(in thousands, except percentages, and per ADS data, unaudited)
|
For the Six Months Ended
| ||
| Jun. 30, 2017 ( $) |
Jun. 30,2018
( $) | |
| Net Sales | 260,023 | 268,399 |
| Cost of sales | 130,586 | 140,264 |
| Gross profit | 129,437 | 128,135 |
| Operating expenses | ||
| Research & development | 48,814 | 45,846 |
| Sales & marketing | 11,346 | 14,110 |
| General & administrative | 7,970 | 7,881 |
| Amortization of intangibles assets | 1,052 | 1,482 |
| Operating income | 60,255 | 58,816 |
| Non-operating expense (income) | ||
| Interest income, net | 1,717 | 2,607 |
| Foreign exchange gain (loss), net | (420) | 143 |
| Gain (loss) on equity-method investment | - | (205) |
| Others, net | (10) | 100 |
| Subtotal | 1,287 | 2,645 |
| Income before income tax | 61,542 | 61,461 |
| Income tax expense | 13,998 | 7,673 |
| Net income | 47,544 | 53,788 |
| Earnings per basic ADS | $1.34 | $1.49 |
| Earnings per diluted ADS | $1.32 | $1.49 |
| Margin Analysis: | ||
| Gross margin | 49.8% | 47.7% |
| Operating margin | 23.2% | 21.9% |
| Net margin | 18.3% | 20.0% |
| Additional Data: | ||
| Weighted avg. ADS equivalents | 35,594 | 36,007 |
| Diluted ADS equivalents | 35,887 | 36,135 |
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
| For the Six Months Ended | ||
| Jun. 30, 2017 ($) | Jun. 30, 2018 ( $) | |
| Gross profit (GAAP) | 129,437 | 128,135 |
| Gross margin (GAAP) | 49.8% | 47.7% |
| Stock-based compensation expense(A) | 69 | 64 |
| Gross profit (non-GAAP) | 129,506 | 128,199 |
| Gross margin (non-GAAP) | 49.8% | 47.8% |
| Operating expenses (GAAP) | 69,182 | 69,319 |
| Stock-based compensation expense (A) | (4,050) | (3,790) |
| Amortization of intangible assets | (1,052) | (1,482) |
| Litigation expense | - | (21) |
| Operating expenses (non-GAAP) | 64,080 | 64,026 |
| Operating profit (GAAP) | 60,255 | 58,816 |
| Operating margin (GAAP) | 23.2% | 21.9% |
| Total adjustments to operating profit | 5,171 | 5,357 |
| Operating profit (non-GAAP) | 65,426 | 64,173 |
| Operating margin (non-GAAP) | 25.2% | 23.9% |
| Non-operating income (expense) (GAAP) | 1,287 | 2,645 |
| Foreign exchange loss (gain), net | 412 | (143) |
| Loss (gain) on equity-method investment | - | 205 |
| Non-operating income (expense) (non-GAAP) | 1,699 | 2,707 |
| Net income (GAAP) | 47,544 | 53,788 |
| Total pre-tax impact of non-GAAP adjustments | 5,583 | 5,419 |
| Income tax impact of non-GAAP adjustments | (593) | (381) |
| Net income (non-GAAP) | 52,534 | 58,826 |
| Earnings per diluted ADS (GAAP) | $1.32 | $1.49 |
| Earnings per diluted ADS (non-GAAP) | $1.46 | $1.63 |
| Shares used in computing earnings per diluted ADS (GAAP) | 35,887 | 36,135 |
| Non-GAAP Adjustments | 65 | 46 |
| Shares used in computing earnings per diluted ADS (non-GAAP) | 35,952 | 36,181 |
| (A) Excludes stock-based compensation as follows: | ||
| Cost of Sales | 69 | 64 |
| Research & development | 2,165 | 2,095 |
| Sales & marketing | 1,205 | 1,092 |
| General & administrative | 680 | 603 |
Silicon Motion Technology Corporation
