☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
2100 Logic Drive
|
|
77-0188631
|
(State or other jurisdiction of
incorporation or organization)
|
|
San Jose
|
|
(I.R.S. Employer
Identification No.)
|
|
|
California
|
|
95124
|
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value
|
XLNX
|
The Nasdaq Global Select Market
|
Large accelerated filer
|
x
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
☐
|
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. o
|
|
Class
|
|
Shares Outstanding as of October 11, 2019
|
Common Stock, $0.01 par value
|
|
251,467,392
|
|
|
|
|
PART I.
|
FINANCIAL INFORMATION
|
Item 1.
|
Financial Statements
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands, except per share amounts)
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||||||
Net revenues
|
$
|
833,366
|
|
|
$
|
746,252
|
|
|
$
|
1,682,998
|
|
|
$
|
1,430,622
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
287,372
|
|
|
231,620
|
|
|
570,872
|
|
|
438,508
|
|
||||
Amortization of acquisition-related intangibles
|
5,734
|
|
|
—
|
|
|
9,003
|
|
|
—
|
|
||||
Total cost of revenues
|
293,106
|
|
|
231,620
|
|
|
579,875
|
|
|
438,508
|
|
||||
Gross margin
|
540,260
|
|
|
514,632
|
|
|
1,103,123
|
|
|
992,114
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
222,979
|
|
|
183,372
|
|
|
427,079
|
|
|
354,198
|
|
||||
Selling, general and administrative
|
111,596
|
|
|
97,685
|
|
|
219,021
|
|
|
188,217
|
|
||||
Amortization of acquisition-related intangibles
|
2,169
|
|
|
839
|
|
|
2,569
|
|
|
1,199
|
|
||||
Total operating expenses
|
336,744
|
|
|
281,896
|
|
|
648,669
|
|
|
543,614
|
|
||||
Operating income
|
203,516
|
|
|
232,736
|
|
|
454,454
|
|
|
448,500
|
|
||||
Interest and other income, net
|
12,329
|
|
|
6,408
|
|
|
23,941
|
|
|
3,561
|
|
||||
Income before income taxes
|
215,845
|
|
|
239,144
|
|
|
478,395
|
|
|
452,061
|
|
||||
Provision (benefit) for income taxes
|
(11,148
|
)
|
|
23,432
|
|
|
9,943
|
|
|
46,311
|
|
||||
Net income
|
$
|
226,993
|
|
|
$
|
215,712
|
|
|
$
|
468,452
|
|
|
$
|
405,750
|
|
Net income per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.90
|
|
|
$
|
0.85
|
|
|
$
|
1.85
|
|
|
$
|
1.61
|
|
Diluted
|
$
|
0.89
|
|
|
$
|
0.84
|
|
|
$
|
1.83
|
|
|
$
|
1.59
|
|
Cash dividends per common share
|
$
|
0.37
|
|
|
$
|
0.36
|
|
|
$
|
0.74
|
|
|
$
|
0.72
|
|
Shares used in per share calculations:
|
|
|
|
|
|
|
|
||||||||
Basic
|
252,399
|
|
|
252,988
|
|
|
252,728
|
|
|
252,541
|
|
||||
Diluted
|
255,269
|
|
|
255,522
|
|
|
256,509
|
|
|
255,057
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands)
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||||||
Net income
|
$
|
226,993
|
|
|
$
|
215,712
|
|
|
$
|
468,452
|
|
|
$
|
405,750
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
Change in net unrealized gains (losses) on available-for-sale securities
|
1,961
|
|
|
(2,125
|
)
|
|
11,716
|
|
|
(3,785
|
)
|
||||
Reclassification adjustment for (gains) losses on available-for-sale securities
|
(366
|
)
|
|
1
|
|
|
(799
|
)
|
|
(50
|
)
|
||||
Change in unrealized gains (losses) on hedging transactions
|
(4,442
|
)
|
|
1,190
|
|
|
(4,013
|
)
|
|
(4,430
|
)
|
||||
Reclassification adjustment for (gains) losses on hedging transactions
|
1,329
|
|
|
(1,730
|
)
|
|
2,151
|
|
|
(2,171
|
)
|
||||
Cumulative translation adjustment, net
|
(2,146
|
)
|
|
(2,143
|
)
|
|
(2,781
|
)
|
|
(4,192
|
)
|
||||
Other comprehensive income (loss)
|
(3,664
|
)
|
|
(4,807
|
)
|
|
6,274
|
|
|
(14,628
|
)
|
||||
Total comprehensive income
|
$
|
223,329
|
|
|
$
|
210,905
|
|
|
$
|
474,726
|
|
|
$
|
391,122
|
|
(In thousands, except par value amounts)
|
September 28, 2019
|
|
March 30, 2019
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,603,813
|
|
|
$
|
1,544,490
|
|
Short-term investments
|
912,030
|
|
|
1,631,194
|
|
||
Accounts receivable, net
|
335,499
|
|
|
335,165
|
|
||
Inventories
|
335,258
|
|
|
315,358
|
|
||
Prepaid expenses and other current assets
|
71,400
|
|
|
65,771
|
|
||
Total current assets
|
3,258,000
|
|
|
3,891,978
|
|
||
Property, plant and equipment, at cost
|
960,101
|
|
|
902,993
|
|
||
Accumulated depreciation and amortization
|
(597,941
|
)
|
|
(574,064
|
)
|
||
Net property, plant and equipment
|
362,160
|
|
|
328,929
|
|
||
Long-term investments
|
—
|
|
|
53,433
|
|
||
Goodwill
|
620,852
|
|
|
340,718
|
|
||
Acquisition-related intangibles, net
|
220,057
|
|
|
80,723
|
|
||
Other assets
|
558,829
|
|
|
455,567
|
|
||
Total Assets
|
$
|
5,019,898
|
|
|
$
|
5,151,348
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
107,105
|
|
|
$
|
117,491
|
|
Accrued payroll and related liabilities
|
246,310
|
|
|
247,268
|
|
||
Income taxes payable
|
17,176
|
|
|
28,718
|
|
||
Other accrued liabilities
|
135,237
|
|
|
81,559
|
|
||
Total current liabilities
|
505,828
|
|
|
475,036
|
|
||
Long-term debt
|
1,245,631
|
|
|
1,234,807
|
|
||
Long-term income taxes payable
|
476,641
|
|
|
515,192
|
|
||
Other long-term liabilities
|
95,893
|
|
|
64,804
|
|
||
Commitments and contingencies (Note 17)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $.01 par value (none issued and outstanding)
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value
|
2,515
|
|
|
2,539
|
|
||
Additional paid-in capital
|
978,222
|
|
|
1,005,411
|
|
||
Retained earnings
|
1,732,304
|
|
|
1,876,969
|
|
||
Accumulated other comprehensive loss
|
(17,136
|
)
|
|
(23,410
|
)
|
||
Total stockholders’ equity
|
2,695,905
|
|
|
2,861,509
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
5,019,898
|
|
|
$
|
5,151,348
|
|
|
Six Months Ended
|
||||||
(In thousands)
|
September 28, 2019
|
|
September 29, 2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
468,452
|
|
|
$
|
405,750
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization of software
|
42,551
|
|
|
31,123
|
|
||
Amortization - others
|
22,050
|
|
|
15,477
|
|
||
Stock-based compensation
|
92,575
|
|
|
70,553
|
|
||
Benefit for deferred income taxes
|
11,342
|
|
|
4,825
|
|
||
Others
|
(19,580
|
)
|
|
2,475
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
5,523
|
|
|
9,263
|
|
||
Inventories
|
(14,675
|
)
|
|
(6,887
|
)
|
||
Prepaid expenses and other current assets
|
(1,860
|
)
|
|
(5,744
|
)
|
||
Other assets
|
(12,539
|
)
|
|
(17,616
|
)
|
||
Accounts payable
|
(19,786
|
)
|
|
4,525
|
|
||
Accrued liabilities
|
21
|
|
|
13,116
|
|
||
Income taxes payable
|
(52,164
|
)
|
|
(37,569
|
)
|
||
Net cash provided by operating activities
|
521,910
|
|
|
489,291
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of available-for-sale securities
|
(671,515
|
)
|
|
(819,512
|
)
|
||
