Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended June 30, 2020. For the second quarter, net
sales (GAAP) increased sequentially to $136.8 million from $132.8
million in first quarter 2020. Net income (GAAP) increased to $28.2
million or $0.80 per diluted ADS (GAAP) from net income (GAAP) of
$25.9 million or $0.74 per diluted ADS (GAAP) in first quarter
2020.
For the second quarter, net income (non-GAAP)
increased to $28.6 million or $0.81 per diluted ADS (non-GAAP) from
a net income (non-GAAP) of $28.4 million or $0.80 per diluted ADS
(non-GAAP) in first quarter 2020.
Second Quarter 2020 Review “We
are excited that this quarter five NAND flash makers awarded us
PCIe Gen4 SSD controller design-wins, and additionally, we secured
a second NAND flash maker as a UFS controller customer,” said
Wallace Kou, President and CEO of Silicon Motion. “These
design-wins are testaments of our technological leadership and
important for our continued growth. Growth this quarter was
driven by very strong sales of UFS controllers. Sales of our
SSD controllers were affected by temporary re-allocation of NAND
flash by our customers to hyperscale data centers and Shannon SSDs
were softer than expected.”
Key Financial Results
(in millions, except percentages and per ADS amounts) |
GAAP |
Non-GAAP |
2Q 2020 |
1Q 2020 |
2Q 2019 |
2Q 2020 |
1Q 2020 |
2Q 2019 |
Revenue |
$ |
136.8 |
|
$ |
132.8 |
|
$ |
98.8 |
|
$ |
136.8 |
|
$ |
132.8 |
|
$ |
94.3 |
|
Gross profitPercent of revenue |
|
$68.450.0 |
% |
|
$63.948.1 |
% |
|
$46.146.7 |
% |
|
$68.450.0 |
% |
|
$63.948.2 |
% |
|
$48.551.5 |
% |
Operating expenses |
$ |
38.3 |
|
$ |
39.8 |
|
$ |
33.9 |
|
$ |
38.0 |
|
$ |
37.4 |
|
$ |
31.2 |
|
Operating incomePercent of revenue |
|
$30.122.0 |
% |
|
$24.118.1 |
% |
|
$12.312.4 |
% |
|
$30.422.2 |
% |
|
$26.620.0 |
% |
|
$17.318.4 |
% |
Earnings per diluted ADS |
$ |
0.80 |
|
$ |
0.74 |
|
$ |
0.75 |
|
$ |
0.81 |
|
$ |
0.80 |
|
$ |
0.52 |
|
Other Financial Information
(in millions) |
2Q 2020 |
1Q 2020 |
2Q 2019 |
Cash, cash equivalents, restricted cash and short-term
investments—end of period |
$ |
379.7 |
$ |
371.7 |
$ |
370.4 |
Routine capital expenditures |
$ |
4.1 |
$ |
6.4 |
$ |
2.9 |
Dividend payments |
$ |
12.3 |
$ |
12.3 |
$ |
10.9 |
During the second quarter, we had $4.1 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
May 21, 2020, we paid $12.3 million to shareholders as the third
installment of our annual dividend.
On November 21, 2018, we 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 second 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 expect our
third quarter sales to be temporarily affected by a one-quarter
mobile-related inventory adjustment before growth rebounds in the
fourth quarter,” said Wallace Kou, President and CEO of Silicon
Motion. “All three of our key products continue to track
towards solid full-year sales growth, and our order book for SSD
controllers for PC OEMs remains very strong in the second half of
2020. Also, our expanding portfolio of industry-leading PCI
NVMe SSD and UFS controllers, as well as Shannon open-channel SSDs
is pointing to solid growth momentum next year.”
For the third quarter of 2020, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$114m to $120m-17% to -12% Q/Q |
-- |
$114m to $120m-17% to -12% Q/Q |
Gross margin |
47.9% to 49.9% |
Approximately $0.1m* |
48.0% to 50.0% |
Operating margin |
17.8% to 18.7% |
Approximately $2.7m to $3.7m** |
20.0% to 22.0% |
* Projected gross margin (non-GAAP) excludes $0.1 million of
stock-based compensation.**Projected operating margin (non-GAAP)
excludes $2.7 million to $3.7 million of stock-based
compensation.
