Financial Highlights
Silicon Motion Technology Corporation (NasdaqGS:SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended September 30, 2016. For the third quarter,
net sales increased 13% sequentially to $158.6 million from $140.7
million in the second quarter. Net income (GAAP) increased to $32.7
million or $0.92 per diluted ADS (GAAP) from a net income (GAAP) of
$29.0 million or $0.82 per diluted ADS (GAAP) in the second
quarter.
For the third quarter, net income (non-GAAP)
increased to $38.3 million or $1.07 per diluted ADS (non-GAAP) from
a net income (non-GAAP) of $30.7 million or $0.86 per diluted ADS
(non-GAAP) in the second quarter.
1 Embedded Storage comprises primarily eMMC
and client SSD controllers and enterprise and industrial SSD
solutions.
Third Quarter 2016 Review
“Third quarter sales exceeded our original expectations due to
continuing strong demand for our client SSD and eMMC controllers,
especially from our NAND flash partners,” said Wallace Kou,
President and CEO of Silicon Motion. “We are excited that our NAND
flash partners have continued to grow their sales of SSDs to PC
OEMs and eMMCs to smartphone OEMs. This has led to further
expansion of our market shares in both client SSD controllers and
eMMC controllers.”
Sales
(in millions, except percentages) |
3Q 2016 |
2Q 2016 |
3Q 2015 |
Sales |
Mix |
Sales |
Mix |
Sales |
Mix |
Mobile Storage* Q/Q Y/Y |
$ |
146.91382 |
%% |
|
93 |
% |
$ |
129.52583 |
%% |
|
92 |
% |
$ |
80.91412 |
%% |
|
85 |
% |
Mobile Communications** |
$ |
10.1 |
|
|
6 |
% |
$ |
9.7 |
|
|
7 |
% |
$ |
12.5 |
|
|
13 |
% |
Others |
$ |
1.6 |
|
|
1 |
% |
$ |
1.5 |
|
|
1 |
% |
$ |
2.0 |
|
|
2 |
% |
Total Revenue Q/Q Y/Y |
$ |
158.61366 |
%% |
|
100 |
% |
$ |
140.72561 |
%% |
|
100 |
% |
$ |
95.4910 |
%% |
|
100 |
% |
* Mobile Storage products include Embedded
Storage products (eMMC and client SSD controllers and enterprise
and industrial SSD solutions) and Expandable Storage products (SD
and USB flash drive controllers) ** Mobile
Communications products include mobile TV SoCs and handset
transceivers
Key Financial Results
(in millions, except percentages and per ADS
amounts) |
GAAP |
Non-GAAP |
3Q 2016 |
2Q 2016 |
3Q 2015 |
3Q 2016 |
2Q 2016 |
3Q 2015 |
Revenue |
$ |
158.6 |
|
$ |
140.7 |
|
$ |
|
95.4 |
|
$ |
158.6 |
|
$ |
140.7 |
|
$ |
95.4 |
|
Gross profit Percent of revenue |
$ |
77.448.8 |
% |
$ |
68.148.4 |
% |
|
$ |
49.151.5 |
% |
$ |
77.648.9 |
% |
$ |
68.148.4 |
% |
$ |
49.251.6 |
% |
Operating expenses |
$ |
38.9 |
|
$ |
31.9 |
|
$ |
|
29.7 |
|
$ |
32.0 |
|
$ |
30.9 |
|
$ |
25.8 |
|
Operating income Percent of revenue |
$ |
38.524.3 |
% |
$ |
36.225.7 |
% |
|
$ |
19.420.4 |
% |
$ |
45.528.7 |
% |
$ |
37.226.5 |
% |
$ |
23.424.5 |
% |
Earnings per diluted ADS |
$ |
0.92 |
|
$ |
0.82 |
|
$ |
|
0.38 |
|
$ |
1.07 |
|
$ |
0.86 |
|
$ |
0.57 |
|
Other Financial Information
(in millions) |
3Q 2016 |
2Q 2016 |
3Q 2015 |
Cash and cash equivalents, and short-term investments |
$ |
269.2 |
|
$ |
219.1 |
|
$ |
183.7 |
|
Capital Expenditures |
$ |
2.8 |
|
$ |
4.9 |
|
$ |
4.6 |
|
Dividend payments |
$ |
5.3 |
|
$ |
5.3 |
|
$ |
5.2 |
|
During the third quarter, we had $2.8 million of
capital expenditures for the routine purchase of software and
design tools.
