SiTime Reports Fourth Quarter and Fiscal Year 2020 Financial Results

SANTA CLARA, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a leader in MEMS timing, today announced financial results for the fourth quarter and fiscal year ended December 31, 2020.

Net revenue in the fourth quarter of 2020 was $40.3 million, a 43.4% increase from the $28.1 million in the fourth quarter of 2019.

Net revenue for the year ended December 31, 2020 was $116.2 million, a 38.2% increase from the $84.1 million in the year ended December 31, 2019.

Generally Accepted Accounting Principles (GAAP) Results

In the fourth quarter of 2020, gross margins were $21.1 million, or 52.3% of revenue, operating expenses were $19.0 million or 47.2% of revenue, GAAP income from operations was $2.1 million, or 5.1% of revenue and net income was $2.0 million, or $0.10 per diluted share.

For the year ended 2020, gross margins were $57.9 million, or 49.9% of revenue, operating expenses were $66.5 million or 57.3% of revenue, GAAP loss from operations was $8.6 million, or 7.4% of revenue and net loss was $9.4 million, or $0.58 per diluted share.   

Total cash and cash equivalents were $73.5 million on December 31, 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 fourth quarter of 2020, non-GAAP gross margins were $21.6 million, or 53.5% of revenue, non-GAAP operating expenses were $13.2 million, or 32.7% of revenue, non-GAAP income from operations was $8.4 million, or 20.8% of revenue and non-GAAP net income was $8.3 million, or $0.43 per diluted share.

For the fiscal year 2020, non-GAAP gross margins were $58.7 million, or 50.5% of revenue, non-GAAP operating expenses were $49.6 million, or 42.7% of revenue, non-GAAP income from operations was $9.1 million, or 7.9% of revenue and non-GAAP net income was $8.4 million, or $0.46 per diluted share.

Conference Call

SiTime will broadcast its fourth quarter and fiscal year 2020 financial results conference call today, February 3, 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 3193344. The conference call will also be available via a live webcast on the investor relations section of the SiTime website at https://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 Statement of Operations          Three Months Ended  Year Ended        December 31, 2020  (in thousands, except per share data) Revenue$40,274  $116,156 Cost of revenue 19,203   58,224 Gross profit 21,071   57,932 Operating expenses:       Research and development 8,747   31,652 Sales, general and administrative 10,250   34,893 Total operating expenses 18,997   66,545 Income (loss) from operations 2,074   (8,613)Interest expense -   (726)Other expense, net (83)  (32)Income (loss) before income taxes 1,991   (9,371)Income tax expense -   (1)Net income (loss)$1,991  $(9,372)Net income (loss) attributable to common stockholder and comprehensive income$1,991  $(9,372)Net income (loss) per share attributable to common stockholder, basic$0.12  $(0.58)Weighted-average shares used to compute basic net income (loss) per share 17,036   16,064 Net income (loss) per share attributable to common stockholder, diluted$0.10  $(0.58)Weighted-average shares used to compute diluted net income (loss) per share 19,263   16,064 

SiTime Corporation Unaudited Reconciliation of Non-GAAP Adjustments  Three Months Ended  Year Ended        December 31, 2020  (in thousands, except per share data) Reconciliation of GAAP gross profit and margin to non-GAAP       Revenue$40,274  $116,156 GAAP gross profit 21,071   57,932 GAAP gross margin 52.3%  49.9%Stock-based compensation 494   751 Non-GAAP gross profit$21,565  $58,683 Non-GAAP gross margin 53.5%  50.5%        Reconciliation of GAAP operating expenses to non-GAAP       GAAP research and development expenses 8,747   31,652 Stock-based compensation (2,047)  (5,707)Non-GAAP research and development expenses$6,700  $25,945         GAAP sales, general and administrative expenses 10,250   34,893 Stock-based compensation (3,761)  (11,280)Non-GAAP sales, general and administrative expenses$6,489  $23,613 Total Non-GAAP operating expenses$13,189  $49,558         Reconciliation of GAAP income (loss) from operations to non-GAAP income from operations       GAAP income (loss) from operations$2,074  $(8,613)Stock-based compensation 6,302   17,738 Non-GAAP income from operations$8,376  $9,125 Non-GAAP income from operations as a percentage of revenue 20.8%  7.9%        Reconciliation of GAAP net income (loss) to non-GAAP net income (loss)       GAAP net income (loss)$1,991  $(9,372)Stock-based compensation 6,302   17,738 Non-GAAP net income$8,293  $8,366 Weighted-average shares used to compute diluted net income (loss) per share 19,263   18,159         GAAP net income (loss) per share diluted$0.10  $(0.58)Non-GAAP adjustments detailed above 0.33   1.04 Non-GAAP net income per share diluted$0.43  $0.46         

SiTime Corporation Unaudited GAAP Condensed Consolidated Balance Sheet  As of  December 31, 2020  (in thousands, except share and per share data) Assets:   Current assets:   Cash and cash equivalents$73,525 Accounts receivable, net 23,920 Related party accounts receivable 736 Inventories 12,350 Prepaid expenses and other current assets 2,649 Total current assets 113,180 Property and equipment, net 11,708 Intangible assets, net 2,069 Right-of-use assets, net 8,892 Other assets 162 Total assets$136,011 Liabilities and Stockholders' Equity:   Current liabilities:   Accounts payable$6,182 Accrued expenses and other current liabilities 12,963 Total current liabilities 19,145 Lease liabilities 6,986 Total liabilities 26,131 Commitments and contingencies   Stockholders’ equity:   Common stock 2 Additional paid-in capital 173,274 Accumulated deficit (63,396)Total stockholders’ equity 109,880 Total liabilities and stockholders’ equity$136,011 

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