Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion,” the “Company” or “we”) today announced its financial
results for the quarter ended June 30, 2024. For the second
quarter of 2024, net sales (GAAP) increased sequentially to $210.7
million from $189.3 million in the first quarter of 2024. Net
income (GAAP) increased to $30.8 million, or $0.91 per diluted
American Depositary Share of the Company (“ADS”) (GAAP), from net
income (GAAP) of $16.0 million, or $0.48 per diluted ADS (GAAP), in
the first quarter of 2024.
For the second quarter of 2024, net income
(non-GAAP) increased to $32.5 million, or $0.96 per diluted ADS
(non-GAAP), from net income (non-GAAP) of $21.6 million, or $0.64
per diluted ADS (non-GAAP), in the first quarter of 2024.
All financial numbers are
in U.S. dollars unless otherwise noted.
Second Quarter of 2024 Review
“Our business was strong in the second quarter
of 2024, with revenue above the high-end of our guided range and
gross margins at the high-end of expectations,” said Wallace Kou,
President and CEO of Silicon Motion. “Our SSD controller revenue
increased for the fifth consecutive quarter and strength from our
eMMC and UFS business accelerated as smartphone OEMs build in
anticipation for a seasonally stronger second half and modest
handset industry growth this year. The first half of the year was a
strong start to 2024, and we remain confident that our increasing
share with flash makers and expanding product portfolio will
continue to grow our business and profitability throughout this
year.”
Key Financial Results
(in millions, except percentages and per ADS amounts) |
GAAP |
Non-GAAP |
2Q 2024 |
|
1Q 2024 |
|
2Q 2023 |
|
2Q 2024 |
|
1Q 2024 |
|
2Q 2023 |
|
Revenue |
$ |
210.7 |
|
$ |
189.3 |
|
$ |
140.4 |
|
$ |
210.7 |
|
$ |
189.3 |
|
$ |
140.4 |
|
Gross profitPercent of revenue |
|
$96.845.9 |
% |
|
$85.145.0 |
% |
|
$56.440.2 |
% |
|
$96.846.0 |
% |
|
$85.245.0 |
% |
|
$59.742.5 |
% |
Operating expenses |
$ |
66.0 |
|
$ |
67.2 |
|
$ |
54.6 |
|
$ |
62.1 |
|
$ |
62.5 |
|
$ |
48.0 |
|
Operating incomePercent of revenue |
|
$30.714.6 |
% |
|
$18.09.5 |
% |
|
$1.81.3 |
% |
|
$34.716.5 |
% |
|
$22.612.0 |
% |
|
$11.78.3 |
% |
Earnings per diluted ADS |
$ |
0.91 |
|
$ |
0.48 |
|
$ |
0.33 |
|
$ |
0.96 |
|
$ |
0.64 |
|
$ |
0.38 |
|
Other Financial Information
(in millions) |
2Q 2024 |
1Q 2024 |
2Q 2023 |
Cash, cash equivalents, restricted cash and short-term
investments—end of period |
$ |
343.6 |
$ |
349.3 |
$ |
305.0 |
Routine capital expenditures |
$ |
6.3 |
$ |
5.0 |
$ |
4.3 |
Dividend payments |
$ |
16.8 |
$ |
16.8 |
|
-- |
During the second quarter of 2024, we had $10.4 million of
capital expenditures, including $6.3 million for the routine
purchase of testing equipment, software, design tools and other
items, and $4.1 million for building construction in Hsinchu.
Business Outlook“Our new
programs with our flash maker customers are expected to further
scale throughout this year as the move to increase outsourcing
continues to build the foundation for the long-term revenue and
profitability growth of our business,” said Wallace Kou, President
and CEO of Silicon Motion. “Our highly differentiated controller
solutions for PCs and smartphones deliver high performance, higher
density and lower cost solid state storage to enable cutting edge
applications such as AI-at-the-edge. Despite the softness in the
retail SSD market that is evident across the industry, we are
confident that we can achieve our previous full-year outlook based
on the ongoing strength of our growing NAND OEM business.”
