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Silicon Motion Technology CorporationSilicon Motion Technology Corporation
Silicon for Mobile Information
Investor PresentationOctober 28, 2005
2
Safe Harbor Statement
This presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Specifically, this presentation does not constitute a “prospectus” within the meaning of the
Securities Act of 1933, as amended.This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations
and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and
actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The Company does not undertake
to revise forward-looking statements to reflect future events or circumstances.
3
Financial Review
4
Our Sales Trend
243
327379 402
622
763
515552
747
0
200
400
600
800
NT$ Million
3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05
3Q05:
+35% Sequentially
+20% YoY
5
Sales By Product
80%
20%
80%
18%
87%
13%
92%
7%
86%
13%
80%
19%
87%
13%
0%
20%
40%
60%
80%
100%
1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05
Mobile Storage Products Multimedia SoCs Others
Mobile Storage Products include flash card controllers and USB 2.0 controllers.Multimedia System-on-Chip Products include multimedia display processors and portable audio SoCs.
6
Unit Shipments
4,824 4,913
114
9,983
14,549
10,912
163
14,120
337
24,265
407
0
5,000
10,000
15,000
20,000
25,000
30,000
Units (thousand)
1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05
Mobile Storage Products Multimedia SoCs Others
Mobile Storage Products include flash card controllers and USB 2.0 controllers.
Multimedia System-on-Chip Products include multimedia display processors and portable audio SoCs.
7
Our Margin Trend
44.2%
52.3%
43.6%46.9%
26.7% 27.8%
18.8% 20.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05
Gross Margin Operating Margin
8
Our Net Income Trend
23
107
54
3
117
9496
116
215
0
50
100
150
200
250
NT$ Million
3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05
3Q05:+85% Sequentially+83% YoY
9
Our Balance Sheet
As of 12/31/04 (NT$ Million)
As of 9/30/05 (NT$ Million)
As of 9/30/05 (US$ Million)
Cash & Cash Equivalent
727 1,625 49.0
Short Term Investments 154 993 29.9
Total Assets 2,167 3,832 115.5
Total Debt - - -
Total Liabilities 719 591 17.8
Shareholders’ Equity 1,448 3,240 97.7
10
Our Financial Ratios
1Q05 2Q05 3Q05
A/R Days (average)
61 45 47
Inventory Days (average)
136 87 56
Inventory Days (ending balance)
112 63 59
Current Ratio 6.0 5.9 6.3
ROE 26% 29% 35%
ROA 19% 24% 30%
11
Q3 2005 Business Review
12
Q3 2005 Review
• Strong demand for SD/MMC controllers
• Shipped 10 million units of flash card controllers and USB 2.0 flash disk controllers
• 5 customers who exceeded 1 million units per month in shipment
• Shortage in IC substrate as well as assembly & test capacity
• Added support for new types of flash memory in existing controllers
• In-System Programming
• Expanded technical and customer support teams
• Assist customers in analysis, debugging, & manufacturing yield improvement.
• Speed up new product development
13
Q4 2005 Focus
14
Q4 2005 Focus
• Continue to Grow SD/MMC Flash Card Controller Business
• Expect strong growth in Q4
• Great SD/MMC card opportunity in China
• Launch high performance SD/MMC products
• Enhance USB 2.0 Flash Disk Controllers
• Migrate to 0.16µ process technology
• Expand market share in China
• Design wins with top PC makers
15
Q4 2005 Focus
• Launch New Products
• High performance SD/MMC controller
• CompactFlash controller
• Combo card controller
• MS Pro to SD/MMC adaptor controller
• USB 2.0 PC camera controller
• High performance & high integration USB 2.0 Flash Disk controller
16
Q4 2005 Focus
• MP3 Controller Positioning and Strategy
• 1st generation without integrated audio codec and DC-to-DC converter
• Flash shortage
• Focus on flash-less MP3 player (with card reader slot) and micro-HD MP3 player
• Expect growth in Q4
• Joint Product Development Effort
• Lexar Media
• Samsung System LSI division
17
For more information visit www.siliconmotion.com