Financial Highlights
Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended June 30, 2017. For the second quarter, net
sales increased 4% sequentially to $132.7 million from $127.3
million in the first quarter. Net income (GAAP) increased to $24.0
million or $0.67 per diluted ADS (GAAP) from a net income (GAAP) of
$23.5 million or $0.65 per diluted ADS (GAAP) in the first quarter.
For the second quarter, net income (non-GAAP)
increased to $25.6 million or $0.71 per diluted ADS (non-GAAP) from
a net income (non-GAAP) of $25.1 million or $0.70 per diluted ADS
(non-GAAP) in the first quarter.
Second Quarter 2017 Review
“While NAND flash supply continued to improve modestly this
quarter, supply remained very tight and was prioritized in favor of
enterprise applications,” said Wallace Kou, President and CEO of
Silicon Motion. “Separately, our eMMC NAND flash partner during the
quarter was prebuilding inventory as part of their internal
planning decisions. As a result, our SSD solutions and eMMC
controllers grew this quarter, while our client SSD controllers
declined.”
Sales
(in millions, except percentages) |
2Q 2017 |
1Q 2017 |
2Q 2016 |
Sales |
Mix |
Sales |
Mix |
Sales |
Mix |
Mobile Storage* Q/Q Y/Y |
$121.64%-6% |
92 |
% |
$116.5-11%12% |
92 |
% |
$129.525%83% |
92 |
% |
Mobile Communications** |
$ |
10.0 |
7 |
% |
$ |
9.3 |
7 |
% |
$ |
9.7 |
7 |
% |
Others |
$ |
1.2 |
1 |
% |
$ |
1.5 |
1 |
% |
$ |
1.5 |
1 |
% |
Total revenue Q/Q Y/Y |
$132.74%-6% |
100 |
% |
$127.3-12%13% |
100 |
% |
$140.725%61% |
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 |
2Q 2017 |
1Q 2017 |
2Q 2016 |
2Q 2017 |
1Q 2017 |
2Q 2016 |
Revenue |
$ |
132.7 |
|
$ |
127.3 |
|
$ |
140.7 |
|
$ |
132.7 |
|
$ |
127.3 |
|
$ |
140.7 |
|
Gross profit Percent of revenue |
|
$64.648.7 |
% |
|
$64.850.9 |
% |
|
$68.148.4 |
% |
|
$64.648.7 |
% |
|
$64.951.0 |
% |
|
$68.148.4 |
% |
Operating expenses |
$ |
34.3 |
|
$ |
34.8 |
|
$ |
31.9 |
|
$ |
32.8 |
|
$ |
31.2 |
|
$ |
30.9 |
|
Operating income Percent of revenue |
|
$30.322.8 |
% |
|
$30.023.6 |
% |
|
$36.225.7 |
% |
|
$31.823.9 |
% |
|
$33.626.4 |
% |
|
$37.226.5 |
% |
Earnings per diluted ADS |
$ |
0.67 |
|
$ |
0.65 |
|
$ |
0.82 |
|
$ |
0.71 |
|
$ |
0.70 |
|
$ |
0.86 |
|
Other Financial Information
(in millions) |
2Q 2017 |
1Q 2017 |
2Q 2016 |
Cash and cash equivalents, and short-term investments |
$ |
306.0 |
$ |
304.4 |
$ |
219.1 |
Bank loans |
$ |
25.0 |
$ |
25.0 |
|
-- |
Capital expenditures |
$ |
2.1 |
$ |
3.1 |
$ |
4.9 |
Dividend payments |
$ |
7.1 |
$ |
7.1 |
$ |
5.3 |
Loan repayments |
|
-- |
|
-- |
|
-- |
During the second quarter, we had $2.1 million
of capital expenditures for the routine purchase of software and
design tools.
Our second quarter cash flows were as
follows:
3 months ended Jun. 30, 2017 |
|
(In $ millions) |
Net
income (GAAP) |
24.0 |
|
Depreciation & amortization |
3.0 |
|
Changes in operating assets and liabilities |
(17.9 |
) |
Others |
1.2 |
|
Net cash provided by operating activities |
10.3 |
|
Acquisition of property and equipment |
(2.1 |
) |
Net cash used in investing activities |
(2.1 |
) |
Dividend |
(7.1 |
) |
Others |
- |
|
Net cash
used in financing activities |
(7.1 |
) |
Effects of changes in foreign currency exchange rates on cash |
(0.1 |
) |
Net increase in cash, cash equivalents and restricted cash |
1.0 |
|
|
|
|
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. On May 18, 2017, we paid $7.1 million to shareholders as
the third installment of our annual dividend.
