Second Quarter 2010
Financial Highlights
- Net sales increased 25% quarter-over-quarter to US$32.5 million
from US$26.0 million in 1Q10
- Gross margin excluding stock-based compensation increased to
47.7% from 47.1% in 1Q10
- Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items increased to US$13.0
million from US$12.0 million in 1Q10
- Operating margin excluding stock-based compensation,
acquisition-related charges, and other items increased to 7.6% from
0.9% in 1Q10
- Diluted earnings per ADS excluding stock-based compensation,
acquisition-related charges, net foreign exchange gain (loss), and
other items improved to US$0.09 compared to a loss per ADS of
US$0.01 in 1Q10
Business Highlights
- Increased total unit shipments 12% sequentially and 72%
year-over-year to approximately 94 million units
- Increased storage controller unit shipments 16% sequentially
and 71% year-over-year
- Increased our SSD and embedded controller shipments 25%
sequentially and almost 350% compared with 2Q09 to account for
nearly 10% of our total revenue
- Increased our shipment of 3-bits per cell controllers by almost
130% sequentially to account for approximately 30% of our
controller shipments
- Significant design win with Samsung for OEM SD and microSD card
business
- Became sole supplier to a leading Japanese OEM for Memory Stick
and UFD products
- Several new design wins for our T-DMB mobile TV solution for
Android smartphones
Silicon Motion Technology Corporation (Nasdaq:SIMO) (the "Company")
today announced its second quarter of 2010 financial results. For
the second quarter of 2010, net sales increased 25%
quarter-over-quarter to US$32.5 million. Net income (GAAP) for the
second quarter improved quarter-over-quarter to US$2.2 million or
US$0.07 per diluted ADS from a GAAP net loss of US$2.2 million or
US$0.08 per diluted ADS in the first quarter of 2010.
Net income excluding stock-based compensation,
acquisition-related charges, foreign exchange gain, and other items
increased in the second quarter to US$2.9 million or US$0.09 per
diluted ADS compared with a net loss in the first quarter of US$0.2
million or US$0.01 per diluted ADS in the first quarter of
2010.
Second Quarter 2010 Financial Review
Commenting on the results of the second quarter, Silicon
Motion's President and CEO, Wallace Kou, said:
"We are delighted to report another stellar quarter for Silicon
Motion with revenue growing 25% sequentially and 60% compared with
the second quarter 2009. We are proud that the strong revenue
growth combined with a higher gross margin resulted in our first
quarter of both non-GAAP and GAAP net income since 2008. The
increasing availability of NAND flash in the second quarter drove
strong sequential revenue growth for our business.
Our mobile storage business posted its fourth consecutive
quarter of growth with revenues increasing 31% sequentially and
over 100% compared to the second quarter 2009. This was driven by
strong sequential unit growth of 16% and sequential average selling
price (ASP) increase of 13%. ASPs increased primarily because of
increased shipments of high value-added 3-bits per cell TLC
controllers, as well as SSD and embedded flash controllers. Our TLC
controllers are now shipping for 40nm and 30nm NAND flash,
supporting primarily Samsung, SanDisk, and Toshiba products. In the
third quarter, we will begin shipping our TLC and 2-bits per cell
MLC controllers for 20nm NAND flash. TLC controllers now account
for 25% of our total controller sales, up over 160% sequentially.
We believe that the investments we have made in developing
industry-leading controller technology have allowed us to capture a
large share of the TLC controller market as it ramped and position
us well for the upcoming 20nm NAND flash market. Our SSD and
embedded controllers shipments continue to deliver strong results
by growing 25% sequentially and nearly 350% compared with the
second quarter 2009, and again account for nearly 10% of our total
revenue.
Our mobile communications business was weaker than expected in
the second quarter due to decreased shipments of CDMA transceivers.
In contrast, our mobile TV products continued to grow, led by a
three fold increase in T-DMB sales to the Korea market. Sales of
CMMB to China and ISDB-T to Brazil once again exceed T-DMB sales to
Korea, as mobile TV continues its expansion in new markets."
