Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended March 31, 2020. For the first quarter, net
sales (GAAP) declined sequentially to $132.8 million from $153.2
million in fourth quarter 2019. Net income (GAAP) increased to
$25.9 million or $0.74 per diluted ADS (GAAP) from net income
(GAAP) of $25.4 million or $0.73 per diluted ADS (GAAP) in fourth
quarter 2019.
For the first quarter, net income (non-GAAP)
declined to $28.4 million or $0.80 per diluted ADS (non-GAAP) from
a net income (non-GAAP) of $33.8 million or $0.96 per diluted ADS
(non-GAAP) in fourth quarter 2019.
First Quarter 2020 Review “Our
first quarter sales were affected by the coronavirus outbreak in
China,” said Wallace Kou, President and CEO of Silicon
Motion. “The lockdown in China impacted industry supply
chains and consumer demand, and China’s GDP declined sharply.
Sales to OEM markets during the quarter were largely uninterrupted
while sales to our channel markets were more fluid and
dynamic. Although sales of both our SSD controllers and eMMC
plus UFS controllers declined during the quarter, all three of our
key products grew strongly compared to last year.”
Key Financial Results
(in millions, except percentages and per ADS amounts) |
GAAP |
Non-GAAP |
1Q 2020 |
4Q 2019 |
1Q 2019 |
1Q 2020 |
4Q 2019 |
1Q 2019 |
Revenue |
$132.8 |
$153.2 |
$94.7 |
$132.8 |
$153.0 |
$88.9 |
Gross profit |
$63.9 |
$73.6 |
$47.6 |
$63.9 |
$75.4 |
$44.6 |
Percent of revenue |
48.1% |
48.1% |
50.3% |
48.2% |
49.3% |
50.2% |
Operating expenses |
$39.7 |
$46.2 |
$39.5 |
$37.3 |
$38.1 |
$28.6 |
Operating income |
$24.2 |
$27.4 |
$8.1 |
$26.7 |
$37.3 |
$16.0 |
Percent of revenue |
18.2% |
17.9% |
8.5% |
20.1% |
24.4% |
18.0% |
Earnings per diluted ADS |
$0.74 |
$0.73 |
$0.23 |
$0.80 |
$0.96 |
$0.42 |
Other Financial Information
(in millions) |
1Q 2020 |
4Q 2019 |
1Q 2019 |
Cash, cash equivalents, restricted cash and short-term
investments—end of period |
$371.7 |
$350.3 |
$300.8 |
Routine capital expenditures |
$6.4 |
$3.0 |
$1.2 |
Dividend payments |
$12.3 |
$12.1 |
$10.9 |
During the first quarter, we had $6.4 million of
capital expenditures for the routine purchase of software, design
tools and other items.
Returning Value to ShareholdersOn October 25,
2019, our Board of Directors declared a $1.40 per ADS annual
dividend to be paid in quarterly installments of $0.35 per ADS. On
February 27, 2020, we paid $12.3 million to shareholders as the
second installment of our annual dividend.
On November 21, 2018, the Company announced that
our Board of Directors had authorized a new program for the Company
to repurchase up to $200 million of our ADS over a 24 month
period. In the first quarter, we did not repurchase any of
our ADSs. Since the start of this program, we have
repurchased $59.8 million of our ADSs.
Business Outlook“We continue to
expect sequential sales growth in the second quarter and remain
optimistic about the rest of the year,” said Wallace Kou, President
and CEO of Silicon Motion. “While we believe we will continue
to benefit from PC sales driven by work-from-home and online
learning, China’s gradual post-lockdown economic recovery and the
multi-year trends relating to both smartphone embedded storage
transitioning from eMMC to UFS and PCs and other client devices
transitioning from HDDs to SSDs, we are not providing full-year
guidance at this time due to limited visibility in the second half
of this year.”
For the second quarter of 2020, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$133m to $143m+0% to 8% Q/Q |
-- |
$133m to $143m+0% to 8% Q/Q |
Gross margin |
47.5% to 49.5% |
-- |
47.5% to 49.5% |
Operating margin |
19.9% to 21.7% |
Approximately $0.2m to $0.4m* |
20.0% to 22.0% |
* Projected operating margin (non-GAAP) excludes $0.2 million to
$0.4 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 April 29, 2020.
Speakers:Wallace Kou, President
& CEORiyadh Lai, CFOChris Chaney, Director of Investor
Relations & Strategy
Conference Call
DetailsParticipants must register in advance to join the
conference using the link provided below and should dial in 10
minutes prior to the call start time. Conference access information
(including dial-in numbers, the passcode, and a unique access pin)
will be provided in the email received upon registration.
