Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended December 31, 2020. For the fourth quarter, net
sales (GAAP) increased sequentially to $143.9 million from $126.0
million in third quarter 2020. Net income (GAAP) declined to $1.4
million or $0.04 per diluted ADS (GAAP) from a net income (GAAP) of
$24.3 million or $0.70 per diluted ADS (GAAP) in third quarter
2020.
For the fourth quarter, net income (non-GAAP)
increased to $29.9 million or $0.86 per diluted ADS (non-GAAP) from
a net income (non-GAAP) of $26.7 million or $0.76 per diluted ADS
(non-GAAP) in third quarter 2020.
Fourth Quarter 2020 Review
“Fourth quarter results were stronger than expected as customer
procurement continues to be robust,” said Wallace Kou, President
and CEO of Silicon Motion. “Sales of our eMMC+UFS controllers for
smartphones and IOT devices were especially strong and our SSD
controllers continued to benefit from strong PC demand. Sales of
our SSD solutions were however seasonally soft.”
Key Financial Results
(in millions, except percentages and per ADS amounts) |
GAAP |
Non-GAAP |
|
4Q 2020 |
|
|
3Q 2020 |
|
|
4Q 2019 |
|
|
4Q 2020 |
|
|
3Q 2020 |
|
|
4Q 2019 |
|
Revenue |
$143.9 |
|
$126.0 |
|
$153.2 |
|
$143.9 |
|
$126.0 |
|
$153.0 |
|
Gross profit |
|
$66.0 |
|
|
$61.8 |
|
|
$73.6 |
|
|
$71.0 |
|
|
$61.9 |
|
|
$75.4 |
|
Percent of revenue |
|
45.9% |
|
|
49.1% |
|
|
48.1% |
|
|
49.3% |
|
|
49.1% |
|
|
49.3% |
|
Operating expenses |
$65.6 |
|
$36.0 |
|
$46.3 |
|
$39.5 |
|
$32.9 |
|
$38.2 |
|
Operating income |
|
$0.4 |
|
|
$25.8 |
|
|
$27.3 |
|
|
$31.5 |
|
|
$29.0 |
|
|
$37.2 |
|
Percent of revenue |
|
0.3% |
|
|
20.5% |
|
|
17.8% |
|
|
21.9% |
|
|
23.0% |
|
|
24.3% |
|
Earnings per diluted ADS |
$0.04 |
|
$0.70 |
|
$0.73 |
|
$0.86 |
|
$0.76 |
|
$0.96 |
|
Other Financial Information
(in millions) |
4Q 2020 |
3Q 2020 |
4Q 2019 |
Cash, cash equivalents, restricted cash and short-term
investments—end of period |
$369.2 |
$368.4 |
$350.3 |
Routine capital expenditures |
$5.6 |
$2.6 |
$3.0 |
Dividend payments |
$12.1 |
$12.3 |
$12.1 |
During the fourth quarter, we had $5.6 million
of capital expenditures for the routine purchase of testing
equipment, software, design tools and other items.
Returning Value to ShareholdersOn October 26,
2020, our Board of Directors declared a $1.40 per ADS annual
dividend to be paid in quarterly installments of $0.35 per ADS. On
November 25, 2020, we paid $12.1 million to shareholders as the
first 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. On
October 26, 2020, the Board of Directors of the Company authorized
the extension of the expiration of this program to November 21,
2021. Since the start of this program, we have repurchased $84.8
million of our ADSs and $115.2 million remains available for
repurchase under the program. There were no share repurchases in
the fourth quarter.
Business Outlook“We are
kicking-off 2021 with what we believe will be an unseasonally
strong first quarter and an extremely strong order book for the
year, with sales growth currently capped by foundry supply
availability,” said Wallace Kou, President and CEO of Silicon
Motion. “We are seeing strong, broad-based OEM demand and design
activities for our SSD and eMMC+UFS controllers and expect this
momentum to carry over to 2022. PC OEMs are driving strong demand
for PCIe NVMe SSD controllers and smartphone and IOT OEMs for UFS
and eMMC mobile embedded storage controllers.”
For the first quarter of 2021, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$154m to $161m7% to 12% Q/Q |
-- |
$154m to $161m7% to 12% Q/Q |
Gross margin |
47.9% to 49.9% |
Approximately $0.2m* |
48.0% to 50.0% |
Operating margin |
18.9% to 21.1% |
Approximately $3.1m to $3.3m** |
21.0% to 23.0% |
* Projected gross margin (non-GAAP) excludes $0.2 million of
stock-based compensation.** Projected operating margin (non-GAAP)
excludes $3.1 million to $3.3 million of stock-based
compensation.
