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Xilinx Inc (XLNX) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2018

Xilinx Inc

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CIK: 743988 Ticker: XLNX


Exhibit 99.1
Investor Relations Contact:                            
Suresh Bhaskaran
Xilinx, Inc.
(408) 879-4784
ir@xilinx.com

Xilinx - Adoption of New Revenue Standard

Background
•
In April 2014, the Financial Accounting Standards Board issued guidance that outlines a new global revenue standard (ASC 606) that is effective for all public companies for annual reporting periods beginning after December 15, 2017.
•
Xilinx adopted this standard beginning in its fiscal 2019 (April 1, 2018). To assist investors and analysts in comparing our reported results with prior periods on a consistent basis, Xilinx has provided adjusted financials for fiscal 2017 and 2018 and quarterly results for fiscal 2018 as though the new standard were effective in those periods.

Changes

For Xilinx, the new revenue standard primarily impacts revenue recognition for sales to distributors (see below). Approximately 53% of our business in fiscal 2018 was attributed to sales to distributors. There will be no significant changes in revenue recognition for sales to direct customers.

Impact of change from “Sell-Through” to “Sell-In”

Prior to the adoption of ASC 606, Xilinx recognized revenue from sales to distributors only when product was sold through from distributors to customers consuming our products. This is commonly known as the “Sell-Through” method. Under ASC 606, Xilinx is required to recognize revenue and cost relating to distributor sales upon product shipment to distributors (Sell-In), subject to estimated allowance for distributor price adjustments and rights of return.

The Company has elected to adopt ASC 606 on a full retrospective basis. As such, inventory held by distributors (i.e., deferred income on shipments to distributors), subject to tax and other immaterial adjustments, at the start of fiscal 2017 will be reflected in retained earnings as of the beginning of fiscal 2017. Additionally, fiscal 2017 and 2018 financial results will be adjusted to reflect the accounting under ASC 606.

The impact of this change to the Company’s fiscal 2017 and 2018 financial statements (as though the standard were effective during those periods) is as follows:

Summary of impact to 2017 financials

•
Fiscal 2017 revenues under the new standard were $2.36 billion, and were approximately $7.0 million higher versus $2.35 billion under the old standard.
•
Gross margin percentage was 69.9% under both standards.
•
Operating income percentage was 30.0% under the new standard versus 29.8% under the old standard.
•
Diluted EPS was 2 cents higher under the new standard versus the previous standard.



The following information was filed by Xilinx Inc (XLNX) on Thursday, May 10, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Xilinx Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (allowances) (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (details)
Accumulated Other Comprehensive Loss (tables)
Balance Sheet Information
Balance Sheet Information (tables)
Balance Sheet Information Payables And Accruals (details)
Commitments
Commitments (details Textual)
Commitments (details)
Commitments (tables)
Debt And Credit Facility
Debt And Credit Facility (details 1)
Debt And Credit Facility (details 2)
Debt And Credit Facility (details 3)
Debt And Credit Facility (details Textual)
Debt And Credit Facility (details)
Debt And Credit Facility (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details 1)
Derivative Financial Instruments (details 2)
Derivative Financial Instruments (details Textual)
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Executive Transition Costs
Executive Transition Costs (details)
Executive Transition Costs (tables)
Fair Value Measurements
Fair Value Measurements (details 1)
Fair Value Measurements (details Textual)
Fair Value Measurements (details)
Fair Value Measurements (tables)
Financial Instruments
Financial Instruments (details 1)
Financial Instruments (details 2)
Financial Instruments (details 3)
Financial Instruments (details)
Financial Instruments (tables)
Goodwill And Acquisition-related Intangibles
Goodwill And Acquisition-related Intangibles (details 1)
Goodwill And Acquisition-related Intangibles (details)
Goodwill And Acquisition-related Intangibles (tables)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details 4)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Income Taxes Adjustments To Additional Paid In Capital, Income Tax Benefit From Share-based Compensation (details)
Income Taxes Excess Tax Benefits, Share-based Compensation (details)
Income Taxes Income Tax Holiday Statutory Rate (details)
Income Taxes Tax Credit Carryforward (details)
Interest And Other Expense, Net
Interest And Other Expense, Net (details)
Interest And Other Expense, Net (tables)
Litigation Settlements And Contingencies
Litigation Settlements And Contingencies (details)
Nature Of Operations
Nature Of Operations (details)
Net Income Per Common Share
Net Income Per Common Share (details)
Net Income Per Common Share (tables)
Net Income Per Common Share Net Income Per Common Share (details Textual)
Segment Information
Segment Information (details)
Segment Information (tables)
Stock-based Compensation Plans
Stock-based Compensation Plans (details 1)
Stock-based Compensation Plans (details 2)
Stock-based Compensation Plans (details 3)
Stock-based Compensation Plans (details Textual)
Stock-based Compensation Plans (details)
Stock-based Compensation Plans (tables)
Stockholders' Equity
Stockholders' Equity (details)
Subsequent Event
Subsequent Event (details)
Summary Of Significant Accounting Policies And Concentrations Of Risk
Summary Of Significant Accounting Policies And Concentrations Of Risk (concentrations) (details)
Summary Of Significant Accounting Policies And Concentrations Of Risk (inventory) (details)
Summary Of Significant Accounting Policies And Concentrations Of Risk (investments) (details)
Summary Of Significant Accounting Policies And Concentrations Of Risk (new Accounting Policies) (details)
Summary Of Significant Accounting Policies And Concentrations Of Risk (other) (details)
Summary Of Significant Accounting Policies And Concentrations Of Risk (policies)
Summary Of Significant Accounting Policies And Concentrations Of Risk (ppe) (details)
Summary Of Significant Accounting Policies And Concentrations Of Risk (tables)
Ticker: XLNX
CIK: 743988
Form Type: 10-K Annual Report
Accession Number: 0000743988-18-000022
Submitted to the SEC: Mon May 14 2018 5:58:55 PM EST
Accepted by the SEC: Tue May 15 2018
Period: Saturday, March 31, 2018
Industry: Semiconductors And Related Devices

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