Financial Highlights
Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended December 31, 2015. For the fourth quarter,
net sales increased sequentially to $98.0 million from $95.4
million in the third quarter. Net income (non-GAAP) decreased to
$19.7 million or $0.55 per diluted ADS from a net income (non-GAAP)
of $20.0 million or $0.57 per diluted ADS in the third quarter.
GAAP net income for the fourth quarter increased
to $13.4 million or $0.38 per diluted ADS from a GAAP net income of
$13.2 million or $0.38 per diluted ADS in the third quarter.
____________________________________1 Non-GAAP
measures represent GAAP measures excluding the impact of
stock-based compensation, amortization of intangibles assets,
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.
Fourth Quarter 2015 Review
“Our fourth quarter sales grew by 3%
sequentially to achieve record quarterly sales and record full-year
results,” said Wallace Kou, President and CEO of Silicon
Motion. “Our client SSD controller sales in the fourth
quarter grew by nearly 20% and according to recently released
market research data, we are now the world’s largest merchant
supplier of SSD controllers. Sales of our Shannon enterprise
SSDs nearly doubled in the quarter and together with stable demand
for our eMMC controllers, our overall Embedded Storage sales
increased to account for two-thirds of our total revenue.”
Sales
(in millions, except percentages) |
4Q 2015 |
3Q 2015 |
4Q 2014 |
|
Sales |
Mix |
Sales |
Mix |
Sales |
Mix |
Mobile Storage* |
$ |
87.5 |
|
|
89 |
% |
$ |
80.9 |
|
|
85 |
% |
$ |
65.5 |
|
|
81 |
% |
Sequential growth |
|
8 |
% |
|
|
14 |
% |
|
|
-9 |
% |
|
Mobile Communications** |
$ |
8.8 |
|
|
9 |
% |
$ |
12.5 |
|
|
13 |
% |
$ |
13.3 |
|
|
16 |
% |
Others |
$ |
1.7 |
|
|
2 |
% |
$ |
2.0 |
|
|
2 |
% |
$ |
1.8 |
|
|
2 |
% |
Total Revenue |
$ |
98.0 |
|
|
100 |
% |
$ |
95.4 |
|
|
100 |
% |
$ |
80.5 |
|
|
100 |
% |
Sequential growth |
|
3 |
% |
|
|
9 |
% |
|
|
-7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
4Q 2015 |
3Q 2015 |
4Q 2014 |
4Q 2015 |
3Q 2015 |
4Q 2014 |
Revenue |
$ |
98.0 |
|
$ |
95.4 |
|
$ |
80.5 |
|
$ |
98.0 |
|
$ |
95.4 |
|
$ |
80.5 |
|
Sequential growth |
|
3 |
% |
|
9 |
% |
|
-7 |
% |
|
3 |
% |
|
9 |
% |
|
-7 |
% |
Gross profit |
$ |
49.1 |
|
$ |
49.2 |
|
$ |
42.3 |
|
$ |
49.0 |
|
$ |
49.1 |
|
$ |
42.2 |
|
Percent of revenue |
|
50.1 |
% |
|
51.6 |
% |
|
52.5 |
% |
|
50.0 |
% |
|
51.5 |
% |
|
52.4 |
% |
Operating expenses |
$ |
25.3 |
|
$ |
25.8 |
|
$ |
21.4 |
|
$ |
31.0 |
|
$ |
29.7 |
|
$ |
25.4 |
|
Operating income |
$ |
23.9 |
|
$ |
23.4 |
|
$ |
20.9 |
|
$ |
18.1 |
|
$ |
19.4 |
|
$ |
16.8 |
|
Percent of revenue |
|
24.4 |
% |
|
24.5 |
% |
|
26.0 |
% |
|
18.4 |
% |
|
20.4 |
% |
|
20.9 |
% |
Earnings per ADS (diluted) |
$ |
0.55 |
|
$ |
0.57 |
|
$ |
0.53 |
|
$ |
0.38 |
|
$ |
0.38 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Information
(in millions) |
4Q 2015 |
3Q 2015 |
4Q 2014 |
Cash and cash equivalents, and short-term investments |
$ |
185.2 |
|
$ |
183.7 |
|
$ |
194.9 |
|
Capital Expenditures |
$ |
14.4 |
|
$ |
4.6 |
|
$ |
1.9 |
|
Dividend payments |
$ |
5.2 |
|
$ |
5.2 |
|
$ |
5.1 |
|
|
|
|
|
|
|
|
|
|
|
During the fourth quarter, we had $14.4 million
of capital expenditures, with $12.0 million spent on the purchase
of additional operating facilities and $2.2 million for the routine
purchase of software and design tools. We paid $4.6 million for
previously deferred Shannon acquisition payments.