For the full year 2021, management expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$650m to $700m20% to 30% Y/Y |
-- |
$650m to $700m20% to 30% Y/Y |
Gross margin |
47.0% to 49.0% |
Approximately $0.3m* |
47.0% to 49.0% |
Operating margin |
21.5% to 24.0% |
Approximately $14.0m to $16.0m** |
24.0% to 26.0% |
* Projected gross margin (non-GAAP) excludes $0.3 million of
stock-based compensation.** Projected operating margin (non-GAAP)
excludes $14.0 million to $16.0 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 February 4, 2021.
Speakers: Wallace Kou,
President & CEO Riyadh Lai, CFO Chris 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/4467365
Replay Numbers (for 7 days): |
USA (Toll Free): |
1 855 452 5696 |
USA
(Toll): |
1 646 254
3697 |
Participant
Passcode: |
4467365 |
A webcast of the call will be available on the Company's website
at www.siliconmotion.com.
Discussion of Non-GAAP Financial MeasuresTo
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:
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.
SSD solutions restructuring are charges related 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.
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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Gain on disposal of long-term investments relate to gains from
our sale of FCI, our specialty RF IC product line, and the sale of
our investment in ProGrade, a professional-grade memory card
manufacturer.
Silicon Motion Technology CorporationConsolidated
Statements of Income(in thousands, except percentages and per ADS
data, unaudited)
|
|
|
|
|
For Three Months Ended |
|
For the Year Ended |
|
|
Dec. 31, |
|
Sep. 30, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net Sales |
|
153,196 |
|
|
126,043 |
|
|
143,897 |
|
|
457,253 |
|
|
539,521 |
|
Cost of sales |
|
79,563 |
|
|
64,217 |
|
|
77,853 |
|
|
235,081 |
|
|
279,365 |
|
Gross profit |
|
73,633 |
|
|
61,826 |
|
|
66,044 |
|
|
222,172 |
|
|
260,156 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
Research & development |
|
33,911 |
|
|
26,378 |
|
|
37,160 |
|
|
110,305 |
|
|
121,784 |
|
Sales & marketing |
|
6,118 |
|
|
6,077 |
|
|
6,411 |
|
|
25,108 |
|
|
24,805 |
|
General & administrative |
|
6,285 |
|
|
3,528 |
|
|
4,585 |
|
|
17,878 |
|
|
15,604 |
|
Amortization of intangibles assets |
|
- |
|
|
- |
|
|
- |
|
|
766 |
|
|
- |
|
Impairment of goodwill and intangible assets |
|
- |
|
|
- |
|
|
17,489 |
|
|
15,970 |
|
|
17,489 |
|
Operating income |
|
27,319 |
|
|
25,843 |
|
|
399 |
|
|
52,145 |
|
|
80,474 |
|
Non-operating income
(expense) |
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
1,561 |
|
|
841 |
|
|
729 |
|
|
6,748 |
|
|
4,625 |
|
Gain on disposal of long-term investments |
|
- |
|
|
- |
|
|
(293 |
) |
|
12,941 |
|
|
(293 |
) |
Foreign exchange gain (loss), net |
|
84 |
|
|
551 |
|
|
692 |
|
|
148 |
|
|
619 |
|
Others, net |
|
33 |
|
|
(6 |
) |
|
117 |
|
|
92 |
|
|
133 |
|
Subtotal |
|
1,678 |
|
|
1,386 |
|
|
1,245 |
|
|
19,929 |
|
|
5,084 |
|
Income before income tax |
|
28,997 |
|
|
27,229 |
|
|
1,644 |
|
|
72,074 |
|
|
85,558 |
|
Income tax expense |
|
3,567 |
|
|
2,962 |
|
|
290 |
|
|
7,676 |
|
|
5,812 |
|
Net income |
|
25,430 |
|
|
24,267 |
|
|
1,354 |
|
|
64,398 |
|
|
