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 Year Ended
   Dec. 31, 2017  Dec. 31, 2018
  ($)  ( $)
Gross profit (GAAP)  251,194   260,807 
Gross margin (GAAP)  48.0%  49.2%
Stock-based compensation expense(A)  293   390 
Gross profit (non-GAAP)  251,487   261,197 
Gross margin (non-GAAP)  48.0%  49.3%
         
Operating expenses (GAAP)  155,845   152,529 
Stock-based compensation expense (A)  (15,200)  (20,388)
Amortization of intangible assets  (2,534)  (2,964)
Impairment loss of goodwill  (10,337)  (625)
Litigation expense  -   (37)
Operating expenses (non-GAAP)  127,774   128,515 
         
Operating profit (GAAP)  95,349   108,278 
Operating margin (GAAP)  18.2%  20.4%
Total adjustments to operating profit  28,364   24,404 
Operating profit (non-GAAP)  123,713   132,682 
Operating margin (non-GAAP)  23.6%  25.0%
         
Non-operating income (expense) (GAAP)  3,652   3,786  
Foreign exchange loss (gain), net     157       615  
Loss (gain) on equity-method investment     120       1,242  
Investment loss-equity method     -       473  
Non-operating income (expense) (non-GAAP)     3,929       6,116  
                 
Net income (GAAP)     74,955       100,273  
Total pre-tax impact of non-GAAP adjustments     28,641       26,734  
Income tax impact of non-GAAP adjustments     (2,306 )     (3,480 )
Net income (non-GAAP)     101,290       123,527  
                 
Earnings per diluted ADS (GAAP)   $2.09     $2.78  
Earnings per diluted ADS (non-GAAP)   $2.81     $3.41  
                 
Shares used in computing earnings per diluted ADS (GAAP)     35,902       36,128  
Non-GAAP Adjustments     107       133  
Shares used in computing earnings per diluted ADS (non-GAAP)     36,009       36,261  
                 
(A)   Excludes stock-based compensation as follows:                
Cost of Sales     293       390  
Research & development     9,255       13,277  
Sales & marketing     3,166       3,407  
General & administrative     2,779       3,704  
                 
                 
                 

Silicon Motion Technology Corporation

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