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 comprehensiveincome (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
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
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