Silicon Motion Announces Results for the Period Ended March 31, 2025
Silicon Motion Technology reported Q1 2025 financial results with net sales of $166.5 million, showing a 13% decrease quarter-over-quarter and 12% year-over-year decline. The company's gross margin improved to 47.1%, while operating margin was 5.9% (GAAP) and 8.9% (non-GAAP).
Key performance indicators showed declines across major segments: SSD controller sales decreased 10-15% Q/Q, eMMC+UFS controller sales fell 15-20% Q/Q, and SSD solutions sales dropped 20-25% Q/Q. Despite challenges, the company announced a new $50 million share repurchase program, with $24.3 million already executed at an average price of $56.96 per ADS.
Looking ahead, Silicon Motion expects Q2 2025 revenue between $175-183 million, representing 5-10% Q/Q growth. The company remains optimistic about H2 2025, targeting a $1 billion revenue run rate by year-end, supported by new product launches including PCIe Gen 5 controllers and UFS solutions.
Silicon Motion Technology ha riportato i risultati finanziari del primo trimestre 2025 con vendite nette di 166,5 milioni di dollari, segnando un calo del 13% rispetto al trimestre precedente e del 12% su base annua. Il margine lordo dell'azienda è migliorato raggiungendo il 47,1%, mentre il margine operativo è stato del 5,9% (GAAP) e dell'8,9% (non-GAAP).
I principali indicatori di performance hanno mostrato diminuzioni in tutti i segmenti principali: le vendite di controller SSD sono diminuite del 10-15% trimestre su trimestre, le vendite di controller eMMC+UFS sono calate del 15-20% trimestre su trimestre e le vendite di soluzioni SSD sono scese del 20-25% trimestre su trimestre. Nonostante le difficoltà, l'azienda ha annunciato un nuovo programma di riacquisto azionario da 50 milioni di dollari, di cui 24,3 milioni già eseguiti a un prezzo medio di 56,96 dollari per ADS.
Guardando al futuro, Silicon Motion prevede per il secondo trimestre 2025 ricavi compresi tra 175 e 183 milioni di dollari, con una crescita del 5-10% rispetto al trimestre precedente. L'azienda rimane ottimista per la seconda metà del 2025, puntando a un tasso di ricavi annuo di 1 miliardo di dollari entro fine anno, sostenuto dal lancio di nuovi prodotti tra cui controller PCIe Gen 5 e soluzioni UFS.
Silicon Motion Technology reportó los resultados financieros del primer trimestre de 2025 con ventas netas de 166,5 millones de dólares, mostrando una disminución del 13% trimestre a trimestre y una caída del 12% en comparación con el año anterior. El margen bruto de la compañía mejoró hasta el 47,1%, mientras que el margen operativo fue del 5,9% (GAAP) y 8,9% (no GAAP).
Los indicadores clave de desempeño mostraron descensos en los principales segmentos: las ventas de controladores SSD disminuyeron entre un 10-15% trimestre a trimestre, las ventas de controladores eMMC+UFS cayeron entre un 15-20% trimestre a trimestre, y las ventas de soluciones SSD bajaron entre un 20-25% trimestre a trimestre. A pesar de los desafíos, la empresa anunció un nuevo programa de recompra de acciones por 50 millones de dólares, de los cuales ya se han ejecutado 24,3 millones a un precio promedio de 56,96 dólares por ADS.
De cara al futuro, Silicon Motion espera ingresos para el segundo trimestre de 2025 entre 175 y 183 millones de dólares, representando un crecimiento de entre el 5 y el 10% trimestre a trimestre. La compañía se mantiene optimista respecto a la segunda mitad de 2025, apuntando a una tasa de ingresos anualizada de 1.000 millones de dólares para fin de año, apoyada por nuevos lanzamientos de productos que incluyen controladores PCIe Gen 5 y soluciones UFS.
실리콘 모션 테크놀로지는 2025년 1분기 재무 실적을 발표했으며, 순매출은 1억 6,650만 달러로 전분기 대비 13%, 전년 동기 대비 12% 감소했습니다. 회사의 총 마진율은 47.1%로 개선되었고, 영업 마진은 GAAP 기준 5.9%, 비GAAP 기준 8.9%를 기록했습니다.
