SiTime Reports Third Quarter 2021 Financial Results

SANTA CLARA, Calif., Nov. 03, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the third quarter ended September 30, 2021.

Net revenue in the third quarter of 2021 was $63.0 million, a 92.9% increase from the $32.7 million in the third quarter of 2020 and a 41.7% increase from the $44.5 million in the second quarter of 2021.

Generally Accepted Accounting Principles (GAAP) Results

In the third quarter of 2021 gross margins were $41.7 million, or 66.2% of revenue, operating expenses were $27.6 million, or 43.8% of revenue, GAAP income from operations was $14.1 million, or 22.3% of revenue and net income was $14.0 million, or $0.66 per diluted share.

Total cash and cash equivalents were $267.0 million on September 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 third quarter of 2021, non-GAAP gross margins were $42.1 million, or 66.9% of revenue, non-GAAP operating expenses were $20.1 million, or 31.8% of revenue, non-GAAP income from operations was $22.0 million, or 34.9% of revenue and non-GAAP net income was $21.9 million, or $1.03 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 third quarter of 2021 financial results conference call today, November 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 5369187. 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   September 30,
2021  June 30,
2021   (in thousands, except per share data) Revenue $63,029  $44,496 Cost of revenue  21,334   17,669 Gross profit  41,695   26,827 Operating expenses:      Research and development  13,005   12,067 Selling, general and administrative  14,616   12,686 Total operating expenses  27,621   24,753 Income from operations  14,074   2,074 Interest expense  —   2 Other expense, net  (110)  (30)Income before income taxes  13,964   2,046 Income tax expense  (4)  (23)Net income $13,960  $2,023 Net income attributable to common stockholders and comprehensive income $13,960  $2,023 Net income per share attributable to common stockholders, basic $0.73  $0.11 Net income per share attributable to common stockholders, diluted $0.66  $0.10 Weighted-average shares used to compute basic net income per share  19,149   18,942 Weighted-average shares used to compute diluted net income per share  21,252   20,893 

SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments      Three Months Ended   September 30,
2021  June 30,
2021   (in thousands, except per share data) Reconciliation of GAAP gross profit and margin to non-GAAP      Revenue $63,029  $44,496 GAAP gross profit  41,695   26,827 GAAP gross margin  66.2%  60.3%Stock-based compensation and related taxes  443   461 Non-GAAP gross profit $42,138  $27,288 Non-GAAP gross margin  66.9%  61.3%        Reconciliation of GAAP operating expenses to non-GAAP      GAAP research and development expenses  13,005   12,067 Stock-based compensation and related taxes  (3,094)  (2,967)Non-GAAP research and development expenses $9,911  $9,100         GAAP sales, general and administrative expenses  14,616   12,686 Stock-based compensation and related taxes  (4,414)  (4,173)Non-GAAP sales, general and administrative expenses $10,202  $8,513 Total Non-GAAP operating expenses $20,113  $17,613         Reconciliation of GAAP income from operations to non-GAAP income
from operations      GAAP income from operations $14,074  $2,074 Stock-based compensation and related taxes  7,951   7,601 Non-GAAP income from operations $22,025  $9,675 Non-GAAP income from operations as a percentage of revenue  34.9%  21.7%        Reconciliation of GAAP net income to non-GAAP net income      GAAP net income $13,960  $2,023 Stock-based compensation and related taxes  7,951   7,601 Non-GAAP net income $21,911  $9,624 Weighted-average shares used to compute diluted net income
per share  21,252   20,893         Stock-based compensation and related taxes      Stock-based compensation $7,388  $6,624 Stock-based compensation related taxes  563   977 Stock-based compensation and related taxes $7,951  $7,601        GAAP net income per share diluted $0.66  $0.10 Non-GAAP adjustments detailed above  0.37   0.36 Non-GAAP net income per share diluted $1.03  $0.46 

SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets          As of    September 30,
2021  June 30,
2021   (in thousands) Assets:      Current assets:      Cash and cash equivalents $267,042  $253,538 Accounts receivable, net  32,466   25,270 Related party accounts receivable  5   2,411 Inventories  19,635   18,494 Prepaid expenses and other current assets  3,906   2,844 Total current assets  323,054   302,557 Property and equipment, net  31,346   20,772 Intangible assets, net  4,540   2,475 Right-of-use assets, net  8,341   8,417 Other assets  162   162 Total assets $367,443  $334,383 Liabilities and Stockholders' Equity:      Current liabilities:      Accounts payable $12,972  $9,932 Accrued expenses and other current liabilities  20,464   13,807 Total current liabilities  33,436   23,739 Lease liabilities  6,356   6,718 Other non-current liabilities  1,654   — Total liabilities  41,446   30,457 Commitments and contingencies      Stockholders’ equity:      Common stock  2   2 Additional paid-in capital  376,973   368,862 Accumulated deficit  (50,978)  (64,938)Total stockholders’ equity  325,997   303,926 Total liabilities and stockholders’ equity $367,443  $334,383 

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