☒ | 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 July 10, 2020 | |||||||
Common Stock, $0.01 par value | 244,314,000 |
Three Months Ended | |||||||||||||||||
(In thousands, except per share amounts) | June 27, 2020 | June 29, 2019 | |||||||||||||||
Net revenues | $ | 726,673 | $ | 849,632 | |||||||||||||
Cost of revenues: | |||||||||||||||||
Cost of products sold | 226,103 | 283,500 | |||||||||||||||
Amortization of acquisition-related intangibles | 6,697 | 3,269 | |||||||||||||||
Total cost of revenues | 232,800 | 286,769 | |||||||||||||||
Gross margin | 493,873 | 562,863 | |||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 210,113 | 204,100 | |||||||||||||||
Selling, general and administrative | 105,383 | 107,425 | |||||||||||||||
Amortization of acquisition-related intangibles | 2,862 | 400 | |||||||||||||||
Total operating expenses | 318,358 | 311,925 | |||||||||||||||
Operating income | 175,515 | 250,938 | |||||||||||||||
Interest and other income (expense), net | (12,153) | 11,612 | |||||||||||||||
Income before income taxes | 163,362 | 262,550 | |||||||||||||||
Provision for income taxes | 69,526 | 21,091 | |||||||||||||||
Net income | $ | 93,836 | $ | 241,459 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.39 | $ | 0.95 | |||||||||||||
Diluted | $ | 0.38 | $ | 0.94 | |||||||||||||
Cash dividends per common share | $ | 0.38 | $ | 0.37 | |||||||||||||
Shares used in per share calculations: | |||||||||||||||||
Basic | 243,180 | 253,268 | |||||||||||||||
Diluted | 245,543 | 257,928 |
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands, except per share amounts) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||
Net revenues | $ | 723,499 | $ | 800,057 | $ | 2,406,497 | $ | 2,230,678 | |||||||
Cost of revenues: | |||||||||||||||
Cost of products sold | 233,324 | 247,903 | 804,197 | 686,411 | |||||||||||
Amortization of acquisition-related intangibles | 6,697 | — | 15,699 | — | |||||||||||
Total cost of revenues | 240,021 | 247,903 | 819,896 | 686,411 | |||||||||||
Gross margin | 483,478 | 552,154 | 1,586,601 | 1,544,267 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 211,541 | 189,329 | 638,621 | 543,527 | |||||||||||
Selling, general and administrative | 109,612 | 103,039 | 328,633 | 291,256 | |||||||||||
Amortization of acquisition-related intangibles | 2,919 | 1,866 | 5,488 | 3,064 | |||||||||||
Total operating expenses | 324,072 | 294,234 | 972,742 | 837,847 | |||||||||||
Operating income | 159,406 | 257,920 | 613,859 | 706,420 | |||||||||||
Interest and other income (expense), net | 6,437 | (1,330 | ) | 30,378 | 2,231 | ||||||||||
Income before income taxes | 165,843 | 256,590 | 644,237 | 708,651 | |||||||||||
Provision for income taxes | 3,831 | 17,230 | 13,774 | 63,542 | |||||||||||
Net income | $ | 162,012 | $ | 239,360 | $ | 630,463 | $ | 645,109 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.65 | $ | 0.95 | $ | 2.50 | $ | 2.55 | |||||||
Diluted | $ | 0.64 | $ | 0.93 | $ | 2.47 | $ | 2.53 | |||||||
Cash dividends per common share | $ | 0.37 | $ | 0.36 | $ | 1.11 | $ | 1.08 | |||||||
Shares used in per share calculations: | |||||||||||||||
Basic | 250,546 | 253,060 | 252,330 | 252,634 | |||||||||||
Diluted | 252,808 | 256,374 | 255,758 | 255,227 |
Three Months Ended | |||||||||||||||||
(In thousands) | June 27, 2020 | June 29, 2019 | |||||||||||||||
Net income | $ | 93,836 | $ | 241,459 | |||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||
Change in net unrealized gains (losses) on available-for-sale securities | 368 | 9,754 | |||||||||||||||
Reclassification adjustment for (gains) losses on available-for-sale securities | (277) | (433) | |||||||||||||||
Change in unrealized gains (losses) on hedging transactions | 7,129 | 430 | |||||||||||||||
Reclassification adjustment for (gains) losses on hedging transactions | 1,687 | 822 | |||||||||||||||
Cumulative translation adjustment, net | (2,867) | (635) | |||||||||||||||
Other comprehensive income | 6,040 | 9,938 | |||||||||||||||
Total comprehensive income | $ | 99,876 | $ | 251,397 |
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||
Net income | $ | 162,012 | $ | 239,360 | $ | 630,463 | $ | 645,109 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Change in net unrealized gains (losses) on available-for-sale securities | 548 | 7,029 | 12,264 | 3,244 | |||||||||||
Reclassification adjustment for (gains) losses on available-for-sale securities | (91 | ) | (131 | ) | (890 | ) | (181 | ) | |||||||
Change in unrealized gains (losses) on hedging transactions | 2,184 | (480 | ) | (1,829 | ) | (9,252 | ) | ||||||||
Reclassification adjustment for (gains) losses on hedging transactions | 96 | 2,522 | 2,247 | 4,693 | |||||||||||
Cumulative translation adjustment, net | 2,294 | 5 | (487 | ) | (4,187 | ) | |||||||||
Other comprehensive income (loss) | 5,031 | 8,945 | 11,305 | (5,683 | ) | ||||||||||
Total comprehensive income | $ | 167,043 | $ | 248,305 | $ | 641,768 | $ | 639,426 |
(In thousands, except par value amounts) | June 27, 2020 | March 28, 2020 | |||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,227,376 | $ | 1,777,703 | |||||||
Short-term investments | 1,771,959 | 489,513 | |||||||||
Accounts receivable, net | 305,180 | 273,028 | |||||||||
Inventories | 292,213 | 304,340 | |||||||||
Prepaid expenses and other current assets | 67,935 | 64,557 | |||||||||
Total current assets | 3,664,663 | 2,909,141 | |||||||||
Property, plant and equipment, at cost | 993,031 | 989,315 | |||||||||
Accumulated depreciation and amortization | (631,503) | (616,741) | |||||||||
Net property, plant and equipment | 361,528 | 372,574 | |||||||||
Goodwill | 619,196 | 619,196 | |||||||||
Acquisition-related intangibles, net | 190,785 | 200,344 | |||||||||
Other assets | 608,591 | 592,079 | |||||||||
Total Assets | $ | 5,444,763 | $ | 4,693,334 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 102,518 | $ | 102,131 | |||||||
Accrued payroll and related liabilities | 264,818 | 231,439 | |||||||||
Income taxes payable | 54,246 | 36,217 | |||||||||
Other accrued liabilities | 126,193 | 216,634 | |||||||||
Current portion of long-term debt | 499,461 | 499,260 | |||||||||
Total current liabilities | 1,047,236 | 1,085,681 | |||||||||
Long-term debt | 1,491,752 | 747,110 | |||||||||
Long-term income taxes payable | 504,401 | 447,383 | |||||||||
Other long-term liabilities | 81,721 | 98,111 | |||||||||
Commitments and contingencies (Note 17) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $.01 par value | — | — | |||||||||
Common stock, $.01 par value | 2,432 | 2,438 | |||||||||
Additional paid-in capital | 1,194,748 | 1,145,083 | |||||||||
Retained earnings | 1,136,710 | 1,187,805 | |||||||||
Accumulated other comprehensive loss | (14,237) | (20,277) | |||||||||
Total stockholders’ equity | 2,319,653 | 2,315,049 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 5,444,763 | $ | 4,693,334 |
(In thousands, except par value amounts) | December 28, 2019 | March 30, 2019 | |||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,292,088 | $ | 1,544,490 | |||