For the full year 2020, management expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$508m to $521m+11% to 14% Y/Y |
-- |
$508m to $521m+13% to 16% Y/Y |
Gross margin |
47.5% to 49.5% |
Approximately $0.5m* |
47.5% to 49.5% |
Operating margin |
16.6% to 18.3% |
Approximately $14m to $16m** |
19.3% to 21.3% |
* Projected gross margin (non-GAAP) excludes $0.5 million of
stock-based compensation.** Projected operating margin (non-GAAP)
excludes $14 million to $16 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 July 30, 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/7682831
Replay Numbers (for 7 days): |
|
USA (Toll Free): |
1 855 452 5696 |
USA (Toll): |
1 646 254 3697 |
Participant Passcode: |
7682831 |
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.
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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Silicon Motion Technology CorporationConsolidated
Statements of Income(in thousands, except percentages and per ADS
data, unaudited)
|
|
For Three Months Ended |
|
For the Six Months Ended |
|
|
Jun.
30, |
|
Mar.
31, |
|
Jun.
30, |
|
Jun.
30, |
|
Jun.
30, |
|
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net Sales |
|
98,846 |
|
|
132,769 |
|
|
136,811 |
|
|
193,540 |
|
|
269,580 |
|
Cost of sales |
|
52,717 |
|
|
68,877 |
|
|
68,417 |
|
|
99,792 |
|
|
137,294 |
|
Gross profit |
|
46,129 |
|
|
63,892 |
|
|
68,394 |
|
|
93,748 |
|
|
132,286 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
Research & development |
|
23,939 |
|
|
29,346 |
|
|
28,901 |
|
|
51,955 |
|
|
58,247 |
|
Sales & marketing |
|
6,086 |
|
|
6,493 |
|
|
5,823 |
|
|
13,068 |
|
|
12,316 |
|
General & administrative |
|
3,571 |
|
|
3,959 |
|
|
3,531 |
|
|
7,944 |
|
|
7,490 |
|
Amortization of intangibles assets |
|
255 |
|
|
- |
|
|
- |
|
|
510 |
|
|
- |
|
Operating income |
|
12,278 |
|
|
24,094 |
|
|
30,139 |
|
|
20,271 |
|
|
54,233 |
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
1,858 |
|
|
1,732 |
|
|
1,323 |
|
|
3,434 |
|
|
3,055 |
|
Gain on disposal of long-term investments |
|
12,904 |
|
|
- |
|
|
- |
|
|
12,904 |
|
|
- |
|
Foreign exchange gain (loss), net |
|
(68 |
) |
|
(481 |
) |
|
(142 |
) |
|
425 |
|
|
(623 |
) |
Others, net |
|
33 |
|
|
16 |
|
|
6 |
|
|
53 |
|
|
22 |
|
Subtotal |
|
14,727 |
|
|
1,267 |
|
|
1,187 |
|
|
16,816 |
|
|
2,454 |
|
Income before income tax |
|
27,005 |
|
|
25,361 |
|
|
31,326 |
|
|
37,087 |
|
|
56,687 |
|
Income tax expense |
|
521 |
|
|
(554 |
) |
|
3,115 |
|
|
2,331 |
|
|
2,561 |
|
Net income |
|
26,484 |
|
|
25,915 |
|
|
28,211 |
|
|
34,756 |
|
|
54,126 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per basic ADS |
|
0.75 |
|
|
0.74 |
|
|
0.80 |
|
|
0.98 |
|
|
1.54 |
|
Earnings per diluted ADS |
|
0.75 |
|
|
0.74 |
|
|
0.80 |
|
|
0.98 |
|
|
1.54 |
|
|
|
|
|
|
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
46.7 |
% |
|
48.1 |
% |
|
50.0 |
% |
|
48.4 |
% |
|
49.1 |
% |
Operating margin |
|
12.4 |
% |
|
18.1 |
% |
|
22.0 |
% |
|
10.5 |
% |
|
20.1 |
% |
Net margin |
|
26.8 |
% |
|
19.5 |
% |
|
20.6 |
% |
|
18.0 |
% |
|
20.1 |
% |
Silicon Motion Technology
CorporationReconciliation of GAAP to Non-GAAP Operating Results(in
thousands, except percentages and per ADS data, unaudited)
|
|
For Three Months Ended |
|
For the Six Months Ended |
|
|
Jun.
