Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended June 30, 2021. For the second quarter, net sales
(GAAP) increased sequentially to $221.1 million from $182.4 million
in first quarter 2021. Net income (GAAP) increased to $49.5 million
or $1.42 per diluted ADS (GAAP) from net income (GAAP) of $34.4
million or $0.98 per diluted ADS (GAAP) in first quarter 2021.
For the second quarter, net income (non-GAAP)
increased to $52.7 million or $1.50 per diluted ADS (non-GAAP) from
a net income (non-GAAP) of $38.7 million or $1.11 per diluted ADS
(non-GAAP) in first quarter 2021.
Second Quarter 2021 Review “We
delivered better than expected revenue in the second quarter,
primarily because of our focus on sales of higher-value products,”
said Wallace Kou, President and CEO of Silicon Motion. “This focus
also led to higher than expected gross profitability.”
Key Financial Results
(in millions, except percentages and per ADS amounts) |
GAAP |
Non-GAAP |
2Q 2021 |
1Q 2021 |
2Q 2020 |
2Q 2021 |
1Q 2021 |
2Q 2020 |
Revenue |
$ |
221.1 |
|
$ |
182.4 |
|
$ |
136.8 |
|
$ |
221.1 |
|
$ |
182.4 |
|
$ |
136.8 |
|
Gross profit |
|
$111.1 |
|
|
$91.3 |
|
|
$68.4 |
|
|
$112.9 |
|
|
$92.4 |
|
|
$68.4 |
|
Percent of revenue |
|
50.3 |
% |
|
50.0 |
% |
|
50.0 |
% |
|
51.0 |
% |
|
50.7 |
% |
|
50.0 |
% |
Operating expenses |
$ |
50.7 |
|
$ |
46.9 |
|
$ |
38.3 |
|
$ |
48.4 |
|
$ |
43.9 |
|
$ |
38.0 |
|
Operating income |
|
$60.4 |
|
|
$44.4 |
|
|
$30.1 |
|
|
$64.5 |
|
|
$48.5 |
|
|
$30.4 |
|
Percent of revenue |
|
27.3 |
% |
|
24.3 |
% |
|
22.0 |
% |
|
29.2 |
% |
|
26.6 |
% |
|
22.2 |
% |
Earnings per diluted ADS |
$ |
1.42 |
|
$ |
0.98 |
|
$ |
0.80 |
|
$ |
1.50 |
|
$ |
1.11 |
|
$ |
0.81 |
|
Other Financial Information
(in millions) |
2Q 2021 |
1Q 2021 |
2Q 2020 |
Cash, cash equivalents, restricted cash and short-term
investments—end of period |
$ |
412.3 |
$ |
371.0 |
$ |
379.7 |
Routine capital expenditures |
$ |
4.9 |
$ |
3.3 |
$ |
4.1 |
Dividend payments |
$ |
12.2 |
$ |
12.2 |
$ |
12.3 |
During the second quarter, we had $4.9 million
of capital expenditures for the routine purchase of 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
May 20, 2021, we paid $12.2 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. 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 second quarter.
Business Outlook“We are
upsizing our previous full-year revenue guidance as we expect to
continue our focus of selling higher-value products,” said Wallace
Kou, President and CEO of Silicon Motion. “We believe that this
focused approach will also lead to better gross profitability and
deliver strong SSD controller market share gains.”
For the third quarter of 2021, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$238m to $249m+7.5% to 12.5% Q/Q |
-- |
$238m to $249m+7.5% to 12.5% Q/Q |
Gross margin |
48.5% to 50.5% |
Approximately $0.1m* |
48.5% to 50.5% |
Operating margin |
25.2% to 27.7% |
Approximately $4.6m to $5.6m** |
27.5% to 29.5% |
* Projected gross margin (non-GAAP) excludes $0.1 million of
stock-based compensation.** Projected operating margin (non-GAAP)
excludes $4.6 million to $5.6 million of stock-based
compensation.
For full year 2021, management expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$890m to $917m+65% to 70% Y/Y |
-- |
$890m to $917m+65% to 70% Y/Y |
Gross margin |
49.1% to 50.2% |
Approximately $3.1m to $3.3m* |
49.5% to 50.5% |
Operating margin |
24.9% to 27.2% |
Approximately $20.8m to $22.8m** |
27.5% to 29.5% |
* Projected gross margin (non-GAAP) excludes $0.3 million to
$0.5 million of stock-based compensation and $2.8 million of SSD
solutions restructuring.** Projected operating margin (non-GAAP)
excludes $18.0 million to $20.0 million of stock-based compensation
and $2.8 million of SSD solutions restructuring.
Conference Call & Webcast:
The Company’s management team will conduct a
conference call at 8:00 am Eastern Time on July 30, 2021.
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/9533307
Replay
Numbers (for 7 days): |
|
|
USA (Toll Free): |
|
1 855 452 5696 |
USA (Toll): |
|
1 646 254 3697 |
Participant Passcode: |
|
9533307 |
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:
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 relate to the
restructuring of our underperforming Shannon product lines and
include goodwill impairment expenses, and the write-down of NAND
flash and SSD inventory valuation.
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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Silicon Motion Technology CorporationConsolidated
Statements of Income(in thousands, except percentages and per ADS
data, unaudited)
|
For Three Months Ended |
|
For the Six Months Ended |
|
Jun. 30, |
|
Mar. 31, |
|
Jun. 30, |
|
Jun. 30, |
|
Jun. 30, |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net sales |
136,811 |
|
|
182,399 |
|
|
221,103 |
|
|
269,580 |
|
|
403,502 |
|
Cost of sales |
68,417 |
|
|
91,140 |
|
|
109,969 |
|
|
137,294 |
|
|
201,109 |
|
Gross profit |
68,394 |
|
|
91,259 |
|
|
111,134 |
|
|
132,286 |
|
|
202,393 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research & development |
28,901 |
|
|
35,982 |
|
|
38,962 |
|
|
58,247 |
|
|
74,944 |
|
Sales & marketing |
5,823 |
|
|
6,446 |
|
|
7,085 |
|
|
12,316 |
|
|
13,531 |
|
General & administrative |
3,531 |
|
|
4,439 |
|
|
4,649 |
|
|
7,490 |
|
|
9,088 |
|
Operating income |
30,139 |
|
|
44,392 |
|
|
60,438 |
|
|
54,233 |
|
|
104,830 |
|
Non-operating income
(expense) |
|
|
|
|
|
|
|
|
|
Interest income, net |
1,323 |
|
|
361 |
|
|
336 |
|
|
3,055 |
|
|
697 |
|
Foreign exchange gain (loss), net |
(142 |
) |
|
(808 |
) |
|
519 |
|
|
(623 |
) |
|
(289 |
) |
Others, net |
6 |
|
|
3 |
|
|
- |
|
|
22 |
|
|
3 |
|
Subtotal |
1,187 |
|
|
(444 |
) |
|
855 |
|
|
2,454 |
|
|
411 |
|
Income before income tax |
31,326 |
|
|
43,948 |
|
|
61,293 |
|
|
56,687 |
|
|
105,241 |
|
Income tax expense |
3,115 |
|
|
9,548 |
|
|
11,748 |
|
|
2,561 |
|
|
21,296 |
|
Net income |
28,211 |
|
|
34,400 |
|
|
49,545 |
|
|
54,126 |
