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Silicon Motion Technology's (SIMO) CEO Wallace Kou on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 28, 2016, 8:00 am ET

Executives

Jason Tsai - Senior Director, IR & Strategy

Wallace Kou - President and CEO

Riyadh Lai - CFO

Analysts

Mike Crawford - B. Riley & Company

Mike Burton - Brean Capital

Anthony Stoss - Craig-Hallum

Mehdi Hosseini - SIG

Tom Sepenzis - Northland Capital

Suji De Silva - Topeka

Rajvindra Gill - Needham & Company

Daniel Amir - Ladenburg

Operator

Good day, ladies and gentlemen and welcome to the First Quarter 2016 Silicon Motion Technology Corp. Earnings Conference Call. My name is Sandler and I'll be your conference moderator for today. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. [Operator Instructions].

Before we begin today's conference, I've been asked to read the following forward-looking statements. This conference call contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include without limitation, statements regarding trends in the semiconductor industry and our future results of operations, financial condition, and business prospects.

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 risk and uncertainties and actual market trends and our results 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 continued competitive pressure in the semiconductor industry and the effect of such pressure on prices, unpredictable changes in technology and consumer demand for multimedia consumer electronics, the state of any changes in our relationship with our major customers and changes in political, economic, legal, and social conditions in Taiwan.

For additional discussions of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements, which apply only as of date of this conference call.

I would now like to hand our presentation over to our host, Mr. Jason Tsai, Senior Director of IR and Strategy. Please proceed.

Jason Tsai

Thank you, and good morning, everyone. Welcome to Silicon Motion's first quarter 2016 financial results conference call and webcast.

My name is Jason Tsai and with me here is Wallace Kou, our President and CEO, and Riyadh Lai, our Chief Financial Officer. The agenda for today is as follows: Wallace will start with a review of some of our recent business developments. Riyadh will then discuss our first quarter financial results and provide our outlook. We will then conclude with Q&A.

Before we get started, I'd like to remind you of our Safe Harbor policy, which is read at the start of this call. For a comprehensive overview of the risks involved in investing in our securities, please refer to our filings with the U.S. SEC. For more details on our financial results, please refer to our press release, which is filed on Form 6-K after the close of market yesterday. This webcast will be available for replay on our website www.siliconmotion.com for a limited time.

To enhance investors' understanding of our ongoing economic performance, we will discuss non-GAAP information during this call. We use non-GAAP financial measures internally to evaluate and manage our operations. We've therefore chosen to provide this information to enable you to perform comparisons of our operating results in a manner similar to how we analyze our own operating results. The reconciliation of the GAAP to non-GAAP financial data can be found in our earnings release issued yesterday. We ask that you review it in conjunction with this call.