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Silicon Motion Announces Results for the Period Ended December 31, 2019

/EIN News/ -- Financial Highlights

  4Q 2019 GAAP   4Q 2019 Non-GAAP
•   Net sales $153.2 million (+39% Q/Q, +24% Y/Y)   $153.0 million (+35% Q/Q, +32% Y/Y)
•   Gross margin
48.1%   49.3%
•   Operating margin 17.9%   24.4%
•   Earnings per diluted ADS
$0.73   $0.96
       
  Full Year 2019 GAAP   Full Year 2019 Non-GAAP
•   Net sales $457.3 million (-14% Y/Y)   $449.4 million (-10% Y/Y)
•   Gross margin 48.6%   50.1%
•   Operating margin 11.5%   21.3%
•   Earnings per diluted ADS $1.82   $2.60

Business Highlights

  • Total controller sales grew Q/Q to a record high
  • SSD controller sales increased about 25% Q/Q to a record high
  • eMMC+UFS controller sales increased about 70% Q/Q
  • SSD solutions1 sales increased about 60% Q/Q

__________
1 Non-GAAP

TAIPEI, Taiwan and MILPITAS, Calif., Feb. 07, 2020 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended December 31, 2019.  For the fourth quarter, net sales (GAAP) increased sequentially to $153.2 million from $110.5 million in third quarter 2019.  Net income (GAAP) increased to $25.4 million or $0.73 per diluted ADS (GAAP) from net income (GAAP) of $4.2 million or $0.12 per diluted ADS (GAAP) in third quarter 2019.

For the fourth quarter, net income (non-GAAP) increased to $33.8 million or $0.96 per diluted ADS (non-GAAP) from a net income (non-GAAP) of $24.4 million or $0.69 per diluted ADS (non-GAAP) in third quarter 2019.

Fourth Quarter 2019 Review
“In the fourth quarter, sales momentum accelerated with strong sequential growth led by our three key products,” said Wallace Kou, President and CEO of Silicon Motion.  “We delivered record high SSD controller sales, both for the quarter and the year.  Additionally, our eMMC+UFS mobile embedded memory controller sales continued to grow strongly, and our SSD solutions sales also posted strong growth with both Shannon and Ferri SSDs up sequentially.” 

Key Financial Results

(in millions, except percentages and per ADS amounts) GAAP Non-GAAP
4Q 2019 3Q 2019 4Q 2018 4Q 2019 3Q 2019 4Q 2018
Revenue $153.2 $110.5 $123.4 $153.0 $113.2 $115.8
Gross profit
   Percent of revenue
$73.6
48.1%
$54.8
49.6%
$62.1
50.3%
$75.4
49.3%
$56.4
49.8%
$58.1
50.2%
Operating expenses $46.2 $50.1 $48.3 $38.1 $31.4 $27.5
Operating income
   Percent of revenue
$27.4
17.9%
$4.6
4.2%
$13.8
11.2%
$37.3
24.4%
$25.1
22.1%
$30.6
26.5%
Earnings per diluted ADS $0.73 $0.12 $0.42 $0.96 $0.69 $0.82

Other Financial Information

(in millions) 4Q 2019 3Q 2019 4Q 2018
Cash, cash equivalents, restricted cash and short-term investments—end of period $350.3 $337.9 $310.7
Routine capital expenditures $2.3 $3.9 $5.1
Dividend payments $12.1 $10.0 $10.8
Share repurchases -- $25.0 $33.5
Loan repayments -- -- $3.9

During the fourth quarter, we had $2.3 million of capital expenditures for the routine purchase of software, design tools and other items.

Returning Value to Shareholders
On October 25, 2019, our Board of Directors declared a $1.40 per ADS annual dividend to be paid in quarterly installments of $0.35 per ADS.  On November 21, 2019, we paid $12.1 million to shareholders as the first installment of our annual dividend.

On November 21, 2018, the Company announced that our Board of Directors had authorized a new program for the Company to repurchase up to $200 million of our ADS over a 24 month period.  In the fourth quarter, we did not repurchase any of our ADSs.  Since the start of this program, we have repurchased $59.8 million of our ADSs.

