| Silicon Motion Technology Corporation | |||||||
| Reconciliation of GAAP to Non-GAAP Operating Results | |||||||
| (in thousands, except percentages and per ADS data, unaudited) | |||||||
| For the Year Ended | |||||||
| Dec. 31, | Dec. 31, | ||||||
| 2014 | 2015 | ||||||
| ( $) | ( $) | ||||||
| GAAP net income | 44,467 | 60,280 | |||||
| Stock-based compensation: | |||||||
| Cost of sales | 282 | 261 | |||||
| Research and development | 6,760 | 6,591 | |||||
| Sales and marketing | 1,740 | 1,801 | |||||
| General and administrative | 1,542 | 1,811 | |||||
| Total stock-based compensation | 10,324 | 10,464 | |||||
| Non-recurring items: | |||||||
| Litigation expenses | 190 | 104 | |||||
| Acquisition costs | 30 | 358 | |||||
| Amortization of intangibles assets | - | 1,052 | |||||
| Foreign exchange loss (gain), net | 3,499 | 1,812 | |||||
| Non-GAAP net income | 58,510 | 74,070 | |||||
| Shares used in computing non-GAAP diluted earnings per ADS | 34,377 | 35,067 | |||||
| Non-GAAP diluted earnings per ADS | $ | 1.70 | $ | 2.11 | |||
| Non-GAAP gross margin | 51.8 | % | 51.2 | % | |||
| Non-GAAP operating margin | 24.1 | % | 24.5 | % | |||
| Silicon Motion Technology Corporation | |||||
| Consolidated Balance Sheet | |||||
| (In thousands, unaudited) | |||||
| Dec. 31, | Sep. 30, | Dec. 31, | |||
| 2014 | 2015 | 2015 | |||
| ( US$ ) | ( $ ) | ( $ ) | |||
| Cash and cash equivalents | 194,211 | 182,984 | 180,519 | ||
| Short-term investments | 703 | 679 | 4,681 | ||
| Accounts receivable (net) | 28,742 | 56,432 | 58,963 | ||
| Inventories | 44,076 | 50,176 | 47,110 | ||
| Refundable deposits - current | 19,322 | 19,531 | 19,328 | ||
| Prepaid expenses and other current assets | 3,386 | 4,244 | 4,578 | ||
| Total current assets | 290,440 | 314,046 | 315,179 | ||
| Long-term investments | 133 | 133 | 133 | ||
| Property and equipment (net) | 35,537 | 38,322 | 50,469 | ||
| Goodwill and intangible assets(net) | 35,467 | 76,528 | 75,990 | ||
| Other assets | 4,957 | 3,945 | 3,859 | ||
| Total assets | 366,534 | 432,974 | 445,630 | ||
| Accounts payable | 14,246 | 14,077 | 22,766 | ||
| Income tax payable | 17,696 | 21,791 | 13,099 | ||
| Accrued expenses and other current liabilities | 24,125 | 41,887 | 42,165 | ||
| Total current liabilities | 56,067 | 77,755 | 78,030 | ||
| Other liabilities | 6,367 | 8,338 | 7,376 | ||
| Total liabilities | 62,434 | 86,093 | 85,406 | ||
| Shareholders’ equity | 304,100 | 346,881 | 360,224 | ||
| Total liabilities & shareholders’ equity | 366,534 | 432,974 | 445,630 | ||
About Silicon Motion:
