Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended September 30, 2021. For the third quarter, net
sales (GAAP) increased sequentially to $254.2 million from $221.1
million in second quarter 2021. Net income (GAAP) increased to
$55.4 million or $1.58 per diluted ADS (GAAP) from net income
(GAAP) of $49.5 million or $1.42 per diluted ADS (GAAP) in second
quarter 2021.
For the third quarter, net income (non-GAAP)
increased to $60.4 million or $1.70 per diluted ADS (non-GAAP) from
a net income (non-GAAP) of $52.7 million or $1.50 per diluted ADS
(non-GAAP) in second quarter 2021.
Third Quarter 2021 Review “We
continued to optimize our scarce foundry wafer capacity and product
allocation to customers and delivered $1 billion in Revenue
Run-Rate, a quarter ahead of plan,” said Wallace Kou, President and
CEO of Silicon Motion. “Our third quarter results were driven by
strong sales of eMMC+UFS controllers used primarily in smartphones
and other smart devices.”
Key Financial Results
(in millions, except percentages and per ADS amounts) |
GAAP |
Non-GAAP |
3Q 2021 |
2Q 2021 |
3Q 2020 |
3Q 2021 |
2Q 2021 |
3Q 2020 |
Revenue |
$254.2 |
|
$221.1 |
|
$126.0 |
|
$254.2 |
|
$221.1 |
|
$126.0 |
|
Gross profit |
|
$127.2 |
|
|
$111.1 |
|
|
$61.8 |
|
|
$127.8 |
|
|
$112.9 |
|
|
$61.9 |
|
Percent of revenue |
|
50.0% |
|
|
50.3% |
|
|
49.1% |
|
|
50.2% |
|
|
51.0% |
|
|
49.1% |
|
Operating expenses |
$58.3 |
|
$50.7 |
|
$36.0 |
|
$53.0 |
|
$48.4 |
|
$32.9 |
|
Operating income |
|
$68.9 |
|
|
$60.4 |
|
|
$25.8 |
|
|
$74.8 |
|
|
$64.5 |
|
|
$29.0 |
|
Percent of revenue |
|
27.1% |
|
|
27.3% |
|
|
20.5% |
|
|
29.4% |
|
|
29.2% |
|
|
23.0% |
|
Earnings per diluted ADS |
$1.58 |
|
$1.42 |
|
$0.70 |
|
$1.70 |
|
$1.50 |
|
$0.76 |
|
Other Financial Information
(in millions) |
3Q 2021 |
2Q 2021 |
3Q 2020 |
Cash, cash equivalents, restricted cash and short-term
investments—end of period |
$419.5 |
|
$412.3 |
|
$368.4 |
|
Routine capital expenditures |
$5.9 |
|
$4.9 |
|
$2.6 |
|
Dividend payments |
$12.2 |
|
$12.2 |
|
$12.3 |
|
During the third quarter, we had $5.9 million of
capital expenditures for the routine purchase of software, design
tools and other items and $1.4 million for building construction in
Hsinchu, Taiwan.
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
August 19, 2021, we paid $12.2 million to shareholders as the
fourth installment of our annual dividend. On October 25, 2021, our
Board of Directors declared a $2.00 per ADS annual dividend,
representing an annual increase of 43%, to be paid in quarterly
installments of $0.50 per ADS. The first installment of our annual
dividend will be paid on November 24, 2021.
Business Outlook“In spite of
capped foundry wafer supply this year, we’ve optimized with better
product mix, customer allocation and pricing discipline to deliver
strong growth,” said Wallace Kou, President and CEO of Silicon
Motion. “We believe that our strong design win momentum with
leading OEM customers positions us for continued market share gains
and relative outperformance next year.”
