Financial Highlights
Silicon Motion Technology Corporation
(NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today
announced its financial results for the quarter ended September 30,
2015. For the third quarter, net sales increased sequentially
to $95.4 million from $87.2 million in the second quarter. Net
income (non-GAAP) increased sequentially to $20.1 million or $0.57
per diluted ADS from a net income (non-GAAP) of $17.8 million or
$0.51 per diluted ADS in the second quarter.
GAAP net income for the third quarter decreased
to $13.2 million or $0.38 per diluted ADS from a GAAP net income of
$18.2 million or S$0.53 per diluted ADS in the second quarter.
_____________________
1 Unless otherwise noted, $ is the U.S. dollar.2 Non-GAAP
measures represent GAAP measures excluding the impact of
stock-based compensation, foreign exchange gain (loss), and other
non-recurring items. For reconciliation of non-GAAP to GAAP
results and further discussion, see accompanying financial tables
and the note “Discussion of Non-GAAP Financial Measures” at the end
of this press release.
Third Quarter 2015 Review “Our
third quarter sales grew by 9% sequentially, led by robust sales of
our Embedded Products which grew approximately 25%, accounting for
more than 60% of our total sales in the quarter,” said Wallace Kou,
President and CEO, Silicon Motion. “Within our Embedded
Products, our client SSD controller sales grew over 40%
sequentially as our sales to two NAND flash partners and many
module maker customers continued to expand and now represent
approximately 20% of total sales. Our Embedded Product sales
also grew because our eMMC controller sales rebounded due to
increased orders from SK Hynix for new smartphone OEM design-wins
and we began consolidating sales of Shannon Systems
enterprise-grade SSDs.”
Sales
(in millions, except percentages) |
3Q 2015 |
2Q 2015 |
3Q 2014 |
Sales |
Mix |
Sales |
Mix |
Sales |
Mix |
Mobile Storage*Sequential growth |
|
$ |
80.914 |
|
% |
|
85 |
% |
|
$ |
70.811 |
|
% |
|
81 |
% |
|
$ |
72.223 |
|
% |
|
83 |
% |
Mobile Communications** |
$ |
|
12.5 |
|
|
|
13 |
% |
$ |
|
14.4 |
|
|
|
17 |
% |
$ |
|
12.6 |
|
|
|
15 |
% |
Others |
$ |
|
2.0 |
|
|
|
2 |
% |
$ |
|
2.0 |
|
|
|
2 |
% |
$ |
|
1.8 |
|
|
|
2 |
% |
Total RevenueSequential growth |
|
$ |
95.49 |
|
% |
|
100 |
% |
|
$ |
87.28 |
|
% |
|
100 |
% |
|
$ |
86.625 |
|
% |
|
100 |
% |
* Mobile Storage products include Embedded
Storage products (eMMC and SSD controllers and Ferri and Shannon
storage solutions) and Expandable Storage products (SD and USB
flash drive controllers). ** Mobile Communications
products include LTE transceivers and mobile TV ICs.
Key Financial Results
(in millions, except percentages and per ADS
amounts) |
Non-GAAP |
GAAP |
3Q 2015 |
2Q 2015 |
3Q 2014 |
3Q 2015 |
2Q 2015 |
3Q 2014 |
RevenueSequential growth |
|
$ |
95.49 |
|
% |
|
$ |
87.28 |
|
% |
|
$ |
86.625 |
|
% |
|
$ |
95.49 |
|
% |
|
$ |
87.28 |
|
% |
|
$ |
86.625 |
|
% |
Gross profitPercent of revenue |
|
$ |
49.251.6 |
|
% |
|
$ |
44.551.0 |
|
% |
|
$ |
45.852.9 |
|
% |
|
$ |
49.151.5 |
|
% |
|
$ |
44.551.0 |
|
% |
|
$ |
45.752.8 |
|
% |
Operating expenses |
$ |
|
25.8 |
|
|
$ |
|
22.9 |
|
|
$ |
|
22.1 |
|
|
$ |
|
29.7 |
|
|
$ |
|
23.4 |
|
|
$ |
|
26.7 |
|
|
Operating incomePercent of revenue |
|
$ |
23.424.5 |
|
% |
|
$ |
21.624.8 |
|
% |
|
$ |
23.727.3 |
|
% |
|
$ |
19.420.4 |
|
% |
|
$ |
21.124.2 |
|
% |
|
$ |
19.021.9 |
|
% |
Earnings per ADS (diluted) |
$ |
|
0.57 |
|
|
$ |
|
0.51 |
|
|
$ |
|
0.59 |
|
|
$ |
|
0.38 |
|
|
$ |
|
0.53 |
|
|
$ |
|
0.43 |
|
|
Other Financial Information
(in millions) |
3Q 2015 |
2Q 2015 |
3Q 2014 |
Cash and cash equivalents, and short-term investments |
$ |
183.7 |
|
$ |
201.6 |
|
$ |
165.2 |
|
Capital Expenditures |
$ |
4.6 |
|
$ |
2.9 |
|
$ |
6.1 |
|
Dividend payments |
$ |
5.2 |
|
$ |
5.1 |
|
$ |
5.1 |
|
During the third quarter, we had $4.6 million of
capital expenditures, with $2.3 million spent on the purchase of
additional facilities and $2.3 million for the purchase of software
and design tools. We paid $20.8 million as part of our payments for
the acquisition of Shannon Systems.
