| 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 Nine Months Ended | ||||||||||||||
| Sep. 30, | Jun. 30, | Sep. 30, | Sep. 30, | Sep. 30, | |||||||||||
|
2023
|
2024
|
2024
|
2023
|
2024
| |||||||||||
| ($) | ($) | ($) | ($) | ($) | |||||||||||
| Gross profit (GAAP) | 73,140 | 96,777 | 99,270 | 181,866 | 281,165 | ||||||||||
| Gross margin (GAAP) | 42.4 | % | 45.9 | % | 46.7 | % | 41.6 | % | 45.9 | % | |||||
| Stock-based compensation (A) | 94 | 14 | 63 | 300 | 149 | ||||||||||
| Restructuring charges | 88 | 46 | - | 3,347 | 46 | ||||||||||
| Gross profit (non-GAAP) | 73,322 | 96,837 | 99,333 | 185,513 | 281,360 | ||||||||||
| Gross margin (non-GAAP) | 42.5 | % | 46.0 | % | 46.8 | % | 42.5 | % | 45.9 | % | |||||
| Operating expenses (GAAP) | 58,132 | 66,030 | 74,810 | 159,555 | 208,009 | ||||||||||
| Stock-based compensation (A) | (3,751 | ) | (371 | ) | (3,595 | ) | (11,460 | ) | (7,059 | ) | |||||
| M&A transaction expenses | (708 | ) | - | - | (2,893 | ) | - | ||||||||
| Dispute related expenses | (3,495 | ) | (3,527 | ) | (6,076 | ) | (3,495 | ) | (11,135 | ) | |||||
| Restructuring charges | (661 | ) | - | - | (4,581 | ) | - | ||||||||
| Operating expenses (non-GAAP) | 49,517 | 62,132 | 65,139 | 137,126 | 189,815 | ||||||||||
| Operating profit (GAAP) | 15,008 | 30,747 | 24,460 | 22,311 | 73,156 | ||||||||||
| Operating margin (GAAP) | 8.7 | % | 14.6 | % | 11.5 | % | 5.1 | % | 11.9 | % | |||||
| Total adjustments to operating profit | 8,797 | 3,958 | 9,734 | 26,076 | 18,389 | ||||||||||
| Operating profit (non-GAAP) | 23,805 | 34,705 | 34,194 | 48,387 | 91,545 | ||||||||||
| Operating margin (non-GAAP) | 13.8 | % | 16.5 | % | 16.1 | % | 11.1 | % | 14.9 | % | |||||
| Non-operating income (expense) (GAAP) | 1,221 | 6,275 | 2,428 | 18,109 | 10,750 | ||||||||||
| Foreign exchange loss (gain), net | (569 | ) | (245 | ) | 488 | (2,030 | ) | (345 | ) | ||||||
| Unrealized holding loss (gain) on investments | 2,828 | (1,855 | ) | 602 | (8,053 | ) | 355 | ||||||||
| Non-operating income (expense) (non-GAAP) | 3,480 | 4,175 | 3,518 | 8,026 | 10,760 | ||||||||||
| Net income (GAAP) | 10,587 | 30,821 | 20,843 | 31,781 | 67,680 | ||||||||||
| Total pre-tax impact of non-GAAP adjustments | 11,056 | 1,858 | 10,824 | 15,993 | 18,399 | ||||||||||
| Income tax impact of non-GAAP adjustments | (584 | ) | (218 | ) | (649 | ) | (2,968 | ) | (1,014 | ) | |||||
| Net income (non-GAAP) | 21,059 | 32,461 | 31,018 | 44,806 | 85,065 | ||||||||||
| Earnings per diluted ADS (GAAP) | $0.32 | $0.91 | $0.62 | $0.95 | $2.01 | ||||||||||
| Earnings per diluted ADS (non-GAAP) | $0.63 | $0.96 | $0.92 | $1.33 | $2.52 | ||||||||||
| Shares used in computing earnings per diluted ADS (GAAP) | 33,471 | 33,697 | 33,700 | 33,431 | 33,691 | ||||||||||
| Non-GAAP adjustments | 128 | 18 | 109 | 136 | 52 | ||||||||||
| Shares used in computing earnings per diluted ADS (non-GAAP) | 33,599 | 33,715 | 33,809 | 33,567 | 33,743 | ||||||||||
| (A) Excludes stock-based compensation as follows: | |||||||||||||||
| Cost of sales | 94 | 14 | 63 | 300 | 149 | ||||||||||
| Research & development | 2,422 | 94 | 2,377 | 7,605 | 4,614 | ||||||||||
| Sales & marketing | 521 | 173 | 455 | 1,496 | 975 | ||||||||||
| General & administrative | 808 | 104 | 763 | 2,359 | 1,470 | ||||||||||
