Financial Highlights
| 4Q 2020 GAAP | 4Q 2020 Non-GAAP | |
| • Net sales | $143.9 million (+14% Q/Q, -6% Y/Y) | $143.9 million (+14% Q/Q, -6% Y/Y) |
| • Gross margin | 45.9% | 49.3% |
| • Operating margin | 0.3% | 21.9% |
| • Earnings per diluted ADS | $0.04 | $0.86 |
| Full Year 2020 GAAP | Full Year 2020 Non-GAAP | |
| • Net sales | $539.5 million (+18% Y/Y) | $539.5 million (+17% Y/Y) |
| • Gross margin | 48.2% | 49.2% |
| • Operating margin | 14.9% | 21.8% |
| • Earnings per diluted ADS | $2.28 | $3.24 |
Business Highlights
- SSD controller sales: 4Q increased 5% to 10% Q/Q and FY2020 increased 15% to 20% Y/Y
- eMMC+UFS controller sales: 4Q increased 65% to 70% Q/Q and FY2020 increased 35% to 40% Y/Y
- SSD solutions sales: 4Q declined 30% to 35% Q/Q and FY2020 increased 35 to 40% Y/Y
- Launched SM8266, a complete 16-channel PCIe 4.0 NVMe turnkey enterprise SSD controller
TAIPEI, Taiwan and MILPITAS, Calif., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended December 31, 2020. For the fourth quarter, net sales (GAAP) increased sequentially to $143.9 million from $126.0 million in third quarter 2020. Net income (GAAP) declined to $1.4 million or $0.04 per diluted ADS (GAAP) from a net income (GAAP) of $24.3 million or $0.70 per diluted ADS (GAAP) in third quarter 2020.
For the fourth quarter, net income (non-GAAP) increased to $29.9 million or $0.86 per diluted ADS (non-GAAP) from a net income (non-GAAP) of $26.7 million or $0.76 per diluted ADS (non-GAAP) in third quarter 2020.
Fourth Quarter 2020 Review
“Fourth quarter results were stronger than expected as customer procurement continues to be robust,” said Wallace Kou, President and CEO of Silicon Motion. “Sales of our eMMC+UFS controllers for smartphones and IOT devices were especially strong and our SSD controllers continued to benefit from strong PC demand. Sales of our SSD solutions were however seasonally soft.”
Key Financial Results
| (in millions, except percentages and per ADS amounts)
| GAAP | Non-GAAP | ||||||||||||||||
| 4Q 2020 | 3Q 2020 | 4Q 2019 | 4Q 2020 | 3Q 2020 | 4Q 2019 | |||||||||||||
| Revenue | $143.9 | $126.0 | $153.2 | $143.9 | $126.0 | $153.0 | ||||||||||||
| Gross profit
| $66.0
| $61.8
| $73.6
| $71.0
| $61.9
| $75.4
| ||||||||||||
| Percent of revenue | 45.9 % | 49.1 % | 48.1 % | 49.3% | 49.1 % | 49.3 % | ||||||||||||
| Operating expenses | $65.6 | $36.0 | $46.3 | $39.5 | $32.9 | $38.2 | ||||||||||||
| Operating income
| $0.4
| $25.8
| $27.3
| $31.5
| $29.0
| $37.2
| ||||||||||||
| Percent of revenue | 0.3% | 20.5% | 17.8% | 21.9% | 23.0% | 24.3% | ||||||||||||
| Earnings per diluted ADS | $0.04 | $0.70 | $0.73 | $0.86 | $0.76 | $0.96 | ||||||||||||
