Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion”, the “Company” or “we”) today announced its financial
results for the quarter ended September 30, 2023. For the third
quarter of 2023, net sales (GAAP) increased sequentially to $172.3
million from $140.4 million in the second quarter of 2023. Net
income (GAAP) decreased to $10.6 million, or $0.32 per diluted
American Depositary Share of the Company (“ADS”) (GAAP), from net
income (GAAP) of $11.0 million, or $0.33 per diluted ADS (GAAP), in
the second quarter of 2023.
For the third quarter of 2023, net income
(non-GAAP) increased to $21.1 million, or $0.63 per diluted ADS
(non-GAAP), from net income (non-GAAP) of $12.6 million, or $0.38
per diluted ADS (non-GAAP), in the second quarter of 2023.
Third Quarter 2023 Review
“We’re pleased with our strong performance in
the third quarter as we began to see inventory levels in the
channel normalize and OEM order patterns accelerate ahead of the
anticipated holiday season demand,” said Wallace Kou, President and
CEO of Silicon Motion. “eMMC+UFS sales rebounded while our SSD
controller sales again saw sequential growth. Our continuing
investment in technology leadership in storage controllers has
expanded our customer base for SSD and eMMC+UFS controllers and
diversified our end-markets, leading to more stable and sustainable
long-term growth.”
Key Financial Results
(in millions, except percentages and per ADS amounts) |
GAAP |
Non-GAAP |
3Q 2023 |
|
2Q 2023 |
|
3Q 2022 |
|
3Q 2023 |
|
2Q 2023 |
|
3Q 2022 |
|
Revenue |
$172.3 |
|
$140.4 |
|
$250.8 |
|
$172.3 |
|
$140.4 |
|
$250.8 |
|
Gross profit |
$73.1 |
|
$56.4 |
|
$119.1 |
|
$73.3 |
|
$59.7 |
|
$119.3 |
|
Percent of revenue |
42.4% |
|
40.2% |
|
47.5% |
|
42.5% |
|
42.5% |
|
47.6% |
|
Operating expenses |
$58.1 |
|
$54.6 |
|
$63.8 |
|
$49.5 |
|
$48.0 |
|
$56.6 |
|
Operating income |
$15.0 |
|
$1.8 |
|
$55.4 |
|
$23.8 |
|
$11.7 |
|
$62.7 |
|
Percent of revenue |
8.7% |
|
1.3% |
|
22.1% |
|
13.8% |
|
8.3% |
|
25.0% |
|
Earnings per diluted ADS |
$0.32 |
|
$0.33 |
|
$1.29 |
|
$0.63 |
|
$0.38 |
|
$1.53 |
|
Other Financial Information
(in millions) |
3Q 2023 |
|
2Q 2023 |
|
3Q 2022 |
|
Cash, cash equivalents, restricted cash and short-term
investments—end of period |
$350.3 |
|
$305.0 |
|
$253.9 |
|
Routine capital expenditures |
$6.3 |
|
$4.3 |
|
$7.4 |
|
Dividend payments |
-- |
|
-- |
|
$16.5 |
|
Share repurchases |
-- |
|
-- |
|
* |
|
* $0.1m ADS cancellation fee for shares repurchased in prior
quarter.
During the third quarter of 2023, we had $17.1
million of capital expenditures, including $6.3 million for the
routine purchase of testing equipment, software, design tools and
other items, and $10.8 million for building construction in
Hsinchu.Acquisition Update
On May 5, 2022, Silicon Motion and MaxLinear,
Inc. (“MaxLinear”) entered into a merger agreement (the “Merger
Agreement”), pursuant to which Silicon Motion agreed to be acquired
by MaxLinear, with (a) holders of Silicon Motion ordinary shares,
par value $0.01 (each, a “Share”), to receive $23.385 in cash and
0.097 shares of MaxLinear common stock, par value
$0.0001(“MaxLinear Common Stock”) for each Share that they hold
(other than certain customary excluded Shares), and (b) ADS holders
to receive $93.54 in cash and 0.388 shares of MaxLinear Common
Stock for each ADS that they hold (other than ADSs representing
certain customary excluded Shares), in each case, with cash in lieu
of any fractional shares of MaxLinear Common Stock (collectively,
the “Transaction”). On August 31, 2022, shareholders at Silicon
Motion’s Extraordinary General Meeting of Shareholders approved the
Transaction.