For the fourth quarter of 2021, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$254m to $267m+0% to 5% Q/Q |
-- |
$254m to $267m+0% to 5% Q/Q |
Gross margin |
48.4% to 50.4% |
Approximately $0.2m* |
48.5% to 50.5% |
Operating margin |
24.9% to 26.7% |
Approximately $9.2m to $10.2m** |
28.5% to 30.5% |
* Projected gross margin (non-GAAP) excludes $0.2 million of
stock-based compensation.** Projected operating margin (non-GAAP)
excludes $9.2 million to $10.2 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 October 28, 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/7896715
Replay Numbers (for 7 days): |
|
|
USA (Toll Free): |
|
1 855 452 5696 |
USA (Toll): |
|
1 646 254 3697 |
Participant Passcode: |
|
7896715 |
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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
|
Silicon Motion Technology CorporationConsolidated Statements of
Income(in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
|
|
For Three Months Ended |
|
For the Nine Months Ended |
|
Sep. 30, |
|
Jun. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net sales |
126,043 |
|
|
221,103 |
|
|
254,241 |
|
|
395,624 |
|
|
657,743 |
|
Cost of sales |
64,217 |
|
|
109,969 |
|
|
127,070 |
|
|
201,512 |
|
|
328,179 |
|
Gross profit |
61,826 |
|
|
111,134 |
|
|
127,171 |
|
|
194,112 |
|
|
329,564 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research & development |
26,378 |
|
|
38,962 |
|
|
44,600 |
|
|
84,624 |
|
|
119,544 |
|
Sales & marketing |
6,077 |
|
|
7,085 |
|
|
7,749 |
|
|
18,394 |
|
|
21,280 |
|
General & administrative |
3,528 |
|
|
4,649 |
|
|
5,931 |
|
|
11,019 |
|
|
15,019 |
|
Operating income |
25,843 |
|
|
60,438 |
|
|
68,891 |
|
|
80,075 |
|
|
173,721 |
|
Non-operating income
(expense) |
|
|
|
|
|
|
|
|
|
Interest income, net |
841 |
|
|
336 |
|
|
312 |
|
|
3,896 |
|
|
1,009 |
|
Foreign exchange gain (loss), net |
551 |
|
|
519 |
|
|
(114 |
) |
|
(72 |
) |
|
(404 |
) |
Others, net |
(6 |
) |
|
- |
|
|
- |
|
|
15 |
|
|
3 |
|
Subtotal |
1,386 |
|
|
855 |
|
|
198 |
|
|
3,839 |
|
|
608 |
|
Income before income tax |
27,229 |
|
|
61,293 |
|
|
69,089 |
|
|
83,914 |
|
|
174,329 |
|
Income tax expense |
2,962 |
|
|
11,748 |
|
|
13,665 |
|
|
5,522 |
|
|
34,961 |
|
Net income |
24,267 |
|
|
49,545 |
|
|
55,424 |
|
|
78,392 |
|
|
139,368 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per basic ADS |
0.70 |
|
|
1.42 |
|
|
1.59 |
|
|
2.24 |
|
|
4.00 |
|
Earnings per diluted ADS |
0.70 |
|
|
1.42 |
|
|
1.58 |
|
|
2.24 |
|
|
3.99 |
|
|
|
|
|
|
|
|
|
|
|
Margin
Analysis: |
|
|
|
|
|
|
|
|
|
Gross margin |
49.1 |
% |
|
50.3 |
% |
|
50.0 |
% |
|
49.1 |
% |
|
50.1 |
% |
Operating margin |
20.5 |
% |
|
27.3 |
% |
|
27.1 |
% |
|
20.2 |
% |
|
26.4 |
% |
Net margin |
19.3 |
% |
|
22.4 |
% |
|
21.8 |
% |
|
19.8 |
% |
|
21.2 |
% |
|
|
|
|
|
|
|
|
|
|
Additional
Data: |
|
|
|
|
|
|
|
|
|
Basic ADS |
34,832 |
|
|
34,926 |
|
|
34,933 |
|
|
34,960 |
|
|
34,844 |
|
Diluted ADS |
34,891 |
|
|
34,953 |
|
|
35,023 |
|
|
35,061 |
|
|
34,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Nine Months Ended |
|
Sep. 30, |
|
Jun. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Gross profit (GAAP) |
61,826 |
|
|
111,134 |
|
|
127,171 |
|
|
194,112 |
|
|
329,564 |
|
Gross margin (GAAP) |
49.1 |
% |
|
50.3 |
% |
|
50.0 |
% |
|
49.1 |
% |
|
50.1 |
% |
Stock-based compensation (A) |
55 |
|
|
52 |
|
|
111 |
|
|
96 |
|
|
217 |
|