This quarter, we received $35.0 million in bank financing
secured by a $25.0 million restricted deposit. These loans
are for accelerating the unwinding of intercompany
transactions. We expect to repay the loans within 12 months
from our operating cash flow.
Our third quarter cash flows were as
follows:
3 months ended September 30, 2016 |
|
(In $ millions) |
Net
income (GAAP) |
|
32.7 |
|
Depreciation & amortization |
|
2.4 |
|
Changes in operating assets and liabilities |
|
15.1 |
|
Others |
|
4.7 |
|
Net cash provided by operating activities |
|
54.9 |
|
Acquisition of property and equipment |
|
(2.8 |
) |
Changes in restricted assets |
|
(25.2 |
) |
Net cash used in investing activities |
|
(28.0 |
) |
|
|
|
|
Dividend |
|
(5.3 |
) |
Loans |
|
35.0 |
|
Net cash provided by financing activities |
|
29.7 |
|
Effects of changes in foreign currency exchange rates on cash |
|
0.5 |
|
Net increase in cash and cash equivalents |
|
57.1 |
|
|
|
|
|
Returning Value to ShareholdersOn October 24,
2016, the Board of Directors of the Company declared a $0.80 per
ADS annual dividend to be paid in quarterly installments of $0.20
per ADS. Because of our strong business outlook and
improvements in free cash flow, our Board raised our annual
dividend from last year’s $0.60 per ADS.
On August 5, 2016, we paid $5.3 million to
shareholders as the fourth installment of our previously announced
annual dividend, which was declared on November 2, 2015.
Business Outlook“We expect our revenue to
decline in the fourth quarter. Our client SSD controller
sales should grow further, but will likely be offset by declining
sales of card and USB flash drive controllers due to tightness in
flash availability and SSD solutions due to project timing,” said
Wallace Kou, President and CEO of Silicon Motion. “Year-over-year,
our fourth quarter revenue should grow in the range of 39% to 47%,
a solid finish for an outstanding year. We will be exiting
the year with a solid pipeline of projects relating to our client
SSD controllers, eMMC and UFS controllers and SSD solutions, which
we believe will position us for further growth in 2017.”
For the fourth quarter of 2016, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$136.4m to $144.3m -14% to -9% Q/Q |
-- |
$136.4m to $144.3m -14% to -9% Q/Q |
Gross margin |
48.5% to 50.5% |
Approximately $0.2m* |
48.5% to 50.5% |
Operating margin |
19% to 21% |
Approximately $8.7m to 9.1m** |
25% to 27% |
* Gross margin (non-GAAP) excludes $0.2 million of stock-based
compensation.** Operating margin (non-GAAP) excludes $0.5 million
of amortization of intangible assets, $0.3 million of restructuring
expenses, and $7.9 million to $8.3 million of stock-based
compensation.
Conference Call &
Webcast:The Company’s management team will conduct a
conference call at 8:00 am Eastern Time on October 28, 2016.
Speakers Wallace Kou,
President & CEO Riyadh Lai,
CFO Jason Tsai, Senior Director of Investor
Relations and Strategy
CONFERENCE CALL ACCESS
NUMBERS: USA (Toll Free): 1 866 519
4004 USA (Toll): 1 845 675 0437
Taiwan (Toll Free): 0080 112 6920
Participant Passcode: 9414 5523 REPLAY NUMBERS
(for 7 days): USA (Toll Free): 1 855 452
5696 USA (Toll): 1 646 254 3697
Participant Passcode: 9414 5523
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 profit (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 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.
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 and unplanned activity and therefore
exclude this charge when presenting non-GAAP financial
measures.
Acquisition-related expenses 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 when presenting our non-GAAP financial
measures.
