Applied Micro Circuits Corporation Reports First Quarter Fiscal 2017 Financial Results

 

          
APPLIED MICRO CIRCUITS CORPORATION
SCHEDULE OF SELECTED GAAP TO NON-GAAP ADJUSTMENTS
(in thousands)
(unaudited)
          
          
      Three Months Ended
      June 30,  March 31,  June 30,
       2016    2016    2015 
GROSS PROFIT:      
GAAP gross profit $25,469  $24,174   21,007 
Stock-based compensation expense  158   172   93 
Non-GAAP gross profit $25,627  $24,346  $21,100 
          
OPERATING EXPENSES:      
GAAP operating expenses $36,184  $33,194  $30,477 
Stock-based compensation expense  (8,007)  (7,465)  (5,999)
Restructuring  -   57   (96)
Non-GAAP operating expenses $28,177  $25,786  $24,382 
          
INTEREST AND OTHER INCOME, NET      
GAAP interest and other income, net $247  $229  $1,644 
Reversals of impairment charges upon sales of marketable securities     -       -       (1,427 )
Non-GAAP interest and other income, net   $ 247     $ 229     $ 217  
                   
INCOME TAX EXPENSE:            
GAAP income tax expense   $ 71     $ 116     $ (422 )
Income tax adjustment     129       84       622  
Non-GAAP income tax expense   $ 200     $ 200     $ 200  
                   
RESEARCH AND DEVELOPMENT:            
GAAP research and development   $ 27,485     $ 25,113     $ 21,617  
Stock-based compensation expense     (5,993 )     (5,503 )     (4,060 )
Non-GAAP research and development   $ 21,492     $ 19,610     $ 17,557  
                   
SELLING, GENERAL AND ADMINISTRATIVE:            
GAAP selling, general and administrative   $ 8,699     $ 8,138     $ 8,764  
Stock-based compensation expense     (2,014 )     (1,962 )     (1,939 )
Non-GAAP selling, general and administrative   $ 6,685     $ 6,176     $ 6,825  
                   

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