updated 4/28/2011 6:17:43 PM ET 2011-04-28T22:17:43

First Quarter 2011

Financial Highlights

  • Net sales increased 8% quarter-over-quarter to US$43.4 million from US$40.0 million in 4Q10
  • Gross margin excluding stock-based compensation increased to 46.2% from 45.1% in 4Q10
  • Operating expenses excluding stock-based compensation, acquisition-related charges, and other items increased to US$13.4 million from US$11.2 million in 4Q10
  • Operating margin excluding stock-based compensation, acquisition-related charges, and other items decreased to 15.5% from 17.2% in 4Q10
  • Diluted earnings per ADS excluding stock-based compensation, acquisition-related charges, net foreign exchange gain (loss), and other items were US$0.18, similar to 4Q10

Business Highlights

  • Fifth consecutive quarter of revenue growth
  • Increased total unit shipments 5% sequentially and 60% year-over-year to approximately 133 million units, a company record high
  • Increased storage controller unit shipments 4% sequentially and 68% year-over-year
  • Increased our sales of 3-bits per cell (TLC) controllers by about 15% sequentially and account for nearly 30% of our total controller sales
  • OEM business increased by nearly 25% sequentially to account for 40% of our total storage revenue
  • Began shipping our LTE transceiver for several Samsung 4G LTE handsets including the Samsung Craft as well as their Android-based Indulge and Droid Charge

TAIPEI, Taiwan, April 29, 2011 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (Nasdaq:SIMO) (the "Company") today announced its first quarter of 2011 financial results. For the first quarter of 2011, net sales increased 8% quarter-over-quarter to US$43.4 million from US$40.0 million in the fourth quarter of 2010. Net income (GAAP) for the first quarter increased quarter-over-quarter to US$6.4 million or US$0.21 per diluted ADS from a GAAP net loss of US$5.5 million or US$0.19 per diluted ADS in the fourth quarter of 2010.

Net income excluding stock-based compensation, acquisition-related charges, foreign exchange gain (loss), and other items increased in the first quarter to US$5.8 million or US$0.18 per diluted ADS unchanged from the fourth quarter of 2010.

First Quarter 2011 Financial Review

Commenting on the results of the first quarter, Silicon Motion's President and CEO, Wallace Kou, said:

"We are excited to report another strong quarter, with revenue increasing by 8% sequentially in the first quarter and 67% year-over-year. Strong unit shipment growth in our storage and communications product lines resulted in better-than-expected results this quarter. While higher operating expenses as compared to the fourth quarter were offset by higher gross margins, overall net income (non-GAAP) in the first quarter was similar to our fourth quarter 2010.

Our mobile storage business continued to see strong growth as revenue increased by 6% sequentially and 85% compared to our first quarter 2010. Demand was stronger than seasonally expected due to robust sales to Samsung and other OEM customers, as well as module makers. Our OEM sales increased from under 35% of total mobile storage sales in the previous quarter to 40% this quarter, and up from under 25% a year ago. Continued high card bundle rates for Androids and other smartphones, robust overall global handset unit shipments and strong end-demand for cards in emerging markets were key drivers of solid demand for our controllers. Our blended ASPs increased 2% sequentially as we shipped more 20nm and TLC flash controllers and we increased our sales to OEMs that are focused on quality and performance. The majority of our controllers are for managing 20nm flash and our TLC controllers have increased to account for nearly 30% of our total controller sales. We continue to work closely with our partners to develop and expand our embedded and SSD controller programs and anticipate these new solutions to commercially ramp in the coming quarters and drive significant growth in 2012.

Our mobile communications business recovered further, driven by our new LTE transceiver business and the continued ramp of our CDMA EVDO transceiver products. Overall, our mobile communications revenue grew 20% sequentially and 37% compared to our first quarter 2010."

Sales

Net sales in the first quarter were US$43.4 million, an increase of 8% compared with the previous quarter. For the quarter, mobile storage products accounted for 72% of net sales, mobile communications 19% of net sales, multimedia SoCs 7% of net sales, and others 2% of net sales.

Net sales of mobile storage products, which primarily include flash memory card, USB flash drive, SSD and embedded flash controllers, increased 6% from the fourth quarter of 2010 to US$31.1 million this quarter.

