SiTime Reports Third Quarter 2020 Financial Results
November 04 2020 - 4:05PM
SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing,
today announced financial results for the third quarter ended
September 30, 2020.
Net revenue in the third quarter of 2020 was $32.7 million, a
29.0% increase from the $25.3 million in the third quarter of 2019
and a 52.1% increase from the $21.5 million in the second quarter
of 2020.
Generally Accepted Accounting Principles (GAAP)
Results
In the third quarter of 2020 gross margins were $16.9 million,
or 51.7% of revenue, operating expenses were $17.5 million, or
53.5% of revenue, GAAP loss from operations was $0.6 million, or
1.7% of revenue and net loss was $0.7 million, or $0.04 per diluted
share.
Total cash and cash equivalents were $69.2 million on September
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 third quarter of 2020, non-GAAP gross margins were $17.0
million, or 52.1% of revenue, non-GAAP operating expenses were
$12.5 million, or 38.3% of revenue, non-GAAP income from operations
was $4.5 million, or 13.8% of revenue and non-GAAP net income was
$4.4 million, or $0.23 per diluted share.
Conference Call
SiTime will broadcast its third quarter of 2020 financial
results conference call today, November 4, 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 6695003. 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 almost
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, 2020 |
|
June 30, 2020 |
|
|
|
(in thousands, except per share data) |
|
Revenue |
|
$ |
32,667 |
|
|
$ |
21,473 |
|
|
Cost of revenue |
|
|
15,765 |
|
|
|
11,490 |
|
|
Gross profit |
|
|
16,902 |
|
|
|
9,983 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
8,484 |
|
|
|
7,398 |
|
|
Sales, general and administrative |
|
|
8,978 |
|
|
|
7,856 |
|
|
Total operating expenses |
|
|
17,462 |
|
|
|
15,254 |
|
|
Loss from operations |
|
|
(560 |
) |
|
|
(5,271 |
) |
|
Interest expense |
|
|
(110 |
) |
|
|
(313 |
) |
|
Other income (expense), net |
|
|
3 |
|
|
|
(20 |
) |
|
Loss before income taxes |
|
|
(667 |
) |
|
|
(5,604 |
) |
|
Income tax (expense)
benefit |
|
|
- |
|
|
|
1 |
|
|
Net loss |
|
$ |
(667 |
) |
|
$ |
(5,603 |
) |
|
Net loss attributable to
common stockholder and comprehensive income |
|
$ |
(667 |
) |
|
$ |
(5,603 |
) |
|
Net loss per share
attributable to common stockholder, basic |
|
$ |
(0.04 |
) |
|
$ |
(0.36 |
) |
|
Weighted-average shares used
to compute basic net loss per share |
|
|
16,818 |
|
|
|
15,371 |
|
|
Net loss per share
attributable to common stockholder, diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.36 |
) |
|
Weighted-average shares used
to compute diluted net loss per share |
|
|
16,818 |
|
|
|
15,371 |
|
|
SiTime CorporationUnaudited Reconciliation
of Non-GAAP Adjustments |
|
|
|
Three Months Ended |
|
|
|
September 30, 2020 |
|
June 30, 2020 |
|
|
|
(in thousands, except per share data) |
|
Reconciliation of GAAP
gross profit and margin to non-GAAP |
|
|
|
|
|
|
Revenue |
|
$ |
32,667 |
|
|
$ |
21,473 |
|
|
GAAP gross profit |
|
|
16,902 |
|
|
|
9,983 |
|
|
GAAP gross margin |
|
|
51.7 |
% |
|
|
46.5 |
% |
|
Stock-based compensation |
|
|
131 |
|
|
|
70 |
|
|
Non-GAAP gross profit |
|
$ |
17,033 |
|
|
$ |
10,053 |
|
|
Non-GAAP gross margin |
|
|
52.1 |
% |
|
|
46.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
operating expenses to non-GAAP |
|
|
|
|
|
|
|