For the third quarter of 2024, management expects:
($ in millions) |
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$205 to $216 -2.5% to +2.5% Q/Q+19% to 25% Y/Y |
-- |
$205 to $216 -2.5% to +2.5% Q/Q+19% to 25% Y/Y |
Gross margin |
46.0% to 47.0% |
Approximately $0.1* |
46.0% to 47.0% |
Operating margin |
10.7% to 12.3% |
Approximately $6.4 to $7.4** |
14.3% to 15.3% |
* Projected gross margin (non-GAAP) excludes $0.1 million of
stock-based compensation.** Projected operating margin (non-GAAP)
excludes $6.4 million to $7.4 million of stock-based compensation
and dispute related expenses.
For the full year 2024, management expects:
($ in millions) |
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$800 to $830+25% to 30% Y/Y |
-- |
$800 to $830+25% to 30% Y/Y |
Gross margin |
45.9% to 46.9% |
Approximately $0.6* |
46.0% to 47.0% |
Operating margin |
10.9% to 13.3% |
Approximately $29.0 to $31.0** |
14.8% to 16.8% |
* Projected gross margin (non-GAAP) excludes
$0.6 million of stock-based compensation and restructuring
charge.** Projected operating margin (non-GAAP) excludes $29.0
million to $31.0 million of stock-based compensation, dispute
related expenses, restructuring charge and loss from settlement of
litigation.
Conference Call & Webcast:The Company’s
management team will conduct a conference call at 8:00 am Eastern
Time on August 2, 2024.
Conference Call
DetailsParticipants must register in advance to join the
conference call using the link provided below. Conference access
information (including dial-in information and a unique access PIN)
will be provided in the email received upon registration.
Participant Online
Registration:https://register.vevent.com/register/BI2fe7e6f51a2f41b7963f31ce9f2d38ce
A webcast of the call will be available on the
Company's website at www.siliconmotion.com.
Discussion of Non-GAAP Financial Measures
To supplement the Company’s unaudited selected
financial results calculated in accordance with U.S. Generally
Accepted Accounting Principles (“GAAP”), the Company discloses
certain non-GAAP financial measures that exclude stock-based
compensation and other items, including gross profit (non-GAAP),
operating expenses (non-GAAP), operating income (non-GAAP), net
income (non-GAAP), and earnings per diluted ADS (non-GAAP). These
non-GAAP measures are not in accordance with or an alternative to
GAAP and may be different from similarly-titled non-GAAP measures
used by other companies. We believe that these non-GAAP
measures have limitations in that they do not reflect all the
amounts associated with the Company’s results of operations as
determined in accordance with GAAP and that these measures should
only be used to evaluate the Company’s results of operations in
conjunction with the corresponding GAAP measures. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for the most directly
comparable GAAP measure. We compensate for the limitations of
our non-GAAP financial measures by relying upon GAAP results to
gain a complete picture of our performance.
Our non-GAAP financial measures are provided to
enhance the user’s overall understanding of our current financial
performance and our prospects for the future. Specifically, we
believe the non-GAAP results provide useful information to both
management and investors as these non-GAAP results exclude certain
expenses, gains and losses that we believe are not indicative of
our core operating results and because they are consistent with the
financial models and estimates published by many analysts who
follow the Company. We use non-GAAP measures to evaluate the
operating performance of our business, for comparison with our
forecasts, and for benchmarking our performance externally against
our competitors. Also, when evaluating potential
acquisitions, we exclude the items described below from our
consideration of the target’s performance and valuation.