|
|
83,945 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per basic ADS |
0.80 |
|
|
0.99 |
|
|
1.42 |
|
|
1.54 |
|
|
2.41 |
|
Earnings per diluted ADS |
0.80 |
|
|
0.98 |
|
|
1.42 |
|
|
1.54 |
|
|
2.40 |
|
|
|
|
|
|
|
|
|
|
|
Margin
Analysis: |
|
|
|
|
|
|
|
|
|
Gross margin |
50.0 |
% |
|
50.0 |
% |
|
50.3 |
% |
|
49.1 |
% |
|
50.2 |
% |
Operating margin |
22.0 |
% |
|
24.3 |
% |
|
27.3 |
% |
|
20.1 |
% |
|
26.0 |
% |
Net margin |
20.6 |
% |
|
18.9 |
% |
|
22.4 |
% |
|
20.1 |
% |
|
20.8 |
% |
|
|
|
|
|
|
|
|
|
|
Additional
Data: |
|
|
|
|
|
|
|
|
|
Basic ADS |
35,146 |
|
|
34,674 |
|
|
34,926 |
|
|
35,024 |
|
|
34,800 |
|
Diluted ADS |
35,164 |
|
|
34,924 |
|
|
34,953 |
|
|
35,147 |
|
|
34,939 |
|
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, |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Gross profit (GAAP) |
|
|
68,394 |
|
|
|
91,259 |
|
|
|
111,134 |
|
|
|
132,286 |
|
|
|
202,393 |
|
Gross margin (GAAP) |
|
|
50.0 |
% |
|
|
50.0 |
% |
|
|
50.3 |
% |
|
|
49.1 |
% |
|
|
50.2 |
% |
Stock-based compensation (A) |
|
|
3 |
|
|
|
54 |
|
|
|
52 |
|
|
|
41 |
|
|
|
106 |
|
SSD solutions restructuring |
|
|
- |
|
|
|
1,131 |
|
|
|
1,679 |
|
|
|
- |
|
|
|
2,810 |
|
Gross profit
(non-GAAP) |
|
|
68,397 |
|
|
|
92,444 |
|
|
|
112,865 |
|
|
|
132,327 |
|
|
|
205,309 |
|
Gross margin (non-GAAP) |
|
|
50.0 |
% |
|
|
50.7 |
% |
|
|
51.0 |
% |
|
|
49.1 |
% |
|
|
50.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
|
|
38,255 |
|
|
|
46,867 |
|
|
|
50,696 |
|
|
|
78,053 |
|
|
|
97,563 |
|
Stock-based compensation (A) |
|
|
(243 |
) |
|
|
(2,961 |
) |
|
|
(2,312 |
) |
|
|
(2,687 |
) |
|
|
(5,273 |
) |
Operating expenses
(non-GAAP) |
|
|
38,012 |
|
|
|
43,906 |
|
|
|
48,384 |
|
|
|
75,366 |
|
|
|
92,290 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(GAAP) |
|
|
30,139 |
|
|
|
44,392 |
|
|
|
60,438 |
|
|
|
54,233 |
|
|
|
104,830 |
|
Operating margin (GAAP) |
|
|
22.0 |
% |
|
|
24.3 |
% |
|
|
27.3 |
% |
|
|
20.1 |
% |
|
|
26.0 |
% |
Total adjustments to operating profit |
|
|
246 |
|
|
|
4,146 |
|
|
|
4,043 |
|
|
|
2,728 |
|
|
|
8,189 |
|
Operating profit
(non-GAAP) |
|
|
30,385 |
|
|
|
48,538 |
|
|
|
64,481 |
|
|
|
56,961 |
|
|
|
113,019 |
|
Operating margin (non-GAAP) |
|
|
22.2 |
% |
|
|
26.6 |
% |
|
|
29.2 |
% |
|
|
21.1 |
% |
|
|
28.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) (GAAP) |
|
|
1,187 |
|
|
|
(444 |
) |
|
|
855 |
|
|
|
2,454 |
|
|
|
411 |
|
Foreign exchange loss (gain), net |
|
|
142 |
|
|
|
808 |
|
|
|
(519 |
) |
|
|
623 |
|
|
|
289 |
|
Non-operating income
(expense) (non-GAAP) |
|
|
1,329 |
|
|
|
364 |
|
|
|
336 |
|
|
|
3,077 |
|
|
|
700 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP) |
|
|
28,211 |
|
|
|
34,400 |
|
|
|
49,545 |
|
|
|
54,126 |
|
|
|
83,945 |
|
Total pre-tax impact of non-GAAP adjustments |
|
|
388 |
|
|
|
4,954 |
|
|
|
3,524 |
|
|
|
3,351 |
|
|
|