주요 성과 지표는 주요 부문 전반에서 하락을 보였습니다: SSD 컨트롤러 매출은 전분기 대비 10-15% 감소했고, eMMC+UFS 컨트롤러 매출은 15-20% 하락했으며, SSD 솔루션 매출은 20-25% 줄었습니다. 어려움에도 불구하고, 회사는 새로운 5,000만 달러 규모의 자사주 매입 프로그램을 발표했으며, 그중 2,430만 달러가 평균 ADS당 56.96달러에 이미 실행되었습니다.
앞으로 실리콘 모션은 2025년 2분기 매출을 1억 7,500만~1억 8,300만 달러로 예상하며, 전분기 대비 5-10% 성장할 것으로 전망합니다. 회사는 2025년 하반기에 대해 낙관적이며, PCIe Gen 5 컨트롤러와 UFS 솔루션을 포함한 신제품 출시를 통해 연말까지 10억 달러 매출 달성을 목표로 하고 있습니다.
Silicon Motion Technology a annoncé ses résultats financiers du premier trimestre 2025 avec un chiffre d'affaires net de 166,5 millions de dollars, enregistrant une baisse de 13 % par rapport au trimestre précédent et de 12 % par rapport à l'année précédente. La marge brute de l'entreprise s'est améliorée pour atteindre 47,1 %, tandis que la marge opérationnelle était de 5,9 % (GAAP) et de 8,9 % (non-GAAP).
Les indicateurs clés de performance ont montré des baisses dans les principaux segments : les ventes de contrôleurs SSD ont diminué de 10-15 % en glissement trimestriel, les ventes de contrôleurs eMMC+UFS ont chuté de 15-20 %, et les ventes de solutions SSD ont reculé de 20-25 %. Malgré ces défis, l'entreprise a annoncé un nouveau programme de rachat d'actions de 50 millions de dollars, dont 24,3 millions ont déjà été exécutés à un prix moyen de 56,96 dollars par ADS.
Pour l'avenir, Silicon Motion prévoit un chiffre d'affaires pour le deuxième trimestre 2025 compris entre 175 et 183 millions de dollars, soit une croissance de 5 à 10 % par rapport au trimestre précédent. L'entreprise reste optimiste pour le second semestre 2025, visant un rythme de chiffre d'affaires annuel de 1 milliard de dollars d'ici la fin de l'année, soutenu par le lancement de nouveaux produits, notamment des contrôleurs PCIe Gen 5 et des solutions UFS.
Silicon Motion Technology meldete die Finanzergebnisse für das erste Quartal 2025 mit Nettoumsätzen von 166,5 Millionen US-Dollar, was einem Rückgang von 13 % gegenüber dem Vorquartal und 12 % gegenüber dem Vorjahr entspricht. Die Bruttomarge verbesserte sich auf 47,1 %, während die operative Marge bei 5,9 % (GAAP) bzw. 8,9 % (non-GAAP) lag.
Wichtige Leistungskennzahlen zeigten Rückgänge in den Hauptsegmenten: Der Verkauf von SSD-Controllern sank quartalsweise um 10-15 %, der Verkauf von eMMC+UFS-Controllern fiel um 15-20 % und der Verkauf von SSD-Lösungen ging um 20-25 % zurück. Trotz dieser Herausforderungen kündigte das Unternehmen ein neues Aktienrückkaufprogramm in Höhe von 50 Millionen US-Dollar an, von dem bereits Aktien im Wert von 24,3 Millionen US-Dollar zu einem Durchschnittspreis von 56,96 US-Dollar pro ADS zurückgekauft wurden.
