| Silicon Motion Technology Corporation | ||||||||||||
| Reconciliation of GAAP to Non-GAAP Operating Results | ||||||||||||
| (in thousands, except percentages and per ADS data, unaudited) | ||||||||||||
|
For the Three Months Ended
| ||||||||||||
|
Dec. 31,
2015 ($) |
Sep. 30,
2016 ($) |
Dec. 31,
2016 ($) | ||||||||||
| Gross profit (GAAP) | 49,013 | 77,405 | 72,118 | |||||||||
| Gross margin (GAAP) | 50.0 | % | 48.8 | % | 50.0 | % | ||||||
| Stock-based compensation expense(A) | 132 | 156 | 199 | |||||||||
| Gross profit (non-GAAP) | 49,145 | 77,561 | 72,317 | |||||||||
| Gross margin (non-GAAP) | 50.1 | % | 48.9 | % | 50.2 | % | ||||||
| Operating expenses (GAAP) | 30,951 | 38,886 | 37,263 | |||||||||
| Stock-based compensation expense (A) | (5,091 | ) | (6,320 | ) | (8,228 | ) | ||||||
| Amortization of intangible assets | (526 | ) | (526 | ) | (526 | ) | ||||||
| Litigation expense | (36 | ) | (1 | ) | (2 | ) | ||||||
| Acquisition-related expense | (38 | ) | - | - | ||||||||
| Operating expenses (non-GAAP) | 25,260 | 32,039 | 28,507 | |||||||||
| Operating profit (GAAP) | 18,062 | 38,519 | 34,855 | |||||||||
| Operating margin (GAAP) | 18.4 | % | 24.3 | % | 24.2 | % | ||||||
| Total adjustments to operating profit | 5,823 | 7,003 | 8,955 | |||||||||
| Operating profit (non-GAAP) | 23,885 | 45,522 | 43,810 | |||||||||
| Operating margin (non-GAAP) | 24.4 | % | 28.7 | % | 30.4 | % | ||||||
| Non-operating income (expense) (GAAP) | (67 | ) | 194 | 718 | ||||||||
| Foreign exchange loss (gain), net | 523 | 375 | (112 | ) | ||||||||
| Impairment of long-term investments | - | - | 13 | |||||||||
| Non-operating income (expense) (non-GAAP) | 456 | 569 | 619 | |||||||||
| Net income (GAAP) | 13,381 | 32,722 | 26,157 | |||||||||
| Total pre-tax impact of non-GAAP adjustments | 6,346 | 7,378 | 8,856 | |||||||||
| Income tax impact of non-GAAP adjustments | (76 | ) | (1,768 | ) | (1,147 | ) | ||||||
| Net income (non-GAAP) | 19,651 | 38,332 | 33,866 | |||||||||
| Earnings per diluted ADS (GAAP) | $ | 0.38 | $ | 0.92 | $ | 0.73 | ||||||
| Earnings per diluted ADS (non-GAAP) | $ | 0.55 | $ | 1.07 | $ | 0.95 | ||||||
| Shares used in computing earnings per diluted ADS (GAAP) | 35,288 | 35,539 | 35,623 | |||||||||
| Non-GAAP Adjustments | 205 | 244 | 201 | |||||||||
| Shares used in computing earnings per diluted ADS (non-GAAP) | 35,493 | 35,783 | 35,824 | |||||||||
| (A) Excludes stock-based compensation as follows: | ||||||||||||
| Cost of Sales | 132 | 156 | 199 | |||||||||
| Research & development | 3,323 | 4,009 | 5,076 | |||||||||
| Sales & marketing | 859 | 1,038 | 1,476 | |||||||||
| General & administrative | 909 | 1,273 | 1,676 | |||||||||
Silicon Motion Announces Results for the Period Ended December 31, 2016
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2 Assumes all outstanding ordinary shares are represented by ADSs. Each ADS represents four ordinary shares.
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