Net sales of mobile communication products, which primarily include mobile TV IC solutions and handset transceivers, increased 20% from the fourth quarter of 2010 to US$8.3 million this quarter.

Net sales of multimedia SoC products, which are primarily embedded graphics processors, decreased 2% from the fourth quarter of 2010 to US$3.2 million this quarter.

Gross and Operating Margins

Gross margin excluding stock-based compensation increased to 46.2% from 45.1% in the fourth quarter of 2010. GAAP gross margin increased to 46.2% from 45.0% in the fourth quarter of 2010.

Operating expenses excluding stock-based compensation, acquisition-related charges, and other items were US$13.4 million, which was higher than the US$11.2 million expended in the fourth quarter. Research and development expenditures, excluding stock-based compensation, were US$8.1 million, which was higher than the US$7.2 million in the previous quarter. Selling and marketing expenses excluding stock-based compensation were US$2.7 million, which was higher compared to the US$2.3 million reported in the previous quarter. General and administrative expenses excluding stock-based compensation and litigation expenses were US$2.5 million, which was higher compared to the US$1.7 million reported in the previous quarter. Stock-based compensation was US$0.8 million in the first quarter, which was lower than the US$1.7 million in the fourth quarter of 2010. Acquisition-related charges were US$0.6 million, similar to the previous quarter.

Operating margin excluding stock-based compensation, acquisition-related charges, and other items was 15.5%, a decrease from 17.2% in the previous quarter. GAAP operating margin was 12.3%, a slight increase from the 12.1% in the fourth quarter of 2010.

Other Income and Expenses

Net total other income excluding net foreign exchange gain or loss, and other items was US$0.1 million, similar to the fourth quarter of 2010. GAAP net total other income was US$2.1 million, an increase from a loss of US$9.2 million in the fourth quarter of 2010.

Earnings

Net income excluding stock-based compensation, acquisition-related charges, net foreign exchange gain or loss, and other items was US$5.8 million this quarter, similar to the fourth quarter. Diluted earnings per ADS excluding stock-based compensation, acquisition-related charges, net foreign exchange gain or loss, and other items were US$0.18, unchanged from the previous quarter.

GAAP net income was US$6.4 million, an increase from the net loss of US$5.5 million in the fourth quarter of 2010. Diluted GAAP earnings per ADS were US$0.21, an increase from the loss per ADS of US$0.19 in the previous quarter.

Balance Sheet

Cash, cash equivalents, and short-term investments increased to US$57.6 million from US$54.8 million at the end of the fourth quarter of 2010.

Cash Flow

Our cash flows were as follows:

3 months ended March 31, 2011
  (In US$ millions)
Net income 6.4
Depreciation & amortization 2.0
Changes in operating assets and liabilities 2.6
Others 1.7
Net cash provided by (used in) operating activities 12.7
Acquisition of property and equipment (1.2)
Others (8.6)
Net cash provided by (used in) investing activities (9.8)
Others

1.1
Net cash provided by (used in) financing activities 1.1
Effects of changes in foreign currency exchange rates on cash (0.9)
Net increase in cash and cash equivalents 3.1
Pro-forma adjustment for foreign exchange translation (0.2)
Pro-forma net increase in cash and cash equivalents 2.9

During the first quarter of 2011, we spent US$1.1 million in capital expenditures primarily relating to the purchase of testing equipments, software and design tools.

Business Outlook:

Silicon Motion's President and CEO, Wallace Kou, added:

"We had a strong start in 2011 with revenue exceeding expectations driven by our rapidly growing OEM business and the continuing ramp of our controllers for TLC and next generation flash. We are confident that flash supply will increase further in 2011 from new fabs coming on line, the migration to smaller geometry NAND flash and increasing TLC production. All these industry trends benefit Silicon Motion and we believe our increasing business with OEMs will provide a stronger base to our business. Given our strong start in 2011 and added confidence in our business plans, we are increasing our full year guidance."