Since we find these measures to be useful, we believe that our
investors benefit from seeing the results from management’s
perspective in addition to seeing our GAAP results. We
believe that these non-GAAP measures, when read in conjunction with
the Company’s GAAP financials, provide useful information to
investors by offering:
- the ability to make more meaningful period-to-period
comparisons of the Company’s on-going operating results;
- the ability to better identify trends in the Company’s
underlying business and perform related trend analysis;
- a better understanding of how management plans and measures the
Company’s underlying business; and
- an easier way to compare the Company’s operating results
against analyst financial models and operating results of our
competitors that supplement their GAAP results with non-GAAP
financial measures.
The following are explanations of each of the
adjustments that we incorporate into our non-GAAP measures, as well
as the reasons for excluding each of these individual items in our
reconciliation of these non-GAAP financial measures:
Stock-based compensation expense consists of
non-cash charges related to the fair value of 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.
Restructuring charges relate to the
restructuring of our underperforming product lines, principally the
write-down of NAND flash, embedded DRAM and SSD inventory valuation
and severance payments.
M&A transaction expenses consist of legal,
financial advisory and other fees related to the transaction.
Dispute related expenses consist of legal, consultant and other
fees related to the dispute.
Loss from settlement of litigation relates to an expense accrued
in connection with a settlement of a lawsuit.
Foreign exchange loss (gain) consists 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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Unrealized holding loss (gain) on investments relates to the net
change in fair value of long-term investments.
Silicon Motion
Technology CorporationConsolidated Statements of Income(in
thousands, except percentages and per ADS data, unaudited) |
|
|
For Three Months Ended |
|
For the Six Months Ended |
|
Jun.
30, |
|
Mar.
31, |
|
Jun.
30, |
|
Jun.
30, |
|
Jun.
30, |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net Sales |
140,361 |
|
|
189,311 |
|
|
210,670 |
|
|
264,430 |
|
|
399,981 |
|
Cost of sales |
83,938 |
|
|
104,191 |
|
|
113,893 |
|
|
155,704 |
|
|
218,084 |
|
Gross profit |
56,423 |
|
|
85,120 |
|
|
96,777 |
|
|
108,726 |
|
|
181,897 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research & development |
41,336 |
|
|
54,392 |
|
|
50,788 |
|
|
76,186 |
|
|
105,180 |
|
Sales & marketing |
7,248 |
|
|
6,304 |
|
|
6,777 |
|
|
13,853 |
|
|
13,081 |
|
General & administrative |
6,021 |
|
|
6,474 |
|
|
7,215 |
|
|
11,384 |
|
|
13,689 |
|
Loss from settlement of litigation |
- |
|
|
- |
|
|
1,250 |
|
|
- |
|
|
1,250 |
|
Operating income |
1,818 |
|
|
17,950 |
|
|
30,747 |
|
|
7,303 |
|
|
48,697 |
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
Interest income, net |