Restructuring expenses consists of costs
relating to the restructuring of our corporate organization
according to a formal plan to streamline operations and improve
financial performance. The Company does not engage in
restructuring activities in the ordinary course of business, so
have excluded the effect of these costs when presenting non-GAAP
financial measures.
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology CorporationConsolidated Statements
of Income(in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
Sep. 30, 2015($) |
|
|
Jun. 30, 2016($) |
|
|
Sep. 30, 2016($) |
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
95,397 |
|
|
140,686 |
|
|
158,580 |
|
Cost of sales |
|
46,285 |
|
|
72,565 |
|
|
81,175 |
|
Gross profit |
|
49,112 |
|
|
68,121 |
|
|
77,405 |
|
Operating expenses |
|
|
|
Research & development |
|
19,628 |
|
|
21,234 |
|
|
25,934 |
|
Sales & marketing |
|
5,545 |
|
|
6,351 |
|
|
7,548 |
|
General & administrative |
|
3,994 |
|
|
3,797 |
|
|
4,878 |
|
Amortization of intangibles assets |
|
526 |
|
|
526 |
|
|
526 |
|
Operating income |
|
19,419 |
|
|
36,213 |
|
|
38,519 |
|
Non-operating income
(expense) |
|
|
|
Gain on sale of investments |
|
- |
|
|
1 |
|
|
- |
|
Interest income, net |
|
506 |
|
|
441 |
|
|
541 |
|
Foreign exchange gain (loss), net |
|
220 |
|
|
(488 |
) |
|
(375 |
) |
Others, net |
|
4 |
|
|
19 |
|
|
28 |
|
Subtotal |
|
730 |
|
|
(27 |
) |
|
194 |
|
Income before income
tax |
|
20,149 |
|
|
36,186 |
|
|
38,713 |
|
Income tax expense |
|
6,969 |
|
|
7,139 |
|
|
5,991 |
|
Net income |
|
13,180 |
|
|
29,047 |
|
|
32,722 |
|
|
|
|
|
Earnings per basic
ADS |
$ |
0.38 |
|
$ |
0.82 |
|
$ |
0.93 |
|
Earnings per diluted
ADS |
$ |
0.38 |
|
$ |
0.82 |
|
$ |
0.92 |
|
|
|
|
|
Margin
Analysis: |
|
|
|
Gross margin |
|
51.5 |
% |
|
48.4 |
% |
|
48.8 |
% |
Operating margin |
|
20.4 |
% |
|
25.7 |
% |
|
24.3 |
% |
Net margin |
|
13.8 |
% |
|
20.6 |
% |
|
20.6 |
% |
|
|
|
|
Additional
Data: |
|
|
|
Weighted avg. ADS
equivalents2 |
|
34,726 |
|
|
35,273 |
|
|
35,308 |
|
Diluted ADS
equivalents |
|
34,941 |
|
|
35,476 |
|
|
35,539 |
|
|
|
|
|
2 Assumes all outstanding ordinary shares are
represented by ADSs. Each ADS represents four ordinary
shares.