In addition, today, the Company announced that
its Board of Directors has authorized a new program for the Company
to repurchase up to $200 million of its ADS over a 12 month period.
Business Outlook“We are now seeing material
amounts of new 64L 3D NAND flash coming to market, with most still
being directed towards the enterprise SSD market, which we believe
will benefit our SSD solutions business,” said Wallace Kou,
President and CEO of Silicon Motion. “Since NAND availability
remains very tight, NAND pricing continues to be high, which will
temporarily affect our SSD solutions and overall gross
margins. Separately, based on what we are seeing from our
customers’ rolling forecasts, we anticipate that our client SSD
controller sales will rebound meaningfully in the fourth
quarter. We believe our business will improve as NAND supply
improvements accelerate over the next few quarters.”
For the third quarter of 2017, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$122m to $129m-8% to -3% Q/Q |
-- |
$122m to 129m-8% to -3% Q/Q |
Gross margin |
44.9% to 46.9% |
Approximately $0.1m* |
45.0% to 47.0% |
Operating margin |
14.9% to 17.1% |
Approximately $4.9m to 5.0m** |
19.0 to 21.0% |
* Gross margin (non-GAAP) excludes $0.1 million of stock-based
compensation.** Operating margin (non-GAAP) excludes $0.5 million
of amortization of intangible assets, and $4.4 million to $4.5
million of stock-based compensation.
For the full year 2017, management expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$512m to $528m-8% to -5% Y/Y |
-- |
$512m to $528m-8% to -5% Y/Y |
Gross margin |
47.4% to 48.9% |
Approximately $0.3m* |
47.5% to 49.0% |
Operating margin |
18.6% to 20.7% |
Approximately $16.8m to 17.8m** |
22.0% to 24.0% |
* Gross margin (non-GAAP) excludes $0.3 million of stock-based
compensation.** Operating margin (non-GAAP) excludes $2.1 million
of amortization of intangible assets, $0.3 million of litigation
expense, and $14.4 million to $15.4 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 August 1st, 2017.
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: 4923 5521
REPLAY NUMBERS (for 7 days):USA (Toll Free): 1
855 452 5696USA (Toll): 1 646 254 3697Participant Passcode: 4923
5521
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 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.
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.
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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
|
Silicon Motion Technology Corporation |
Consolidated Statements of Income |
(in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
For the Three Months
Ended |
|
Jun. 30, 2016
($) |
|
Mar. 31, 2017($) |
|
Jun. 30, 2017($) |
Net Sales |
|
140,686 |
|
|
|
127,292 |
|
|
|
132,732 |
|
Cost of sales |
|
72,565 |
|
|
|
62,466 |
|
|
|
68,121 |
|
Gross profit |
|
68,121 |
|
|
|
64,826 |
|
|
|
64,611 |
|
Operating expenses |
|
|
|
Research
& development |
|
21,234 |
|
|
|
24,338 |
|
|
|
24,476 |
|
Sales
& marketing |
|
6,351 |
|
|
|
5,758 |
|
|
|
5,588 |
|
General
& administrative |
|
3,797 |
|
|
|
4,220 |
|
|
|
3,750 |
|
Amortization of intangibles assets |
|
526 |
|
|
|
526 |
|
|
|
526 |
|
Operating income |
|
36,213 |
|
|
|
29,984 |
|
|
|
30,271 |
|
Non-operating income
(expense) |
|
|
|
Interest
income, net |
|
441 |
|
|
|
759 |
|
|
|
958 |
|
Foreign
exchange gain (loss), net |
|
(488 |
) |
|
|
(347 |
) |
|
|
(73 |
) |
Others,
net |
|
20 |
|
|
|
(11 |
) |
|