2,736 |
|
|
3,066 |
|
|
4,175 |
|
|
4,546 |
|
|
7,241 |
|
Foreign exchange gain (loss), net |
1,223 |
|
|
588 |
|
|
245 |
|
|
1,461 |
|
|
833 |
|
Unrealized holding gain(loss) on investments |
6,135 |
|
|
(1,608 |
) |
|
1,855 |
|
|
10,881 |
|
|
247 |
|
Subtotal |
10,094 |
|
|
2,046 |
|
|
6,275 |
|
|
16,888 |
|
|
8,321 |
|
Income before income tax |
11,912 |
|
|
19,996 |
|
|
37,022 |
|
|
24,191 |
|
|
57,018 |
|
Income tax expense (benefit) |
868 |
|
|
3,980 |
|
|
6,201 |
|
|
2,997 |
|
|
10,181 |
|
Net income |
11,044 |
|
|
16,016 |
|
|
30,821 |
|
|
21,194 |
|
|
46,837 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per basic ADS |
0.33 |
|
|
0.48 |
|
|
0.92 |
|
|
0.64 |
|
|
1.39 |
|
Earnings per diluted ADS |
0.33 |
|
|
0.48 |
|
|
0.91 |
|
|
0.63 |
|
|
1.39 |
|
|
|
|
|
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
|
|
|
|
|
Gross margin |
40.2 |
% |
|
45.0 |
% |
|
45.9 |
% |
|
41.1 |
% |
|
45.5 |
% |
Operating margin |
1.3 |
% |
|
9.5 |
% |
|
14.6 |
% |
|
2.8 |
% |
|
12.2 |
% |
Net margin |
7.9 |
% |
|
8.5 |
% |
|
14.6 |
% |
|
8.0 |
% |
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
Additional Data: |
|
|
|
|
|
|
|
|
|
Weighted avg. ADS equivalents |
33,409 |
|
|
33,508 |
|
|
33,684 |
|
|
33,292 |
|
|
33,596 |
|
Diluted ADS equivalents |
33,438 |
|
|
33,701 |
|
|
33,697 |
|
|
33,410 |
|
|
33,687 |
|
Silicon Motion
Technology CorporationReconciliation of GAAP to Non-GAAP Operating
Results(in thousands, except percentages and per ADS data,
unaudited) |
|
|
For Three Months Ended |
|
For the Six Months Ended |
|
Jun.
30, |
|
Mar.
31, |
|
Jun.
30, |
|
Jun.
30, |
|
Jun.
30, |
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Gross
profit (GAAP) |
|
56,423 |
|
|
|
85,120 |
|
|
|
96,777 |
|
|
|
108,726 |
|
|
|
181,897 |
|
Gross margin (GAAP) |
|
40.2 |
% |
|
|
45.0 |
% |
|
|
45.9 |
% |
|
|
41.1 |
% |
|
|
45.5 |
% |
Stock-based compensation (A) |
|
71 |
|
|
|
72 |
|
|
|
14 |
|
|
|
206 |
|
|
|
86 |
|
Restructuring charges |
|
3,222 |
|
|
|
- |
|
|
|
46 |
|
|
|
3,259 |
|
|
|
46 |
|
Gross profit (non-GAAP) |
|
59,716 |
|
|
|
85,192 |
|
|
|
96,837 |
|
|
|
112,191 |
|
|
|
182,029 |
|
Gross margin (non-GAAP) |
|
42.5 |
% |
|
|
45.0 |
% |
|
|
46.0 |
% |
|
|
42.4 |
% |
|
|
45.5 |
% |
|
|
|
|
|
|
|
|
|
|
Operating expenses (GAAP) |
|
54,605 |
|
|
|
67,170 |
|
|
|
66,030 |
|
|
|
101,423 |
|
|
|
133,200 |
|
Stock-based compensation (A) |
|
(2,359 |
) |
|
|
(3,093 |
) |
|
|
(371 |
) |
|
|
(7,709 |
) |
|
|
(3,464 |
) |
M&A transaction expenses |
|
(1,548 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,185 |
) |
|
|
- |
|
Dispute related expenses |
|
- |
|
|
|
(1,532 |
) |
|
|
(2,277 |
) |
|
|
- |
|
|
|
(3,809 |
) |
Restructuring charges |
|
(2,664 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3,920 |
) |
|
|
- |
|
Loss from settlement of litigation |
|
- |
|
|
|
- |
|
|
|
(1,250 |
) |
|
|
- |
|
|
|
(1,250 |
) |
Operating expenses (non-GAAP) |
|
48,034 |
|
|
|
62,545 |
|
|
|
62,132 |
|
|
|
87,609 |
|
|
|
124,677 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
|
1,818 |
|
|
|
17,950 |
|
|
|
30,747 |
|
|
|
7,303 |
|
|
|
48,697 |
