Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion,” the “Company” or “we”) today announced its financial
results for the quarter ended September 30, 2024. For the third
quarter of 2024, net sales (GAAP) increased sequentially to $212.4
million from $210.7 million in the second quarter of 2024. Net
income (GAAP) decreased to $20.8 million, or $0.62 per diluted
American Depositary Share of the Company (“ADS”) (GAAP), from net
income (GAAP) of $30.8 million, or $0.91 per diluted ADS (GAAP), in
the second quarter of 2024.
For the third quarter of 2024, net income
(non-GAAP) decreased to $31.0 million, or $0.92 per diluted ADS
(non-GAAP), from net income (non-GAAP) of $32.5 million, or $0.96
per diluted ADS (non-GAAP), in the second quarter of 2024.
All financial numbers are
in U.S. dollars unless otherwise noted.
Third Quarter of 2024 Review“We
continued to execute well in the third quarter of 2024, delivering
revenue above the mid-point of our guided range and further
expanding our gross margins,” said Wallace Kou, President and CEO
of Silicon Motion. “Our eMMC and UFS controller revenue grew
modestly, and our SSD controller revenue remained strong given
continued growth in the OEM channel. We continue to outperform the
market through new wins we secured this quarter with both NAND
makers and module makers that we expect will ramp-up in 2025. We
expect this trend to continue as we expand our product portfolio
and deliver world-class controllers to the market.”
Key Financial Results
(in millions, except percentages and per ADS amounts) |
GAAP |
Non-GAAP |
3Q 2024 |
|
2Q 2024 |
|
3Q 2023 |
|
3Q 2024 |
|
2Q 2024 |
|
3Q 2023 |
|
Revenue |
$212.4 |
|
$210.7 |
|
$172.3 |
|
$212.4 |
|
$210.7 |
|
$172.3 |
|
Gross profit |
|
$99.3 |
|
|
$96.8 |
|
|
$73.1 |
|
|
$99.3 |
|
|
$96.8 |
|
|
$73.3 |
|
Percent of revenue |
|
46.7% |
|
|
45.9% |
|
|
42.4% |
|
|
46.8% |
|
|
46.0% |
|
|
42.5% |
|
Operating expenses |
$74.8 |
|
$66.0 |
|
$58.1 |
|
$65.1 |
|
$62.1 |
|
$49.5 |
|
Operating income |
|
$24.5 |
|
|
$30.7 |
|
|
$15.0 |
|
|
$34.2 |
|
|
$34.7 |
|
|
$23.8 |
|
Percent of revenue |
|
11.5% |
|
|
14.6% |
|
|
8.7% |
|
|
16.1% |
|
|
16.5% |
|
|
13.8% |
|
Earnings per diluted ADS |
$0.62 |
|
$0.91 |
|
$0.32 |
|
$0.92 |
|
$0.96 |
|
$0.63 |
|
Other Financial Information
(in millions) |
3Q 2024 |
|
2Q 2024 |
|
3Q 2023 |
|
Cash, cash equivalents, restricted cash and short-term
investments—end of period |
$368.6 |
|
$343.6 |
|
$350.3 |
|
Routine capital expenditures |
$7.4 |
|
$6.3 |
|
$6.3 |
|
Dividend payments |
$16.8 |
|
$16.8 |
|
|
-- |
|
During the third quarter of 2024, we had $12.4
million of capital expenditures, including $7.4 million for the
routine purchase of testing equipment, software, design tools and
other items, and $5.0 million for building construction in
Hsinchu.
Business Outlook“Looking ahead,
we expect to experience gains from greater outsourcing by our NAND
flash maker partners, which should continue to deliver revenue and
profitability growth for the company,” said Wallace Kou, President
and CEO of Silicon Motion. “In the current quarter, we are
introducing two key new controllers, including our first
AI/enterprise server MonTitan controller and our first PCIe Gen 5.0
client SSD controller, placing Silicon Motion in an exceptionally
strong position entering calendar 2025. While the seasonal holiday
demand is expected to be more muted than in past years, we are
confident that our highly differentiated controller solutions for
PCs, smartphones and now enterprise-class storage controllers will
further strengthen our market leadership position and will build on
our foundation for strong, sustainable long-term growth."
