Financial Highlights
Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”) today announced its financial results for
the quarter ended March 31, 2019. For the first quarter, net
sales (GAAP) decreased sequentially to $94.7 million from $123.4
million in fourth quarter 2018. Net income (GAAP) decreased to $8.3
million or $0.23 per diluted ADS (GAAP) from net income (GAAP) of
$15.1 million or $0.42 per diluted ADS (GAAP) in fourth quarter
2018.
For the first quarter, net sales (non-GAAP)
decreased sequentially to $88.9 million from $115.8 million in
fourth quarter 2018. Net income (non-GAAP) decreased to $15.0
million or $0.42 per diluted ADS (non-GAAP) from a net income
(non-GAAP) of $29.8 million or $0.82 per diluted ADS (non-GAAP) in
fourth quarter 2018.
First Quarter 2019 Review “Our SSD
controller sales were flat sequentially and as expected,” said
Wallace Kou, President and CEO of Silicon Motion. “In general,
market conditions in the first quarter were challenging given the
very volatile NAND flash pricing environment and weak device build
activities. Sales of our eMMC plus UFS controllers that are
used primarily in smartphones fell sharply, as expected, because of
Chinese market weakness while our Shannon SSD solutions for the
Chinese data center market declined more than we had expected.”
Sales |
|
|
|
(in millions, except percentages) |
1Q 2019 |
4Q 2018 |
1Q 2018 |
|
Sales |
Mix |
Sales |
Mix |
Sales |
Mix |
Mobile Storage* |
$88.0 |
93% |
$113.4 |
92% |
$121.4 |
93% |
Q/Q |
-22% |
|
-13% |
|
-3% |
|
Y/Y |
-28% |
|
-10% |
|
+4% |
|
Mobile Communications** |
$5.8 |
6% |
$7.2 |
6% |
$7.9 |
6% |
Others |
$0.9 |
1% |
$2.8 |
2% |
$1.1 |
1% |
Total revenue |
$94.7 |
100% |
$123.4 |
100% |
$130.3 |
100% |
Q/Q |
-23% |
|
-11% |
|
-4% |
|
Y/Y |
-27% |
|
-9% |
|
+2% |
|
* Mobile Storage products include Embedded Storage
products (eMMC+UFS and SSD controllers and data center and
industrial SSD solutions) and Expandable Storage products (SD
memory cards and USB flash drive controllers) ** Mobile
Communications products include mobile TV SoCs, a non-GAAP
discontinued operation - see “Discussion of Non-GAAP Financial
Measures”
Key Financial Results |
|
|
(in millions, except percentages and per ADS
amounts) |
GAAP |
Non-GAAP |
1Q 2019 |
4Q 2018 |
1Q 2018 |
1Q 2019 |
4Q 2018 |
1Q 2018 |
Revenue |
$94.7 |
$123.4 |
$130.3 |
$88.9 |
$115.8 |
$122.5 |
Gross profit |
$47.6 |
$62.1 |
$62.6 |
$44.6 |
$58.1 |
$58.9 |
Percent of revenue |
50.3% |
50.3% |
48.0% |
50.2% |
50.2% |
48.1% |
Operating expenses |
$39.5 |
$48.3 |
$37.7 |
$28.6 |
$27.5 |
$29.5 |
Operating income |
$8.1 |
$13.8 |
$24.9 |
$16.0 |
$30.6 |
$29.4 |
Percent of revenue |
8.5% |
11.2% |
19.1% |
18.0% |
26.5% |
24.0% |
Earnings per diluted ADS |
$0.23 |
$0.42 |
$0.64 |
$0.42 |
$0.82 |
$0.73 |
Other Financial
Information |
|
|
|
(in millions) |
1Q
2019 |
4Q
2018 |
1Q
2018 |
Cash and cash equivalents, and short-term investments |
$281.0 |
$288.6 |
$346.1 |
Bank loans |
-- |
-- |
$20.7 |
Loan repayments |
-- |
$3.9 |
$4.3 |
Capital expenditures |
$1.2 |
$5.0 |
$3.6 |
Dividend payments |
$10.9 |
$10.8 |
$10.8 |
Share repurchase |
-- |
$33.6 |
-- |
During the first quarter, we had $1.2 million of
capital expenditures for the routine purchase of software, design
tools and other items.