Sales
Net sales in the first quarter were US$32.5 million, an increase
of 25% compared with the previous quarter. This quarter, mobile
storage products accounted for 68% of net sales, mobile
communications 16% of net sales, multimedia SoCs 12% of net sales,
and others 4% of net sales.
Net sales of mobile storage products, which primarily include
flash memory card, USB flash drive, SSD and embedded flash
controllers, increased 31% from the first quarter of 2010 to
US$22.1 million this quarter.
Net sales of mobile communication products, which primarily
include mobile TV IC solutions and CDMA transceivers, decreased 13%
from the first quarter of 2010 to US$5.3 million this quarter.
Net sales of multimedia SoC products, which are primarily
embedded graphics processors, increased 31% from the first quarter
of 2010 to US$4.1 million this quarter.
Gross and Operating Margins
Gross margin excluding stock-based compensation was 47.7%
compared with 47.1% in the first quarter. GAAP gross margin
increased to 47.5% from 47.0% in the first quarter.
Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items were US$13.0 million,
which was higher than the US$12.0 million reported for the first
quarter. Research and development expenditures, excluding
stock-based compensation, were US$8.0 million, which was higher
than the US$7.0 million in the previous quarter. Selling and
marketing expenses excluding stock-based compensation were US$2.9
million, which was higher than the US$2.7 million from the previous
quarter. General and administrative expenses excluding stock-based
compensation and litigation expenses were US$2.1 million, a
decrease from the US$2.3 million reported in the previous quarter.
Stock-based compensation was US$1.5 million in the second quarter,
which is higher than the US$1.1 million in the first quarter.
Acquisition-related charges were US$0.5 million, unchanged from the
first quarter. Litigation expenses were less than US$0.1 million in
the second quarter, similar to the previous quarter. We also
recorded a significant one-time gain of US$1.4 million from the
settlement of litigation with ASE.
Operating margin excluding stock-based compensation,
acquisition-related charges, and other items was 7.6%, an increase
from 0.9% in the previous quarter. GAAP operating margin was 5.3%,
an increase from negative 5.7% in the first quarter.
Other Income and Expenses
Net total other income excluding net foreign exchange gain or
loss, and other items was US$0.1 million, an improvement from a net
loss of US$0.05 million in the first quarter. GAAP net total other
income was US$0.2 million compared with a net loss of US$0.3
million in the first quarter.
Earnings
Net income excluding stock-based compensation,
acquisition-related charges, net foreign exchange gain or loss, and
other items was US$2.9 million this quarter, an improvement from
the loss of US$0.2 million in the first quarter. Diluted earnings
per ADS excluding stock-based compensation, acquisition-related
charges, net foreign exchange gain (loss), and other items was
US$0.09, an improvement from the loss per ADS of US$0.01 in the
previous quarter.
GAAP net income was US$2.2 million, an improvement from the net
loss of US$2.2 million in the first quarter of 2010. Diluted GAAP
earnings per ADS were US$0.07, an improvement from a loss per ADS
of US$0.08 in the previous quarter.
Balance Sheet
Cash, cash equivalents, and short-term investments increased to
US$64.5 million from US$61.0 million at the end of the first
quarter of 2010.
Cash Flow
Our cash flows were as follows:
3 months ended June 30,
2010 |
|
(In US$ millions) |
Net income |
2.2 |
Depreciation & amortization |
1.7 |
Changes in operating assets and
liabilities |
1.0 |
Others |
2.0 |
Net cash provided by (used in) operating
activities |
6.9 |
Acquisition of property and equipment |
(1.2) |
Others |
(1.2) |
Net cash provided by (used in) investing
activities |
(2.4) |
Others |
-- |
Net cash provided by (used in) financing
activities |
-- |
Effects of changes in foreign currency
exchange rates on cash |
(0.1) |
Net increase in cash and cash
equivalents |
4.4 |
Pro-forma adjustment for foreign exchange
translation |
(0.5) |
Pro-forma net increase in cash and cash
equivalents |
3.9 |
During the second quarter of 2010, we spent US$1.2 million in
capital expenditures primarily relating to the purchase of software
and design tools. There were no shares repurchased in the
second quarter.