SSD solutions restructuring |
- |
|
|
1,679 |
|
|
473 |
|
|
- |
|
|
3,283 |
|
Gross profit
(non-GAAP) |
61,881 |
|
|
112,865 |
|
|
127,755 |
|
|
194,208 |
|
|
333,064 |
|
Gross margin (non-GAAP) |
49.1 |
% |
|
51.0 |
% |
|
50.2 |
% |
|
49.1 |
% |
|
50.6 |
% |
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
35,983 |
|
|
50,696 |
|
|
58,280 |
|
|
114,037 |
|
|
155,843 |
|
Stock-based compensation (A) |
(3,076 |
) |
|
(2,312 |
) |
|
(5,059 |
) |
|
(5,763 |
) |
|
(10,332 |
) |
SSD solutions restructuring |
- |
|
|
- |
|
|
(238 |
) |
|
- |
|
|
(238 |
) |
Operating expenses
(non-GAAP) |
32,907 |
|
|
48,384 |
|
|
52,983 |
|
|
108,274 |
|
|
145,273 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(GAAP) |
25,843 |
|
|
60,438 |
|
|
68,891 |
|
|
80,075 |
|
|
173,721 |
|
Operating margin (GAAP) |
20.5 |
% |
|
27.3 |
% |
|
27.1 |
% |
|
20.2 |
% |
|
26.4 |
% |
Total adjustments to operating profit |
3,131 |
|
|
4,043 |
|
|
5,881 |
|
|
5,859 |
|
|
14,070 |
|
Operating profit
(non-GAAP) |
28,974 |
|
|
64,481 |
|
|
74,772 |
|
|
85,934 |
|
|
187,791 |
|
Operating margin (non-GAAP) |
23.0 |
% |
|
29.2 |
% |
|
29.4 |
% |
|
21.7 |
% |
|
28.6 |
% |
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) (GAAP) |
1,386 |
|
|
855 |
|
|
198 |
|
|
3,839 |
|
|
608 |
|
Foreign exchange loss (gain), net |
(551 |
) |
|
(519 |
) |
|
114 |
|
|
72 |
|
|
404 |
|
Non-operating income
(expense) (non-GAAP) |
835 |
|
|
336 |
|
|
312 |
|
|
3,911 |
|
|
1,012 |
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP) |
24,267 |
|
|
49,545 |
|
|
55,424 |
|
|
78,392 |
|
|
139,368 |
|
Total pre-tax impact of non-GAAP adjustments |
2,580 |
|
|
3,524 |
|
|
5,995 |
|
|
5,931 |
|
|
14,474 |
|
Income tax impact of non-GAAP adjustments |
(171 |
) |
|
(339 |
) |
|
(1,015 |
) |
|
(693 |
) |
|
(2,048 |
) |
Net income
(non-GAAP) |
26,676 |
|
|
52,730 |
|
|
60,404 |
|
|
83,630 |
|
|
151,794 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
ADS (GAAP) |
$0.70 |
|
|
$1.42 |
|
|
$1.58 |
|
|
$2.24 |
|
|
$3.99 |
|
Earnings per diluted
ADS (non-GAAP) |
$0.76 |
|
|
$1.50 |
|
|
$1.70 |
|
|
$2.38 |
|
|
$4.31 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per diluted ADS (GAAP) |
34,891 |
|
|
34,953 |
|
|
35,023 |
|
|
35,061 |
|
|
34,967 |
|
Non-GAAP Adjustments |
163 |
|
|
297 |
|
|
513 |
|
|
88 |
|
|
285 |
|
Shares used in
computing earnings per diluted ADS (non-GAAP) |
35,054 |
|
|
35,250 |
|
|
35,536 |
|
|
35,149 |
|
|
35,252 |
|
|
|
|
|
|
|
|
|
|
|
(A) Excludes
stock-based compensation as follows: |
|
|
|
|
|
|
|
|
|
Cost of sales |
55 |
|
|
52 |
|
|
111 |
|
|
96 |
|
|
217 |
|
Research & development |
2,163 |
|
|
1,203 |
|
|
3,251 |
|
|
3,937 |
|
|
6,508 |
|
Sales & marketing |
405 |
|
|
480 |
|
|
616 |
|
|
825 |
|
|
1,502 |
|
General & administrative |
508 |
|
|
629 |
|
|
1,192 |
|
|
1,001 |
|
|
2,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology CorporationConsolidated Balance Sheet (In
thousands, unaudited) |
|
|
|
|
|
|
|
Sep. 30, |
|
Jun. 30, |
|
Sep. 30, |
|
2020 |
|
2021 |
|
2021 |
|
($) |
|
($) |
|
($) |
Cash and cash equivalents |
341,281 |
|
357,119 |
|
364,071 |
Short-term investments |
1,951 |
|
- |
|
- |
Accounts receivable (net) |
95,519 |
|
145,583 |
|
184,984 |
Inventories |
107,426 |
|
150,617 |
|
161,010 |
Refundable deposits –
current |
24,094 |
|
48,760 |
|
48,507 |
Prepaid expenses and other current assets |
24,643 |
|
26,742 |
|
26,398 |
Total current assets |
594,914 |
|
728,821 |
|
