EX-99.1 2 sitm-ex991_6.htm EX-99.1 sitm-ex991_6.htm

Exhibit 99.1

SiTime Reports First Quarter 2020 Financial Results

 

SANTA CLARA, Calif., May 6, 2020 – SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the first quarter ended March 31, 2020.

 

Net revenue in the first quarter of 2020 was $21.7 million, a 46.7% increase from the $14.8 million in the first quarter of 2019.

Generally Accepted Accounting Principles (GAAP) Results

Net loss for the first quarter of 2020 was $5.1 million, or $0.34 per diluted share.  Gross margins were 45.9%, operating expenses were 68.2% of revenue, and GAAP loss from operations was 22.3% of revenue. 

Total cash and cash equivalents were $71.2 million at March 31, 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 first quarter of 2020, non-GAAP net loss was $2.1 million, or $0.14 per diluted share. Non-GAAP gross margins were 46.1%, operating expenses were 54.8% of revenue, and non-GAAP loss from operations was 8.7% of revenue.

 


 

Conference Call

SiTime will broadcast its first quarter of 2020 financial results conference call today, May 6, 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 4128279. 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 1.5 billion devices shipped, SiTime is changing the timing industry. For more information, visit https://www.sitime.com/.


 

 

SiTime Corporation

 

Unaudited GAAP Condensed Consolidated Statement of Operations

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

(in thousands, except per share data)

 

Revenue

 

$

21,742

 

 

$

28,089

 

Cost of revenue

 

 

11,766

 

 

 

14,641

 

Gross profit

 

 

9,976

 

 

 

13,448

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

7,024

 

 

 

5,949

 

Sales, general and administrative

 

 

7,808

 

 

 

6,469

 

Total operating expenses

 

 

14,832

 

 

 

12,418

 

Income (loss) from operations

 

 

(4,856

)

 

 

1,030

 

Interest expense

 

 

(303

)

 

 

(393

)

Other income (expense), net

 

 

68

 

 

 

(13

)

Income (loss) before income taxes

 

 

(5,091

)

 

 

624

 

Income tax (expense) benefit

 

 

(2

)

 

 

9

 

Net income (loss)

 

$

(5,093

)

 

$

633

 

Net income (loss) attributable to common stockholder and comprehensive income

 

$

(5,093

)

 

$

633

 

Net income (loss) per share attributable to common stockholder, basic

 

$

(0.34

)

 

$

0.05

 

Weighted-average shares used to compute basic net income (loss) per share

 

 

15,010

 

 

 

12,214

 

Net income (loss) per share attributable to common stockholder, diluted

 

$

(0.34

)

 

$

0.05

 

Weighted-average shares used to compute diluted net income (loss) per share

 

 

15,010

 

 

 

12,685

 

 


 

 

SiTime Corporation

 

Unaudited Reconciliation of Non-GAAP Adjustments

 

 

 

Three Months Ended

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

(in thousands, except per share data)

 

Reconciliation of GAAP gross profit and margin to non-GAAP

 

 

 

 

 

 

 

 

Revenue

 

$

21,742

 

 

$

28,089

 

GAAP gross profit

 

 

9,976

 

 

 

13,448

 

GAAP gross margin

 

 

45.9

%

 

 

47.9

%

Stock-based compensation

 

 

56

 

 

 

36

 

Non-GAAP gross profit

 

$

10,032

 

 

$

13,484

 

Non-GAAP gross margin

 

 

46.1

%

 

 

48.0

%

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP operating expenses to non-GAAP

 

 

 

 

 

 

 

 

GAAP research and development expenses

 

 

7,024

 

 

 

5,949

 

Stock-based compensation

 

 

(1,061

)

 

 

(346

)

Non-GAAP research and development expenses

 

$

5,963

 

 

$

5,603

 

 

 

 

 

 

 

 

 

 

GAAP sales, general and administrative expenses

 

 

7,808

 

 

 

6,469

 

Stock-based compensation

 

 

(1,857

)

 

 

(997

)

Non-GAAP sales, general and administrative expenses

 

$

5,951

 

 

$

5,472

 

Total Non-GAAP operating expenses

 

$

11,914

 

 

$

11,075

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP income (loss) from operations to non-GAAP income (loss) from operations

 

 

 

 

 

 

 

 

GAAP income (loss) from operations

 

$

(4,856

)

 

$

1,030

 

Stock-based compensation

 

 

2,974

 

 

 

1,379

 

Non-GAAP income (loss) from operations

 

$

(1,882

)

 

$

2,409

 

Non-GAAP income (loss) from operations as a percentage of revenue

 

 

-8.7

%

 

 

8.6

%

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP net income (loss) to non-GAAP net income (loss)

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

(5,093

)

 

$

633

 

Stock-based compensation

 

 

2,974

 

 

 

1,379

 

Non-GAAP net income (loss)

 

$

(2,119

)

 

$

2,012

 

Weighted-average shares used to compute diluted net income (loss) per share

 

 

15,010

 

 

 

12,685

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) per share diluted

 

$

(0.34

)

 

$

0.05

 

Non-GAAP adjustments detailed above

 

 

0.20

 

 

 

0.11

 

Non-GAAP net income (loss) per share diluted

 

$

(0.14

)

 

$

0.16

 

 

 

 

SiTime Corporation

 

 

 

 

 

Unaudited GAAP Condensed Consolidated Balance Sheet

 

 

 

 

 

 

 

As of

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

(in thousands, except share and per share data)

 

Assets:

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

71,248

 

 

$

63,418

 

Accounts receivable, net

 

 

15,820

 

 

 

17,659

 

Related party accounts receivable

 

 

565

 

 

 

1,073

 

Inventories

 

 

14,159

 

 

 

11,911

 

Prepaid expenses and other current assets

 

 

3,179

 

 

 

5,601

 

Total current assets

 

 

104,971

 

 

 

99,662

 

Property and equipment, net

 

 

9,627

 

 

 

9,288

 

Intangible assets, net

 

 

3,663

 

 

 

4,489

 

Right-of-use assets, net

 

 

9,780

 

 

 

9,790

 

Other assets

 

 

173

 

 

 

162

 

Total assets

 

$

128,214

 

 

$

123,391

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,315

 

 

$

3,869

 

Accrued expenses and other current liabilities

 

 

8,020

 

 

 

8,442

 

Loan obligations

 

 

50,000

 

 

 

41,000

 

Total current liabilities

 

 

62,335

 

 

 

53,311

 

Lease liabilities

 

 

7,865

 

 

 

7,940

 

Total liabilities

 

 

70,200

 

 

 

61,251

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

117,129

 

 

 

116,162

 

Accumulated deficit

 

 

(59,117

)

 

 

(54,024

)

Total stockholders’ equity

 

 

58,014

 

 

 

62,140

 

Total liabilities and stockholders’ equity

 

$

128,214

 

 

$

123,391

 

 

Investor Relations Contacts:

 

Shelton Group

Leanne Sievers | Brett Perry

949-224-3874 | 214-272-0070

sheltonir@sheltongroup.com

 

SiTime Corporation

Art Chadwick

Chief Financial Officer

investor.relations@sitime.com