Business Outlook:
Silicon Motion's President and CEO, Wallace Kou, added:
"Silicon Motion delivered solid growth in the first half of 2010
and we continue to believe that this is a year of gradual recovery
for our company. We believe we are well positioned to deliver
sequential growth for the balance of 2010 and expect our continued
growth to be supported by the expanding output of TLC NAND flash
and the introduction of 20nm MLC NAND flash. We also expect our
mobile TV business to continue growing in the second half of 2010
as this market expands further."
For the third quarter of 2010, management expects:
- Revenue to be up 5% to 10% sequentially
- Gross margin excluding stock-based compensation to be in the
46% to 48% range
- Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items of approximately US$12
to US$14 million
Conference Call & Webcast:
The Company's management team will conduct a conference call at
8:00 am Eastern Time on July 30, 2010.
(Speakers) |
Wallace Kou, President & CEO |
Riyadh Lai, CFO |
Jason Tsai, Director of Investor Relations
and Strategy |
|
PRE-REGISTRATION: |
https://www.theconferencingservice.com/prereg/key.process?key=PDCLG7JFC |
CONFERENCE CALL ACCESS NUMBERS: |
USA (Toll Free): 1 888 680 0893 |
USA (Toll): 1 617 213 4859 |
Taiwan (Toll Free): 0080 144 4360 |
Participant Passcode: 3505 5184 |
|
REPLAY NUMBERS (for 7 days): |
USA (Toll Free): 1 888 286 8010 |
USA (Toll): 1 617 801 6888 |
Participant Passcode: 3224 5023 |
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,
acquisition-related charges and other items, including non-GAAP
cost of sales, non-GAAP gross profit, non-GAAP selling, general,
and administrative 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 for 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.
Acquisition-related charges consist of non-cash charges that can
be impacted by the timing and magnitude of our acquisitions.
We consider our operating results without these charges when
evaluating our ongoing performance and forecasting our earnings
trends, and therefore excludes such charges when presenting
non-GAAP financial measures. We believe that the assessment
of our operations excluding these costs is relevant to our
assessment of internal operations and comparisons to the
performance of our competitors. Acquisition-related charges
include the following:
– Amortization
of intangible assets relates to the amortization of core
technology, customer relationship, and other intangibles acquired
as part of an acquisition.
Litigation expenses consist of legal expenses relating to
intellectual property disputes, commercial claims and other types
of litigation. We consider litigation to be an unusual,
non-recurring activity that does not occur regularly in the normal
course of our business and therefore exclude these types of charges
when presenting non-GAAP financial measures.
Gain from settlement of litigation relates to the one-time
payment in connection with a favorable settlement of certain
litigation with ASE.
Impairment of long-term investments relates to the
other-than-temporary, non-operating write down of the Company's
minority stake investments. We do not consider these investments
which were made before 2007 to be strategic and exclude the
performance of these investments when evaluating our ongoing
performance and forecasting our earnings trends, and therefore
excludes losses (and gains) from the investments when presenting
non-GAAP financial measures.