Our first quarter cash flows were as
follows:
3 months ended March 31, 2019 |
|
(In $ millions) |
Net income (GAAP) |
8.3 |
Depreciation & amortization |
3.9 |
Changes in operating assets and liabilities |
(3.8) |
Others |
4.9 |
Net cash provided by operating activities |
13.3 |
Acquisition of property and equipment |
(1.2) |
Net cash used in investing activities |
(1.2) |
|
|
Dividend |
(10.9) |
Net cash
used in financing activities |
10.9) |
Effects of changes in foreign currency exchange rates on cash |
(0.2) |
Cash,
cash equivalents and restricted cash that be classified as
non-current assets held for sale |
(11.2) |
Net decrease in cash, cash equivalents and restricted cash |
(10.2) |
Returning Value to ShareholdersOn October 29, 2018,
the Board of Directors of the Company declared a $1.20 per ADS
annual dividend to be paid in quarterly installments of $0.30 per
ADS. On February 27, 2019, we paid $10.9 million to shareholders as
the second installment of our annual dividend.
On November 21, 2018, the Company announced that
its Board of Directors had authorized a new program for the Company
to repurchase up to $200 million of its ADS over a 24 month
period. In the first quarter, we did not repurchase any of
our ADSs.
Business Outlook“We believe that
our SSD controller sales will grow sharply in the second quarter,”
said Wallace Kou, President and CEO of Silicon Motion. “While
our overall business visibility remains limited because of the
current volatile NAND flash pricing environment, we are seeing
strong near-term momentum from both our NAND flash and module maker
customers. Our pipeline of SSD controller projects continues
to expand and we believe that we are very well positioned for
further growth.”
For the second quarter of 2019, management
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$100m to $109m |
-- |
$98m to $107m |
|
+6% to 15% Q/Q |
|
+10% to 20% Q/Q |
Gross margin |
48.5% to 50.5% |
Approximately -$1.1m* |
48.5% to 50.5% |
Operating margin |
17.1% to 20.1% |
Approximately $1.0m to $1.1m** |
18.6% to 21.6% |
* Projected gross margin (non-GAAP) excludes -$1.1 million of
discontinued operation.** Projected operating margin (non-GAAP)
excludes $0.3 million of discontinued operation, $0.3 million
of amortization of intangible assets and $0.4 million to $0.5
million of stock-based compensation.
For full-year 2019, management believes it is likely that GAAP
and Non-GAAP Revenue could be approximately similar to 2018 and
Gross Margin and Operating Margin to be approximately similar to
the prior year if product mix remains unchanged.
Conference Call & Webcast:
The Company’s management team will conduct a
conference call at 8:00 am Eastern Time on May 3, 2019.
|
Speakers: |
|
Wallace Kou, President & CEO |
|
Riyadh Lai, CFO |
|
Chris Chaney, Director of Investor Relations
& Strategy |
|
|
|
CONFERENCE CALL ACCESS NUMBERS: |
|
USA (Toll Free): 1 866 519 4004 |
|
USA (Toll): 1 845 675 0437 |
|
Taiwan (Toll Free): 080 909 1568 |
|
Participant Passcode: 5643719 |
|
|
|
REPLAY NUMBERS (for 7 days): |
|
USA (Toll Free): 1 855 452 5696 |
|
USA (Toll): 1 646 254 3697 |
|
Participant Passcode: 5643719 |
|
|
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 discontinued
operation, 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
revenue, 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.
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.
M&A Transaction Expenses consist of direct
costs of M&A, such as legal consultant fees. The Company does
not have the M&A on a predictable cycle, so we excluded the
effect of these costs in calculating our non-GAAP operating
expenses and net income.
Discontinued operation refers to FCI, our mobile
communications product-line, the sale of which was announced on
March 7, 2019 and is expected to close in the second quarter of
2019. Under GAAP, according to FASB ASU 2014-08, this
disposal transaction does not meet the threshold for presenting as
a discontinued operation. We are excluding FCI from our
financial results for non-GAAP as we believe this provides
investors with enhanced transparency.
