Silicon Motion Announces Results for the Period Ended December 31, 2018

Financial Highlights   
  4Q 2018 GAAP  4Q 2018 Non-GAAP
•  Net sales$123.4 million (-11% Q/Q, -9% Y/Y) $123.4 million (-11% Q/Q, -9% Y/Y)
•  Gross margin50.3% 50.5%
•  Operating margin14.0% 25.1%
•  Earnings per diluted ADS$0.48 $0.83
 
  Full Year 2018 GAAP  Full Year 2018 Non-GAAP
•  Net sales$530.3 million (+1% Y/Y) $530.3 million (+1% Y/Y)
•  Gross margin49.2% 49.3%
•  Operating margin20.4% 25.0%
•  Earnings per diluted ADS$2.78 $3.41
    

Business Highlights

  • Embedded Storage1 sales declined almost 15% Q/Q and accounted for approximately 80% of total sales
  • SSD controller sales decreased about 20% Q/Q
  • eMMC+UFS controller sales decreased about 15% Q/Q
  • SSD solutions sales increased about 5% Q/Q
  • Began shipping our SSD controllers to a US NAND partner for one of the world’s first 96-layer TLC-based SSD

TAIPEI, Taiwan and MILPITAS, Calif., Jan. 30, 2019 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended December 31, 2018. For the fourth quarter, net sales decreased sequentially to $123.4 million from $138.6 million in third quarter 2018. Net income (GAAP) decreased to $17.3 million or $0.48 per diluted ADS (GAAP) from a net income (GAAP) of $29.2 million or $0.81 per diluted ADS (GAAP) in third quarter 2018.

For the fourth quarter, net income (non-GAAP) decreased to $30.2 million or $0.83 per diluted ADS (non-GAAP) from a net income (non-GAAP) of $34.5 million or $0.95 per diluted ADS (non-GAAP) in third quarter 2018.

Fourth Quarter 2018 Review
“Our fourth quarter sales declined as expected, near the midpoint of guidance,” said Wallace Kou, President and CEO of Silicon Motion. “Our client SSD controller sales weakened largely due to more cautious than expected procurement of NAND flash from module makers that face the transitional risk of operating during a period of rapidly falling NAND prices. Our eMMC+UFS controller sales declined because of weak smartphone sales. Sales of our Shannon data center SSDs declined while our Ferri industrial SSDs increased.”

Sales
(in millions, except percentages) 4Q 2018 3Q 2018 4Q 2017
Sales Mix Sales Mix Sales Mix
Mobile Storage*$113.4 92%$129.8 94%$125.3 92%
Q/Q-13% +0%  +7% 
Y/Y-10% +11%  -4% 
Mobile Communications**$7.2 6%$7.0 5%$9.4 7%
Others$2.8 2%$1.7 1%$1.5 1%
Total revenue$123.4 100%$138.6 100%$136.2 100%
Q/Q-11 %   +0 %     +7 %  
Y/Y -9 %   +9 %     -6 %  

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