Silicon Motion Announces Results for the Period Ended September 30, 2023

Unrealized holding loss (gain) on investments relates to the difference between market value and cost of long-term investments.

 
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
   Sep. 30,   Jun. 30,   Sep. 30,   Sep. 30,   Sep. 30,
   2022  2023  2023  2022  2023
   ($)  ($)  ($)  ($)  ($)
Net Sales 250,812  140,361  172,333  745,163  436,763 
Cost of sales 131,691  83,938  99,193  366,304  254,897 
Gross profit 119,121  56,423  73,140  378,859  181,866 
Operating expenses          
Research & development 47,727     41,336     41,740     136,607     117,926  
Sales & marketing   9,375     7,248     6,862     25,908     20,715  
General & administrative   6,949     6,021     8,939     27,098     20,323  
Loss from settlement of litigation   (300 )   -     591     400     591  
Operating income   55,370     1,818     15,008     188,846     22,311  
Non-operating income (expense)                    
Interest income, net   750     2,736     3,480     1,375     8,026  
Foreign exchange gain (loss), net   (2,293 )   1,223     569     (4,318 )   2,030  
Unrealized holding gain(loss) on investments   -     6,135     (2,828 )   -     8,053  
Others, net   -     -     -     1     -  
Subtotal   (1,543 )   10,094     1,221     (2,942 )   18,109  
Income before income tax   53,827     11,912     16,229     185,904     40,420  
Income tax expense   10,936     868     5,642     36,929     8,639  
Net income   42,891     11,044     10,587     148,975     31,781  
                     
Earnings per basic ADS   1.30     0.33     0.32     4.47     0.95  
Earnings per diluted ADS   1.29     0.33     0.32     4.45     0.95  
                     
Margin Analysis:                    
Gross margin   47.5 %   40.2 %   42.4 %   50.8 %   41.6 %
Operating margin   22.1 %   1.3 %   8.7 %   25.3 %   5.1 %
Net margin   17.1 %   7.9 %   6.1 %   20.0 %   7.3 %
                     
Additional Data:                    
Weighted avg. ADS equivalents   33,050     33,409     33,413     33,325     33,332  
Diluted ADS equivalents   33,140     33,438     33,471     33,448     33,431  



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