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Press Release

SiTime Reports First Quarter 2022 Financial Results

SANTA CLARA, Calif., May 04, 2022 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in precision timing, today announced financial results for the first quarter ended March 31, 2022.

Net revenue in the first quarter of 2022 was $70.3 million, a 97.7% increase from the $35.5 million in the first quarter of 2021 and a 7.2% decrease from the $75.7 million in the fourth quarter of 2021.

Generally Accepted Accounting Principles (GAAP) Results

In the first quarter of 2022 gross margins were $45.2 million, or 64.4% of revenue, operating expenses were $39.2 million, or 55.8% of revenue, GAAP income from operations was $6.1 million, or 8.6% of revenue and net income was $6.1 million, or $0.27 per diluted share.

Total cash and cash equivalents were $571.5 million on March 31, 2022.

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.

In the first quarter of 2022, non-GAAP gross margins were $45.9 million, or 65.3% of revenue, non-GAAP operating expenses were $24.6 million, or 35.1% of revenue, non-GAAP income from operations was $21.3 million, or 30.3% of revenue and non-GAAP net income was $21.3 million, or $0.94 per diluted share.

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

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.

Inducement Plan Grants

SiTime granted restricted stock unit awards (“RSUs”) on May 3, 2022 that were approved by the Compensation Committee of its Board of Directors under SiTime’s 2022 Inducement Award Plan, as a material inducement to employment to 74 newly hired non-executive individuals. The RSUs were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants consisted of an aggregate of 92,846 RSUs. One-fourth of the RSUs will vest on the first February 20, May 20, August 20, or November 20 falling in the one-year anniversary quarter of the applicable vesting start date, and then 1/16th of the RSUs vest in equal quarterly installments on each February 20, May 20, August 20, and November 20, thereafter, subject to each such employee’s continued service on each vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and SiTime’s 2022 Inducement Award Plan.

Conference Call

SiTime will broadcast its first quarter of 2022 financial results conference call today, May 4, 2022, 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 7229109. 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 precision 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 www.sitime.com.


SiTime Corporation 
Unaudited GAAP Condensed Consolidated Statements of Operations 
       
  Three Months Ended 
  March 31, 2022  March 31, 2021 
  (in thousands, except per share data) 
Revenue $70,253  $35,542 
Cost of revenue  25,020   16,725 
Gross profit  45,233   18,817 
Operating expenses:      
Research and development  20,595   11,180 
Selling, general and administrative  18,578   11,123 
Total operating expenses  39,173   22,303 
Income (loss) from operations  6,060   (3,486)
Other income (expense), net  148   (39)
Income (loss) before income taxes  6,208   (3,525)
Income tax expense  (68)  (40)
Net income (loss) $6,140  $(3,565)
Net income (loss) attributable to common stockholders and comprehensive income $6,140  $(3,565)
Net income (loss) per share attributable to common stockholders, basic $0.29  $(0.20)
Net income (loss) per share attributable to common stockholders, diluted $0.27  $(0.20)
Weighted-average shares used to compute basic net income per share  20,921   17,868 
Weighted-average shares used to compute diluted net income per share  22,703   17,868 


SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 
  
  Three Months Ended 
  March 31, 2022  March 31, 2021 
  (in thousands, except per share data) 
Reconciliation of GAAP gross profit and margin to non-GAAP      
Revenue $70,253  $35,542 
GAAP gross profit  45,233   18,817 
GAAP gross margin  64.4%  52.9%
Stock-based compensation and related taxes  656   461 
Non-GAAP gross profit $45,889  $19,278 
Non-GAAP gross margin  65.3%  54.2%
       
Reconciliation of GAAP operating expenses to non-GAAP      
GAAP research and development expenses  20,595   11,180 
Stock-based compensation and related taxes  (6,144)  (2,998)
Non-GAAP research and development expenses $14,451  $8,182 
       
GAAP sales, general and administrative expenses  18,578   11,123 
Stock-based compensation and related taxes  (8,404)  (4,000)
Non-GAAP sales, general and administrative expenses $10,174  $7,123 
Total Non-GAAP operating expenses $24,625  $15,305 
       
Reconciliation of GAAP income from operations to non-GAAP income
from operations
      
GAAP income (loss) from operations $6,060  $(3,486)
Stock-based compensation and related taxes  15,204   7,459 
Non-GAAP income from operations $21,264  $3,973 
Non-GAAP income from operations as a percentage of revenue  30.3%  11.2%
       
Reconciliation of GAAP net income to non-GAAP net income      
GAAP net income (loss) $6,140  $(3,565)
Stock-based compensation and related taxes  15,204   7,459 
Non-GAAP net income $21,344  $3,894 
Weighted-average shares used to compute diluted net income
per share
  22,703   17,868 
       
Stock-based compensation and related taxes      
Stock-based compensation $14,280  $5,902 
Stock-based compensation related taxes  924   1,557 
Stock-based compensation and related taxes $15,204  $7,459 
       
GAAP net income (loss) per share diluted $0.27  $(0.20)
Non-GAAP adjustments detailed above  0.67   0.42 
Non-GAAP net income per share diluted $0.94  $0.22 


SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 
       
  As of 
  March 31, 2022  December 31, 2021 
  (in thousands) 
Assets:      
Current assets:      
Cash and cash equivalents $571,454  $559,461 
Accounts receivable, net  30,651   38,376 
Inventories  30,753   23,630 
Prepaid expenses and other current assets  4,890   4,476 
Total current assets  637,748   625,943 
Property and equipment, net  44,211   37,902 
Intangible assets, net  4,393   5,977 
Right-of-use assets, net  11,478   8,194 
Other assets  218   193 
Total assets $698,048  $678,209 
Liabilities and Stockholders' Equity:      
Current liabilities:      
Accounts payable $12,508  $13,103 
Accrued expenses and other current liabilities  21,565   24,282 
Total current liabilities  34,073   37,385 
Lease liabilities  8,941   6,398 
Other non-current liabilities  1,160   1,929 
Total liabilities  44,174   45,712 
Commitments and contingencies      
Stockholders’ equity:      
Common stock  2   2 
Additional paid-in capital  678,851   663,614 
Accumulated deficit  (24,979)  (31,119)
Total stockholders’ equity  653,874   632,497 
Total liabilities and stockholders’ equity $698,048  $678,209 

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
1-949-224-3874 | 1-214-272-0070
sheltonir@sheltongroup.com

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