Mit Blick auf die Zukunft erwartet Silicon Motion für das zweite Quartal 2025 einen Umsatz zwischen 175 und 183 Millionen US-Dollar, was einem Wachstum von 5-10 % gegenüber dem Vorquartal entspricht. Das Unternehmen bleibt optimistisch für das zweite Halbjahr 2025 und strebt eine Umsatzlaufzeit von 1 Milliarde US-Dollar bis zum Jahresende an, unterstützt durch neue Produkteinführungen wie PCIe Gen 5 Controller und UFS-Lösungen.
- Gross margin expanded to 47.1% from 45.8% in previous quarter
- PCIe Gen 5 controller saw stronger than expected demand driven by AI inference needs
- eMMC and UFS controllers experienced better than expected demand due to smartphone market rebound
- New $50 million share repurchase program announced
- Expecting revenue growth of 5-10% for Q2 2025
- Strong product pipeline with new PCIe Gen 5, UFS 4.1, and MonTitan enterprise/AI products launching in 2025
- Q1 2025 sales decreased 13% Q/Q and 12% Y/Y
- SSD controller sales declined 10-15% Q/Q and 20-25% Y/Y
- eMMC+UFS controller sales dropped 15-20% Q/Q
- SSD solutions sales fell 20-25% Q/Q and 35-40% Y/Y
- Operating margin declined to 5.9% from 9.3% in previous quarter
- Net income decreased to $19.5M from $21.6M in previous quarter
- Challenging macro environment with risks from tariffs and potential trade wars
Insights
Silicon Motion reported declining Q1 revenues but expanding margins, with positive Q2 guidance and multiple new product launches targeted for 2H 2025.
Silicon Motion's Q1 2025 results reveal a semiconductor company navigating challenging market conditions while positioning for future growth. Revenue declined to
Despite revenue contraction, the company achieved gross margin expansion to
The company's commentary highlights several countercurrents to the overall market weakness. PCIe Gen 5 controllers experienced stronger-than-expected demand, particularly from white box server makers supporting AI inference workloads. This suggests Silicon Motion is beginning to capitalize on AI-adjacent markets, diversifying beyond traditional consumer storage. The company's
Looking forward, Silicon Motion's Q2 guidance projects a sequential revenue increase of
Silicon Motion's shifting product mix toward AI-adjacent markets signals strategic adaptation to semiconductor demand patterns, despite overall revenue decline.
Silicon Motion's Q1 results provide important insights into global storage controller supply chains and evolving demand patterns. The quarterly performance breakdown reveals critical market segment dynamics, with consumer storage solutions experiencing the steepest decline (
Most telling is the company's commentary around PCIe Gen 5 controllers experiencing stronger than expected demand from white box server makers supporting AI inference workloads. This highlights an important supply chain shift: as hyperscalers and AI deployments expand, demand is cascading beyond tier-one server OEMs to white box manufacturers, creating new opportunities for component suppliers like Silicon Motion.
The company's robust product development pipeline signals a strategic pivot to address evolving market demands. The upcoming MonTitan enterprise/AI products targeted for second-half production ramp represent Silicon Motion's most direct play for the AI infrastructure market. Meanwhile, the company's automotive product portfolio expansion addresses another high-growth, high-durability segment less susceptible to consumer spending fluctuations.
The
With
Business Highlights
- First quarter of 2025 sales decreased
13% Q/Q and decreased12% Y/Y- SSD controller sales: 1Q of 2025 decreased
10% to15% Q/Q and decreased20% to25% Y/Y - eMMC+UFS controller sales: 1Q of 2025 decreased
15% to20% Q/Q and decreased0% to5% Y/Y - SSD solutions sales: 1Q of 2025 decreased
20% to25% Q/Q and decreased35% to40% Y/Y
- SSD controller sales: 1Q of 2025 decreased
- Announced new
$50 million share repurchase program
Financial Highlights
| 1Q 2025 GAAP | 1Q 2025 Non-GAAP* | |
| • Net sales | ||
| • Gross margin | ||
| • Operating margin | ||
| • Earnings per diluted ADS |
* Please see supplemental reconciliations of U.S. Generally Accepted Accounting Principles (“GAAP”) to all non-GAAP financial measures mentioned herein towards the end of this news release.