Our third quarter cash flows were as
follows:
3 months ended September 30, 2015 |
|
(In $ millions) |
Net
income |
|
13.2 |
|
Depreciation & amortization |
|
2.3 |
|
Changes in operating assets and liabilities |
|
(6.9 |
) |
Others |
|
4.9 |
|
Net cash provided by (used in)
operating activities |
|
13.5 |
|
Acquisition of property and equipment |
|
(4.6 |
) |
Acquisition of Shannon |
|
(20.8 |
) |
Others |
|
(0.1 |
) |
Net cash provided by (used in)
investing activities |
|
(25.5 |
) |
Dividend |
|
(5.2 |
) |
Others |
|
0.1 |
|
Net cash provided by (used in)
financing activities |
|
(5.1 |
) |
Effects of changes in foreign currency exchange rates on cash |
|
(0.8 |
) |
Net increase (decrease) in cash and
cash equivalents |
|
(17.9 |
) |
Returning Value to ShareholdersOn July 27, 2015
the Board of Directors of the Company declared a $0.15 per ADS
quarterly dividend. On August 26, we recorded $5.2 million as
dividend payments to our shareholders.
Business Outlook“We expect our fourth quarter
revenue to increase modestly as robust Embedded Storage sales
growth is offset by slower sales of our Specialty RF ICs and
Expandable Storage products,” said Wallace Kou, President and CEO,
Silicon Motion. “In the fourth quarter, we expect strong
growth from our client SSD controller and Shannon enterprise-grade
PCIe SSD sales and stable eMMC controller sales.”
For the fourth quarter of 2015, management
expects:
- Revenue to increase 0% to 3% sequentially
- Gross margin (non-GAAP) to be in the 50% to 52% range
- Operating expenses (non-GAAP) of approximately $25 to $27
million
Conference Call &
Webcast:
The Company’s management team will conduct a
conference call at 8:00 am Eastern Time on October 29, 2015.
SpeakersWallace Kou, President & CEORiyadh
Lai, CFOJason Tsai, Director of Investor Relations and Strategy
CONFERENCE CALL ACCESS NUMBERS:USA (Toll Free):
1 866 519 4004USA (Toll): 1 845 675 0437 Taiwan
(Toll Free): 0080 112 6920Participant Passcode: 5521 2062
REPLAY NUMBERS (for 7 days):USA (Toll Free): 1
855 452 5696USA (Toll): 1 646 254 3697Participant Passcode: 5521
2062
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 non-GAAP cost of sales,
non-GAAP gross profit, non-GAAP operating expenses, non-GAAP
operating income, non-GAAP net income, and non-GAAP earnings per
diluted ADS. These non-GAAP measures are not in accordance with or
an alternative to GAAP, and may be different from 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 it is 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 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$. We do not use financial instruments to manage
the impact on our operations from changes in foreign exchange
rates, and because our operations are subject to fluctuations in
foreign exchange rates, we therefore exclude foreign exchange gains
and losses when presenting non-GAAP financial measures.
Other non-recurring items:
- Litigation expenses consist of legal expenses relating to
intellectual property disputes, commercial claims and other types
of litigation. While litigation may arise in the ordinary course of
our business, we nevertheless consider litigation to be an unusual,
non-recurring and unplanned activity and therefore exclude this
charge when presenting non-GAAP financial measures.
- Acquisition costs consist of direct costs of acquisitions, such
as transaction fees, which vary significantly and are unique to
each acquisition. The Company does not acquire businesses on a
predictable cycle, so we have excluded the effect of these costs in
calculating our non-GAAP operating expenses and net income.
