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Press Release

SiTime Reports Third Quarter 2020 Financial Results

SANTA CLARA, Calif., Nov. 04, 2020 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the third quarter ended September 30, 2020.

Net revenue in the third quarter of 2020 was $32.7 million, a 29.0% increase from the $25.3 million in the third quarter of 2019 and a 52.1% increase from the $21.5 million in the second quarter of 2020.

Generally Accepted Accounting Principles (GAAP) Results

In the third quarter of 2020 gross margins were $16.9 million, or 51.7% of revenue, operating expenses were $17.5 million, or 53.5% of revenue, GAAP loss from operations was $0.6 million, or 1.7% of revenue and net loss was $0.7 million, or $0.04 per diluted share.

Total cash and cash equivalents were $69.2 million on September 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 third quarter of 2020, non-GAAP gross margins were $17.0 million, or 52.1% of revenue, non-GAAP operating expenses were $12.5 million, or 38.3% of revenue, non-GAAP income from operations was $4.5 million, or 13.8% of revenue and non-GAAP net income was $4.4 million, or $0.23 per diluted share.

Conference Call

SiTime will broadcast its third quarter of 2020 financial results conference call today, November 4, 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 6695003. 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 almost 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
 
  September 30, 2020 June 30, 2020
 
  (in thousands, except per share data)
 
Revenue $32,667  $21,473  
Cost of revenue  15,765   11,490  
Gross profit  16,902   9,983  
Operating expenses:         
Research and development  8,484   7,398  
Sales, general and administrative  8,978   7,856  
Total operating expenses  17,462   15,254  
Loss from operations  (560)  (5,271) 
Interest expense  (110)  (313) 
Other income (expense), net  3   (20) 
Loss before income taxes  (667)  (5,604) 
Income tax (expense) benefit  -   1  
Net loss $(667) $(5,603) 
Net loss attributable to common stockholder and comprehensive income $(667) $(5,603) 
Net loss per share attributable to common stockholder, basic $(0.04) $(0.36) 
Weighted-average shares used to compute basic net loss per share  16,818   15,371  
Net loss per share attributable to common stockholder, diluted $(0.04) $(0.36) 
Weighted-average shares used to compute diluted net loss per share  16,818   15,371  


SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
     
  Three Months Ended
 
  September 30, 2020  June 30, 2020
 
  (in thousands, except per share data)
 
Reconciliation of GAAP gross profit and margin to non-GAAP         
Revenue $32,667  $21,473  
GAAP gross profit  16,902   9,983  
GAAP gross margin  51.7%  46.5% 
Stock-based compensation  131   70  
Non-GAAP gross profit $17,033  $10,053  
Non-GAAP gross margin  52.1%  46.8% 
          
Reconciliation of GAAP operating expenses to non-GAAP         
GAAP research and development expenses  8,484   7,398  
Stock-based compensation  (1,465)  (1,135) 
Non-GAAP research and development expenses $7,019  $6,263  
          
GAAP sales, general and administrative expenses  8,978   7,856  
Stock-based compensation  (3,471)  (2,190) 
Non-GAAP sales, general and administrative expenses $5,507  $5,666  
Total Non-GAAP operating expenses $12,526  $11,929  
          
Reconciliation of GAAP loss from operations to non-GAAP loss from operations         
GAAP loss from operations $(560) $(5,271) 
Stock-based compensation  5,067   3,395  
Non-GAAP income (loss) from operations $4,507  $(1,876) 
Non-GAAP income (loss) from operations as a percentage of revenue  13.8%  -8.7% 
          
Reconciliation of GAAP net loss to non-GAAP net loss         
GAAP net loss $(667) $(5,603) 
Stock-based compensation  5,067   3,395  
Non-GAAP net income (loss) $4,400  $(2,208) 
Weighted-average shares used to compute diluted net income (loss) per share  18,983   15,371  
          
GAAP net loss per share diluted $(0.04) $(0.36) 
Non-GAAP adjustments detailed above  0.27   0.22  
Non-GAAP net income (loss) per share diluted $0.23  $(0.14) 


SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 
     
  As of
 
  September 30, 2020  June 30, 2020
 
  (in thousands)
 
Assets:         
Current assets:         
Cash and cash equivalents $69,208  $102,486  
Accounts receivable, net  17,224   13,001  
Related party accounts receivable  738   581  
Inventories  15,208   14,781  
Prepaid expenses and other current assets  2,975   1,581  
Total current assets  105,353   132,430  
Property and equipment, net  10,859   10,415  
Intangible assets, net  2,103   3,002  
Right-of-use assets, net  9,220   9,467  
Other assets  162   162  
Total assets $127,697  $155,476  
Liabilities and Stockholders' Equity:         
Current liabilities:         
Accounts payable $7,473  $5,004  
Accrued expenses and other current liabilities  10,092   8,333  
Loan obligations  -   35,000  
Total current liabilities  17,565   48,337  
Lease liabilities  7,309   7,570  
Total liabilities  24,874   55,907  
Commitments and contingencies         
Stockholders’ equity:         
Common stock  2   2  
Additional paid-in capital  168,208   164,287  
Accumulated deficit  (65,387)  (64,720) 
Total stockholders’ equity  102,823   99,569  
Total liabilities and stockholders’ equity $127,697  $155,476  

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