Silicon Motion Announces Results for the Period Ended December 31, 2018

Gain and loss on equity-method investment consists of gain and/or loss related to our investment in a privately-held company, which varies depending on the operational and financial performance of the company in which we invested. We believe that providing non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operations.

Impairment of long-term investments relates to the other-than-temporary, non-operating write down of the Company's minority stake investments. We do not consider these investments to be strategic and exclude the performance of these investments when evaluating our ongoing performance and forecasting our earnings trends, and therefore excluding losses (and gains) from the investments when presenting non-GAAP financial measures.


Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages and per ADS data, unaudited)

  For the Three Months Ended
  Dec. 31,   2017
  Sep. 30, 2018
  Dec. 31, 2018
  ($)
    ($)
    ($)
     
            
Net Sales 136,165   138,562   123,386 
Cost of sales 72,878   67,988   61,288 
Gross profit 63,287   70,574   62,098 
Operating expenses           
Research & development 27,946   25,506   30,675 
Sales & marketing 7,364   7,735   7,435 
General & administrative 5,046   4,355   5,397 
Amortization of  intangibles assets 956   741   741 
Impairment loss of goodwill 10,337   -   625 
Gain from disposal of other assets (1,880)  -   - 
Operating income 13,518   32,237   17,225 
                     
Non-operating income (expense)                      
Interest income, net   1,135       1,597       1,718  
Foreign exchange gain (loss), net   (447 )     (749 )     (9 )
Gain (loss) on equity-method investment   -       (98 )     (169 )
Impairment of long-term investments   (120 )     -       (1,242 )
Others, net   70       55       38  
Subtotal   638       805       336  
Income before income tax   14,156       33,042       17,561  
Income tax expense   4,338       3,858       260  
Net income   9,818       29,184       17,301  
                       
Earnings per basic ADS $0.27     $0.81     $0.48  
Earnings per diluted ADS $0.27     $0.81     $0.48  
                       
Margin Analysis:                      
Gross margin   46.5 %     50.9 %     50.3 %
Operating margin   9.9 %     23.3 %     14.0 %
Net margin   7.2 %     21.1 %     14.0 %
                       
Additional Data:                      
Weighted avg. ADS equivalents 2   35,785       36,136       35,974  
Diluted ADS equivalents   36,005       36,171       36,070  
                       
                       

Silicon Motion Technology Corporation

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