For the fourth quarter of 2024, management expects:
($ in millions) |
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$191 to $202 -10% to -5% Q/Q-6% to 0% Y/Y |
-- |
$191 to $202 -10% to -5% Q/Q-6% to 0% Y/Y |
Gross margin |
46.3% to 47.4% |
Approximately $0.3* |
46.5 % to 47.5% |
Operating margin |
8.0% to 9.9% |
Approximately $13.4 to $14.4** |
15.6% to 16.6% |
* Projected gross margin (non-GAAP) excludes $0.3 million of
stock-based compensation.** Projected operating margin (non-GAAP)
excludes $13.4 million to $14.4 million of stock-based compensation
and dispute related expenses.
Conference Call &
Webcast:The Company’s management team will conduct a
conference call at 8:00 am Eastern Time on October 31, 2024.
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/BI3e5d77077ee94ca9b9fd61325f52a0e9
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),
gross margin (non-GAAP), operating expenses (non-GAAP), operating
profit (non-GAAP), operating margin (non-GAAP), non-operating
income (expense) (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
similarly-titled 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.
Dispute related expenses consist of legal, consultant, other
fees and resolution related to the dispute.
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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Unrealized holding loss (gain) on investments relates to the net
change in fair value of long-term investments.
|
Silicon Motion Technology CorporationConsolidated Statements of
Income(in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
|
|
|
|
For Three Months Ended |
|
For the Nine Months Ended |
|
|
Sep. 30, |
|
Jun. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net Sales |
|
172,333 |
|
|
210,670 |
|
|
212,412 |
|
|
436,763 |
|
|
612,392 |
|
Cost of sales |
|
99,193 |
|
|
113,893 |
|
|
113,142 |
|
|
254,897 |
|
|
331,227 |
|
Gross profit |
|
73,140 |
|
|
96,777 |
|
|
99,270 |
|
|
181,866 |
|
|
281,165 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
Research & development |
|
41,740 |
|
|
50,788 |
|
|
58,486 |
|
|
117,926 |
|
|
163,666 |
|
Sales & marketing |
|
6,862 |
|
|
6,777 |
|
|
7,009 |
|
|
20,715 |
|
|
20,090 |
|
General & administrative |
|
8,939 |
|
|
7,215 |
|
|
9,315 |
|
|
20,323 |
|
|
23,003 |
|
Loss from settlement of litigation |
|
591 |
|
|
1,250 |
|
|
- |
|
|
591 |
|
|
1,250 |
|
Operating income |
|
15,008 |
|
|
30,747 |
|
|
24,460 |
|
|
22,311 |
|
|
73,156 |
|
Non-operating income
(expense) |
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
3,480 |
|
|
4,175 |
|
|
3,518 |
|
|
8,026 |
|
|
10,760 |
|
Foreign exchange gain (loss), net |
|
569 |
|
|
245 |
|
|
(488 |
) |
|
2,030 |
|
|
345 |
|
Unrealized holding gain(loss) on investments |
|
(2,828 |
) |
|
1,855 |
|
|
(602 |
) |
|
8,053 |
|
|
(355 |
) |
Subtotal |
|
1,221 |
|
|
6,275 |
|
|
2,428 |
|
|
18,109 |
|
|
10,750 |
|
Income before income tax |
|
16,229 |
|
|
37,022 |
|
|
26,888 |
|
|
40,420 |
|
|
83,906 |
|
Income tax expense |
|
5,642 |
|
|
6,201 |
|
|
6,045 |
|
|
8,639 |
|
|
16,226 |
|
Net income |
|
10,587 |
|
|
30,821 |
|
|
20,843 |
|
|
31,781 |
|
|
67,680 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per basic ADS |
|
0.32 |
|
|
0.92 |
|
|
0.62 |
|
|
0.95 |
|
|
2.01 |
|
Earnings per diluted ADS |
|
0.32 |
|
|
0.91 |
|
|
0.62 |
|
|
0.95 |
|
|
2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
Margin
