Silicon Motion Announces Results for the Period Ended June 30, 2018

Reconciliation of GAAP to Non-GAAP Operating Results
(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 profit1,510 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), net65 (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

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