8,478 |
|
Income tax impact of non-GAAP adjustments |
|
|
2 |
|
|
|
(695 |
) |
|
|
(339 |
) |
|
|
(522 |
) |
|
|
(1,034 |
) |
Net income
(non-GAAP) |
|
|
28,601 |
|
|
|
38,659 |
|
|
|
52,730 |
|
|
|
56,955 |
|
|
|
91,389 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
ADS (GAAP) |
|
$ |
0.80 |
|
|
$ |
0.98 |
|
|
$ |
1.42 |
|
|
$ |
1.54 |
|
|
$ |
2.40 |
|
Earnings per diluted
ADS (non-GAAP) |
|
$ |
0.81 |
|
|
$ |
1.11 |
|
|
$ |
1.50 |
|
|
$ |
1.62 |
|
|
$ |
2.60 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per diluted ADS (GAAP) |
|
|
35,164 |
|
|
|
34,924 |
|
|
|
34,953 |
|
|
|
35,147 |
|
|
|
34,939 |
|
Non-GAAP adjustments |
|
|
36 |
|
|
|
45 |
|
|
|
297 |
|
|
|
49 |
|
|
|
171 |
|
Shares used in
computing earnings per diluted ADS (non-GAAP) |
|
|
35,200 |
|
|
|
34,969 |
|
|
|
35,250 |
|
|
|
35,196 |
|
|
|
35,110 |
|
|
|
|
|
|
|
|
|
|
|
|
(A) Excludes
stock-based compensation as follows: |
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
3 |
|
|
|
54 |
|
|
|
52 |
|
|
|
41 |
|
|
|
106 |
|
Research & development |
|
|
118 |
|
|
|
2,056 |
|
|
|
1,203 |
|
|
|
1,773 |
|
|
|
3,259 |
|
Sales & marketing |
|
|
85 |
|
|
|
406 |
|
|
|
480 |
|
|
|
420 |
|
|
|
886 |
|
General & administrative |
|
|
40 |
|
|
|
499 |
|
|
|
629 |
|
|
|
494 |
|
|
|
1,128 |
|
Silicon Motion Technology CorporationConsolidated
Balance Sheet (In thousands, unaudited)
|
|
Jun. 30, |
|
Mar. 31, |
|
Jun. 30, |
|
|
2020 |
|
2021 |
|
2021 |
|
|
($) |
|
($) |
|
($) |
Cash and cash equivalents |
|
350,790 |
|
350,125 |
|
357,119 |
Short-term investments |
|
3,876 |
|
- |
|
- |
Accounts receivable (net) |
|
93,825 |
|
136,244 |
|
145,583 |
Inventories |
|
103,835 |
|
113,432 |
|
150,617 |
Refundable deposits –
current |
|
24,089 |
|
18,693 |
|
48,760 |
Prepaid expenses and other current assets |
|
23,778 |
|
25,140 |
|
26,742 |
Total current assets |
|
600,193 |
|
643,634 |
|
728,821 |
Long-term investments |
|
5,000 |
|
5,000 |
|
6,500 |
Property and equipment
(net) |
|
102,156 |
|
103,948 |
|
106,841 |
Goodwill and intangible assets
(net) |
|
17,489 |
|
- |
|
- |
Other assets |
|
11,556 |
|
10,832 |
|
17,093 |
Total assets |
|
736,394 |
|
763,414 |
|
859,255 |
|
|
|
|
|
|
|
Accounts payable |
|
34,209 |
|
44,112 |
|
77,126 |
Income tax payable |
|
3,642 |
|
12,817 |
|
19,071 |
Accrued expenses and other
current liabilities |
|
78,244 |
|
85,533 |
|
86,559 |
Total current liabilities |
|
116,095 |
|
142,462 |
|
182,756 |
Other liabilities |
|
27,202 |
|
26,193 |
|
29,859 |
Total liabilities |
|
143,297 |
|
168,655 |
|
212,615 |
Shareholders’ equity |
|
593,097 |
|
594,759 |
|
646,640 |
Total liabilities & shareholders’ equity |
|
736,394 |
|
763,414 |
|
859,255 |
Silicon Motion Technology CorporationCondensed
Consolidated Statements of Cash Flows(in thousands, unaudited)
|
|
For Three Months Ended |
|
For the Six Months Ended |
|
|
Jun. 30, |