|
1 |
|
Subtotal |
|
(27 |
) |
|
|
401 |
|
|
|
886 |
|
Income before income
tax |
|
36,186 |
|
|
|
30,385 |
|
|
|
31,157 |
|
Income tax expense |
|
7,139 |
|
|
|
6,874 |
|
|
|
7,124 |
|
Net income |
|
29,047 |
|
|
|
23,511 |
|
|
|
24,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per basic
ADS |
$ |
0.82 |
|
|
$ |
0.66 |
|
|
$ |
0.67 |
|
Earnings per diluted
ADS |
$ |
0.82 |
|
|
$ |
0.65 |
|
|
$ |
0.67 |
|
|
|
|
|
Margin
Analysis: |
|
|
|
Gross margin |
|
48.4 |
% |
|
|
50.9 |
% |
|
|
48.7 |
% |
Operating margin |
|
25.7 |
% |
|
|
23.6 |
% |
|
|
22.8 |
% |
Net margin |
|
20.6 |
% |
|
|
18.5 |
% |
|
|
18.1 |
% |
|
|
|
|
Additional
Data: |
|
|
|
Weighted avg. ADS
equivalents2 |
|
35,273 |
|
|
|
35,446 |
|
|
|
35,741 |
|
Diluted ADS
equivalents |
|
35,476 |
|
|
|
35,972 |
|
|
|
35,801 |
|
|
|
|
|
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 |
|
Jun. 30,2016($) |
|
Mar. 31,2017($) |
|
Jun. 30,2017($) |
Gross profit (GAAP) |
|
68,121 |
|
|
|
64,826 |
|
|
|
64,611 |
|
Gross margin (GAAP) |
|
48.4 |
% |
|
|
50.9 |
% |
|
|
48.7 |
% |
Stock-based compensation expense (A) |
|
2 |
|
|
|
67 |
|
|
|
2 |
|
Gross profit (non-GAAP) |
|
68,123 |
|
|
|
64,893 |
|
|
|
64,613 |
|
Gross margin (non-GAAP) |
|
48.4 |
% |
|
|
51.0 |
% |
|
|
48.7 |
% |
|
|
|
|
Operating expenses (GAAP) |
|
31,908 |
|
|
|
34,842 |
|
|
|
34,340 |
|
Stock-based compensation expense (A) |
|
(470 |
) |
|
|
(3,068 |
) |
|
|
(982 |
) |
Amortization of intangible assets |
|
(526 |
) |
|
|
(526 |
) |
|
|
(526 |
) |
Litigation expense |
|
(9 |
) |
|
|
- |
|
|
|
- |
|
Operating expenses (non-GAAP) |
|
30,903 |
|
|
|
31,248 |
|
|
|
32,832 |
|
|
|
|
|
Operating profit (GAAP) |
|
36,213 |
|
|
|
29,984 |
|
|
|
30,271 |
|
Operating margin (GAAP) |
|
25.7 |
% |
|
|
23.6 |
% |
|
|
22.8 |
% |
Total adjustments to operating profit |
|
1,007 |
|
|
|
3,661 |
|
|
|
1,510 |
|
Operating
profit (non-GAAP) |
|
37,220 |
|
|
|
33,645 |
|
|
|
31,781 |
|
Operating margin (non-GAAP) |
|
26.5 |
% |
|
|
26.4 |
% |
|
|
23.9 |
% |
|
|
|
|
Non-operating
income (expense) (GAAP) |
|
(27 |
) |
|
|
401 |
|
|
|
886 |
|
Foreign exchange loss (gain), net |
|
488 |
|
|
|
347 |
|
|
|
73 |
|
Non-operating
income (expense) (non-GAAP) |
|
461 |
|
|
|
748 |
|
|
|
959 |
|
|
|
|
|
Net income (GAAP) |
|
29,047 |
|
|
|
23,511 |
|
|
|
24,033 |
|
Total
pre-tax impact of non-GAAP adjustments |
|
1,495 |
|
|
|
4,008 |
|
|
|
1,583 |
|
Income
tax impact of non-GAAP adjustments |
|
162 |
|
|
|
(2,386 |
) |
|
|
(33 |
) |
Net income (non-GAAP) |
|
30,704 |
|
|
|
25,133 |
|
|
|
25,583 |
|
|
|
|
|
Earnings per diluted ADS (GAAP) |
$ |
0.82 |
|
|
$ |
0.65 |
|
|
$ |
0.67 |
|
Earnings per diluted ADS (non-GAAP) |
$ |
0.86 |
|
|
$ |
0.70 |
|
|
$ |
0.71 |
|
|
|
|
|
Shares used in
computing earnings per diluted ADS (GAAP) |
|
35,476 |
|
|
|
35,972 |
|
|
|
35,801 |
|
Non-GAAP Adjustments |
|
63 |
|
|
|
79 |
|
|
|
51 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
35,539 |
|
|
|
36,051 |
|
|
|
35,852 |
|
|
|
|
|
(A)
Excludes stock-based compensation as follows: |
|
|
|
Cost of Sales |
|
2 |
|
|
|
67 |
|
|
|
2 |
|
Research & development |
|
278 |
|
|
|
1,850 |
|
|
|
315 |
|
Sales & marketing |
|
159 |
|
|
|
609 |
|
|
|
596 |
|
General & administrative |
|
33 |
|
|
|
609 |
|
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology Corporation |
Consolidated Statements of Income |
(in thousands, except percentages, and per ADS data,
unaudited) |
|
|
|
For the Six Months Ended |
|
Jun. 30,
2016($) |
|
Jun.
