stock, $.01 par value
2,481

 
2,480

Additional paid-in capital
808,821

 
803,522

Retained earnings
1,743,597

 
1,726,312

Accumulated other comprehensive loss
(16,632
)
 
(24,681
)
Total stockholders’ equity
2,538,267

 
2,507,633

Total Liabilities, Temporary Equity and Stockholders’ Equity
$
5,087,062

 
$
4,740,532

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Three Months Ended
(In thousands)
July 1, 2017
 
July 2, 2016
Cash flows from operating activities:
 
 
 
Net income
$
167,245

 
$
163,049

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
11,232

 
11,625

Amortization
3,729

 
3,713

Stock-based compensation
32,036

 
29,404

Net gain on sale of available-for-sale securities
(446
)
 
(209
)
Amortization of debt discounts
1,676

 
3,016

Provision for deferred income taxes
26,058

 
(1,493
)
Changes in assets and liabilities:
 
 
 
Accounts receivable, net
(24,342
)
 
90,444

Inventories
11,691

 
(16,828
)
Prepaid expenses and other current assets
(5,023
)
 
3,044

Other assets
(8,690
)
 
(3,572
)
Accounts payable
(3,049
)
 
11,784

Accrued liabilities
2,519

 
6,633

Income taxes payable
(12,910
)
 
18,248

Deferred income on shipments to distributors
(10,818
)
 
19,778

Net cash provided by operating activities
190,908

 
338,636

Cash flows from investing activities:
 
 
 
Purchases of available-for-sale securities
(832,705
)
 
(891,186
)
Proceeds from sale and maturity of available-for-sale securities
613,396

 
827,689

Purchases of property, plant and equipment
(9,926
)
 
(20,637
)
Other investing activities
(3,008
)
 
(3,500
)
Net cash used in investing activities
(232,243
)
 
(87,634
)
Cash flows from financing activities:
 
 
 
Repurchases of common stock
(67,062
)
 
(100,154
)
Restricted stock units withholdings
(933
)
 
(626
)
Proceeds from issuance of common stock through various stock plans
2,003

 
11,923

Payment of dividends to stockholders
(87,303
)
 
(83,599
)
Repayment of convertible debt
(457,918
)
 
—

Proceeds from issuance of long-term debt, net
745,871

 
—

Other financing activities
(663
)
 
—

Net cash provided by (used in) financing activities
133,995

 
(172,456
)
Net increase in cash and cash equivalents
92,660

 
78,546

Cash and cash equivalents at beginning of period
966,695

 
503,816

Cash and cash equivalents at end of period
$
1,059,355

 
$
582,362

Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
5,795

 
$
7,875

Income taxes paid, net
$
1,873

 
$
1,832

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