Financial Highlights
| 2Q 2018 GAAP | 2Q 2018 Non-GAAP | |||
| $138.1 million (+6% Q/Q, +4% Y/Y) | $138.1 million (+6% Q/Q, +4% Y/Y) | ||
| 47.5% | 47.5% | ||
| 24.6% | 25.7% | ||
| $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** | $7.5 | 5% | $7.9 | 6% | $10.0 | 7% | ||||||
| Others | $1.1 | 1% | $1.1 | 1% | $1.2 | 1% | ||||||
| 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
