Applied Micro Circuits Corporation Reports Third Quarter Fiscal 2016 Financial Results


APPLIED MICRO CIRCUITS CORPORATION
SCHEDULE OF SELECTED GAAP TO NON-GAAP ADJUSTMENTS
(in thousands)
(unaudited)
             
The following schedule reconciles selected line items on the condensed consolidated statements of operations from the GAAP basis to the non-GAAP basis:
             
  Three Months Ended  Nine Months Ended
  December 31, September 30,  December 31,  December 31, December 31,
   2015   2015    2014    2015   2014 
GROSS PROFIT:            
GAAP gross profit $  22,382  $  21,985   $  21,905   $  65,374  $  75,149 
Stock-based compensation expense    140     116      72      349     221 
Non-GAAP gross profit $  22,522  $  22,101   $  21,977   $  65,723  $  75,370 
             
OPERATING EXPENSES:            
GAAP operating expenses $  30,580  $  30,799   $  33,649   $  91,856  $  109,747 
Stock-based compensation expense    (6,001)    (5,818)        (4,785 )         (17,818 )       (14,082 )
Amortization of purchased intangible assets       -         -           -           -         (105 )
Veloce acquisition consideration       -         -           -           -         (7,140 )
Restructuring       29         (15 )         (221 )         (82 )       (1,322 )
Non-GAAP operating expenses   $   24,608     $   24,966       $   28,643       $   73,956     $   87,098  
                         
INTEREST AND OTHER (EXPENSE) INCOME, NET                        
GAAP interest and other income (expense), net   $   169     $   265       $   475       $   2,078     $   (1,322 )
Impairment of a strategic investment       -         -           -           -         2,500  
Reversals of impairment charges upon sales of marketable securities       -         (267 )         (129 )         (1,694 )       (158 )
Non-GAAP interest and other income (expense), net   $   169     $   (2 )     $   346       $   384     $   1,020  
                         
INCOME TAX (BENEFIT) EXPENSE:                        
GAAP income tax expense (benefit)   $   170     $   (488 )     $   862       $   (740 )   $   993  
Income tax adjustment       30         25           (62 )         677         307  
Non-GAAP income tax expense (benefit)   $   200     $   (463 )     $   800       $   (63 )   $   1,300  
                         
RESEARCH AND DEVELOPMENT:                        
GAAP research and development    $   22,377     $   22,411       $   24,721       $   66,405     $   82,636  
Stock-based compensation expense       (4,500 )       (3,955 )         (2,992 )         (12,515 )       (9,039 )
Veloce acquisition consideration       -         -           -           -         (7,140 )
Non-GAAP research and development    $   17,877     $   18,456       $   21,729       $   53,890     $   66,457  
                         
SELLING, GENERAL AND ADMINISTRATIVE:                        
GAAP selling, general and administrative    $   8,232     $   8,373       $   8,707       $   25,369     $   25,684  
Stock-based compensation expense       (1,501 )       (1,863 )         (1,793 )     $   (5,303 )       (5,043 )
Non-GAAP selling, general and administrative    $   6,731     $   6,510       $   6,914       $   20,066     $   20,641  
                         

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