Business Outlook
“This year, we expect all three of our key products to contribute to our overall growth,” said Wallace Kou, President and CEO of Silicon Motion.  “We expect our SSD controller sales, now representing over half of total revenue, to continue to deliver solid growth as we expand our OEM exposure.  We anticipate that our eMMC+UFS controller sales will return to growth this year as UFS adoption in smartphones increases.  We believe that our SSD solutions will also return to growth this year as Chinese hyperscalers adopt more of our open-channel SSDs in their data centers and as our differentiated industrial SSDs diversify further into automotive, data networking and other applications.  Finally, there is significant uncertainty relating to the recent coronavirus outbreak and its effect on demand and our supply chain; this business outlook incorporates related information that we have at this time.” 

For the first quarter of 2020, management expects:

  GAAP Non-GAAP Adjustment Non-GAAP
Revenue

$130m to $138m
-15% to -10% Q/Q
--

$130m to $138m
-15% to -10% Q/Q
Gross margin 44.0% to 46.0% Approximately $0.1m* 44.0% to 46.0%
Operating margin 15.9% to 18.2% Approximately $2.5m to $2.7m** 18.0% to 20.0%

* Projected gross margin (non-GAAP) excludes $0.1 million of stock-based compensation.
** Projected operating margin (non-GAAP) excludes $2.5 million to $2.7 million of stock-based compensation.

For the full year 2020, management expects:

  GAAP Non-GAAP Adjustment Non-GAAP
Revenue

$539m to $584m
18% to 28% Y/Y
--

$539m to $584m
20% to 30% Y/Y
Gross margin 45.9% to 47.9% Approximately $0.5m* 46.0% to 48.0%
Operating margin 18.5% to 21.1% Approximately $14.0m to $16.0m** 21.5% to 23.5%

* Projected gross margin (non-GAAP) excludes $0.5 million of stock-based compensation.
** Projected operating margin (non-GAAP) excludes $14.0 million to $16.0 million of stock-based compensation.

Conference Call & Webcast:

The Company’s management team will conduct a conference call at 8:00 am Eastern Time on February 7, 2020. 

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: 6499746

Replay Numbers (for 7 days):
USA (Toll Free): 1 855 452 5696
USA (Toll): 1 646 254 3697
Participant Passcode: 6499746

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), 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 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.

SSD solutions restructuring are charges relate to the restructuring of our underperforming Shannon and Bigtera product lines and include goodwill and intangible assets impairment expenses, the write-down of NAND flash and SSD inventory valuation and customer sales returns and accounts receivable attributable to these product lines.

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.

FCI divestiture refers to the exclusion of revenue, expenses and other items relating to our FCI specialty RF IC product-line, the sale of which was closed on May 31, 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.  Additionally, we are also excluding transaction expenses and long-term investment gains from this asset disposal.

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.

Gains on disposal of long-term investments relate to gains from the sale of our investment in ProGrade, a professional-grade memory card manufacturer, and Cashido, a manufacturer of flash memory storage devices.

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 Corporation
Consolidated Statements of Income
(in thousands, except percentages and per ADS data, unaudited)
         
    For Three Months Ended   For Year Ended
    Dec. 31,   Sep. 30,   Dec. 31,   Dec. 31,   Dec. 31,
    2018   2019   2019   2018   2019
     ($)
   ($)
   ($)
   ($)
   ($)
Net Sales   123,386     110,518     153,196     530,348     457,253  
Cost of sales   61,288     55,727     79,563     269,541     235,081  
Gross profit   62,098     54,791     73,633     260,807     222,172  
Operating expenses                              
Research & development   30,675     24,392     33,869     102,028     110,123  
Sales & marketing   7,435     5,895     6,093     29,279     25,012  
General & administrative   5,397     3,632     6,269     17,633     17,812  
Amortization of intangibles assets   741     255     -     2,964     766  
Impairment of goodwill and intangible assets   4,069     15,970     -     4,069     15,970  
Operating income   13,781     4,647     27,402     104,834     52,489  
Non-operating income (expense)                              
Interest income, net   1,718     1,662     1,478     5,923     6,405  
Gain on disposal of long-term investments   -     37     -     -     12,941  
Foreign exchange gain (loss), net   (9 )   (362 )   84     (615 )   148  
Gain (loss) on equity-method investments   (169 )   -     -     (473 )   -  
Others, net   38     6     33     192     91  
Subtotal   1,578     1,343     1,595     5,027     19,585  
Income before income tax   15,359     5,990     28,997     109,861     72,074  
Income tax expense   260     1,777     3,567     11,791     7,675  
Net income   15,099     4,213     25,430     98,070     64,399  
                               