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology CorporationReconciliation of
GAAP to Non-GAAP Operating Results(in thousands, except percentages
and per ADS data, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
Sep. 30,2015($) |
|
|
Jun. 30, 2016($) |
|
|
Sep. 30, 2016($) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP) |
|
|
49,112 |
|
|
68,121 |
|
|
77,405 |
|
Gross margin (GAAP) |
|
|
51.5 |
% |
|
48.4 |
% |
|
48.8 |
% |
Stock-based compensation expense(A) |
|
|
88 |
|
|
2 |
|
|
156 |
|
Gross profit (non-GAAP) |
|
|
49,200 |
|
|
68,123 |
|
|
77,561 |
|
Gross margin (non-GAAP) |
|
|
51.6 |
% |
|
48.4 |
% |
|
48.9 |
% |
|
|
|
|
|
Operating expenses (GAAP) |
|
|
29,693 |
|
|
31,908 |
|
|
38,886 |
|
Stock-based compensation expense (A) |
|
|
(3,347 |
) |
|
(470 |
) |
|
(6,320 |
) |
Amortization of intangible assets |
|
|
(526 |
) |
|
(526 |
) |
|
(526 |
) |
Litigation expense |
|
|
(28 |
) |
|
(9 |
) |
|
(1 |
) |
Acquisition-related expense |
|
|
6 |
|
|
- |
|
|
- |
|
Operating expenses (non-GAAP) |
|
|
25,798 |
|
|
30,903 |
|
|
32,039 |
|
|
|
|
|
|
Operating profit (GAAP) |
|
|
19,419 |
|
|
36,213 |
|
|
38,519 |
|
Operating margin (GAAP) |
|
|
20.4 |
% |
|
25.7 |
% |
|
24.3 |
% |
Total adjustments to operating profit |
|
|
3,983 |
|
|
1,007 |
|
|
7,003 |
|
Operating
profit (non-GAAP) |
|
|
23,402 |
|
|
37,220 |
|
|
45,522 |
|
Operating margin (non-GAAP) |
|
|
24.5 |
% |
|
26.5 |
% |
|
28.7 |
% |
|
|
|
|
|
Non-operating
income (expense) (GAAP) |
|
|
730 |
|
|
(27 |
) |
|
194 |
|
Foreign exchange loss (gain), net |
|
|
(220 |
) |
|
488 |
|
|
375 |
|
Non-operating
income (expense) (non-GAAP) |
|
|
510 |
|
|
461 |
|
|
569 |
|
|
|
|
|
|
Net income (GAAP) |
|
|
13,180 |
|
|
29,047 |
|
|
32,722 |
|
Total pre-tax impact of non-GAAP adjustments |
|
|
3,763 |
|
|
1,495 |
|
|
7,378 |
|
Income tax impact of non-GAAP adjustments |
|
|
3,105 |
|
|
162 |
|
|
(1,768 |
) |
Net income (non-GAAP) |
|
|
20,048 |
|
|
30,704 |
|
|
38,332 |
|
|
|
|
|
|
Earnings per diluted ADS (GAAP) |
|
$ |
0.38 |
|
$ |
0.82 |
|
$ |
0.92 |
|
Earnings per diluted ADS (non-GAAP) |
|
$ |
0.57 |
|
$ |
0.86 |
|
$ |
1.07 |
|
|
|
|
|
|
Shares used in
computing earnings per diluted ADS (GAAP) |
|
|
34,941 |
|
|
35,476 |
|
|
35,539 |
|
Non-GAAP Adjustments |
|
|
332 |
|
|
63 |
|
|
244 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
|
35,273 |
|
|
35,539 |
|
|
35,783 |
|
|
|
|
|
|
(A)
Excludes stock-based compensation as follows: |
|
|
|
|
Cost of Sales |
|
|
88 |
|
|
2 |
|
|
156 |
|
Research & development |
|
|
2,125 |
|
|
278 |
|
|
4,009 |
|
Sales & marketing |
|
|
604 |
|
|
159 |
|
|
1,038 |
|
General & administrative |
|
|
618 |
|
|
33 |
|
|
1,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology CorporationConsolidated
Statements of Income (in thousands, except percentages, and
per ADS data, unaudited) |
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
Sep. 30,
2015($) |
|
|
|
|
Sep.