30, |
|
Mar.
31, |
|
Jun.
30, |
|
Jun.
30, |
|
Jun.
30, |
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Revenue (GAAP) |
|
|
98,846 |
|
|
|
132,769 |
|
|
|
136,811 |
|
|
|
193,540 |
|
|
|
269,580 |
|
FCI divestiture |
|
|
(4,566 |
) |
|
|
- |
|
|
|
- |
|
|
|
(10,359 |
) |
|
|
- |
|
Revenue (non-GAAP) |
|
|
94,280 |
|
|
|
132,769 |
|
|
|
136,811 |
|
|
|
183,181 |
|
|
|
269,580 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP) |
|
|
46,129 |
|
|
|
63,892 |
|
|
|
68,394 |
|
|
|
93,748 |
|
|
|
132,286 |
|
Gross margin (GAAP) |
|
|
46.7 |
% |
|
|
48.1 |
% |
|
|
50.0 |
% |
|
|
48.4 |
% |
|
|
49.1 |
% |
Stock-based compensation (A) |
|
|
7 |
|
|
|
38 |
|
|
|
3 |
|
|
|
102 |
|
|
|
41 |
|
SSD solutions restructuring |
|
|
4,985 |
|
|
|
- |
|
|
|
- |
|
|
|
4,985 |
|
|
|
- |
|
FCI divestiture |
|
|
(2,597 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5,675 |
) |
|
|
- |
|
Gross profit (non-GAAP) |
|
|
48,524 |
|
|
|
63,930 |
|
|
|
68,397 |
|
|
|
93,160 |
|
|
|
132,327 |
|
Gross margin (non-GAAP) |
|
|
51.5 |
% |
|
|
48.2 |
% |
|
|
50.0 |
% |
|
|
50.9 |
% |
|
|
49.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (GAAP) |
|
|
33,851 |
|
|
|
39,798 |
|
|
|
38,255 |
|
|
|
73,477 |
|
|
|
78,053 |
|
Stock-based compensation (A) |
|
|
(275 |
) |
|
|
(2,444 |
) |
|
|
(243 |
) |
|
|
(4,369 |
) |
|
|
(2,687 |
) |
Amortization of intangible assets |
|
|
(255 |
) |
|
|
- |
|
|
|
- |
|
|
|
(510 |
) |
|
|
- |
|
Litigation expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
FCI divestiture |
|
|
(2,102 |
) |
|
|
- |
|
|
|
- |
|
|
|
(8,688 |
) |
|
|
- |
|
Operating expenses (non-GAAP) |
|
|
31,219 |
|
|
|
37,354 |
|
|
|
38,012 |
|
|
|
59,912 |
|
|
|
75,366 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
|
|
12,278 |
|
|
|
24,094 |
|
|
|
30,139 |
|
|
|
20,271 |
|
|
|
54,233 |
|
Operating margin (GAAP) |
|
|
12.4 |
% |
|
|
18.1 |
% |
|
|
22.0 |
% |
|
|
10.5 |
% |
|
|
20.1 |
% |
Total adjustments to operating profit |
|
|
5,027 |
|
|
|
2,482 |
|
|
|
246 |
|
|
|
12,977 |
|
|
|
2,728 |
|
Operating profit (non-GAAP) |
|
|
17,305 |
|
|
|
26,576 |
|
|
|
30,385 |
|
|
|
33,248 |
|
|
|
56,961 |
|
Operating margin (non-GAAP) |
|
|
18.4 |
% |
|
|
20.0 |
% |
|
|
22.2 |
% |
|
|
18.2 |
% |
|
|
21.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense) (GAAP) |
|
|
14,727 |
|
|
|
1,267 |
|
|
|
1,187 |
|
|
|
16,816 |
|
|
|
2,454 |
|
Foreign exchange loss (gain), net |
|
|
68 |
|
|
|
481 |
|
|
|
142 |
|
|
|
(425 |
) |
|
|
623 |
|
Gain on disposal of long-term investments |
|
|
(495 |
) |
|
|
- |
|
|
|
- |
|
|
|
(495 |
) |
|
|
- |
|
FCI divestiture |
|
|
(12,405 |
) |
|
|
- |
|
|
|
- |
|
|
|
(12,418 |
) |
|
|
- |
|
Non-operating income (expense) (non-GAAP) |
|
|
1,895 |
|
|
|
1,748 |
|
|
|
1,329 |
|
|
|
3,478 |
|
|
|
3,077 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
|
26,484 |
|
|
|
25,915 |
|
|
|
28,211 |
|
|
|
34,756 |
|
|
|
54,126 |
|
Total pre-tax impact of non-GAAP adjustments |
