SiTime Corporation, (Nasdaq: SITM), the precision timing company,
today announced financial results for the fourth quarter and fiscal
year ended December 31, 2022.
Net revenue in the fourth quarter of 2022 was
$60.8 million, a 19.7% decrease from the $75.7 million in the
fourth quarter of 2021.
Net revenue for the year ended December 31, 2022
was $283.6 million, a 29.6% increase from the $218.8 million in the
year ended December 31, 2021.
Generally Accepted Accounting Principles
(GAAP) Results
In the fourth quarter of 2022, GAAP gross
margins were $37.8 million, or 62.1% of revenue, GAAP operating
expenses were $43.5 million, or 71.5% of revenue, GAAP loss from
operations was $5.7 million, or 9.4% of revenue and GAAP net loss
was $1.5 million, or $0.07 per diluted share.
For the year ended 2022, gross margins were
$183.0 million, or 64.5% of revenue, operating expenses were $166.8
million or 58.8% of revenue, GAAP income from operations was $16.1
million, or 5.7% of revenue and net income was $23.3 million, or
$1.03 per diluted share.
Total cash and cash equivalents were $34.6
million and short-term investments were $529.5 million on
December 31, 2022.
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 fourth quarter of 2022, non-GAAP gross
margins were $38.4 million, or 63.1% of revenue, non-GAAP operating
expenses were $28.2 million, or 46.3% of revenue, non-GAAP income
from operations was $10.2 million, or 16.8% of revenue and non-GAAP
net income was $14.4 million, or $0.64 per diluted share.
For the fiscal year 2022, non-GAAP gross margins
were $184.9 million, or 65.2% of revenue, non-GAAP operating
expenses were $109.1 million, or 38.5% of revenue, non-GAAP income
from operations was $75.8 million, or 26.7% of revenue and non-GAAP
net income was $82.9 million, or $3.66 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.
Inducement Plan Grants
SiTime granted restricted stock unit awards
(“RSUs”) on January 31, 2023 that were approved by the Compensation
Committee of its Board of Directors under SiTime’s 2022 Inducement
Award Plan, as a material inducement to employment to 9 newly hired
non-executive individuals globally. The RSUs were approved in
accordance with Nasdaq Listing Rule 5635(c)(4). The inducement
grants consisted of an aggregate of 24,555 RSUs. For 10,741 of the
RSUs one-fourth of the RSUs will vest on the first February 20, May
20, August 20, or November 20 falling in the one-year anniversary
quarter of the applicable vesting start date, and then 1/16th of
the RSUs vest in equal quarterly installments on each February 20,
May 20, August 20, and November 20, thereafter, subject to each
such employee’s continued service on each vesting date. For 13,814
of the RSUs 1/3rd of the RSUs will vest February 20, 2024 and then
1/12th of the RSUs will vest in equal quarterly installments on
each May 20, August 20, November 20, and February 20 thereafter,
subject to each such employee’s continued service on each vesting
date. The inducement grants are subject to the terms and conditions
of award agreements covering the grants and SiTime’s 2022
Inducement Award Plan.
Conference Call
SiTime will broadcast its fourth quarter and
fiscal year 2022 financial results conference call today, February
1, 2023, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). To
join the conference call via phone, participants are required to
complete the following registration form to receive a dial-in
number and dedicated PIN for accessing the conference call. The
conference call will also be available via a live audio 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.
About SiTime
SiTime Corporation is a leading provider of
precision timing solutions to the global electronics industry. Our
precision timing solutions are the heartbeat of our customers’
electronic systems. They solve complex timing problems and enable
industry-leading electronics products. We provide precision timing
solutions that deliver extremely accurate, high performance timing
that can withstand severe environmental conditions such as shock,
vibration, rapid changes in temperature and other conditions. Our
solutions have been designed into over 300 applications across our
target markets, including communications and enterprise,
automotive, industrial, aerospace, and mobile, IoT and consumer.
