Silicon Motion Announces Results for the Period Ended December 31, 2020

SSD solutions restructuring are charges related to the restructuring of our underperforming Shannon and Bigtera product lines and include goodwill and intangible assets impairment expenses, the write-down of NAND flash and SSD inventory valuation and customer sales returns and accounts receivable attributable to these product lines.

Amortization of intangibles assets consists of non-cash charges that can be impacted by the timing and magnitude of our acquisitions. The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors.

Litigation expenses consist of legal expenses relating to intellectual property disputes, commercial claims and other types of litigation. While litigation may arise in the ordinary course of our business, we nevertheless consider litigation to be an unusual and unplanned activity and therefore exclude this charge when presenting non-GAAP financial measures.

Foreign exchange gains and losses consist 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.

Gain on disposal of long-term investments relate to gains from our sale of FCI, our specialty RF IC product line, and the sale of our investment in ProGrade, a professional-grade memory card manufacturer.


Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages and per ADS data, unaudited)

    
  For Three Months Ended  For the Year Ended
   Dec. 31,   Sep. 30,   Dec. 31,   Dec. 31,   Dec. 31,
   2019   2020   2020   2019   2020 
   ($)  ($)  ($)  ($)  ($)
Net Sales 153,196  126,043  143,897  457,253  539,521 
Cost of sales 79,563  64,217  77,853   235,081     279,365  
Gross profit   73,633     61,826     66,044     222,172     260,156  
Operating expenses                    
Research & development   33,911     26,378     37,160     110,305     121,784  
Sales & marketing   6,118     6,077     6,411     25,108     24,805  
General & administrative   6,285     3,528     4,585     17,878     15,604  
Amortization of intangibles assets   -     -     -     766     -  
Impairment of goodwill and intangible assets   -     -     17,489     15,970     17,489  
Operating income   27,319     25,843     399     52,145     80,474  
Non-operating income (expense)                    
Interest income, net   1,561     841     729     6,748     4,625  
Gain on disposal of long-term investments   -     -     (293 )   12,941     (293 )
Foreign exchange gain (loss), net   84     551     692     148     619  
Others, net   33     (6 )   117     92     133  
Subtotal   1,678     1,386     1,245     19,929     5,084  
Income before income tax   28,997     27,229     1,644     72,074     85,558  
Income tax expense   3,567     2,962     290     7,676     5,812  
Net income   25,430     24,267     1,354     64,398     79,746  
                     
Earnings per basic ADS   0.73     0.70     0.04     1.83     2.29  
Earnings per diluted ADS   0.73     0.70     0.04     1.82     2.28  
                     
Margin Analysis:                    
Gross margin   48.1 %   49.1 %   45.9 %   48.6 %   48.2 %
Operating margin   17.8 %   20.5 %   0.3 %   11.4 %   14.9 %
Net margin   16.6 %   19.3 %   0.9 %   14.1 %   14.8 %
                               



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