Silicon Motion Announces Results for the Period Ended September

Silicon Motion Announces Results for the Period Ended September 30, 2018


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

	For the Nine Months Ended
	Sep. 30, 2017 ($)		Sep. 30, 2018 ( $)
Gross profit (GAAP)	187,907		198,710
*Gross margin (GAAP)*	48.5	%	48.8	%
Stock-based compensation expense(A)	127		144
Gross profit (non-GAAP)	188,034		198,854
*Gross margin (non-GAAP)*	48.6	%	48.9	%

Operating expenses (GAAP)	106,075		107,657
Stock-based compensation expense (A)	(7,313	)	(8,256	)
Amortization of intangible assets	(1,577	)	(2,223	)
Litigation expense	-		(29	)
Operating expenses (non-GAAP)	97,185		97,149

Operating profit (GAAP)	81,832		91,053
*Operating margin (GAAP)*	21.1	%	22.4	%
Total adjustments to operating profit	9,017		10,652
Operating profit (non-GAAP)	90,849		101,705
*Operating margin (non-GAAP)*	23.5	%	25.0	%

Non-operating income (expense) (GAAP)	3,013		3,450
Foreign exchange loss (gain), net	(289	)	606
Loss (gain) on equity-method investment	-		303
Non-operating income (expense) (non-GAAP)	2,724		4,359

Net income (GAAP)	65,138		82,972
Total pre-tax impact of non-GAAP adjustments	8,728		11,561
Income tax impact of non-GAAP adjustments	(986	)	(1,207	)
Net income (non-GAAP)	72,880		93,326

Earnings per diluted ADS (GAAP)	$1.82		$2.30
Earnings per diluted ADS (non-GAAP)	$2.03		$2.58

Shares used in computing earnings per diluted ADS (GAAP)	35,867		36,147
Non-GAAP Adjustments	86		80
Shares used in computing earnings per diluted ADS (non-GAAP)	35,953		36,227

(A) Excludes stock-based compensation as follows:
Cost of Sales	127		144
Research & development	4,125		4,898
Sales & marketing	1,972		1,988
General & administrative	1,216		1,370

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