Silicon Motion Announces Results for the Period Ended June 30, 2017

Financial Highlights

  2Q 2017 GAAP
  2Q 2017 Non-GAAP
• Net sales$132.7 million (4% Q/Q, -6% Y/Y) $132.7 million (4% Q/Q, -6% Y/Y)
• Gross margin 48.7%  48.7%
• Operating margin 22.8%  23.9%
• Earnings per diluted ADS$0.67  $0.71 

Business Highlights

  • Embedded Storage1 sales increased approximately 5% Q/Q and accounted for about 80% of total sales, similar to the previous quarter
  • Client SSD controller sales decreased almost 10% Q/Q
  • eMMC controller sales increased almost 5% Q/Q
  • SSD solutions sales increased over 50% Q/Q
  • Began shipping our SATA3 SSD controller to Intel for the world’s first 64L 3D TLC NAND-based SSD, the Intel 545s

1 Embedded Storage comprises primarily eMMC and client SSD controllers and enterprise and industrial SSD solutions.

TAIPEI, Taiwan and MILPITAS, Calif., Aug. 01, 2017 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended June 30, 2017.  For the second quarter, net sales increased 4% sequentially to $132.7 million from $127.3 million in the first quarter. Net income (GAAP) increased to $24.0 million or $0.67 per diluted ADS (GAAP) from a net income (GAAP) of $23.5 million or $0.65 per diluted ADS (GAAP) in the first quarter.

For the second quarter, net income (non-GAAP) increased to $25.6 million or $0.71 per diluted ADS (non-GAAP) from a net income (non-GAAP) of $25.1 million or $0.70 per diluted ADS (non-GAAP) in the first quarter.

Second Quarter 2017 Review
“While NAND flash supply continued to improve modestly this quarter, supply remained very tight and was prioritized in favor of enterprise applications,” said Wallace Kou, President and CEO of Silicon Motion. “Separately, our eMMC NAND flash partner during the quarter was prebuilding inventory as part of their internal planning decisions.  As a result, our SSD solutions and eMMC controllers grew this quarter, while our client SSD controllers declined.”

Sales

(in millions, except percentages) 2Q 2017 1Q 2017 2Q 2016
Sales Mix Sales Mix Sales Mix
Mobile Storage*
   Q/Q
   Y/Y
$121.6
4%
-6%
92%$116.5
-11%
12%
92%$129.5
25%
83%
92%
Mobile Communications**$10.07%$9.37%$9.77%
Others$1.21%$1.51%$1.51%
Total revenue
   Q/Q
   Y/Y
$132.7
4%
-6%
100%$127.3
-12%
13%
100%$140.7
25%
61%
100%

* Mobile Storage products include Embedded Storage products (eMMC and client SSD controllers and enterprise and industrial SSD solutions) and Expandable Storage products (SD and USB flash drive controllers)  
** Mobile Communications products include mobile TV SoCs and handset transceivers

Key Financial Results

(in millions, except percentages and per ADS amounts) GAAP Non-GAAP
2Q 2017 1Q 2017 2Q 2016 2Q 2017 1Q 2017 2Q 2016
Revenue $ 132.7   $ 127.3   $ 140.7   $ 132.7   $ 127.3   $ 140.7  
Gross profit
   Percent of revenue
  $64.6
48.7

%
  $64.8
50.9

%
  $68.1
48.4

%
  $64.6
48.7

%
  $64.9
51.0

%
  $68.1
48.4

%
Operating expenses $ 34.3   $ 34.8   $ 31.9   $ 32.8   $ 31.2   $ 30.9  
Operating income
   Percent of revenue
  $30.3
22.8

%
  $30.0
23.6

%
  $36.2
25.7

%
  $31.8
23.9

%
  $33.6
26.4

%
  $37.2
26.5

%
Earnings per diluted ADS $ 0.67   $ 0.65   $ 0.82   $ 0.71   $ 0.70   $ 0.86  

Other Financial Information

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