Analysis: |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
42.4 |
% |
|
45.9 |
% |
|
46.7 |
% |
|
41.6 |
% |
|
45.9 |
% |
Operating margin |
|
8.7 |
% |
|
14.6 |
% |
|
11.5 |
% |
|
5.1 |
% |
|
11.9 |
% |
Net margin |
|
6.1 |
% |
|
14.6 |
% |
|
9.8 |
% |
|
7.3 |
% |
|
11.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Additional
Data: |
|
|
|
|
|
|
|
|
|
|
Weighted avg. ADS
equivalents |
|
33,413 |
|
|
33,684 |
|
|
33,687 |
|
|
33,332 |
|
|
33,627 |
|
Diluted ADS equivalents |
|
33,471 |
|
|
33,697 |
|
|
33,700 |
|
|
33,431 |
|
|
33,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Gross profit (GAAP) |
|
73,140 |
|
|
96,777 |
|
|
99,270 |
|
|
181,866 |
|
|
281,165 |
|
Gross margin (GAAP) |
|
42.4 |
% |
|
45.9 |
% |
|
46.7 |
% |
|
41.6 |
% |
|
45.9 |
% |
Stock-based compensation (A) |
|
94 |
|
|
14 |
|
|
63 |
|
|
300 |
|
|
149 |
|
Restructuring charges |
|
88 |
|
|
46 |
|
|
- |
|
|
3,347 |
|
|
46 |
|
Gross profit
(non-GAAP) |
|
73,322 |
|
|
96,837 |
|
|
99,333 |
|
|
185,513 |
|
|
281,360 |
|
Gross margin (non-GAAP) |
|
42.5 |
% |
|
46.0 |
% |
|
46.8 |
% |
|
42.5 |
% |
|
45.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
|
58,132 |
|
|
66,030 |
|
|
74,810 |
|
|
159,555 |
|
|
208,009 |
|
Stock-based compensation (A) |
|
(3,751 |
) |
|
(371 |
) |
|
(3,595 |
) |
|
(11,460 |
) |
|
(7,059 |
) |
M&A transaction expenses |
|
(708 |
) |
|
- |
|
|
- |
|
|
(2,893 |
) |
|
- |
|
Dispute related expenses |
|
(3,495 |
) |
|
(3,527 |
) |
|
(6,076 |
) |
|
(3,495 |
) |
|
(11,135 |
) |
Restructuring charges |
|
(661 |
) |
|
- |
|
|
- |
|
|
(4,581 |
) |
|
- |
|
Operating expenses
(non-GAAP) |
|
49,517 |
|
|
62,132 |
|
|
65,139 |
|
|
137,126 |
|
|
189,815 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(GAAP) |
|
15,008 |
|
|
30,747 |
|
|
24,460 |
|
|
22,311 |
|
|
73,156 |
|
Operating margin (GAAP) |
|
8.7 |
% |
|
14.6 |
% |
|
11.5 |
% |
|
5.1 |
% |
|
11.9 |
% |
Total adjustments to operating profit |
|
8,797 |
|
|
3,958 |
|
|
9,734 |
|
|
26,076 |
|
|
18,389 |
|
Operating profit
(non-GAAP) |
|
23,805 |
|
|
34,705 |
|
|
34,194 |
|
|
48,387 |
|
|
91,545 |
|
Operating margin (non-GAAP) |
|
13.8 |
% |
|
16.5 |
% |
|
16.1 |
% |
|
11.1 |
% |
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) (GAAP) |
|
1,221 |
|
|
6,275 |
|
|
2,428 |
|
|
18,109 |
|
|
10,750 |
|
Foreign exchange loss (gain), net |
|
(569 |
) |
|
(245 |
) |
|
488 |
|
|
(2,030 |
) |
|
(345 |
) |
Unrealized holding loss (gain) on investments |
|
2,828 |
|
|
(1,855 |
) |
|
602 |
|
|
(8,053 |
) |
|
355 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) (non-GAAP) |
|
3,480 |
|
|
4,175 |
|
|
3,518 |
|
|
8,026 |
|
|
10,760 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP) |
|
10,587 |
|
|
30,821 |
|
|
20,843 |
|
|
31,781 |
|
|
67,680 |
|
Total pre-tax impact of non-GAAP adjustments |
|
11,056 |
|
|
1,858 |
|
|
10,824 |
|
|
15,993 |
|
|
18,399 |
|
Income tax impact of non-GAAP adjustments |
|
(584 |
) |
|
(218 |
) |
|
(649 |
) |
|
(2,968 |
) |
|
(1,014 |
) |
Net income
(non-GAAP) |
|
21,059 |
|
|
32,461 |
|
|
31,018 |
|
|
44,806 |
|
|
85,065 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
ADS (GAAP) |
|
$0.32 |
|
|
$0.91 |
|
|
$0.62 |
|
|
$0.95 |
|
|
$2.01 |
|
Earnings per diluted
ADS (non-GAAP) |
|
$0.63 |
|
|
$0.96 |
|
|
$0.92 |
|
|
$1.33 |
|
|
$2.52 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings per diluted ADS (GAAP) |
|
33,471 |
|
|
33,697 |
|
|
33,700 |
|
|
33,431 |
|
|
33,691 |
|