For the second quarter of 2011, management expects:

  • Revenue to flat to up 10% sequentially
  • Gross margin excluding stock-based compensation to be in the 46% to 48% range
  • Operating expenses excluding stock-based compensation, acquisition-related charges, and other items of approximately US$13 to US$15 million

For the full year 2011, management is increasing guidance as previously announced in January and now expects:

  • Revenue to be up 30% to 40% compared with full year 2010
  • Gross margin excluding stock-based compensation to be in the 46% to 48% range
  • Operating expenses excluding stock-based compensation, acquisition-related charges, and other items of approximately US$55 to US$58 million

Conference Call & Webcast:

The Company's management team will conduct a conference call at 8:00am Eastern Time on April 29, 2011.

(Speakers)
Wallace Kou, President & CEO
Riyadh Lai, CFO
Jason Tsai, Director of Investor Relations and Strategy
 
PRE-REGISTRATION:
https://www.theconferencingservice.com/prereg/key.process?key=PQAAKYTBE
CONFERENCE CALL ACCESS NUMBERS:
USA (Toll Free): 1 888 679 8035
USA (Toll): 1 617 213 4848 
Taiwan (Toll Free): 0080 144 4360
Participant Passcode: 9623 3596
 
REPLAY NUMBERS (for 7 days):
USA (Toll Free): 1 888 286 8010
USA (Toll): 1 617 801 6888
Participant Passcode: 4121 5661

A webcast of the call will be available on the Company's website at www.siliconmotion.com

Discussion of Non-GAAP Financial Measures

To supplement the Company's unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation, acquisition-related charges and other items, including non-GAAP cost of sales, non-GAAP gross profit, non-GAAP selling, general, and administrative expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per diluted ADS. These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

Our non-GAAP financial measures are provided to enhance the user's overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because it is consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target's performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management's perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by offering:

  • the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results;
  • the ability to better identify trends in the Company's underlying business and perform related trend analysis;
  • a better understanding of how management plans and measures the Company's underlying business; and
  • an easier way to compare the Company's operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

Stock-based compensation expense consists of non-cash charges related to the fair value of stock options and restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

Acquisition-related charges consist of non-cash charges that can be impacted by the timing and magnitude of our acquisitions. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to the performance of our competitors. Acquisition-related charges include the following:

  • Amortization of intangible assets relates to the amortization of core technology, customer relationship, and other intangibles acquired as part of an acquisition.

Litigation expenses consist of legal expenses relating to intellectual property disputes, commercial claims and other types of litigation. While litigation may arise in the ordinary course of our business, we nevertheless consider litigation to be an unusual, non-recurring and unplanned activity and therefore exclude these types of charges when presenting non-GAAP financial measures.

Gain from settlement of litigation relates to the one-time payment in connection with a favorable settlement of certain litigation with ASE and ANP.

Foreign exchange gains and losses consists of translation gains and/or losses of non-NT$ denominated current assets and current liabilities, as well as certain other balance sheet items which result from the appreciation or depreciation of non-NT$ currencies against the NT$.  We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

Impairment of long-term investments relates to the other-than-temporary, non-operating write down of the Company's minority stake investments. We do not consider these investments which were made before 2007 to be strategic and exclude the performance of these investments when evaluating our ongoing performance and forecasting our earnings trends, and therefore excludes losses (and gains) from the investments when presenting non-GAAP financial measures.

 

Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages and per share data, unaudited)
             
  For the Three Months Ended
  Mar. 31,

2010


(NT$)
Dec. 31,

2010


(NT$)
Mar. 31,

2011


(NT$)
Mar. 31,

2010


(US$)
Dec. 31,

2010


 (US$)
Mar. 31,

2011


 (US$)
Net Sales 830,773 1,218,595 1,271,926 26,002 40,006 43,396
Cost of sales 440,273 670,763 684,604 13,780 22,021 23,357
Gross profit 390,500 547,832 587,322 12,222 17,985 20,039
Operating expenses            
Research & development 239,709 248,670 250,776 7,502 8,164 8,556
Sales & marketing 98,934 80,215 82,815 3,097 2,633 2,826
General & administrative 81,980 57,209 79,477 2,566 1,878 2,712
Amortization of intangibles assets 17,296 17,316 17,316 541 568 591
Impairment of goodwill and long-lived assets -- -- -- -- -- --
Gain from settlement of litigation -- (3,541) -- -- (116) --
Operating income (loss) (47,419) 147,963 156,938 (1,484) 4,858 5,354
             