Earnings per basic ADS   0.42     0.12     0.73     2.72     1.83  
Earnings per diluted ADS   0.42     0.12     0.73     2.71     1.82  
                               
Margin Analysis:                              
Gross margin   50.3%     49.6%     48.1%     49.2%     48.6%  
Operating margin   11.2%     4.2%     17.9%     19.8%     11.5%  
Net margin   12.2%     3.8%     16.6%     18.5%     14.1%  
                               
Additional Data:                              
Weighted avg. ADS equivalents2   35,974     35,128     34,776     36,031     35,177  
Diluted ADS equivalents   36,070     35,153     35,021     36,128     35,296  
                               

__________
2 Assumes all outstanding ordinary shares are represented by ADSs.  Each ADS represents four ordinary shares.

 
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
 
    For Three Months Ended   For Year Ended
    Dec. 31,   Sep. 30,   Dec. 31,   Dec. 31,   Dec. 31,
  2018   2019   2019   2018   2019
   ($)    ($)    ($)    ($)    ($)
Revenue (GAAP)     123,386       110,518       153,196       530,348       457,253  
SSD solutions restructuring     -       2,656       (162 )     -       2,494  
FCI divestiture     (7,585 )     -       -       (30,162 )     (10,359 )
Revenue (non-GAAP)     115,801       113,174       153,034       500,186       449,388  
                                         
Gross profit (GAAP)     62,098       54,791       73,633       260,807       222,172  
Gross margin (GAAP)     50.3%       49.6%       48.1%       49.2%       48.6%  
Stock-based compensation (A)     226       50       141       355       293  
SSD solutions restructuring     -       1,572       1,618       -       8,176  
FCI divestiture     (4,225 )     -       -       (15,436 )     (5,675 )
Gross profit (non-GAAP)     58,099       56,413       75,392       245,726       224,966  
Gross margin (non-GAAP)     50.2%       49.8%       49.3%       49.1%       50.1%  
                                         
Operating expenses (GAAP)     48,317       50,144       46,231       155,973       169,683  
Stock-based compensation (A)     (11,885 )     (2,561 )     (7,209 )     (19,835 )     (14,139 )
Amortization of intangible assets     (741 )     (255 )     -       (2,964 )     (766 )
SSD solutions restructuring     (4,069 )     (15,970 )     (928 )     -       (16,898 )
Litigation expense     (7 )     -       -       (37 )     2  
FCI divestiture     (4,141 )     -       -       (20,882 )     (8,682 )
Operating expenses (non-GAAP)     27,474       31,358       38,094       112,255       129,200  
                                         
Operating profit (GAAP)     13,781       4,647       27,402       104,834       52,489  
Operating margin (GAAP)     11.2%       4.2%       17.9%       19.8%       11.5%  
Total adjustments to operating profit     16,844       20,408       9,896       28,637       43,277  
Operating profit (non-GAAP)     30,625       25,055       37,298       133,471       95,766  
Operating margin (non-GAAP)     26.5%       22.1%       24.4%       26.7%       21.3%  
                                         
Non-operating income (expense) (GAAP)     1,578       1,343       1,595       5,027       19,585  
Foreign exchange loss (gain), net     9       362       (84 )     615       (148 )
Gain on disposal of long-term investments     -       (37 )     -       -       (532 )
Loss on equity-method investments     169       -       -       473       -  
FCI divestiture     (6 )     -       -       (63 )     (12,412 )
Non-operating income (expense) (non-GAAP)     1,750       1,668       1,511       6,052       6,493  
                                         
Net income (GAAP)     15,099       4,213       25,430       98,070       64,399  
Total pre-tax impact of non-GAAP adjustments     17,016       20,733       9,812       29,662       30,185  
Income tax impact of non-GAAP adjustments     (2,290 )     (521 )     (1,430 )     (3,479 )     (2,700 )
Net income (non-GAAP)     29,825       24,425       33,812       124,253       91,884  
                                         
Earnings per diluted ADS (GAAP)     $0.42       $0.12       $0.73       $2.71       $1.82  
Earnings per diluted ADS (non-GAAP)     $0.82       $0.69       $0.96       $3.43       $2.60  
                                         
Shares used in computing earnings per diluted ADS (GAAP)     36,070       35,153       35,021       36,147       35,296  
Non-GAAP Adjustments     284       139       171       108       106  
Shares used in computing earnings per diluted ADS (non-GAAP)     36,354       35,292       35,192       36,255       35,402  
                                         
