Silicon Motion Announces Results for the Period Ended December 31, 2016

 Assumes all outstanding ordinary shares are represented by ADSs.  Each ADS represents four ordinary shares.

Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
 
   For the Three Months Ended
    Dec. 31,
2015
 ($)
  Sep. 30, 
2016

($)
  Dec. 31, 
2016

($)
Gross profit (GAAP)  49,013   77,405   72,118 
  Gross margin (GAAP)  50.0%  48.8%  50.0%
             
Stock-based compensation expense(A)  132   156   199 
             
Gross profit (non-GAAP)  49,145   77,561   72,317 
  Gross margin (non-GAAP)  50.1%  48.9%  50.2%
     
Operating expenses (GAAP)  30,951   38,886   37,263 
Stock-based compensation expense (A)  (5,091)  (6,320)  (8,228)
Amortization of intangible assets  (526)  (526)  (526)
Litigation expense  (36)  (1)  (2)
Acquisition-related expense  (38)  -     -  
Operating expenses (non-GAAP)     25,260       32,039       28,507  
         
Operating profit (GAAP)     18,062       38,519       34,855  
  Operating margin (GAAP)     18.4 %     24.3 %     24.2 %
Total adjustments to operating profit     5,823       7,003       8,955  
Operating profit (non-GAAP)     23,885       45,522       43,810  
  Operating margin (non-GAAP)     24.4 %     28.7 %     30.4 %
         
Non-operating income (expense) (GAAP)     (67 )     194       718  
Foreign exchange loss (gain), net     523       375       (112 )
Impairment of long-term investments     -       -       13  
Non-operating income (expense) (non-GAAP)     456       569       619  
         
Net income (GAAP)     13,381       32,722       26,157  
Total pre-tax impact of non-GAAP adjustments     6,346       7,378       8,856  
Income tax impact of non-GAAP adjustments     (76 )     (1,768 )     (1,147 )
Net income (non-GAAP)     19,651       38,332       33,866  
         
Earnings per diluted ADS (GAAP)   $ 0.38     $ 0.92     $ 0.73  
Earnings per diluted ADS (non-GAAP)   $ 0.55     $ 1.07     $ 0.95  
         
Shares used in computing earnings per diluted ADS (GAAP)     35,288       35,539       35,623  
Non-GAAP Adjustments     205       244       201  
Shares used in computing earnings per diluted ADS (non-GAAP)     35,493       35,783       35,824  
         
(A)  Excludes stock-based compensation as follows:        
                         
Cost of Sales     132       156       199  
Research & development     3,323       4,009       5,076  
Sales & marketing     859       1,038       1,476  
General & administrative     909       1,273       1,676  
                         

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