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