On July 26, 2023, Silicon Motion and MaxLinear
received antitrust approval from the State Administration for
Market Regulation of the People’s Republic of China (“SAMR
Approval”). Shortly after receiving SAMR Approval, Silicon Motion
received notice from MaxLinear of its purported termination of the
Merger Agreement. MaxLinear did not provide any factual basis for
its purported termination, and Silicon Motion believes its actions
constituted a willful and material breach of the Merger Agreement.
Silicon Motion has filed a claim in the Singapore International
Arbitration Centre, which is the venue for dispute resolution under
the Merger Agreement, and is pursuing payment of the termination
fee of $160 million, further substantial damages, interest and
costs.
Business Outlook“We expect our business to
continue to rebound in the fourth quarter as channel inventory
normalizes and OEM demand further improves, leading to
better-than-seasonal sequential revenue growth,” said Wallace Kou,
President and CEO of Silicon Motion. “Order patterns and visibility
have improved significantly since the start of this year and with
inventory levels normalizing and a strong pipeline of design wins,
we are well positioned to deliver growth in 2024.”
For the fourth quarter of 2023, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$190m to $198m+10% to 15% Q/Q |
-- |
$190m to $198m+10% to 15% Q/Q |
Gross margin |
42.4% to 43.4% |
Approximately $0.2m* |
42.5% to 43.5% |
Operating margin |
7.8% to 10.6% |
Approximately $9.8 m to $10.8m** |
13.5% to15.5% |
* Projected gross margin (non-GAAP) excludes
$0.2 million of stock-based compensation.** Projected operating
margin (non-GAAP) excludes $9.8 million to $10.8 million of
stock-based compensation and MaxLinear arbitration
expenses.Conference Call & Webcast:The
Company’s management team will conduct a conference call at 8:00 am
Eastern Time on November 2, 2023.
Conference Call
DetailsParticipants must register in advance to join the
conference call using the link provided below. Conference access
information (including dial-in information and a unique access PIN)
will be provided in the email received upon registration.
Participant Online
Registration:https://register.vevent.com/register/BI16f0e4890c1649e6a5b1329a7fae14da
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 income (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.
Restructuring charges relate to the
restructuring of our underperforming product lines, principally the
write-down of NAND flash, embedded DRAM and SSD inventory valuation
and severance payments.
M&A transaction expenses consist of legal,
financial advisory and other fees related to the Transaction.
MaxLinear arbitration expenses consist of legal,
consultant and other fees related arbitration against
MaxLinear.
Loss from settlement of litigation relates to an
expense accrued in connection with a settlement of a lawsuit.
Foreign exchange loss (gain) consists 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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Unrealized holding loss (gain) on investments relates to the
difference between market value and cost of long-term
investments.
|
Silicon Motion Technology CorporationConsolidated Statements of
Income(in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
For Three Months Ended |
|
For the Year Ended |
|
|
Sep. 30, |
|
Jun. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net Sales |
|
250,812 |
|
|
140,361 |
|
|
172,333 |
|
|
