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Press Release

SiTime Reports Second Quarter 2020 Financial Results

SANTA CLARA, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the second quarter ended June 30, 2020.

Net revenue in the second quarter of 2020 was $21.5 million, a 35.5% increase from the $15.8 million in the second quarter of 2019.

Generally Accepted Accounting Principles (GAAP) Results

In the second quarter of 2020 gross margins were $10.0 million, or 46.5% of revenue, operating expenses were $15.3 million, or 71.0% of revenue, GAAP loss from operations was $5.3 million, or 24.5% of revenue and net loss was $5.6 million, or $0.36 per diluted share.

Total cash and cash equivalents were $102.5 million on June 30, 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 second quarter of 2020, non-GAAP gross margins were $10.1 million, or 46.8% of revenue, operating expenses were $11.9 million, or 55.6% of revenue, non-GAAP loss from operations was $1.9 million, or 8.7% of revenue and non-GAAP net loss was $2.2 million, or $0.14 per diluted share.

Conference Call

SiTime will broadcast its second quarter of 2020 financial results conference call today, August 5, 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 7234049. 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 Statements of Operations 
         
  Three Months Ended 
  June 30, 2020  March 31, 2020 
    
  (in thousands, except per share data) 
Revenue $21,473  $21,742 
Cost of revenue  11,490   11,766 
Gross profit  9,983   9,976 
Operating expenses:        
Research and development  7,398   7,024 
Sales, general and administrative  7,856   7,808 
Total operating expenses  15,254   14,832 
Loss from operations  (5,271)  (4,856)
Interest expense  (313)  (303)
Other income (expense), net  (20)  68 
Loss before income taxes  (5,604)  (5,091)
Income tax (expense) benefit  1   (2)
Net loss $(5,603) $(5,093)
Net loss attributable to common stockholder and comprehensive income $(5,603) $(5,093)
Net loss per share attributable to common stockholder, basic $(0.36) $(0.34)
Weighted-average shares used to compute basic net loss per share  15,371   15,010 
Net loss per share attributable to common stockholder, diluted $(0.36) $(0.34)
Weighted-average shares used to compute diluted net loss per share  15,371   15,010 


SiTime Corporation 
Unaudited Reconciliation of Non-GAAP Adjustments

 
 
  Three Months Ended 
  June 30, 2020  March 31, 2020 
    
  (in thousands, except per share data) 
Reconciliation of GAAP gross profit and margin to non-GAAP        
Revenue $21,473  $21,742 
GAAP gross profit  9,983   9,976 
GAAP gross margin  46.5%  45.9%
Stock-based compensation  70   56 
Non-GAAP gross profit $10,053  $10,032 
Non-GAAP gross margin  46.8%  46.1%
         
Reconciliation of GAAP operating expenses to non-GAAP        
GAAP research and development expenses  7,398   7,024 
Stock-based compensation  (1,135)  (1,061)
Non-GAAP research and development expenses $6,263  $5,963 
         
GAAP sales, general and administrative expenses  7,856   7,808 
Stock-based compensation  (2,190)  (1,857)
Non-GAAP sales, general and administrative expenses $5,666  $5,951 
Total Non-GAAP operating expenses $11,929  $11,914 
         
Reconciliation of GAAP loss from operations to non-GAAP loss from operations        
GAAP loss from operations $(5,271) $(4,856)
Stock-based compensation  3,395   2,974 
Non-GAAP loss from operations $(1,876) $(1,882)
Non-GAAP loss from operations as a percentage of revenue  -8.7%  -8.7%
         
Reconciliation of GAAP net loss to non-GAAP net loss        
GAAP net loss $(5,603) $(5,093)
Stock-based compensation  3,395   2,974 
Non-GAAP net loss $(2,208) $(2,119)
Weighted-average shares used to compute diluted net loss per share  15,371   15,010 
         
GAAP net loss per share diluted $(0.36) $(0.34)
Non-GAAP adjustments detailed above  0.22   0.20 
Non-GAAP net loss per share diluted $(0.14) $(0.14)


SiTime Corporation 
Unaudited GAAP Condensed Consolidated Balance Sheets

 
 
  As of 
  June 30, 2020  March 31, 2020 
    
  (in thousands) 
Assets:        
Current assets:        
Cash and cash equivalents $102,486  $71,248 
Accounts receivable, net  13,001   15,820 
Related party accounts receivable  581   565 
Inventories  14,781   14,159 
Prepaid expenses and other current assets  1,581   3,179 
Total current assets  132,430   104,971 
Property and equipment, net  10,415   9,627 
Intangible assets, net  3,002   3,663 
Right-of-use assets, net  9,467   9,780 
Other assets  162   173 
Total assets $155,476  $128,214 
Liabilities and Stockholders' Equity:        
Current liabilities:        
Accounts payable $5,004  $4,315 
Accrued expenses and other current liabilities  8,333   8,020 
Loan obligations  35,000   50,000 
Total current liabilities  48,337   62,335 
Lease liabilities  7,570   7,865 
Total liabilities  55,907   70,200 
Commitments and contingencies        
Stockholders’ equity:        
Common stock  2   2 
Additional paid-in capital  164,287   117,129 
Accumulated deficit  (64,720)  (59,117)
Total stockholders’ equity  99,569   58,014 
Total liabilities and stockholders’ equity $155,476  $128,214 

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