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Press Release

SiTime Reports First Quarter 2020 Financial Results

SANTA CLARA, Calif., May 06, 2020 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the first quarter ended March 31, 2020.

Net revenue in the first quarter of 2020 was $21.7 million, a 46.7% increase from the $14.8 million in the first quarter of 2019.

Generally Accepted Accounting Principles (GAAP) Results

Net loss for the first quarter of 2020 was $5.1 million, or $0.34 per diluted share. Gross margins were 45.9%, operating expenses were 68.2% of revenue, and GAAP loss from operations was 22.3% of revenue.

Total cash and cash equivalents were $71.2 million on March 31, 2020.

Non-GAAP Results

This press release and its attachments include certain non-GAAP supplemental performance measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

SiTime believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to SiTime’s financial condition and results of operations. SiTime believes that these non-GAAP financial measures provide additional insight into SiTime’s ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate SiTime’s results of operations in conjunction with the corresponding GAAP measures. The non-GAAP results exclude the effect of stock-based compensation and related payroll taxes.

The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.

In the first quarter of 2020, non-GAAP net loss was $2.1 million, or $0.14 per diluted share. Non-GAAP gross margins were 46.1%, operating expenses were 54.8% of revenue, and non-GAAP loss from operations was 8.7% of revenue.

Conference Call

SiTime will broadcast its first quarter of 2020 financial results conference call today, May 6, 2020, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), which can be accessed by calling +1-844-467-7657 and using conference ID 4128279. The conference call will also be available via a live webcast on the investor relations section of the SiTime website at investor.sitime.com. Please access the website at least a few minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay of the call will be available on the website for a limited period of time.

About SiTime

SiTime Corporation is a market leader in silicon MEMS timing. Our programmable solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power, and better reliability. With over 1.5 billion devices shipped, SiTime is changing the timing industry. For more information, visit https://www.sitime.com/.


SiTime Corporation 
Unaudited GAAP Condensed Consolidated Statement of Operations 
         
  Three Months Ended 
  March 31, 2020  December 31, 2019
    
  (in thousands, except per share data) 
Revenue $21,742  $28,089 
Cost of revenue  11,766   14,641 
Gross profit  9,976   13,448 
Operating expenses:        
Research and development  7,024   5,949 
Sales, general and administrative   7,808    6,469 
Total operating expenses  14,832   12,418 
Income (loss) from operations  (4,856)   1,030 
Interest expense  (303)   (393)
Other income (expense), net  68   (13)
Income (loss) before income taxes  (5,091)   624 
Income tax (expense) benefit  (2)   9 
Net income (loss) $(5,093)  $633 
Net income (loss) attributable to common stockholder and comprehensive income $(5,093)  $633 
Net income (loss) per share attributable to common stockholder, basic $(0.34)  $0.05 
Weighted-average shares used to compute basic net income (loss) per share  15,010   12,214 
Net income (loss) per share attributable to common stockholder, diluted $(0.34)  $0.05 
Weighted-average shares used to compute diluted net income (loss) per share  15,010   12,685 


SiTime Corporation 
Unaudited Reconciliation of Non-GAAP Adjustments 
  Three Months Ended 
  March 31, 2020  December 31, 2019 
    
  (in thousands, except per share data) 
    
Reconciliation of GAAP gross profit and margin to non-GAAP        
Revenue $21,742  $28,089 
GAAP gross profit  9,976   13,448 
GAAP gross margin  45.9%  47.9%
Stock-based compensation  56   36 
Non-GAAP gross profit $10,032  $13,484 
Non-GAAP gross margin  46.1%  48.0%
         
Reconciliation of GAAP operating expenses to non-GAAP        
GAAP research and development expenses  7,024   5,949 
Stock-based compensation  (1,061)  (346)
Non-GAAP research and development expenses $5,963  $5,603 
         
GAAP sales, general and administrative expenses  7,808   6,469 
Stock-based compensation  (1,857)  (997)
Non-GAAP sales, general and administrative expenses $5,951  $5,472 
Total Non-GAAP operating expenses $11,914  $11,075 
         
Reconciliation of GAAP income (loss) from operations to non-GAAP income (loss) from operations        
GAAP income (loss) from operations $(4,856) $1,030 
Stock-based compensation  2,974   1,379 
Non-GAAP income (loss) from operations $(1,882) $2,409 
Non-GAAP income (loss) from operations as a percentage of revenue  -8.7%  8.6%
         
Reconciliation of GAAP net income (loss) to non-GAAP net income (loss)        
GAAP net income (loss) $(5,093) $633 
Stock-based compensation  2,974   1,379 
Non-GAAP net income (loss) $(2,119) $2,012 
Weighted-average shares used to compute diluted net income (loss) per share  15,010   12,685 
         
GAAP net income (loss) per share diluted $(0.34) $0.05 
Non-GAAP adjustments detailed above  0.20   0.11 
Non-GAAP net income (loss) per share diluted $(0.14) $0.16 
         


SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheet
    
  As of 
  March 31, 2020  December 31, 2019 
    
  (in thousands, except share and per share data) 
    
Assets:        
Current assets:        
Cash and cash equivalents $71,248  $63,418 
Accounts receivable, net  15,820   17,659 
Related party accounts receivable  565   1,073 
Inventories  14,159   11,911 
Prepaid expenses and other current assets  3,179   5,601 
Total current assets  104,971   99,662 
Property and equipment, net  9,627   9,288 
Intangible assets, net  3,663   4,489 
Right-of-use assets, net  9,780   9,790 
Other assets  173   162 
Total assets $128,214  $123,391 
Liabilities and Stockholders' Equity:        
Current liabilities:        
Accounts payable $4,315  $3,869 
Accrued expenses and other current liabilities  8,020   8,442 
Loan obligations  50,000   41,000 
Total current liabilities  62,335   53,311 
Lease liabilities  7,865   7,940 
Total liabilities  70,200   61,251 
Commitments and contingencies        
Stockholders’ equity:        
Common stock  2   2 
Additional paid-in capital  117,129   116,162 
Accumulated deficit  (59,117)   (54,024) 
Total stockholders’ equity  58,014   62,140 
Total liabilities and stockholders’ equity $128,214  $123,391 

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
949-224-3874 | 214-272-0070
sheltonir@sheltongroup.com

SiTime Corporation
Art Chadwick
Chief Financial Officer
investor.relations@sitime.com