30,2017($) |
Net
Sales |
|
253,368 |
|
|
|
260,023 |
|
Cost
of sales |
|
128,286 |
|
|
|
130,586 |
|
Gross
profit |
|
125,082 |
|
|
|
129,437 |
|
Operating expenses |
|
|
|
|
|
|
|
Research & development |
|
40,432 |
|
|
|
48,814 |
|
Sales & marketing |
|
12,566 |
|
|
|
11,346 |
|
General & administrative |
|
7,146 |
|
|
|
7,970 |
|
Amortization of intangibles assets |
|
1,052 |
|
|
|
1,052 |
|
Operating income |
|
63,886 |
|
|
|
60,255 |
|
|
|
|
|
|
|
|
|
Non-operating expense
(income) |
|
|
|
|
|
|
|
Interest income, net |
|
866 |
|
|
|
1,717 |
|
Foreign exchange gain (loss), net |
|
(428 |
) |
|
|
(420 |
) |
Others,
net |
|
20 |
|
|
|
(10 |
) |
Subtotal |
|
458 |
|
|
|
1,287 |
|
Income before income tax |
|
64,344 |
|
|
|
61,542 |
|
Income tax expense |
|
12,283 |
|
|
|
13,998 |
|
Net
income |
|
52,061 |
|
|
|
47,544 |
|
|
|
|
|
|
|
|
|
Earnings per basic ADS |
$ |
1.48 |
|
|
$ |
1.34 |
|
Earnings per diluted ADS |
$ |
1.47 |
|
|
$ |
1.32 |
|
|
|
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
|
|
|
Gross
margin |
|
49.4 |
% |
|
|
49.8 |
% |
Operating margin |
|
25.2 |
% |
|
|
23.2 |
% |
Net
margin |
|
20.6 |
% |
|
|
18.3 |
% |
|
|
|
|
|
|
|
|
Additional Data: |
|
|
|
|
|
|
|
Weighted avg. ADS
equivalents |
|
35,143 |
|
|
|
35,594 |
|
Diluted ADS equivalents |
|
35,444 |
|
|
|
35,887 |
|
|
|
|
|
|
|
|
|
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, 2016($) |
|
Jun. 30,
2017($) |
Gross profit (GAAP) |
|
125,082 |
|
|
|
129,437 |
|
Gross margin (GAAP) |
|
49.4 |
% |
|
|
49.8 |
% |
Stock-based compensation expense(A) |
|
45 |
|
|
|
69 |
|
Gross profit (non-GAAP) |
|
125,127 |
|
|
|
129,506 |
|
Gross margin (non-GAAP) |
|
49.4 |
% |
|
|
49.8 |
% |
|
|
|
Operating expenses (GAAP) |
|
61,196 |
|
|
|
69,182 |
|
Stock-based compensation expense (A) |
|
(2,416 |
) |
|
|
(4,050 |
) |
Amortization of intangible assets |
|
(1,052 |
) |
|
|
(1,052 |
) |
Litigation expense |
|
(49 |
) |
|
|
- |
|
Operating expenses (non-GAAP) |
|
57,679 |
|
|
|
64,080 |
|
|
|
|
Operating profit (GAAP) |
|
63,886 |
|
|
|
60,255 |
|
Operating margin (GAAP) |
|
25.2 |
% |
|
|
23.2 |
% |
Total adjustments to operating profit |
|
3,562 |
|
|
|
5,171 |
|
Operating
profit (non-GAAP) |
|
67,448 |
|
|
|
65,426 |
|
Operating margin (non-GAAP) |
|
26.6 |
% |
|
|
25.2 |
% |
|
|
|
Non-operating
income (expense) (GAAP) |
|
458 |
|
|
|
1,287 |
|
Foreign exchange loss (gain), net |
|
428 |
|
|
|
420 |
|
Non-operating
income (expense) (non-GAAP) |
|
886 |
|
|
|
1,707 |
|
|
|
|
Net income (GAAP) |
|
52,061 |
|
|
|
47,544 |
|
Total
pre-tax impact of non-GAAP adjustments |
|
3,990 |
|
|
|
5,591 |
|
Income
tax impact of non-GAAP adjustments |
|
(1,042 |
) |
|
|
(2,419 |
) |
Net income (non-GAAP) |
|
55,009 |
