ADS equivalents33,508 33,690 33,634Diluted ADS equivalents33,701 33,814 33,827 Silicon Motion Technology CorporationReconciliation 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 78,367Gross margin (GAAP)45.0% 45.8% 47.1%Stock-based compensation (A)72 162 73Restructuring charges- 164 -Gross profit (non-GAAP)85,192 87,926 78,440Gross margin (non-GAAP)45.0% 46.0% 47.1% Operating expenses (GAAP)67,170 69,866 68,601Stock-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 9,766Operating margin (GAAP)9.5% 9.3% 5.9%Total adjustments to operating profit4,697 11,910 5,088Operating profit (non-GAAP)22,647 29,644 14,854Operating margin (non-GAAP)12.0% 15.5% 8.9% Non-operating income (expense) (GAAP)2,046 5,770 6,598Foreign exchange loss (gain), net(588) (1,046) (373)Realized/Unrealized loss (gain) on investments1,608 (956) (3,296)Non-operating income (expense) (non-GAAP)3,066 3,768 2,929 Net income (GAAP)16,016 21,569 19,463Total pre-tax impact of non-GAAP adjustments5,717 9,908 1,419Income 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)$0.48 $0.64 $0.58Earnings per diluted ADS (non-GAAP)$0.64 $0.87 $0.60 Shares used in computing earnings per diluted ADS (GAAP)33,701 33,814 33,827Non-GAAP adjustments26 181 20Shares used in computing earnings per diluted ADS (non-GAAP)33,727 33,995 33,847 (A)Excludes stock-based compensation as follows: Cost of sales72 162 73Research & development2,143 6,670 3,003Sales & marketing347 978 862General & administrative603 1,937 873 Silicon Motion Technology CorporationConsolidated Balance Sheet (In thousands, unaudited) Mar.31, Dec.31, Mar.31, 2024 2024 2025 ($) ($) ($)Cash and cash equivalents294,814 276,068 275,140Accounts receivable (net)186,154 233,744 206,693Inventories253,316 199,229 180,903Refundable deposits – current49,610 54,645 53,015Prepaid expenses and other current assets17,944 31,187 32,102Total current assets801,838 794,873 747,853Long-term investments15,489 17,326 20,636Property and equipment (net)174,420 188,398 193,603Other assets32,529 30,739 29,310Total assets1,024,276 1,031,336 991,402 Accounts payable64,810 17,773 23,048Income tax payable10,702 13,107 14,782Accrued expenses and other current liabilities135,425 168,624 130,277Total current liabilities210,937 199,504 168,107Other liabilities59,883 59,548 50,968Total liabilities270,820 259,052 219,075Shareholders’ equity753,456 772,284 772,327Total liabilities & shareholders’ equity1,024,276 1,031,336 991,402 Silicon Motion Technology CorporationCondensed Consolidated Statements of Cash Flows(in thousands, unaudited) For Three Months Ended Mar.31, Dec.31, Mar.31, 2024 2024 2025 ($) ($) ($)Net income16,016 21,569 19,463Depreciation & amortization5,608 7,256 7,225Stock-based compensation3,165 9,747 4,811Investment losses (gain) & disposals1,608 (956) (3,309)Changes in operating assets and liabilities(18,586) (43,774) 22,082Net cash provided by (used in) operating activities7,811 (6,158) 50,272 Purchase of property & equipment(10,749) (10,836) (11,661)Proceeds from disposal of properties- 3 13Purchase 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 changes35 (717) 37Cash, cash equivalents & restricted cash—beginning of period368,990 368,596 334,333Cash, cash equivalents & restricted cash—end of period349,279 334,333 331,747 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 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.
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)GAAPNon-GAAP1Q 20254Q 20241Q 20241Q 20254Q 20241Q 2024Revenue$166.5$191.2$189.3$166.5$191.2$189.3Gross profit$78.4$87.6$85.1$78.4$87.9$85.2Percent of revenue47.1%45.8%45.0%47.1%46.0%45.0%Operating expenses$68.6$69.9$67.2$63.6$58.3$62.5Operating profit$9.8$17.7$18.0$14.9$29.6$22.6Percent of revenue5.9%9.3%9.5%8.9%15.5%12.0%Earnings per diluted ADS$0.58$0.64$0.48$0.60$0.87$0.64 Other Financial Information ($ in millions)1Q 20254Q 20241Q 2024Cash, cash equivalents, and restricted cash—end of period$331.7$334.3$349.3Routine capital expenditures$7.0$7.3$5.0Dividend payments$17.0$16.8$16.8Share repurchases$24.3---- During the first quarter of 2025, we had $11.7 million of capital expenditures, including $7.0 million for the routine purchases of testing equipment, software, design tools and other items, and $4.7 million for building construction in Hsinchu, Taiwan.
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.
The story "Silicon Motion Announces Results for the Period Ended March 31, 2025" has 2374 words across 49 sentences, which will take approximately 10 - 20 minutes for the average person to read.
Which news outlet covered this story?
The story "Silicon Motion Announces Results for the Period Ended March 31, 2025" was covered 13 hours ago by GlobeNewswire, a news publisher based in China.
How trustworthy is 'GlobeNewswire' news outlet?
GlobeNewswire is a fully independent (privately-owned) news outlet established in 1998 that covers mostly technology news.
The outlet is headquartered in China and publishes an average of 123 news stories per day.
It's most recent story was published 14 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