Short-term investments | 1,133,077 | 1,631,194 | |||||
Accounts receivable, net | 253,548 | 335,165 | |||||
Inventories | 328,209 | 315,358 | |||||
Prepaid expenses and other current assets | 121,099 | 65,771 | |||||
Total current assets | 3,128,021 | 3,891,978 | |||||
Property, plant and equipment, at cost | 983,830 | 902,993 | |||||
Accumulated depreciation and amortization | (605,588 | ) | (574,064 | ) | |||
Net property, plant and equipment | 378,242 | 328,929 | |||||
Long-term investments | — | 53,433 | |||||
Goodwill | 619,196 | 340,718 | |||||
Acquisition-related intangibles, net | 210,441 | 80,723 | |||||
Other assets | 615,322 | 455,567 | |||||
Total Assets | $ | 4,951,222 | $ | 5,151,348 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 102,691 | $ | 117,491 | |||
Accrued payroll and related liabilities | 259,974 | 247,268 | |||||
Income taxes payable | 24,222 | 28,718 | |||||
Other accrued liabilities | 128,993 | 81,559 | |||||
Total current liabilities | 515,880 | 475,036 | |||||
Long-term debt | 1,246,000 | 1,234,807 | |||||
Long-term income taxes payable | 447,990 | 515,192 | |||||
Other long-term liabilities | 100,190 | 64,804 | |||||
Commitments and contingencies (Note 17) | |||||||
Stockholders' equity: | |||||||
Preferred stock, $.01 par value (none issued and outstanding) | — | — | |||||
Common stock, $.01 par value | 2,489 | 2,539 | |||||
Additional paid-in capital | 1,105,568 | 1,005,411 | |||||
Retained earnings | 1,545,210 | 1,876,969 | |||||
Accumulated other comprehensive loss | (12,105 | ) | (23,410 | ) | |||
Total stockholders’ equity | 2,641,162 | 2,861,509 | |||||
Total Liabilities and Stockholders’ Equity | $ | 4,951,222 | $ | 5,151,348 |
Three Months Ended | |||||||||||||||||
(In thousands) | June 27, 2020 | June 29, 2019 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 93,836 | $ | 241,459 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization of software | 31,749 | 23,853 | |||||||||||||||
Amortization - others | 15,059 | 9,085 | |||||||||||||||
Stock-based compensation | 50,383 | 42,753 | |||||||||||||||
Benefit for deferred income taxes | (8,979) | (2,114) | |||||||||||||||
Others | 2,640 | (10,240) | |||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable, net | (32,152) | 29,211 | |||||||||||||||
Inventories | 12,127 | (21,400) | |||||||||||||||
Prepaid expenses and other current assets | (1,925) | 620 | |||||||||||||||
Other assets | (23,018) | (13,408) | |||||||||||||||
Accounts payable | 1,333 | (9,106) | |||||||||||||||
Accrued liabilities | 29,622 | (13,830) | |||||||||||||||
Income taxes payable | 74,796 | 21,333 | |||||||||||||||
Net cash provided by operating activities | 245,471 | 298,216 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of available-for-sale securities | (1,678,000) | (361,315) | |||||||||||||||
Proceeds from sale and maturity of available-for-sale and equity securities | 318,857 | 707,388 | |||||||||||||||
Purchases of property, plant and equipment and software | (15,461) | (29,201) | |||||||||||||||
Other investing activities | (6,280) | 3,549 | |||||||||||||||
Acquisition of business, net of cash acquired | — | (25,145) | |||||||||||||||
Net cash provided by (used in) investing activities | (1,380,884) | 295,276 | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Repurchases of common stock | (53,682) | (444,995) | |||||||||||||||
Taxes paid related to net share settlements of restricted stock units | (3,240) | (4,122) | |||||||||||||||
Proceeds from issuance of common stock through various stock plans | 1 | 3 | |||||||||||||||
Payment of dividends to stockholders | (92,414) | (93,961) | |||||||||||||||
Proceeds from issuance of long-term debt, net | 744,423 | — | |||||||||||||||
Other financing activities | (10,002) | (4,881) | |||||||||||||||
Net cash provided by (used in) financing activities | 585,086 | (547,956) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (550,327) | 45,536 | |||||||||||||||
Cash and cash equivalents at beginning of period | 1,777,703 | 1,544,490 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,227,376 | $ | 1,590,026 | |||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Interest paid | $ | 13,789 | $ | 23,013 | |||||||||||||
Income taxes paid, net | $ | 3,747 | $ | 1,661 |
Nine Months Ended | |||||||
(In thousands) | December 28, 2019 | December 29, 2018 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 630,463 | $ | 645,109 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization of software | 68,882 | 49,097 | |||||
Amortization - others | 37,326 | 23,461 | |||||
Stock-based compensation | 142,732 | 109,194 | |||||
Deferred income taxes | 1,417 | (9,040 | ) | ||||
Others | (24,083 | ) | 8,686 | ||||
Changes in assets and liabilities: | |||||||
Accounts receivable, net | 86,370 | 22,879 | |||||
Inventories | (6,845 | ) | (46,573 | ) | |||
Prepaid expenses and other current assets | 912 | 13,151 | |||||
Other assets | (26,217 | ) | (25,141 | ) | |||
Accounts payable | (26,466 | ) | 11,013 | ||||
Accrued liabilities | 7,735 | 30,652 | |||||
Income taxes payable | (46,741 | ) | (29,280 | ) | |||
Net cash provided by operating activities | 845,485 | 803,208 | |||||
Cash flows from investing activities: | |||||||
Purchases of available-for-sale securities | (1,273,015 | ) | (1,340,057 | ) | |||
Proceeds from sale and maturity of available-for-sale and equity securities | 1,838,572 | 1,080,850 | |||||
Purchases of property, plant and equipment and software | (96,980 | ) | (60,803 | ) | |||
Other investing activities | (15,233 | ) | (37,572 | ) | |||
Acquisition of businesses, net of cash acquired | (454,651 | ) | (233,941 | ) | |||
Net cash used in investing activities | (1,307 | ) | (591,523 | ) | |||
Cash flows from financing activities: | |||||||
Repurchases of common stock | (738,184 | ) | (161,551 | ) | |||
Taxes paid related to net share settlements of restricted stock units | (75,417 | ) | (42,029 | ) | |||
Proceeds from issuance of common stock through various stock plans | 19,876 | 18,436 | |||||
Payment of dividends to stockholders | (280,376 | ) | (272,860 | ) | |||
Other financing activities | (22,479 | ) | (3,488 | ) | |||
Net cash used in financing activities | (1,096,580 | ) | (461,492 | ) | |||
Net decrease in cash and cash equivalents | (252,402 | ) | (249,807 | ) | |||
Cash and cash equivalents at beginning of period | 1,544,490 | 2,179,328 | |||||
Cash and cash equivalents at end of period | $ | 1,292,088 | $ | 1,929,521 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | $ | 41,576 | $ | 57,514 | |||
Income taxes paid, net | $ | 58,937 | $ | 101,557 |
Three Months Ended June 27, 2020 | 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 28, 2020 | 243,810 | $ | 2,438 | $ | 1,145,083 | $ | 1,187,805 | $ | (20,277) | $ | 2,315,049 | ||||||||||||||||||||||||||||||
Components of comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 93,836 | — | 93,836 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 6,040 | 6,040 | |||||||||||||||||||||||||||||||||||
