Silicon Motion Announces Results for the Period Ended June 30, 2024

Rhea-AI Summary

Silicon Motion Technology (SIMO) reported strong Q2 2024 financial results, with net sales increasing 11% Q/Q and 50% Y/Y to $210.7 million. The company saw growth across its product lines:

- SSD controller sales increased 25-30% Y/Y
- eMMC+UFS controller sales surged 190-195% Y/Y
- SSD solutions sales rose 20-25% Q/Q

Gross margin improved to 45.9% GAAP (46.0% non-GAAP). Net income reached $30.8 million or $0.91 per diluted ADS (GAAP). The company expects Q3 2024 revenue of $205-216 million, representing -2.5% to +2.5% Q/Q growth. For full year 2024, Silicon Motion projects revenue of $800-830 million, up 25-30% Y/Y.

Positive

• Net sales increased 11% Q/Q and 50% Y/Y to $210.7 million in Q2 2024
• SSD controller sales grew 25-30% Y/Y
• eMMC+UFS controller sales surged 190-195% Y/Y
• Gross margin improved to 45.9% GAAP (46.0% non-GAAP)
• Net income reached $30.8 million or $0.91 per diluted ADS (GAAP)
• Full year 2024 revenue projected at $800-830 million, up 25-30% Y/Y

Negative

• SSD solutions sales decreased 5-10% Y/Y

Insights

Financial Analyst

Silicon Motion's Q2 2024 results demonstrate strong performance and growth across key metrics. Revenue increased 11% sequentially and 50% year-over-year to $210.7 million, exceeding the high end of guidance. This growth was driven by continued strength in SSD controllers and accelerated demand in eMMC and UFS controllers for smartphones.

Profitability also improved significantly, with non-GAAP operating margin expanding to 16.5% from 12.0% in Q1. This resulted in non-GAAP EPS of $0.96, up 50% sequentially.

The company's outlook remains positive, maintaining its full-year 2024 revenue growth forecast of 25% to 30%. This confidence stems from new programs with NAND makers and an expanding product portfolio, particularly in AI-enabled edge devices.

However, investors should note potential headwinds from softness in the retail SSD market. The company's ability to offset this with growth in its NAND OEM business will be important to watch in coming quarters.

Overall, Silicon Motion's results and outlook suggest it's well-positioned to capitalize on increasing demand for high-performance, cost-effective storage solutions in PCs, smartphones and emerging AI applications.

Tech Industry Analyst

Silicon Motion's Q2 results highlight several important trends in the semiconductor and storage industries:

• SSD controller growth: The fifth consecutive quarter of growth in this segment indicates a sustained shift towards solid-state storage in PCs and data centers.
• Smartphone recovery: The significant growth in eMMC and UFS controller sales (190% to 195% Y/Y) suggests a rebound in the smartphone market after a period of weakness.
• AI impact: The company's focus on controllers for "AI-at-the-edge" applications points to the growing importance of AI processing capabilities in consumer devices.
• NAND maker partnerships: Silicon Motion's increasing collaboration with NAND manufacturers on outsourced controllers could reshape the competitive landscape in the storage controller market.

The company's ability to grow despite softness in the retail SSD market demonstrates the importance of diversification across multiple storage segments. As AI continues to drive demand for high-performance storage in various devices, Silicon Motion appears well-positioned to benefit from this trend.

Business Highlights

• Second quarter of 2024 sales increased 11% Q/Q and increased 50% Y/Y
  • SSD controller sales:  2Q of 2024 increased 0% to 5% Q/Q and increased 25% to 30% Y/Y
  • eMMC+UFS controller sales:  2Q of 2024 increased 25% to 30% Q/Q and increased 190% to 195% Y/Y
  • SSD solutions sales:  2Q of 2024 increased 20% to 25% Q/Q and decreased 5% to 10% Y/Y

Financial Highlights

	2Q 2024 GAAP			2Q 2024 Non-GAAP
• Net sales	$210.7 million (+11% Q/Q, +50% Y/Y)			$210.7 million (+11% Q/Q, +50% Y/Y)
• Gross margin	45.9%			46.0%
• Operating margin	14.6%			16.5%
• Earnings per diluted ADS	$0.91			$0.96

TAIPEI, Taiwan and MILPITAS, Calif., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended June 30, 2024.  For the second quarter of 2024, net sales (GAAP) increased sequentially to $210.7 million from $189.3 million in the first quarter of 2024. Net income (GAAP) increased to $30.8 million, or $0.91 per diluted American Depositary Share of the Company (“ADS”) (GAAP), from net income (GAAP) of $16.0 million, or $0.48 per diluted ADS (GAAP), in the first quarter of 2024.