30,2016($) |
|
Net
Sales |
|
|
|
263,256 |
|
|
|
|
|
411,948 |
|
Cost
of sales |
|
|
|
127,737 |
|
|
|
|
|
209,461 |
|
Gross
profit |
|
|
|
135,519 |
|
|
|
|
|
202,487 |
|
Operating expenses |
|
|
|
|
Research & development |
|
|
|
51,876 |
|
|
|
|
|
66,367 |
|
Sales & marketing |
|
|
|
14,037 |
|
|
|
|
|
20,114 |
|
General & administrative |
|
|
|
10,710 |
|
|
|
|
|
12,024 |
|
Amortization of intangibles assets |
|
|
|
526 |
|
|
|
|
|
1,577 |
|
Operating income |
|
|
|
58,370 |
|
|
|
|
|
102,405 |
|
|
|
|
|
|
Non-operating expense (income) |
|
|
|
|
Gain on sale of investments |
|
|
|
2 |
|
|
|
|
|
1 |
|
Interest income, net |
|
|
|
1,523 |
|
|
|
|
|
1,407 |
|
Foreign exchange gain (loss), net |
|
|
|
599 |
|
|
|
|
|
(803 |
) |
Others, net |
|
|
|
8 |
|
|
|
|
|
47 |
|
Subtotal |
|
|
|
2,132 |
|
|
|
|
|
652 |
|
Income before income tax |
|
|
|
60,502 |
|
|
|
|
|
103,057 |
|
Income tax expense |
|
|
|
13,635 |
|
|
|
|
|
18,274 |
|
Net
income |
|
|
|
46,867 |
|
|
|
|
|
84,783 |
|
|
|
|
|
|
Earnings per basic ADS |
|
|
$ |
1.36 |
|
|
|
|
$ |
2.41 |
|
Earnings per diluted ADS |
|
|
$ |
1.35 |
|
|
|
|
$ |
2.39 |
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
Gross
margin |
|
|
|
51.5 |
% |
|
|
|
|
49.2 |
% |
Operating margin |
|
|
|
22.2 |
% |
|
|
|
|
24.9 |
% |
Net
margin |
|
|
|
17.8 |
% |
|
|
|
|
20.6 |
% |
|
|
|
|
|
Additional Data: |
|
|
|
|
Weighted avg. ADS
equivalents |
|
|
|
34,408 |
|
|
|
|
|
35,198 |
|
Diluted
ADS equivalents |
|
|
|
34,782 |
|
|
|
|
|
35,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology CorporationReconciliation of
GAAP to Non-GAAP Operating Results(in thousands, except percentages
and per ADS data, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
Sep. 30, 2015($) |
|
|
Sep. 30,
2016($) |
|
|
|
|
|
|
|
|
|
Gross profit (GAAP) |
|
|
135,519 |
|
|
202,487 |
|
Gross margin (GAAP) |
|
|
51.5 |
% |
|
49.2 |
% |
Stock-based compensation expense(A) |
|
|
129 |
|
|
201 |
|
Gross profit (non-GAAP) |
|
|
135,648 |
|
|
202,688 |
|
Gross margin (non-GAAP) |
|
|
51.5 |
% |
|
49.2 |
% |
|
|
|
|
Operating expenses (GAAP) |
|
|
77,149 |
|
|
100,082 |
|
Stock-based compensation expense (A) |
|
|
(5,066 |
) |
|
(8,736 |
) |
Amortization of intangible assets |
|
|
(526 |
) |
|
(1,577 |
) |
Litigation expense |
|
|
(93 |
) |
|
(51 |
) |
Acquisition-related expense |
|
|
(320 |
) |
|
- |
|
Operating expenses (non-GAAP) |
|
|
71,144 |
|
|
89,718 |
|
|
|
|
|
Operating profit (GAAP) |
|
|
58,370 |
|
|
102,405 |
|
Operating margin (GAAP) |
|
|
22.2 |
% |
|
24.9 |
% |
Total adjustments to operating profit |
|
|
6,134 |
|
|
10,565 |
|
Operating
profit (non-GAAP) |
|
|
64,504 |
|
|
112,970 |
|
Operating margin (non-GAAP) |
|
|
24.5 |
% |
|
27.4 |
% |
|
|
|
|
Non-operating
income (expense) (GAAP) |
|
|
2,132 |
|
|
652 |
|
Foreign exchange loss (gain), net |
|
|
(599 |
) |
|
803 |
|
Non-operating
income (expense) (non-GAAP) |
|
|
1,533 |
|
|
1,455 |
|
|
|
|
|
Net income (GAAP) |
|
|
46,867 |
|
|
84,783 |
|
Total pre-tax impact of non-GAAP adjustments |
|
|
5,535 |
|
|
11,368 |
|
Income tax impact of non-GAAP adjustments |
|
|
1,984 |
|
|
(2,810 |
) |
Net income (non-GAAP) |
|
|
54,386 |
|
|
93,341 |
|
|
|
|
|
Earnings per diluted ADS (GAAP) |
|
$ |
1.35 |
|
$ |
2.39 |
|
Earnings per diluted ADS (non-GAAP) |
|
$ |
1.56 |
|
$ |
2.62 |
|
|
|
|
|
Shares used in
computing earnings per diluted ADS (GAAP) |
|
|
34,782 |
|
|
35,476 |
|
Non-GAAP Adjustments |
|
|
144 |
|
|
140 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
|
34,926 |
|
|
35,616 |
|
|
|
|
|
(A) Excludes
stock-based compensation as follows: |
|
|
|
Cost of Sales |
|
|
129 |
|
|
201 |
|
Research & development |
|
|
3,242 |
|
|
5,453 |
|
Sales & marketing |
|
|
931 |
|
|
1,646 |
|
General & administrative |
|
|
893 |
|
|
1,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology CorporationConsolidated Balance
Sheet (In thousands, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep.
