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


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