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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
    20,070       19,263  
                 
GAAP net (loss) income per share diluted   $ (0.20 )   $ 0.10  
Non-GAAP adjustments detailed above     0.39       0.32  
Non-GAAP net income per share diluted   $ 0.19     $ 0.42  

SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 
   
    As of  
    March 31, 2021     December 31, 2020  
    (in thousands)  
Assets:                
Current assets:                
Cash and cash equivalents   $ 256,952     $ 73,525  
Accounts receivable, net     22,214       23,920  
Related party accounts receivable     976       736  
Inventories     14,980       12,350  
Prepaid expenses and other current assets     2,577       2,649  
Total current assets     297,699       113,180  
Property and equipment, net     14,927       11,708  
Intangible assets, net     2,558       2,069  
Right-of-use assets, net     8,730       8,892  
Other assets     162       162  
Total assets   $ 324,076     $ 136,011  
Liabilities and Stockholders’ Equity:                
Current liabilities:                
Accounts payable   $ 9,024     $ 6,182  
Accrued expenses and other current liabilities     12,716       12,963  
Total current liabilities     21,740       19,145  
Lease liabilities     7,067       6,986  
Total liabilities     28,807       26,131  
Commitments and contingencies                
Stockholders’ equity:                
Common stock     2       2  
Additional paid-in capital     362,228       173,274  
Accumulated deficit     (66,961 )     (63,396 )
Total stockholders’ equity     295,269       109,880  
Total liabilities and stockholders’ equity   $ 324,076     $ 136,011  
                 

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
949-224-3874 | 214-272-0070
[email protected]

SiTime Corporation
Art Chadwick
Chief Financial Officer
[email protected]

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