Non-GAAP adjustments |
|
128 |
|
|
18 |
|
|
109 |
|
|
136 |
|
|
52 |
|
Shares used in
computing earnings per diluted ADS (non-GAAP) |
|
33,599 |
|
|
33,715 |
|
|
33,809 |
|
|
33,567 |
|
|
33,743 |
|
|
|
|
|
|
|
|
|
|
|
|
(A) Excludes
stock-based compensation as follows: |
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
94 |
|
|
14 |
|
|
63 |
|
|
300 |
|
|
149 |
|
Research & development |
|
2,422 |
|
|
94 |
|
|
2,377 |
|
|
7,605 |
|
|
4,614 |
|
Sales & marketing |
|
521 |
|
|
173 |
|
|
455 |
|
|
1,496 |
|
|
975 |
|
General & administrative |
|
808 |
|
|
104 |
|
|
763 |
|
|
2,359 |
|
|
1,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology CorporationConsolidated Balance Sheet(In
thousands, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Sep. 30, |
|
Jun. 30, |
|
Sep. 30, |
|
|
2023 |
|
2024 |
|
2024 |
|
|
($) |
|
($) |
|
($) |
Cash and cash equivalents |
|
295,385 |
|
|
289,175 |
|
|
313,924 |
|
Accounts receivable (net) |
|
193,389 |
|
|
191,692 |
|
|
202,726 |
|
Inventories |
|
199,003 |
|
|
240,811 |
|
|
214,574 |
|
Refundable deposits –
current |
|
49,445 |
|
|
51,036 |
|
|
51,102 |
|
Prepaid expenses and other current assets |
|
16,896 |
|
|
31,460 |
|
|
38,246 |
|
Total current assets |
|
754,118 |
|
|
804,174 |
|
|
820,572 |
|
Long-term investments |
|
17,023 |
|
|
17,301 |
|
|
16,878 |
|
Property and equipment
(net) |
|
162,107 |
|
|
179,550 |
|
|
181,983 |
|
Other assets |
|
33,672 |
|
|
29,121 |
|
|
29,304 |
|
Total assets |
|
966,920 |
|
|
1,030,146 |
|
|
1,048,737 |
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
26,975 |
|
|
36,411 |
|
|
30,888 |
|
Income tax payable |
|
26,279 |
|
|
14,103 |
|
|
14,444 |
|
Accrued expenses and other
current liabilities |
|
77,502 |
|
|
134,947 |
|
|
131,143 |
|
Total current liabilities |
|
130,756 |
|
|
185,461 |
|
|
176,475 |
|
Other liabilities |
|
62,112 |
|
|
60,182 |
|
|
62,673 |
|
Total liabilities |
|
192,868 |
|
|
245,643 |
|
|
239,148 |
|
Shareholders’ equity |
|
774,052 |
|
|
784,503 |
|
|
809,589 |
|
Total liabilities & shareholders’ equity |
|
966,920 |
|
|
1,030,146 |
|
|
1,048,737 |
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
|
($) |
|
($) |
|
($) |
|
($) |
|
($) |
Net income |
|
10,587 |
|
|
30,821 |
|
|
20,843 |
|
|
31,781 |
|
|
67,680 |
|
Depreciation &
amortization |
|
8,043 |
|
|
5,802 |
|
|
6,664 |
|
|
19,032 |
|
|
18,075 |
|
Stock-based compensation |
|
3,845 |
|
|
385 |
|
|
3,658 |
|
|
11,760 |
|
|
7,208 |
|
Investment losses (gain) &
disposals |
|
3,135 |
|
|
(1,855 |
) |
|
602 |
|
|
(7,556 |
) |
|
355 |
|
Changes in operating assets
and liabilities |
|
39,302 |
|
|
(13,660 |
) |
|
22,280 |
|
|
52,910 |
|
|
(9,967 |
) |
Net cash provided by
(used in) operating activities |
|
64,912 |
|
|
21,493 |
|
|
54,047 |
|
|
107,927 |
|
|
83,351 |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property &
equipment |
|
(17,052 |
) |
|
(10,427 |
) |
|
(12,436 |
) |
|
(40,687 |
) |
|
(33,612 |
) |
Net cash provided by
(used in) investing activities |
|
(17,052 |
) |
|
(10,427 |
) |
|
(12,436 |
) |
|
(40,687 |
) |
|
(33,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
Dividend payments |
|
- |
|
|
(16,820 |
) |
|
(16,812 |
) |
|
(15 |
) |
|
(50,441 |
) |
Net cash used in
financing activities |
|
- |
|
|
(16,820 |
) |
|
(16,812 |
) |
|
(15 |
) |
|
(50,441 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents & restricted cash |
|
47,860 |
|
|
(5,754 |
) |