- Intangible amortization consists of non-cash charges that can
be impacted by the timing and magnitude of our acquisitions.
The Company considers its operating results without these charges
when evaluating its ongoing performance and forecasting its
earnings trends, and therefore excludes such charges when
presenting non-GAAP financial measures. The Company believes
that the assessment of its operations excluding these costs is
relevant to its assessment of internal operations and comparisons
to the performance of its competitors.
Silicon Motion Technology Corporation |
Consolidated Statements of Income |
(in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
|
|
For the Three Months Ended |
|
Sep. 30, 2014 |
Jun. 30,
2015 |
Sep. 30,
2015 |
|
($) |
($) |
($) |
Net Sales |
|
86,561 |
|
|
87,213 |
|
|
95,397 |
|
Cost of sales |
|
40,885 |
|
|
42,729 |
|
|
46,285 |
|
Gross profit |
|
45,676 |
|
|
44,484 |
|
|
49,112 |
|
Operating expenses |
|
|
|
Research & development |
|
17,728 |
|
|
15,893 |
|
|
19,628 |
|
Sales & marketing |
|
4,724 |
|
|
4,183 |
|
|
5,545 |
|
General & administrative |
|
4,230 |
|
|
3,276 |
|
|
3,994 |
|
Amortization of intangibles
assets |
|
- |
|
|
- |
|
|
526 |
|
Operating income |
|
18,994 |
|
|
21,132 |
|
|
19,419 |
|
Non-operating income
(expense) |
|
|
|
Gain on sale of investments |
|
1 |
|
|
1 |
|
|
- |
|
Interest income, net |
|
466 |
|
|
503 |
|
|
506 |
|
Foreign exchange gain (loss),
net |
|
(375 |
) |
|
229 |
|
|
220 |
|
Others, net |
|
- |
|
|
8 |
|
|
4 |
|
Subtotal |
|
92 |
|
|
741 |
|
|
730 |
|
Income before income
tax |
|
19,086 |
|
|
21,873 |
|
|
20,149 |
|
Income tax expense |
|
4,465 |
|
|
3,648 |
|
|
6,965 |
|
Net income |
|
14,621 |
|
|
18,225 |
|
|
13,184 |
|
|
|
|
|
Basic earnings per
ADS |
$ |
0.43 |
|
$ |
0.53 |
|
$ |
0.38 |
|
Diluted earnings per
ADS |
$ |
0.43 |
|
$ |
0.53 |
|
$ |
0.38 |
|
Margin
Analysis: |
|
|
|
Gross margin |
|
52.8 |
% |
|
51.0 |
% |
|
51.5 |
% |
Operating margin |
|
21.9 |
% |
|
24.2 |
% |
|
20.4 |
% |
Net margin |
|
16.9 |
% |
|
20.9 |
% |
|
13.8 |
% |
Additional
Data: |
|
|
|
Weighted avg. ADS
equivalents3 |
|
33,803 |
|
|
34,431 |
|
|
34,726 |
|
Diluted ADS
equivalents |
|
34,302 |
|
|
34,654 |
|
|
34,941 |
|
___________________________ |
3 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 |
|
|
Sep. 30, |
Jun. 30, |
Sep. 30, |
|
|
|
2014 |
|
|
2015 |
|
|
2015 |
|
|
|
($) |
($) |
($) |
|
GAAP net income |
|
14,621 |
|
|
18,225 |
|
|
13,184 |
|
|
Stock-based compensation: |
|
|
|
|
Cost of sales |
|
109 |
|
|
2 |
|
|
88 |
|
|
Research and development |
|
2,798 |
|
|
176 |
|
|
2,118 |
|
|
Sales and marketing |
|
738 |
|
|
78 |
|
|
601 |
|
|
General and administrative |
|
665 |
|
|
24 |
|
|
616 |
|
|
Total stock-based
compensation |
|
4,310 |
|
|
280 |
|
|
3,423 |
|
|
|
|
|
|
|
Non-recurring items: |
|
|
|
|
Litigation expenses |
|
270 |
|
|
44 |
|
|
24 |
|
|
Acquisition costs |
|
- |
|
|
192 |
|
|
(6 |
) |
|
Amortization of
intangibles assets |
|
- |
|
|
- |
|
|
526 |
|
|
Foreign exchange loss (gain),net |
|
1,276 |
|
|
(972 |
) |
|
2,901 |
|
|
Non-GAAP net income |
|
20,477 |
|
|
17,769 |
|
|
20,052 |
|
|
|
|
|
|
|
Shares used in computing non-GAAP diluted earnings per
ADS |
|
34,636 |
|
|
34,686 |
|
|
35,273 |
|
|
|
|
|
|
|
Non-GAAP diluted earnings per ADS |
$ |
0.59 |
|
$ |
0.51 |
|
$ |
0.57 |
|
|
|
|
|
|
|
Non-GAAP gross margin |
|
52.9 |
% |
|
51.0 |
% |
|
51.6 |
% |
|
Non-GAAP operating margin |
|
27.3 |
% |
|
24.8 |
% |
|
24.5 |
% |
|