|
|
|
50,716 |
|
|
|
|
Earnings per diluted ADS (GAAP) |
$ |
1.47 |
|
|
$ |
1.32 |
|
Earnings per diluted ADS (non-GAAP) |
$ |
1.55 |
|
|
$ |
1.41 |
|
|
|
|
Shares used in computing earnings per diluted ADS
(GAAP) |
|
35,444 |
|
|
|
35,887 |
|
Non-GAAP Adjustments |
|
89 |
|
|
|
65 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
35,533 |
|
|
|
35,952 |
|
|
|
|
(A) Excludes stock-based
compensation as follows: |
|
|
Cost of Sales |
|
45 |
|
|
|
69 |
|
Research & development |
|
1,443 |
|
|
|
2,165 |
|
Sales & marketing |
|
609 |
|
|
|
1,205 |
|
General & administrative |
|
364 |
|
|
|
680 |
|
|
|
|
|
|
|
Silicon Motion Technology Corporation |
Consolidated Balance Sheet |
(In thousands, unaudited) |
|
|
|
|
|
|
|
Jun.
30,2016 ($) |
|
Mar.
31,2017 ($) |
|
Jun.
30,2017 ($) |
Cash and cash
equivalents |
203,420 |
|
302,462 |
|
303,612 |
Short-term
investments |
15,691 |
|
1,900 |
|
2,354 |
Accounts receivable (net) |
71,931 |
|
60,456 |
|
76,644 |
Inventories |
81,542 |
|
75,934 |
|
81,767 |
Refundable deposits –
current |
19,149 |
|
44,269 |
|
44,119 |
Prepaid expenses and other current assets |
5,417 |
|
10,279 |
|
11,278 |
Total
current assets |
397,150 |
|
495,300 |
|
519,774 |
Long-term investments |
133 |
|
120 |
|
120 |
Property and equipment
(net) |
48,336 |
|
48,292 |
|
48,910 |
Goodwill and intangible
assets (net) |
74,942 |
|
73,369 |
|
72,840 |
Other
assets |
8,501 |
|
5,708 |
|
5,593 |
Total
assets |
529,062 |
|
622,789 |
|
647,237 |
|
|
|
|
|
|
Accounts payable |
48,315 |
|
30,860 |
|
32,949 |
Loans |
- |
|
25,000 |
|
25,000 |
Income tax payable |
16,362 |
|
24,909 |
|
21,355 |
Accrued expenses and
other current liabilities |
49,359 |
|
52,937 |
|
50,750 |
Total
current liabilities |
114,036 |
|
133,706 |
|
130,054 |
Other
liabilities |
16,264 |
|
18,187 |
|
21,354 |
Total
liabilities |
130,300 |
|
151,893 |
|
151,408 |
Shareholders’ equity |
398,762 |
|
470,896 |
|
495,829 |
Total liabilities &
shareholders’ equity |
529,062 |
|
622,789 |
|
647,237 |
|
|
|
|
|
|
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 hyperscale datacenter 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 third quarter of 2017 and full year 2017
expectations of 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 2017 and full year 2017. 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; 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 28, 2017, as amended on May 2,
2017. 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
E-mail: jtsai@siliconmotion.com
Investor Contact:
Selina Hsieh
Investor Relations
E-mail: ir@siliconmotion.com
Media Contact:
Sara Hsu
Project Manager
E-mail: sara.hsu@siliconmotion.com
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