745,163 |
|
|
436,763 |
|
Cost of sales |
|
131,691 |
|
|
83,938 |
|
|
99,193 |
|
|
366,304 |
|
|
254,897 |
|
Gross profit |
|
119,121 |
|
|
56,423 |
|
|
73,140 |
|
|
378,859 |
|
|
181,866 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
Research & development |
|
47,727 |
|
|
41,336 |
|
|
41,740 |
|
|
136,607 |
|
|
117,926 |
|
Sales & marketing |
|
9,375 |
|
|
7,248 |
|
|
6,862 |
|
|
25,908 |
|
|
20,715 |
|
General & administrative |
|
6,949 |
|
|
6,021 |
|
|
8,939 |
|
|
27,098 |
|
|
20,323 |
|
Loss from settlement of litigation |
|
(300 |
) |
|
- |
|
|
591 |
|
|
400 |
|
|
591 |
|
Operating income |
|
55,370 |
|
|
1,818 |
|
|
15,008 |
|
|
188,846 |
|
|
22,311 |
|
Non-operating income
(expense) |
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
750 |
|
|
2,736 |
|
|
3,480 |
|
|
1,375 |
|
|
8,026 |
|
Foreign exchange gain (loss), net |
|
(2,293 |
) |
|
1,223 |
|
|
569 |
|
|
(4,318 |
) |
|
2,030 |
|
Unrealized holding gain(loss) on investments |
|
- |
|
|
6,135 |
|
|
(2,828 |
) |
|
- |
|
|
8,053 |
|
Others, net |
|
- |
|
|
- |
|
|
- |
|
|
1 |
|
|
- |
|
Subtotal |
|
(1,543 |
) |
|
10,094 |
|
|
1,221 |
|
|
(2,942 |
) |
|
18,109 |
|
Income before income tax |
|
53,827 |
|
|
11,912 |
|
|
16,229 |
|
|
185,904 |
|
|
40,420 |
|
Income tax expense |
|
10,936 |
|
|
868 |
|
|
5,642 |
|
|
36,929 |
|
|
8,639 |
|
Net income |
|
42,891 |
|
|
11,044 |
|
|
10,587 |
|
|
148,975 |
|
|
31,781 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per basic ADS |
|
1.30 |
|
|
0.33 |
|
|
0.32 |
|
|
4.47 |
|
|
0.95 |
|
Earnings per diluted ADS |
|
1.29 |
|
|
0.33 |
|
|
0.32 |
|
|
4.45 |
|
|
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
Margin
Analysis: |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
47.5 |
% |
|
40.2 |
% |
|
42.4 |
% |
|
50.8 |
% |
|
41.6 |
% |
Operating margin |
|
22.1 |
% |
|
1.3 |
% |
|
8.7 |
% |
|
25.3 |
% |
|
5.1 |
% |
Net margin |
|
17.1 |
% |
|
7.9 |
% |
|
6.1 |
% |
|
20.0 |
% |
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Additional
Data: |
|
|
|
|
|
|
|
|
|
|
Weighted avg. ADS
equivalents |
|
33,050 |
|
|
33,409 |
|
|
33,413 |
|
|
33,325 |
|
|
33,332 |
|
Diluted ADS equivalents |
|
33,140 |
|
|
33,438 |
|
|
33,471 |
|
|
33,448 |
|
|
33,431 |
|
|
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 |
|
|
Sep. 30, |
|
Jun. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Gross profit (GAAP) |
|
119,121 |
|
|
56,423 |
|
|
73,140 |
|
|
378,859 |
|
|
181,866 |
|
Gross margin (GAAP) |
|
47.5 |
% |
|
40.2 |
% |
|
42.4 |
% |
|
50.8 |
% |
|
41.6 |
% |
Stock-based compensation (A) |
|
143 |
|
|
71 |
|
|
94 |
|
|
370 |
|
|
300 |
|
Restructuring charges |
|
- |
|
|
3,222 |
|
|
88 |
|
|
136 |
|
|
3,347 |
|
Gross profit
(non-GAAP) |
|
119,264 |
|
|
59,716 |
|
|
73,322 |
|
|
379,365 |
|
|
185,513 |
|
Gross margin (non-GAAP) |
|
47.6 |
% |
|
42.5 |
% |
|
42.5 |
% |
|
50.9 |
% |
|
42.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
|
63,751 |
|
|
54,605 |
|
|
58,132 |
|
|
190,013 |
|
|
159,555 |
|
Stock-based compensation (A) |
|
(5,679 |
) |
|
(2,359 |
) |
|
(3,751 |
) |
|
(13,451 |
) |
|
(11,460 |
) |
M&A transaction expenses |
|
(1,766 |
) |
|
(1,548 |
) |
|
(708 |
) |
|
(8,444 |
) |
|
(2,893 |
) |
MaxLinear arbitration expenses |
|
- |
|
|
- |
|
|
(2,904 |
) |
|
- |
|
|
(2,904 |
) |
Restructuring charges |
|
- |
|
|
(2,664 |
) |
|
(661 |
) |
|
- |
|
|
(4,581 |
) |
Loss from settlement of litigation |
|
300 |
|
|
- |
|
|
(591 |
) |
|
(400 |
) |
|
(591 |
) |
Operating expenses
(non-GAAP) |
|
56,606 |
|
|
48,034 |
|
|