Proceeds from sale and maturity of available-for-sale and equity securities
|
1,458,286
|
|
|
780,567
|
|
||
Purchases of property, plant and equipment and software
|
(62,842
|
)
|
|
(40,533
|
)
|
||
Other investing activities
|
(5,453
|
)
|
|
(25,277
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(454,613
|
)
|
|
(223,535
|
)
|
||
Net cash provided by (used in) investing activities
|
263,863
|
|
|
(328,290
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repurchases of common stock
|
(477,245
|
)
|
|
(160,536
|
)
|
||
Taxes paid related to net share settlements of restricted stock units
|
(71,778
|
)
|
|
(39,494
|
)
|
||
Proceeds from issuance of common stock through various stock plans
|
19,802
|
|
|
18,416
|
|
||
Payment of dividends to stockholders
|
(187,445
|
)
|
|
(181,752
|
)
|
||
Other financing activities
|
(9,784
|
)
|
|
(2,325
|
)
|
||
Net cash used in financing activities
|
(726,450
|
)
|
|
(365,691
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
59,323
|
|
|
(204,690
|
)
|
||
Cash and cash equivalents at beginning of period
|
1,544,490
|
|
|
2,179,328
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,603,813
|
|
|
$
|
1,974,638
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Interest paid
|
$
|
30,513
|
|
|
$
|
33,986
|
|
Income taxes paid, net
|
$
|
50,332
|
|
|
$
|
78,948
|
|
Three Months Ended September 28, 2019
|
Common Stock
Outstanding
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other Comprehensive
Income (Loss)
|
|
Total
Stockholders' Equity |
|||||||||||||
(In thousands, except per share amounts)
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance as of June 29, 2019
|
251,020
|
|
|
$
|
2,510
|
|
|
$
|
880,305
|
|
|
$
|
1,743,241
|
|
|
$
|
(13,472
|
)
|
|
$
|
2,612,584
|
|
Components of comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
226,993
|
|
|
—
|
|
|
226,993
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,664
|
)
|
|
(3,664
|
)
|
|||||
Tax withholding related to vesting of restricted stock units and other
|
1,921
|
|
|
20
|
|
|
(47,876
|
)
|
|
—
|
|
|
—
|
|
|
(47,856
|
)
|
|||||
Repurchase and retirement of common stock, including settlement of stock repurchase agreement
|
(1,475
|
)
|
|
(15
|
)
|
|
95,971
|
|
|
(144,446
|
)
|
|
—
|
|
|
(48,490
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
49,822
|
|
|
—
|
|
|
—
|
|
|
49,822
|
|
|||||
Cash dividends declared ($0.37 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(93,484
|
)
|
|
—
|
|
|
(93,484
|
)
|
|||||
Balance as of September 28, 2019
|
251,466
|
|
|
$
|
2,515
|
|
|
$
|
978,222
|
|
|
$
|
1,732,304
|
|
|
$
|
(17,136
|
)
|
|
$
|
2,695,905
|
|
Six Months Ended September 28, 2019
|
Common Stock
Outstanding
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other Comprehensive
Income (Loss)
|
|
Total
Stockholders' Equity |
|||||||||||||
(In thousands, except per share amounts)
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance as of March 30, 2019
|
253,891
|
|
|
$
|
2,539
|
|
|
$
|
1,005,411
|
|
|
$
|
1,876,969
|
|
|
$
|
(23,410
|
)
|
|
$
|
2,861,509
|
|
Components of comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
468,452
|
|
|
—
|
|
|
468,452
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,274
|
|
|
6,274
|
|
|||||
Tax withholding related to vesting of restricted stock units and other
|
2,018
|
|
|
20
|
|
|
(51,996
|
)
|
|
—
|
|
|
—
|
|
|
(51,976
|
)
|
|||||
Repurchase and retirement of common stock
|
(4,443
|
)
|
|
(44
|
)
|
|
(67,768
|
)
|
|
(425,672
|
)
|
|
—
|
|
|
(493,484
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
92,575
|
|
|
—
|
|
|
—
|
|
|
92,575
|
|
|||||
Cash dividends declared ($0.74 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(187,445
|
)
|
|
—
|
|
|
(187,445
|
)
|
|||||
Balance as of September 28, 2019
|
251,466
|
|
|
$
|
2,515
|
|
|
$
|
978,222
|
|
|
$
|
1,732,304
|
|
|
$
|
(17,136
|
)
|
|
$
|
2,695,905
|
|
Three Months Ended September 29, 2018
|
Common Stock
Outstanding
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other Comprehensive
Income (Loss)
|
|
Total
Stockholders' Equity |
|||||||||||||
(In thousands, except per share amounts)
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2018
|
251,450
|
|
|
$
|
2,515
|
|
|
$
|
894,588
|
|
|
$
|
1,457,467
|
|
|
$
|
(35,931
|
)
|
|
$
|
2,318,639
|
|
Components of comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
215,712
|
|
|
—
|
|
|
215,712
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,807
|
)
|
|
(4,807
|
)
|
|||||
Tax withholding related to vesting of restricted stock units and other
|
1,921
|
|
|
19
|
|
|
(15,816
|
)
|
|
—
|
|
|
—
|
|
|
(15,797
|
)
|
|||||
Repurchase and retirement of common stock
|
(352
|
)
|
|
(4
|
)
|
|
(7,099
|
)
|
|
(5,626
|
)
|
|
—
|
|
|
(12,729
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
34,945
|
|
|
—
|
|
|
—
|
|
|
34,945
|
|
|||||
Cash dividends declared ($0.36 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(91,077
|
)
|
|
—
|
|
|
(91,077
|
)
|
|||||
Balance as of September 29, 2018
|
253,019
|
|
|
$
|
2,530
|
|
|
$
|
906,618
|
|
|
$
|
1,576,476
|
|
|
$
|
(40,738
|
)
|
|
$
|
2,444,886
|
|
Six Months Ended September 29, 2018
|
Common Stock
Outstanding
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other Comprehensive
Income (Loss)
|
|
Total
Stockholders' Equity |
|||||||||||||
(In thousands, except per share amounts)
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2018
|
253,377
|
|
|
$
|
2,534
|
|
|
$
|
878,672
|
|
|
$
|
1,513,656
|
|
|
$
|
(34,509
|
)
|
|
$
|
2,360,353
|
|
Components of comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
405,750
|
|
|
—
|
|
|
405,750
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,628
|
)
|
|
(14,628
|
)
|
|||||
Cumulative-effect of equity investments adoption
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,399
|
)
|
|
8,399
|
|
|
—
|
|
|||||
Tax withholding related to vesting of restricted stock units and other
|
2,064
|
|
|
21
|
|
|
(21,099
|
)
|
|
—
|
|
|
—
|
|
|
(21,078
|
)
|
|||||
Repurchase and retirement of common stock
|
(2,422
|
)
|
|
(25
|
)
|
|
(21,508
|
)
|
|
(139,003
|
)
|
|
—
|
|
|
(160,536
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
70,553
|
|
|
—
|
|
|
—
|
|
|
70,553
|
|
|||||
Cumulative-effect of deferred tax from intra-entity asset transfer adoption
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,776
|
)
|
|
—
|
|
|
(13,776
|
)
|
|||||
Cash dividends declared ($0.72 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(181,752
|
)
|
|
—
|
|
|
(181,752
|
)
|
|||||
Balance as of September 29, 2018
|
253,019
|
|
|
$
|
2,530
|
|
|
$
|
906,618
|
|
|
$
|
1,576,476
|
|
|
$
|
(40,738
|
)
|
|
$
|
2,444,886
|
|
Note 1.