|
|
GAAP research and development
expenses |
|
|
8,484 |
|
|
|
7,398 |
|
|
Stock-based compensation |
|
|
(1,465 |
) |
|
|
(1,135 |
) |
|
Non-GAAP research and
development expenses |
|
$ |
7,019 |
|
|
$ |
6,263 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales, general and
administrative expenses |
|
|
8,978 |
|
|
|
7,856 |
|
|
Stock-based compensation |
|
|
(3,471 |
) |
|
|
(2,190 |
) |
|
Non-GAAP sales, general and
administrative expenses |
|
$ |
5,507 |
|
|
$ |
5,666 |
|
|
Total Non-GAAP operating
expenses |
|
$ |
12,526 |
|
|
$ |
11,929 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
loss from operations to non-GAAP loss from operations |
|
|
|
|
|
|
|
|
|
GAAP loss from operations |
|
$ |
(560 |
) |
|
$ |
(5,271 |
) |
|
Stock-based compensation |
|
|
5,067 |
|
|
|
3,395 |
|
|
Non-GAAP income (loss) from
operations |
|
$ |
4,507 |
|
|
$ |
(1,876 |
) |
|
Non-GAAP income (loss) from
operations as a percentage of revenue |
|
|
13.8 |
% |
|
|
-8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
net loss to non-GAAP net loss |
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(667 |
) |
|
$ |
(5,603 |
) |
|
Stock-based compensation |
|
|
5,067 |
|
|
|
3,395 |
|
|
Non-GAAP net income
(loss) |
|
$ |
4,400 |
|
|
$ |
(2,208 |
) |
|
Weighted-average shares used
to compute diluted net income (loss) per share |
|
|
18,983 |
|
|
|
15,371 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share
diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.36 |
) |
|
Non-GAAP adjustments detailed
above |
|
|
0.27 |
|
|
|
0.22 |
|
|
Non-GAAP net income (loss) per
share diluted |
|
$ |
0.23 |
|
|
$ |
(0.14 |
) |
|
SiTime CorporationUnaudited GAAP Condensed
Consolidated Balance Sheets |
|
|
|
|
|
As of |
|
|
|
September 30, 2020 |
|
June 30, 2020 |
|
|
|
(in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
69,208 |
|
|
$ |
102,486 |
|
|
Accounts receivable, net |
|
|
17,224 |
|
|
|
13,001 |
|
|
Related party accounts receivable |
|
|
738 |
|
|
|
581 |
|
|
Inventories |
|
|
15,208 |
|
|
|
14,781 |
|
|
Prepaid expenses and other current assets |
|
|
2,975 |
|
|
|
1,581 |
|
|
Total current assets |
|
|
105,353 |
|
|
|
132,430 |
|
|
Property and equipment,
net |
|
|
10,859 |
|
|
|
10,415 |
|
|
Intangible assets, net |
|
|
2,103 |
|
|
|
3,002 |
|
|
Right-of-use assets, net |
|
|
9,220 |
|
|
|
9,467 |
|
|
Other assets |
|
|
162 |
|
|
|
162 |
|
|
Total assets |
|
$ |
127,697 |
|
|
$ |
155,476 |
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
7,473 |
|
|
$ |
5,004 |
|
|
Accrued expenses and other current liabilities |
|
|
10,092 |
|
|
|
8,333 |
|
|
Loan obligations |
|
|
- |
|
|
|
35,000 |
|
|
Total current liabilities |
|
|
17,565 |
|
|
|
48,337 |
|
|
Lease liabilities |
|
|
7,309 |
|
|
|
7,570 |
|
|
Total liabilities |
|
|
24,874 |
|
|
|
55,907 |
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
2 |
|
|
|
2 |
|
|
Additional paid-in
capital |
|
|
168,208 |
|
|
|
164,287 |
|
|
Accumulated deficit |
|
|
(65,387 |
) |
|
|
(64,720 |
) |
|
Total stockholders’ equity |
|
|
102,823 |
|
|
|
99,569 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
127,697 |
|
|
$ |
155,476 |
|
|
Investor Relations
Contacts:
Shelton GroupLeanne Sievers | Brett Perry949-224-3874 |
214-272-0070sheltonir@sheltongroup.com
SiTime CorporationArt ChadwickChief Financial
Officerinvestor.relations@sitime.com
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