(A) Excludes stock-based compensation as follows:                                        
Cost of Sales     226       50       141       355       293  
Research & development     8,239       1,811       5,178       12,996       9,811  
Sales & marketing     1,350       320       790       3,223       1,772  
General & administrative     2,296       430       1,241       3,616       2,556  
 


 
Silicon Motion Technology Corporation
Consolidated Balance Sheet
(In thousands, unaudited)
 
    Dec. 31,   Sep. 30   Dec. 31,
    2018   2019   2019
     ($)    ($)    ($)
Cash and cash equivalents   284,989   308,191   323,166
Short-term investments   3,609   4,664   2,011
Accounts receivable (net)   91,763   90,332   108,734
Inventories   81,518   87,840   88,439
Refundable deposits – current   19,157   24,078   24,085
Prepaid expenses and other current assets   17,454   17,903   18,764
Total current assets   498,490   533,008   565,199
Long-term investments   4,242   3,000   3,000
Property and equipment (net)   101,410   98,749   97,777
Goodwill and intangible assets (net)   59,352   17,489   17,489
Other assets   9,120   14,002   14,264
Total assets   672,614   666,248   697,729
             
Accounts payable   27,657   32,457   30,687
Income tax payable   4,163   1,293   2,465
Accrued expenses and other current liabilities   81,831   48,200   92,611
Total current liabilities   113,651   81,950   125,763
Other liabilities   26,686   31,810   35,182
Total liabilities   140,337   113,760   160,945
Shareholders’ equity   532,277   552,488   536,784
Total liabilities & shareholders’ equity   672,614   666,248   697,729
             


 
Silicon Motion Technology Corporation
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
 
    For Three Months Ended   For Year Ended
    Dec. 31,   Sep. 30,   Dec. 30,   Dec. 31,   Dec. 31,
    2018
  2019
  2019
  2018
  2019
     ($)    ($)    ($)    ($)    ($)
Net income   15,098     4,213     25,430     98,070     64,399  
Depreciation & amortization   3,899     3,244     3,190     14,796     13,056  
Stock-based compensation   12,378     2,611     7,350     20,779     14,591  
Goodwill & intangible assets impairment   4,069     15,970     -     4,069     15,970  
Investment impairment, losses & disposals   169     (44 )   (16 )   274     (13,005 )
Changes in operating assets and liabilities   (671 )   (21,925 )   (6,548 )   (29,813 )   (18,025 )
Others   27     11     3     67     20  
Net cash provided by operating activities   34,969     4,080     29,409     108,242     77,006  
                     
Purchase of property & equipment   (5,121 )   (3,925 )   (2,276 )   (74,853 )   (10,325 )
Purchase of long-term investments   -     -     -     (4,715 )   -  
Disposal of long-term investments   -     38     -     -     45,742  
Net cash provided by (used in) investing activities   (5,121 )   (3,887 )   (2,276 )   (79,568 )   35,417  
                     
Dividend payments   (10,829 )   (10,009 )   (12,147 )   (43,281 )   (44,029 )
Share repurchases   (33,539 )   (25,015 )   -     (33,539 )   (26,231 )
Bank loan   (3,900 )   -     -     (25,000 )   -  
Net cash used in financing activities   (48,268 )   (35,024 )   (12,147 )   (101,820 )   (70,260 )
                     
Net increase (decrease) in cash, cash equivalents & restricted cash   (18,421 )   (34,831 )   14,986     (73,146 )   42,163  
Effect of foreign exchange changes   (119 )   (24 )   (13 )   (1,250 )   (1,037 )
Cash, cash equivalents & restricted cash—beginning of period   325,666     368,135     333,280     381,523     307,127  
Cash, cash equivalents & restricted cash—end of period   307,127     333,280     348,253     307,127     348,253  
                               

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 first  quarter of 2020 and full year 2020 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 first quarter of 2020 and full year 2020. 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 and recent global outbreak of coronavirus; 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 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:
Christopher Chaney
Director, Investor Relations & Strategy
E-mail: CChaney@siliconmotion.com 
Investor Contact:
Selina Hsieh
Investor Relations
E-mail: ir@siliconmotion.com
   
Media Contact:
Sara Hsu
Project Manager
E-mail: sara.hsu@siliconmotion.com
 

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