Our fourth quarter cash flows were as
follows:
3 months ended December 31, 2015 |
|
|
(In $ millions) |
|
Net
income |
|
13.4 |
|
|
Depreciation & amortization |
|
2.7 |
|
|
Changes in operating assets and liabilities |
|
3.8 |
|
|
Others |
|
1.2 |
|
|
Net cash provided by (used in)
operating activities |
|
21.1 |
|
|
Acquisition of property and equipment |
|
(14.4 |
) |
|
Acquisition of Shannon |
|
(4.6 |
) |
|
Others |
|
0.1 |
|
|
Net cash provided by (used in)
investing activities |
|
(18.9 |
) |
|
Dividend |
|
(5.2 |
) |
|
Others |
|
- |
|
|
Net cash provided by (used in)
financing activities |
|
(5.2 |
) |
|
Effects of changes in foreign currency exchange rates on cash |
|
0.5 |
|
|
Net increase (decrease) in cash and
cash equivalents |
|
(2.5 |
) |
|
|
Returning Value to Shareholders
On October 23, 2015 the Board of Directors of the Company
declared a $0.15 per ADS quarterly dividend. On November 20,
we recorded $5.2 million as dividend payments to our
shareholders.
Business Outlook
“We expect to continue strong growth in 2016 led
again by our Embedded Storage products, specifically client SSD
controllers, eMMC controllers and enterprise SSDs,” said Wallace
Kou, President and CEO of Silicon Motion. “We are upbeat about our
first quarter as we expect our Embedded Storage sales growth to
largely offset anticipated Expandable Storage seasonal
weakness.”
For the first quarter of 2016, management
expects:
- Revenue to decrease 2.5% to increase 2.5% sequentially
- Gross margin (non-GAAP) to be in the 49% to 51% range
- Operating margin (non-GAAP) to be in the 23% to 24% range
For the full-year 2016, management expects:
- Revenue to increase 12% to 20% as compared to full-year
2015
- Gross margin (non-GAAP) to be in the 49% to 51% range
- Operating margin (non-GAAP) to be in the 23% to 25% range
Conference Call &
Webcast:
The Company’s management team will conduct a
conference call at 8:00 am Eastern Time on January 29,
2016.
SpeakersWallace Kou, President & CEORiyadh Lai, CFOJason
Tsai, Senior 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: 1852 8965
REPLAY NUMBERS (for 7 days):USA (Toll Free): 1 855 452 5696USA
(Toll): 1 646 254 3697Participant Passcode: 1852 8965
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$. We do not use financial instruments to manage
the impact on our operations from changes in foreign exchange
rates, and because our operations are subject to fluctuations in
foreign exchange rates, we therefore exclude foreign exchange gains
and losses when presenting non-GAAP financial measures.
Amortization of intangibles assets consists of non-cash charges
that can be impacted by the timing and magnitude of our
acquisitions. The Company considers its operating results
without these charges when evaluating its ongoing performance and
forecasting its earnings trends, and therefore excludes such
charges when presenting non-GAAP financial measures. The
Company believes that the assessment of its operations excluding
these costs is relevant to its assessment of internal operations
and comparisons to the performance of its competitors.