For the second quarter of 2024, net income (non-GAAP) increased to $32.5 million, or $0.96 per diluted ADS (non-GAAP), from net income (non-GAAP) of $21.6 million, or $0.64 per diluted ADS (non-GAAP), in the first quarter of 2024.

All financial numbers are in U.S. dollars unless otherwise noted.

Second Quarter of 2024 Review

“Our business was strong in the second quarter of 2024, with revenue above the high-end of our guided range and gross margins at the high-end of expectations,” said Wallace Kou, President and CEO of Silicon Motion. “Our SSD controller revenue increased for the fifth consecutive quarter and strength from our eMMC and UFS business accelerated as smartphone OEMs build in anticipation for a seasonally stronger second half and modest handset industry growth this year. The first half of the year was a strong start to 2024, and we remain confident that our increasing share with flash makers and expanding product portfolio will continue to grow our business and profitability throughout this year.”

Key Financial Results

(in millions, except percentages and per ADS amounts)	GAAP									Non-GAAP
	2Q 2024			1Q 2024			2Q 2023			2Q 2024			1Q 2024			2Q 2023
Revenue	$	210.7		$	189.3		$	140.4		$	210.7		$	189.3		$	140.4
Gross profit Percent of revenue		$96.8 45.9	%		$85.1 45.0	%		$56.4 40.2	%		$96.8 46.0	%		$85.2 45.0	%		$59.7 42.5	%
Operating expenses	$	66.0		$	67.2		$	54.6		$	62.1		$	62.5		$	48.0
Operating income Percent of revenue		$30.7 14.6	%		$18.0 9.5	%		$1.8 1.3	%		$34.7 16.5	%		$22.6 12.0	%		$11.7 8.3	%
Earnings per diluted ADS	$	0.91		$	0.48		$	0.33		$	0.96		$	0.64		$	0.38

Other Financial Information

(in millions)	2Q 2024		1Q 2024		2Q 2023
Cash, cash equivalents, restricted cash and short-term investments—end of period	$	343.6	$	349.3	$	305.0
Routine capital expenditures	$	6.3	$	5.0	$	4.3
Dividend payments	$	16.8	$	16.8		--

During the second quarter of 2024, we had $10.4 million of capital expenditures, including $6.3 million for the routine purchase of testing equipment, software, design tools and other items, and $4.1 million for building construction in Hsinchu.

Business Outlook
“Our new programs with our flash maker customers are expected to further scale throughout this year as the move to increase outsourcing continues to build the foundation for the long-term revenue and profitability growth of our business,” said Wallace Kou, President and CEO of Silicon Motion. “Our highly differentiated controller solutions for PCs and smartphones deliver high performance, higher density and lower cost solid state storage to enable cutting edge applications such as AI-at-the-edge. Despite the softness in the retail SSD market that is evident across the industry, we are confident that we can achieve our previous full-year outlook based on the ongoing strength of our growing NAND OEM business.”

For the third quarter of 2024, management expects:

($ in millions)	GAAP	Non-GAAP Adjustment	Non-GAAP
Revenue	$205 to $216  -2.5% to +2.5% Q/Q +19% to 25% Y/Y	--	$205 to $216  -2.5% to +2.5% Q/Q +19% to 25% Y/Y
Gross margin	46.0% to 47.0%	Approximately $0.1*	46.0% to 47.0%
Operating margin	10.7% to 12.3%	Approximately $6.4 to $7.4**	14.3% to 15.3%

* Projected gross margin (non-GAAP) excludes $0.1 million of stock-based compensation.
** Projected operating margin (non-GAAP) excludes $6.4 million to $7.4 million of stock-based compensation and dispute related expenses.

For the full year 2024, management expects:

($ in millions)	GAAP	Non-GAAP Adjustment	Non-GAAP
Revenue	$800 to $830 +25% to 30% Y/Y	--	$800 to $830 +25% to 30% Y/Y
Gross margin	45.9% to 46.9%	Approximately $0.6*	46.0% to 47.0%
Operating margin	10.9% to 13.3%	Approximately $29.0 to $31.0**	14.8% to 16.8%

* Projected gross margin (non-GAAP) excludes $0.6 million of stock-based compensation and restructuring charge.
** Projected operating margin (non-GAAP) excludes $29.0 million to $31.0 million of stock-based compensation, dispute related expenses, restructuring charge and loss from settlement of litigation.

Conference Call & Webcast:
The Company’s management team will conduct a conference call at 8:00 am Eastern Time on August 2, 2024. 

