Applied Micro Circuits Corporation Reports Second Quarter Fiscal 2017 Financial Results

 

APPLIED MICRO CIRCUITS CORPORATION  
SCHEDULE OF SELECTED GAAP TO NON-GAAP ADJUSTMENTS 
(in thousands) 
(unaudited) 
  
  Three Months Ended   Six Months Ended  
  September 30,
2016
  June 30,
2016
  September 30,
2015
  September 30,
2016
  September 30,
2015
 
GROSS PROFIT:          
GAAP gross profit$27,660  $25,469  $21,985  $53,129  $42,992   
Stock-based compensation expense and other 172   158   116   330   209   
Non-GAAP gross profit$27,832  $25,627  $22,101  $53,459  $43,201   
OPERATING EXPENSES:          
GAAP operating expenses$32,379  $36,184  $30,799  $68,563  $61,276   
Stock-based compensation expense and other (6,618)  (8,007)  (5,818)  (14,625)  (11,817)  
Restructuring -   -   (15)  -   (111)  
Non-GAAP operating expenses$25,761  $28,177  $24,966     $ 53,938     $ 49,348      
INTEREST AND OTHER INCOME, NET                    
GAAP interest and other income, net $ 257     $ 247     $ 265     $ 504     $ 1,909      
Reversals of impairment charges upon sales of marketable securities   -       -       (267 )     -       (1,694 )    
Non-GAAP interest and other income, net $ 257     $ 247     $ (2 )   $ 504     $ 215      
INCOME TAX EXPENSE (BENEFIT):                    
GAAP income tax expense (benefit) $ 178     $ 71     $ (488 )   $ 249     $ (910 )    
Income tax adjustment   22       129       25       151       647      
Non-GAAP income tax expense $ 200     $ 200     $ (463 )   $ 400     $ (263 )    
RESEARCH AND DEVELOPMENT :                    
GAAP research and development $ 24,037     $ 27,485     $ 22,411     $ 51,522     $ 44,028      
Stock-based compensation expense and other   (4,624 )     (5,993 )     (3,955 )     (10,617 )     (8,015 )    
Non-GAAP research and development $ 19,413     $ 21,492     $ 18,456     $ 40,905     $ 36,013      
SELLING, GENERAL AND ADMINISTRATIVE :                    
GAAP selling, general and administrative $ 8,342     $ 8,699     $ 8,373     $ 17,041     $ 17,137      
Stock-based compensation expense and other   (1,994 )     (2,014 )     (1,863 )     (4,008 )     (3,802 )    
Non-GAAP selling, general and administrative $ 6,348     $ 6,685     $ 6,510     $ 13,033     $ 13,335      
                     

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