Impairment of goodwill and intangible assets
evaluates the recoverability of goodwill and intangible assets
annually, or sooner if events or changes in circumstances indicate
that the carrying amount may not be recoverable.
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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Gain and loss on equity-method investment consists
of gain and/or loss related to our investment in a privately-held
company, which varies depending on the operational and financial
performance of the company in which we invested. We believe that
providing non-GAAP measures excluding these charges, as well as the
GAAP measures, assists our investors because such charges are not
reflective of our ongoing operations.
Silicon Motion Technology CorporationConsolidated
Statements of Income(in thousands, except percentages and per ADS
data, unaudited)
|
For the Three Months Ended |
|
Mar. 31, 2018
($) |
|
Dec. 31, 2018
($) |
|
Mar. 31, 2019
($) |
Net Sales |
|
130,344 |
|
|
|
123,386 |
|
|
|
94,694 |
|
Cost of
sales |
|
67,790 |
|
|
|
61,288 |
|
|
|
47,075 |
|
Gross
profit |
|
62,554 |
|
|
|
62,098 |
|
|
|
47,619 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
Research & development |
|
25,832 |
|
|
|
30,675 |
|
|
|
27,970 |
|
Sales & marketing |
|
6,965 |
|
|
|
7,435 |
|
|
|
6,962 |
|
General & administrative |
|
4,163 |
|
|
|
5,397 |
|
|
|
4,357 |
|
Amortization of intangibles assets |
|
741 |
|
|
|
741 |
|
|
|
255 |
|
Impairment loss of goodwill and intangible assets |
|
- |
|
|
|
4,070 |
|
|
|
- |
|
Operating
income |
|
24,853 |
|
|
|
13,780 |
|
|
|
8,075 |
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
1,213 |
|
|
|
1,718 |
|
|
|
1,495 |
|
Foreign exchange gain (loss), net |
|
1,076 |
|
|
|
(9 |
) |
|
|
494 |
|
Gain (loss) on equity-method investment |
|
- |
|
|
|
(169 |
) |
|
|
- |
|
Others, net |
|
58 |
|
|
|
38 |
|
|
|
17 |
|
Subtotal |
|
2,347 |
|
|
|
1,578 |
|
|
|
2,006 |
|
Income
before income tax |
|
27,200 |
|
|
|
15,358 |
|
|
|
10,081 |
|
Income tax
expense |
|
4,139 |
|
|
|
260 |
|
|
|
1,810 |
|
Net
income |
|
23,061 |
|
|
|
15,098 |
|
|
|
8,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per basic ADS |
$ |
0.64 |
|
|
$ |
0.42 |
|
|
$ |
0.23 |
|
Earnings
per diluted ADS |
$ |
0.64 |
|
|
$ |
0.42 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
|
|
|
|
|
|
|
Gross
margin |
|
48.0 |
% |
|
|
50.3 |
% |
|
|
50.3 |
% |
Operating
margin |
|
19.1 |
% |
|
|
11.2 |
% |
|
|
8.5 |
% |
Net
margin |
|
17.7 |
% |
|
|
12.2 |
% |
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Additional Data: |
|
|
|
|
|
|
|
|
|
|
|
Weighted
avg. ADS equivalents2 |
|
35,900 |
|
|
|
35,974 |
|
|
|
35,286 |
|
Diluted ADS
equivalents |
|
36,119 |
|
|
|
36,070 |
|
|
|
35,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology
CorporationReconciliation of GAAP to Non-GAAP Operating Results(in
thousands, except percentages and per ADS data, unaudited)
|
For the Three Months Ended |
|
Mar. 31, 2018
($) |
|
Dec. 31, 2018
($) |
|
Mar. 31, 2019
($) |
Revenue
(GAAP) |
|
130,344 |
|
|
|
123,386 |
|
|
|
94,694 |
|
Discontinued operation |
|
(7,873 |
) |
|
|
(7,585 |
) |
