sitm-8k_20210804.htm
false 0001451809 0001451809 2021-08-04 2021-08-04

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2021

 

SiTime Corporation

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39135

02-0713868

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

5451 Patrick Henry Drive,

Santa Clara, CA

 

95054

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (408) 328-4400

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

SITM

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 


 

 

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2021, SiTime Corporation (the "Company") issued a press release announcing its financial results for the second quarter of 2021. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information under Item 2.02 of this report, including Exhibit 99.1 hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information and the accompanying exhibit shall not be incorporated by reference into filings with the U.S. Securities and Exchange Commission (the "SEC") made by the Company, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.

 

Exhibit No.

 

Description

 

 

 

99.1

104

 

Press Release of SiTime Corporation dated August 4, 2021.

Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101.

 

1


 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

SITIME CORPORATION

 

 

 

 

Date: August 4, 2021

 

By:

/s/ Arthur D. Chadwick

 

 

 

Arthur D. Chadwick

 

 

 

Executive Vice President and Chief Financial Officer

 

2

sitm-ex991_6.htm

Exhibit 99.1

 

SiTime Reports Second Quarter 2021 Financial Results

 

SANTA CLARA, Calif., August 4, 2021 – 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