December 6, 2021 at 6:00 PM EST
Silicon Motion Announces New $200 Million Share Repurchase Program and Reiterates Guidance
“With less than a month to go, 2021 is turning out to be a stellar year for us and we are excited about our prospects next year,” said Wallace Kou, Silicon Motion's President and CEO. “We have a long track record of returning excess capital to shareholders, primarily through dividends, but also though share repurchases. On
Repurchases under the new program will be made in the open market or according to other methods in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements and other factors. The Company expects to use cash on hand to fund the repurchases. The program does not obligate the Company to acquire any particular amount of ADS, and it may be suspended at any time at the Company's discretion.
The Company also reaffirms its fourth quarter financial guidance as originally provided on its third quarter earnings release and filed on Form 6-K on
As of September 30, 2021, the Company had approximately $419.5 million of cash, cash equivalents, restricted cash and short-term investments.
We are the global leader in supplying NAND flash controllers for solid state storage devices. We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on
This press release 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. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the effects on our business and our customer's business taking into account the ongoing US-China tariffs and trade disputes together with the uncertainties associated with the ongoing global outbreak of COVID-19; the recent increases in tensions between
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Source: Silicon Motion Technology Corporation