|
Basis of Presentation
|
Note 2.
|
Recent Accounting Changes and Accounting Pronouncements
|
Note 3.
|
Significant Customers and Concentrations of Credit Risk
|
Note 4.
|
Fair Value Measurements
|
|
|
September 28, 2019
|
||||||||||||||
(In thousands)
|
|
Quoted
Prices in Active Markets for Identical Instruments (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Total Fair
Value |
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
|
$
|
648,128
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
648,128
|
|
Financial institution securities
|
|
—
|
|
|
205,479
|
|
|
—
|
|
|
205,479
|
|
||||
Non-financial institution securities
|
|
—
|
|
|
228,792
|
|
|
—
|
|
|
228,792
|
|
||||
U.S. government and agency securities
|
|
114,800
|
|
|
41,491
|
|
|
—
|
|
|
156,291
|
|
||||
Foreign government and agency securities
|
|
—
|
|
|
199,733
|
|
|
—
|
|
|
199,733
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
|
||||||||
Financial institution securities
|
|
—
|
|
|
225,000
|
|
|
—
|
|
|
225,000
|
|
||||
Non-financial institution securities
|
|
—
|
|
|
45,422
|
|
|
—
|
|
|
45,422
|
|
||||
U.S. government and agency securities
|
|
20,479
|
|
|
28,103
|
|
|
—
|
|
|
48,582
|
|
||||
Foreign government and agency securities
|
|
—
|
|
|
29,875
|
|
|
—
|
|
|
29,875
|
|
||||
Mortgage-backed securities
|
|
—
|
|
|
446,303
|
|
|
—
|
|
|
446,303
|
|
||||
Asset-backed securities
|
|
—
|
|
|
26,360
|
|
|
—
|
|
|
26,360
|
|
||||
Commercial mortgage-backed securities
|
|
—
|
|
|
73,293
|
|
|
—
|
|
|
73,293
|
|
||||
Debt mutual fund
|
|
—
|
|
|
17,195
|
|
|
—
|
|
|
17,195
|
|
||||
Total assets measured at fair value
|
|
$
|
783,407
|
|
|
$
|
1,567,046
|
|
|
$
|
—
|
|
|
$
|
2,350,453
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative financial instruments, net
|
|
$
|
—
|
|
|
$
|
1,090
|
|
|
$
|
—
|
|
|
$
|
1,090
|
|
Total liabilities measured at fair value
|
|
$
|
—
|
|
|
$
|
1,090
|
|
|
$
|
—
|
|
|
$
|
1,090
|
|
Net assets measured at fair value
|
|
$
|
783,407
|
|
|
$
|
1,565,956
|
|
|
$
|
—
|
|
|
$
|
2,349,363
|
|
|
March 30, 2019
|
||||||||||||||
(In thousands)
|
Quoted
Prices in Active Markets for Identical Instruments (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Total Fair
Value |
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
428,150
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
428,150
|
|
Financial institution securities
|
—
|
|
|
287,945
|
|
|
—
|
|
|
287,945
|
|
||||
Non-financial institution securities
|
—
|
|
|
461,884
|
|
|
—
|
|
|
461,884
|
|
||||
U.S. government and agency securities
|
149,578
|
|
|
53,520
|
|
|
—
|
|
|
203,098
|
|
||||
Foreign government and agency securities
|
—
|
|
|
99,750
|
|
|
—
|
|
|
99,750
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
|
|||||||
Financial institution securities
|
—
|
|
|
249,850
|
|
|
—
|
|
|
249,850
|
|
||||
Non-financial institution securities
|
—
|
|
|
240,040
|
|
|
—
|
|
|
240,040
|
|
||||
U.S. government and agency securities
|
93,149
|
|
|
37,838
|
|
|
—
|
|
|
130,987
|
|
||||
Foreign government and agency securities
|
—
|
|
|
114,705
|
|
|
—
|
|
|
114,705
|
|
||||
Mortgage-backed securities
|
—
|
|
|
670,770
|
|
|
—
|
|
|
670,770
|
|
||||
Debt mutual fund
|
—
|
|
|
31,934
|
|
|
—
|
|
|
31,934
|
|
||||
Asset-backed securities
|
—
|
|
|
76,369
|
|
|
—
|
|
|
76,369
|
|
||||
Commercial mortgage-backed securities
|
—
|
|
|
116,539
|
|
|
—
|
|
|
116,539
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
|
|||||||
Debt mutual fund
|
—
|
|
|
53,433
|
|
|
—
|
|
|
53,433
|
|
||||
Total assets measured at fair value
|
$
|
670,877
|
|
|
$
|
2,494,577
|
|
|
$
|
—
|
|
|
$
|
3,165,454
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments, net
|
$
|
—
|
|
|
$
|
9,009
|
|
|
$
|
—
|
|
|
$
|
9,009
|
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
9,009
|
|
|
$
|
—
|
|
|
$
|
9,009
|
|
Net assets measured at fair value
|
$
|
670,877
|
|
|
$
|
2,485,568
|
|
|
$
|
—
|
|
|
$
|
3,156,445
|
|
Note 5.