|
Operating margin (GAAP) |
|
1.3 |
% |
|
|
9.5 |
% |
|
|
14.6 |
% |
|
|
2.8 |
% |
|
|
12.2 |
% |
Total adjustments to operating profit |
|
9,864 |
|
|
|
4,697 |
|
|
|
3,958 |
|
|
|
17,279 |
|
|
|
8,655 |
|
Operating profit (non-GAAP) |
|
11,682 |
|
|
|
22,647 |
|
|
|
34,705 |
|
|
|
24,582 |
|
|
|
57,352 |
|
Operating margin (non-GAAP) |
|
8.3 |
% |
|
|
12.0 |
% |
|
|
16.5 |
% |
|
|
9.3 |
% |
|
|
14.3 |
% |
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense) (GAAP) |
|
10,094 |
|
|
|
2,046 |
|
|
|
6,275 |
|
|
|
16,888 |
|
|
|
8,321 |
|
Foreign exchange loss (gain), net |
|
(1,223 |
) |
|
|
(588 |
) |
|
|
(245 |
) |
|
|
(1,461 |
) |
|
|
(833 |
) |
Unrealized holding loss (gain) on investments |
|
(6,135 |
) |
|
|
1,608 |
|
|
|
(1,855 |
) |
|
|
(10,881 |
) |
|
|
(247 |
) |
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense) (non-GAAP) |
|
2,736 |
|
|
|
3,066 |
|
|
|
4,175 |
|
|
|
4,546 |
|
|
|
7,241 |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
11,044 |
|
|
|
16,016 |
|
|
|
30,821 |
|
|
|
21,194 |
|
|
|
46,837 |
|
Total pre-tax impact of non-GAAP adjustments |
|
2,506 |
|
|
|
5,717 |
|
|
|
1,858 |
|
|
|
4,937 |
|
|
|
7,575 |
|
Income tax impact of non-GAAP adjustments |
|
(965 |
) |
|
|
(147 |
) |
|
|
(218 |
) |
|
|
(2,383 |
) |
|
|
(365 |
) |
Net income (non-GAAP) |
|
12,585 |
|
|
|
21,586 |
|
|
|
32,461 |
|
|
|
23,748 |
|
|
|
54,047 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted ADS (GAAP) |
$ |
0.33 |
|
|
$ |
0.48 |
|
|
$ |
0.91 |
|
|
$ |
0.63 |
|
|
$ |
1.39 |
|
Earnings per diluted ADS (non-GAAP) |
$ |
0.38 |
|
|
$ |
0.64 |
|
|
$ |
0.96 |
|
|
$ |
0.71 |
|
|
$ |
1.60 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing earnings per diluted ADS
(GAAP) |
|
33,438 |
|
|
|
33,701 |
|
|
|
33,697 |
|
|
|
33,410 |
|
|
|
33,687 |
|
Non-GAAP adjustments |
|
115 |
|
|
|
26 |
|
|
|
18 |
|
|
|
141 |
|
|
|
23 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
33,553 |
|
|
|
33,727 |
|
|
|
33,715 |
|
|
|
33,551 |
|
|
|
33,710 |
|
|
|
|
|
|
|
|
|
|
|
(A) Excludes stock-based compensation as
follows: |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
71 |
|
|
|
72 |
|
|
|
14 |
|
|
|
206 |
|
|
|
86 |
|
Research & development |
|
1,315 |
|
|
|
2,143 |
|
|
|
94 |
|
|
|
5,183 |
|
|
|
2,237 |
|
Sales & marketing |
|
435 |
|
|
|
347 |
|
|
|
173 |
|
|
|
976 |
|
|
|
520 |
|
General & administrative |
|
609 |
|
|
|
603 |
|
|
|
104 |
|
|
|
1,550 |
|
|
|
707 |
|
Silicon Motion
Technology CorporationConsolidated Balance Sheet (In
thousands, unaudited) |
|
|
Jun. 30, |
|
Mar. 31, |
|
Jun. 30, |
|
2023 |
|
2024 |
|
2024 |
|
($) |
|
($) |
|
($) |
Cash and cash equivalents |
249,830 |
|
294,814 |
|
289,175 |
Accounts
receivable (net) |
166,020 |
|
186,154 |
|
191,692 |
Inventories |
250,524 |
|
253,316 |
|
240,811 |
Refundable deposits – current |
49,480 |
|
49,610 |
|
51,036 |
Prepaid
expenses and other current assets |
15,916 |
|
17,944 |
|
31,460 |
Total current assets |
731,770 |
|
801,838 |
|
804,174 |
Long-term
investments |
19,767 |
|
15,489 |
|
17,301 |
Property and equipment (net) |
156,962 |
|
174,420 |
|
179,550 |