79,746 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per basic ADS |
|
0.73 |
|
|
0.70 |
|
|
0.04 |
|
|
1.83 |
|
|
2.29 |
|
Earnings per diluted ADS |
|
0.73 |
|
|
0.70 |
|
|
0.04 |
|
|
1.82 |
|
|
2.28 |
|
|
|
|
|
|
|
|
|
|
|
|
Margin
Analysis: |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
48.1 |
% |
|
49.1 |
% |
|
45.9 |
% |
|
48.6 |
% |
|
48.2 |
% |
Operating margin |
|
17.8 |
% |
|
20.5 |
% |
|
0.3 |
% |
|
11.4 |
% |
|
14.9 |
% |
Net margin |
|
16.6 |
% |
|
19.3 |
% |
|
0.9 |
% |
|
14.1 |
% |
|
14.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Year Ended |
|
|
Dec. 31, |
|
Sep. 30, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Gross profit (GAAP) |
|
73,633 |
|
|
61,826 |
|
|
66,044 |
|
|
222,172 |
|
|
260,156 |
|
Gross margin (GAAP) |
|
48.1 |
% |
|
49.1 |
% |
|
45.9 |
% |
|
48.6 |
% |
|
48.2 |
% |
Stock-based compensation (A) |
|
141 |
|
|
55 |
|
|
157 |
|
|
305 |
|
|
253 |
|
SSD solutions restructuring |
|
1,618 |
|
|
- |
|
|
4,772 |
|
|
8,175 |
|
|
4,772 |
|
Gross profit
(non-GAAP) (B) |
|
75,392 |
|
|
61,881 |
|
|
70,973 |
|
|
230,652 |
|
|
265,181 |
|
Gross margin (non-GAAP) (C) |
|
49.3 |
% |
|
49.1 |
% |
|
49.3 |
% |
|
50.2 |
% |
|
49.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
|
46,314 |
|
|
35,983 |
|
|
65,645 |
|
|
170,027 |
|
|
179,682 |
|
Stock-based compensation (A) |
|
(7,209 |
) |
|
(3,076 |
) |
|
(8,572 |
) |
|
(14,286 |
) |
|
(14,335 |
) |
Amortization of intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
(766 |
) |
|
- |
|
SSD solutions restructuring |
|
(928 |
) |
|
- |
|
|
(17,613 |
) |
|
(16,898 |
) |
|
(17,613 |
) |
Litigation expense |
|
- |
|
|
- |
|
|
- |
|
|
2 |
|
|
- |
|
Operating expenses
(non-GAAP) (B) |
|
38,177 |
|
|
32,907 |
|
|
39,460 |
|
|
138,079 |
|
|
147,734 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(GAAP) |
|
27,319 |
|
|
25,843 |
|
|
399 |
|
|
52,145 |
|
|
80,474 |
|
Operating margin (GAAP) |
|
17.8 |
% |
|
20.5 |
% |
|
0.3 |
% |
|
11.4 |
% |
|
14.9 |
% |
Total adjustments to operating profit |
|
9,896 |
|
|
3,131 |
|
|
31,114 |
|
|
40,428 |
|
|
36,973 |
|
Operating profit
(non-GAAP) (B) |
|
37,215 |
|
|
28,974 |
|
|
31,513 |
|
|
92,573 |
|
|
117,447 |
|
Operating margin (non-GAAP) (C) |
|
24.3 |
% |
|
23.0 |
% |
|
21.9 |
% |
|
20.1 |
% |
|
21.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) (GAAP) |
|
1,678 |
|
|
1,386 |
|
|
1,245 |
|
|
19,929 |
|
|
5,084 |
|
Foreign exchange loss (gain), net |
|
(84 |
) |
|
(551 |
) |
|
(692 |
) |
|
(148 |
) |
|
(619 |
) |
Gain on disposal of long-term investments |
|
- |
|
|
- |
|
|
293 |
|
|
(12,941 |
) |
|
293 |
|
Non-operating income
(expense) (non-GAAP) (B) |
|
1,594 |
|
|
835 |
|
|
846 |
|
|
6,840 |
|
|
4,758 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP) |
|
25,430 |
|
|
24,267 |
|
|
1,354 |
|
|
64,398 |
|
|
79,746 |
|
Total pre-tax impact of non-GAAP adjustments (B) |
|
9,812 |
|
|
2,580 |
|
|
30,715 |
|
|
27,339 |
|
|
36,647 |
|
Income tax impact of non-GAAP adjustments (B) |
|
(1,430 |
) |
|
(171 |
) |
|
(2,152 |
) |
|
(2,708 |
) |
|
(2,845 |
) |
Net income
(non-GAAP) (B), (C) |
|
33,812 |
|
|
26,676 |
|
|
29,917 |
|
|
89,029 |
|
|
113,548 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
ADS (GAAP) |
|
$0.73 |
|
|
$0.70 |
|
|
$0.04 |
|
|
$1.82 |
|
|
$2.28 |
|
Earnings per diluted
