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

Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)

  For the Three Months Ended
   Dec. 31,   2017  Sep. 30, 2018  Dec. 31, 2018
    ($)    ($)    ($)
Gross profit (GAAP)  63,287   70,574   62,098 
Gross margin (GAAP)  46.5%  50.9%  50.3%
Stock-based compensation expense (A)  167   80   246 
Gross profit (non-GAAP)  63,454   70,654   62,344 
Gross margin (non-GAAP)  46.6%  51.0%  50.5%
             
Operating expenses (GAAP)  49,769   38,337   44,873 
Stock-based compensation expense (A)  (7,887)  (4,468)  (12,132)
Amortization of intangible assets  (956)  (741)  (741)
Impairment loss of goodwill  (10,337)  -   (625)
Litigation expense  -   (8)  (7)
Operating expenses (non-GAAP)  30,589   33,121   31,368 
             
Operating profit (GAAP)  13,518   32,237       17,225  
Operating margin (GAAP)     9.9 %     23.3 %     14.0 %
Total adjustments to operating profit     19,347       5,297       13,751  
Operating profit (non-GAAP)     32,865       37,534       30,976  
Operating margin (non-GAAP)     24.1 %     27.1 %     25.1 %
                         
Non-operating income (expense) (GAAP)     638       805       336  
Foreign exchange loss (gain), net     447       749       9  
Loss (gain) on equity-method investment     -       98       169  
Impairment loss of long-term investment     120       -       1,242  
Non-operating income (expense) (non-GAAP)     1,205       1,652       1,756  
                         
Net income (GAAP)     9,818       29,184       17,301  
Total pre-tax impact of non-GAAP adjustments     19,914       6,144       15,171  
Income tax impact of non-GAAP adjustments     (1,320 )     (825 )     (2,273 )
Net income (non-GAAP)     28,412       34,503       30,199  
                         
Earnings per diluted ADS (GAAP)   $0.27     $0.81     $0.48  
Earnings per diluted ADS (non-GAAP)   $0.79     $0.95     $0.83  
             
Shares used in computing earnings per diluted ADS (GAAP)     36,005       36,171       36,070  
Non-GAAP Adjustments     169       147       293  
Shares used in computing earnings per diluted ADS (non-GAAP)     36,174       36,318       36,363  
                         
(A)   Excludes stock-based compensation as follows:                        
Cost of Sales     167       80       246  
Research & development     5,131       2,804       8,380  
Sales & marketing     1,194       897       1,418  
General & administrative     1,562       767       2,334  
                         
                         

Silicon Motion Technology Corporation

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