Conference Call Details
Participants 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/BI2fe7e6f51a2f41b7963f31ce9f2d38ce

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 income (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 and other fees related to the dispute.

Loss from settlement of litigation relates to an expense accrued in connection with a settlement of a lawsuit.

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 Corporation Consolidated Statements of Income (in thousands, except percentages and per ADS data, unaudited)
	For Three Months Ended									For the Six Months Ended
	Jun. 30,			Mar. 31,			Jun. 30,			Jun. 30,			Jun. 30,
	2023			2024			2024			2023			2024
	($)			($)			($)			($)			($)
Net Sales	140,361			189,311			210,670			264,430			399,981
Cost of sales	83,938			104,191			113,893			155,704			218,084
Gross profit	56,423			85,120			96,777			108,726			181,897
Operating expenses
Research & development	41,336			54,392			50,788			76,186			105,180
Sales & marketing	7,248			6,304			6,777			13,853			13,081
General & administrative	6,021			6,474			7,215			11,384			13,689
Loss from settlement of litigation	-			-			1,250			-			1,250
Operating income	1,818			17,950			30,747			7,303			48,697
Non-operating income (expense)
Interest income, net	2,736			3,066			4,175			4,546			7,241
Foreign exchange gain (loss), net	1,223			588			245			1,461			833
Unrealized holding gain(loss) on investments	6,135			(1,608	)		1,855			10,881			247
Subtotal	10,094			2,046			6,275			16,888			8,321
Income before income tax	11,912			19,996			37,022			24,191			57,018
Income tax expense (benefit)	868			3,980			6,201			2,997			10,181
Net income	11,044			16,016			30,821			21,194			46,837
Earnings per basic ADS	0.33			0.48			0.92			0.64			1.39
Earnings per diluted ADS	0.33			0.48			0.91			0.63			1.39
Margin Analysis:
Gross margin	40.2	%		45.0	%		45.9	%		41.1	%		45.5	%
Operating margin	1.3	%		9.5	%		14.6	%		2.8	%		12.2	%
Net margin	7.9	%		8.5	%		14.6	%		8.0	%		11.7	%
Additional Data:
Weighted avg. ADS equivalents	33,409			33,508			33,684			33,292			33,596
Diluted ADS equivalents	33,438			33,701			33,697			33,410			33,687

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 the Six Months Ended
	Jun. 30,				Mar. 31,				Jun. 30,				Jun. 30,				Jun. 30,
	2023				2024				2024				2023				2024
	($)				($)				($)				($)				($)
Gross profit (GAAP)		56,423				85,120				96,777				108,726				181,897
Gross margin (GAAP)		40.2	%			45.0	%			45.9	%			41.1	%			45.5	%
Stock-based compensation (A)		71				72				14				206				86
Restructuring charges		3,222				-				46				3,259				46
Gross profit (non-GAAP)		59,716				85,192				96,837				112,191				182,029
Gross margin (non-GAAP)		42.5	%			45.0	%			46.0	%			42.4	%			45.5	%
Operating expenses (GAAP)		54,605				67,170				66,030				101,423				133,200
Stock-based compensation (A)		(2,359	)			(3,093	)			(371	)			(7,709	)			(3,464	)
M&A transaction expenses		(1,548	)			-				-				(2,185	)			-
Dispute related expenses		-				(1,532	)			(2,277	)			-				(3,809	)
Restructuring charges		(2,664	)			-				-				(3,920	)			-
Loss from settlement of litigation		-				-				(1,250	)			-				(1,250	)
Operating expenses (non-GAAP)		48,034				62,545				62,132				87,609				124,677
Operating profit (GAAP)		1,818				17,950				30,747				7,303				48,697
Operating margin (GAAP)		1.3	%			9.5	%			14.6	%			2.8	%			12.2	%
Total adjustments to operating profit		9,864				4,697				3,958				17,279				8,655
Operating profit (non-GAAP)		11,682				22,647				34,705				24,582				57,352
Operating margin (non-GAAP)		8.3	%			12.0	%			16.5	%			9.3	%			14.3	%
Non-operating income (expense) (GAAP)		10,094				2,046				6,275				16,888				8,321
Foreign exchange loss (gain), net		(1,223	)			(588	)			(245	)			(1,461	)			(833	)
Unrealized holding loss (gain) on investments		(6,135	)			1,608				(1,855	)			(10,881	)			(247	)
Non-operating income (expense) (non-GAAP)		2,736				3,066				4,175				4,546				7,241
Net income (GAAP)		11,044				16,016				30,821				21,194				46,837
Total pre-tax impact of non-GAAP adjustments		2,506				5,717				1,858				4,937				7,575
Income tax impact of non-GAAP adjustments		(965	)			(147	)			(218	)			(2,383	)			(365	)
Net income (non-GAAP)		12,585				21,586				32,461				23,748				54,047
Earnings per diluted ADS (GAAP)	$	0.33			$	0.48			$	0.91			$	0.63			$	1.39
Earnings per diluted ADS (non-GAAP)	$	0.38			$	0.64			$	0.96			$	0.71			$	1.60
Shares used in computing earnings per diluted ADS (GAAP)		33,438				33,701				33,697				33,410				33,687
Non-GAAP adjustments		115				26				18				141				23
Shares used in computing earnings per diluted ADS (non-GAAP)		33,553				33,727				33,715				33,551				33,710
(A) Excludes stock-based compensation as follows:
Cost of sales		71				72				14				206				86
Research & development		1,315				2,143				94				5,183				2,237
Sales & marketing		435				347				173				976				520
General & administrative		609				603				104				1,550				707

