Silicon Motion Announces Results for the Period Ended June 30,

Silicon Motion Announces Results for the Period Ended June 30, 2017

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

	For the Six Months Ended
	Jun. 30, 2016 ($)			Jun. 30, 2017 ( $)
Gross profit (GAAP)		125,082			129,437
*Gross margin (GAAP)*		49.4	%		49.8	%
Stock-based compensation expense(A)		45			69
Gross profit (non-GAAP)		125,127			129,506
*Gross margin (non-GAAP)*		49.4	%		49.8	%

Operating expenses (GAAP)		61,196			69,182
Stock-based compensation expense (A)		(2,416	)		(4,050	)
Amortization of intangible assets		(1,052	)		(1,052	)
Litigation expense		(49	)		-
Operating expenses (non-GAAP)		57,679			64,080

Operating profit (GAAP)		63,886			60,255
*Operating margin (GAAP)*		25.2	%		23.2	%
Total adjustments to operating profit		3,562			5,171
Operating profit (non-GAAP)		67,448			65,426
*Operating margin (non-GAAP)*		26.6	%		25.2	%

Non-operating income (expense) (GAAP)		458			1,287
Foreign exchange loss (gain), net		428			420
Non-operating income (expense) (non-GAAP)		886			1,707

Net income (GAAP)		52,061			47,544
Total pre-tax impact of non-GAAP adjustments		3,990			5,591
Income tax impact of non-GAAP adjustments		(1,042	)		(2,419	)
Net income (non-GAAP)		55,009			50,716

Earnings per diluted ADS (GAAP)	$	1.47		$	1.32
Earnings per diluted ADS (non-GAAP)	$	1.55		$	1.41

Shares used in computing earnings per diluted ADS (GAAP)		35,444			35,887
Non-GAAP Adjustments		89			65
Shares used in computing earnings per diluted ADS (non-GAAP)		35,533			35,952

(A) Excludes stock-based compensation as follows:
Cost of Sales		45			69
Research & development		1,443			2,165
Sales & marketing		609			1,205
General & administrative		364			680

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