Foreign exchange gains and losses consists of translation gains
and/or losses of non-NT$ denominated current assets and current
liabilities, as well as certain other balance sheet items which
result from the appreciation or depreciation of non-NT$
currencies against the NT$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Silicon Motion Technology
Corporation |
Consolidated Statements of
Income |
(in thousands, except
percentages and per share data, unaudited) |
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
Jun. 30, 2009 |
Mar. 31, 2010 |
Jun. 30, 2010 |
Jun. 30, 2009 |
Mar. 31, 2010 |
Jun. 30, 2010 |
|
(NT$) |
(NT$) |
(NT$) |
(US$) |
(US$) |
(US$) |
Net Sales |
673,625 |
830,773 |
1,035,398 |
20,314 |
26,002 |
32,488 |
Cost of sales |
350,159 |
440,273 |
543,452 |
10,560 |
13,780 |
17,052 |
Gross profit |
323,466 |
390,500 |
491,946 |
9,754 |
12,222 |
15,436 |
Operating expenses |
|
|
|
|
|
|
Research & development |
264,026 |
239,709 |
280,579 |
7,962 |
7,502 |
8,804 |
Sales & marketing |
87,984 |
98,934 |
103,705 |
2,653 |
3,097 |
3,254 |
General & administrative |
89,528 |
81,980 |
79,219 |
2,700 |
2,566 |
2,486 |
Amortization of intangibles assets |
48,081 |
17,296 |
17,316 |
1,450 |
541 |
543 |
Gain from settlement of litigation |
-- |
-- |
(43,500) |
-- |
-- |
(1,365) |
Operating income (loss) |
(166,153) |
(47,419) |
54,627 |
(5,011) |
(1,484) |
1,714 |
|
|
|
|
|
|
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of investments |
44 |
11 |
5 |
1 |
-- |
-- |
Interest income, net |
5,220 |
2,514 |
2,264 |
157 |
79 |
71 |
Impairment of long-term investments |
-- |
(2,301) |
(4,100) |
-- |
(72) |
(129) |
Foreign exchange gain (loss), net |
(115,396) |
(6,480) |
7,077 |
(3,480) |
(203) |
222 |
Others, net |
(1,987) |
(4,054) |
967 |
(59) |
(127) |
31 |
Subtotal |
(112,119) |
(10,310) |
6,213 |
(3,381) |
(323) |
195 |
Income (loss) before income tax |
(278,272) |
(57,729) |
60,840 |
(8,392) |
(1,807) |
1,909 |
Income tax expense (benefit) |
(73,723) |
12,122 |
(10,835) |
(2,223) |
379 |
(340) |
Net income (loss) |
(204,549) |
(69,851) |
71,675 |
(6,169) |
(2,186) |
2,249 |
|
|
|
|
|
|
|
Basic earnings (loss) per ADS |
($7.38) |
($2.45) |
$2.45 |
($0.22) |
($0.08) |
$0.08 |
Diluted earnings (loss) per ADS |
($7.38) |
($2.45) |
$2.36 |
($0.22) |
($0.08) |
$0.07 |
|
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
|
|
Gross margin |
48.0% |
47.0% |
47.5% |
48.0% |
47.0% |
47.5% |
Operating margin |
(24.7%) |
(5.7%) |
5.3% |
(24.7%) |
(5.7%) |
5.3% |
Net margin |
(30.4%) |
(8.4%) |
6.9% |
(30.4%) |
(8.4%) |
6.9% |
|
|
|
|
|
|
|
Additional Data: |
|
|
|
|
|
|
Weighted avg. ADS equivalents1 |
27,728 |
28,457 |
29,224 |
27,728 |
28,457 |
29,224 |
Diluted ADS equivalents |
27,728 |
28,457 |
30,313 |
27,728 |
28,457 |
30,313 |
|
|
|
|
|
|
|
1Assumes all outstanding ordinary
shares are represented by ADSs. Each ADS represents four
ordinary shares. |
|
Silicon Motion Technology
Corporation |
Reconciliation of GAAP to
Non-GAAP Operating Results |
(in thousands, except
percentages and per share data, unaudited) |
|
|
|
|
|
|
|
|
For the Three
Months Ended |
|
Jun. 30, 2009 |
Mar. 31, 2010 |
Jun. 30, 2010 |
Jun. 30, 2009 |
