Silicon Motion Announces Results for the Period Ended December 31, 2016


Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
 
   For the Year Ended
    Dec. 31, 2015
($)
  Dec. 31, 2016
( $)
Gross profit (GAAP)  184,532   274,605 
  Gross margin (GAAP)  51.1%  49.4%
         
Stock-based compensation expense(A)  262   400 
         
Gross profit (non-GAAP)  184,794   275,005 
  Gross margin (non-GAAP)  51.2%  49.4%
    
Operating expenses (GAAP)  108,099   137,345 
Stock-based compensation expense (A)  (10,157)  (16,964)
Amortization of intangible assets  (1,051)  (2,103)
Litigation expense  (128)  (52)
Acquisition-related expense  (358)  - 
Operating expenses (non-GAAP)  96,405   118,226 
    
Operating profit (GAAP)  76,433   137,260 
  Operating margin (GAAP)  21.2%  24.7%
Total adjustments to operating profit  11,956   19,519 
Operating profit (non-GAAP)  88,389    156,779  
  Operating margin (non-GAAP)     24.5 %     28.2 %
       
Non-operating income (expense) (GAAP)     2,067       1,370  
Foreign exchange loss (gain), net     (76 )     692  
Impairment of long-term investments     -       13  
Non-operating income (expense) (non-GAAP)     1,991       2,075  
       
Net income (GAAP)     60,251       110,940  
Total pre-tax impact of non-GAAP adjustments     11,880       20,224  
Income tax impact of non-GAAP adjustments     1,908       (1,171 )
Net income (non-GAAP)     74,039       129,993  
       
Earnings per diluted ADS (GAAP)   $ 1.73     $ 3.12  
Earnings per diluted ADS (non-GAAP)   $ 2.11     $ 3.64  
       
Shares used in computing earnings per diluted ADS (GAAP)     34,909       35,513  
Non-GAAP Adjustments     158       155  
Shares used in computing earnings per diluted ADS (non-GAAP)     35,067       35,668  
       
(A)  Excludes stock-based compensation as follows:      
                 
Cost of Sales     262       400  
Research & development     6,565       10,529  
Sales & marketing     1,790       3,122  
General & administrative     1,802       3,313  
                 

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