Non-operating income (expense)            
Gain on sale of investments 11 19 34 -- 1 1
Interest income, net 2,514 1,702 2,031 79 55 69
Impairment of long-term investments (2,301) (871) -- (72) (29) --
Foreign exchange gain (loss),net (6,480) (281,027) 58,416 (203) (9,226) 1,993
Others, net (4,054) (237) 813 (127) (7) 28
Subtotal (10,310) (280,414) 61,294 (323) (9,206) 2,091
Income (loss) before income tax (57,729) (132,451) 218,232 (1,807) (4,348) 7,445
Income tax expense (benefit) 12,122 35,339 29,526 379 1,160 1,007
Net income (loss) (69,851) (167,790) 188,706 (2,186) (5,508) 6,438
             
Basic earnings (loss) per ADS ($2.45) ($5.74) $6.25 ($0.08) ($0.19) $0.21
Diluted earnings (loss) per ADS ($2.45) ($5.74) $6.01 ($0.08) ($0.19) $0.21
             
Margin Analysis:            
Gross margin 47.0% 45.0% 46.2% 47.0% 45.0% 46.2%
Operating margin (5.7%) 12.1% 12.3% (5.7%) 12.1% 12.3%
Net margin (8.4%) (13.8%) 14.8% (8.4%) (13.8)% 14.8%
             
Additional Data:            
Weighted avg. ADS equivalents1 28,457 29,252 30,195 28,457 29,252 30,195
Diluted ADS equivalents 28,457 29,252 31,393 28,457 29,252 31,393
             
1 Assumes all outstanding ordinary shares are represented by ADSs. Each ADS represents four ordinary shares.

 

Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per share data, unaudited)
             
  For the Three Months Ended
  Mar. 31,

2010

(NT$)
Dec. 31,

2010


(NT$)
Mar. 31,

2011


(NT$)
Mar. 31,

2010


(US$)
Dec. 31,

2010


(US$)
Mar. 31,

2011


(US$)
GAAP net income (loss) (69,851) (167,790) 188,706 (2,186) (5,508) 6,438
Stock-based compensation:            
Cost of sales 789 1,700 808 25 56 27
Research and development 14,597 29,051 12,280 457 954 419
Sales and marketing 12,818 10,664 4,041 401 350 138
General and administrative 7,353 9,608 5,122 230 315 175
Total stock-based compensation 35,557 51,023 22,251 1,113 1,675 759
             
Acquisition related charges:            
Amortization of intangible assets 17,296 17,316 17,316 541 568 591
Litigation expenses 2,162 (2,870) 293 68 (94) 10
Gain from settlement of litigation -- (3,541) -- -- (116) --
Foreign exchange loss (gain),net 6,480 281,027 (58,416) 203 9,226 (1,993)
Impairment of long-term investments 2,301 871 -- 72 29 --
             
Non-GAAP net income (loss) (6,055) 176,036 170,150 (189) 5,780 5,805
             
Shares used in computing non-GAAP basic earnings per ADS 28,457 29,252 30,195 28,457 29,252 30,195
Shares used in computing non-GAAP diluted earnings per ADS 28,457 32,113 32,209 28,457 32,113 32,209
             
Non-GAAP basic earnings (loss) per ADS ($0.21) $6.02 $5.63 ($0.01) $0.20 $0.19
Non-GAAP diluted earnings (loss) per ADS ($0.21) $5.48 $5.28 ($0.01) $0.18 $0.18
             
Non-GAAP gross margin 47.1% 45.1% 46.2% 47.1% 45.1% 46.2%
Non-GAAP operating margin 0.9% 17.2% 15.5% 0.9% 17.2% 15.5%
             
 
Silicon Motion Technology Corporation
Consolidated Balance Sheet
(In thousands)
(unaudited)
             
