Applied Micro Circuits Corporation Reports Third Quarter Fiscal

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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