|
Financial Instruments
|
|
September 28, 2019
|
|
|
March 30, 2019
|
||||||||||||||||||||||||||||
(In thousands)
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||||||||||||
Money market funds
|
$
|
648,128
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
648,128
|
|
|
|
$
|
428,150
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
428,150
|
|
Financial institution
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
securities
|
430,479
|
|
|
—
|
|
|
—
|
|
|
430,479
|
|
|
|
537,795
|
|
|
—
|
|
|
—
|
|
|
537,795
|
|
||||||||
Non-financial institution
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
securities
|
274,264
|
|
|
10
|
|
|
(60
|
)
|
|
274,214
|
|
|
|
702,483
|
|
|
3
|
|
|
(562
|
)
|
|
701,924
|
|
||||||||
U.S. government and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
agency securities
|
204,866
|
|
|
30
|
|
|
(23
|
)
|
|
204,873
|
|
|
|
334,185
|
|
|
39
|
|
|
(139
|
)
|
|
334,085
|
|
||||||||
Foreign government and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
agency securities
|
229,608
|
|
|
—
|
|
|
—
|
|
|
229,608
|
|
|
|
214,455
|
|
|
—
|
|
|
—
|
|
|
214,455
|
|
||||||||
Mortgage-backed securities
|
448,154
|
|
|
1,567
|
|
|
(3,418
|
)
|
|
446,303
|
|
|
|
684,596
|
|
|
809
|
|
|
(14,635
|
)
|
|
670,770
|
|
||||||||
Asset-backed securities
|
26,388
|
|
|
18
|
|
|
(46
|
)
|
|
26,360
|
|
|
|
76,852
|
|
|
—
|
|
|
(483
|
)
|
|
76,369
|
|
||||||||
Commercial mortgage-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
backed securities
|
73,691
|
|
|
41
|
|
|
(439
|
)
|
|
73,293
|
|
|
|
118,115
|
|
|
42
|
|
|
(1,618
|
)
|
|
116,539
|
|
||||||||
|
$
|
2,335,578
|
|
|
$
|
1,666
|
|
|
$
|
(3,986
|
)
|
|
$
|
2,333,258
|
|
|
|
$
|
3,096,631
|
|
|
$
|
893
|
|
|
$
|
(17,437
|
)
|
|
$
|
3,080,087
|
|
|
September 28, 2019
|
||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
||||||||||||
Non-financial institution securities
|
$
|
3,705
|
|
|
$
|
(10
|
)
|
|
$
|
4,184
|
|
|
$
|
(50
|
)
|
|
$
|
7,889
|
|
|
$
|
(60
|
)
|
U.S. government and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
agency securities
|
9,981
|
|
|
(2
|
)
|
|
13,127
|
|
|
(21
|
)
|
|
23,108
|
|
|
(23
|
)
|
||||||
Mortgage-backed securities
|
76,433
|
|
|
(277
|
)
|
|
236,370
|
|
|
(3,141
|
)
|
|
312,803
|
|
|
(3,418
|
)
|
||||||
Asset-backed securities
|
3,180
|
|
|
(4
|
)
|
|
18,583
|
|
|
(42
|
)
|
|
21,763
|
|
|
(46
|
)
|
||||||
Commercial mortgage-
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
backed securities
|
11,879
|
|
|
(24
|
)
|
|
45,714
|
|
|
(415
|
)
|
|
57,593
|
|
|
(439
|
)
|
||||||
|
$
|
105,178
|
|
|
$
|
(317
|
)
|
|
$
|
317,978
|
|
|
$
|
(3,669
|
)
|
|
$
|
423,156
|
|
|
$
|
(3,986
|
)
|
|
March 30, 2019
|
||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
||||||||||||
Non-financial institution securities
|
$
|
4,767
|
|
|
$
|
(4
|
)
|
|
$
|
51,044
|
|
|
$
|
(558
|
)
|
|
$
|
55,811
|
|
|
$
|
(562
|
)
|
U.S. government and
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
agency securities
|
—
|
|
|
—
|
|
|
13,542
|
|
|
(139
|
)
|
|
13,542
|
|
|
(139
|
)
|
||||||
Mortgage-backed securities
|
34,595
|
|
|
(480
|
)
|
|
597,394
|
|
|
(14,155
|
)
|
|
631,989
|
|
|
(14,635
|
)
|
||||||
Asset-backed securities
|
—
|
|
|
—
|
|
|
76,103
|
|
|
(483
|
)
|
|
76,103
|
|
|
(483
|
)
|
||||||
Commercial mortgage-
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
backed securities
|
1,354
|
|
|
(3
|
)
|
|
112,294
|
|
|
(1,615
|
)
|
|
113,648
|
|
|
(1,618
|
)
|
||||||
|
$
|
40,716
|
|
|
$
|
(487
|
)
|
|
$
|
850,377
|
|
|
$
|
(16,950
|
)
|
|
$
|
891,093
|
|
|
$
|
(17,437
|
)
|
|
September 28, 2019
|
||||||
(In thousands)
|
Amortized
Cost |
|
Estimated
Fair Value |
||||
Due in one year or less
|
$
|
1,134,474
|
|
|
$
|
1,134,470
|
|
Due after one year through five years
|
50,267
|
|
|
50,118
|
|
||
Due after five years through ten years
|
100,199
|
|
|
100,173
|
|
||
Due after ten years
|
402,510
|
|
|
400,369
|
|
||
|
$
|
1,687,450
|
|
|
$
|
1,685,130
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands)
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||||||
Proceeds from sale of available-for-sale securities
|
$
|
143,529
|
|
|
$
|
7
|
|
|
$
|
299,623
|
|
|
$
|
903
|
|
Gross realized gains on sale of available-for-sale securities
|
$
|
607
|
|
|
$
|
—
|
|
|
$
|
1,212
|
|
|
$
|
96
|
|
Gross realized losses on sale of available-for-sale securities
|
(133
|
)
|
|
(1
|
)
|
|
(172
|
)
|
|
(48
|
)
|
||||
Net realized gains (losses) on sale of available-for-sale securities
|
$
|
474
|
|
|
$
|
(1
|
)
|
|
$
|
1,040
|
|
|
$
|
48
|
|
Amortization of premiums on available-for-sale securities
|
$
|
1,636
|
|
|
$
|
2,645
|
|
|
$
|
2,347
|
|
|
$
|
5,136
|
|
Note 6.
|
Derivative Financial Instruments
|
Note 7.
|
Stock-Based Compensation Plans
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands)
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||||||
Stock-based compensation included in:
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
$
|
2,812
|
|
|
$
|
2,249
|
|
|
$
|
5,425
|
|
|
$
|
4,284
|
|
Research and development
|
29,702
|
|
|
20,047
|
|
|
54,576
|
|
|
40,977
|
|
||||
Selling, general and administrative
|
17,308
|
|
|
12,649
|
|
|
32,574
|
|
|
25,292
|
|
||||
|
$
|
49,822
|
|
|
$
|
34,945
|
|
|
$
|
92,575
|
|
|
$
|
70,553
|
|
|
RSUs Outstanding
|
|||||
(Shares in thousands)
|
Number of Shares
|
|
Weighted-Average Grant-Date Fair Value Per Share
|
|||
March 31, 2018
|
6,989
|
|
|
$
|
51.39
|
|
Granted
|
3,559
|
|
|
$
|
66.94
|
|
Vested
|
(2,681
|
)
|
|
$
|
49.05
|
|
Cancelled
|
(536
|
)
|
|
$
|
55.09
|
|
March 30, 2019
|
7,331
|
|
|
$
|
59.54
|
|
Granted
|
2,556
|
|
|
$
|
111.20
|
|
Vested
|
(2,405
|
)
|
|
$
|
53.40
|
|
Cancelled
|
(172
|
)
|
|
$
|
69.99
|
|
September 28, 2019
|
7,310
|
|
|
$
|
79.38
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||
Risk-free interest rate
|
1.8
|
%
|
|
2.7
|
%
|
|
1.8
|
%
|
|
2.7
|
%
|
Dividend yield
|
1.3
|
%
|
|
2.2
|
%
|
|
1.3
|
%
|
|
2.2
|
%
|
|
2020
|
|
2019
|
||
Expected life of options (years)
|
1.25
|
|
|
1.25
|
|
Expected stock price volatility
|
0.37
|
|
|
0.29
|
|
Risk-free interest rate
|
1.9
|
%
|
|
2.5
|
%
|
Dividend yield
|
1.3
|
%
|
|
2.0
|
%
|
Note 8.