TAIPEI, Taiwan and MILPITAS, Calif., April 30, 2025 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended March 31, 2025. For the first quarter of 2025, net sales (GAAP) decreased sequentially to
For the first quarter of 2025, net income (non-GAAP) decreased to
All financial numbers are in U.S. dollars unless otherwise noted.
First Quarter of 2025 Review
“Despite the challenging macro environment in the first quarter of 2025, we executed our plan and delivered quarterly revenue at the high end of our guided range and delivered another quarter of gross margin expansion,” stated Wallace Kou, President and CEO of Silicon Motion. “Our industry leading PCIe Gen 5 controller experienced stronger than expected demand during the quarter, partially driven by growing AI inference demands from white box server makers leveraging more mainstream hardware components. Our eMMC and UFS controllers also experienced better than expected demand given a rebound in the smartphone market and our ongoing market share gains. While the near-term remains challenging given the broader economic challenges associated with tariffs and potential trade wars, we remain focused on delivering strong, sustainable long-term growth through product diversification; expanding into new markets; and growing market share across our portfolio of consumer, enterprise, automotive, industrial and storage solutions.”
Key Financial Results
| ($ in millions, except per ADS amounts) | GAAP | Non-GAAP | ||||
| 1Q 2025 | 4Q 2024 | 1Q 2024 | 1Q 2025 | 4Q 2024 | 1Q 2024 | |
| Revenue | ||||||
| Gross profit | ||||||
| Percent of revenue | ||||||
| Operating expenses | ||||||
| Operating profit | ||||||
| Percent of revenue | ||||||
| Earnings per diluted ADS | ||||||
Other Financial Information
| ($ in millions) | 1Q 2025 | 4Q 2024 | 1Q 2024 | |
| Cash, cash equivalents, and restricted cash—end of period | ||||
| Routine capital expenditures | ||||
| Dividend payments | ||||
| Share repurchases | -- | -- | ||
During the first quarter of 2025, we had
Returning Value to Shareholders
On February 6, 2025, we announced that our Board of Directors had authorized a new program for the Company to repurchase up to
Business Outlook
“We are rapidly expanding our market opportunities as we invest in new products and enter new markets, which we anticipate will drive improved revenue and profitability for many years to come. In 2025, we expect to benefit from the introduction of several new products, including our 8-channel PCIE Gen 5 controller, our 4-channel PCIe Gen 5 controller targeting the mass market that will be introduced in late 2025, our higher-end UFS 4.1 and new low-cost UFS 2.2 controllers that will ramp in the second half of 2025. We introduced our first MonTitan enterprise/AI-class products at the end of 2024, and we expect these to ramp-up production with our first customers in the second half of 2025. Additionally, we continue to expand our automotive product portfolio and our market share across multiple applications. While the near-term environment remains challenging given the macro environment, including the potential impact of tariffs and potential trade wars, we continue to believe we will see a strong rebound in the consumer markets in the second half of 2025, enhanced by our new product introductions, and we continue to target a revenue run rate of
For the second quarter of 2025, management expects:
| ($ in millions, except percentages) | GAAP | Non-GAAP Adjustment | Non-GAAP |
| Revenue | + | -- | + |
| Gross margin | Approximately | ||
| Operating margin | Approximately |
* Projected gross margin (non-GAAP) excludes
** Projected operating margin (non-GAAP) excludes
Conference Call & Webcast:
The Company’s management team will conduct a conference call at 8:00 am Eastern Time on April 30, 2025.
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-conf.media-server.com/register/BI5c69a4c2d96041b59a2bf8a51cec1881
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), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (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.
Dispute related expenses consist of legal, consultant, other fees and resolution related to the dispute.
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$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.