ADS (non-GAAP) (B), (C) |
|
$0.96 |
|
|
$0.76 |
|
|
$0.86 |
|
|
$2.51 |
|
|
$3.24 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per diluted ADS (GAAP) |
|
35,021 |
|
|
34,891 |
|
|
34,761 |
|
|
35,296 |
|
|
34,978 |
|
Non-GAAP Adjustments |
|
171 |
|
|
163 |
|
|
219 |
|
|
106 |
|
|
121 |
|
Shares used in
computing earnings per diluted ADS (non-GAAP) |
|
35,192 |
|
|
35,054 |
|
|
34,980 |
|
|
35,402 |
|
|
35,099 |
|
|
|
|
|
|
|
|
|
|
|
|
(A) Excludes
stock-based compensation as follows: |
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
141 |
|
|
55 |
|
|
157 |
|
|
305 |
|
|
253 |
|
Research & development |
|
5,178 |
|
|
2,163 |
|
|
6,196 |
|
|
9,927 |
|
|
10,132 |
|
Sales & marketing |
|
790 |
|
|
405 |
|
|
933 |
|
|
1,789 |
|
|
1,758 |
|
General & administrative |
|
1,241 |
|
|
508 |
|
|
1,443 |
|
|
2,570 |
|
|
2,445 |
|
|
|
|
|
|
|
|
|
|
|
|
(B) FCI divestiture
items previously excluded from non-GAAP: |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
- |
|
|
- |
|
|
- |
|
|
10,359 |
|
|
- |
|
Gross Profit |
|
- |
|
|
- |
|
|
- |
|
|
5,687 |
|
|
- |
|
Operating Expenses |
|
- |
|
|
- |
|
|
- |
|
|
8,542 |
|
|
- |
|
Operating Profit |
|
- |
|
|
- |
|
|
- |
|
|
(2,855 |
) |
|
- |
|
Non-Operating Income |
|
- |
|
|
- |
|
|
- |
|
|
9 |
|
|
- |
|
Taxes |
|
- |
|
|
- |
|
|
- |
|
|
8 |
|
|
- |
|
Net income |
|
- |
|
|
- |
|
|
- |
|
|
(2,854 |
) |
|
- |
|
EPS |
|
- |
|
|
- |
|
|
- |
|
|
(0.08 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
(C) Reconciliation
with previous non-GAAP disclosures: |
|
|
|
|
|
|
|
Revenue (GAAP) |
|
153,196 |
|
|
126,043 |
|
|
143,897 |
|
|
457,253 |
|
|
539,521 |
|
SSD solutions restructuring |
|
(162 |
) |
|
- |
|
|
- |
|
|
2,494 |
|
|
- |
|
Revenue (non-GAAP) |
|
153,034 |
|
|
126,043 |
|
|
143,897 |
|
|
459,747 |
|
|
539,521 |
|
FCI |
|
- |
|
|
- |
|
|
- |
|
|
(10,359 |
) |
|
- |
|
Revenue (non-GAAP) less FCI |
|
153,034 |
|
|
126,043 |
|
|
143,897 |
|
|
449,388 |
|
|
539,521 |
|
Gross Margin (non-GAAP) less FCI |
|
49.3 |
% |
|
49.1 |
% |
|
49.3 |
% |
|
50.1 |
% |
|
49.2 |
% |
Operating Margin (non-GAAP) less FCI |
|
24.3 |
% |
|
23.0 |
% |
|
21.9 |
% |
|
21.2 |
% |
|
21.8 |
% |
EPS (non-GAAP) less FCI |
|
$0.96 |
|
|
$0.76 |
|
|
$0.86 |
|
|
US$2.60 |
|
$3.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology CorporationConsolidated
Balance Sheet (In thousands, unaudited)
|
|
|
|
|
|
|
|
|
Dec. 31, |
|
Sep. 30, |
|
Dec. 31, |
|
|
2019 |
|
2020 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
Cash and cash equivalents |
|
323,166 |
|
341,281 |
|
342,961 |
Short-term investments |
|
2,010 |
|
1,951 |
|
- |
Accounts receivable (net) |
|
108,734 |
|
95,519 |
|
115,800 |
Inventories |
|
88,439 |
|
107,426 |
|
110,162 |
Refundable deposits –
current |
|
24,085 |
|
24,094 |
|
24,098 |
Prepaid expenses and other current assets |
|
18,765 |
|
24,643 |
|
13,948 |
Total current assets |
|
565,199 |
|
594,914 |
|
606,969 |
Long-term investments |
|
3,000 |
|
5,000 |
|
5,000 |
Property and equipment
(net) |
|
98,488 |
|
102,046 |
|
105,496 |
Goodwill and intangible assets
(net) |
|
17,489 |
|
17,489 |
|
- |
Other assets |
|
13,553 |
|
10,984 |
|
24,595 |
Total assets |
|
697,729 |
|
730,433 |
|
742,060 |
|
|
|
|
|
|
|
Accounts payable |
|
30,687 |
|
37,148 |
|
44,535 |
