SiTime Reports Second Quarter 2020 Financial Results
SANTA CLARA, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the second quarter ended June 30, 2020.
Net revenue in the second quarter of 2020 was $21.5 million, a 35.5% increase from the $15.8 million in the second quarter of 2019.
Generally Accepted Accounting Principles (GAAP) Results
In the second quarter of 2020 gross margins were $10.0 million, or 46.5% of revenue, operating expenses were $15.3 million, or 71.0% of revenue, GAAP loss from operations was $5.3 million, or 24.5% of revenue and net loss was $5.6 million, or $0.36 per diluted share.
Total cash and cash equivalents were $102.5 million on June 30, 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 second quarter of 2020, non-GAAP gross margins were $10.1 million, or 46.8% of revenue, operating expenses were $11.9 million, or 55.6% of revenue, non-GAAP loss from operations was $1.9 million, or 8.7% of revenue and non-GAAP net loss was $2.2 million, or $0.14 per diluted share.
Conference Call
SiTime will broadcast its second quarter of 2020 financial results conference call today, August 5, 2020, 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 7234049. 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 1.5 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 | ||||||||
June 30, 2020 | March 31, 2020 | |||||||
(in thousands, except per share data) | ||||||||
Revenue | $ | 21,473 | $ | 21,742 | ||||
Cost of revenue | 11,490 | 11,766 | ||||||
Gross profit | 9,983 | 9,976 | ||||||
Operating expenses: | ||||||||
Research and development | 7,398 | 7,024 | ||||||
Sales, general and administrative | 7,856 | 7,808 | ||||||
Total operating expenses | 15,254 | 14,832 | ||||||
Loss from operations | (5,271 | ) | (4,856 | ) | ||||
Interest expense | (313 | ) | (303 | ) | ||||
Other income (expense), net | (20 | ) | 68 | |||||
Loss before income taxes | (5,604 | ) | (5,091 | ) | ||||
Income tax (expense) benefit | 1 | (2 | ) | |||||
Net loss | $ | (5,603 | ) | $ | (5,093 | ) | ||
Net loss attributable to common stockholder and comprehensive income | $ | (5,603 | ) | $ | (5,093 | ) | ||
Net loss per share attributable to common stockholder, basic | $ | (0.36 | ) | $ | (0.34 | ) | ||
Weighted-average shares used to compute basic net loss per share | 15,371 | 15,010 | ||||||
Net loss per share attributable to common stockholder, diluted | $ | (0.36 | ) | $ | (0.34 | ) | ||
Weighted-average shares used to compute diluted net loss per share | 15,371 | 15,010 | ||||||
SiTime Corporation | ||||||||
Unaudited Reconciliation of Non-GAAP Adjustments | ||||||||
Three Months Ended | ||||||||
June 30, 2020 | March 31, 2020 | |||||||
(in thousands, except per share data) | ||||||||
Reconciliation of GAAP gross profit and margin to non-GAAP | ||||||||
Revenue | $ | 21,473 | $ | 21,742 | ||||
GAAP gross profit | 9,983 | 9,976 | ||||||
GAAP gross margin | 46.5 | % | 45.9 | % | ||||
Stock-based compensation | 70 | 56 | ||||||
Non-GAAP gross profit | $ | 10,053 | $ | 10,032 | ||||
Non-GAAP gross margin | 46.8 | % | 46.1 | % | ||||
Reconciliation of GAAP operating expenses to non-GAAP | ||||||||
GAAP research and development expenses | 7,398 | 7,024 | ||||||
Stock-based compensation | (1,135 | ) | (1,061 | ) | ||||
Non-GAAP research and development expenses | $ | 6,263 | $ | 5,963 | ||||
GAAP sales, general and administrative expenses | 7,856 | 7,808 | ||||||
Stock-based compensation | (2,190 | ) | (1,857 | ) | ||||
Non-GAAP sales, general and administrative expenses | $ | 5,666 | $ | 5,951 | ||||
Total Non-GAAP operating expenses | $ | 11,929 | $ | 11,914 | ||||
Reconciliation of GAAP loss from operations to non-GAAP loss from operations | ||||||||
GAAP loss from operations | $ | (5,271 | ) | $ | (4,856 | ) | ||
Stock-based compensation | 3,395 | 2,974 | ||||||
Non-GAAP loss from operations | $ | (1,876 | ) | $ | (1,882 | ) | ||
Non-GAAP loss from operations as a percentage of revenue | -8.7 | % | -8.7 | % | ||||
Reconciliation of GAAP net loss to non-GAAP net loss | ||||||||
GAAP net loss | $ | (5,603 | ) | $ | (5,093 | ) | ||
Stock-based compensation | 3,395 | 2,974 | ||||||
Non-GAAP net loss | $ | (2,208 | ) | $ | (2,119 | ) | ||
Weighted-average shares used to compute diluted net loss per share | 15,371 | 15,010 | ||||||
GAAP net loss per share diluted | $ | (0.36 | ) | $ | (0.34 | ) | ||
Non-GAAP adjustments detailed above | 0.22 | 0.20 | ||||||
Non-GAAP net loss per share diluted | $ | (0.14 | ) | $ | (0.14 | ) | ||
SiTime Corporation | ||||||||
Unaudited GAAP Condensed Consolidated Balance Sheets | ||||||||
As of | ||||||||
June 30, 2020 | March 31, 2020 | |||||||
(in thousands) | ||||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 102,486 | $ | 71,248 | ||||
Accounts receivable, net | 13,001 | 15,820 | ||||||
Related party accounts receivable | 581 | 565 | ||||||
Inventories | 14,781 | 14,159 | ||||||
Prepaid expenses and other current assets | 1,581 | 3,179 | ||||||
Total current assets | 132,430 | 104,971 | ||||||
Property and equipment, net | 10,415 | 9,627 | ||||||
Intangible assets, net | 3,002 | 3,663 | ||||||
Right-of-use assets, net | 9,467 | 9,780 | ||||||
Other assets | 162 | 173 | ||||||
Total assets | $ | 155,476 | $ | 128,214 | ||||
Liabilities and Stockholders' Equity: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,004 | $ | 4,315 | ||||
Accrued expenses and other current liabilities | 8,333 | 8,020 | ||||||
Loan obligations | 35,000 | 50,000 | ||||||
Total current liabilities | 48,337 | 62,335 | ||||||
Lease liabilities | 7,570 | 7,865 | ||||||
Total liabilities | 55,907 | 70,200 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock | 2 | 2 | ||||||
Additional paid-in capital | 164,287 | 117,129 | ||||||
Accumulated deficit | (64,720 | ) | (59,117 | ) | ||||
Total stockholders’ equity | 99,569 | 58,014 | ||||||
Total liabilities and stockholders’ equity | $ | 155,476 | $ | 128,214 | ||||
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