|
|
(7,805 |
) |
|
|
2,963 |
|
|
|
388 |
|
|
|
(361 |
) |
|
|
3,351 |
|
Income tax impact of non-GAAP adjustments |
|
|
(76 |
) |
|
|
(524 |
) |
|
|
2 |
|
|
|
(750 |
) |
|
|
(522 |
) |
Net income (non-GAAP) |
|
|
18,603 |
|
|
|
28,354 |
|
|
|
28,601 |
|
|
|
33,645 |
|
|
|
56,955 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted ADS (GAAP) |
|
$ |
0.75 |
|
|
$ |
0.74 |
|
|
$ |
0.80 |
|
|
$ |
0.98 |
|
|
$ |
1.54 |
|
Earnings per diluted ADS (non-GAAP) |
|
$ |
0.52 |
|
|
$ |
0.80 |
|
|
$ |
0.81 |
|
|
$ |
0.95 |
|
|
$ |
1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing earnings per diluted ADS
(GAAP) |
|
|
35,536 |
|
|
|
35,246 |
|
|
|
35,164 |
|
|
|
35,505 |
|
|
|
35,147 |
|
Non-GAAP Adjustments |
|
|
29 |
|
|
|
63 |
|
|
|
36 |
|
|
|
56 |
|
|
|
49 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
|
35,565 |
|
|
|
35,309 |
|
|
|
35,200 |
|
|
|
35,561 |
|
|
|
35,196 |
|
|
|
|
|
|
|
|
|
|
|
|
(A) Excludes stock-based compensation as
follows: |
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
|
7 |
|
|
|
38 |
|
|
|
3 |
|
|
|
102 |
|
|
|
41 |
|
Research & development |
|
|
128 |
|
|
|
1,655 |
|
|
|
118 |
|
|
|
2,823 |
|
|
|
1,773 |
|
Sales & marketing |
|
|
107 |
|
|
|
335 |
|
|
|
85 |
|
|
|
662 |
|
|
|
420 |
|
General & administrative |
|
|
40 |
|
|
|
454 |
|
|
|
40 |
|
|
|
884 |
|
|
|
494 |
|
Silicon Motion Technology CorporationConsolidated
Balance Sheet (In thousands, unaudited)
|
|
Jun. 30, |
|
Mar. 31, |
|
Jun. 30, |
|
|
2019 |
|
2020 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
Cash and cash equivalents |
|
342,930 |
|
344,012 |
|
350,790 |
Short-term investments |
|
2,309 |
|
2,673 |
|
3,876 |
Accounts
receivable (net) |
|
80,782 |
|
89,662 |
|
93,825 |
Inventories |
|
79,252 |
|
104,133 |
|
103,835 |
Refundable deposits – current |
|
24,074 |
|
24,084 |
|
24,089 |
Prepaid
expenses and other current assets |
|
17,663 |
|
21,939 |
|
23,778 |
Total current assets |
|
547,010 |
|
586,503 |
|
600,193 |
Long-term
investments |
|
3,000 |
|
3,000 |
|
5,000 |
Property and equipment (net) |
|
97,981 |
|
100,822 |
|
102,156 |
Goodwill and intangible assets (net) |
|
33,714 |
|
17,489 |
|
17,489 |
Other
assets |
|
13,911 |
|
12,110 |
|
11,556 |
Total assets |
|
695,616 |
|
719,924 |
|
736,394 |
|
|
|
|
|
|
|
Accounts
payable |
|
37,845 |
|
45,778 |
|
34,209 |
Income
tax payable |
|
1,346 |
|
1,340 |
|
3,642 |
Accrued expenses and other current liabilities |
|
54,183 |
|
82,306 |
|
78,244 |
Total current liabilities |
|
93,374 |
|
129,424 |
|
116,095 |
Other
liabilities |
|
31,884 |
|
25,870 |
|
27,202 |
Total
liabilities |
|
125,258 |
|
155,294 |
|
143,297 |
Shareholders’ equity |
|
570,358 |
|
564,630 |
|
593,097 |
Total liabilities & shareholders’ equity |
|
695,616 |
|
719,924 |
|
736,394 |
Silicon Motion Technology CorporationCondensed
Consolidated Statements of Cash Flows(in thousands, unaudited)
|
|
For Three Months Ended |
|
For Six Months Ended |
|
|
Jun.