|
24,799 |
|
|
67,225 |
|
|
(702 |
) |
Effect of foreign exchange
changes |
|
(2,528 |
) |
|
86 |
|
|
186 |
|
|
(3,977 |
) |
|
308 |
|
Cash, cash equivalents &
restricted cash—beginning of period |
|
304,971 |
|
|
349,279 |
|
|
343,611 |
|
|
287,055 |
|
|
368,990 |
|
Cash, cash equivalents &
restricted cash—end of period |
|
350,303 |
|
|
343,611 |
|
|
368,596 |
|
|
350,303 |
|
|
368,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder LitigationOn August 31, 2023, a
Silicon Motion ADS holder (the “Plaintiff”) filed a putative class
action complaint in the United States District Court for the
Southern District of California, captioned Water Island
Event-Driven Fund v. MaxLinear, Inc., No. 23-cv-01607 (S.D. Cal.),
asserting claims against MaxLinear and two of its officers (the
“MaxLinear Defendants”) for alleged violations of (i) Section 10(b)
of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and Rule 10b-5 promulgated thereunder and (ii) Section 20(a)
of the Exchange Act, in connection with alleged false and
misleading statements made by the MaxLinear Defendants between June
6, 2023 and July 26, 2023 concerning MaxLinear’s intent to
consummate the merger agreement it had entered into with Silicon
Motion. On August 28, 2024, the Court dismissed the complaint
against the MaxLinear Defendants without prejudice for lack of
standing. On September 18, 2024, the Plaintiff filed an
amended complaint against the MaxLinear Defendants, and also added
Silicon Motion and two of its officers (the “Silicon Motion
Defendants”), asserting substantially similar claims under the
Exchange Act. The complaint seeks compensatory damages, including
interest, costs and expenses, and such other equitable or
injunctive relief that the court deems appropriate. Motions to
dismiss the amended complaint are expected to be fully briefed by
February 2025. The Silicon Motion Defendants believe that the
claims asserted against them are without merit and intend to defend
themselves vigorously.
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 functionalities and performance of our
information technology (“IT”) systems, which are subject
to cybersecurity threats and which support our critical
operational activities, and any breaches of our IT systems or those
of our customers, suppliers, partners and providers of third-party
licensed technology; the effects on our business and our customer’s
business taking into account the
ongoing U.S.-China tariffs and trade disputes; the
uncertainties associated with any future global or regional
pandemic; the continuing 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 U.S. Securities and Exchange
Commission, including our Annual Report on
Form 20-F filed with the U.S. Securities and Exchange
Commission on April 30, 2024. Other than as required under the
securities laws, we do not intend, and do not undertake any
obligation to, update or revise any forward-looking statements,
which apply only as of the date of this press release.
Silicon Motion Investor Contacts: |
|
Tom Sepenzis |
Selina Hsieh |
Senior Director of IR & Strategy |
Investor Relations |
tsepenzis@siliconmotion.com |
ir@siliconmotion.com |
|
|
Media Contact: |
|
Dan Scorpio, H/Advisors Abernathy |
|
Dan.scorpio@h-advisors.global |
|
Silicon Motion Technology (NASDAQ:SIMO)
過去 株価チャート
から 11 2024 まで 12 2024
Silicon Motion Technology (NASDAQ:SIMO)
過去 株価チャート
から 12 2023 まで 12 2024