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Press Release

SiTime Reports First Quarter 2021 Financial Results

SANTA CLARA, Calif., May 04, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the first quarter ended March 31, 2021.

Net revenue in the first quarter of 2021 was $35.5 million, a 63.5% increase from the $21.7 million in the first quarter of 2020 and a 11.7% decrease from the $40.3 million in the fourth quarter of 2020.

Generally Accepted Accounting Principles (GAAP) Results

In the first quarter of 2021 gross margins were $18.8 million, or 52.9% of revenue, operating expenses were $22.3 million, or 62.8% of revenue, GAAP loss from operations was $3.5 million, or 9.8% of revenue and net loss was $3.6 million, or $0.20 per diluted share.

Total cash and cash equivalents were $257.0 million on March 31, 2021.

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 2021, non-GAAP gross margins were $19.2 million, or 54.1% of revenue, non-GAAP operating expenses were $15.3 million, or 43.1% of revenue, non-GAAP income from operations was $3.9 million, or 11.0% of revenue and non-GAAP net income was $3.8 million, or $0.19 per diluted share.

Conference Call

SiTime will broadcast its first quarter of 2021 financial results conference call today, May 4, 2021, 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 5161786. 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 2 billion devices shipped, SiTime is changing the timing industry. For more information, visit https://www.sitime.com/.

SiTime Corporation 
Unaudited GAAP Condensed Consolidated Statements of Operations 
         
  Three Months Ended 
  March 31, 2021  December 31, 2020 
  (in thousands, except per share data) 
Revenue $35,542  $40,274 
Cost of revenue  16,725   19,203 
Gross profit  18,817   21,071 
Operating expenses:        
Research and development  11,180   8,747 
Sales, general and administrative  11,123   10,250 
Total operating expenses  22,303   18,997 
Loss (income) from operations  (3,486)  2,074 
Other expense, net  (39)  (83)
Loss (income) before income taxes  (3,525)  1,991 
Income tax expense  (40)  - 
Net (loss) income $(3,565) $1,991 
Net loss (income) attributable to common stockholder and comprehensive
(loss) income
 $(3,565) $1,991 
Net (loss) income per share attributable to common stockholder, basic $(0.20) $0.12 
Weighted-average shares used to compute basic net (loss) income per share  17,868   17,036 
Net (loss) income per share attributable to common stockholder, diluted $(0.20) $0.10 
Weighted-average shares used to compute diluted net (loss) income per share  17,868   19,263 
         


SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 
  
  Three Months Ended 
  March 31, 2021  December 31, 2020 
  (in thousands, except per share data) 
Reconciliation of GAAP gross profit and margin to non-GAAP        
Revenue $35,542  $40,274 
GAAP gross profit  18,817   21,071 
GAAP gross margin  52.9%  52.3%
Stock-based compensation  402   494 
Non-GAAP gross profit $19,219  $21,565 
Non-GAAP gross margin  54.1%  53.5%
         
Reconciliation of GAAP operating expenses to non-GAAP        
GAAP research and development expenses  11,180   8,747 
Stock-based compensation  (2,998)  (2,142)
Non-GAAP research and development expenses $8,182  $6,605 
         
GAAP sales, general and administrative expenses  11,123   10,250 
Stock-based compensation  (4,000)  (3,542)
Non-GAAP sales, general and administrative expenses $7,123  $6,708 
Total Non-GAAP operating expenses $15,305  $13,313 
         
Reconciliation of GAAP (loss) income from operations to non-GAAP income
from operations
        
GAAP (loss) income from operations $(3,486) $2,074 
Stock-based compensation  7,400   6,178 
Non-GAAP income from operations $3,914  $8,252 
Non-GAAP income from operations as a percentage of revenue  11.0%  20.5%
         
Reconciliation of GAAP net (loss) income to non-GAAP net income        
GAAP net (loss) income $(3,565) $1,991 
Stock-based compensation  7,400   6,178 
Non-GAAP net income $3,835  $8,169 
Weighted-average shares used to compute diluted net (loss) income
per share
  20,070   19,263 
         
GAAP net (loss) income per share diluted $(0.20) $0.10 
Non-GAAP adjustments detailed above  0.39   0.32 
Non-GAAP net income per share diluted $0.19  $0.42 


SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 
  
  As of 
  March 31, 2021  December 31, 2020 
  (in thousands) 
Assets:        
Current assets:        
Cash and cash equivalents $256,952  $73,525 
Accounts receivable, net  22,214   23,920 
Related party accounts receivable  976   736 
Inventories  14,980   12,350 
Prepaid expenses and other current assets  2,577   2,649 
Total current assets  297,699   113,180 
Property and equipment, net  14,927   11,708 
Intangible assets, net  2,558   2,069 
Right-of-use assets, net  8,730   8,892 
Other assets  162   162 
Total assets $324,076  $136,011 
Liabilities and Stockholders' Equity:        
Current liabilities:        
Accounts payable $9,024  $6,182 
Accrued expenses and other current liabilities  12,716   12,963 
Total current liabilities  21,740   19,145 
Lease liabilities  7,067   6,986 
Total liabilities  28,807   26,131 
Commitments and contingencies        
Stockholders’ equity:        
Common stock  2   2 
Additional paid-in capital  362,228   173,274 
Accumulated deficit  (66,961)  (63,396)
Total stockholders’ equity  295,269   109,880 
Total liabilities and stockholders’ equity $324,076  $136,011 
         

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