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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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