Issuance of common shares under employee stock plans, net | 106 | 1 | (3,240) | — | — | (3,239) | |||||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock | (685) | (7) | 2,522 | (52,517) | — | (50,002) | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 50,383 | — | — | 50,383 | |||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.38 per common share) | — | — | — | (92,414) | — | (92,414) | |||||||||||||||||||||||||||||||||||
Balance as of June 27, 2020 | 243,231 | $ | 2,432 | $ | 1,194,748 | $ | 1,136,710 | $ | (14,237) | $ | 2,319,653 |
Three Months Ended December 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 September 28, 2019 | 251,466 | $ | 2,515 | $ | 978,222 | $ | 1,732,304 | $ | (17,136 | ) | $ | 2,695,905 | ||||||||||
Components of comprehensive income: | ||||||||||||||||||||||
Net income | — | — | — | 162,012 | — | 162,012 | ||||||||||||||||
Other comprehensive income | — | — | — | — | 5,031 | 5,031 | ||||||||||||||||
Issuance of common shares under employee stock plans, net | 153 | 2 | (3,567 | ) | — | — | (3,565 | ) | ||||||||||||||
Repurchase and retirement of common stock | (2,784 | ) | (28 | ) | (1,132 | ) | (256,175 | ) | — | (257,335 | ) | |||||||||||
Stock-based compensation expense | — | — | 50,157 | — | — | 50,157 | ||||||||||||||||
Cash dividends declared ($0.37 per common share) | — | — | — | (92,931 | ) | — | (92,931 | ) | ||||||||||||||
Additional tax benefit recognized relating to fiscal 2014 redemption of convertible debt | — | — | 81,888 | — | — | 81,888 | ||||||||||||||||
Balance as of December 28, 2019 | 248,835 | $ | 2,489 | $ | 1,105,568 | $ | 1,545,210 | $ | (12,105 | ) | $ | 2,641,162 |
Three Months Ended June 29, 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 | — | — | — | 241,459 | — | 241,459 | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | 9,938 | 9,938 | |||||||||||||||||||||||||||||||||||
Issuance of common shares under employee stock plans, net | 96 | 1 | (4,120) | — | — | (4,119) | |||||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock | (2,967) | (30) | (163,739) | (281,226) | — | (444,995) | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 42,753 | — | — | 42,753 | |||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.37 per common share) | — | — | — | (93,961) | — | (93,961) | |||||||||||||||||||||||||||||||||||
Balance as of June 29, 2019 | 251,020 | $ | 2,510 | $ | 880,305 | $ | 1,743,241 | $ | (13,472) | $ | 2,612,584 |
Nine Months Ended December 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 | — | — | — | 630,463 | — | 630,463 | ||||||||||||||||
Other comprehensive income | — | — | — | — | 11,305 | 11,305 | ||||||||||||||||
Issuance of common shares under employee stock plans, net | 2,171 | 22 | (55,563 | ) | — | — | (55,541 | ) | ||||||||||||||
Repurchase and retirement of common stock | (7,227 | ) | (72 | ) | (68,900 | ) | (681,846 | ) | — | (750,818 | ) | |||||||||||
Stock-based compensation expense | — | — | 142,732 | — | — | 142,732 | ||||||||||||||||
Cash dividends declared ($1.11 per common share) | — | — | — | (280,376 | ) | — | (280,376 | ) | ||||||||||||||
Additional tax benefit recognized relating to fiscal 2014 redemption of convertible debt | — | — | 81,888 | — | — | 81,888 | ||||||||||||||||
Balance as of December 28, 2019 | 248,835 | $ | 2,489 | $ | 1,105,568 | $ | 1,545,210 | $ | (12,105 | ) | $ | 2,641,162 |
Three Months Ended December 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 September 29, 2018 | 253,019 | $ | 2,530 | $ | 906,618 | $ | 1,576,476 | $ | (40,738 | ) | $ | 2,444,886 | ||||||||||
Components of comprehensive income: | ||||||||||||||||||||||
Net income | — | — | — | 239,360 | — | 239,360 | ||||||||||||||||
Other comprehensive income | — | — | — | — | 8,945 | 8,945 | ||||||||||||||||
Issuance of common shares under employee stock plans, net | 110 | 1 | (2,516 | ) | — | — | (2,515 | ) | ||||||||||||||
Repurchase and retirement of common stock | (14 | ) | — | — | (1,015 | ) | — | (1,015 | ) | |||||||||||||
Stock-based compensation expense | — | — | 38,641 | — | — | 38,641 | ||||||||||||||||
Cash dividends declared ($0.36 per common share) | — | — | — | (91,107 | ) | — | (91,107 | ) | ||||||||||||||
Balance as of December 29, 2018 | 253,115 | $ | 2,531 | $ | 942,743 | $ | 1,723,714 | $ | (31,793 | ) | $ | 2,637,195 |
Nine Months Ended December 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 | — | — | — | 645,109 | — | 645,109 | ||||||||||||||||
Other comprehensive loss | — | — | — | — | (5,683 | ) | (5,683 | ) | ||||||||||||||
Cumulative-effect of equity investments adoption | — | — | — | (8,399 | ) | 8,399 | — | |||||||||||||||
Issuance of common shares under employee stock plans, net | 2,174 | 22 | (23,615 | ) | — | — | (23,593 | ) | ||||||||||||||
Repurchase and retirement of common stock | (2,436 | ) | (25 | ) | (21,508 | ) | (140,016 | ) | — | (161,549 | ) | |||||||||||
Stock-based compensation expense | — | — | 109,194 | — | — | 109,194 | ||||||||||||||||
Cumulative-effect of deferred tax from intra-entity asset transfer adoption | — | — | — | (13,776 | ) | — | (13,776 | ) | ||||||||||||||
Cash dividends declared ($1.08 per common share) | — | — | — | (272,860 | ) | — | (272,860 | ) | ||||||||||||||
Balance as of December 29, 2018 | 253,115 | $ | 2,531 | $ | 942,743 | $ | 1,723,714 | $ | (31,793 | ) | $ | 2,637,195 |
June 27, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | ||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 567,333 | $ | — | $ | — | $ | 567,333 | ||||||||||||||||||||||||||||||||||||
Financial institution securities | — | 224,980 | — | 224,980 | ||||||||||||||||||||||||||||||||||||||||
Non-financial institution securities | — | 142,881 | — | 142,881 | ||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | 24,998 | 6,799 | — | 31,797 | ||||||||||||||||||||||||||||||||||||||||
Foreign government and agency securities | — | 159,983 | — | 159,983 | ||||||||||||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||||||||||||
Financial institution securities | — | 300,000 | — | 300,000 | ||||||||||||||||||||||||||||||||||||||||
Non-financial institution securities | — | 362,582 | — | 362,582 | ||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | 409,742 | 107,959 | — | 517,701 | ||||||||||||||||||||||||||||||||||||||||
Foreign government and agency securities | — | 435,039 | — | 435,039 | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 110,894 | — | 110,894 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 884 | — | 884 | ||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 44,859 | — | 44,859 | ||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | — | 1,557 | — | 1,557 | ||||||||||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 1,002,073 | $ | 1,898,417 | $ | — | $ | 2,900,490 | ||||||||||||||||||||||||||||||||||||
March 28, 2020 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | |||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 656,038 | $ | — | $ | — | $ | 656,038 | |||||||||||||||||||||||||||||||||
Financial institution securities | — | 175,000 | — | 175,000 | |||||||||||||||||||||||||||||||||||||
