Silicon Motion Announces Results for the Period Ended June 30,

Silicon Motion Announces Results for the Period Ended June 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 Six Months Ended
	Jun. 30, 2015 ( $)			Jun. 30, 2016 ( $)
GAAP net income		33,687			52,061
Stock-based compensation:
Cost of sales		40			45
Research and development		1,154			1,453
Sales and marketing		341			613
General and administrative		283			367
Total stock-based compensation		1,818			2,478

Non-recurring items:
Litigation expenses		52			38
Acquisition costs		326			-
Amortization of intangibles assets		-			1,052
Foreign exchange loss (gain), net		(1,545	)		(620	)

Non-GAAP net income		34,338			55,009

Shares used in computing non-GAAP diluted earnings per ADS		34,752			35,533

Non-GAAP diluted earnings per ADS	$	0.99		$	1.55

Non-GAAP gross margin		51.5	%		49.4	%
Non-GAAP operating margin		24.5	%		26.6	%

Silicon Motion Technology Corporation
Consolidated Balance Sheet
(In thousands, unaudited)

	Jun. 30, 2015 ( $ )	Mar. 31, 2016 ( $ )	Jun. 30, 2016 ( $ )
Cash and cash equivalents	200,910	186,189	203,420
Short-term investments	723	4,818	15,691
Accounts receivable (net)	49,992	77,277	71,931
Inventories	50,299	72,774	81,542
Refundable deposits - current	19,275	19,302	19,149
Prepaid expenses and other current assets	10,784	4,587	5,417
Total current assets	331,983	364,947	397,150
Long-term investments	133	133	133
Property and equipment (net)	36,640	49,598	48,336
Goodwill and intangible assets(net)	35,463	75,469	74,942
Other assets	5,573	4,743	8,501
Total assets	409,792	494,890	529,062

Accounts payable	26,373	46,851	48,315
Income tax payable	17,215	16,728	16,362
Accrued expenses and other current liabilities	28,479	48,240	49,359
Total current liabilities	72,067	111,819	114,036
Other liabilities	8,581	13,314	16,264
Total liabilities	80,648	125,133	130,300
Shareholders’ equity	329,144	369,757	398,762
Total liabilities & shareholders’ equity	409,792	494,890	529,062

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