Delaware | 000-18548 | 77-0188631 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2100 Logic Drive, San Jose, California | 95124 | |||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
(d) | Exhibits |
Exhibit No. | Description | ||
99.1 | Xilinx - Adoption of New Revenue Standard |
XILINX, INC. | ||||||
Date: May 10, 2018 | By: | /s/ Lorenzo A. Flores | ||||
Lorenzo A. Flores | ||||||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | ||
99.1 |
• | In April 2014, the Financial Accounting Standards Board issued guidance that outlines a new global revenue standard (ASC 606) that is effective for all public companies for annual reporting periods beginning after December 15, 2017. |
• | Xilinx adopted this standard beginning in its fiscal 2019 (April 1, 2018). To assist investors and analysts in comparing our reported results with prior periods on a consistent basis, Xilinx has provided adjusted financials for fiscal 2017 and 2018 and quarterly results for fiscal 2018 as though the new standard were effective in those periods. |
• | Fiscal 2017 revenues under the new standard were $2.36 billion, and were approximately $7.0 million higher versus $2.35 billion under the old standard. |
• | Gross margin percentage was 69.9% under both standards. |
• | Operating income percentage was 30.0% under the new standard versus 29.8% under the old standard. |
• | Diluted EPS was 2 cents higher under the new standard versus the previous standard. |
• | Fiscal 2018 revenues under the new standard were $2.47 billion and were approximately $72.0 million lower versus $2.54 billion under the old standard. |
• | The new distribution inventory management practices implemented in Q3 and Q4 of fiscal 2018 drove the ASC 606 based revenue decline. Shipments to distributors were reduced substantially and distributors used their existing inventory on hand to meet end customer demand. As a result, distributor inventory declined to 3 days as of Q4 fiscal 2018 compared to the historical inventory level ranging from 8 to 12 days. |
• | Gross margin percentage was 69.9% under the new standard versus 70.2% under the old standard. |
• | Operating income percentage was 27.8% under the new standard versus 29.3% under the old standard. |
• | EPS was 19 cents lower under the new standard versus the old standard. |
Xilinx, Inc. | |||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||
(Unaudited) | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Years Ended | |||||||||||||||
March 31, 2018 | April 1, 2017 | ||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||
Net revenues | $ | 2,539,004 | $ | 2,467,023 | $ | 2,349,330 | $ | 2,356,742 | |||||||
Cost of revenues | 756,368 | 743,419 | 708,216 | 708,632 | |||||||||||
Gross margin | 1,782,636 | 1,723,604 | 1,641,114 | 1,648,110 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 639,750 | 639,750 | 601,443 | 601,443 | |||||||||||
Selling, general and administrative | 362,329 | 362,329 | 335,150 | 335,150 | |||||||||||
Amortization of acquisition-related intangibles | 2,152 | 2,152 | 5,127 | 5,127 | |||||||||||
Executive transition costs | 33,351 | 33,351 | — | — | |||||||||||
Total operating expenses | 1,037,582 | 1,037,582 | 941,720 | 941,720 | |||||||||||
Operating income | 745,054 | 686,022 | 699,394 | 706,390 | |||||||||||
Interest and other income (expense), net | 5,357 | 5,357 | (8,314 | ) | (8,314 | ) | |||||||||
Income before income taxes | 750,411 | 691,379 | 691,080 | 698,076 | |||||||||||
Provision for income taxes | 238,030 | 227,398 | 68,568 | 69,943 | |||||||||||
