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) | | | |
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For the Year Ended
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Dec. 31, 2015
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Dec. 31, 2016
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$)
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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 | | |
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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 | | |
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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 | | |
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(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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