Participant Online Registration:
http://apac.directeventreg.com/registration/event/5049266
Replay Numbers (for 7 days): |
|
USA (Toll Free): |
1 855 452 5696 |
USA (Toll): |
1 646 254 3697 |
Participant Passcode: |
5049266 |
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 they are 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:
SSD solutions restructuring are charges relate
to the restructuring of our underperforming Shannon and Bigtera
product lines and include goodwill and intangible assets impairment
expenses, the write-down of NAND flash and SSD inventory valuation
and customer sales returns and accounts receivable attributable to
these product lines.
FCI divestiture refers to the exclusion of
revenue, expenses and other items relating to our FCI specialty RF
IC product-line, the sale of which was closed on May 31,
2019. Under GAAP, according to FASB ASU 2014-08, this
disposal transaction does not meet the threshold for presenting as
a discontinued operation. We are excluding FCI from our
financial results for non-GAAP as we believe this provides
investors with enhanced transparency. Additionally, we are
also excluding transaction expenses and long-term investment gains
from this asset disposal.
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.
M&A transaction expenses consist of direct
costs of transactions, such as legal and financial adviser fees.
The Company does not undertake M&A transactions on a
predictable cycle, so we excluded the effect of these costs in
calculating our non-GAAP operating expenses and net income.
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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
|
Silicon Motion
Technology CorporationConsolidated Statements of Income(in
thousands, except percentages and per ADS data, unaudited) |
|
|
|
|
|
For Three Months Ended |
|
|
Mar.
31, |
|
Dec.
31, |
|
Mar.
31, |
|
|
2019 |
|
2019 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
Net Sales |
|
94,694 |
|
|
153,196 |
|
|
132,769 |
|
Cost of sales |
|
47,075 |
|
|
79,563 |
|
|
68,877 |
|
Gross profit |
|
47,619 |
|
|
73,633 |
|
|
63,892 |
|
Operating expenses |
|
|
|
|
|
|
Research & development |
|
27,970 |
|
|
33,869 |
|
|
29,304 |
|
Sales & marketing |
|
6,962 |
|
|
6,093 |
|
|
6,472 |
|
General & administrative |
|
4,357 |
|
|
6,269 |
|
|
3,944 |
|
Amortization of intangibles assets |
|
255 |
|
|
- |
|
|
- |
|
Operating income |
|
8,075 |
|
|
27,402 |
|
|
24,172 |
|
Non-operating income (expense) |
|
|
|
|
|
|
Interest income, net |
|
1,495 |
|
|
1,478 |
|
|
1,654 |
|
Foreign exchange gain (loss), net |
|
494 |
|
|
84 |
|
|
(481 |
) |
Others, net |
|
17 |
|
|
33 |
|
|
16 |
|
Subtotal |
|
2,006 |
|
|
1,595 |
|
|
1,189 |
|
Income before income tax |
|
10,081 |
|
|
28,997 |
|
|
25,361 |
|
Income tax expense (benefit) |
|
1,810 |
|
|
3,567 |
|
|
(554 |
) |
Net income |
|
8,271 |
|
|
25,430 |
|
|
25,915 |
|
|
|
|
|
|
|
|
Earnings per basic ADS |
|
0.23 |
|
|
0.73 |
|
|
0.74 |
|
Earnings per diluted ADS |
|
0.23 |
|
|
0.73 |
|
|
0.74 |
|
|
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
|
|
Gross margin |
|
50.3% |
|
|
48.1% |
|
|
48.1% |
|
Operating margin |
|
8.5% |
|
|
17.9% |
|
|
18.2% |
|
Net margin |
|
8.7% |
|
|
16.6% |
|
|
19.5% |
|
|
|
|
|
|
|
|
Additional Data: |
|
|
|
|
|
|
Weighted avg. ADS equivalents1 |
|
35,286 |
|
|
34,776 |
|
|
35,020 |
|
Diluted ADS equivalents |
|
35,473 |
|
|
35,021 |
|
|
35,246 |
|
|
|
|
|
|
|
|
|
|
|
___________________________1 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 Three Months Ended |
|
|
Mar.
31, |
|
Dec.
31, |
|
Mar.