49,517 |
|
|
167,718 |
|
|
137,126 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(GAAP) |
|
55,370 |
|
|
1,818 |
|
|
15,008 |
|
|
188,846 |
|
|
22,311 |
|
Operating margin (GAAP) |
|
22.1 |
% |
|
1.3 |
% |
|
8.7 |
% |
|
25.3 |
% |
|
5.1 |
% |
Total adjustments to operating profit |
|
7,288 |
|
|
9,864 |
|
|
8,797 |
|
|
22,801 |
|
|
26,076 |
|
Operating profit
(non-GAAP) |
|
62,658 |
|
|
11,682 |
|
|
23,805 |
|
|
211,647 |
|
|
48,387 |
|
Operating margin
(non-GAAP) |
|
25.0 |
% |
|
8.3 |
% |
|
13.8 |
% |
|
28.4 |
% |
|
11.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) (GAAP) |
|
(1,543 |
) |
|
10,094 |
|
|
1,221 |
|
|
(2,942 |
) |
|
18,109 |
|
Foreign exchange loss (gain), net |
|
2,293 |
|
|
(1,223 |
) |
|
(569 |
) |
|
4,318 |
|
|
(2,030 |
) |
Unrealized holding loss (gain)on investments |
|
- |
|
|
(6,135 |
) |
|
2,828 |
|
|
- |
|
|
(8,053 |
) |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) (non-GAAP) |
|
750 |
|
|
2,736 |
|
|
3,480 |
|
|
1,376 |
|
|
8,026 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP) |
|
42,891 |
|
|
11,044 |
|
|
10,587 |
|
|
148,975 |
|
|
31,781 |
|
Total pre-tax impact of non-GAAP adjustments |
|
9,581 |
|
|
2,506 |
|
|
11,056 |
|
|
27,119 |
|
|
15,993 |
|
Income tax impact of non-GAAP adjustments |
|
(1,311 |
) |
|
(965 |
) |
|
(584 |
) |
|
(3,234 |
) |
|
(2,968 |
) |
Net income
(non-GAAP) |
|
51,161 |
|
|
12,585 |
|
|
21,059 |
|
|
172,860 |
|
|
44,806 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
ADS (GAAP) |
|
$1.29 |
|
|
$0.33 |
|
|
$0.32 |
|
|
$4.45 |
|
|
$0.95 |
|
Earnings per diluted
ADS (non-GAAP) |
|
$1.53 |
|
|
$0.38 |
|
|
$0.63 |
|
|
$5.13 |
|
|
$1.33 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per diluted ADS (GAAP) |
|
33,140 |
|
|
33,438 |
|
|
33,471 |
|
|
33,448 |
|
|
33,431 |
|
Non-GAAP adjustments |
|
263 |
|
|
115 |
|
|
128 |
|
|
249 |
|
|
136 |
|
Shares used in
computing earnings per diluted ADS (non-GAAP) |
|
33,403 |
|
|
33,553 |
|
|
33,599 |
|
|
33,697 |
|
|
33,567 |
|
|
|
|
|
|
|
|
|
|
|
|
(A) Excludes
stock-based compensation as follows: |
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
143 |
|
|
71 |
|
|
94 |
|
|
370 |
|
|
300 |
|
Research & development |
|
4,029 |
|
|
1,315 |
|
|
2,422 |
|
|
9,007 |
|
|
7,605 |
|
Sales & marketing |
|
615 |
|
|
435 |
|
|
521 |
|
|
1,684 |
|
|
1,496 |
|
General & administrative |
|
1,035 |
|
|
609 |
|
|
808 |
|
|
2,760 |
|
|
2,359 |
|
|
Silicon Motion Technology CorporationConsolidated Balance Sheet (In
thousands, unaudited) |
|
|
|
Sep. 30 |
|
Jun. 30, |
|
Sep. 30, |
|
|
2022 |
|
2023 |
|
2023 |
|
|
($) |
|
($) |
|
($) |
Cash and cash equivalents |
|
199,215 |
|
249,830 |
|
295,385 |
Accounts receivable (net) |
|
229,692 |
|
166,020 |
|
193,389 |
Inventories |
|
305,566 |
|
250,524 |
|
199,003 |
Refundable deposits –
current |
|
48,500 |
|
49,480 |
|
49,445 |
Prepaid expenses and other current assets |
|
13,899 |
|
15,916 |
|
16,896 |
Total current assets |
|
796,872 |
|
731,770 |
|
754,118 |
Long-term investments |
|
8,333 |
|
19,767 |
|
17,023 |
Property and equipment
(net) |
|
133,499 |
|
156,962 |
|
162,107 |
Other assets |
|
22,778 |
|
38,077 |
|
33,672 |
Total assets |
|
961,482 |
|
946,576 |
|
966,920 |
|
|
|
|
|
|
|
Accounts payable |
|
70,731 |
|
12,529 |
|
26,975 |
Income tax payable |
|
46,211 |
|
31,272 |
|
26,279 |
Accrued expenses and other
current liabilities |
|
105,855 |
|
78,771 |
|
77,502 |
Total current liabilities |
|
222,797 |
|
122,572 |
|
130,756 |
Other liabilities |
|
44,328 |
|
64,562 |
|