Mar. 31, 2010 |
Jun. 30, 2010 |
|
(NT$) |
(NT$) |
(NT$) |
(US$) |
(US$) |
(US$) |
GAAP net income (loss) |
(204,549) |
(69,851) |
71,675 |
(6,169) |
(2,186) |
2,249 |
Stock-based
compensation: |
|
|
|
|
|
|
Cost of sales |
3,406 |
789 |
1,551 |
103 |
25 |
49 |
Research and development |
38,953 |
14,597 |
26,651 |
1,175 |
457 |
836 |
Sales and marketing |
9,907 |
12,818 |
10,014 |
299 |
401 |
314 |
General and
administrative |
19,134 |
7,353 |
9,388 |
577 |
230 |
295 |
Total stock-based
compensation |
71,400 |
35,557 |
47,604 |
2,154 |
1,113 |
1,494 |
|
|
|
|
|
|
|
Acquisition related
charges: |
|
|
|
|
|
|
Amortization of intangible assets |
48,081 |
17,296 |
17,316 |
1,450 |
541 |
543 |
Litigation expenses |
1,538 |
2,162 |
2,543 |
46 |
68 |
80 |
Gain from settlement of
litigation |
-- |
-- |
(43,500) |
-- |
-- |
(1,365) |
Foreign exchange loss (gain),
net |
115,396 |
6,480 |
(7,077) |
3,480 |
203 |
(222) |
Impairment of long-term
investments |
-- |
2,301 |
4,100 |
-- |
72 |
129 |
|
|
|
|
|
|
|
Non-GAAP net income
(loss) |
31,866 |
(6,055) |
92,661 |
961 |
(189) |
2,908 |
|
|
|
|
|
|
|
Shares used in computing non-GAAP
basic earnings per ADS |
27,728 |
28,457 |
29,224 |
27,728 |
28,457 |
29,224 |
Shares used in computing non-GAAP
diluted earnings per ADS |
30,710 |
28,457 |
32,027 |
30,710 |
28,457 |
32,027 |
|
|
|
|
|
|
|
Non-GAAP basic earnings (loss) per
ADS |
$1.15 |
($0.21) |
$3.17 |
$0.03 |
($0.01) |
0.10 |
Non-GAAP diluted earnings (loss) per
ADS |
$1.04 |
($0.21) |
$2.89 |
$0.03 |
($0.01) |
0.09 |
|
|
|
|
|
|
|
Non-GAAP gross margin |
48.5% |
47.1% |
47.7% |
48.5% |
47.1% |
47.7% |
Non-GAAP operating margin |
(6.7%) |
0.9% |
7.6% |
(6.7%) |
0.9% |
7.6% |
|
Silicon Motion Technology
Corporation |
Consolidated Statements of
Income |
(in thousands, except
percentages, and per ADS data) |
(unaudited) |
|
|
|
|
|
|
For the Six
Months Ended |
|
Jun. 30, 2009 |
Jun. 30, 2010 |
Jun. 30, 2009 |
Jun. 30, 2010 |
|
(NT$) |
(NT$) |
(US$) |
(US$) |
Net Sales |
1,405,649 |
1,866,171 |
41,872 |
58,479 |
Cost of sales |
761,321 |
983,725 |
22,679 |
30,826 |
Gross profit |
644,328 |
882,446 |
19,193 |
27,653 |
Operating expenses |
|
|
|
|
Research & development |
483,675 |
520,288 |
14,408 |
16,304 |
Sales & marketing |
167,724 |
202,639 |
4,996 |
6,350 |
General & administrative |
185,476 |
161,199 |
5,525 |
5,051 |
Amortization of intangible assets |
95,959 |
34,612 |
2,858 |
1,085 |
Gain from settlement of litigation |
-- |
(43,500) |
-- |
(1,363) |
Operating income (loss) |
(288,506) |
7,208 |
(8,594) |
226 |
|
|
|
|
|
Non-operating expense (income) |
|
|
|
|
Gain on sale of investments |
201 |
15 |
6 |
-- |
Interest income, net |
10,737 |
4,779 |
319 |
149 |
Foreign exchange gain (loss), net |
(28,963) |
597 |
(863) |
19 |
Impairment of long-term investments |
-- |
(6,401) |
-- |
(201) |
Others, net |
(2,135) |
(3,087) |
(63) |
(96) |
Subtotal |
(20,160) |
(4,097) |
(601) |
(129) |
Income (loss) before income tax |
(308,666) |
3,111 |
(9,195) |
97 |
Income tax expense (benefit) |
(56,288) |
1,287 |
(1,677) |
40 |
Net income (loss) |
(252,378) |
1,824 |
(7,518) |
57 |
|
|
|
|
|
Basic earnings (loss) per ADS |
($9.16) |
$0.06 |
