The Company’s forecasted guidance is a forward-looking statement and does not include the effects of future acquisitions/divestitures, unanticipated asset impairments and other special charges, and other non-recurring items not reflective of ongoing operations. The Company’s forward-looking estimates of both GAAP and non-GAAP measures of financial performance may differ materially from actual results and should not be relied upon as statements of fact.

QLOGIC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited — in thousands)
									April 3, 2016								March 29, 2015
ASSETS
Current assets:
Cash and cash equivalents									$	125,408							$	115,241
Marketable securities										229,439								201,174
Total cash and marketable securities										354,847								316,415
Accounts receivable, net										55,546								87,436
Inventories										39,745								29,978
Other current assets										13,268								21,802
Total current assets										463,406								455,631
Property and equipment, net										71,738								78,501
Goodwill										167,232								167,232
Purchased intangible assets, net										62,998								77,659
Deferred tax assets										41,003								48,880
Other assets										17,491								20,752
									$	823,868							$	848,655
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable									$	29,576							$	40,497
Accrued compensation										19,389								22,476
Accrued taxes										955								2,711
Other current liabilities										11,156								11,718
Total current liabilities										61,076								77,402
Accrued taxes										9,510								14,516
Other liabilities										5,904								9,721
Total liabilities										76,490								101,639
Stockholders’ equity:
Common stock										218								215
Additional paid-in capital										1,015,666								983,579
Retained earnings										1,769,130								1,722,664
Accumulated other comprehensive loss										(334	)							(99	)
Treasury stock										(2,037,302	)							(1,959,343	)
Total stockholders’ equity										747,378								747,016
									$	823,868							$	848,655

QLOGIC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited — in thousands)
									Year Ended
									April 3, 2016								March 29, 2015
Cash flows from operating activities:
Net income									$	46,466							$	50,593
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization										39,463								47,119
Stock-based compensation										16,628								20,545
Deferred income taxes										7,887								(1,457	)
Asset impairments										1,954								3,697
Other non-cash items, net										930								1,136
Changes in operating assets and liabilities:
Accounts receivable										32,230								(22,337	)
Inventories										(9,767	)							(11,942	)
Other assets										7,820								3,924
Accounts payable										(3,573	)							3,487
Accrued compensation										(3,087	)							(4,480	)
Accrued taxes, net										(11,951	)							821
Other liabilities										(3,479	)							(8,610	)
Net cash provided by operating activities										121,521								82,496
Cash flows from investing activities:
Purchases of available-for-sale securities										(241,789	)							(189,707	)
Proceeds from sales and maturities of available-for-sale securities										212,072								173,403
Purchases of property and equipment										(26,761	)							(26,118	)
Proceeds from disposition of assets held for sale										7,553								—
Net cash used in investing activities										(48,925	)							(42,422	)
Cash flows from financing activities:
Proceeds from issuance of common stock under stock-based awards										21,612								9,717
Minimum tax withholding paid on behalf of employees for restricted stock units										(6,150	)							(4,690	)
Purchases of treasury stock										(78,859	)							(21,140	)
Other financing activities										968								22
Net cash used in financing activities										(62,429	)							(16,091	)
Net increase in cash and cash equivalents										10,167								23,983
Cash and cash equivalents at beginning of year										115,241								91,258
Cash and cash equivalents at end of year									$	125,408							$	115,241

QLOGIC CORPORATION