10-Q Filing

QLOGIC CORP CIK: 918386 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001564590-16-023347`
Period End Date	20160630
Filing Date	20160808
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	qlgc-20160703.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 34 Cash Flow Statement 54 Comprehensive Income 14

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$849.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.03M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$92.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$125.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$115.24M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$245.66M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$229.44M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,026 and $849 as of July 3, 2016 and April 3, 2016, respectively	`AccountsReceivableNetCurrent`	$74.09M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,026 and $849 as of July 3, 2016 and April 3, 2016, respectively	`AccountsReceivableNetCurrent`	$55.55M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$36.57M	USD	Point-in-time
Inventories	`InventoryNet`	$39.74M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$13.27M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$13.62M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$463.41M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	218.21M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$489.56M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	219.02M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	135.12M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$76.96M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$71.74M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	135.12M	shares	Point-in-time
Goodwill	`Goodwill`	$167.23M	USD	Point-in-time
Goodwill	`Goodwill`	$167.23M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$58.55M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$63.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$41.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$41.90M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.75M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$17.49M	USD	Point-in-time
Total assets	`Assets`	$823.87M	USD	Point-in-time
Total assets	`Assets`	$850.95M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$39.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$29.58M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$19.39M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$16.61M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$905.00K	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$955.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$10.75M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$11.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$67.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$61.08M	USD	Point-in-time
Accrued taxes	`LiabilityForUncertainTaxPositionsNoncurrent`	$9.51M	USD	Point-in-time
Accrued taxes	`LiabilityForUncertainTaxPositionsNoncurrent`	$8.47M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$5.53M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$5.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$76.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$81.56M	USD	Point-in-time
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized; 219,016,000 and 218,210,000 shares issued as of July 3, 2016 and April 3, 2016, respectively	`CommonStockValue`	$218.00K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized; 219,016,000 and 218,210,000 shares issued as of July 3, 2016 and April 3, 2016, respectively	`CommonStockValue`	$219.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.02B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.02B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.79B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.77B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-286.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-334.00K	USD	Point-in-time
Treasury stock, at cost: 135,118,000 shares as of July 3, 2016 and April 3, 2016	`TreasuryStockValue`	$2.04B	USD	Point-in-time
Treasury stock, at cost: 135,118,000 shares as of July 3, 2016 and April 3, 2016	`TreasuryStockValue`	$2.04B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$769.38M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$747.38M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$823.87M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$850.95M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$116.40M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$113.41M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$48.30M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$47.07M	USD	1 Quarter
Gross profit	`GrossProfit`	$66.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$68.10M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$35.61M	USD	1 Quarter
Engineering and development	`ResearchAndDevelopmentExpense`	$30.65M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$13.52M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$15.49M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.08M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.56M	USD	1 Quarter
Special charges	`SpecialChargesRecoveries`	$1.08M	USD	1 Quarter
Special charges	`SpecialChargesRecoveries`	$-624.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$59.25M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$53.10M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$7.09M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$2.35M	USD	1 Quarter
Interest and other income, net	`OtherNonoperatingIncomeExpense`	$359.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.45M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.34M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-940.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$4.89M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.56M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.22	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	87.33M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	83.43M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	84.54M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	88.91M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$18.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.56M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.62M	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$5.22M	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$5.99M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-940.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.40M	USD	1 Quarter
Other non-cash items, net	`OtherNoncashIncomeExpense`	$-539.00K	USD	1 Quarter
Other non-cash items, net	`OtherNoncashIncomeExpense`	$1.04M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.89M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.52M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-3.17M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.67M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$134.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$235.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.22M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.79M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-4.91M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.77M	USD	1 Quarter
Accrued taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$-3.08M	USD	1 Quarter
Accrued taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$-1.13M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-783.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.57M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$9.47M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$17.70M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$61.66M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$50.64M	USD	1 Quarter
Proceeds from sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$34.21M	USD	1 Quarter
Proceeds from sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$45.68M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.78M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.84M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-1.37M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-22.45M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-27.21M	USD	1 Quarter
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$2.58M	USD	1 Quarter
Proceeds from issuance of common stock under stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$16.50M	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.06M	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$4.13M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$17.86M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.12M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$517.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-5.30M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.03M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-23.04M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.79M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$92.20M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$119.62M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$125.41M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$115.24M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$92.20M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$119.62M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$125.41M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$115.24M	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$18.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.56M	USD	1 Quarter
Changes in unrealized gains	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-455.00K	USD	1 Quarter
Changes in unrealized gains	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$516.00K	USD	1 Quarter
Net realized losses (gains) reclassified into earnings	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$-26.00K	USD	1 Quarter
Net realized losses (gains) reclassified into earnings	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$158.00K	USD	1 Quarter
Total changes in fair value of marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$358.00K	USD	1 Quarter
Total changes in fair value of marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$-429.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-310.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$116.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$48.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-313.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$18.33M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.24M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.