Non-financial institution securities | — | 361,692 | — | 361,692 | |||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | 150,999 | 62,274 | — | 213,273 | |||||||||||||||||||||||||||||||||||||
Foreign government and agency securities | — | 244,300 | — | 244,300 | |||||||||||||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||||||
Financial institution securities | — | 150,000 | — | 150,000 | |||||||||||||||||||||||||||||||||||||
Non-financial institution securities | — | 115,043 | — | 115,043 | |||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | 1,000 | 2,000 | — | 3,000 | |||||||||||||||||||||||||||||||||||||
Foreign government and agency securities | — | 9,973 | — | 9,973 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 158,804 | — | 158,804 | |||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 2,549 | — | 2,549 | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 50,144 | — | 50,144 | |||||||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 808,037 | $ | 1,331,779 | $ | — | $ | 2,139,816 | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | $ | — | $ | 12,381 | $ | — | $ | 12,381 | |||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | — | $ | 12,381 | $ | — | $ | 12,381 | |||||||||||||||||||||||||||||||||
Net assets measured at fair value | $ | 808,037 | $ | 1,319,398 | $ | — | $ | 2,127,435 |
December 28, 2019 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 444,604 | $ | — | $ | — | $ | 444,604 | ||||||||
Financial institution securities | — | 100,000 | — | 100,000 | ||||||||||||
Non-financial institution securities | — | 362,554 | — | 362,554 | ||||||||||||
U.S. government and agency securities | 131,757 | 59,903 | — | 191,660 | ||||||||||||
Foreign government and agency securities | — | 68,295 | — | 68,295 | ||||||||||||
Short-term investments: | ||||||||||||||||
Financial institution securities | — | 300,000 | — | 300,000 | ||||||||||||
Non-financial institution securities | — | 64,398 | — | 64,398 | ||||||||||||
U.S. government and agency securities | 9,997 | 9,994 | — | 19,991 | ||||||||||||
Foreign government and agency securities | — | 266,063 | — | 266,063 | ||||||||||||
Mortgage-backed securities | — | 395,451 | — | 395,451 | ||||||||||||
Asset-backed securities | — | 23,238 | — | 23,238 | ||||||||||||
Commercial mortgage-backed securities | — | 63,936 | — | 63,936 | ||||||||||||
Derivative financial instruments, net | — | 1,580 | — | 1,580 | ||||||||||||
Total assets measured at fair value | $ | 586,358 | $ | 1,715,412 | $ | — | $ | 2,301,770 |
March 30, 2019 | |||||||||||||||
(In thousands) | Level 1 | Level 2 | 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 |
June 27, 2020 | March 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 567,333 | $ | — | $ | — | $ | 567,333 | $ | 656,038 | $ | — | $ | — | $ | 656,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial institution | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
securities | 524,980 | — | — | 524,980 | 325,000 | — | — | 325,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-financial institution | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
securities | 505,464 | — | (1) | 505,463 | 476,735 | — | — | 476,735 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
agency securities | 549,523 | 6 | (31) | 549,498 | 216,178 | 95 | — | 216,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
agency securities | 595,058 | — | (36) | 595,022 | 254,283 | 7 | (17) | 254,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 109,067 | 2,146 | (319) | 110,894 | 156,836 | 2,445 | (477) | 158,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 868 | 16 | — | 884 | 2,533 | 18 | (2) | 2,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
backed securities | 44,922 | 199 | (262) | 44,859 | 50,566 | 134 | (556) | 50,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,897,215 | $ | 2,367 | $ | (649) | $ | 2,898,933 | $ | 2,138,169 | $ | 2,699 | $ | (1,052) | $ | 2,139,816 |
December 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 | $ | 444,604 | $ | — | $ | — | $ | 444,604 | $ | 428,150 | $ | — | $ | — | $ | 428,150 | ||||||||||||||||
Financial institution | ||||||||||||||||||||||||||||||||
securities | 400,000 | — | — | 400,000 | 537,795 | — | — | 537,795 | ||||||||||||||||||||||||
Non-financial institution | ||||||||||||||||||||||||||||||||
securities | 426,959 | 20 | (27 | ) | 426,952 | 702,483 | 3 | (562 | ) | 701,924 | ||||||||||||||||||||||
U.S. government and | ||||||||||||||||||||||||||||||||
agency securities | 211,644 | 10 | (3 | ) | 211,651 | 334,185 | 39 | (139 | ) | 334,085 | ||||||||||||||||||||||
Foreign government and | ||||||||||||||||||||||||||||||||
agency securities | 334,353 | 5 | — | 334,358 | 214,455 | — | — | 214,455 | ||||||||||||||||||||||||
Mortgage-backed securities | 396,873 | 1,261 | (2,683 | ) | 395,451 | 684,596 | 809 | (14,635 | ) | 670,770 | ||||||||||||||||||||||
Asset-backed securities | 23,244 | 16 | (22 | ) | 23,238 | 76,852 | — | (483 | ) | 76,369 | ||||||||||||||||||||||
Commercial mortgage- | ||||||||||||||||||||||||||||||||
backed securities | 64,333 | 32 | (429 | ) | 63,936 | 118,115 | 42 | (1,618 | ) | 116,539 | ||||||||||||||||||||||
$ | 2,302,010 | $ | 1,344 | $ | (3,164 | ) | $ | 2,300,190 | $ | 3,096,631 | $ | 893 | $ | (17,437 | ) | $ | 3,080,087 |
June 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 44,978 | $ | (1) | $ | — | $ | — | $ | 44,978 | $ | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
agency securities | 416,542 | (31) | — | — | 416,542 | (31) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
agency securities | 74,942 | (36) | — | — | 74,942 | (36) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 7,216 | (104) | 15,299 | (215) | 22,515 | (319) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
backed securities | 18,857 | (109) | 1,979 | (153) | 20,836 | (262) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 562,535 | $ | (281) | $ | 17,278 | $ | (368) | $ | 579,813 | $ | (649) |
March 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 13,492 | $ | (88) | $ | 31,819 | $ | (389) | $ | 45,311 | $ | (477) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 1,641 | (2) | — | — | 1,641 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
agency securities | 30,998 | (17) | — | — | 30,998 | (17) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
backed securities | 30,593 | (282) | 2,589 | (274) | 33,182 | (556) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 76,724 | $ | (389) | $ | 34,408 | $ | (663) | $ | 111,132 | $ | (1,052) |
December 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 | $ | 5,195 | $ | (2 | ) | $ | 3,550 | $ | (25 | ) | $ | 8,745 | $ | (27 | ) | ||||||||
U.S. government and | |||||||||||||||||||||||
agency securities | — | — | 1,997 | (3 | ) | 1,997 | (3 | ) | |||||||||||||||
Mortgage-backed securities | 63,878 | (254 | ) | 199,346 | (2,429 | ) | 263,224 | (2,683 | ) | ||||||||||||||
Asset-backed securities | 8,277 | (4 | ) | 10,182 | (18 | ) | 18,459 | (22 | ) | ||||||||||||||
Commercial mortgage- | |||||||||||||||||||||||