|
Net Income Per Common Share
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands, except per share amounts)
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||||||
Net income available to common stockholders
|
$
|
226,993
|
|
|
$
|
215,712
|
|
|
$
|
468,452
|
|
|
$
|
405,750
|
|
Weighted average common shares outstanding-basic
|
252,399
|
|
|
252,988
|
|
|
252,728
|
|
|
252,541
|
|
||||
Dilutive effect of employee equity incentive plans
|
2,870
|
|
|
2,534
|
|
|
3,781
|
|
|
2,516
|
|
||||
Weighted average common shares outstanding-diluted
|
255,269
|
|
|
255,522
|
|
|
256,509
|
|
|
255,057
|
|
||||
Basic net income per common share
|
$
|
0.90
|
|
|
$
|
0.85
|
|
|
$
|
1.85
|
|
|
$
|
1.61
|
|
Diluted net income per common share
|
$
|
0.89
|
|
|
$
|
0.84
|
|
|
$
|
1.83
|
|
|
$
|
1.59
|
|
Note 9.
|
Inventories
|
(In thousands)
|
September 28, 2019
|
|
March 30, 2019
|
||||
Raw materials
|
$
|
42,186
|
|
|
$
|
39,727
|
|
Work-in-process
|
244,757
|
|
|
213,784
|
|
||
Finished goods
|
48,315
|
|
|
61,847
|
|
||
|
$
|
335,258
|
|
|
$
|
315,358
|
|
Note 10.
|
Debt and Credit Facility
|
|
|
|
|
||||
(In thousands)
|
September 28, 2019
|
|
March 30, 2019
|
||||
Principal amount of the 2021 Notes
|
$
|
500,000
|
|
|
$
|
500,000
|
|
Unamortized discount of the 2021 Notes
|
(792
|
)
|
|
(1,063
|
)
|
||
Unamortized debt issuance costs associated with 2021 Notes
|
(345
|
)
|
|
(467
|
)
|
||
Carrying value of the 2021 Notes
|
$
|
498,863
|
|
|
$
|
498,470
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands)
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||||||
Contractual coupon interest
|
$
|
3,750
|
|
|
$
|
3,750
|
|
|
$
|
7,500
|
|
|
$
|
7,500
|
|
Amortization of debt issuance costs
|
61
|
|
|
61
|
|
|
122
|
|
|
122
|
|
||||
Amortization of debt discount, net
|
136
|
|
|
131
|
|
|
271
|
|
|
263
|
|
||||
Total interest expense related to the 2021 Notes
|
$
|
3,947
|
|
|
$
|
3,942
|
|
|
$
|
7,893
|
|
|
$
|
7,885
|
|
(In thousands)
|
September 28, 2019
|
|
March 30, 2019
|
||||
Principal amount of the 2024 Notes
|
$
|
750,000
|
|
|
$
|
750,000
|
|
Unamortized discount of the 2024 Notes
|
(584
|
)
|
|
(642
|
)
|
||
Unamortized debt issuance costs associated with 2024 Notes
|
(2,648
|
)
|
|
(2,932
|
)
|
||
Carrying Value of the 2024 Notes
|
$
|
746,768
|
|
|
$
|
746,426
|
|
Fair value hedge adjustment — interest rate swap contracts
|
—
|
|
|
(10,089
|
)
|
||
Net carrying value of the 2024 Notes
|
$
|
746,768
|
|
|
$
|
736,337
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands)
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||||||
Contractual coupon interest (including interest rate swap, net)
|
$
|
5,444
|
|
|
$
|
6,174
|
|
|
$
|
11,986
|
|
|
$
|
12,556
|
|
Amortization of debt issuance costs
|
142
|
|
|
142
|
|
|
284
|
|
|
284
|
|
||||
Amortization of debt discount, net
|
29
|
|
|
27
|
|
|
58
|
|
|
56
|
|
||||
Total interest expense related to the 2024 Notes
|
$
|
5,615
|
|
|
$
|
6,343
|
|
|
$
|
12,328
|
|
|
$
|
12,896
|
|
Note 12.
|
Interest and Other Income, Net
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands)
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||||||
Interest income
|
$
|
13,813
|
|
|
$
|
17,350
|
|
|
$
|
31,801
|
|
|
$
|
34,748
|
|
Interest expense
|
(9,562
|
)
|
|
(13,164
|
)
|
|
(20,693
|
)
|
|
(26,536
|
)
|
||||
Other income (expense), net
|
8,078
|
|
|
2,222
|
|
|
12,833
|
|
|
(4,651
|
)
|
||||
Total interest and other income, net
|
$
|
12,329
|
|
|
$
|
6,408
|
|
|
$
|
23,941
|
|
|
$
|
3,561
|
|
Note 13.
|
Accumulated Other Comprehensive Loss
|
(In thousands)
|
September 28, 2019
|
|
March 30, 2019
|
||||
Accumulated unrealized losses on available-for-sale securities, net of tax
|
$
|
(1,808
|
)
|
|
$
|
(12,725
|
)
|
Accumulated unrealized gains (losses) on hedging transactions, net of tax
|
(1,767
|
)
|
|
95
|
|
||
Accumulated cumulative translation adjustment, net of tax
|
(13,561
|
)
|
|
(10,780
|
)
|
||
Total accumulated other comprehensive loss
|
$
|
(17,136
|
)
|
|
$
|
(23,410
|
)
|
Note 14.
|
Income Taxes
|
Note 15.
|
Leases and Commitments
|
Fiscal
|
(In thousands)
|
||
2020 (remaining six months)
|
$
|
6,631
|
|
2021
|
11,382
|
|
|
2022
|
10,100
|
|
|
2023
|
6,778
|
|
|
2024
|
6,118
|
|
|
Thereafter
|
35,505
|
|
|
Total lease payments
|
76,514
|
|
|
Less: Imputed interest
|
(17,507
|
)
|
|
Total lease liabilities
|
$
|
59,007
|
|
(In thousands)
|
September 28, 2019
|
||
Other assets
|
$
|
57,328
|
|
Other accrued liabilities
|
10,218
|
|
|
Other long-term liabilities
|
48,789
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
(In thousands)
|
September 28, 2019
|
|
September 28, 2019
|
||||
Operating lease cost
|
$
|
4,334
|
|
|
$
|
8,606
|
|
Lease income
|
(671
|
)
|
|
(1,467
|
)
|
||
Total lease cost
|
$
|
3,663
|
|
|
$
|
7,139
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
(In thousands)
|
September 28, 2019
|
|
September 28, 2019
|
||||
Cash paid for operating leases included in operating cash flows
|
$
|
2,947
|
|
|
$
|
6,079
|
|
|
September 28, 2019
|
|
Weighted-average remaining lease term - operating leases (in years)
|
7.9
|
|
Weighted-average remaining discount rate - operating leases
|
5.8
|
%
|
Note 16.
|
Product Warranty and Indemnification
|
Note 17.
|
Contingencies
|
Note 18.
