Silicon Motion Announces Results for the Period Ended June 30, 2018

Financial Highlights

  2Q 2018 GAAP 2Q 2018 Non-GAAP
  • Net sales
$138.1 million (+6% Q/Q, +4% Y/Y$138.1 million (+6% Q/Q, +4% Y/Y)
  • Gross margin
47.5%47.5%
  • Operating margin
24.6%25.7%
  • Earnings per diluted ADS
$0.85$0.92

Business Highlights

  • Embedded Storage1 sales increased approximately 7% Q/Q and accounted for about 85% of total sales
  • Client SSD controller sales increased about 5% Q/Q
  • eMMC controller sales decreased about 5% Q/Q
  • SSD solutions sales increased about 35% Q/Q
  • Client SSD controller projects with NAND flash vendors increased over 50% Q/Q

TAIPEI, Taiwan and MILPITAS, Calif., Aug. 01, 2018 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS:SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended June 30, 2018.  For the second quarter, net sales increased 6% sequentially to $138.1 million from $130.3 million in the first quarter 2018. Net income (GAAP) increased to $30.7 million or $0.85 per diluted ADS (GAAP) from a net income (GAAP) of $23.1 million or $0.64 per diluted ADS (GAAP) in the first quarter 2018.

For the second quarter, net income (non-GAAP) increased to $33.2 million or $0.92 per diluted ADS (non-GAAP) from a net income (non-GAAP) of $25.6 million or $0.71 per diluted ADS (non-GAAP) in the first quarter 2018.

Second Quarter 2018 Review
“In the second quarter, our client SSD controller sales continued to grow sequentially as well as  year-over-year.  In addition, our pipeline of SSD controller projects with NAND flash makers increased over 50% sequentially in the quarter, which is indicative of our customers growing focus on SSDs and our role as their controller partner,” said Wallace Kou, President and CEO of Silicon  Motion. “Separately, our SSD solutions grew strongly while our eMMC sales declined slightly.”

Sales

(in millions, except percentages) 2Q 2018 1Q 2018 2Q 2017
Sales Mix Sales Mix Sales Mix
Mobile Storage*
Q/Q
Y/Y
$129.4
+7%
+6%
94%

$121.4
-3%
+4%
93%

$121.6
+4%
-6%
92%

Mobile Communications**$7.55%$7.96%$10.07%
Others$1.11%$1.11%$1.21%
Total revenue
Q/Q
Y/Y
$138.1
+6%
+4%
100%

$130.3
-4%
+2%
100%

$132.7
+4%
-6%
100%


*Mobile Storage products include Embedded Storage products (eMMC and SSD controllers and data center and industrial SSD solutions) and Expandable Storage products (SD memory cards 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
2Q 2018 1Q 2018 2Q 2017 2Q 2018 1Q 2018 2Q 2017
Revenue$138.1$130.3$132.7$138.1$130.3$132.7 
Gross profit
     Percent of revenue
 $65.6
47.5%
 $62.6
48.0%
 $64.6
48.7 %
 $65.6
47.5 %
 $62.6
48.0 %
 $64.6
48.7 %
Operating expenses $31.6 $37.7 $34.3  $30.2 $33.9 $32.8
Operating income
     Percent of revenue
 $34.0
24.6 %
 $24.9
19.1 %
 $30.3
22.8 %
 $35.4
25.7 %
 $28.7
22.1 %
 $31.8
23.9 %
Earnings per diluted ADS $0.85 $0.64 $0.67 $0.92 $0.71 $0.71

Other Financial Information

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