Silicon Motion Announces Results for the Period Ended September

Silicon Motion Announces Results for the Period Ended September 30, 2016


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, 2015 ($)			Sep. 30, 2016 ( $)

Gross profit (GAAP)		135,519			202,487
*Gross margin (GAAP)*		51.5	%		49.2	%
Stock-based compensation expense(A)		129			201
Gross profit (non-GAAP)		135,648			202,688
*Gross margin (non-GAAP)*		51.5	%		49.2	%

Operating expenses (GAAP)		77,149			100,082
Stock-based compensation expense (A)		(5,066	)		(8,736	)
Amortization of intangible assets		(526	)		(1,577	)
Litigation expense		(93	)		(51	)
Acquisition-related expense		(320	)		-
Operating expenses (non-GAAP)		71,144			89,718

Operating profit (GAAP)		58,370			102,405
*Operating margin (GAAP)*		22.2	%		24.9	%
Total adjustments to operating profit		6,134			10,565
Operating profit (non-GAAP)		64,504			112,970
*Operating margin (non-GAAP)*		24.5	%		27.4	%

Non-operating income (expense) (GAAP)		2,132			652
Foreign exchange loss (gain), net		(599	)		803
Non-operating income (expense) (non-GAAP)		1,533			1,455

Net income (GAAP)		46,867			84,783
Total pre-tax impact of non-GAAP adjustments		5,535			11,368
Income tax impact of non-GAAP adjustments		1,984			(2,810	)
Net income (non-GAAP)		54,386			93,341

Earnings per diluted ADS (GAAP)	$	1.35		$	2.39
Earnings per diluted ADS (non-GAAP)	$	1.56		$	2.62

Shares used in computing earnings per diluted ADS (GAAP)		34,782			35,476
Non-GAAP Adjustments		144			140
Shares used in computing earnings per diluted ADS (non-GAAP)		34,926			35,616

(A) Excludes stock-based compensation as follows:
Cost of Sales		129			201
Research & development		3,242			5,453
Sales & marketing		931			1,646
General & administrative		893			1,637

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