SiTime Reports Fourth Quarter 2021 Financial Results

SANTA CLARA, Calif., Feb. 02, 2022 (GLOBE NEWSWIRE) -- SiTime Corporation (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the fourth quarter and fiscal year ended December 31, 2021.

Net revenue in the fourth quarter of 2021 was $75.7 million, a 88.1% increase from the $40.3 million in the fourth quarter of 2020.

Net revenue for the year ended December 31, 2021 was $218.8 million, a 88.4% increase from the $116.2 million in the year ended December 31, 2020.

Generally Accepted Accounting Principles (GAAP) Results

In the fourth quarter of 2021, gross margins were $52.1 million, or 68.8% of revenue, operating expenses were $31.9 million or 42.2% of revenue, GAAP income from operations was $20.2 million, or 26.6% of revenue and net income was $19.9 million, or $0.90 per diluted share.

For the year ended 2021, gross margins were $139.5 million, or 63.7% of revenue, operating expenses were $106.6 million or 48.7% of revenue, GAAP income from operations was $32.8 million, or 15.0% of revenue and net income was $32.3 million, or $1.53 per diluted share.

Total cash and cash equivalents were $559.5 million on December 31, 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.

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 2021, non-GAAP gross margins were $52.6 million, or 69.4% of revenue, non-GAAP operating expenses were $23.0 million, or 30.4% of revenue, non-GAAP income from operations was $29.5 million, or 39.0% of revenue and non-GAAP net income was $29.2 million, or $1.32 per diluted share.

For the fiscal year 2021, non-GAAP gross margins were $141.2 million, or 64.5% of revenue, non-GAAP operating expenses were $76.1 million, or 34.8% of revenue, non-GAAP income from operations was $65.2 million, or 29.8% of revenue and non-GAAP net income was $64.6 million, or $3.05 per diluted share.

Conference Call

SiTime will broadcast its fourth quarter and fiscal year 2021 financial results conference call today, February 2, 2022, 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 9260015. 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 www.sitime.com.

        SiTime Corporation   Unaudited GAAP Condensed Consolidated Statement of Operations                     Three Months
Ended     Year Ended       December 31, 2021       (in thousands, except per share data)   Revenue   $ 75,741     $ 218,808   Cost of revenue     23,618       79,346   Gross profit     52,123       139,462   Operating expenses:             Research and development     15,851       52,104   Sales, general and administrative     16,091       54,515   Total operating expenses     31,942       106,619   Income from operations     20,181       32,843   Other expense, net     (311 )     (488 ) Income before income taxes     19,870       32,355   Income tax expense     (11 )     (78 ) Net income   $ 19,859     $ 32,277   Net income attributable to common stockholders and comprehensive income   $ 19,859     $ 32,277   Net income per share attributable to common stockholders, basic   $ 0.99     $ 1.70   Weighted-average shares used to compute basic net income per share     20,042       19,006   Net income per share attributable to common stockholders, diluted   $ 0.90     $ 1.53   Weighted-average shares used to compute diluted net income per share     22,088       21,144  

 

SiTime Corporation   Unaudited Reconciliation of Non-GAAP Adjustments       Three Months
Ended     Year Ended       December 31, 2021       (in thousands, except per share data)   Reconciliation of GAAP gross profit and margin to non-GAAP             Revenue   $ 75,741     $ 218,808   GAAP gross profit     52,123       139,462   GAAP gross margin     68.8 %     63.7 % Stock-based compensation and related taxes     462       1,768   Non-GAAP gross profit   $ 52,585     $ 141,230   Non-GAAP gross margin     69.4 %     64.5 %               Reconciliation of GAAP operating expenses to non-GAAP             GAAP research and development expenses     15,851       52,104   Stock-based compensation and related taxes     (3,649 )     (12,709 ) Non-GAAP research and development expenses   $ 12,202     $ 39,395                 GAAP sales, general and administrative expenses     16,091       54,515   Stock-based compensation and related taxes     (5,250 )     (17,837 ) Non-GAAP sales, general and administrative expenses   $ 10,841     $ 36,678   Total Non-GAAP operating expenses   $ 23,043     $ 76,073                 Reconciliation of GAAP income from operations to non-GAAP income from operations             GAAP income from operations   $ 20,181     $ 32,843   Stock-based compensation and related taxes     9,361       32,314   Non-GAAP income from operations   $ 29,542     $ 65,157   Non-GAAP income from operations as a percentage of revenue     39.0 %     29.8 %               Reconciliation of GAAP net income to non-GAAP net income             GAAP net income   $ 19,859     $ 32,277   Stock-based compensation and related taxes     9,361       32,314   Non-GAAP net income   $ 29,220     $ 64,591   Weighted-average shares used to compute diluted net income per share     22,088       21,144                 Stock-based compensation and related taxes             Stock-based compensation   $ 8,454     $ 29,992   Stock-based compensation related taxes     907       2,322   Stock-based compensation and related taxes   $ 9,361     $ 32,314                 GAAP net income per share diluted   $ 0.90     $ 1.53   Non-GAAP adjustments detailed above     0.42       1.52   Non-GAAP net income per share diluted   $ 1.32     $ 3.05  

 

SiTime Corporation   Unaudited GAAP Condensed Consolidated Balance Sheet       As of       December 31, 2021       (in thousands)   Assets:       Current assets:       Cash and cash equivalents   $ 559,461   Accounts receivable, net     38,376   Related party accounts receivable     -   Inventories     23,630   Prepaid expenses and other current assets     4,476   Total current assets     625,943   Property and equipment, net     37,902   Intangible assets, net     5,977   Right-of-use assets, net     8,194   Other assets     193   Total assets   $ 678,209   Liabilities and Stockholders' Equity:       Current liabilities:       Accounts payable   $ 13,103   Accrued expenses and other current liabilities     24,282   Total current liabilities     37,385   Lease liabilities     6,398   Other non-current liabilities     1,929   Total liabilities     45,712   Commitments and contingencies       Stockholders’ equity:       Common stock     2   Additional paid-in capital     663,614   Accumulated deficit     (31,119 ) Total stockholders’ equity     632,497   Total liabilities and stockholders’ equity   $ 678,209            

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