31, |
|
|
2019 |
|
2019 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
Revenue (GAAP) |
|
94,694 |
|
|
153,196 |
|
|
132,769 |
|
SSD solutions restructuring |
|
- |
|
|
(162 |
) |
|
- |
|
FCI divestiture |
|
(5,793 |
) |
|
- |
|
|
- |
|
Revenue (non-GAAP) |
|
88,901 |
|
|
153,034 |
|
|
132,769 |
|
|
|
|
|
|
|
|
Gross profit (GAAP) |
|
47,619 |
|
|
73,633 |
|
|
63,892 |
|
Gross margin (GAAP) |
|
50.3% |
|
|
48.1% |
|
|
48.1% |
|
Stock-based compensation (A) |
|
95 |
|
|
141 |
|
|
38 |
|
SSD solutions restructuring |
|
- |
|
|
1,618 |
|
|
- |
|
FCI divestiture |
|
(3,078 |
) |
|
- |
|
|
- |
|
Gross profit (non-GAAP) |
|
44,636 |
|
|
75,392 |
|
|
63,930 |
|
Gross margin (non-GAAP) |
|
50.2% |
|
|
49.3% |
|
|
48.2% |
|
|
|
|
|
|
|
|
Operating expenses (GAAP) |
|
39,544 |
|
|
46,231 |
|
|
39,720 |
|
Stock-based compensation (A) |
|
(4,095 |
) |
|
(7,209 |
) |
|
(2,444 |
) |
Amortization of intangible assets |
|
(255 |
) |
|
- |
|
|
- |
|
SSD solutions restructuring |
|
- |
|
|
(928 |
) |
|
- |
|
M&A transaction expenses |
|
(226 |
) |
|
- |
|
|
- |
|
Litigation expense |
|
2 |
|
|
- |
|
|
- |
|
FCI divestiture |
|
(6,357 |
) |
|
- |
|
|
- |
|
Operating expenses (non-GAAP) |
|
28,613 |
|
|
38,094 |
|
|
37,276 |
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
|
8,075 |
|
|
27,402 |
|
|
24,172 |
|
Operating margin (GAAP) |
|
8.5% |
|
|
17.9% |
|
|
18.2% |
|
Total adjustments to operating profit |
|
7,948 |
|
|
9,896 |
|
|
2,482 |
|
Operating profit (non-GAAP) |
|
16,023 |
|
|
37,298 |
|
|
26,654 |
|
Operating margin (non-GAAP) |
|
18.0% |
|
|
24.4% |
|
|
20.1% |
|
|
|
|
|
|
|
|
Non-operating income (expense) (GAAP) |
|
2,006 |
|
|
1,595 |
|
|
1,189 |
|
Foreign exchange loss (gain), net |
|
(494 |
) |
|
(84 |
) |
|
481 |
|
FCI divestiture |
|
(8 |
) |
|
- |
|
|
- |
|
Non-operating income (expense) (non-GAAP) |
|
1,504 |
|
|
1,511 |
|
|
1,670 |
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
8,271 |
|
|
25,430 |
|
|
25,915 |
|
Total pre-tax impact of non-GAAP adjustments |
|
7,446 |
|
|
9,812 |
|
|
2,963 |
|
Income tax impact of non-GAAP adjustments |
|
(674 |
) |
|
(1,430 |
) |
|
(524 |
) |
Net income (non-GAAP) |
|
15,043 |
|
|
33,812 |
|
|
28,354 |
|
|
|
|
|
|
|
|
Earnings per diluted ADS (GAAP) |
|
$0.23 |
|
|
$0.73 |
|
|
$0.74 |
|
Earnings per diluted ADS (non-GAAP) |
|
$0.42 |
|
|
$0.96 |
|
|
$0.80 |
|
|
|
|
|
|
|
|
Shares used in computing earnings per diluted ADS
(GAAP) |
|
35,473 |
|
|
35,021 |
|
|
35,246 |
|
Non-GAAP Adjustments |
|
85 |
|
|
171 |
|
|
63 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
35,558 |
|
|
35,192 |
|
|
35,309 |
|
|
|
|
|
|
|
|
(A) Excludes stock-based compensation as
follows: |
|
|
|
|
|
|
Cost of Sales |
|
95 |
|
|
141 |
|
|
38 |
|
Research & development |
|
2,696 |
|
|
5,178 |
|
|
1,655 |
|
Sales & marketing |
|
555 |
|
|
790 |
|
|
335 |
|
General & administrative |
|
844 |
|
|
1,241 |
|
|
454 |
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion
Technology CorporationConsolidated Balance Sheet (In thousands,
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Mar.
31, |
|
Dec.
31, |
|
Mar.
