Silicon Motion Announces Results for the Period Ended December 31, 2017

Financial Highlights

  4Q 2017 GAAP 4Q 2017 Non-GAAP
  • Net sales
$136.2 million (+7% Q/Q, -6% Y/Y)$136.2 million (+7% Q/Q, -6% Y/Y)
  • Gross margin
46.5 %46.6 %
  • Operating margin
10.0%24.1%
  • Earnings per diluted ADS
$0.27   $0.79 
   
   
  Full Year 2017 GAAP Full Year 2017 Non-GAAP
  • Net sales
$523.4 million (-6% Y/Y)$523.4 million (-6% Y/Y)
  • Gross margin
48.0 %48.0 %
  • Operating margin
18.2%23.6%
  • Earnings per diluted ADS
$2.09$2.81


Business Highlights

  • Embedded Storage1 sales increased approximately 10% Q/Q and accounted for about 80% of total sales, similar to the previous quarter
  • Client SSD controller sales increased over 15% Q/Q
  • eMMC controller sales remained stable Q/Q
  • SSD solutions sales increased over 15% Q/Q
  • Began shipping our SATA3 SSD controller for Micron’s Crucial MX500 SSD and our 2nd generation PCIe NVMe controller for Intel’s 760p SSD
  • Delivered pre-production samples of our Open-Channel NVMe SSD controller to hyperscale data center customer

TAIPEI, Taiwan and MILPITAS, Calif., Feb. 07, 2018 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS:SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended December 31, 2017.  For the fourth quarter, net sales increased 7% sequentially to $136.2 million from $127.2 million in the third quarter. Net income (GAAP) decreased to $9.9 million or $0.27 per diluted ADS (GAAP) from a net income (GAAP) of $17.6 million or $0.49 per diluted ADS (GAAP) in the third quarter.

For the fourth quarter, net income (non-GAAP) increased to $28.4 million or $0.79 per diluted ADS (non-GAAP) from a net income (non-GAAP) of $20.3 million or $0.57 per diluted ADS (non-GAAP) in the third quarter.

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

Fourth Quarter 2017 Review
“This quarter, NAND flash industry supply continued to improve and prices continued to soften,” said Wallace Kou, President and CEO of Silicon Motion. “Our SSD controller sales to our NAND flash partners rebounded, SSD solutions sales, specifically to our diversified Ferri OEM customers exceeded expectations, and our eMMC controller sales were stable sequentially.”

Sales

(in millions, except percentages) 4Q 2017 3Q 2017 4Q 2016
Sales Mix Sales Mix Sales Mix
Mobile Storage*
Q/Q
Y/Y
$125.3
+7%
-4%
92%

$117.3
-4%
-20%
92%

$130.3
-11%
+49%
90%

Mobile Communications**$9.47%$8.77%$12.59%
Others$1.51%$1.31%$1.41%
Total revenue
Q/Q
Y/Y
$136.2
+7%
-6%
100%

$127.2
-4%
-20%
100
 %

$144.2
-9%
+47%
100%

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

Key Financial Results

(in millions, except percentages and per ADS amounts) GAAP Non-GAAP
4Q 2017 3Q 2017 4Q 2016 4Q 2017 3Q 2017 4Q 2016
Revenue $136.2  $127.2 $144.2 $136.2 $127.2 $144.2
Gross profit
Percent of revenue
 $63.3
46.5 %
 $58.5
46.0 %
 $72.1
50.0 %
 $63.5
46.6 %
 $58.5
46.0 %
 $72.3
50.2 %
Operating expenses $49.7  $36.9 $37.3 $30.6  $33.1 $28.5
Operating income
Percent of revenue
$13.6
10.0 %
 $21.6
17.0 %
 $34.9
24.2 %
 $32.9
24.1 %
 $25.4
20.0 %
 $43.8
30.4 %
Earnings per diluted ADS $0.27 $0.49  $0.73 $0.79 $0.57 $0.95

Other Financial Information

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