|
|
(5,793 |
) |
Revenue (non-GAAP) |
|
122,471 |
|
|
|
115,801 |
|
|
|
88,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP) |
|
62,554 |
|
|
|
62,098 |
|
|
|
47,619 |
|
Gross margin (GAAP) |
|
48.0 |
% |
|
|
50.3 |
% |
|
|
50.3 |
% |
Stock-based compensation expense (A) |
|
48 |
|
|
|
226 |
|
|
|
95 |
|
Discontinued operation |
|
(3,743 |
) |
|
|
(4,225 |
) |
|
|
(3,078 |
) |
Gross profit (non-GAAP) |
|
58,859 |
|
|
|
58,099 |
|
|
|
44,636 |
|
Gross margin (non-GAAP) |
|
48.1 |
% |
|
|
50.2 |
% |
|
|
50.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (GAAP) |
|
37,701 |
|
|
|
48,318 |
|
|
|
39,544 |
|
Stock-based compensation expense (A) |
|
(2,867 |
) |
|
|
(11,885 |
) |
|
|
(4,095 |
) |
Amortization of intangible assets |
|
(741 |
) |
|
|
(741 |
) |
|
|
(255 |
) |
Impairment loss of goodwill and intangible assets |
|
- |
|
|
|
(4,070 |
) |
|
|
- |
|
M&A
Transaction Expenses |
|
- |
|
|
|
- |
|
|
|
(226 |
) |
Litigation expense |
|
(13 |
) |
|
|
(7 |
) |
|
|
2 |
|
Discontinued operation |
|
(4,579 |
) |
|
|
(4,142 |
) |
|
|
(6,357 |
) |
Operating expenses (non-GAAP) |
|
29,501 |
|
|
|
27,473 |
|
|
|
28,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
|
24,853 |
|
|
|
13,780 |
|
|
|
8,075 |
|
Operating margin (GAAP) |
|
19.1 |
% |
|
|
11.2 |
% |
|
|
8.5 |
% |
Total
adjustments to operating profit |
|
4,505 |
|
|
|
16,846 |
|
|
|
7,948 |
|
Operating
profit (non-GAAP) |
|
29,358 |
|
|
|
30,626 |
|
|
|
16,023 |
|
Operating margin (non-GAAP) |
|
24.0 |
% |
|
|
26.5 |
% |
|
|
18.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense) (GAAP) |
|
2,347 |
|
|
|
1,578 |
|
|
|
2,006 |
|
Foreign
exchange loss (gain), net |
|
(1,076 |
) |
|
|
9 |
|
|
|
(494 |
) |
Loss
(gain) on equity-method investment |
|
- |
|
|
|
169 |
|
|
|
- |
|
Discontinued operation |
|
(11 |
) |
|
|
(6 |
) |
|
|
(8 |
) |
Non-operating
income (expense) (non-GAAP) |
|
1,260 |
|
|
|
1,750 |
|
|
|
1,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
23,061 |
|
|
|
15,098 |
|
|
|
8,271 |
|
Total
pre-tax impact of non-GAAP adjustments |
|
3,418 |
|
|
|
17,018 |
|
|
|
7,446 |
|
Income
tax impact of non-GAAP adjustments |
|
(237 |
) |
|
|
(2,290 |
) |
|
|
(674 |
) |
Net income (non-GAAP) |
|
26,242 |
|
|
|
29,826 |
|
|
|
15,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted ADS (GAAP) |
$ |
0.64 |
|
|
$ |
0.42 |
|
|
$ |
0.23 |
|
Earnings per diluted ADS (non-GAAP) |
$ |
0.73 |
|
|
$ |
0.82 |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per diluted ADS (GAAP) |
|
36,119 |
|
|
|
36,070 |
|
|
|
35,473 |
|
Non-GAAP
Adjustments |
|
49 |
|
|
|
284 |
|
|
|
85 |
|
Shares used in computing earnings per diluted ADS
(non-GAAP) |
|
36,168 |
|
|
|
36,354 |
|
|
|
35,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
Excludes stock-based compensation as follows: |
|
|
|
|
|
|
|
|
|
|
|
Cost of
Sales |
|
48 |
|
|
|
226 |
|
|
|
95 |
|
Research
& development |
|
1,753 |
|
|
|
8,239 |
|
|
|
2,696 |
|
Sales
& marketing |
|
599 |
|
|
|
1,350 |
|
|
|
555 |
|
General & administrative |
|
515 |
|
|
|
2,296 |
|
|
|
844 |
|
Silicon Motion Technology CorporationConsolidated
Balance Sheet (In thousands, unaudited)
|
Mar.
