Silicon Motion Announces Results for the Period Ended September 30, 2023


 
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
   Sep. 30,   Jun. 30,   Sep. 30,   Sep. 30,   Sep. 30,
  2022  2023  2023  2022  2023
  ($)  ($)  ($)  ($)  ($)
Gross profit (GAAP) 119,121  56,423  73,140  378,859  181,866 
Gross margin (GAAP) 47.5% 40.2% 42.4% 50.8% 41.6%
Stock-based compensation (A) 143  71  94  370  300 
Restructuring charges -  3,222  88     136     3,347  
Gross profit (non-GAAP)   119,264     59,716     73,322     379,365     185,513  
Gross margin (non-GAAP)   47.6 %   42.5 %   42.5 %   50.9 %   42.5 %
                     
Operating expenses (GAAP)   63,751     54,605     58,132     190,013     159,555  
Stock-based compensation (A)   (5,679 )   (2,359 )   (3,751 )   (13,451 )   (11,460 )
M&A transaction expenses   (1,766 )   (1,548 )   (708 )   (8,444 )   (2,893 )
MaxLinear arbitration expenses   -     -     (2,904 )   -     (2,904 )
Restructuring charges   -     (2,664 )   (661 )   -     (4,581 )
Loss from settlement of litigation   300     -     (591 )   (400 )   (591 )
Operating expenses (non-GAAP)   56,606     48,034     49,517     167,718     137,126  
                     
Operating profit (GAAP)   55,370     1,818     15,008     188,846     22,311  
Operating margin (GAAP)   22.1 %   1.3 %   8.7 %   25.3 %   5.1 %
Total adjustments to operating profit   7,288     9,864     8,797     22,801     26,076  
Operating profit (non-GAAP)   62,658     11,682     23,805     211,647     48,387  
Operating margin (non-GAAP)   25.0 %   8.3 %   13.8 %   28.4 %   11.1 %
                     
Non-operating income (expense) (GAAP)   (1,543 )   10,094     1,221     (2,942 )   18,109  
Foreign exchange loss (gain), net   2,293     (1,223 )   (569 )   4,318     (2,030 )
Unrealized holding loss (gain)
on investments
  -     (6,135 )   2,828     -     (8,053 )
                     
Non-operating income (expense) (non-GAAP)   750     2,736     3,480     1,376     8,026  
                     
Net income (GAAP)   42,891     11,044     10,587     148,975     31,781  
Total pre-tax impact of non-GAAP
adjustments
  9,581     2,506     11,056     27,119     15,993  
Income tax impact of non-GAAP
adjustments
  (1,311 )   (965 )   (584 )   (3,234 )   (2,968 )
Net income (non-GAAP)   51,161     12,585     21,059     172,860     44,806  
                     
Earnings per diluted ADS (GAAP)   $1.29     $0.33     $0.32     $4.45     $0.95  
Earnings per diluted ADS (non-GAAP)   $1.53     $0.38     $0.63     $5.13     $1.33  
                     
Shares used in computing earnings per diluted ADS (GAAP)   33,140     33,438     33,471     33,448     33,431  
Non-GAAP adjustments   263     115     128     249     136  
Shares used in computing earnings per diluted ADS (non-GAAP)   33,403     33,553     33,599     33,697     33,567  
                     
(A) Excludes stock-based compensation as follows:                    
Cost of sales   143     71     94     370     300  
Research & development   4,029     1,315     2,422     9,007     7,605  
Sales & marketing   615     435     521     1,684     1,496  
General & administrative   1,035     609     808     2,760     2,359  



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