Business Highlights First quarter of 2024 sales decreased 6% quarter-over-quarter and increased 53% year-over-year SSD controller sales: 1Q of 2024 increased 0% to 5% Q/Q and increased 35% to 40% Y/Y eMMC+UFS controller sales: 1Q of 2024 decreased 10% to 15% Q/Q and increased 235% to 240% Y/YSSD solutions sales: 1Q of 2024 decreased 5% to 10% Q/Q and decreased 30% to 35% Y/Y Financial Highlights 1Q 2024 GAAP1Q 2024 Non-GAAP – Net sales$189.3 million (-6% Q/Q, +53% Y/Y)$189.3 million (-6% Q/Q, +53% Y/Y) – Gross margin45.0%45.0% – Operating margin9.5%12.0% – Earnings per diluted ADS$0.48 $0.64 TAIPEI, Taiwan and MILPITAS, Calif., May 03, 2024 — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion”, the “Company” or “we”) today announced its financial results for the quarter ended March 31, 2024. For the first quarter of 2024, net sales (GAAP) decreased sequentially to $189.3 million from $202.4 million in the fourth quarter of 2023. Net income (GAAP) decreased to $16.0 million, or $0.48 per diluted American Depositary Share of the Company (“ADS”) (GAAP), from net income (GAAP) of $21.1 million, or $0.63 per diluted ADS (GAAP), in the fourth quarter of 2023. For the first quarter of 2024, net income (non-GAAP) decreased to $21.6 million, or $0.64 per diluted ADS (non-GAAP), from net income (non-GAAP) of $31.3 million, or $0.93 per diluted ADS (non-GAAP), in the fourth quarter of 2023. All financial numbers are in U.S. dollars unless otherwise noted. First Quarter of 2024 Review “Our business remained strong in the first quarter of 2024 as demand was stronger than expected and improving ASPs continued to drive better profitability,” said Wallace Kou, President and CEO of Silicon Motion. “Our client SSD revenue increased again for the fourth consecutive quarter as end-market demand stabilized and programs with our flash maker customers continue to scale. This was a strong start to 2024, and we are confident that we have the right products and the right customers to continue to grow our business and profitability throughout this year.” Key Financial Results (in millions, except percentages and per ADS amounts)GAAPNon-GAAP1Q 20244Q 20231Q 20231Q 20244Q 20231Q 2023Revenue