31, |
|
|
2019 |
|
2019 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
Cash and cash equivalents |
|
277,168 |
|
|
323,166 |
|
|
344,012 |
|
Short-term investments |
|
3,833 |
|
|
2,011 |
|
|
2,673 |
|
Accounts
receivable (net) |
|
80,591 |
|
|
108,734 |
|
|
89,662 |
|
Inventories |
|
77,814 |
|
|
88,439 |
|
|
104,133 |
|
Refundable deposits – current |
|
18,675 |
|
|
24,085 |
|
|
24,084 |
|
Prepaid
expenses and other current assets |
|
39,039 |
|
|
18,764 |
|
|
21,939 |
|
Total current assets |
|
497,120 |
|
|
565,199 |
|
|
586,503 |
|
Long-term investments |
|
4,242 |
|
|
3,000 |
|
|
3,000 |
|
Property and equipment (net) |
|
97,970 |
|
|
97,777 |
|
|
100,822 |
|
Goodwill and intangible assets (net) |
|
58,935 |
|
|
17,489 |
|
|
17,489 |
|
Other
assets |
|
13,491 |
|
|
14,264 |
|
|
12,110 |
|
Total
assets |
|
671,758 |
|
|
697,729 |
|
|
719,924 |
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable |
|
28,557 |
|
|
30,687 |
|
|
45,778 |
|
Income
tax payable |
|
2,219 |
|
|
2,465 |
|
|
1,340 |
|
Accrued expenses and other current liabilities |
|
63,858 |
|
|
98,336 |
|
|
82,306 |
|
Total current liabilities |
|
94,634 |
|
|
131,488 |
|
|
129,424 |
|
Other
liabilities |
|
32,313 |
|
|
29,457 |
|
|
25,870 |
|
Total
liabilities |
|
126,947 |
|
|
160,945 |
|
|
155,294 |
|
Shareholders’ equity |
|
544,811 |
|
|
536,784 |
|
|
564,630 |
|
Total liabilities & shareholders’ equity |
|
671,758 |
|
|
697,729 |
|
|
719,924 |
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion
Technology CorporationCondensed Consolidated Statements of Cash
Flows(in thousands, unaudited) |
|
|
|
|
|
For Three Months Ended |
|
|
Mar.
31, |
|
Dec.
31, |
|
Mar.
31, |
|
|
2019 |
|
2019 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
Net
income |
|
8,271 |
|
|
25,430 |
|
|
25,915 |
|
Depreciation & amortization |
|
3,860 |
|
|
4,054 |
|
|
4,109 |
|
Stock-based compensation |
|
4,403 |
|
|
7,350 |
|
|
2,482 |
|
Investment impairment, losses & disposals |
|
(20 |
) |
|
(16 |
) |
|
(14 |
) |
Changes in operating assets and liabilities |
|
(13,182 |
) |
|
(6,721 |
) |
|
7,118 |
|
Others |
|
6 |
|
|
2 |
|
|
- |
|
Net cash provided by operating activities |
|
3,338 |
|
|
30,099 |
|
|
39,610 |
|
|
|
|
|
|
|
|
Purchase of property & equipment |
|
(1,194 |
) |
|
(2,966 |
) |
|
(6,396 |
) |
Net cash used in investing activities |
|
(1,194 |
) |
|
(2,966 |
) |
|
(6,396 |
) |
|
|
|
|
|
|
|
Dividend payments |
|
(10,936 |
) |
|
(12,147 |
) |
|
(12,278 |
) |
Share repurchases |
|
(1,216 |
) |
|
- |
|
|
- |
|
Net cash used in financing activities |
|
(12,152 |
) |
|
(12,147 |
) |
|
(12,278 |
) |
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents &
restricted cash |
|
(10,008 |
) |
|
14,986 |
|
|
20,936 |
|
Effect of foreign exchange changes |
|
(154 |
) |
|
(13 |
) |
|
(114 |
) |
Cash, cash equivalents & restricted cash—beginning of
period |
|
307,127 |
|
|
333,280 |
|
|
348,253 |
|
Cash, cash equivalents & restricted cash—end of period |
|
296,965 |
|
|
348,253 |
|
|
369,075 |
|
|
|
|
|
|
|
|
|
|
|
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 our controllers are widely used in storage
products such as SSDs and eMMC+UFS devices, which are found in data
centers, PCs, smartphones, and commercial and industrial
applications. We have shipped over six billion NAND controllers in
the last ten years, more than any other company in the world.
We also supply customized high-performance hyperscale data center
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 second quarter of 2020 and full year 2020
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 second
quarter of 2020 and full year 2020. Forward-looking statements also
include, without limitation, statements regarding trends in the
semiconductor or consumer electronics markets 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;
the effects on our business and our customer’s business taking into
account the ongoing US-China tariffs and trade disputes and recent
global outbreak of COVID-19; 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
payment, or non-payment, of cash dividends in the future at the
discretion of our board of directors and any announced planned
increases in such dividends; 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; any potential impairment charges that may be incurred
related to businesses previously acquired or divested in the
future; 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 May 15, 2019. We assume no
obligation to update any forward-looking statements, which apply
only as of the date of this press release.
Investor
Contact: |
Investor
Contact: |
Christopher Chaney |
Selina Hsieh |
Director, Investor Relations & Strategy |
Investor Relations |
E-mail: CChaney@siliconmotion.com |
E-mail: ir@siliconmotion.com |
|
|
Media Contact: |
|
Sara Hsu |
|
Project Manager |
|
E-mail: sara.hsu@siliconmotion.com |
|
|
|
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