SiTime Reports First Quarter 2022 Financial Results

SANTA CLARA, Calif., May 04, 2022 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in precision timing, today announced financial results for the first quarter ended March 31, 2022.

Net revenue in the first quarter of 2022 was $70.3 million, a 97.7% increase from the $35.5 million in the first quarter of 2021 and a 7.2% decrease from the $75.7 million in the fourth quarter of 2021.

Generally Accepted Accounting Principles (GAAP) Results

In the first quarter of 2022 gross margins were $45.2 million, or 64.4% of revenue, operating expenses were $39.2 million, or 55.8% of revenue, GAAP income from operations was $6.1 million, or 8.6% of revenue and net income was $6.1 million, or $0.27 per diluted share.

Total cash and cash equivalents were $571.5 million on March 31, 2022.

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 first quarter of 2022, non-GAAP gross margins were $45.9 million, or 65.3% of revenue, non-GAAP operating expenses were $24.6 million, or 35.1% of revenue, non-GAAP income from operations was $21.3 million, or 30.3% of revenue and non-GAAP net income was $21.3 million, or $0.94 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.

Inducement Plan Grants

SiTime granted restricted stock unit awards (“RSUs”) on May 3, 2022 that were approved by the Compensation Committee of its Board of Directors under SiTime’s 2022 Inducement Award Plan, as a material inducement to employment to 74 newly hired non-executive individuals. The RSUs were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants consisted of an aggregate of 92,846 RSUs. One-fourth of the RSUs will vest on the first February 20, May 20, August 20, or November 20 falling in the one-year anniversary quarter of the applicable vesting start date, and then 1/16th of the RSUs vest in equal quarterly installments on each February 20, May 20, August 20, and November 20, thereafter, subject to each such employee’s continued service on each vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and SiTime’s 2022 Inducement Award Plan.

Conference Call

SiTime will broadcast its first quarter of 2022 financial results conference call today, May 4, 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 7229109. 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 precision 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 Statements of Operations  
             
    Three Months Ended  
    March 31, 2022     March 31, 2021  
    (in thousands, except per share data)  
Revenue   $ 70,253     $ 35,542  
Cost of revenue     25,020       16,725  
Gross profit     45,233       18,817  
Operating expenses:            
Research and development     20,595       11,180  
Selling, general and administrative     18,578       11,123  
Total operating expenses     39,173       22,303  
Income (loss) from operations     6,060       (3,486 )
Other income (expense), net     148       (39 )
Income (loss) before income taxes     6,208       (3,525 )
Income tax expense     (68 )     (40 )
Net income (loss)   $ 6,140     $ (3,565 )
Net income (loss) attributable to common stockholders and comprehensive income   $ 6,140     $ (3,565 )
Net income (loss) per share attributable to common stockholders, basic   $ 0.29     $ (0.20 )
Net income (loss) per share attributable to common stockholders, diluted   $ 0.27     $ (0.20 )
Weighted-average shares used to compute basic net income per share     20,921       17,868  
Weighted-average shares used to compute diluted net income per share     22,703       17,868  

 

SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 
   
    Three Months Ended  
    March 31, 2022     March 31, 2021  
    (in thousands, except per share data)  
Reconciliation of GAAP gross profit and margin to non-GAAP            
Revenue   $ 70,253     $ 35,542  
GAAP gross profit     45,233       18,817  
GAAP gross margin     64.4 %     52.9 %
Stock-based compensation and related taxes     656       461  
Non-GAAP gross profit   $ 45,889     $ 19,278  
Non-GAAP gross margin     65.3 %     54.2 %
             
Reconciliation of GAAP operating expenses to non-GAAP            
GAAP research and development expenses     20,595       11,180  
Stock-based compensation and related taxes     (6,144 )     (2,998 )
Non-GAAP research and development expenses   $ 14,451     $ 8,182  
             
GAAP sales, general and administrative expenses     18,578       11,123  
Stock-based compensation and related taxes     (8,404 )     (4,000 )
Non-GAAP sales, general and administrative expenses   $ 10,174     $ 7,123  
Total Non-GAAP operating expenses   $ 24,625     $ 15,305  
             
Reconciliation of GAAP income from operations to non-GAAP income
from operations
           
GAAP income (loss) from operations   $ 6,060     $ (3,486 )
Stock-based compensation and related taxes     15,204       7,459  
Non-GAAP income from operations   $ 21,264     $ 3,973  
Non-GAAP income from operations as a percentage of revenue     30.3 %     11.2 %
             
Reconciliation of GAAP net income to non-GAAP net income            
GAAP net income (loss)   $ 6,140     $ (3,565 )
Stock-based compensation and related taxes     15,204       7,459  
Non-GAAP net income   $ 21,344     $ 3,894  
Weighted-average shares used to compute diluted net income
per share
    22,703       17,868  
             
Stock-based compensation and related taxes            
Stock-based compensation   $ 14,280     $ 5,902  
Stock-based compensation related taxes     924       1,557  
Stock-based compensation and related taxes   $ 15,204     $ 7,459  
             
GAAP net income (loss) per share diluted   $ 0.27     $ (0.20 )
Non-GAAP adjustments detailed above     0.67       0.42  
Non-GAAP net income per share diluted   $ 0.94     $ 0.22  

 

SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 
             
    As of  
    March 31, 2022     December 31, 2021  
    (in thousands)  
Assets:            
Current assets:            
Cash and cash equivalents   $ 571,454     $ 559,461  
Accounts receivable, net     30,651       38,376  
Inventories     30,753       23,630  
Prepaid expenses and other current assets     4,890       4,476  
Total current assets     637,748       625,943  
Property and equipment, net     44,211       37,902  
Intangible assets, net     4,393       5,977  
Right-of-use assets, net     11,478       8,194  
Other assets     218       193  
Total assets   $ 698,048     $ 678,209  
Liabilities and Stockholders' Equity:            
Current liabilities:            
Accounts payable   $ 12,508     $ 13,103  
Accrued expenses and other current liabilities     21,565       24,282  
Total current liabilities     34,073       37,385  
Lease liabilities     8,941       6,398  
Other non-current liabilities     1,160       1,929  
Total liabilities     44,174       45,712  
Commitments and contingencies            
Stockholders’ equity:            
Common stock     2       2  
Additional paid-in capital     678,851       663,614  
Accumulated deficit     (24,979 )     (31,119 )
Total stockholders’ equity     653,874       632,497  
Total liabilities and stockholders’ equity   $ 698,048     $ 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

 


Tags

How can we help you?