30, |
|
Mar.
31, |
|
Jun.
30, |
|
Jun.
30, |
|
Jun.
30, |
|
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net income |
|
26,484 |
|
|
25,915 |
|
|
28,211 |
|
|
34,756 |
|
|
54,126 |
|
Depreciation & amortization |
|
3,329 |
|
|
3,237 |
|
|
3,363 |
|
|
6,622 |
|
|
6,600 |
|
Stock-based compensation |
|
227 |
|
|
2,482 |
|
|
246 |
|
|
4,630 |
|
|
2,728 |
|
Investment impairment, losses & disposals |
|
(12,913 |
) |
|
(14 |
) |
|
33 |
|
|
(12,921 |
) |
|
19 |
|
Changes in operating assets and liabilities |
|
23,061 |
|
|
7,990 |
|
|
(6,151 |
) |
|
10,447 |
|
|
1,839 |
|
Others |
|
(9 |
) |
|
- |
|
|
(1 |
) |
|
(18 |
) |
|
(1 |
) |
Net cash provided by operating activities |
|
40,179 |
|
|
39,610 |
|
|
25,701 |
|
|
43,516 |
|
|
65,311 |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property & equipment |
|
(2,929 |
) |
|
(6,396 |
) |
|
(4,134 |
) |
|
(4,123 |
) |
|
(10,530 |
) |
Purchase of long-term investments |
|
- |
|
|
- |
|
|
(2,000 |
) |
|
- |
|
|
(2,000 |
) |
Disposal of long-term investments |
|
45,704 |
|
|
- |
|
|
- |
|
|
45,704 |
|
|
- |
|
Net cash provided by (used in) investing
activities |
|
42,775 |
|
|
(6,396 |
) |
|
(6,134 |
) |
|
41,581 |
|
|
(12,530 |
) |
|
|
|
|
|
|
|
|
|
|
|
Dividend payments |
|
(10,937 |
) |
|
(12,278 |
) |
|
(12,278 |
) |
|
(21,873 |
) |
|
(24,556 |
) |
Share repurchases |
|
- |
|
|
- |
|
|
- |
|
|
(1,216 |
) |
|
- |
|
Net cash used in financing activities |
|
(10,937 |
) |
|
(12,278 |
) |
|
(12,278 |
) |
|
(23,089 |
) |
|
(24,556 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash, cash equivalents & restricted
cash |
|
72,017 |
|
|
20,936 |
|
|
7,289 |
|
|
62,008 |
|
|
28,225 |
|
Effect of foreign exchange changes |
|
(847 |
) |
|
(114 |
) |
|
(550 |
) |
|
(1,000 |
) |
|
(664 |
) |
Cash, cash equivalents & restricted cash—beginning of
period |
|
296,965 |
|
|
348,253 |
|
|
369,075 |
|
|
307,127 |
|
|
348,253 |
|
Cash, cash equivalents & restricted cash—end of period |
|
368,135 |
|
|
369,075 |
|
|
375,814 |
|
|
368,135 |
|
|
375,814 |
|
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 third 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 third
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 together
with any uncertainties associated with the ongoing 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 June 12, 2020. We assume no obligation to
update any forward-looking statements, which apply only as of the
date of this press release.
Investor
Contact:Christopher ChaneyDirector, Investor Relations &
StrategyE-mail: CChaney@siliconmotion.com |
Investor
Contact:Selina HsiehInvestor RelationsE-mail:
ir@siliconmotion.com |
|
|
Media Contact:Sara HsuProject ManagerE-mail:
sara.hsu@siliconmotion.com |
|
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