backed securities | 28,104 | (56 | ) | 25,689 | (373 | ) | 53,793 | (429 | ) | ||||||||||||||
$ | 105,454 | $ | (316 | ) | $ | 240,764 | $ | (2,848 | ) | $ | 346,218 | $ | (3,164 | ) |
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 | ) |
December 28, 2019 | |||||||
(In thousands) | Amortized Cost | Estimated Fair Value | |||||
Due in one year or less | $ | 1,371,519 | $ | 1,371,529 | |||
Due after one year through five years | 39,724 | 39,676 | |||||
Due after five years through ten years | 104,585 | 104,790 | |||||
Due after ten years | 341,578 | 339,591 | |||||
$ | 1,857,406 | $ | 1,855,586 |
June 27, 2020 | |||||||||||||||||
(In thousands) | Amortized Cost | Estimated Fair Value | |||||||||||||||
Due in one year or less | $ | 2,177,452 | $ | 2,177,394 | |||||||||||||
Due after one year through five years | 3,714 | 3,755 | |||||||||||||||
Due after five years through ten years | 17,149 | 17,834 | |||||||||||||||
Due after ten years | 131,567 | 132,617 | |||||||||||||||
$ | 2,329,882 | $ | 2,331,600 |
Three Months Ended | |||||||||||||||||
(In thousands) | June 27, 2020 | June 29, 2019 | |||||||||||||||
Proceeds from sale of available-for-sale securities | $ | 37,657 | $ | 156,094 | |||||||||||||
Gross realized gains on sale of available-for-sale securities | $ | 360 | $ | 604 | |||||||||||||
Gross realized losses on sale of available-for-sale securities | — | (39) | |||||||||||||||
Net realized gains on sale of available-for-sale securities | $ | 360 | $ | 565 | |||||||||||||
Amortization of premiums (discounts) on available-for-sale securities | $ | (91) | $ | 711 |
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||
Proceeds from sale of available-for-sale securities | $ | 23,605 | $ | 12,692 | $ | 323,228 | $ | 13,594 | |||||||
Gross realized gains on sale of available-for-sale securities | $ | 128 | $ | 173 | $ | 1,339 | $ | 269 | |||||||
Gross realized losses on sale of available-for-sale securities | (9 | ) | (114 | ) | (181 | ) | (162 | ) | |||||||
Net realized gains on sale of available-for-sale securities | $ | 119 | $ | 59 | $ | 1,158 | $ | 107 | |||||||
Amortization of premiums on available-for-sale securities | $ | 1,063 | $ | 1,403 | $ | 3,411 | $ | 6,539 |
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||
Stock-based compensation included in: | |||||||||||||||
Cost of revenues | $ | 2,961 | $ | 2,366 | $ | 8,386 | $ | 6,650 | |||||||
Research and development | 31,543 | 22,352 | 86,119 | 63,329 | |||||||||||
Selling, general and administrative | 15,653 | 13,923 | 48,227 | 39,215 | |||||||||||
$ | 50,157 | $ | 38,641 | $ | 142,732 | $ | 109,194 |
Three Months Ended | |||||||||||||||||
(In thousands) | June 27, 2020 | June 29, 2019 | |||||||||||||||
Stock-based compensation included in: | |||||||||||||||||
Cost of revenues | $ | 2,721 | $ | 2,613 | |||||||||||||
Research and development | 30,369 | 24,874 | |||||||||||||||
Selling, general and administrative | 17,293 | 15,266 | |||||||||||||||
$ | 50,383 | $ | 42,753 |
RSUs Outstanding | |||||||||||||||||
(Shares in thousands) | Number of Shares | Weighted-Average Grant-Date Fair Value Per Share | |||||||||||||||
March 30, 2019 | 7,331 | $ | 59.54 | ||||||||||||||
Granted | 2,756 | $ | 109.53 | ||||||||||||||
Vested | (2,820) | $ | 55.24 | ||||||||||||||
Cancelled | (487) | $ | 75.09 | ||||||||||||||
March 28, 2020 | 6,780 | $ | 80.53 | ||||||||||||||
Granted | 127 | $ | 84.34 | ||||||||||||||
Vested | (144) | $ | 78.09 | ||||||||||||||
Cancelled | (378) | $ | 80.16 | ||||||||||||||
June 27, 2020 | 6,385 | $ | 80.22 |
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 | 2,700 | $ | 110.05 | |||
Vested | (2,599 | ) | $ | 54.06 | ||
Cancelled | (289 | ) | $ | 73.99 | ||
December 28, 2019 | 7,143 | $ | 80.04 |
Three Months Ended | |||||||||||||||||||||||||||||
June 27, 2020 | June 29, 2019 | ||||||||||||||||||||||||||||
Risk-free interest rate | 0.3 | % | 2.1 | % | |||||||||||||||||||||||||
Dividend yield | 1.7 | % | 1.2 | % |
Three Months Ended | Nine Months Ended | ||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||
Risk-free interest rate | 1.6 | % | 3.0 | % | 1.8 | % | 2.7 | % | |||
Dividend yield | 1.6 | % | 1.8 | % | 1.3 | % | 2.1 | % |
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 | % |
(In thousands, except per share amounts) | June 27, 2020 | June 29, 2019 | |||||||||
Net income available to common stockholders | $ | 93,836 | $ | 241,459 | |||||||
Weighted average common shares outstanding-basic | 243,180 | 253,268 | |||||||||
Dilutive effect of employee equity incentive plans | 2,363 | 4,660 | |||||||||
Weighted average common shares outstanding-diluted | 245,543 | 257,928 | |||||||||
Basic net income per common share | $ | 0.39 | $ | 0.95 | |||||||
Diluted net income per common share | $ | 0.38 | $ | 0.94 |
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands, except per share amounts) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||
Net income available to common stockholders | $ | 162,012 | $ | 239,360 | $ | 630,463 | $ | 645,109 | |||||||
Weighted average common shares outstanding-basic | 250,546 | 253,060 | 252,330 | 252,634 | |||||||||||
Dilutive effect of employee equity incentive plans | 2,262 | 3,314 | 3,428 | 2,593 | |||||||||||
Weighted average common shares outstanding-diluted | 252,808 | 256,374 | 255,758 | 255,227 | |||||||||||
Basic net income per common share | $ | 0.65 | $ | 0.95 | $ | 2.50 | $ | 2.55 | |||||||
Diluted net income per common share | $ | 0.64 | $ | 0.93 | $ | 2.47 | $ | 2.53 |
(In thousands) | June 27, 2020 | March 28, 2020 | |||||||||
Raw materials | $ | 33,968 | $ | 35,562 | |||||||
Work-in-process | 188,322 | 204,501 | |||||||||
Finished goods | 69,923 | 64,277 | |||||||||
$ | 292,213 | $ | 304,340 |
(In thousands) | December 28, 2019 | March 30, 2019 | |||||
Raw materials | $ | 34,518 | $ | 39,727 | |||
Work-in-process | 232,075 | 213,784 | |||||
Finished goods | 61,616 | 61,847 | |||||
$ | 328,209 | $ | 315,358 |
(In thousands) | June 27, 2020 | March 28, 2020 | |||||||||
Principal amount of the 2021 Notes | $ | 500,000 | $ | 500,000 | |||||||
Unamortized discount of the 2021 Notes | (376) | (517) | |||||||||
Unamortized debt issuance costs associated with 2021 Notes | (163) | (223) | |||||||||
Carrying value of the 2021 Notes | $ | 499,461 | $ | 499,260 |
(In thousands) | December 28, 2019 | March 30, 2019 | |||||
Principal amount of the 2021 Notes | $ | 500,000 | $ | 500,000 | |||
Unamortized discount of the 2021 Notes | (654 | ) | (1,063 | ) | |||
Unamortized debt issuance costs associated with 2021 Notes | (285 | ) | (467 | ) | |||
Carrying value of the 2021 Notes | $ | 499,061 | $ | 498,470 |
Three Months Ended | |||||||||||||||||
(In thousands) | June 27, 2020 | June 29, 2019 | |||||||||||||||
Contractual coupon interest | $ | 3,750 | $ | 3,750 | |||||||||||||
Amortization of debt issuance costs | 61 | 61 | |||||||||||||||
Amortization of debt discount, net | 141 | 135 | |||||||||||||||
Total interest expense related to the 2021 Notes | $ | 3,952 | $ | 3,946 |