Other
assets |
38,077 |
|
32,529 |
|
29,121 |
Total
assets |
946,576 |
|
1,024,276 |
|
1,030,146 |
|
|
|
|
|
|
Accounts
payable |
12,529 |
|
64,810 |
|
36,411 |
Income
tax payable |
31,272 |
|
10,702 |
|
14,103 |
Accrued expenses and other current liabilities |
78,771 |
|
135,425 |
|
134,947 |
Total current liabilities |
122,572 |
|
210,937 |
|
185,461 |
Other
liabilities |
64,562 |
|
59,883 |
|
60,182 |
Total
liabilities |
187,134 |
|
270,820 |
|
245,643 |
Shareholders’ equity |
759,442 |
|
753,456 |
|
784,503 |
Total liabilities & shareholders’ equity |
946,576 |
|
1,024,276 |
|
1,030,146 |
Silicon Motion
Technology CorporationCondensed Consolidated Statements of Cash
Flows(in thousands, unaudited) |
|
|
For Three Months Ended |
|
For the Six Months Ended |
|
Jun.
30, |
|
Mar.
31, |
|
Jun.
30, |
|
Jun.
30, |
|
Jun.
30, |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net
income |
11,044 |
|
|
16,016 |
|
|
30,821 |
|
|
21,194 |
|
|
46,837 |
|
Depreciation & amortization |
5,381 |
|
|
5,608 |
|
|
5,802 |
|
|
10,989 |
|
|
11,411 |
|
Stock-based compensation |
2,430 |
|
|
3,165 |
|
|
385 |
|
|
7,915 |
|
|
3,550 |
|
Investment losses (gain) & disposals |
(5,945 |
) |
|
1,608 |
|
|
(1,855 |
) |
|
(10,691 |
) |
|
(247 |
) |
Changes in operating assets and liabilities |
23,134 |
|
|
(18,586 |
) |
|
(13,660 |
) |
|
13,609 |
|
|
(32,246 |
) |
Net cash provided by operating activities |
36,044 |
|
|
7,811 |
|
|
21,493 |
|
|
43,016 |
|
|
29,305 |
|
|
|
|
|
|
|
|
|
|
|
Purchase of property & equipment |
(10,085 |
) |
|
(10,749 |
) |
|
(10,427 |
) |
|
(23,635 |
) |
|
(21,176 |
) |
Net cash used in investing activities |
(10,085 |
) |
|
(10,749 |
) |
|
(10,427 |
) |
|
(23,635 |
) |
|
(21,176 |
) |
|
|
|
|
|
|
|
|
|
|
Dividend payments |
(15 |
) |
|
(16,808 |
) |
|
(16,820 |
) |
|
(15 |
) |
|
(33,629 |
) |
Net cash used in financing activities |
(15 |
) |
|
(16,808 |
) |
|
(16,820 |
) |
|
(15 |
) |
|
(33,629 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents &
restricted cash |
25,944 |
|
|
(19,746 |
) |
|
(5,754 |
) |
|
19,366 |
|
|
(25,500 |
) |
Effect of foreign exchange changes |
(1,273 |
) |
|
35 |
|
|
86 |
|
|
(1,450 |
) |
|
121 |
|
Cash, cash equivalents & restricted cash—beginning of
period |
280,300 |
|
|
368,990 |
|
|
349,279 |
|
|
287,055 |
|
|
368,990 |
|
Cash, cash equivalents & restricted cash—end of period |
304,971 |
|
|
349,279 |
|
|
343,611 |
|
|
304,971 |
|
|
343,611 |
|
About Silicon Motion:
We are the global leader in supplying NAND flash
controllers for solid state storage devices. We supply more
SSD controllers than any other company in the world for servers,
PCs and other client devices and are the leading merchant supplier
of eMMC and UFS embedded storage controllers used in smartphones,
IoT devices and other applications. We also supply customized
high-performance hyperscale data center and specialized industrial
and automotive SSD solutions. Our customers include most of
the NAND flash vendors, storage device module makers and leading
OEMs. For further information on Silicon Motion, visit us at
www.siliconmotion.com.