|
Mar. 31, |
|
Jun. 30, |
|
Jun. 30, |
|
Jun. 30, |
|
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net income |
|
28,211 |
|
|
34,400 |
|
|
49,545 |
|
|
54,126 |
|
|
83,945 |
|
Depreciation &
amortization |
|
3,363 |
|
|
3,886 |
|
|
4,059 |
|
|
6,600 |
|
|
7,945 |
|
Stock-based compensation |
|
246 |
|
|
3,015 |
|
|
2,364 |
|
|
2,728 |
|
|
5,379 |
|
Investment impairment, losses
& disposals |
|
33 |
|
|
203 |
|
|
- |
|
|
19 |
|
|
203 |
|
Changes in operating assets
and liabilities |
|
(6,151 |
) |
|
(24,132 |
) |
|
4,058 |
|
|
1,839 |
|
|
(20,074 |
) |
Others |
|
(1 |
) |
|
- |
|
|
- |
|
|
(1 |
) |
|
- |
|
Net cash provided by
operating activities |
|
25,701 |
|
|
17,372 |
|
|
60,026 |
|
|
65,311 |
|
|
77,398 |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property &
equipment |
|
(4,134 |
) |
|
(3,330 |
) |
|
(4,926 |
) |
|
(10,530 |
) |
|
(8,256 |
) |
Purchase of long-term
investments |
|
(2,000 |
) |
|
- |
|
|
(1,500 |
) |
|
(2,000 |
) |
|
(1,500 |
) |
Net cash used in
investing activities |
|
(6,134 |
) |
|
(3,330 |
) |
|
(6,426 |
) |
|
(12,530 |
) |
|
(9,756 |
) |
|
|
|
|
|
|
|
|
|
|
|
Dividend payments |
|
(12,278 |
) |
|
(12,199 |
) |
|
(12,201 |
) |
|
(24,556 |
) |
|
(24,400 |
) |
Net cash used in
financing activities |
|
(12,278 |
) |
|
(12,199 |
) |
|
(12,201 |
) |
|
(24,556 |
) |
|
(24,400 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents & restricted cash |
|
7,289 |
|
|
1,843 |
|
|
41,399 |
|
|
28,225 |
|
|
43,242 |
|
Effect of foreign exchange
changes |
|
(550 |
) |
|
(86 |
) |
|
(57 |
) |
|
(664 |
) |
|
(143 |
) |
Cash, cash equivalents &
restricted cash—beginning of period |
|
369,075 |
|
|
369,211 |
|
|
370,968 |
|
|
348,253 |
|
|
369,211 |
|
Cash, cash equivalents &
restricted cash—end of period |
|
375,814 |
|
|
370,968 |
|
|
412,310 |
|
|
375,814 |
|
|
412,310 |
|
About Silicon Motion:
We are the global leader in supplying NAND flash
controllers for solid state storage devices. We supply more
SSD controllers than any other company in the world for servers,
PCs and other client devices and are the leading merchant supplier
of eMMC and UFS embedded storage controllers used in smartphones,
IoT devices and other applications. We also supply customized
high-performance hyperscale data center and specialized industrial
and automotive 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 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 third
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 the
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 the products we sell given the current raw material supply
shortages being experienced in our industry; 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 12, 2021. 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 HsuProject ManagerE-mail:
sara.hsu@siliconmotion.com
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