SiTime : Reports First Quarter 2021 Financial Results
May 05, 2021 at 01:35 am IST
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SANTA CLARA, Calif., May 04, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the first quarter ended March 31, 2021.
Net revenue in the first quarter of 2021 was $35.5 million, a 63.5% increase from the $21.7 million in the first quarter of 2020 and a 11.7% decrease from the $40.3 million in the fourth quarter of 2020.
Generally Accepted Accounting Principles (GAAP) Results
In the first quarter of 2021 gross margins were $18.8 million, or 52.9% of revenue, operating expenses were $22.3 million, or 62.8% of revenue, GAAP loss from operations was $3.5 million, or 9.8% of revenue and net loss was $3.6 million, or $0.20 per diluted share.
Total cash and cash equivalents were $257.0 million on March 31, 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.
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 first quarter of 2021, non-GAAP gross margins were $19.2 million, or 54.1% of revenue, non-GAAP operating expenses were $15.3 million, or 43.1% of revenue, non-GAAP income from operations was $3.9 million, or 11.0% of revenue and non-GAAP net income was $3.8 million, or $0.19 per diluted share.
Conference Call
SiTime will broadcast its first quarter of 2021 financial results conference call today, May 4, 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 5161786. 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
March 31, 2021
December 31, 2020
(in thousands, except per share data)
Revenue
$
35,542
$
40,274
Cost of revenue
16,725
19,203
Gross profit
18,817
21,071
Operating expenses:
Research and development
11,180
8,747
Sales, general and administrative
11,123
10,250
Total operating expenses
22,303
18,997
Loss (income) from operations
(3,486
)
2,074
Other expense, net
(39
)
(83
)
Loss (income) before income taxes
(3,525
)
1,991
Income tax expense
(40
)
-
Net (loss) income
$
(3,565
)
$
1,991
Net loss (income) attributable to common stockholder and comprehensive (loss) income
$
(3,565
)
$
1,991
Net (loss) income per share attributable to common stockholder, basic
$
(0.20
)
$
0.12
Weighted-average shares used to compute basic net (loss) income per share
17,868
17,036
Net (loss) income per share attributable to common stockholder, diluted
$
(0.20
)
$
0.10
Weighted-average shares used to compute diluted net (loss) income per share
17,868
19,263
SiTime Corporation Unaudited Reconciliation of Non-GAAP Adjustments
Three Months Ended
March 31, 2021
December 31, 2020
(in thousands, except per share data)
Reconciliation of GAAP gross profit and margin to non-GAAP
Revenue
$
35,542
$
40,274
GAAP gross profit
18,817
21,071
GAAP gross margin
52.9
%
52.3
%
Stock-based compensation
402
494
Non-GAAP gross profit
$
19,219
$
21,565
Non-GAAP gross margin
54.1
%
53.5
%
Reconciliation of GAAP operating expenses to non-GAAP
GAAP research and development expenses
11,180
8,747
Stock-based compensation
(2,998
)
(2,142
)
Non-GAAP research and development expenses
$
8,182
$
6,605
GAAP sales, general and administrative expenses
11,123
10,250
Stock-based compensation
(4,000
)
(3,542
)
Non-GAAP sales, general and administrative expenses
$
7,123
$
6,708
Total Non-GAAP operating expenses
$
15,305
$
13,313
Reconciliation of GAAP (loss) income from operations to non-GAAP income from operations
GAAP (loss) income from operations
$
(3,486
)
$
2,074
Stock-based compensation
7,400
6,178
Non-GAAP income from operations
$
3,914
$
8,252
Non-GAAP income from operations as a percentage of revenue
11.0
%
20.5
%
Reconciliation of GAAP net (loss) income to non-GAAP net income
GAAP net (loss) income
$
(3,565
)
$
1,991
Stock-based compensation
7,400
6,178
Non-GAAP net income
$
3,835
$
8,169
Weighted-average shares used to compute diluted net (loss) income per share
SiTime Corporation is a provider of precision timing solutions to the global electronics industry. The Company's products are designed for approximately 300 applications across its target markets, including communications and enterprise, automotive, industrial, aerospace, mobile, Internet of Things (IoT), and consumer. The Companyâs solutions include oscillators, clock integrated circuits, and resonators. Its all-silicon solutions are based on three areas of expertise, which include micro-electro-mechanical systems (MEMS), analog mixed-signal design capabilities, and advanced system-level integration expertise. For the communications and enterprise market, its precision timing solutions provide performance and resilience in dense, less-controlled environments that experience extreme conditions. For the automotive market, its solutions can be utilized in automotive electronics, including advanced driver assistance systems (ADAS) for self-driving cars.