For more information, visit https://www.sitime.com/.
SiTime Corporation |
|
Unaudited GAAP Condensed Consolidated Statements of Income
(Loss) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31,2022 |
|
|
December 31, 2022 |
|
|
|
(in thousands, except per share data) |
|
Revenue |
|
$ |
60,840 |
|
|
$ |
283,605 |
|
Cost of revenue |
|
|
23,080 |
|
|
|
100,643 |
|
Gross profit |
|
|
37,760 |
|
|
|
182,962 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
23,798 |
|
|
|
90,288 |
|
Selling, general and administrative |
|
|
19,693 |
|
|
|
76,532 |
|
Total operating expenses |
|
|
43,491 |
|
|
|
166,820 |
|
Income (loss) from
operations |
|
|
(5,731 |
) |
|
|
16,142 |
|
Interest income |
|
|
3,996 |
|
|
|
7,291 |
|
Other income (expense) |
|
|
167 |
|
|
|
(97 |
) |
Income (loss) before income
taxes |
|
|
(1,568 |
) |
|
|
23,336 |
|
Income tax benefit
(expense) |
|
|
41 |
|
|
|
(82 |
) |
Net income (loss) |
|
$ |
(1,527 |
) |
|
$ |
23,254 |
|
Net income (loss) attributable
to common stockholders and comprehensive income |
|
$ |
(1,527 |
) |
|
$ |
23,254 |
|
Net income (loss) per share
attributable to common stockholders, basic |
|
$ |
(0.07 |
) |
|
$ |
1.09 |
|
Net income (loss) per share
attributable to common stockholders, diluted |
|
$ |
(0.07 |
) |
|
$ |
1.03 |
|
Weighted-average shares used
to compute basic net income (loss) per share |
|
|
21,544 |
|
|
|
21,245 |
|
Weighted-average shares used
to compute diluted net income (loss) per share |
|
|
21,544 |
|
|
|
22,664 |
|
SiTime Corporation Unaudited Reconciliation of Non-GAAP
Adjustments |
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31,2022 |
|
|
December 31,2022 |
|
|
|
(in thousands, except per share data) |
|
Reconciliation of GAAP
gross profit and margin to non-GAAP |
|
|
|
|
|
|
Revenue |
|
$ |
60,840 |
|
|
$ |
283,605 |
|
GAAP gross profit |
|
|
37,760 |
|
|
|
182,962 |
|
GAAP gross margin |
|
|
62.1 |
% |
|
|
64.5 |
% |
Stock-based compensation and related taxes |
|
|
633 |
|
|
|
1,982 |
|
Non-GAAP gross profit |
|
$ |
38,393 |
|
|
$ |
184,944 |
|
Non-GAAP gross margin |
|
|
63.1 |
% |
|
|
65.2 |
% |
|
|
|
|
|
|
|
Reconciliation of GAAP
operating expenses to non-GAAP |
|
|
|
|
|
|
GAAP research and development
expenses |
|
|
23,798 |
|
|
|
90,288 |
|
Stock-based compensation and related taxes |
|
|
(7,201 |
) |
|
|
(26,383 |
) |
Non-GAAP research and
development expenses |
|
$ |
16,597 |
|
|
$ |
63,905 |
|
|
|
|
|
|
|
|
GAAP sales, general and
administrative expenses |
|
|
19,693 |
|
|
|
76,532 |
|
Stock-based compensation and related taxes |
|
|
(8,106 |
) |
|
|
(31,301 |
) |
Non-GAAP sales, general and
administrative expenses |
|
$ |
11,587 |
|
|
$ |
45,231 |
|
Total Non-GAAP operating
expenses |
|
$ |
28,184 |
|
|
$ |
109,136 |
|
|
|
|
|
|
|
|
Reconciliation of GAAP
income (loss) from operations to non-GAAP income from
operations |
|
|
|
|
|
|
GAAP income (loss) from
operations |
|
$ |
(5,731 |
) |
|
