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Press Release

SiTime Reports Fourth Quarter and Fiscal Year 2019 Financial Results

SANTA CLARA, Calif., Feb. 05, 2020 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a leader in MEMS-based silicon timing system solutions, today announced financial results for the fourth quarter and fiscal year ended December 31, 2019.

Net revenue in the fourth quarter of 2019 was $28.1 million, a 22.9% increase from the $22.9 million in the fourth quarter of 2018. Net revenue for the year ended December 31, 2019 was $84.1 million, a 1.3% decrease from the $85.2 million in the year ended December 31, 2018.

Generally Accepted Accounting Principles (GAAP) Results

Net income for the fourth quarter of 2019 was $0.6 million, or $0.05 per diluted share.  Gross margins were 47.9%, operating expenses were 44.2% of revenue, and GAAP income from operations was 3.7% of revenue.

Total cash and cash equivalents were $63.4 million at December 31, 2019.

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 fourth quarter of 2019, non-GAAP net income was $2.0 million, or $0.16 per diluted share. Non-GAAP gross margins were 48.0%, operating expenses were 39.4% of revenue, and non-GAAP income from operations was 8.6% of revenue.

Conference Call

SiTime will broadcast its fourth quarter of 2019 financial results conference call today, February 5, 2020, at 2 p.m. Pacific Time (5 p.m. Eastern Time), which can be accessed by calling +1-844-467-7657 and using conference ID 2295684. 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.

SiTime Corporation
Unaudited GAAP Condensed Consolidated Statement of Operations 
         
  Three Months
Ended
  Year Ended 
    
  December 31, 2019 
  (in thousands, except per share data) 
Revenue $28,089  $84,074 
Cost of revenue  14,641   44,516 
Gross profit  13,448   39,558 
Operating expenses:        
Research and development  5,949   23,795 
Sales, general and administrative  6,469   20,636 
Total operating expenses  12,418   44,431 
Income (loss) from operations  1,030   (4,873)
Interest expense  (393)  (1,714)
Other expense, net  (13)  (28)
Income (loss) before income taxes  624   (6,615)
Income tax benefit  9   8 
Net income (loss) $633  $(6,607)
Net income (loss) attributable to common stockholder and comprehensive income $633  $(6,607)
Net income (loss) per share attributable to common stockholder, basic $0.05  $(0.63)
Weighted-average shares used to compute basic net income (loss) per share  12,214   10,558 
Net income (loss) per share attributable to common stockholder, diluted $0.05  $(0.63)
Weighted-average shares used to compute diluted net income (loss) per share  12,685   10,558 
         


SiTime Corporation 
Unaudited Reconciliation of Non-GAAP Adjustments 
  Three Months Ended  Year Ended 
    
  December 31, 2019 
  (in thousands, except per share data) 
Reconciliation of GAAP gross profit and margin to non-GAAP        
Revenue $28,089  $84,074 
GAAP gross profit  13,448   39,558 
GAAP gross margin  47.9%  47.1%
Stock-based compensation  36   36 
Non-GAAP gross profit $13,484  $39,594 
Non-GAAP gross margin  48.0%  47.1%
         
Reconciliation of GAAP operating expenses to non-GAAP        
GAAP research and development expenses  5,949   23,795 
Stock-based compensation  (346)  (346)
Non-GAAP research and development expenses $5,603  $23,449 
         
GAAP sales, general and administrative expenses  6,469   20,636 
Stock-based compensation  (997)  (997)
Non-GAAP sales, general and administrative expenses $5,472  $19,639 
Total Non-GAAP operating expenses $11,075  $43,088 
         
Reconciliation of GAAP income (loss) from operations to non-GAAP income (loss) from operations        
GAAP income (loss) from operations $1,030  $(4,873)
Stock-based compensation  1,379   1,379 
Non-GAAP income (loss) from operations $2,409  $(3,494)
Non-GAAP income (loss) from operations as a percentage of revenue  8.6%  -4.2%
         
Reconciliation of GAAP net income (loss) to non-GAAP net income (loss)        
GAAP net income (loss) $633  $(6,607)
Stock-based compensation  1,379   1,379 
Non-GAAP net income (loss) $2,012  $(5,228)
Weighted-average shares used to compute diluted net income (loss) per share  12,685   10,558 
         
GAAP net income (loss) per share diluted $0.05  $(0.63)
Non-GAAP adjustments detailed above  0.11   - 
Non-GAAP net income (loss) per share diluted $0.16  $(0.63)
         


SiTime Corporation 
Unaudited GAAP Condensed Consolidated Balance Sheet

 
 
  As of 
  December 31, 2019 
  (in thousands, except share and per share data) 
Assets:    
Current assets:    
Cash and cash equivalents $63,418 
Accounts receivable, net  17,659 
Related party accounts receivable  1,073 
Inventories  11,911 
Prepaid expenses and other current assets  5,601 
Total current assets  99,662 
Property and equipment, net  9,288 
Intangible assets, net  4,489 
Right-of-use assets, net  9,790 
Other assets  162 
Total assets $123,391 
Liabilities and Stockholders' Equity:    
Current liabilities:    
Accounts payable $3,869 
Accrued expenses and other current liabilities  8,442 
Loan obligations  41,000 
Total current liabilities  53,311 
Lease liabilities  7,940 
Total liabilities  61,251 
Commitments and contingencies    
Stockholders’ equity:    
Common stock  2 
Additional paid-in capital  116,162 
Accumulated deficit  (54,024
Total stockholders’ equity  62,140 
Total liabilities and stockholders’ equity $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