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 CorporationUnaudited 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
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)
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