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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