|
Goodwill and Acquisition-Related Intangibles
|
|
|
|
|
|
|
|
Weighted-Average
|
||
(In thousands)
|
September 28, 2019
|
|
March 30, 2019
|
|
Amortization Life
|
||||
Goodwill
|
$
|
620,852
|
|
|
$
|
340,718
|
|
|
|
Core technology, gross
|
$
|
201,216
|
|
|
$
|
107,250
|
|
|
|
Less accumulated amortization
|
(91,614
|
)
|
|
(82,611
|
)
|
|
|
||
Core technology, net
|
109,602
|
|
|
24,639
|
|
|
4.4 years
|
||
Other intangibles, gross
|
95,759
|
|
|
51,016
|
|
|
|
||
Less accumulated amortization
|
(50,211
|
)
|
|
(47,642
|
)
|
|
|
||
Other intangibles, net
|
45,548
|
|
|
3,374
|
|
|
4.3 years
|
||
|
|
|
|
|
|
||||
In-process research and development
|
64,907
|
|
|
52,710
|
|
|
|
||
Total acquisition-related intangibles, gross
|
361,882
|
|
|
210,976
|
|
|
|
||
Less total accumulated amortization
|
(141,825
|
)
|
|
(130,253
|
)
|
|
|
||
Total acquisition-related intangibles, net
|
$
|
220,057
|
|
|
$
|
80,723
|
|
|
|
Fiscal
|
(In thousands)
|
||
2020 (remaining six months)
|
$
|
18,359
|
|
2021
|
36,696
|
|
|
2022
|
34,217
|
|
|
2023
|
32,207
|
|
|
2024
|
27,860
|
|
|
Thereafter
|
5,811
|
|
|
Total
|
$
|
155,150
|
|
Note 19.
|
Segment Information
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In thousands)
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||||||
North America
|
$
|
233,576
|
|
|
$
|
207,837
|
|
|
$
|
432,407
|
|
|
$
|
401,280
|
|
Asia Pacific
|
422,891
|
|
|
326,875
|
|
|
854,072
|
|
|
630,767
|
|
||||
Europe
|
123,845
|
|
|
153,493
|
|
|
277,133
|
|
|
285,422
|
|
||||
Japan
|
53,054
|
|
|
58,047
|
|
|
119,386
|
|
|
113,153
|
|
||||
Total net revenues
|
$
|
833,366
|
|
|
$
|
746,252
|
|
|
$
|
1,682,998
|
|
|
$
|
1,430,622
|
|
Note 20.
|
Business Combination
|
|
Amount
|
||
|
(In thousands)
|
||
Cash and cash equivalents
|
$
|
6,765
|
|
Tangible assets
|
19,631
|
|
|
Deferred tax assets
|
44,016
|
|
|
Identifiable intangible assets
|
106,000
|
|
|
Goodwill
|
239,197
|
|
|
Current liabilities
|
(10,624
|
)
|
|
Non-current liabilities
|
(4,238
|
)
|
|
Total
|
$
|
400,747
|
|
|
Amount
|
|
Amortization Life
|
||
|
(In thousands)
|
|
|
||
Trade names & trademarks
|
$
|
2,000
|
|
|
2.0 years
|
Developed technology
|
34,000
|
|
|
5.0 years
|
|
Customer relationships
|
40,000
|
|
|
5.0 years
|
|
In-process research and development
|
30,000
|
|
|
N/A
|
|
Total identifiable intangible assets
|
$
|
106,000
|
|
|
|
Note 21.
|
Subsequent Events
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
||||
Net revenues
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of revenues:
|
|
|
|
|
|
|
|
||||
Cost of products sold
|
34.5
|
|
|
31.0
|
|
|
33.9
|
|
|
30.7
|
|
Amortization of acquisition-related intangibles
|
0.7
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
Total cost of revenues
|
35.2
|
|
|
31.0
|
|
|
34.5
|
|
|
30.7
|
|
Gross margin
|
64.8
|
|
|
69.0
|
|
|
65.5
|
|
|
69.3
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|||
Research and development
|
26.7
|
|
|
24.6
|
|
|
25.4
|
|
|
24.7
|
|
Selling, general and administrative
|
13.4
|
|
|
13.1
|
|
|
13.0
|
|
|
13.1
|
|
Amortization of acquisition-related intangibles
|
0.3
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Total operating expenses
|
40.4
|
|
|
37.8
|
|
|
38.5
|
|
|
37.9
|
|
Operating income
|
24.4
|
|
|
31.2
|
|
|
27.0
|
|
|
31.4
|
|
Interest and other income, net
|
1.5
|
|
|
0.8
|
|
|
1.4
|
|
|
0.2
|
|
Income before income taxes
|
25.9
|
|
|
32.0
|
|
|
28.4
|
|
|
31.6
|
|
Provision (benefit) for income taxes
|
(1.3
|
)
|
|
3.1
|
|
|
0.6
|
|
|
3.2
|
|
Net income
|
27.2
|
%
|
|
28.9
|
%
|
|
27.8
|
%
|
|
28.4
|
%
|
•
|
Advanced Products include our most recent product offerings and consist of the UltraScale+, UltraScale and 7-series product families and our Alveo boards products.
|
•
|
Core Products consist of all other product families.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions)
|
September 28, 2019
|
|
% Change
|
|
September 29, 2018
|
|
September 28, 2019
|
|
% Change
|
|
September 29, 2018
|
||||||||||
Advanced Products
|
$
|
617.7
|
|
|
29
|
|
|
$
|
479.7
|
|
|
$
|
1,204.5
|
|
|
39
|
|
|
$
|
863.6
|
|
Core Products
|
215.7
|
|
|
(19
|
)
|
|
266.6
|
|
|
478.5
|
|
|
(16
|
)
|
|
567.0
|
|
||||
Total net revenues
|
$
|
833.4
|
|
|
12
|
|
|
$
|
746.3
|
|
|
$
|
1,683.0
|
|
|
18
|
|
|
$
|
1,430.6
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(% of total net revenues)
|
September 28, 2019
|
|
% Change in Dollars
|
|
September 29, 2018
|
|
September 28, 2019
|
|
% Change in Dollars
|
|
September 29, 2018
|
||||
AIT
|
36
|
%
|
|
7
|
|
38
|
%
|
|
38
|
%
|
|
8
|
|
41
|
%
|
Automotive, Broadcast and Consumer
|
16
|
|
|
9
|
|
16
|
|
|
15
|
|
|
10
|
|
16
|
|
Wired and Wireless
|
38
|
|
|
24
|
|
35
|
|
|
40
|
|
|
43
|
|
33
|
|
Data Center
|
10
|
|
|
24
|
|
9
|
|
|
7
|
|
|
8
|
|
8
|
|
Channel Revenue
|
—
|
|
|
NM*
|
|
2
|
|
|
—
|
|
|
NM*
|
|
2
|
|
Total net revenues
|
100
|
%
|
|
12
|
|
100
|
%
|
|
100
|
%
|
|
18
|
|
100
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions)
|
September 28, 2019
|
|
% Change
|
|
September 29, 2018
|
|
September 28, 2019
|
|
% Change
|
|
September 29, 2018
|
||||||||||
North America
|
$
|
233.6
|
|
|
12
|
|
|
$
|
207.9
|
|
|
$
|
432.4
|
|
|
8
|
|
|
$
|
401.3
|
|
Asia Pacific
|
422.9
|
|
|
29
|
|
|
326.9
|
|
|
854.1
|
|
|
35
|
|
|
630.8
|
|
||||
Europe
|
123.8
|
|
|
(19
|
)
|
|
153.5
|
|
|
277.1
|
|
|
(3
|
)
|
|
285.4
|
|
||||
Japan
|
53.1
|
|
|
(8
|
)
|
|
58.0
|
|
|
119.4
|
|
|
6
|
|
|
113.1
|
|
||||
Total net revenues
|
$
|
833.4
|
|
|
12
|
|
|
$
|
746.3
|
|
|
$
|
1,683.0
|
|
|
18
|
|
|
$
|
1,430.6
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions)
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
||||||||||
Gross margin
|
$
|
540.3
|
|
|
5
|
%
|
|
$
|
514.6
|
|
|
$
|
1,103.1
|
|
|
11
|
%
|
|
$
|
992.1
|
|
Percentage of net revenues
|
64.8
|
%
|
|
|
|
69.0
|
%
|
|
65.5
|
%
|
|
|
|
69.3
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions)
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
||||||||||
Research and development
|
$
|
223.0
|
|
|
22
|
%
|
|
$
|
183.4
|
|
|
$
|
427.1
|
|
|
21
|
%
|
|
$
|
354.2
|
|
Percentage of net revenues
|
27
|
%
|
|
|
|
25
|
%
|
|
25
|
%
|
|
|
|
25
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions)
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
||||||||||
Selling, general and administrative
|
$
|
111.6
