Silicon Motion Announces Results for the Period Ended December 31, 2020

Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)

     
   For Three Months Ended  For the Year Ended
   Dec. 31,   Sep. 30,   Dec. 31,   Dec. 31,   Dec. 31,
   2019 
   2020    2020    2019    2020 
  ($)  ($)  ($)  ($)  ($)
Gross profit (GAAP) 73,633  61,826  66,044  222,172  260,156 
Gross margin (GAAP) 48.1% 49.1% 45.9% 48.6% 48.2%
Stock-based compensation (A) 141  55  157  305  253 
SSD solutions restructuring 1,618   -     4,772     8,175     4,772  
Gross profit (non-GAAP) (B)   75,392     61,881     70,973     230,652     265,181  
Gross margin (non-GAAP) (C)   49.3 %   49.1 %   49.3 %   50.2 %   49.2 %
                        
Operating expenses (GAAP)   46,314     35,983     65,645     170,027     179,682  
Stock-based compensation (A)   (7,209 )   (3,076 )   (8,572 )   (14,286 )   (14,335 )
Amortization of intangible assets   -     -     -     (766 )   -  
SSD solutions restructuring   (928 )   -     (17,613 )   (16,898 )   (17,613 )
Litigation expense   -     -     -     2     -  
Operating expenses (non-GAAP) (B)   38,177     32,907     39,460     138,079     147,734  
                     
Operating profit (GAAP)   27,319     25,843     399     52,145     80,474  
Operating margin (GAAP)   17.8 %   20.5 %   0.3 %   11.4 %   14.9 %
Total adjustments to operating profit   9,896     3,131     31,114     40,428     36,973  
Operating profit (non-GAAP) (B)   37,215     28,974     31,513     92,573     117,447  
Operating margin (non-GAAP) (C)   24.3 %   23.0 %   21.9 %   20.1 %   21.8 %
                     
Non-operating income (expense) (GAAP)   1,678     1,386     1,245     19,929     5,084  
Foreign exchange loss (gain), net   (84 )   (551 )   (692 )   (148 )   (619 )
Gain on disposal of long-term investments   -     -     293     (12,941 )   293  
Non-operating income (expense) (non-GAAP) (B)   1,594     835                  846     6,840     4,758  
                     
Net income (GAAP)   25,430     24,267     1,354     64,398     79,746  
Total pre-tax impact of non-GAAP adjustments (B)   9,812     2,580     30,715     27,339     36,647  
Income tax impact of non-GAAP adjustments (B)   (1,430 )   (171 )   (2,152 )   (2,708 )   (2,845 )
Net income (non-GAAP) (B), (C)   33,812     26,676     29,917     89,029     113,548  
                     
Earnings per diluted ADS (GAAP)   $0.73     $0.70     $0.04     $1.82     $2.28  
Earnings per diluted ADS (non-GAAP) (B), (C)   $0.96     $0.76     $0.86     $2.51     $3.24  
                     
Shares used in computing earnings per diluted ADS (GAAP)   35,021     34,891     34,761     35,296     34,978  
Non-GAAP Adjustments   171     163     219     106     121  
Shares used in computing earnings per diluted ADS (non-GAAP)   35,192     35,054     34,980     35,402     35,099  
                     
(A) Excludes stock-based compensation as follows:                    
Cost of Sales   141     55     157     305     253  
Research & development   5,178     2,163     6,196     9,927     10,132  
Sales & marketing   790     405     933     1,789     1,758  
General & administrative   1,241     508     1,443     2,570     2,445  
                     
(B) FCI divestiture items previously excluded from non-GAAP:                    
Revenue   -     -     -     10,359     -  
Gross Profit   -     -     -     5,687     -  
Operating Expenses   -     -     -     8,542     -  
Operating Profit   -     -     -     (2,855 )   -  
Non-Operating Income   -     -     -     9     -  
Taxes   -     -     -     8     -  
Net income   -     -     -     (2,854 )   -  
EPS   -     -     -     (0.08 )   -  
                     
(C) Reconciliation with previous non-GAAP disclosures:              
Revenue (GAAP)   153,196     126,043     143,897     457,253     539,521  
SSD solutions restructuring   (162 )   -     -     2,494     -  
Revenue (non-GAAP)   153,034     126,043     143,897     459,747     539,521  
FCI   -     -     -     (10,359 )   -  
Revenue (non-GAAP) less FCI   153,034     126,043     143,897     449,388     539,521  
Gross Margin (non-GAAP) less FCI   49.3 %   49.1 %   49.3 %   50.1 %   49.2 %
Operating Margin (non-GAAP) less FCI   24.3 %   23.0 %   21.9 %   21.2 %   21.8 %
EPS (non-GAAP) less FCI   $0.96     $0.76     $0.86     US$2.60   $3.24  
                             



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