| 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 | ||||||||||||
Applied Micro Circuits Corporation Reports Third Quarter Fiscal 2016 Financial Results
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