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||
Contractual coupon interest | $ | 3,750 | $ | 3,750 | $ | 11,250 | $ | 11,250 | |||||||
Amortization of debt issuance costs | 61 | 61 | 182 | 183 | |||||||||||
Amortization of debt discount, net | 137 | 133 | 409 | 396 | |||||||||||
Total interest expense related to the 2021 Notes | $ | 3,948 | $ | 3,944 | $ | 11,841 | $ | 11,829 |
(In thousands) | June 27, 2020 | March 28, 2020 | ||||||||||||
Principal amount of the 2024 Notes | $ | 750,000 | $ | 750,000 | ||||||||||
Unamortized discount of the 2024 Notes | (496) | (525) | ||||||||||||
Unamortized debt issuance costs associated with 2024 Notes | (2,223) | (2,365) | ||||||||||||
Carrying Value of the 2024 Notes | $ | 747,281 | $ | 747,110 |
(In thousands) | December 28, 2019 | March 30, 2019 | |||||
Principal amount of the 2024 Notes | $ | 750,000 | $ | 750,000 | |||
Unamortized discount of the 2024 Notes | (555 | ) | (642 | ) | |||
Unamortized debt issuance costs associated with 2024 Notes | (2,506 | ) | (2,932 | ) | |||
Carrying Value of the 2024 Notes | $ | 746,939 | $ | 746,426 | |||
Fair value hedge adjustment — interest rate swap contracts | — | (10,089 | ) | ||||
Net carrying value of the 2024 Notes | $ | 746,939 | $ | 736,337 |
Three Months Ended | |||||||||||||||||
(In thousands) | June 27, 2020 | June 29, 2019 | |||||||||||||||
Contractual coupon interest | $ | 5,444 | $ | 6,542 | |||||||||||||
Amortization of debt issuance costs | 142 | 142 | |||||||||||||||
Amortization of debt discount, net | 29 | 29 | |||||||||||||||
Total interest expense related to the 2024 Notes | $ | 5,615 | $ | 6,713 |
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||
Contractual coupon interest (including interest rate swap, net) | $ | 5,444 | $ | 6,470 | $ | 17,429 | $ | 19,026 | |||||||
Amortization of debt issuance costs | 142 | 142 | 426 | 426 | |||||||||||
Amortization of debt discount, net | 29 | 28 | 87 | 84 | |||||||||||
Total interest expense related to the 2024 Notes | $ | 5,615 | $ | 6,640 | $ | 17,942 | $ | 19,536 |
(In thousands) | June 27, 2020 | |||||||||||||
Principal amount of the 2030 Notes | $ | 750,000 | ||||||||||||
Unamortized discount of the 2030 Notes | (200) | |||||||||||||
Unamortized debt issuance costs associated with 2030 Notes | (5,329) | |||||||||||||
Carrying Value of the 2030 Notes | $ | 744,471 |
Three Months Ended | ||||||||||||||
(In thousands) | June 27, 2020 | |||||||||||||
Contractual coupon interest | $ | 2,042 | ||||||||||||
Amortization of debt issuance costs | 45 | |||||||||||||
Amortization of debt discount, net | 2 | |||||||||||||
Total interest expense related to the 2030 Notes | $ | 2,089 |
Three Months Ended | |||||||||||||||||
(In thousands) | June 27, 2020 | June 29, 2019 | |||||||||||||||
Interest income | $ | 4,954 | $ | 17,989 | |||||||||||||
Interest expense | (11,656) | (10,659) | |||||||||||||||
Other income (expense), net | (5,451) | 4,282 | |||||||||||||||
Total interest and other income (expense), net | $ | (12,153) | $ | 11,612 |
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||
Interest income | $ | 11,138 | $ | 21,610 | $ | 42,939 | $ | 56,358 | |||||||
Interest expense | (9,563 | ) | (13,464 | ) | (30,255 | ) | (40,000 | ) | |||||||
Other income (expense), net | 4,862 | (9,476 | ) | 17,694 | (14,127 | ) | |||||||||
Total interest and other income (expense), net | $ | 6,437 | $ | (1,330 | ) | $ | 30,378 | $ | 2,231 |
(In thousands) | June 27, 2020 | March 28, 2020 | |||||||||
Accumulated unrealized gains on available-for-sale securities, net of tax | $ | 1,410 | $ | 1,319 | |||||||
Accumulated unrealized losses on hedging transactions, net of tax | (1,354) | (10,170) | |||||||||
Accumulated cumulative translation adjustment, net of tax | (14,293) | (11,426) | |||||||||
Total accumulated other comprehensive loss | $ | (14,237) | $ | (20,277) |
(In thousands) | December 28, 2019 | March 30, 2019 | |||||
Accumulated unrealized losses on available-for-sale securities, net of tax | $ | (1,351 | ) | $ | (12,725 | ) | |
Accumulated unrealized gains on hedging transactions, net of tax | 513 | 95 | |||||
Accumulated cumulative translation adjustment, net of tax | (11,267 | ) | (10,780 | ) | |||
Total accumulated other comprehensive loss | $ | (12,105 | ) | $ | (23,410 | ) |
Fiscal | (In thousands) | ||||
2021 (remaining nine months) | $ | 9,971 | |||
2022 | 11,979 | ||||
2023 | 7,342 | ||||
2024 | 6,292 | ||||
2025 | 6,058 | ||||
Thereafter | 28,038 | ||||
Total lease payments | $ | 69,680 | |||
Less: Imputed interest | $ | (14,147) | |||
Total lease liabilities | $ | 55,533 |
Fiscal | (In thousands) | ||
2020 (remaining three months) | $ | 3,436 | |
2021 | 13,328 | ||
2022 | 11,731 | ||
2023 | 7,327 | ||
2024 | 6,299 | ||
Thereafter | 35,854 | ||
Total lease payments | 77,975 | ||
Less: Imputed interest | (18,977 | ) | |
Total lease liabilities | $ | 58,998 |
(In thousands) | June 27, 2020 | March 28, 2020 | ||||||||||||
Other assets | $ | 53,259 | $ | 57,819 | ||||||||||
Other accrued liabilities | 11,001 | 11,109 | ||||||||||||
Other long-term liabilities | 44,532 | 48,964 |
(In thousands) | December 28, 2019 | ||
Other assets | $ | 56,242 | |
Other accrued liabilities | 10,588 | ||
Other long-term liabilities | 48,410 |
Three Months Ended | ||||||||||||||||||||
(In thousands) | June 27, 2020 | June 29, 2019 | ||||||||||||||||||
Operating lease cost | $ | 3,701 | $ | 4,272 | ||||||||||||||||
Lease income | (922) | (796) | ||||||||||||||||||
Total lease cost | $ | 2,779 | $ | 3,476 |
Three Months Ended | Nine Months Ended | ||||||
(In thousands) | December 28, 2019 | December 28, 2019 | |||||
Operating lease cost | $ | 4,109 | $ | 12,715 | |||
Lease income | (768 | ) | (2,236 | ) | |||
Total lease cost | $ | 3,341 | $ | 10,479 |
Three Months Ended | Nine Months Ended | ||||||
(In thousands) | December 28, 2019 | December 28, 2019 | |||||
Cash paid for operating leases included in operating cash flows | $ | 3,054 | $ | 9,133 |
($ in thousands) | |||||
Cash paid for operating leases included in operating cash flows | $ | 3,384 |
June 27, 2020 | ||||||
Weighted-average remaining lease term - operating leases (in years) | ||||||
Weighted-average remaining discount rate - operating leases | % |
Weighted-Average | |||||||||||||||||
(In thousands) | June 27, 2020 | March 28, 2020 | Amortization Life | ||||||||||||||
Goodwill | $ | 619,196 | $ | 619,196 | |||||||||||||
Core technology, gross | 209,131 | 209,131 | |||||||||||||||
Less accumulated amortization | (111,703) | (105,007) | |||||||||||||||
Core technology, net | 97,428 | 104,124 | 3.9 years | ||||||||||||||
Other intangibles, gross | 95,759 | 95,759 | |||||||||||||||
Less accumulated amortization | (59,394) | (56,531) | |||||||||||||||
Other intangibles, net | 36,365 | 39,228 | 3.9 years | ||||||||||||||
In-process research and development | 56,992 | 56,992 | |||||||||||||||
Total acquisition-related intangibles, gross | 361,882 | 361,882 | |||||||||||||||
Less accumulated amortization | (171,097) | (161,538) | |||||||||||||||
Total acquisition-related intangibles, net | $ | 190,785 | $ | 200,344 |
