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