NOTE: Silicon Image and Simplay HD are trademarks, registered trademarks
or service marks of Silicon Image, Inc. in the United States and other
countries. HDMI(TM) and High-Definition Multimedia Interface are trademarks
or registered trademarks of HDMI Licensing, LLC in the United States and other
countries, and are used under license from HDMI Licensing, LLC. All other
trademarks and registered trademarks are the property of their respective
owners.
SILICON IMAGE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31, December 31, March 31,
2008 2007 2007
Revenue:
Product $57,187 $74,676 $56,339
Development, licensing and royalties 9,926 10,655 12,780
Total revenue 67,113 85,331 69,119
Cost of revenue and operating expenses:
Cost of revenue (1) 28,137 35,247 30,758
Research and development (2) 21,542 21,285 17,195
Selling, general and administrative(3) 18,318 19,240 17,144
Amortization of intangible assets 1,587 1,857 615
Total cost of revenue and operating
expenses 69,584 77,629 65,712
Income (loss) from operations (2,471) 7,702 3,407
Interest income and other, net 1,916 2,779 3,026
Income (loss) before provision for
income taxes (555) 10,481 6,433
Provision for income taxes 7 2,878 3,517
Net income (loss) $(562) $7,603 $2,916
Net income per share - basic and diluted $(0.01) $0.09 $0.03
Weighted average shares - basic 80,987 84,218 86,825
Weighted average shares - diluted 80,987 85,228 89,549
(1) Includes stock compensation expense $350 $387 $346
(2) Includes stock compensation expense 1,234 1,866 2,308
(3) Includes stock compensation expense 2,439 2,646 1,378
SILICON IMAGE, INC.
GAAP NET INCOME TO NON-GAAP NET INCOME RECONCILIATION
(In thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31, December 31, March 31,
2008 2007 2007
GAAP net income (loss) $(562) $7,603 $2,916
Non-GAAP adjustments:
Stock-based compensation expense (1) 4,023 4,899 4,032
Amortization of intangible assets (2) 1,587 1,857 615
Adjustments related to change in
recognition of distributor revenue(3) -- (4,105) --
Non-GAAP net income before tax
adjustments 5,048 10,254 7,563
Income tax effects on above adjustments (1,683) (707) (1,247)
Non-GAAP net income $3,365 $9,547 $6,316
Non-GAAP net income per share - basic
and diluted $0.04 $0.11 $0.07
Weighted average shares - basic 80,987 84,218 86,825
Weighted average shares - diluted 81,574 85,228 89,549
(1) For the three months ended March 31, 2008, December 31 and March 31,
2007, these adjustments represent the non-cash amortization of stock-
based compensation associated with SFAS No. 123 (R) Share-based
Payment.
Cost of Revenue $350 $387 $346
Research and Development 1,234 1,866 2,308
Selling, General and Administrative 2,439 2,646 1,378
Total $4,023 $4,899 $4,032
(2) These adjustments represent expenses for the amortization of
intangible assets recorded in connection with our acquisitions. These
on-going expenses pertain to intangible assets that are not expected
to be replaced when fully amortized, as might a depreciable tangible
asset.
(3) This adjustment represents the change in recognition of distributor
revenue and related standard cost of sales.
SILICON IMAGE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Unaudited
March 31, 2008 December 31, 2007
Assets
Current Assets:
Cash and cash equivalents $125,504 $137,822
Short-term investments 68,910 111,889
Accounts receivable, net 27,011 21,254
Inventories 14,116 20,198
Prepaid expenses and other current assets 11,966 13,732
Deferred income taxes 4,147 3,984
Total current assets 251,654 308,879
Property and equipment, net 24,574 24,191
Goodwill 19,210 19,210
Intangible assets, net 37,682 39,269
Deferred income taxes, non-current 20,589 19,978
Other assets 1,605 1,421
Total assets $355,314 $412,948
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $18,395 $17,892
Accrued liabilities and other current
liabilities 38,972 36,996
Deferred license revenue 4,971 3,860
Deferred margin on sales to distributors 25,460 26,443
Current liabilities 87,798 85,191
Other long-term liabilities 10,818 13,910
Total liabilities 98,616 99,101
Stockholders' Equity:
Total stockholders' equity 256,698 313,847
Total liabilities and stockholders' equity $355,314 $412,948
Web site: http://www.siliconimage.com/
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