Silicon Motion Technology Corporation |
|
Consolidated Statements of Income |
|
(in thousands, except percentages, and per ADS data,
unaudited) |
|
|
|
|
|
|
For the
Nine Months Ended |
|
|
Sep. 30, |
Sep. 30, |
|
|
|
2014 |
|
|
2015 |
|
|
|
($) |
($) |
|
Net
Sales |
|
208,820 |
|
|
263,256 |
|
|
Cost
of sales |
|
101,319 |
|
|
127,737 |
|
|
Gross
profit |
|
107,501 |
|
|
135,519 |
|
|
Operating expenses |
|
|
|
Research & development |
|
43,421 |
|
|
51,876 |
|
|
Sales & marketing |
|
11,890 |
|
|
14,037 |
|
|
General & administrative |
|
9,945 |
|
|
10,710 |
|
|
Amortization of intangibles assets |
|
- |
|
|
526 |
|
|
Operating income |
|
42,245 |
|
|
58,370 |
|
|
|
|
|
|
Non-operating expense
(income) |
|
|
|
Gain on sale of investments |
|
3 |
|
|
2 |
|
|
Interest income, net |
|
1,488 |
|
|
1,523 |
|
|
Foreign exchange gain (loss), net |
|
(155 |
) |
|
599 |
|
|
Others, net |
|
3 |
|
|
8 |
|
|
Subtotal |
|
1,339 |
|
|
2,132 |
|
|
Income before income tax |
|
43,584 |
|
|
60,502 |
|
|
Income tax expense |
|
11,190 |
|
|
13,631 |
|
|
Net
income |
|
32,394 |
|
|
46,871 |
|
|
|
|
|
|
Basic
earnings per ADS |
$ |
0.96 |
|
$ |
1.36 |
|
|
Diluted earnings per ADS |
$ |
0.95 |
|
$ |
1.35 |
|
|
|
|
|
|
Margin Analysis: |
|
|
|
Gross
margin |
|
51.5 |
% |
|
51.5 |
% |
|
Operating margin |
|
20.2 |
% |
|
22.2 |
% |
|
|
|
|
|
Weighted average ADS: |
|
|
|
Basic |
|
33,571 |
|
|
34,408 |
|
|
Diluted |
|
34,105 |
|
|
34,782 |
|
|
Silicon Motion Technology Corporation |
|
Reconciliation of GAAP to Non-GAAP Operating
Results |
|
(in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
|
For the
Nine Months Ended |
|
|
Sep. 30, |
Sep. 30, |
|
|
|
2014 |
|
|
2015 |
|
|
|
($) |
($) |
|
GAAP net income |
|
32,394 |
|
|
46,871 |
|
|
Stock-based compensation: |
|
|
|
Cost of sales |
|
184 |
|
|
128 |
|
|
Research and development |
|
4,177 |
|
|
3,272 |
|
|
Sales and marketing |
|
1,040 |
|
|
942 |
|
|
General and administrative |
|
917 |
|
|
899 |
|
|
Total stock-based
compensation |
|
6,318 |
|
|
5,241 |
|
|
|
|
|
|
Non-recurring items: |
|
|
|
Litigation expenses |
|
196 |
|
|
76 |
|
|
Acquisition costs |
|
- |
|
|
320 |
|
|
Amortization of
intangibles assets |
|
- |
|
|
526 |
|
|
Foreign exchange loss (gain), net |
|
1,077 |
|
|
1,356 |
|
|
|
|
|
|
Non-GAAP net income |
|
39,985 |
|
|
54,390 |
|
|
|
|
|
|
Shares used in computing non-GAAP diluted earnings per
ADS |
|
34,286 |
|
|
34,926 |
|
|
|
|
|
|
Non-GAAP diluted earnings per ADS |
$ |
1.17 |
|
$ |
1.56 |
|
|
|
|
|
|
Non-GAAP gross margin |
|
51.6 |
% |
|
51.5 |
% |
|
Non-GAAP operating margin |
|
23.4 |
% |
|
24.5 |
% |
|
Silicon Motion Technology Corporation |
Consolidated Balance Sheet |
(In thousands, unaudited) |
|
|
|
Sep. 30, |
|
Jun. 30, |
|
Sep. 30, |
|
2014 |
|
2015 |
|
2015 |
|
($) |
|
($) |
|
($) |
Cash and cash
equivalents |
164,445 |
|
200,910 |
|
182,984 |
Short-term
investments |
730 |
|
723 |
|
679 |
Accounts receivable (net) |
37,152 |
|
49,992 |
|
56,432 |
Inventories |
55,329 |
|
50,299 |
|
50,176 |
Refundable deposits -
current |
19,315 |
|
19,275 |
|
19,531 |
Deferred income tax assets (net) |
368 |
|
24 |
|
- |
Prepaid expenses and other current |
|
|
|
|
|
assets |
4,032 |
|
10,760 |
|
4,244 |
Total
current assets |
281,371 |
|
331,983 |
|
314,046 |
|
|
|
|
|
|
Long-term investments |
133 |
|
133 |
|
133 |
Property and equipment
(net) |
34,498 |
|
36,640 |
|
38,322 |
Goodwill and intangible
assets(net) |
35,474 |
|
35,463 |
|
76,528 |
Other
assets |
4,563 |
|
