Applied Micro Circuits Corporation Reports Fourth Quarter & Full

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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