$ |
16,142 |
|
Stock-based compensation and related taxes |
|
|
15,940 |
|
|
|
59,666 |
|
Non-GAAP income from
operations |
|
$ |
10,209 |
|
|
$ |
75,808 |
|
Non-GAAP income from
operations as a percentage of revenue |
|
|
16.8 |
% |
|
|
26.7 |
% |
|
|
|
|
|
|
|
Reconciliation of GAAP
net income (loss) to non-GAAP net income |
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
(1,527 |
) |
|
$ |
23,254 |
|
Stock-based compensation and related taxes |
|
|
15,940 |
|
|
|
59,666 |
|
Non-GAAP net income |
|
$ |
14,413 |
|
|
$ |
82,920 |
|
Weighted-average shares used
to compute diluted net income per share |
|
|
22,524 |
|
|
|
22,664 |
|
|
|
|
|
|
|
|
Stock-based
compensation and related taxes |
|
|
|
|
|
|
Stock-based compensation |
|
$ |
15,623 |
|
|
$ |
57,416 |
|
Stock-based compensation related taxes |
|
|
317 |
|
|
|
2,250 |
|
Stock-based compensation and
related taxes |
|
$ |
15,940 |
|
|
$ |
59,666 |
|
|
|
|
|
|
|
|
GAAP net income (loss) per
share diluted |
|
$ |
(0.07 |
) |
|
$ |
1.03 |
|
Non-GAAP adjustments detailed
above |
|
|
0.71 |
|
|
|
2.63 |
|
Non-GAAP net income per share
diluted |
|
$ |
0.64 |
|
|
$ |
3.66 |
|
SiTime CorporationUnaudited GAAP Condensed Consolidated
Balance Sheets |
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
|
(in thousands) |
|
Assets: |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
34,603 |
|
|
$ |
559,461 |
|
Short-term investments in held-to-maturity securities |
|
|
529,494 |
|
|
|
— |
|
Accounts receivable, net |
|
|
41,229 |
|
|
|
38,376 |
|
Inventories |
|
|
57,650 |
|
|
|
23,630 |
|
Prepaid expenses and other current assets |
|
|
6,091 |
|
|
|
4,476 |
|
Total current assets |
|
|
669,067 |
|
|
|
625,943 |
|
Property and equipment,
net |
|
|
58,772 |
|
|
|
37,902 |
|
Intangible assets, net |
|
|
5,205 |
|
|
|
5,977 |
|
Right-of-use assets, net |
|
|
10,848 |
|
|
|
8,194 |
|
Other assets |
|
|
6,724 |
|
|
|
193 |
|
Total assets |
|
$ |
750,616 |
|
|
$ |
678,209 |
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
14,881 |
|
|
$ |
13,103 |
|
Accrued expenses and other current liabilities |
|
|
18,913 |
|
|
|
24,282 |
|
Total current liabilities |
|
|
33,794 |
|
|
|
37,385 |
|
Lease liabilities |
|
|
8,149 |
|
|
|
6,398 |
|
Other non-current
liabilities |
|
|
193 |
|
|
|
1,929 |
|
Total liabilities |
|
|
42,136 |
|
|
|
45,712 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock |
|
|
2 |
|
|
|
2 |
|
Additional paid-in
capital |
|
|
716,343 |
|
|
|
663,614 |
|
Accumulated deficit |
|
|
(7,865 |
) |
|
|
(31,119 |
) |
Total stockholders’ equity |
|
|
708,480 |
|
|
|
632,497 |
|
Total liabilities and stockholders’ equity |
|
$ |
750,616 |
|
|
$ |
678,209 |
|
Investor Relations
Contacts:
Shelton GroupLeanne Sievers | Brett
Perry1-949-224-3874 | 1-214-272-0070sheltonir@sheltongroup.com
SiTime CorporationArt ChadwickChief Financial
Officerinvestor.relations@sitime.com
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