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


 
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
  
  For the Three Months Ended
  Sep. 30,  2017
($)
Jun. 30, 2018
($)
Sep. 30, 2018
($)
Gross profit (GAAP)58,470 65,581 70,574 
Gross margin (GAAP)46.0%47.5%50.9%
Stock-based compensation expense (A)58 5 80 
Gross profit (non-GAAP)58,528 65,586 70,654 
Gross margin (non-GAAP)46.0%47.5%51.0%
    
Operating expenses (GAAP)36,893 31,617 38,337 
Stock-based compensation expense (A)(3,263)(712)(4,468)
Amortization of intangible assets(526)(741)(741)
Litigation expense- (8)(8)
Operating expenses (non-GAAP)33,104 30,156 33,121 
    
Operating profit (GAAP)21,577 33,964 32,237 
Operating margin (GAAP)17.0%24.6%23.3%
Total adjustments to operating profit3,847 1,466 5,297 
Operating profit (non-GAAP)25,424 35,430 37,534 
Operating margin (non-GAAP)20.0%25.7%27.1%
    
Non-operating income (expense) (GAAP)1,726 298 805 
Foreign exchange loss (gain), net(701)933 749 
Loss (gain) on equity-method investment- 205 98 
Non-operating income (expense) (non-GAAP)1,025 1,436 1,652 
    
Net income (GAAP)17,594 30,728 29,184 
Total pre-tax impact of non-GAAP adjustments3,146 2,604 6,144 
Income tax impact of non-GAAP adjustments(393)(138)(825)
Net income (non-GAAP) 20,347   33,194   34,503  
       
Earnings per diluted ADS (GAAP) $0.49   $0.85   $0.81  
Earnings per diluted ADS (non-GAAP) $0.57   $0.92   $0.95  
       
Shares used in computing earnings per diluted ADS (GAAP) 35,828   36,151   36,171  
Non-GAAP Adjustments 129   38   147  
Shares used in computing earnings per diluted ADS (non-GAAP) 35,957   36,189   36,318  
       
(A)  Excludes stock-based compensation as follows:      
Cost of Sales 58   5   80  
Research & development 1,960   227   2,804  
Sales & marketing 767   433   897  
General & administrative 536   52   767  
             



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