($0.27) |
$0.00 |
Diluted earnings (loss) per ADS |
($9.16) |
$0.06 |
($0.27) |
$0.00 |
|
|
|
|
|
Margin Analysis: |
|
|
|
|
Gross margin |
45.8% |
47.3% |
45.8% |
47.3% |
Operating margin |
(20.5%) |
0.4% |
(20.5%) |
0.4% |
|
|
|
|
|
Weighted average ADS: |
|
|
|
|
Basic |
27,541 |
28,841 |
27,541 |
28,841 |
Diluted |
27,541 |
29,877 |
27,541 |
29,877 |
|
Silicon Motion Technology
Corporation |
Reconciliation of GAAP to
Non-GAAP Operating Results |
(in thousands, except
percentages and per ADS data, unaudited) |
|
|
|
|
|
|
For the Six
Months Ended |
|
Jun. 30, 2009 |
Jun. 30, 2010 |
Jun. 30, 2009 |
Jun. 30, 2010 |
|
(NT$) |
(NT$) |
(US$) |
(US$) |
GAAP net income (loss) |
(252,378) |
1,824 |
(7,518) |
57 |
Stock-based
compensation: |
|
|
|
|
Cost of sales |
5,524 |
2,340 |
165 |
73 |
Research and development |
67,006 |
41,249 |
1,996 |
1,292 |
Sales and marketing |
21,177 |
22,832 |
631 |
716 |
General and administrative |
34,239 |
16,740 |
1,020 |
525 |
Total stock-based
compensation |
127,946 |
83,161 |
3,812 |
2,606 |
|
|
|
|
|
Acquisition related
charges: |
|
|
|
|
Amortization of intangible assets |
95,959 |
34,612 |
2,858 |
1,085 |
Litigation expenses |
2,828 |
4,705 |
84 |
147 |
Gain from settlement of
litigation |
-- |
(43,500) |
-- |
(1,363) |
Impairment of long-term
investments |
-- |
6,401 |
-- |
201 |
Foreign exchange loss (gain),
net |
28,963 |
(597) |
863 |
(19) |
|
|
|
|
|
Non-GAAP net income |
3,318 |
86,606 |
99 |
2,714 |
|
|
|
|
|
Weighted avg. ADS
(non-GAAP): |
|
|
|
|
Basic |
27,541 |
28,841 |
27,541 |
28,841 |
Diluted |
29,781 |
31,705 |
29,781 |
31,705 |
|
|
|
|
|
Non-GAAP basic earnings per
ADS |
$0.12 |
$3.00 |
$0.00 |
$0.09 |
Non-GAAP diluted earnings per
ADS |
$0.11 |
$2.73 |
$0.00 |
$0.09 |
|
|
|
|
|
Non-GAAP gross margin |
46.2% |
47.4% |
46.2% |
47.4% |
Non-GAAP operating margin |
(4.4%) |
4.6% |
(4.4%) |
4.6% |
|
Silicon Motion Technology
Corporation |
Consolidated Balance
Sheet |
(In thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
Jun. 30, 2009 |
Mar. 31, 2010 |
Jun. 30, 2010 |
Jun. 30, 2009 |
Mar. 31, 2010 |
Jun. 30, 2010 |
|
(NT$) |
(NT$) |
(NT$) |
(US$) |
(US$) |
(US$) |
Cash and cash equivalents |
1,955,309 |
1,917,257 |
2,058,362 |
59,306 |
60,291 |
64,183 |
Short-term investments |
45,136 |
21,163 |
11,175 |
1,369 |
666 |
348 |
Accounts receivable (net) |
569,107 |
453,864 |
625,707 |
17,261 |
14,272 |
19,511 |
Inventories |
473,453 |
388,573 |
377,340 |
14,360 |
12,219 |
11,766 |
Refundable deposits - current |
81,376 |
95,797 |
138,800 |
2,468 |
3,012 |
4,328 |
Deferred income tax assets (net) |
48,226 |
9,522 |
4,417 |
1,463 |
299 |
138 |
Prepaid expenses and other current
assets |
151,904 |
136,734 |
132,503 |
4,607 |
4,301 |
4,132 |
Total current assets |
3,324,511 |
3,022,910 |
3,348,304 |
100,834 |
95,060 |
104,406 |
|
|
|
|
|
|
|
Long-term investments |
50,371 |
13,366 |
6,271 |
1,528 |
420 |
196 |
Property and equipment (net) |
875,680 |
760,875 |
760,698 |
26,560 |
23,927 |
23,720 |
Goodwill and intangible assets (net) |
2,544,420 |
1,243,844 |
1,226,527 |
77,174 |
39,115 |
38,245 |
Other assets |
288,471 |
259,032 |
249,776 |
8,750 |
8,146 |
7,788 |
Total assets |
7,083,453 |