5,573 |
|
5,299 |
Total
assets |
356,039 |
|
409,792 |
|
434,328 |
|
|
|
|
|
|
Accounts payable |
22,725 |
|
26,373 |
|
14,077 |
Income tax payable |
12,097 |
|
17,215 |
|
21,791 |
Accrued expenses and
other current liabilities |
20,453 |
|
28,479 |
|
43,241 |
Total
current liabilities |
55,275 |
|
72,067 |
|
79,109 |
Other
liabilities |
6,201 |
|
8,581 |
|
8,338 |
Total
liabilities |
61,476 |
|
80,648 |
|
87,447 |
Shareholders’ equity |
294,563 |
|
329,144 |
|
346,881 |
Total liabilities &
shareholders’ equity |
356,039 |
|
409,792 |
|
434,328 |
About Silicon Motion:
We are a fabless semiconductor company that designs, develops
and markets solutions for mobile storage and mobile communications
markets. For the mobile storage market, our key products are
microcontrollers used in embedded storage devices such as SSDs and
eMMCs and in expandable storage devices. For the mobile
communications market, our key products are LTE transceivers and
mobile TV IC solutions. Our products are widely used in
smartphones, tablets, and industrial, enterprise and commercial
applications. For further information on Silicon Motion,
visit 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,
including without limitation, statements about Silicon Motion’s
expected fourth quarter of 2015 and full year 2015 revenue, gross
margin and operating expenses, all of which reflect management’s
estimates based on information available at this time of this press
release. While Silicon Motion believes these estimates to be
meaningful, these amounts could differ materially from actual
reported amounts for the third quarter of 2015. Forward-looking
statements also include, without limitation, statements regarding
trends in the multimedia consumer electronics market and our future
results of operations, financial condition and business
prospects. 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 these customers; general economic conditions or
conditions in the semiconductor or consumer electronics markets;
decreases in the overall average selling prices of our products;
changes in the relative sales mix of our products; our ability to
successfully integrate Shannon Systems; changes in our cost of
finished goods; the payment, or non-payment, of cash dividends in
the future at the discretion of our board of directors; the effect,
if any, on the price of our ADS as a result of the implementation
of the announced share repurchase program; changes in our cost of
finished goods; the availability, pricing, and timeliness of
delivery of other components and raw materials used in our
customers’ products; our customers’ sales outlook, purchasing
patterns, and inventory adjustments based on consumer demands and
general economic conditions, its customers and consumers; 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 Securities and Exchange Commission, including our Annual Report
on Form 20-F filed on April 30, 2015. We assume no obligation
to update any forward-looking statements, which apply only as of
the date of this press release.
Investor Contact:
Jason Tsai
Director of IR and Strategy
Tel: +1 408 519 7259
Fax: +1 408 519 7101
E-mail: jtsai@siliconmotion.com
Investor Contact:
Selina Hsieh
Investor Relations
Tel: +886 3 552 6888 x2311
Fax: +886 3 560 0336
E-mail: ir@siliconmotion.com
Media Contact:
Sara Hsu
Project Manager
Tel: +886 2 2219 6688 x3509
Fax: +886 2 2219 6868
E-mail: sara.hsu@siliconmotion.com
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