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SiTime Reports Fourth Quarter and Fiscal Year 2020 Financial Results

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SiTime
·7 min read
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SANTA CLARA, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a leader in MEMS timing, today announced financial results for the fourth quarter and fiscal year ended December 31, 2020.

Net revenue in the fourth quarter of 2020 was $40.3 million, a 43.4% increase from the $28.1 million in the fourth quarter of 2019.

Net revenue for the year ended December 31, 2020 was $116.2 million, a 38.2% increase from the $84.1 million in the year ended December 31, 2019.

Generally Accepted Accounting Principles (GAAP) Results

In the fourth quarter of 2020, gross margins were $21.1 million, or 52.3% of revenue, operating expenses were $19.0 million or 47.2% of revenue, GAAP income from operations was $2.1 million, or 5.1% of revenue and net income was $2.0 million, or $0.10 per diluted share.

For the year ended 2020, gross margins were $57.9 million, or 49.9% of revenue, operating expenses were $66.5 million or 57.3% of revenue, GAAP loss from operations was $8.6 million, or 7.4% of revenue and net loss was $9.4 million, or $0.58 per diluted share.

Total cash and cash equivalents were $73.5 million on December 31, 2020.

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 2020, non-GAAP gross margins were $21.6 million, or 53.5% of revenue, non-GAAP operating expenses were $13.2 million, or 32.7% of revenue, non-GAAP income from operations was $8.4 million, or 20.8% of revenue and non-GAAP net income was $8.3 million, or $0.43 per diluted share.

For the fiscal year 2020, non-GAAP gross margins were $58.7 million, or 50.5% of revenue, non-GAAP operating expenses were $49.6 million, or 42.7% of revenue, non-GAAP income from operations was $9.1 million, or 7.9% of revenue and non-GAAP net income was $8.4 million, or $0.46 per diluted share.

Conference Call

SiTime will broadcast its fourth quarter and fiscal year 2020 financial results conference call today, February 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 3193344. The conference call will also be available via a live webcast on the investor relations section of the SiTime website at https://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 Statement of Operations

Three Months Ended

Year Ended

December 31, 2020

(in thousands, except per share data)

Revenue

$

40,274

$

116,156

Cost of revenue

19,203

58,224

Gross profit

21,071

57,932

Operating expenses:

Research and development

8,747

31,652

Sales, general and administrative

10,250

34,893

Total operating expenses

18,997

66,545

Income (loss) from operations

2,074

(8,613

)

Interest expense

-

(726

)

Other expense, net

(83

)

(32

)

Income (loss) before income taxes

1,991

(9,371

)

Income tax expense

-

(1

)

Net income (loss)

$

1,991

$

(9,372

)

Net income (loss) attributable to common stockholder and comprehensive income

$

1,991

$

(9,372

)

Net income (loss) per share attributable to common stockholder, basic

$

0.12

$

(0.58

)

Weighted-average shares used to compute basic net income (loss) per share

17,036

16,064

Net income (loss) per share attributable to common stockholder, diluted

$

0.10

$

(0.58

)

Weighted-average shares used to compute diluted net income (loss) per share

19,263

16,064


SiTime Corporation

Unaudited Reconciliation of Non-GAAP Adjustments

Three Months Ended

Year Ended

December 31, 2020

(in thousands, except per share data)

Reconciliation of GAAP gross profit and margin to non-GAAP

Revenue

$

40,274

$

116,156

GAAP gross profit

21,071

57,932

GAAP gross margin

52.3

%

49.9

%

Stock-based compensation

494

751

Non-GAAP gross profit

$

21,565

$

58,683

Non-GAAP gross margin

53.5

%

50.5

%

Reconciliation of GAAP operating expenses to non-GAAP

GAAP research and development expenses

8,747

31,652

Stock-based compensation

(2,047

)

(5,707

)

Non-GAAP research and development expenses

$

6,700

$

25,945

GAAP sales, general and administrative expenses

10,250

34,893

Stock-based compensation

(3,761

)

(11,280

)

Non-GAAP sales, general and administrative expenses

$

6,489

$

23,613

Total Non-GAAP operating expenses

$

13,189

$

49,558

Reconciliation of GAAP income (loss) from operations to non-GAAP income from operations

GAAP income (loss) from operations

$

2,074

$

(8,613

)

Stock-based compensation

6,302

17,738

Non-GAAP income from operations

$

8,376

$

9,125

Non-GAAP income from operations as a percentage of revenue

20.8

%

7.9

%

Reconciliation of GAAP net income (loss) to non-GAAP net income (loss)

GAAP net income (loss)

$

1,991

$

(9,372

)

Stock-based compensation

6,302

17,738

Non-GAAP net income

$

8,293

$

8,366

Weighted-average shares used to compute diluted net income (loss) per share

19,263

18,159

GAAP net income (loss) per share diluted

$

0.10

$

(0.58

)

Non-GAAP adjustments detailed above

0.33

1.04

Non-GAAP net income per share diluted

$

0.43

$

0.46


SiTime Corporation

Unaudited GAAP Condensed Consolidated Balance Sheet

As of

December 31, 2020

(in thousands, except share and per share data)

Assets:

Current assets:

Cash and cash equivalents

$

73,525

Accounts receivable, net

23,920

Related party accounts receivable

736

Inventories

12,350

Prepaid expenses and other current assets

2,649

Total current assets

113,180

Property and equipment, net

11,708

Intangible assets, net

2,069

Right-of-use assets, net

8,892

Other assets

162

Total assets

$

136,011

Liabilities and Stockholders' Equity:

Current liabilities:

Accounts payable

$

6,182

Accrued expenses and other current liabilities

12,963

Total current liabilities

19,145

Lease liabilities

6,986

Total liabilities

26,131

Commitments and contingencies

Stockholders’ equity:

Common stock

2

Additional paid-in capital

173,274

Accumulated deficit

(63,396

)

Total stockholders’ equity

109,880

Total liabilities and stockholders’ equity

$

136,011

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
949-224-3874 | 214-272-0070
sheltonir@sheltongroup.com

SiTime Corporation
Art Chadwick
Chief Financial Officer
investor.relations@sitime.com