31,2018 ($) |
|
Dec.
31,2018 ($) |
|
Mar.
31,2019 ($) |
Cash and cash
equivalents |
341,695 |
|
284,989 |
|
277,168 |
Short-term
investments |
4,387 |
|
3,609 |
|
3,833 |
Accounts receivable (net) |
80,933 |
|
91,763 |
|
80,591 |
Inventories |
93,370 |
|
81,518 |
|
77,814 |
Refundable deposits –
current |
19,414 |
|
19,157 |
|
18,675 |
Prepaid expenses and other current assets |
8,999 |
|
17,454 |
|
39,039 |
Total
current assets |
548,798 |
|
498,490 |
|
497,120 |
Long-term investments |
1,715 |
|
4,242 |
|
4,242 |
Property and equipment
(net) |
51,587 |
|
101,410 |
|
97,970 |
Goodwill and intangible
assets (net) |
65,653 |
|
59,352 |
|
58,935 |
Other
assets |
7,283 |
|
9,120 |
|
13,491 |
Total
assets |
675,036 |
|
672,614 |
|
671,758 |
|
|
|
|
|
|
Accounts payable |
31,077 |
|
27,657 |
|
28,557 |
Loans |
20,700 |
|
- |
|
- |
Income tax payable |
11,775 |
|
4,163 |
|
2,219 |
Accrued expenses and
other current liabilities |
66,371 |
|
81,831 |
|
63,858 |
Total
current liabilities |
129,923 |
|
113,651 |
|
94,634 |
Other
liabilities |
23,785 |
|
26,686 |
|
32,313 |
Total
liabilities |
153,708 |
|
140,337 |
|
126,947 |
Shareholders’ equity |
521,328 |
|
532,277 |
|
544,811 |
Total liabilities &
shareholders’ equity |
675,036 |
|
672,614 |
|
671,758 |
|
|
|
|
|
|
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 embedded
storage products such as SSDs and eMMC+UFS devices, which are found
in smartphones, PCs 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 second quarter of 2019 and full year 2019
expectations of revenue, gross margin and operating expenses, all
of which reflect management’s estimates based on information
available at this time of this press release. While Silicon
Motion believes these estimates to be meaningful, these amounts
could differ materially from actual reported amounts for the second
quarter of 2019 and full year 2019. Forward-looking statements also
include, without limitation, statements regarding trends in the
semiconductor or consumer electronics markets and our future
results of operations, financial condition and business
prospects. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “should,”
“expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,”
“predict,” “potential,” “continue,” or the negative of these terms
or other comparable terminology. Although such statements are
based on our own information and information from other sources we
believe to be reliable, you should not place undue reliance on
them. These statements involve risks and uncertainties, and
actual market trends or our actual results of operations, financial
condition or business prospects may differ materially from those
expressed or implied in these forward looking statements for a
variety of reasons. Potential risks and uncertainties
include, but are not limited to the unpredictable volume and timing
of customer orders, which are not fixed by contract but vary on a
purchase order basis; the loss of one or more key customers or the
significant reduction, postponement, rescheduling or cancellation
of orders from these customers; general economic conditions or
conditions in the semiconductor or consumer electronics markets;
the effects on our business and our customer’s business taking into
account the ongoing US-China tariffs and trade disputes; 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 April 30, 2018,
and our Annual Report on 20-F for fiscal year 2018, which we expect
to file no later than May 15, 2019. 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 |
|
____________________________________________________1 FCI
results are excluded from non-GAAP2 Assumes all outstanding
ordinary shares are represented by ADSs. Each ADS represents
four ordinary shares.
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