(in thousands, except percentages and per ADS data, unaudited)
For the Three Months Ended | ||||||
Jun. 30, 2017 ($) | Mar. 31, 2018 ($) | Jun. 30, 2018 ($) | ||||
Gross profit (GAAP) | 64,611 | 62,554 | 65,581 | |||
Gross margin (GAAP) | 48.7 | % | 48.0 | % | 47.5 | % |
Stock-based compensation expense (A) | 2 | 59 | 5 | |||
Gross profit (non-GAAP) | 64,613 | 62,613 | 65,586 | |||
Gross margin (non-GAAP) | 48.7 | % | 48.0 | % | 47.5 | % |
Operating expenses (GAAP) | 34,340 | 37,701 | 31,617 | |||
Stock-based compensation expense (A) | (982 | ) | (3,078 | ) | (712 | ) |
Amortization of intangible assets | (526 | ) | (741 | ) | (741 | ) |
Litigation expense | - | (13 | ) | (8 | ) | |
Operating expenses (non-GAAP) | 32,832 | 33,869 | 30,156 | |||
Operating profit (GAAP) | 30,271 | 24,853 | 33,964 | |||
Operating margin (GAAP) | 22.8 | % | 19.1 | % | 24.6 | % |
Total adjustments to operating profit | 1,510 | 3,891 | 1,466 | |||
Operating profit (non-GAAP) | 31,781 | 28,744 | 35,430 | |||
Operating margin (non-GAAP) | 23.9 | % | 22.1 | % | 25.7 | % |
Non-operating income (expense) (GAAP) | 886 | 2,347 | 298 | |||
Foreign exchange loss (gain), net | 65 | (1,076 | ) | 933 | ||
Loss (gain) on equity-method investment | - | - | 205 | |||
Non-operating income (expense) (non-GAAP) | 951 | 1,271 | 1,436 | |||
Net income (GAAP) | 24,033 | 23,061 | 30,728 | |||
Total pre-tax impact of non-GAAP adjustments | 1,575 | 2,815 | 2,604 | |||
Income tax impact of non-GAAP adjustments | (173 | ) | (243 | ) | (138 | ) |
Net income (non-GAAP) | 25,435 | 25,633 | 33,194 | |||
Earnings per diluted ADS (GAAP) | $0.67 | $0.64 | $0.85 | |||
Earnings per diluted ADS (non-GAAP) | $0.71 | $0.71 | $0.92 | |||
Shares used in computing earnings per diluted ADS (GAAP) | 35,801 | 36,119 | 36,151 | |||
Non-GAAP Adjustments | 51 | 55 | 38 | |||
Shares used in computing earnings per diluted ADS (non-GAAP) | 35,852 | 36,174 | 36,189 | |||
(A) Excludes stock-based compensation as follows: | ||||||
Cost of Sales | 2 | 59 | 5 | |||
Research & development | 315 | 1,868 | 227 | |||
Sales & marketing | 596 | 659 | 433 | |||
General & administrative | 71 | 551 | 52 |
Silicon Motion Technology Corporation