Forward-Looking Statements:
This press release contains “forward-looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In some cases, you can
identify forward-looking statements by terminology such as “may,”
“will,” “should,” “expect,” “intend,” “plan,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “continue,” or the
negative of these terms or other comparable terminology. Although
such statements are based on our own information and information
from other sources we believe to be reliable, you should not place
undue reliance on them. These statements involve risks and
uncertainties, and actual market trends or our actual results of
operations, financial condition or business prospects may differ
materially from those expressed or implied in these forward-looking
statements for a variety of reasons. Potential risks and
uncertainties include, but are not limited to the unpredictable
volume and timing of customer orders, which are not fixed by
contract but vary on a purchase order basis; the loss of one or
more key customers or the significant reduction, postponement,
rescheduling or cancellation of orders from one or more customers;
general economic conditions or conditions in the semiconductor or
consumer electronics markets; the impact of inflation on our
business and customer’s businesses and any effect this has on
economic activity in the markets in which we operate; the
functionalities and performance of our information technology
(“IT”) systems, which are subject
to cybersecurity threats and which support our critical
operational activities, and any breaches of our IT systems or those
of our customers, suppliers, partners and providers of third-party
licensed technology; the effects on our business and our customer’s
business taking into account the
ongoing U.S.-China tariffs and trade disputes; the
uncertainties associated with any future global or regional
pandemic; the continuing tensions between Taiwan and China
including enhanced military activities; decreases in the overall
average selling prices of our products; changes in the relative
sales mix of our products; changes in our cost of finished goods;
supply chain disruptions that have affected us and our industry as
well as other industries on a global basis; the payment,
or non-payment, of cash dividends in the future at the
discretion of our board of directors and any announced planned
increases in such dividends; changes in our cost of finished goods;
the availability, pricing, and timeliness of delivery of other
components and raw materials used in the products we sell given the
current raw material supply shortages being experienced in our
industry; our customers’ sales outlook, purchasing patterns, and
inventory adjustments based on consumer demands and general
economic conditions; any potential impairment charges that may be
incurred related to businesses previously acquired or divested in
the future; our ability to successfully develop, introduce, and
sell new or enhanced products in a timely manner; and the timing of
new product announcements or introductions by us or by our
competitors. For additional discussion of these risks and
uncertainties and other factors, please see the documents we file
from time to time with the U.S. Securities and Exchange
Commission, including our Annual Report on
Form 20-F filed with the U.S. Securities and Exchange
Commission on April 30, 2024. Other than as required under the
securities laws, we do not intend, and do not undertake any
obligation to, update or revise any forward-looking statements,
which apply only as of the date of this press release.
Silicon Motion Investor
Contacts: |
Tom
Sepenzis |
Selina
Hsieh |
Senior Director of IR & Strategy |
Investor Relations |
tsepenzis@siliconmotion.com |
ir@siliconmotion.com |
|
|
Media Contact: |
|
Dan Scorpio, H/Advisors Abernathy |
|
Dan.scorpio@h-advisors.global |
|
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