Realized/Unrealized loss (gain) on investments relates to the disposal and net change in fair value of long-term investments.
| Silicon Motion Technology Corporation Consolidated Statements of Income (in thousands, except percentages and per ADS data, unaudited) | |||||
| For Three Months Ended | |||||
| Mar. 31, | Dec. 31, | Mar. 31, | |||
| 2024 | 2024 | 2025 | |||
| ($) | ($) | ($) | |||
| Net Sales | 189,311 | 191,160 | 166,492 | ||
| Cost of sales | 104,191 | 103,560 | 88,125 | ||
| Gross profit | 85,120 | 87,600 | 78,367 | ||
| Operating expenses | |||||
| Research & development | 54,392 | 54,156 | 55,026 | ||
| Sales & marketing | 6,304 | 7,360 | 7,115 | ||
| General & administrative | 6,474 | 8,350 | 6,460 | ||
| Operating income | 17,950 | 17,734 | 9,766 | ||
| Non-operating income (expense) | |||||
| Interest income, net | 3,066 | 3,768 | 2,929 | ||
| Foreign exchange gain, net | 588 | 1,046 | 373 | ||
| Realized/Unrealized gain(loss) on investments | (1,608) | 956 | 3,296 | ||
| Subtotal | 2,046 | 5,770 | 6,598 | ||
| Income before income tax | 19,996 | 23,504 | 16,364 | ||
| Income tax expense (benefit) | 3,980 | 1,935 | (3,099) | ||
| Net income | 16,016 | 21,569 | 19,463 | ||
| Earnings per basic ADS | 0.48 | 0.64 | 0.58 | ||
| Earnings per diluted ADS | 0.48 | 0.64 | 0.58 | ||
| Margin Analysis: | |||||
| Gross margin | |||||
| Operating margin | |||||
| Net margin | |||||
| Additional Data: | |||||
| Weighted avg. ADS equivalents | 33,508 | 33,690 | 33,634 | ||
| Diluted ADS equivalents | 33,701 | 33,814 | 33,827 | ||
| 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 | |||||
| Mar. 31, | Dec. 31, | Mar. 31, | |||
| 2024 | 2024 | 2025 | |||
| ($) | ($) | ($) | |||
| Gross profit (GAAP) | 85,120 | 87,600 | 78,367 | ||
| Gross margin (GAAP) | |||||
| Stock-based compensation (A) | 72 | 162 | 73 | ||
| Restructuring charges | - | 164 | - | ||
| Gross profit (non-GAAP) | 85,192 | 87,926 | 78,440 | ||
| Gross margin (non-GAAP) | |||||
| Operating expenses (GAAP) | 67,170 | 69,866 | 68,601 | ||
| Stock-based compensation (A) | (3,093) | (9,585) | (4,738) | ||
| Dispute related expenses | (1,532) | (1,999) | (277) | ||
| Operating expenses (non-GAAP) | 62,545 | 58,282 | 63,586 | ||
| Operating profit (GAAP) | 17,950 | 17,734 | 9,766 | ||
| Operating margin (GAAP) | |||||
| Total adjustments to operating profit | 4,697 | 11,910 | 5,088 | ||
| Operating profit (non-GAAP) | 22,647 | 29,644 | 14,854 | ||
| Operating margin (non-GAAP) | |||||
| Non-operating income (expense) (GAAP) | 2,046 | 5,770 | 6,598 | ||
| Foreign exchange loss (gain), net | (588) | (1,046) | (373) | ||
| Realized/Unrealized loss (gain) on investments | 1,608 | (956) | (3,296) | ||
| Non-operating income (expense) (non-GAAP) | 3,066 | 3,768 | 2,929 | ||
| Net income (GAAP) | 16,016 | 21,569 | 19,463 | ||
| Total pre-tax impact of non-GAAP adjustments | 5,717 | 9,908 | 1,419 | ||
| Income tax impact of non-GAAP adjustments | (147) | (2,049) | (610) | ||
| Net income (non-GAAP) | 21,586 | 29,428 | 20,272 | ||
| Earnings per diluted ADS (GAAP) | |||||
| Earnings per diluted ADS (non-GAAP) | |||||
| Shares used in computing earnings per diluted ADS (GAAP) | 33,701 | 33,814 | 33,827 | ||
| Non-GAAP adjustments | 26 | 181 | 20 | ||
| Shares used in computing earnings per diluted ADS (non-GAAP) | 33,727 | 33,995 | 33,847 | ||
| (A)Excludes stock-based compensation as follows: | |||||