|
|
|
14
|
%
|
|
$
|
97.7
|
|
|
$
|
219.0
|
|
|
16
|
%
|
|
$
|
188.2
|
|
Percentage of net revenues
|
13
|
%
|
|
|
|
13
|
%
|
|
13
|
%
|
|
|
|
13
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions)
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
||||||||||
Stock-based compensation included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
$
|
2.8
|
|
|
25
|
%
|
|
$
|
2.3
|
|
|
$
|
5.4
|
|
|
27
|
%
|
|
$
|
4.3
|
|
Research and development
|
29.7
|
|
|
48
|
%
|
|
20.0
|
|
|
54.6
|
|
|
33
|
%
|
|
41.0
|
|
||||
Selling, general and administrative
|
17.3
|
|
|
37
|
%
|
|
12.6
|
|
|
32.6
|
|
|
29
|
%
|
|
25.3
|
|
||||
|
$
|
49.8
|
|
|
43
|
%
|
|
$
|
34.9
|
|
|
$
|
92.6
|
|
|
31
|
%
|
|
$
|
70.6
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions)
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
||||||||||
Interest and other income, net
|
$
|
12.3
|
|
|
92
|
%
|
|
$
|
6.4
|
|
|
$
|
23.9
|
|
|
572
|
%
|
|
$
|
3.6
|
|
Percentage of net revenues
|
2
|
%
|
|
|
|
1
|
%
|
|
1
|
%
|
|
|
|
—
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions)
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
|
September 28, 2019
|
|
Change
|
|
September 29, 2018
|
||||||||||
Provision (benefit) for income taxes
|
$
|
(11.1
|
)
|
|
(148
|
)%
|
|
$
|
23.4
|
|
|
$
|
9.9
|
|
|
(79
|
)%
|
|
$
|
46.3
|
|
Percentage of net revenues
|
(1
|
)%
|
|
|
|
|
3
|
%
|
|
1
|
%
|
|
|
|
3
|
%
|
|||||
Effective tax rate
|
(5
|
)%
|
|
|
|
|
10
|
%
|
|
2
|
%
|
|
|
|
10
|
%
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
(In millions and U.S. dollars)
|
September 28, 2019
|
|
March 30, 2019
|
||||
Singapore Dollar
|
$
|
29.8
|
|
|
$
|
29.4
|
|
Euro
|
46.3
|
|
|
39.4
|
|
||
Indian Rupee
|
75.0
|
|
|
78.0
|
|
||
British Pound
|
19.6
|
|
|
10.6
|
|
||
Japanese Yen
|
3.9
|
|
|
3.8
|
|
||
Chinese Yuan
|
35.4
|
|
|
34.4
|
|
||
|
$
|
210.0
|
|
|
$
|
195.6
|
|
Item 4.
|
Controls and Procedures
|
PART II.
|
OTHER INFORMATION
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
•
|
timely completion of new product designs;
|
•
|
ability to generate new design opportunities and design wins;
|
•
|
availability of specialized field application engineering resources supporting demand creation and customer adoption of new products;
|
•
|
ability to utilize advanced manufacturing process technologies on circuit geometries of 28nm and smaller;
|
•
|
achieving acceptable yields;
|
•
|
ability to obtain adequate production capacity from our wafer foundries and assembly and test subcontractors;
|
•
|
ability to obtain advanced packaging;
|
•
|
availability and completeness of supporting software design tools;
|
•
|
utilization of predefined IP logic;
|
•
|
customer acceptance of advanced features in our new products;
|
•
|
ability of our customers to complete their product designs and bring them to market; and
|
•
|
market acceptance of our customers' products.
|
•
|
product pricing;
|
•
|
time-to-market;
|
•
|
product performance, reliability, quality, power consumption and density;
|
•
|
field upgradeability;
|
•
|
adaptability of products to specific applications;
|
•
|
ease of use and functionality of software design tools;
|
•
|
availability and functionality of predefined IP logic;
|
•
|
completeness of applicable software solutions;
|
•
|
adherence to industry-standard programming environments;
|
•
|
inventory and supply chain management;
|
•
|
access to leading-edge process technology and assembly capacity;
|
•
|
ability to provide timely customer service and support; and
|
•
|
access to advanced packaging technology.
|
•
|
high-density programmable logic products characterized by FPGA-type architectures;
|
•
|
high-volume and low-cost FPGAs as programmable replacements for ASICs and ASSPs;
|
•
|
ASICs and ASSPs with incremental amounts of embedded programmable logic;
|
•
|
high-speed, low-density complex programmable logic devices;
|
•
|
high-performance digital signal processing devices;
|
•
|
products with embedded processors;
|
•
|
products with embedded multi-gigabit transceivers;
|
•
|
discrete general-purpose Graphics Processing Units (GPUs) targeting data center and automotive applications;
|
•
|
other new or emerging programmable logic products; and
|
•
|
large enterprises, like hyperscalers, that have the resources to develop proprietary semiconductors.
|
•
|
our ongoing business may be disrupted and our management's attention may be diverted by investment, acquisition, transition or integration activities;
|
•
|
an acquisition or strategic investment may not further our business strategy as we expected, and we may not integrate an acquired company or technology as successfully as we expected;
|
•
|
our operating results or financial condition may be adversely impacted by claims or liabilities that we assume from an acquired company or technology or that are otherwise related to an acquisition;
|
•
|
we may have difficulty incorporating acquired technologies or products with our existing product lines;
|
•
|
we may have higher than anticipated costs in continuing support and development of acquired products, and in general and administrative functions that support such products;
|
•
|
our strategic investments may not perform as expected, and we may be required to recognize a loss on any or all of our strategic investments; and
|
•
|
we may experience unexpected changes in how we are required to account for our acquisitions and strategic investments pursuant to U.S. GAAP.
|
•
|
make it difficult for us to satisfy our financial obligations, including making scheduled principal and interest payments on the debentures and our other indebtedness;
|
•
|
limit our ability to borrow additional funds for working capital, capital expenditures, acquisitions or other general corporate purposes;
|
•
|
limit our ability to use our cash flow or obtain additional financing for future working capital, capital expenditures, acquisitions or other general business purposes;
|
•
|
require us to use a portion of our cash flow from operations to make debt service payments;
|
•
|
limit our flexibility to plan for, or react to, changes in our business and industry;
|
•
|
place us at a competitive disadvantage compared to our less leveraged competitors; and
|
•
|
increase our vulnerability to the impact of adverse economic and industry conditions.
