Silicon Motion Announces Results for the Period Ended September

Silicon Motion Announces Results for the Period Ended September 30, 2024


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

	For Three Months Ended						For the Nine Months Ended
	Sep. 30,		Jun. 30,		Sep. 30,		Sep. 30,		Sep. 30,
	2023		2024		2024		2023		2024
	($)		($)		($)		($)		($)
Gross profit (GAAP)	73,140		96,777		99,270		181,866		281,165
*Gross margin (GAAP)*	42.4	%	45.9	%	46.7	%	41.6	%	45.9	%
Stock-based compensation (A)	94		14		63		300		149
Restructuring charges	88		46		-		3,347		46
Gross profit (non-GAAP)	73,322		96,837		99,333		185,513		281,360
*Gross margin (non-GAAP)*	42.5	%	46.0	%	46.8	%	42.5	%	45.9	%

Operating expenses (GAAP)	58,132		66,030		74,810		159,555		208,009
Stock-based compensation (A)	(3,751	)	(371	)	(3,595	)	(11,460	)	(7,059	)
M&A transaction expenses	(708	)	-		-		(2,893	)	-
Dispute related expenses	(3,495	)	(3,527	)	(6,076	)	(3,495	)	(11,135	)
Restructuring charges	(661	)	-		-		(4,581	)	-
Operating expenses (non-GAAP)	49,517		62,132		65,139		137,126		189,815

Operating profit (GAAP)	15,008		30,747		24,460		22,311		73,156
*Operating margin (GAAP)*	8.7	%	14.6	%	11.5	%	5.1	%	11.9	%
Total adjustments to operating profit	8,797		3,958		9,734		26,076		18,389
Operating profit (non-GAAP)	23,805		34,705		34,194		48,387		91,545
*Operating margin (non-GAAP)*	13.8	%	16.5	%	16.1	%	11.1	%	14.9	%

Non-operating income (expense) (GAAP)	1,221		6,275		2,428		18,109		10,750
Foreign exchange loss (gain), net	(569	)	(245	)	488		(2,030	)	(345	)
Unrealized holding loss (gain) on investments	2,828		(1,855	)	602		(8,053	)	355

Non-operating income (expense) (non-GAAP)	3,480		4,175		3,518		8,026		10,760

Net income (GAAP)	10,587		30,821		20,843		31,781		67,680
Total pre-tax impact of non-GAAP adjustments	11,056		1,858		10,824		15,993		18,399
Income tax impact of non-GAAP adjustments	(584	)	(218	)	(649	)	(2,968	)	(1,014	)
Net income (non-GAAP)	21,059		32,461		31,018		44,806		85,065

Earnings per diluted ADS (GAAP)	$0.32		$0.91		$0.62		$0.95		$2.01
Earnings per diluted ADS (non-GAAP)	$0.63		$0.96		$0.92		$1.33		$2.52

Shares used in computing earnings per diluted ADS (GAAP)	33,471		33,697		33,700		33,431		33,691
Non-GAAP adjustments	128		18		109		136		52
Shares used in computing earnings per diluted ADS (non-GAAP)	33,599		33,715		33,809		33,567		33,743

(A) Excludes stock-based compensation as follows:
Cost of sales	94		14		63		300		149
Research & development	2,422		94		2,377		7,605		4,614
Sales & marketing	521		173		455		1,496		975
General & administrative	808		104		763		2,359		1,470

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