Other non-recurring items:
- Litigation expenses consist of legal expenses relating to
intellectual property disputes, commercial claims and other types
of litigation. While litigation may arise in the ordinary course of
our business, we nevertheless consider litigation to be an unusual,
non-recurring and unplanned activity and therefore exclude this
charge when presenting non-GAAP financial measures.
- Acquisition costs consist of direct costs of acquisitions, such
as transaction fees, which vary significantly and are unique to
each acquisition. The Company does not acquire businesses on a
predictable cycle, so we have excluded the effect of these costs in
calculating our non-GAAP operating expenses and net income.
|
Silicon Motion Technology Corporation |
Consolidated Statements of Income |
(in thousands, except percentages and per ADS data,
unaudited) |
|
|
For the Three Months Ended |
|
Dec. 31,
2014 |
Sep. 30,
2015 |
Dec. 31,
2015 |
($) |
($) |
($) |
Net Sales |
|
80,503 |
|
|
95,397 |
|
|
98,041 |
|
Cost of sales |
|
38,306 |
|
|
46,285 |
|
|
49,028 |
|
Gross profit |
|
42,197 |
|
|
49,112 |
|
|
49,013 |
|
Operating expenses |
|
|
|
Research & development |
|
17,528 |
|
|
19,628 |
|
|
19,281 |
|
Sales & marketing |
|
4,434 |
|
|
5,545 |
|
|
6,136 |
|
General & administrative |
|
3,410 |
|
|
3,994 |
|
|
5,008 |
|
Amortization of intangibles
assets |
|
- |
|
|
526 |
|
|
526 |
|
Operating income |
|
16,825 |
|
|
19,419 |
|
|
18,062 |
|
Non-operating income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of investments |
|
1 |
|
|
- |
|
|
1 |
|
Interest income, net |
|
613 |
|
|
506 |
|
|
455 |
|
Foreign exchange gain (loss),
net |
|
(451 |
) |
|
220 |
|
|
(523 |
) |
Others, net |
|
(4 |
) |
|
4 |
|
|
- |
|
Subtotal |
|
159 |
|
|
730 |
|
|
(67 |
) |
Income before income
tax |
|
16,984 |
|
|
20,149 |
|
|
17,995 |
|
Income tax expense |
|
4,911 |
|
|
6,969 |
|
|
4,583 |
|
Net income |
|
12,073 |
|
|
13,180 |
|
|
13,412 |
|
|
|
|
|
Basic earnings per
ADS |
$ |
0.36 |
|
$ |
0.38 |
|
$ |
0.38 |
|
Diluted earnings per
ADS |
$ |
0.35 |
|
$ |
0.38 |
|
$ |
0.38 |
|
Margin
Analysis: |
|
|
|
Gross margin |
|
52.4 |
% |
|
51.5 |
% |
|
50.0 |
% |
Operating margin |
|
20.9 |
% |
|
20.4 |
% |
|
18.4 |
% |
Net margin |
|
15.0 |
% |
|
13.8 |
% |
|
13.7 |
% |
Additional
Data: |
|
|
|
Weighted avg. ADS
equivalents2 |
|
33,892 |
|
|
34,726 |
|
|
34,875 |
|
Diluted ADS
equivalents |
|
34,471 |
|
|
34,941 |
|
|
35,288 |
|
|
|
|
|
__________________________2 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,
2014 |
Sep.