|
•
|
create certain liens on principal property or the capital stock of certain subsidiaries;
|
•
|
enter into certain sale and leaseback transactions with respect to principal property; and
|
•
|
consolidate or merge with, or convey, transfer or lease all or substantially all our assets, taken as a whole, to another person.
|
Item 2.
|
Unregistered Sale of Equity Securities and Use of Proceeds
|
|
|
Total Number
of Shares
Purchased
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Program
|
|
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Program
|
||||||
(In thousands, except per share amounts)
|
|
|
|
|
||||||||||
Period
|
|
|||||||||||||
June 30, 2019 to August 3, 2019
|
|
179
|
|
|
$
|
114.77
|
|
|
179
|
|
|
$
|
201,333
|
|
August 4, 2019 to August 31, 2019
|
|
556
|
|
|
$
|
103.63
|
|
|
556
|
|
|
$
|
143,718
|
|
September 1, 2019 to September 28, 2019
|
|
740
|
|
|
$
|
100.88
|
|
|
740
|
|
|
$
|
69,083
|
|
Total for the Quarter
|
|
1,475
|
|
|
|
|
1,475
|
|
|
|
Item 6.
|
Exhibits
|
|
|
|
|
Incorporated by Reference
|
||||||||
Exhibit No
|
|
Exhibit Title
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing
Date |
|
Filed
Herewith |
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1
|
+
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101
|
|
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 28, 2019, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Condensed Consolidated Balance Sheets; (iv) Condensed Consolidated Statements of Cash Flows; (v) Condensed Consolidated Statements of Stockholders’ Equity; and (vi) Notes to Condensed Consolidated Financial Statements.
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X
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104
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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X
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+
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Portions of this Exhibit have been omitted.
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XILINX, INC.
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Date: October 24, 2019
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/s/ Lorenzo A. Flores
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Lorenzo A. Flores
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Executive Vice President
and Chief Financial Officer
(as principal financial
officer and on behalf of Registrant)
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II.
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Distributor Sales Support.
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A.
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Americas
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1.
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Distributor will maintain its current personnel positions, and
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2.
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Support the specialization of field application engineers.
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B.
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APAC
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1.
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Distributor will maintain its current personnel positions,
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2.
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[***] sales manager in [***];
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3.
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[***] technical sales engineer in [***]; and
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4.
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Define and implement locally-defined and driven [***] plans in [***].
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C.
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China/Taiwan
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1.
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Distributor will maintain its current personnel positions,
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2.
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[***] field application engineer in [***];
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3.
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[***] field application engineer in [***] for [***] technical support; and
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4.
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[***] specialist field application engineer for [***] within China (Avnet to determine location).
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D.
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EMEA
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1.
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Distributor will maintain its current personnel positions.
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III.
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Reinvestment Marketing
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IV.
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Operational Focus Areas
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1.
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Distributor will manage its inventory to ensure that at the end of each fiscal quarter, Distributor’s worldwide inventory [***].
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2.
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At the end of FY20, Xilinx will increase the amount Distributor currently owes Xilinx by [***].
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V.
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Margins
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VI.
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Revenue Targets
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1.
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Achievement of Performance Goals are determined at the end of FY20. During FY20 all orders, invoices, and payments will be transacted without any adjustments attributable to the Performance Goals. Revenue attributed to (i) accounts moved in or out of DDC and (ii) [***] will not be used in calculation of the FY20 Performance Goals.
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2.
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At the end of FY20, Xilinx will complete a ‘true-up’ of Distributor’s actual revenue attainment for each region to the revenue targets of each region contained in the Performance Goals. In addition to the ‘true-up’ for each region, Xilinx will complete a ‘worldwide true-up’ by aggregating the Distributor total worldwide revenue attainment for measurement of the Distributor’s revenue attainment against the worldwide performance target.
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3.
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Adjustments (if any) will be made to Distributor’s account based on the Performance Goals, as follows:
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i.
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Regional [***] or more: If Net Revenue exceeds the applicable regional target (indicated by “FY20 Targets”) by [***] or more, Xilinx will reduce the amount Distributor currently owes Xilinx based on the target milestones on Table A in the Performance Matrix. If Distributor meets regional growth targets in the Performance Goals, Distributor will accordingly reward its front-line regional managers with a commensurate achievement bonus.
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ii.
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Regional [***] or less: If Net Revenue is less than the applicable regional target (indicated by “FY20 Targets; Target YoY %”) by [***] or more, Xilinx will increase the amount Distributor currently owes Xilinx based on the target milestones on Table B in the Performance Matrix.
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iii.
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Worldwide True-Up: Xilinx will aggregate regional performance (“Regional Total”) for comparison to the worldwide true-up targets (“WW Target”).
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a.
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Worldwide [***] or more: If the Regional Total exceeds the WW Target by [***] or more, but the total of the regional adjustments is less than the corresponding WW Target adjustment, Xilinx will reduce the amount Distributor currently owes Xilinx by an amount equal to the difference.
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b.
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Worldwide [***] or less: If the Regional Total is less than the WW Target by [***] or more, but the total of the regional adjustments is less than the corresponding WW Target adjustment, Xilinx will increase the amount Distributor currently owes Xilinx by an amount equal to the difference.
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iv.
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The aggregate total of the regional and worldwide adjustments under the Performance Goals is limited to [***].
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v.
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Revenue growth percentages that fall between target milestones do not result in an incremental increase or decrease. For example, if Net Revenue in a region is [***] over the regional Performance Goal, Distributor will receive an adjustment at the [***] goal milestone in that region.
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vi.
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Adjustments will be made during the fiscal quarter immediately following FY20 to the accounts of the following regional Distributor entities: [***]
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Xilinx, Inc.
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Xilinx Sales International Pte. Ltd.
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||
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Signature:
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/s/ Michael Barone
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Signature:
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/s/ David Ferguson
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Print Name:
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Michael Barone
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Print Name:
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David Ferguson
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Title:
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VP, Americas Sales
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Title:
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Director
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Date:
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9/12/2019
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Date:
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9/13/2019
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Xilinx Ireland Unlimited Company
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Signature:
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/s/ Kevin Cooney
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Print Name:
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Kevin Cooney
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Title:
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Managing Director
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Date:
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9/12/2019
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DISTRIBUTOR
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Avnet, Inc.
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Signature:
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/s/ Phil Gallagher
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Print Name:
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Phil Gallagher
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Title:
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President, Avnet Global
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Date:
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06 September 2019 | 18:09 PDT
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1.
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I have reviewed this quarterly report on Form 10-Q of Xilinx, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: October 24, 2019
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/s/ Victor Peng
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Victor Peng
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President and Chief Executive Officer
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1.
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I have reviewed this quarterly report on Form 10-Q of Xilinx, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: October 24, 2019
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/s/ Lorenzo A. Flores
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Lorenzo A. Flores
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Executive Vice President
and Chief Financial Officer
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(1)
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The Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: October 24, 2019
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/s/ Victor Peng
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Victor Peng
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President and Chief Executive Officer
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(1)
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The Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: October 24, 2019
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/s/ Lorenzo A. Flores
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Lorenzo A. Flores
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Executive Vice President
and Chief Financial Officer
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