Income tax payable |
|
2,465 |
|
5,870 |
|
6,886 |
Accrued expenses and other
current liabilities |
|
98,336 |
|
65,500 |
|
107,323 |
Total current liabilities |
|
131,488 |
|
108,518 |
|
158,744 |
Other liabilities |
|
29,457 |
|
26,207 |
|
25,574 |
Total liabilities |
|
160,945 |
|
134,725 |
|
184,318 |
Shareholders’ equity |
|
536,784 |
|
595,708 |
|
557,742 |
Total liabilities & shareholders’ equity |
|
697,729 |
|
730,433 |
|
742,060 |
|
|
|
|
|
|
|
Silicon Motion Technology CorporationCondensed
Consolidated Statements of Cash Flows(in thousands, unaudited)
|
|
|
|
|
|
|
For Three Months Ended |
|
For the Year Ended |
|
|
Dec. 31, |
|
Sep. 30, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net income |
|
25,430 |
|
|
24,267 |
|
|
1,354 |
|
|
64,398 |
|
|
79,746 |
|
Depreciation &
amortization |
|
3,347 |
|
|
3,322 |
|
|
3,640 |
|
|
13,213 |
|
|
13,562 |
|
Stock-based compensation |
|
7,350 |
|
|
3,131 |
|
|
8,729 |
|
|
14,591 |
|
|
14,589 |
|
Goodwill & intangible
assets impairment |
|
- |
|
|
- |
|
|
17,489 |
|
|
15,970 |
|
|
17,489 |
|
Investment impairment, losses
& disposals |
|
(16 |
) |
|
1 |
|
|
260 |
|
|
(12,908 |
) |
|
267 |
|
Changes in operating assets
and liabilities |
|
(6,075 |
) |
|
(552 |
) |
|
(11,158 |
) |
|
(17,553 |
) |
|
(9,871 |
) |
Others |
|
63 |
|
|
22 |
|
|
79 |
|
|
(16 |
) |
|
113 |
|
Net cash provided by
operating activities |
|
30,099 |
|
|
30,191 |
|
|
20,393 |
|
|
77,695 |
|
|
115,895 |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property &
equipment |
|
(2,966 |
) |
|
(2,618 |
) |
|
(5,636 |
) |
|
(11,015 |
) |
|
(18,784 |
) |
Purchase of long-term
investments |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,000 |
) |
Disposal of long-term
investments |
|
- |
|
|
- |
|
|
- |
|
|
45,683 |
|
|
- |
|
Net cash provided by
(used in) investing activities |
|
(2,966 |
) |
|
(2,618 |
) |
|
(5,636 |
) |
|
34,668 |
|
|
(20,784 |
) |
|
|
|
|
|
|
|
|
|
|
|
Dividend payments |
|
(12,147 |
) |
|
(12,280 |
) |
|
(12,065 |
) |
|
(44,029 |
) |
|
(48,901 |
) |
Share repurchases |
|
- |
|
|
(25,013 |
) |
|
- |
|
|
(26,231 |
) |
|
(25,013 |
) |
Net cash used in
financing activities |
|
(12,147 |
) |
|
(37,293 |
) |
|
(12,065 |
) |
|
(70,260 |
) |
|
(73,914 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents & restricted cash |
|
14,986 |
|
|
(9,720 |
) |
|
2,692 |
|
|
42,103 |
|
|
21,197 |
|
Effect of foreign exchange
changes |
|
(13 |
) |
|
323 |
|
|
102 |
|
|
(977 |
) |
|
(239 |
) |
Cash, cash equivalents &
restricted cash—beginning of period |
|
333,280 |
|
|
375,814 |
|
|
366,417 |
|
|
307,127 |
|
|
348,253 |
|
Cash, cash equivalents &
restricted cash—end of period |
|
348,253 |
|
|
366,417 |
|
|
369,211 |
|
|
348,253 |
|
|
369,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 first quarter of 2021 and full year 2021
expectations of revenue, gross margin and operating expenses, all
of which reflect management’s estimates based on information
available at the 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 first
quarter of 2021 and full year 2021. 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 one or
more 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: |
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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