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 Nine Months Ended
  Sep. 30, 2017
($)
Sep. 30, 2018
( $)
Gross profit (GAAP)187,907 198,710 
Gross margin (GAAP)48.5%48.8%
Stock-based compensation expense(A)127 144 
Gross profit (non-GAAP)188,034 198,854 
Gross margin (non-GAAP)48.6%48.9%
   
Operating expenses (GAAP)106,075 107,657 
Stock-based compensation expense (A)(7,313)(8,256)
Amortization of intangible assets(1,577)(2,223)
Litigation expense- (29)
Operating expenses (non-GAAP)97,185 97,149 
   
Operating profit (GAAP)81,832 91,053 
Operating margin (GAAP)21.1%22.4%
Total adjustments to operating profit9,017 10,652 
Operating profit (non-GAAP)90,849 101,705 
Operating margin (non-GAAP)23.5%25.0%
   
Non-operating income (expense) (GAAP)3,013 3,450 
Foreign exchange loss (gain), net(289)606 
Loss (gain) on equity-method investment- 303 
Non-operating income (expense) (non-GAAP)2,724 4,359 
   
Net income (GAAP)65,138 82,972 
Total pre-tax impact of non-GAAP adjustments8,728 11,561 
Income tax impact of non-GAAP adjustments(986)(1,207)
Net income (non-GAAP)72,880 93,326 
   
Earnings per diluted ADS (GAAP)$1.82 $2.30 
Earnings per diluted ADS (non-GAAP)$2.03 $2.58 
   
Shares used in computing earnings per diluted ADS (GAAP)35,867 36,147 
Non-GAAP Adjustments86 80 
Shares used in computing earnings per diluted ADS (non-GAAP)35,953 36,227 
   
(A)  Excludes stock-based compensation as follows:  
Cost of Sales127 144 
Research & development 4,125   4,898  
Sales & marketing 1,972   1,988  
General & administrative 1,216   1,370  
     
     
     

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