784,970 |
Long-term investments |
5,000 |
|
6,500 |
|
8,507 |
Property and equipment
(net) |
102,046 |
|
106,841 |
|
110,289 |
Goodwill and intangible assets
(net) |
17,489 |
|
- |
|
- |
Other assets |
10,984 |
|
17,093 |
|
17,808 |
Total assets |
730,433 |
|
859,255 |
|
921,574 |
|
|
|
|
|
|
Accounts payable |
37,148 |
|
77,126 |
|
66,380 |
Income tax payable |
5,870 |
|
19,071 |
|
31,190 |
Accrued expenses and other
current liabilities |
65,500 |
|
86,559 |
|
85,584 |
Total current liabilities |
108,518 |
|
182,756 |
|
183,154 |
Other liabilities |
26,207 |
|
29,859 |
|
31,198 |
Total liabilities |
134,725 |
|
212,615 |
|
214,352 |
Shareholders’ equity |
595,708 |
|
646,640 |
|
707,222 |
Total liabilities & shareholders’ equity |
730,433 |
|
859,255 |
|
921,574 |
|
|
|
|
|
|
|
Silicon Motion Technology CorporationCondensed Consolidated
Statements of Cash Flows(in thousands, unaudited) |
|
|
|
|
|
|
|
For Three Months Ended |
|
For the Nine Months Ended |
|
|
Sep. 30, |
|
Jun. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net income |
|
24,267 |
|
|
49,545 |
|
|
55,424 |
|
|
78,392 |
|
|
139,368 |
|
Depreciation &
amortization |
|
3,322 |
|
|
4,059 |
|
|
4,180 |
|
|
9,922 |
|
|
12,125 |
|
Stock-based compensation |
|
3,131 |
|
|
2,364 |
|
|
5,170 |
|
|
5,859 |
|
|
10,549 |
|
Investment impairment, losses
& disposals |
|
1 |
|
|
- |
|
|
2 |
|
|
7 |
|
|
204 |
|
Changes in operating assets
and liabilities |
|
(552 |
) |
|
4,058 |
|
|
(36,117 |
) |
|
1,287 |
|
|
(56,191 |
) |
Others |
|
22 |
|
|
- |
|
|
- |
|
|
35 |
|
|
- |
|
Net cash provided by
operating activities |
|
30,191 |
|
|
60,026 |
|
|
28,659 |
|
|
95,502 |
|
|
106,055 |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property &
equipment |
|
(2,618 |
) |
|
(4,926 |
) |
|
(7,329 |
) |
|
(13,148 |
) |
|
(15,585 |
) |
Purchase of long-term
investments |
|
- |
|
|
(1,500 |
) |
|
(2,007 |
) |
|
(2,000 |
) |
|
(3,506 |
) |
Net cash provided by
(used in) investing activities |
|
(2,618 |
) |
|
(6,426 |
) |
|
(9,336 |
) |
|
(15,148 |
) |
|
(19,091 |
) |
|
|
|
|
|
|
|
|
|
|
|
Dividend payments |
|
(12,280 |
) |
|
(12,201 |
) |
|
(12,204 |
) |
|
(36,835 |
) |
|
(36,604 |
) |
Share repurchases |
|
(25,013 |
) |
|
- |
|
|
- |
|
|
(25,013 |
) |
|
- |
|
Net cash used in
financing activities |
|
(37,293 |
) |
|
(12,201 |
) |
|
(12,204 |
) |
|
(61,848 |
) |
|
(36,604 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents & restricted cash |
|
(9,720 |
) |
|
41,399 |
|
|
7,119 |
|
|
18,506 |
|
|
50,360 |
|
Effect of foreign exchange
changes |
|
323 |
|
|
(57 |
) |
|
23 |
|
|
(342 |
) |
|
(119 |
) |
Cash, cash equivalents &
restricted cash—beginning of period |
|
375,814 |
|
|
370,968 |
|
|
412,310 |
|
|
348,253 |
|
|
369,211 |
|
Cash, cash equivalents &
restricted cash—end of period |
|
366,417 |
|
|
412,310 |
|
|
419,452 |
|
|
366,417 |
|
|
419,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 fourth 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 fourth
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; the recent increases in tensions between Taiwan and China
including enhanced military activities; 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 Hsu |
|
Project Manager |
|
E-mail: sara.hsu@siliconmotion.com |
|
Silicon Motion Technology (NASDAQ:SIMO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Silicon Motion Technology (NASDAQ:SIMO)
Historical Stock Chart
From Jul 2023 to Jul 2024