Weighted-Average | |||||||||
(In thousands) | December 28, 2019 | March 30, 2019 | Amortization Life | ||||||
Goodwill | $ | 619,196 | $ | 340,718 | |||||
Core technology, gross | $ | 209,131 | $ | 107,250 | |||||
Less accumulated amortization | (98,310 | ) | (82,611 | ) | |||||
Core technology, net | 110,821 | 24,639 | 4.2 years | ||||||
Other intangibles, gross | 95,759 | 51,016 | |||||||
Less accumulated amortization | (53,130 | ) | (47,642 | ) | |||||
Other intangibles, net | 42,629 | 3,374 | 4.1 years | ||||||
In-process research and development | 56,991 | 52,710 | |||||||
Total acquisition-related intangibles, gross | 361,881 | 210,976 | |||||||
Less total accumulated amortization | (151,440 | ) | (130,253 | ) | |||||
Total acquisition-related intangibles, net | $ | 210,441 | $ | 80,723 |
Fiscal | (In thousands) | Fiscal | (In thousands) | |||||
2020 (remaining three months) | $ | 9,616 | ||||||
2021 | 38,440 | |||||||
2021 (remaining nine months) | 2021 (remaining nine months) | $ | 28,653 | |||||
2022 | 35,599 | 2022 | 35,401 | |||||
2023 | 33,749 | 2023 | 33,693 | |||||
2024 | 29,443 | 2024 | 29,443 | |||||
Thereafter | 6,603 | |||||||
2025 | 2025 | 6,603 | ||||||
Total | $ | 153,450 | Total | $ | 133,793 |
Three Months Ended | |||||||||||||||||
(In thousands) | June 27, 2020 | June 29, 2019 | |||||||||||||||
North America | $ | 186,293 | $ | 198,831 | |||||||||||||
Asia Pacific | 393,033 | 431,181 | |||||||||||||||
Europe | 92,751 | 153,288 | |||||||||||||||
Japan | 54,596 | 66,332 | |||||||||||||||
Total net revenues | $ | 726,673 | $ | 849,632 |
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||
North America | $ | 203,862 | $ | 227,203 | $ | 636,269 | $ | 628,484 | |||||||
Asia Pacific | 343,416 | 366,766 | 1,197,489 | 997,533 | |||||||||||
Europe | 118,646 | 145,903 | 395,779 | 431,324 | |||||||||||
Japan | 57,575 | 60,185 | 176,960 | 173,337 | |||||||||||
Total net revenues | $ | 723,499 | $ | 800,057 | $ | 2,406,497 | $ | 2,230,678 |
Three Months Ended | |||||||||||||||||
(% of total net revenues) | June 27, 2020 | June 29, 2019 | |||||||||||||||
AIT | 45 | % | 39 | % | |||||||||||||
Automotive, Broadcast and Consumer | 12 | 15 | |||||||||||||||
Wired and Wireless | 32 | 41 | |||||||||||||||
Data Center | 12 | 5 | |||||||||||||||
Channel Revenue | (1) | — | |||||||||||||||
Total net revenues | 100 | % | 100 | % |
Amount | |||
(In thousands) | |||
Cash and cash equivalents | $ | 6,765 | |
Tangible assets | 19,308 | ||
Deferred tax assets | 44,016 | ||
Identifiable intangible assets | 106,000 | ||
Goodwill | 237,163 | ||
Current liabilities | (9,229 | ) | |
Non-current liabilities | (3,797 | ) | |
Total | $ | 400,226 |
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 |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | June 27, 2020 | June 29, 2019 | |||||||||||||||||||||||
Net revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | Net revenues | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of revenues: | Cost of revenues: | |||||||||||||||||||||||||||
Cost of products sold | 32.3 | 31.0 | 33.4 | 30.8 | Cost of products sold | 31.1 | 33.4 | |||||||||||||||||||||
Amortization of acquisition-related intangibles | 0.9 | — | 0.7 | — | Amortization of acquisition-related intangibles | 0.9 | 0.4 | |||||||||||||||||||||
Total cost of revenues | 33.2 | 31.0 | 34.1 | 30.8 | Total cost of revenues | 32.0 | 33.8 | |||||||||||||||||||||
Gross margin | 66.8 | 69.0 | 65.9 | 69.2 | Gross margin | 68.0 | 66.2 | |||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||
Research and development | 29.2 | 23.7 | 26.5 | 24.4 | Research and development | 28.9 | 24.0 | |||||||||||||||||||||
Selling, general and administrative | 15.2 | 12.9 | 13.7 | 13.0 | Selling, general and administrative | 14.5 | 12.7 | |||||||||||||||||||||
Amortization of acquisition-related intangibles | 0.4 | 0.2 | 0.2 | 0.1 | Amortization of acquisition-related intangibles | 0.4 | — | |||||||||||||||||||||
Total operating expenses | 44.8 | 36.8 | 40.4 | 37.5 | Total operating expenses | 43.8 | 36.7 | |||||||||||||||||||||
Operating income | 22.0 | 32.2 | 25.5 | 31.7 | Operating income | 24.2 | 29.5 | |||||||||||||||||||||
Interest and other income (expense), net | 0.9 | (0.1 | ) | 1.3 | 0.1 | Interest and other income (expense), net | (1.7) | 1.4 | ||||||||||||||||||||
Income before income taxes | 22.9 | 32.1 | 26.8 | 31.8 | Income before income taxes | 22.5 | 30.9 | |||||||||||||||||||||
Provision for income taxes | 0.5 | 2.2 | 0.6 | 2.9 | Provision for income taxes | 9.6 | 2.5 | |||||||||||||||||||||
Net income | 22.4 | % | 29.9 | % | 26.2 | % | 28.9 | % | Net income | 12.9 | % | 28.4 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | June 27, 2020 | % of Total | % Change | June 29, 2019 | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Products | $ | 495.6 | 68 | (16) | $ | 586.8 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||
Core Products | 231.1 | 32 | (12) | 262.8 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 726.7 | 100 | (14) | $ | 849.6 | 100 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(In millions) | December 28, 2019 | % Change | December 29, 2018 | December 28, 2019 | % Change | December 29, 2018 | |||||||||||||||
Advanced Products | $ | 504.7 | (4 | ) | $ | 524.2 | $ | 1,709.2 | 23 | $ | 1,387.8 | ||||||||||
Core Products | 218.8 | (21 | ) | 275.9 | 697.3 | (17 | ) | 842.9 | |||||||||||||
Total net revenues | $ | 723.5 | (10 | ) | $ | 800.1 | $ | 2,406.5 | 8 | $ | 2,230.7 |
Three Months Ended | Nine Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
(% of total net revenues) | December 28, 2019 | % Change in Dollars | December 29, 2018 | December 28, 2019 | % Change in Dollars | December 29, 2018 | (% of total net revenues) | June 27, 2020 | % Change in Dollars | June 29, 2019 | |||||||||||||||||||||||||||||||||||
AIT | 40 | % | (10 | ) | 40 | % | 39 | % | 2 | 41 | % | AIT | 45 | % | (2) | 39 | % | ||||||||||||||||||||||||||||
Automotive, Broadcast and Consumer | 19 | 10 | 15 | 16 | 10 | 16 | Automotive, Broadcast and Consumer | 12 | (29) | 15 | |||||||||||||||||||||||||||||||||||
Wired and Wireless | 31 | (18 | ) | 35 | 37 | 20 | 33 | Wired and Wireless | 32 | (33) | 41 | ||||||||||||||||||||||||||||||||||
Data Center | 9 | 8 | 8 | 8 | 8 | 8 | Data Center | 12 | 104 | 5 | |||||||||||||||||||||||||||||||||||
Channel Revenue | 1 | NM* | 2 | — | NM* | 2 | Channel Revenue | (1) | nm* | — | |||||||||||||||||||||||||||||||||||
Total net revenues | 100 | % | (10 | ) | 100 | % | 100 | % | 8 | 100 | % | Total net revenues | 100 | % | (14) | 100 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | June 27, 2020 | % of Total | % Change | June 29, 2019 | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 186.3 | 26 | (6) | $ | 198.8 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | 393.0 | 54 | (9) | 431.2 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||
