(in thousands, except percentages, and per ADS data, unaudited)
| For the Year Ended | |||||||
|
Dec. 31, 2017
|
Dec. 31,2018
| ||||||
|
(
$)
|
(
$)
| ||||||
| Net Sales | 523,404 | 530,348 | |||||
| Cost of sales | 272,210 | 269,541 | |||||
| Gross profit | 251,194 | 260,807 | |||||
| Operating expenses | |||||||
| Research & development | 102,053 | 102,028 | |||||
| Sales & marketing | 25,868 | 29,279 | |||||
| General & administrative | 16,933 | 17,633 | |||||
| Amortization of intangibles assets | 2,534 | 2,964 | |||||
| Impairment loss of goodwill | 10,337 | 625 | |||||
| Gain from disposal of other assets | (1,880 | ) | - | ||||
| Operating income | 95,349 | 108,278 | |||||
| Non-operating expense (income) | |||||||
| Interest income, net | 3,845 | 5,923 | |||||
| Foreign exchange gain (loss), net | (157 | ) | (615 | ) | |||
| Gain (loss) on equity-method investment | - | (473 | ) | ||||
| Impairment of long-term investments | (120 | ) | (1,242 | ) | |||
| Others, net | 84 | 193 | |||||
| Subtotal | 3,652 | 3,786 | |||||
| Income before income tax | 99,001 | 112,064 | |||||
| Income tax expense | 24,046 | 11,791 | |||||
| Net income | 74,955 | 100,273 | |||||
| Earnings per basic ADS | $2.10 | $2.78 | |||||
| Earnings per diluted ADS | $2.09 | $2.78 | |||||
| Margin Analysis: | |||||||
| Gross margin | 48.0 | % | 49.2 | % | |||
| Operating margin | 18.2 | % | 20.4 | % | |||
| Net margin | 14.3 | % | 18.9 | % | |||
| Additional Data: | |||||||
| Weighted avg. ADS equivalents | 35,684 | 36,031 | |||||
| Diluted ADS equivalents | 35,902 | 36,128 | |||||
Silicon Motion Technology Corporation