Net income | $ | 512,381 | $ | 463,981 | $ | 622,512 | $ | 628,133 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 2.05 | $ | 1.86 | $ | 2.47 | $ | 2.49 | |||||||
Diluted | $ | 1.99 | $ | 1.80 | $ | 2.32 | $ | 2.34 | |||||||
Shares used in per share calculations: | |||||||||||||||
Basic | 249,595 | 249,595 | 252,301 | 252,301 | |||||||||||
Diluted | 257,960 | 257,960 | 268,813 | 268,813 |
Xilinx, Inc. | |||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
July 1, 2017 | September 30, 2017 | December 30, 2017 | March 31, 2018 | ||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||
Net revenues | $ | 615,446 | $ | 602,810 | $ | 619,503 | $ | 627,419 | $ | 631,193 | $ | 598,603 | $ | 672,862 | $ | 638,191 | |||||||||||||||
Cost of revenues | 192,095 | 190,824 | 184,786 | 185,685 | 182,156 | 177,969 | 197,331 | 188,941 | |||||||||||||||||||||||
Gross margin | 423,351 | 411,986 | 434,717 | 441,734 | 449,037 | 420,634 | 475,531 | 449,250 | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||
Research and development | 153,051 | 153,051 | 157,985 | 157,985 | 166,231 | 166,231 | 162,483 | 162,483 | |||||||||||||||||||||||
Selling, general and administrative | 89,175 | 89,175 | 91,053 | 91,053 | 92,753 | 92,753 | 89,348 | 89,348 | |||||||||||||||||||||||
Amortization of acquisition-related intangibles | 705 | 705 | 510 | 510 | 353 | 353 | 584 | 584 | |||||||||||||||||||||||
Executive transition costs | — | — | — | — | — | — | 33,351 | 33,351 | |||||||||||||||||||||||
Total operating expenses | 242,931 | 242,931 | 249,548 | 249,548 | 259,337 | 259,337 | 285,766 | 285,766 | |||||||||||||||||||||||
Operating income | 180,420 | 169,055 | 185,169 | 192,186 | 189,700 | 161,297 | 189,765 | 163,484 | |||||||||||||||||||||||
Interest and other income (expense), net | 1,839 | 1,839 | 1,831 | 1,831 | 5,469 | 5,469 | (3,781 | ) | (3,781 | ) | |||||||||||||||||||||
Income before income taxes | 182,259 | 170,894 | 187,000 | 194,017 | 195,169 | 166,766 | 185,984 | 159,703 | |||||||||||||||||||||||
Provision for income taxes | 15,014 | 13,650 | 19,468 | 20,266 | 183,224 | 179,251 | 20,325 | 14,232 | |||||||||||||||||||||||
Net income (loss) | $ | 167,245 | $ | 157,244 | $ | 167,532 | $ | 173,751 | $ | 11,945 | $ | (12,485 | ) | $ | 165,659 | $ | 145,471 | ||||||||||||||
Net income (loss) per common share: | |||||||||||||||||||||||||||||||
Basic | $ | 0.67 | $ | 0.63 | $ | 0.68 | $ | 0.70 | $ | 0.05 | $ | (0.05 | ) | $ | 0.65 | $ | 0.57 | ||||||||||||||
Diluted | $ | 0.63 | $ | 0.59 | $ | 0.65 | $ | 0.67 | $ | 0.05 | $ | (0.05 | ) | $ | 0.64 | $ | 0.56 | ||||||||||||||
Shares used in per share calculations: | |||||||||||||||||||||||||||||||
Basic | 247,911 | 247,911 | 248,094 | 248,094 | 254,089 | 254,089 | 254,559 | 254,559 | |||||||||||||||||||||||
Diluted | 265,797 | 265,797 | 258,217 | 258,217 | 258,108 | 254,089 | 257,916 | 257,916 |
Xilinx, Inc. | |||||||||||||||
Condensed Consolidated Balance Sheet Data | |||||||||||||||
(Unaudited) | |||||||||||||||
March 31, 2018 | April 1, 2017 | ||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||
Accounts receivable | $ | 372,144 | $ | 382,246 | $ | 243,915 | $ | 283,850 | |||||||
Other assets | 342,644 | 337,402 | 275,440 | 272,407 | |||||||||||
Deferred income on shipments to distributors | 25,166 | — | 54,567 | — | |||||||||||
Other accrued liabilities | 59,772 | 59,680 | 95,098 | 95,209 | |||||||||||
Deferred tax liabilities | 75 | 75 | 317,639 | 330,479 | |||||||||||
Retained earnings | 1,483,538 | 1,513,656 | 1,726,312 | 1,804,830 |