5,300,027 |
5,591,576 |
214,846 |
166,668 |
174,355 |
|
|
|
|
|
|
|
Accounts payable |
276,453 |
266,527 |
443,066 |
8,385 |
8,381 |
13,816 |
Income tax payable |
147,029 |
38,662 |
22,925 |
4,459 |
1,216 |
715 |
Accrued expenses and other current
liabilities |
372,025 |
381,532 |
419,659 |
11,284 |
11,998 |
13,085 |
Total current liabilities |
795,507 |
686,721 |
885,650 |
24,128 |
21,595 |
27,616 |
Other liabilities |
107,314 |
124,365 |
100,324 |
3,256 |
3,911 |
3,128 |
Total liabilities |
902,821 |
811,086 |
985,974 |
27,384 |
25,506 |
30,744 |
Shareholders' equity |
6,180,632 |
4,488,941 |
4,605,602 |
187,462 |
141,162 |
143,611 |
Total liabilities & shareholders'
equity |
7,083,453 |
5,300,027 |
5,591,576 |
214,846 |
166,668 |
174,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The Company maintains its
accounts and expresses its financial statements in New Taiwan
dollars. For convenience only, U.S. dollar amounts presented
in the income statement have been translated from New Taiwan
dollars, using an average exchange rate of NT$33.16 to US$1 for
2Q09, NT$31.95 to US$1 for 1Q10, and NT$31.87 to US$1 for 2Q10
based on the average of the historical exchange rates reported by
the Oanda Corporation. Amounts from the balance sheet have
been translated using the ending exchange rate for the
period. The exchange rate was NT$32.97 to US$1 at the end of
2Q09, NT$31.80 to US$1 at the end of 1Q10 and NT$32.07 to US$1 at
the end of 2Q10. |
About Silicon Motion:
We are a fabless semiconductor company that designs, develops
and markets high performance, low-power semiconductor solutions for
the multimedia consumer electronics market. We have three major
product lines: mobile storage, mobile communications, and
multimedia SoCs. Our mobile storage business is composed of
microcontrollers used in NAND flash memory storage products such as
flash memory cards, USB flash drives, SSDs, and embedded flash
applications. Our mobile communications business is composed
primarily of mobile TV IC solutions and CDMA RF ICs. Our multimedia
SoCs business is composed primarily of embedded graphics
processors.
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 third quarter 2010 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. 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; 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, including the general global economic
slowdown as it effects the Company, 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 June 25, 2010. We assume no obligation
to update any forward-looking statements, which apply only as of
the date of this press release.
CONTACT: Silicon Motion Technology Corporation
Investor Contact:
Jason Tsai, Director of IR and Strategy
+1 408 519 7259
Fax: +1 408 519 7101
jtsai@siliconmotion.com
Investor Relations
Selina Hsieh
+886 3 552 6888 x2311
Fax: +886 3 560 0336
ir@siliconmotion.com
Media Contact:
Sara Hsu, Project Manager
+886 2 2219 6688 x3509
Fax: +886 2 2219 6868
sara.hsu@siliconmotion.com
Silicon Motion Technology (NASDAQ:SIMO)
Historical Stock Chart
From Jul 2024 to Aug 2024
Silicon Motion Technology (NASDAQ:SIMO)
Historical Stock Chart
From Aug 2023 to Aug 2024