** Mobile Communications products include mobile TV SoCs
| Key Financial Results
| ||||||
| (in millions, except
percentages and per ADS amounts) | GAAP | Non-GAAP | ||||
| 4Q 2018 | 3Q 2018 | 4Q 2017 | 4Q 2018 | 3Q 2018 | 4Q 2017 | |
| Revenue | $123.4 | $138.6 | $136.2 | $123.4 | $138.6 | $136.2 |
| Gross profit | $62.1 | $70.6 | $63.3 | $62.3 | $70.7 | $63.5 |
| Percent of revenue | 50.3% | 50.9% | 46.5% | 50.5% | 51.0% | 46.6% |
| Operating expenses | $44.9 | $38.3 | $49.8 | $31.4 | $33.1 | $30.6 |
| Operating income | $17.2 | $32.2 | $13.5 | $31.0 | $37.5 | $32.9 |
| Percent of revenue | 14.0% | 23.3% | 9.9% | 25.1% | 27.1% | 24.1% |
| Earnings per diluted ADS | $0.48 | $0.81 | $0.27 | $0.83 | $0.95 | $0.79 |
| Other Financial Information | |||
| (in millions) | 4Q 2018 | 3Q 2018 | 4Q 2017 |
| Cash and cash equivalents, and short-term investments | $288.6 | $308.2 | $366.4 |
| Bank loans | -- | $3.9 | $25.0 |
| Loan repayments | $3.9 | $8.1 | -- |
| Capital expenditures | $5.0 | $62.9 | $3.5 |
| Dividend payments | $10.8 | $10.8 | $10.7 |
| Share repurchase | $33.6 | -- | -- |
During the fourth quarter, we had $5.0 million of capital expenditures, primarily for routine purchases of software, design tools and other items.
Our fourth quarter cash flows were as follows:
| 3 months ended Dec. 31, 2018 | ||
| (In $ millions) | ||
| Net income (GAAP) | 17.3 | |
| Depreciation & amortization | 3.8 | |
| Impairment loss of goodwill | 0.6 | |
| Impairment loss of long term investment | 1.2 | |
| Changes in operating assets and liabilities | 1.3 | |
| Others | 10.6 | |
| Net cash provided by operating activities | 34.8 | |
| Acquisition of property and equipment | (5.0) | |
| Net cash used in investing activities | (5.0) | |
| Dividend | (10.8) | |
| Share repurchase | (33.6) | |
| Loans | (3.9) | |
| Net cash used in financing activities | (48.3) | |
| Effects of changes in foreign currency exchange rates on cash | - | |
| Net decrease in cash, cash equivalents and restricted cash | (18.5) | |
Returning Value to Shareholders
