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

Stock-based compensation expense consists of non-cash charges related to the fair value of stock options and restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

Foreign exchange gains and losses consist of translation gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

Amortization of intangibles assets consists of non-cash charges that can be impacted by the timing and magnitude of our acquisitions.  The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures.  The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors.

Other non-recurring items:

  • Litigation expenses consist of legal expenses relating to intellectual property disputes, commercial claims and other types of litigation. While litigation may arise in the ordinary course of our business, we nevertheless consider litigation to be an unusual, non-recurring and unplanned activity and therefore exclude this charge when presenting non-GAAP financial measures.
  • Acquisition costs consist of direct costs of acquisitions, such as transaction fees, which vary significantly and are unique to each acquisition. The Company does not acquire businesses on a predictable cycle, so we have excluded the effect of these costs in calculating our non-GAAP operating expenses and net income.
 
Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages and per ADS data, unaudited)
 
  For the Three Months Ended
 
  Jun. 30,   2015 
($)

  Mar. 31,   2016 
($)

  Jun. 30, 2016 
($)

 
          
Net Sales 87,213  112,682  140,686 
Cost of sales 42,729  55,721  72,565 
Gross profit 44,484  56,961  68,121 
Operating expenses         
Research & development 15,893  19,198  21,234 
Sales & marketing 4,183  6,215  6,351 
General & administrative 3,276  3,349  3,797 
Amortization of  intangibles assets -  526  526 
Operating income 21,132  27,673  36,213 
Non-operating income (expense)         
          
Gain on sale of investments 1  -  1 
Interest income, net  503     425     441  
Foreign exchange gain (loss), net   229     60     (488 )
Others, net   8     -     19  
Subtotal   741     485     (27 )
Income before income tax   21,873     28,158     36,186  
Income tax expense   3,648     5,144     7,139  
Net income    18,225     23,014     29,047  
                   
Basic earnings per ADS $ 0.53   $ 0.66   $ 0.82  
Diluted earnings per ADS $ 0.53   $ 0.65   $ 0.82  
       
Margin Analysis:      
Gross margin   51.0 %   50.6 %   48.4 %
Operating margin   24.2 %   24.6 %   25.7 %
Net margin   20.9 %   20.4 %   20.6 %
       
Additional Data:      
Weighted avg. ADS equivalents 2   34,431     35,014     35,273  
Diluted ADS equivalents   34,654     35,412     35,476  
       

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