Europe | 92.8 | 13 | (39) | 153.3 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 54.6 | 7 | (18) | 66.3 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 726.7 | 100 | (14) | $ | 849.6 | 100 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(In millions) | December 28, 2019 | % Change | December 29, 2018 | December 28, 2019 | % Change | December 29, 2018 | |||||||||||||||
North America | $ | 203.9 | (10 | ) | $ | 227.2 | $ | 636.3 | 1 | $ | 628.6 | ||||||||||
Asia Pacific | 343.4 | (6 | ) | 366.8 | 1,197.5 | 20 | 997.5 | ||||||||||||||
Europe | 118.6 | (19 | ) | 145.9 | 395.7 | (8 | ) | 431.3 | |||||||||||||
Japan | 57.6 | (4 | ) | 60.2 | 177.0 | 2 | 173.3 | ||||||||||||||
Total net revenues | $ | 723.5 | (10 | ) | $ | 800.1 | $ | 2,406.5 | 8 | $ | 2,230.7 |
Three Months Ended | |||||||||||||||||||||||||||||
(In millions) | June 27, 2020 | Change | June 29, 2019 | ||||||||||||||||||||||||||
Gross margin | $ | 493.9 | (12) | % | $ | 562.9 | |||||||||||||||||||||||
Percentage of net revenues | 68.0 | % | 66.2 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(In millions) | December 28, 2019 | Change | December 29, 2018 | December 28, 2019 | Change | December 29, 2018 | |||||||||||||||
Gross margin | $ | 483.5 | (12 | )% | $ | 552.2 | $ | 1,586.6 | 3 | % | $ | 1,544.3 | |||||||||
Percentage of net revenues | 66.8 | % | 69.0 | % | 65.9 | % | 69.2 | % |
Three Months Ended | |||||||||||||||||||||||||||||
(In millions) | June 27, 2020 | Change | June 29, 2019 | ||||||||||||||||||||||||||
Research and development | $ | 210.1 | 3 | % | $ | 204.1 | |||||||||||||||||||||||
Percentage of net revenues | 29 | % | 24 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(In millions) | December 28, 2019 | Change | December 29, 2018 | December 28, 2019 | Change | December 29, 2018 | |||||||||||||||
Research and development | $ | 211.5 | 12 | % | $ | 189.3 | $ | 638.6 | 17 | % | $ | 543.5 | |||||||||
Percentage of net revenues | 29 | % | 24 | % | 27 | % | 24 | % |
Three Months Ended | |||||||||||||||||||||||||||||
(In millions) | June 27, 2020 | Change | June 29, 2019 | ||||||||||||||||||||||||||
Selling, general and administrative | $ | 105.4 | (2) | % | $ | 107.4 | |||||||||||||||||||||||
Percentage of net revenues | 15 | % | 13 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(In millions) | December 28, 2019 | Change | December 29, 2018 | December 28, 2019 | Change | December 29, 2018 | |||||||||||||||
Selling, general and administrative | $ | 109.6 | 6 | % | $ | 103.0 | $ | 328.6 | 13 | % | $ | 291.3 | |||||||||
Percentage of net revenues | 15 | % | 13 | % | 14 | % | 13 | % |
Three Months Ended | |||||||||||||||||||||||||||||
(In millions) | June 27, 2020 | Change | June 29, 2019 | ||||||||||||||||||||||||||
Stock-based compensation included in: | |||||||||||||||||||||||||||||
Cost of revenues | $ | 2.7 | 4 | % | $ | 2.6 | |||||||||||||||||||||||
Research and development | 30.4 | 22 | % | 24.9 | |||||||||||||||||||||||||
Selling, general and administrative | 17.3 | 13 | % | 15.3 | |||||||||||||||||||||||||
$ | 50.4 | 18 | % | $ | 42.8 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(In millions) | December 28, 2019 | Change | December 29, 2018 | December 28, 2019 | Change | December 29, 2018 | |||||||||||||||
Stock-based compensation included in: | |||||||||||||||||||||
Cost of revenues | $ | 3.0 | 31 | % | $ | 2.3 | $ | 8.4 | 26 | % | $ | 6.7 | |||||||||
Research and development | 31.5 | 41 | % | 22.4 | 86.1 | 36 | % | 63.3 | |||||||||||||
Selling, general and administrative | 15.7 | 13 | % | 13.9 | 48.2 | 23 | % | 39.2 | |||||||||||||
$ | 50.2 | 30 | % | $ | 38.6 | $ | 142.7 | 31 | % | $ | 109.2 |
Three Months Ended | |||||||||||||||||||||||||||||
(In millions) | June 27, 2020 | Change | June 29, 2019 | ||||||||||||||||||||||||||
Interest and other income (expense), net | $ | (12.2) | (205) | % | $ | 11.6 | |||||||||||||||||||||||
Percentage of net revenues | (2) | % | 1 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(In millions) | December 28, 2019 | Change | December 29, 2018 | December 28, 2019 | Change | December 29, 2018 | |||||||||||||||
Interest and other income (expense), net | $ | 6.4 | 584 | % | $ | (1.3 | ) | $ | 30.4 | 1,262 | % | $ | 2.2 | ||||||||
Percentage of net revenues | 1 | % | — | % | 1 | % | — | % |
Three Months Ended | |||||||||||||||||||||||||||||
(In millions) | June 27, 2020 | Change | June 29, 2019 | ||||||||||||||||||||||||||
Provision for income taxes | $ | 69.5 | 230 | % | $ | 21.1 | |||||||||||||||||||||||
Percentage of net revenues | 10 | % | 3 | % | |||||||||||||||||||||||||
Effective tax rate | 43 | % | 8 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(In millions) | December 28, 2019 | Change | December 29, 2018 | December 28, 2019 | Change | December 29, 2018 | |||||||||||||||
Provision for income taxes | $ | 3.8 | (78 | )% | $ | 17.2 | $ | 13.8 | (78 | )% | $ | 63.5 | |||||||||
Percentage of net revenues | 1 | % | 2 | % | 1 | % | 3 | % | |||||||||||||
Effective tax rate | 2 | % | 7 | % | 2 | % | 9 | % |
(In millions and U.S. dollars) | June 27, 2020 | March 28, 2020 | |||||||||
Singapore Dollar | $ | 27.9 | $ | 28.9 | |||||||
Euro | 28.6 | 33.5 | |||||||||
Indian Rupee | 93.6 | 76.0 | |||||||||
British Pound | 20.3 | 20.2 | |||||||||
Japanese Yen | 1.3 | 2.4 | |||||||||
Chinese Yuan | 31.4 | 26.3 | |||||||||
$ | 203.1 | $ | 187.3 |
(In millions and U.S. dollars) | December 28, 2019 | March 30, 2019 | |||||
Singapore Dollar | $ | 30.7 | $ | 29.4 | |||
Euro | 46.0 | 39.4 | |||||
Indian Rupee | 73.4 | 78.0 | |||||
British Pound | 19.4 | 10.6 | |||||
Japanese Yen | 3.9 | 3.8 | |||||
Chinese Yuan | 34.0 | 34.4 | |||||
$ | 207.4 | $ | 195.6 |
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 | ||||||||||||||||||||||||||
March 29, 2020 to May 2, 2020 | 685 | $ | 78.38 | 685 | $ | 283,730 | ||||||||||||||||||||
May 3, 2020 to May 30, 2020 | — | $ | — | — | $ | 283,730 | ||||||||||||||||||||
May 31, 2020 to June 27, 2020 | — | $ | — | — | $ | 283,730 | ||||||||||||||||||||
Total for the Quarter | 685 | 685 |
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 | ||||||||||||||
September 29, 2019 to November 2, 2019 | 524 | $ | 94.24 | 524 | $ | 19,718 | ||||||||
November 3, 2019 to November 30, 2019 | 916 | $ | 93.93 | 916 | $ | 933,720 | ||||||||
December 1, 2019 to December 28, 2019 | 1,345 | $ | 93.33 | 1,345 | $ | 808,144 | ||||||||
Total for the Quarter | 2,785 | 2,785 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exhibit No | Exhibit Title | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.1 | 8-K | 000-18548 | 4.1 | 5/19/2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.2 | 8-K | 000-18548 | 4.2 | 5/19/2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.1 | * | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | X |
* | ||||||||||||||||
Date | Herewith | |||||||||||||||
XILINX, INC. | |||||||||||
Date: July 31, 2020 | /s/ Brice Hill | ||||||||||
Brice Hill | |||||||||||
Executive Vice President and Chief Financial Officer (as principal financial officer and on behalf of Registrant) | |||||||||||
/s/ Sumeet Gagneja | |||||||||||
Sumeet Gagneja | |||||||||||
Chief Accounting Officer (as principal accounting |