Silicon Motion Technology Corporation Consolidated Balance Sheet  (In thousands, unaudited)
	Jun. 30,		Mar. 31,		Jun. 30,
	2023		2024		2024
	($)		($)		($)
Cash and cash equivalents	249,830		294,814		289,175
Accounts receivable (net)	166,020		186,154		191,692
Inventories	250,524		253,316		240,811
Refundable deposits – current	49,480		49,610		51,036
Prepaid expenses and other current assets	15,916		17,944		31,460
Total current assets	731,770		801,838		804,174
Long-term investments	19,767		15,489		17,301
Property and equipment (net)	156,962		174,420		179,550
Other assets	38,077		32,529		29,121
Total assets	946,576		1,024,276		1,030,146
Accounts payable	12,529		64,810		36,411
Income tax payable	31,272		10,702		14,103
Accrued expenses and other current liabilities	78,771		135,425		134,947
Total current liabilities	122,572		210,937		185,461
Other liabilities	64,562		59,883		60,182
Total liabilities	187,134		270,820		245,643
Shareholders’ equity	759,442		753,456		784,503
Total liabilities & shareholders’ equity	946,576		1,024,276		1,030,146

Silicon Motion Technology Corporation Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)
	For Three Months Ended									For the Six Months Ended
	Jun. 30,			Mar. 31,			Jun. 30,			Jun. 30,			Jun. 30,
	2023			2024			2024			2023			2024
	($)			($)			($)			($)			($)
Net income	11,044			16,016			30,821			21,194			46,837
Depreciation & amortization	5,381			5,608			5,802			10,989			11,411
Stock-based compensation	2,430			3,165			385			7,915			3,550
Investment losses (gain) & disposals	(5,945	)		1,608			(1,855	)		(10,691	)		(247	)
Changes in operating assets and liabilities	23,134			(18,586	)		(13,660	)		13,609			(32,246	)
Net cash provided by operating activities	36,044			7,811			21,493			43,016			29,305
Purchase of property & equipment	(10,085	)		(10,749	)		(10,427	)		(23,635	)		(21,176	)
Net cash used in investing activities	(10,085	)		(10,749	)		(10,427	)		(23,635	)		(21,176	)
Dividend payments	(15	)		(16,808	)		(16,820	)		(15	)		(33,629	)
Net cash used in financing activities	(15	)		(16,808	)		(16,820	)		(15	)		(33,629	)
Net increase (decrease) in cash, cash equivalents & restricted cash	25,944			(19,746	)		(5,754	)		19,366			(25,500	)
Effect of foreign exchange changes	(1,273	)		35			86			(1,450	)		121
Cash, cash equivalents & restricted cash—beginning of period	280,300			368,990			349,279			287,055			368,990
Cash, cash equivalents & restricted cash—end of period	304,971			349,279			343,611			304,971			343,611

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

FAQ

What was Silicon Motion's (SIMO) revenue for Q2 2024?

Silicon Motion's revenue for Q2 2024 was $210.7 million, representing an 11% increase quarter-over-quarter and a 50% increase year-over-year.

How did Silicon Motion's (SIMO) SSD controller sales perform in Q2 2024?

Silicon Motion's SSD controller sales increased 25% to 30% year-over-year in Q2 2024.

What is Silicon Motion's (SIMO) revenue forecast for full year 2024?

Silicon Motion forecasts full year 2024 revenue to be between $800 million and $830 million, representing a 25% to 30% increase year-over-year.

What was Silicon Motion's (SIMO) gross margin in Q2 2024?

Silicon Motion's gross margin for Q2 2024 was 45.9% GAAP and 46.0% non-GAAP.