| Cost of sales | 72 | 162 | 73 | ||
| Research & development | 2,143 | 6,670 | 3,003 | ||
| Sales & marketing | 347 | 978 | 862 | ||
| General & administrative | 603 | 1,937 | 873 | ||
| Silicon Motion Technology Corporation Consolidated Balance Sheet (In thousands, unaudited) | |||||
| Mar. 31, | Dec. 31, | Mar. 31, | |||
| 2024 | 2024 | 2025 | |||
| ($) | ($) | ($) | |||
| Cash and cash equivalents | 294,814 | 276,068 | 275,140 | ||
| Accounts receivable (net) | 186,154 | 233,744 | 206,693 | ||
| Inventories | 253,316 | 199,229 | 180,903 | ||
| Refundable deposits – current | 49,610 | 54,645 | 53,015 | ||
| Prepaid expenses and other current assets | 17,944 | 31,187 | 32,102 | ||
| Total current assets | 801,838 | 794,873 | 747,853 | ||
| Long-term investments | 15,489 | 17,326 | 20,636 | ||
| Property and equipment (net) | 174,420 | 188,398 | 193,603 | ||
| Other assets | 32,529 | 30,739 | 29,310 | ||
| Total assets | 1,024,276 | 1,031,336 | 991,402 | ||
| Accounts payable | 64,810 | 17,773 | 23,048 | ||
| Income tax payable | 10,702 | 13,107 | 14,782 | ||
| Accrued expenses and other current liabilities | 135,425 | 168,624 | 130,277 | ||
| Total current liabilities | 210,937 | 199,504 | 168,107 | ||
| Other liabilities | 59,883 | 59,548 | 50,968 | ||
| Total liabilities | 270,820 | 259,052 | 219,075 | ||
| Shareholders’ equity | 753,456 | 772,284 | 772,327 | ||
| Total liabilities & shareholders’ equity | 1,024,276 | 1,031,336 | 991,402 | ||
| Silicon Motion Technology Corporation Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) | |||||
| For Three Months Ended | |||||
| Mar. 31, | Dec. 31, | Mar. 31, | |||
| 2024 | 2024 | 2025 | |||
| ($) | ($) | ($) | |||
| Net income | 16,016 | 21,569 | 19,463 | ||
| Depreciation & amortization | 5,608 | 7,256 | 7,225 | ||
| Stock-based compensation | 3,165 | 9,747 | 4,811 | ||
| Investment losses (gain) & disposals | 1,608 | (956) | (3,309) | ||
| Changes in operating assets and liabilities | (18,586) | (43,774) | 22,082 | ||
| Net cash provided by (used in) operating activities | 7,811 | (6,158) | 50,272 | ||
| Purchase of property & equipment | (10,749) | (10,836) | (11,661) | ||
| Proceeds from disposal of properties | - | 3 | 13 | ||
| Purchase of long-term investments | - | (4,173) | - | ||
| Disposal of long-term investments | - | 4,432 | - | ||
| Net cash provided by (used in) investing activities | (10,749) | (10,574) | (11,648) | ||
| Dividend payments | (16,808) | (16,814) | (16,956) | ||
| Share repurchases | - | - | (24,291) | ||
| Net cash used in financing activities | (16,808) | (16,814) | (41,247) | ||
| Net increase (decrease) in cash, cash equivalents & restricted cash | (19,746) | (33,546) | (2,623) | ||
| Effect of foreign exchange changes | 35 | (717) | 37 | ||
| Cash, cash equivalents & restricted cash—beginning of period | 368,990 | 368,596 | 334,333 | ||
| Cash, cash equivalents & restricted cash—end of period | 349,279 | 334,333 | 331,747 | ||
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 news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. 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 news release.
| Silicon Motion Investor Contacts: | |
| Tom Sepenzis | Selina Hsieh |
| Senior Director of IR & Strategy | Investor Relations |
| tsepenzis@siliconmotion.com | ir@siliconmotion.com |
FAQ
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