Applied Micro Circuits Corporation Reports Fourth Quarter & Full Year Fiscal 2016 Financial Results

 

                   
  APPLIED MICRO CIRCUITS CORPORATION   
  SCHEDULE OF SELECTED GAAP TO NON-GAAP ADJUSTMENTS   
  (in thousands)   
  (unaudited)   
                   
                   
       Three Months Ended   Year Ended   
       March 31,  December 31,  March 31,   March 31,  March 31,   
        2016    2015    2015     2016     2015    
  GROSS PROFIT:              
 GAAP gross profit $  24,174  $  22,382  $  20,566   $  89,548  $  95,714    
 Stock-based compensation expense    172     140     69      521     289    
 Non-GAAP gross profit $  24,346  $  22,522  $  20,635   $  90,069   $   96,003        
                                     
  OPERATING EXPENSES:                            
  GAAP operating expenses   $   33,194     $   30,580     $   36,640       $   125,050     $   146,388        
  Stock-based compensation expense       (7,465 )       (6,001 )       (3,933 )         (25,283 )       (18,016 )      
  Amortization of purchased intangible assets       -         -         -           -         (104 )      
  Veloce acquisition consideration       -         -         (2,090 )         -         (9,230 )      
  Restructuring       57         29         (4,098 )         (25 )       (5,421 )      
  Non-GAAP operating expenses   $   25,786     $   24,608     $   26,519       $   99,742     $   113,617        
                                     
  INTEREST AND OTHER INCOME, NET                            
  GAAP interest and other income (expense), net   $   229     $   169     $   1,029       $   2,307     $   (292 )      
  Impairment of strategic investments       -         -         500           -         3,000        
  Reversals of impairment charges upon sales of marketable securities       -         -         (1,176 )         (1,694 )       (1,334 )      
  Non-GAAP interest and other income, net   $   229     $   169     $   353       $   613     $   1,374        
                                     
  INCOME TAX (BENEFIT) EXPENSE:                            
  GAAP income tax expense (benefit)   $   116     $   170     $   99       $   (624 )   $   1,092        
  Income tax adjustment       84         30         151           761         458        
  Non-GAAP income tax expense    $   200     $   200     $   250       $   137     $   1,550        
                                     
  RESEARCH AND DEVELOPMENT:                            
  GAAP research and development    $   25,113     $   22,377     $   24,584       $   91,518     $   107,220        
  Stock-based compensation expense       (5,503 )       (4,500 )       (2,619 )         (18,018 )       (11,658 )      
  Veloce acquisition consideration       -         -         (2,090 )         -         (9,230 )      
  Non-GAAP research and development    $   19,610     $   17,877     $   19,875       $   73,500     $   86,332        
                                     
  SELLING, GENERAL AND ADMINISTRATIVE:                            
  GAAP selling, general and administrative    $   8,138     $   8,232     $   7,959       $   33,507     $   33,643        
  Stock-based compensation expense       (1,962 )       (1,501 )       (1,314 )         (7,265 )       (6,358 )      
  Non-GAAP selling, general and administrative    $   6,176     $   6,731     $   6,645       $   26,242     $   27,285        
                                     

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