  Mar. 31,

2010

 ( NT$ )
Dec. 31,

2010

 ( NT$ )
Mar. 31,

2011

 ( NT$ )
Mar. 31,

2010

 ( US$ )
Dec. 31,

2010

 ( US$ )
Mar. 31,

2011

 ( US$ )
Cash and cash equivalents 1,917,257 1,569,792 1,660,280 60,291  53,394  56,319
Short-term investments 21,163 41,200 38,097 666 1,401 1,292
Accounts receivable (net) 453,864 792,108 837,402 14,272  26,942  28,406
Inventories 388,573 698,581 745,174 12,219 23,761 25,277
Refundable deposits - current 95,797 200,732 448,482 3,012  6,828  15,213
Deferred income tax assets (net) 9,522 48,891 115,003 299 1,663 3,901
Prepaid expenses and other current

assets
  136,734  

59,029
 

72,672
 

4,301 
 

2,008 
 

2,465
Total current assets 3,022,910 3,410,333 3,917,110 95,060  115,997 132,873
             
Long-term investments 13,366 5,400 5,400 420 184 183
Property and equipment (net) 760,875 743,028 742,722 23,927 25,273 25,194
Goodwill and intangible assets(net) 1,243,844 1,191,895 1,174,579 39,115 40,540 39,843
Other assets 259,032 253,881 170,839 8,146 8,635 5,796
Total assets 5,300,027 5,604,537 6,010,650 166,668 190,629 203,889
             
Accounts payable 266,527 329,716 539,998 8,381 11,215 18,317
Income tax payable 38,662 37,605 38,965 1,216 1,279 1,322
Accrued expenses and other current liabilities 381,532 441,525 407,840 11,998 15,018 13,835
Total current liabilities 686,721 808,846 986,803 21,595 27,512 33,474
Other liabilities 124,365 69,259 77,600 3,911 2,355 2,632
Total liabilities 811,086 878,105 1,064,403 25,506 29,867 36,106
Shareholders' equity 4,488,941 4,726,432 4,946,247 141,162 160,762 167,783
Total liabilities & shareholders' equity 5,300,027 5,604,537 6,010,650 166,668 190,629 203,889
 
Note: The Company maintains its accounts and expresses its financial statements in New Taiwan dollars. For convenience only, U.S. dollar amounts presented in the income statement have been translated from New Taiwan dollars, using an average exchange rate of NT$31.95 to US$1 for 1Q10, NT$30.46 to US$1 for 4Q10, and NT$29.31 to US$1 for 1Q11 based on the average of the historical exchange rates reported by the Oanda Corporation. Amounts from the balance sheet have been translated using the ending exchange rate for the period. The exchange rate was NT$31.80 to US$1 at the end of 1Q10, NT$29.40 to US$1 at the end of 4Q10 and NT$29.48 to US$1 at the end of 1Q11.

About Silicon Motion:

We are a fabless semiconductor company that designs, develops and markets high performance, low-power semiconductor solutions for the multimedia consumer electronics market. We have three major product lines: mobile storage, mobile communications, and multimedia SoCs. Our mobile storage business is composed of microcontrollers used in NAND flash memory storage products such as flash memory cards, USB flash drives, SSDs, and embedded flash applications. Our mobile communications business is composed primarily of mobile TV IC solutions and handset transceivers. Our multimedia SoCs business is composed primarily of embedded graphics processors.

Forward-Looking Statements:

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, including without limitation, statements about Silicon Motion's expected second quarter 2011 revenue, gross margin and operating expenses, all of which reflect management's estimates based on information available at this time of this press release. While Silicon Motion believes these estimates to be meaningful, these amounts could differ materially from actual reported amounts for the first quarter. Forward-looking statements also include, without limitation, statements regarding trends in the multimedia consumer electronics market and our future results of operations, financial condition and business prospects. 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 these customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in our customers' products; our customers' sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions, including the general global economic slowdown as it effects the Company, its customers and consumers; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed on June 25, 2010. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.

CONTACT: Investor Contact:
         Jason Tsai
         Director of IR and Strategy
         Tel: +1 408 519 7259
         Fax: +1 408 519 7101
         E-mail: jtsai@siliconmotion.com
         
         Investor Contact:
         Selina Hsieh
         Investor Relations
         Tel: +886 3 552 6888 x2311
         Fax: +886 3 560 0336
         E-mail: ir@siliconmotion.com
         
         Media Contact:
         Sara Hsu
         Project Manager
         Tel: +886 2 2219 6688 x3509
         Fax: +886 2 2219 6868
         E-mail: sara.hsu@siliconmotion.com

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