30,2015 ($) |
|
|
|
Jun.
30,2016 ($) |
|
|
|
Sep.
30,2016 ($) |
Cash and cash
equivalents |
|
|
182,984 |
|
|
|
203,420 |
|
|
|
260,468 |
Short-term
investments |
|
|
679 |
|
|
|
15,691 |
|
|
|
8,683 |
Accounts
receivable (net) |
|
|
56,432 |
|
|
|
71,931 |
|
|
|
61,800 |
Inventories |
|
|
50,176 |
|
|
|
81,542 |
|
|
|
79,728 |
Refundable deposits –
current |
|
|
19,531 |
|
|
|
19,149 |
|
|
|
44,289 |
Prepaid
expenses and other current assets |
|
|
4,244 |
|
|
|
5,417 |
|
|
|
6,392 |
Total
current assets |
|
|
314,046 |
|
|
|
397,150 |
|
|
|
461,360 |
Long-term investments |
|
|
133 |
|
|
|
133 |
|
|
|
133 |
Property and equipment
(net) |
|
|
38,322 |
|
|
|
48,336 |
|
|
|
48,726 |
Goodwill and intangible
assets(net) |
|
|
76,528 |
|
|
|
74,942 |
|
|
|
74,423 |
Other
assets |
|
|
3,945 |
|
|
|
8,501 |
|
|
|
11,033 |
Total assets |
|
|
432,974 |
|
|
|
529,062 |
|
|
|
595,675 |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
14,077 |
|
|
|
48,315 |
|
|
|
38,207 |
Loans |
|
|
- |
|
|
|
- |
|
|
|
35,000 |
Income tax payable |
|
|
21,791 |
|
|
|
16,362 |
|
|
|
22,148 |
Accrued expenses and
other current liabilities |
|
|
41,887 |
|
|
|
49,359 |
|
|
|
73,308 |
Total current
liabilities |
|
|
77,755 |
|
|
|
114,036 |
|
|
|
168,663 |
Other
liabilities |
|
|
8,338 |
|
|
|
16,264 |
|
|
|
16,766 |
Total liabilities |
|
|
86,093 |
|
|
|
130,300 |
|
|
|
185,429 |
Shareholders’ equity |
|
|
346,881 |
|
|
|
398,762 |
|
|
|
410,246 |
Total liabilities &
shareholders’ equity |
|
|
432,974 |
|
|
|
529,062 |
|
|
|
595,675 |
|
|
|
|
|
|
|
|
|
|
|
|
About Silicon Motion:We are the global leader
in supplying NAND flash controllers for solid state storage devices
and the merchant leader in supplying SSD controllers. We have
the broadest portfolio of controller technologies and solutions and
ship over 750 million NAND controllers annually, more than any
other company in the world. Our controllers are widely used
in embedded storage products such as SSDs and eMMCs which are found
in smartphones, PCs and industrial and commercial
applications. We also supply specialized high-performance
enterprise and industrial 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,
including without limitation, statements about Silicon Motion’s
currently expected fourth 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 2016 and
full year 2016. 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, including our recently announced increase to our
annual dividend, 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 29, 2016. 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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