Silicon Motion Announces Results for the Period Ended December

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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