30, 2015 |
Dec. 31,
2015 |
|
|
(US$) |
($) |
($) |
|
GAAP net income |
|
12,073 |
|
|
13,180 |
|
|
13,412 |
|
|
Stock-based compensation: |
|
|
|
|
Cost of sales |
|
99 |
|
|
88 |
|
|
132 |
|
|
Research and development |
|
2,583 |
|
|
2,118 |
|
|
3,319 |
|
|
Sales and marketing |
|
701 |
|
|
601 |
|
|
859 |
|
|
General and administrative |
|
624 |
|
|
616 |
|
|
913 |
|
|
Total stock-based
compensation |
|
4,007 |
|
|
3,423 |
|
|
5,223 |
|
|
|
|
|
|
|
Non-recurring items: |
|
|
|
|
Litigation expenses |
|
(6 |
) |
|
24 |
|
|
28 |
|
|
Acquisition costs |
|
30 |
|
|
(6 |
) |
|
38 |
|
|
Amortization of
intangibles assets |
|
- |
|
|
526 |
|
|
526 |
|
|
Foreign exchange loss (gain),net |
|
2,422 |
|
|
2,901 |
|
|
455 |
|
|
Non-GAAP net income |
|
18,526 |
|
|
20,048 |
|
|
19,682 |
|
|
|
|
|
|
|
Shares used in computing non-GAAP diluted earnings per
ADS |
|
34,650 |
|
|
35,273 |
|
|
35,493 |
|
|
|
|
|
|
|
Non-GAAP diluted earnings per ADS |
$ |
0.53 |
|
$ |
0.57 |
|
$ |
0.55 |
|
|
|
|
|
|
|
Non-GAAP gross margin |
|
52.5 |
% |
|
51.6 |
% |
|
50.1 |
% |
|
Non-GAAP operating margin |
|
26.0 |
% |
|
24.5 |
% |
|
24.4 |
% |
|
|
|
|
|
|
|
|
Silicon Motion Technology Corporation |
|
Consolidated Statements of Income |
|
(in thousands, except percentages, and per ADS data,
unaudited) |
|
|
|
For the Year Ended |
|
|
Dec. 31, |
Dec. 31, |
|
|
|
2014 |
|
|
2015 |
|
|
|
($) |
($) |
|
Net
Sales |
|
289,323 |
|
|
361,297 |
|
|
Cost
of sales |
|
139,625 |
|
|
176,765 |
|
|
Gross
profit |
|
149,698 |
|
|
184,532 |
|
|
Operating expenses |
|
|
|
Research & development |
|
60,949 |
|
|
71,157 |
|
|
Sales & marketing |
|
16,324 |
|
|
20,173 |
|
|
General & administrative |
|
13,355 |
|
|
15,718 |
|
|
Amortization of intangibles
assets |
|
- |
|
|
1,052 |
|
|
Operating income |
|
59,070 |
|
|
76,432 |
|
|
|
|
|
|
Non-operating expense
(income) |
|
|
|
Gain on sale of investments |
|
4 |
|
|
3 |
|
|
Interest income, net |
|
2,101 |
|
|
1,979 |
|
|
Foreign exchange gain (loss),
net |
|
(606 |
) |
|
76 |
|
|
Others, net |
|
(1 |
) |
|
9 |
|
|
Subtotal |
|
1,498 |
|
|
2,067 |
|
|
Income before income tax |
|
60,568 |
|
|
78,499 |
|
|
Income tax expense |
|
16,101 |
|
|
18,219 |
|
|
Net
income |
|
44,467 |
|
|
60,280 |
|
|
|
|
|
|
Basic
earnings per ADS |
$ |
1.32 |
|
$ |
1.75 |
|
|
Diluted earnings per ADS |
$ |
1.30 |
|
$ |
1.73 |
|
|
|
|
|
|
Margin Analysis: |
|
|
|
Gross
margin |
|
51.7 |
% |
|
51.1 |
% |
|
Operating margin |
|
20.4 |
% |
|
21.2 |
% |
|
Net
margin |
|
15.4 |
% |
|
16.7 |
% |
|
Additional Data: |
|
|
|
Weighted avg. ADS
equivalents |
|
33,651 |
|
|
34,525 |
|
|
Diluted ADS equivalents |
|
34,197 |
|
|
34,909 |
|
|
|
|
|
|
Silicon Motion Technology Corporation |
|
Reconciliation of GAAP to Non-GAAP Operating
Results |
|
(in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
For the Year Ended |
|
|
Dec. 31, |
Dec. 31, |
|
|
|
2014 |
|
|
2015 |
|
|
|
($) |
($) |
|
GAAP net income |
|
44,467 |
|
|
60,280 |
|
|
Stock-based compensation: |
|
|
|
Cost of sales |
|
