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Press Release

SiTime Reports Second Quarter 2021 Financial Results

SANTA CLARA, Calif., Aug. 04, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the second quarter ended June 30, 2021.

Net revenue in the second quarter of 2021 was $44.5 million, a 107.2% increase from the $21.5 million in the second quarter of 2020 and a 25.2% increase from the $35.5 million in the first quarter of 2021.

Generally Accepted Accounting Principles (GAAP) Results

In the second quarter of 2021 gross margins were $26.8 million, or 60.3% of revenue, operating expenses were $24.8 million, or 55.6% of revenue, GAAP income from operations was $2.1 million, or 4.7% of revenue and net income was $2.0 million, or $0.10 per diluted share.

Total cash and cash equivalents were $253.5 million on June 30, 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.

In the second quarter of 2021, non-GAAP gross margins were $27.3 million, or 61.3% of revenue, non-GAAP operating expenses were $17.6 million, or 39.6% of revenue, non-GAAP income from operations was $9.7 million, or 21.7% of revenue and non-GAAP net income was $9.6 million, or $0.46 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.

Conference Call

SiTime will broadcast its second quarter of 2021 financial results conference call today, August 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 9949706. 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 
  June 30, 2021  March 31, 2021 
  (in thousands, except per share data) 
Revenue $44,496  $35,542 
Cost of revenue  17,669   16,725 
Gross profit  26,827   18,817 
Operating expenses:        
Research and development  12,067   11,180 
Sales, general and administrative  12,686   11,123 
Total operating expenses  24,753   22,303 
Income (loss) from operations  2,074   (3,486)
Other expense, net  (28)  (39)
Income (loss) before income taxes  2,046   (3,525)
Income tax expense  (23)  (40)
Net income (loss) $2,023  $(3,565)
Net income (loss) income attributable to common stockholder and comprehensive
income (loss)
 $2,023  $(3,565)
Net income (loss) per share attributable to common stockholder, basic $0.11  $(0.20)
Weighted-average shares used to compute basic net income (loss) per share  18,942   17,868 
Net income (loss) per share attributable to common stockholder, diluted $0.10  $(0.20)
Weighted-average shares used to compute diluted net income (loss) per share  20,893   17,868 


SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 
  
  Three Months Ended 
  June 30, 2021  March 31, 2021 
  (in thousands, except per share data) 
Reconciliation of GAAP gross profit and margin to non-GAAP        
Revenue $44,496  $35,542 
GAAP gross profit  26,827   18,817 
GAAP gross margin  60.3%  52.9%
Stock-based compensation  461   402 
Non-GAAP gross profit $27,288  $19,219 
Non-GAAP gross margin  61.3%  54.1%
         
Reconciliation of GAAP operating expenses to non-GAAP        
GAAP research and development expenses  12,067   11,180 
Stock-based compensation  (2,967)  (2,998)
Non-GAAP research and development expenses $9,100  $8,182 
         
GAAP sales, general and administrative expenses  12,686   11,123 
Stock-based compensation  (4,173)  (4,000)
Non-GAAP sales, general and administrative expenses $8,513  $7,123 
Total Non-GAAP operating expenses $17,613  $15,305 
         
Reconciliation of GAAP income (loss) from operations to non-GAAP income
from operations
        
GAAP income (loss) from operations $2,074  $(3,486)
Stock-based compensation  7,601   7,400 
Non-GAAP income from operations $9,675  $3,914 
Non-GAAP income from operations as a percentage of revenue  21.7%  11.0%
         
Reconciliation of GAAP net income (loss) to non-GAAP net income        
GAAP net income (loss) $2,023  $(3,565)
Stock-based compensation  7,601   7,400 
Non-GAAP net income $9,624  $3,835 
Weighted-average shares used to compute diluted net income
per share
  20,893   20,070 
         
GAAP net income (loss) per share diluted $0.10  $(0.20)
Non-GAAP adjustments detailed above  0.36   0.39 
Non-GAAP net income per share diluted $0.46  $0.19 


SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 
  
  As of 
  June 30, 2021  March 31, 2021 
  (in thousands) 
Assets:        
Current assets:        
Cash and cash equivalents $253,538  $256,952 
Accounts receivable, net  25,270   22,214 
Related party accounts receivable  2,411   976 
Inventories  18,494   14,980 
Prepaid expenses and other current assets  2,844   2,577 
Total current assets  302,557   297,699 
Property and equipment, net  20,772   14,927 
Intangible assets, net  2,475   2,558 
Right-of-use assets, net  8,417   8,730 
Other assets  162   162 
Total assets $334,383  $324,076 
Liabilities and Stockholders' Equity:        
Current liabilities:        
Accounts payable $9,932  $9,024 
Accrued expenses and other current liabilities  13,807   12,716 
Total current liabilities  23,739   21,740 
Lease liabilities  6,718   7,067 
Total liabilities  30,457   28,807 
Commitments and contingencies        
Stockholders’ equity:        
Common stock  2   2 
Additional paid-in capital  368,862   362,228 
Accumulated deficit  (64,938)  (66,961)
Total stockholders’ equity  303,926   295,269 
Total liabilities and stockholders’ equity $334,383  $324,076 

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