62,112 |
Total liabilities |
|
267,125 |
|
187,134 |
|
192,868 |
Shareholders’ equity |
|
694,357 |
|
759,442 |
|
774,052 |
Total liabilities & shareholders’ equity |
|
961,482 |
|
946,576 |
|
966,920 |
Silicon Motion Technology CorporationCondensed Consolidated
Statements of Cash Flows(in thousands, unaudited) |
|
|
|
For Three Months Ended |
|
For the Year Ended |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
|
2022 |
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
|
($) |
|
|
($) |
|
($) |
|
($) |
|
($) |
Net income |
|
42,891 |
|
|
|
11,044 |
|
|
10,587 |
|
|
148,975 |
|
|
31,781 |
|
Depreciation &
amortization |
|
4,864 |
|
|
|
5,381 |
|
|
8,043 |
|
|
13,995 |
|
|
19,032 |
|
Stock-based compensation |
|
5,822 |
|
|
|
2,430 |
|
|
3,845 |
|
|
13,821 |
|
|
11,760 |
|
Investment losses (gain) &
disposals |
|
3 |
|
|
|
(5,945 |
) |
|
3,135 |
|
|
5 |
|
|
(7,556 |
) |
Changes in operating assets
and liabilities |
|
(10,940 |
) |
|
|
23,134 |
|
|
39,302 |
|
|
(132,913 |
) |
|
52,910 |
|
Net cash provided by
(used in) operating activities |
|
42,640 |
|
|
|
36,044 |
|
|
64,912 |
|
|
43,883 |
|
|
107,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property &
equipment |
|
(8,568 |
) |
|
|
(10,085 |
) |
|
(17,052 |
) |
|
(25,148 |
) |
|
(40,687 |
) |
Net cash provided by
(used in) investing activities |
|
(8,568 |
) |
|
|
(10,085 |
) |
|
(17,052 |
) |
|
(25,148 |
) |
|
(40,687 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payments |
|
(16,499 |
) |
|
|
(15 |
) |
|
- |
|
|
(49,941 |
) |
|
(15 |
) |
Share repurchases |
|
(109 |
) |
* |
|
- |
|
|
- |
|
|
(133,155 |
) |
|
- |
|
Net cash used in
financing activities |
|
(16,608 |
) |
|
|
(15 |
) |
|
- |
|
|
(183,096 |
) |
|
(15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents & restricted cash |
|
17,464 |
|
|
|
25,944 |
|
|
47,860 |
|
|
(164,361 |
) |
|
67,225 |
|
Effect of foreign exchange
changes |
|
1,482 |
|
|
|
(1,273 |
) |
|
(2,528 |
) |
|
2,723 |
|
|
(3,977 |
) |
Cash, cash equivalents &
restricted cash—beginning of period |
|
234,939 |
|
|
|
280,300 |
|
|
304,971 |
|
|
415,523 |
|
|
287,055 |
|
Cash, cash equivalents &
restricted cash—end of period |
|
253,885 |
|
|
|
304,971 |
|
|
350,303 |
|
|
253,885 |
|
|
350,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* ADS cancellation
fee for shares repurchased in prior quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
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. 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 impact of inflation on our
business and customer’s businesses and any effect this has on
economic activity in the markets in which we operate; 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 any future outbreaks
of COVID-19, including, but not limited to, the emergence
of variants to the original COVID-19 strain; 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; supply chain
disruptions that have affected us and our industry as well as other
industries on a global basis; 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 April 28, 2023. We assume no obligation to update any
forward-looking statements, which apply only as of the date of this
press release.
Silicon Motion Investor
Contacts: |
Jason
Tsai |
|
Selina
Hsieh |
Vice President of IR & Finance |
|
Investor Relations |
jtsai@siliconmotion.com |
|
ir@siliconmotion.com |
|
|
|
Media Contact: |
|
|
Dan Scorpio, H/Advisors Abernathy |
|
|
Dan.scorpio@h-advisors.global |
|
|
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