282 |
|
|
261 |
|
|
Research and development |
|
6,760 |
|
|
6,591 |
|
|
Sales and marketing |
|
1,740 |
|
|
1,801 |
|
|
General and administrative |
|
1,542 |
|
|
1,811 |
|
|
Total stock-based
compensation |
|
10,324 |
|
|
10,464 |
|
|
|
|
|
|
Non-recurring items: |
|
|
|
Litigation expenses |
|
190 |
|
|
104 |
|
|
Acquisition costs |
|
30 |
|
|
358 |
|
|
Amortization of
intangibles assets |
|
- |
|
|
1,052 |
|
|
Foreign exchange loss (gain), net |
|
3,499 |
|
|
1,812 |
|
|
|
|
|
|
Non-GAAP net income |
|
58,510 |
|
|
74,070 |
|
|
|
|
|
|
Shares used in computing non-GAAP diluted earnings per
ADS |
|
34,377 |
|
|
35,067 |
|
|
|
|
|
|
Non-GAAP diluted earnings per ADS |
$ |
1.70 |
|
$ |
2.11 |
|
|
|
|
|
|
Non-GAAP gross margin |
|
51.8 |
% |
|
51.2 |
% |
|
Non-GAAP operating margin |
|
24.1 |
% |
|
24.5 |
% |
|
|
Silicon Motion Technology Corporation |
Consolidated Balance Sheet |
(In thousands, unaudited) |
|
|
Dec. 31, |
|
Sep. 30, |
|
Dec. 31, |
|
2014 |
|
2015 |
|
2015 |
|
(US$) |
|
($) |
|
($) |
Cash and cash
equivalents |
194,211 |
|
182,984 |
|
180,519 |
Short-term
investments |
703 |
|
679 |
|
4,681 |
Accounts receivable (net) |
28,742 |
|
56,432 |
|
58,963 |
Inventories |
44,076 |
|
50,176 |
|
47,110 |
Refundable deposits -
current |
19,322 |
|
19,531 |
|
19,328 |
Prepaid expenses and other current assets |
3,386 |
|
4,244 |
|
4,578 |
Total
current assets |
290,440 |
|
314,046 |
|
315,179 |
|
|
|
|
|
|
Long-term investments |
133 |
|
133 |
|
133 |
Property and equipment
(net) |
35,537 |
|
38,322 |
|
50,469 |
Goodwill and intangible
assets(net) |
35,467 |
|
76,528 |
|
75,990 |
Other
assets |
4,957 |
|
3,945 |
|
3,859 |
Total
assets |
366,534 |
|
432,974 |
|
445,630 |
|
|
|
|
|
|
Accounts payable |
14,246 |
|
14,077 |
|
22,766 |
Income tax payable |
17,696 |
|
21,791 |
|
13,099 |
Accrued expenses and
other current liabilities |
24,125 |
|
41,887 |
|
42,165 |
Total
current liabilities |
56,067 |
|
77,755 |
|
78,030 |
Other
liabilities |
6,367 |
|
8,338 |
|
7,376 |
Total
liabilities |
62,434 |
|
86,093 |
|
85,406 |
Shareholders’ equity |
304,100 |
|
346,881 |
|
360,224 |
Total liabilities &
shareholders’ equity |
366,534 |
|
432,974 |
|
445,630 |
|
|
|
|
|
|
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
controller ICs used in embedded storage devices such as SSDs and
eMMCs and in expandable storage devices. For the mobile
communications market, our key products include mobile TV SoCs and
other specialty RF ICs. 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 currently expected first quarter of 2016 and full
year 2016 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 fourth
quarter of 2015 and full year 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
continue to successfully integrate our 2015 acquisition of 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; 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
Senior 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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