Silicon Motion Announces Results for the Period Ended June 30, 2016

Financial Highlights

  • Net sales of $140.7 million (up 25% Q/Q and up 61% Y/Y) 
  • Gross margin (non-GAAP1) of 48.4% (compared to 50.6% in 1Q16 and 51.0% in 2Q15)
  • Operating margin (non-GAAP) of 26.5% (compared to 26.8% in 1Q16 and 24.8% in 2Q15)
  • Diluted earnings per ADS (non-GAAP) of $0.86 (compared to $0.68 in 1Q16 and $0.51 in 2Q15)

Business Highlights

  • Highest quarterly revenue, net income (non-GAAP) and EPS (non-GAAP) in our corporate history
  • Embedded Storage product sales increased approximately 25% Q/Q and accounted for almost 80% of total revenue
  • Client SSD controller sales increased over 30% Q/Q
  • eMMC controller sales increased over 5% Q/Q
  • Specialized enterprise and industrial SSD Solutions sales increased over 50% Q/Q
  • Started initial sales of client SSD and eMMC controllers for 3D NAND to flash partners
  • Shipped over five  billion  NAND controllers in the past ten years

TAIPEI, Taiwan and MILPITAS, Calif., July 22, 2016 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended June 30, 2016.  For the second quarter, net sales increased sequentially to $140.7 million from $112.7 million in the first quarter. Net income (non-GAAP) increased to $30.7 million or $0.86 per diluted ADS from a net income (non-GAAP) of $24.3 million or $0.68 per diluted ADS in the first quarter.

GAAP net income for the second quarter increased to $29.0 million or $0.82 per diluted ADS from a GAAP net income of $23.0 million or $0.65 per diluted ADS in the first quarter.

1 Non-GAAP measures represent GAAP measures excluding the impact of stock-based compensation, amortization of intangibles assets, foreign exchange gain (loss), and other non-recurring items.  For reconciliation of non-GAAP to GAAP results and further discussion, see accompanying financial tables and the note “Discussion of Non-GAAP Financial Measures” at the end of this press release.

Second Quarter 2016 Review
“Second quarter sales exceeded our original plan with stronger than expected demand coming from all segments of our business,” said Wallace Kou, President and CEO of Silicon Motion. “Client SSDs were by far our biggest growth driver, led by sales to our three NAND flash partners.  Sales to these three customers increased over 50% sequentially.  Sales of our eMMC and Shannon and Ferri specialized SSD Solutions also exceeded expectations.”

Sales

(in millions, except percentages) 2Q 2016 1Q 2016 2Q 2015
  Sales Mix Sales Mix Sales Mix
Mobile Storage*$129.5  92%$104.0  92%$70.8  81%
Q/Q 25%  19%  11% 
Y/Y 83%  63%  20% 
Mobile Communications**$9.7  7%$7.0  6%$14.4  17%
Others$1.5  1%$1.7  2%$2.0  2%
Total Revenue$140.7  100%$ 112.7     100 % $ 87.2     100 %
Q/Q   25 %     15 %     8 %  
Y/Y   61 %     40 %     26 %  
                         

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