SiTime Reports Fourth Quarter 2021 Financial Results

SANTA CLARA, Calif., Feb. 02, 2022 (GLOBE NEWSWIRE) -- SiTime Corporation (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the fourth quarter and fiscal year ended December 31, 2021.

Net revenue in the fourth quarter of 2021 was $75.7 million, a 88.1% increase from the $40.3 million in the fourth quarter of 2020.

Net revenue for the year ended December 31, 2021 was $218.8 million, a 88.4% increase from the $116.2 million in the year ended December 31, 2020.

Generally Accepted Accounting Principles (GAAP) Results

In the fourth quarter of 2021, gross margins were $52.1 million, or 68.8% of revenue, operating expenses were $31.9 million or 42.2% of revenue, GAAP income from operations was $20.2 million, or 26.6% of revenue and net income was $19.9 million, or $0.90 per diluted share.

For the year ended 2021, gross margins were $139.5 million, or 63.7% of revenue, operating expenses were $106.6 million or 48.7% of revenue, GAAP income from operations was $32.8 million, or 15.0% of revenue and net income was $32.3 million, or $1.53 per diluted share.

Total cash and cash equivalents were $559.5 million on December 31, 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.

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 2021, non-GAAP gross margins were $52.6 million, or 69.4% of revenue, non-GAAP operating expenses were $23.0 million, or 30.4% of revenue, non-GAAP income from operations was $29.5 million, or 39.0% of revenue and non-GAAP net income was $29.2 million, or $1.32 per diluted share.

For the fiscal year 2021, non-GAAP gross margins were $141.2 million, or 64.5% of revenue, non-GAAP operating expenses were $76.1 million, or 34.8% of revenue, non-GAAP income from operations was $65.2 million, or 29.8% of revenue and non-GAAP net income was $64.6 million, or $3.05 per diluted share.

Conference Call

SiTime will broadcast its fourth quarter and fiscal year 2021 financial results conference call today, February 2, 2022, 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 9260015. 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 www.sitime.com.

    SiTime Corporation Unaudited GAAP Condensed Consolidated Statement of Operations          Three Months
Ended  Year Ended   December 31, 2021   (in thousands, except per share data) Revenue $75,741  $218,808 Cost of revenue  23,618   79,346 Gross profit  52,123   139,462 Operating expenses:      Research and development  15,851   52,104 Sales, general and administrative  16,091   54,515 Total operating expenses  31,942   106,619 Income from operations  20,181   32,843 Other expense, net  (311)  (488)Income before income taxes  19,870   32,355 Income tax expense  (11)  (78)Net income $19,859  $32,277 Net income attributable to common stockholders and comprehensive income $19,859  $32,277 Net income per share attributable to common stockholders, basic $0.99  $1.70 Weighted-average shares used to compute basic net income per share  20,042   19,006 Net income per share attributable to common stockholders, diluted $0.90  $1.53 Weighted-average shares used to compute diluted net income per share  22,088   21,144 

SiTime Corporation Unaudited Reconciliation of Non-GAAP Adjustments   Three Months
Ended  Year Ended   December 31, 2021   (in thousands, except per share data) Reconciliation of GAAP gross profit and margin to non-GAAP      Revenue $75,741  $218,808 GAAP gross profit  52,123   139,462 GAAP gross margin  68.8%  63.7%Stock-based compensation and related taxes  462   1,768 Non-GAAP gross profit $52,585  $141,230 Non-GAAP gross margin  69.4%  64.5%       Reconciliation of GAAP operating expenses to non-GAAP      GAAP research and development expenses  15,851   52,104 Stock-based compensation and related taxes  (3,649)  (12,709)Non-GAAP research and development expenses $12,202  $39,395        GAAP sales, general and administrative expenses  16,091   54,515 Stock-based compensation and related taxes  (5,250)  (17,837)Non-GAAP sales, general and administrative expenses $10,841  $36,678 Total Non-GAAP operating expenses $23,043  $76,073        Reconciliation of GAAP income from operations to non-GAAP income from operations      GAAP income from operations $20,181  $32,843 Stock-based compensation and related taxes  9,361   32,314 Non-GAAP income from operations $29,542  $65,157 Non-GAAP income from operations as a percentage of revenue  39.0%  29.8%       Reconciliation of GAAP net income to non-GAAP net income      GAAP net income $19,859  $32,277 Stock-based compensation and related taxes  9,361   32,314 Non-GAAP net income $29,220  $64,591 Weighted-average shares used to compute diluted net income per share  22,088   21,144        Stock-based compensation and related taxes      Stock-based compensation $8,454  $29,992 Stock-based compensation related taxes  907   2,322 Stock-based compensation and related taxes $9,361  $32,314        GAAP net income per share diluted $0.90  $1.53 Non-GAAP adjustments detailed above  0.42   1.52 Non-GAAP net income per share diluted $1.32  $3.05 

SiTime Corporation Unaudited GAAP Condensed Consolidated Balance Sheet   As of   December 31, 2021   (in thousands) Assets:   Current assets:   Cash and cash equivalents $559,461 Accounts receivable, net  38,376 Related party accounts receivable  - Inventories  23,630 Prepaid expenses and other current assets  4,476 Total current assets  625,943 Property and equipment, net  37,902 Intangible assets, net  5,977 Right-of-use assets, net  8,194 Other assets  193 Total assets $678,209 Liabilities and Stockholders' Equity:   Current liabilities:   Accounts payable $13,103 Accrued expenses and other current liabilities  24,282 Total current liabilities  37,385 Lease liabilities  6,398 Other non-current liabilities  1,929 Total liabilities  45,712 Commitments and contingencies   Stockholders’ equity:   Common stock  2 Additional paid-in capital  663,614 Accumulated deficit  (31,119)Total stockholders’ equity  632,497 Total liabilities and stockholders’ equity $678,209      

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
1-949-224-3874 | 1-214-272-0070
sheltonir@sheltongroup.com 

SiTime Corporation
Art Chadwick
Chief Financial Officer
investor.relations@sitime.com