SiTime : Reports Second Quarter 2021 Financial Results
August 04, 2021 at 04:06 pm EDT
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SANTA CLARA, Calif., Aug. 04, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the second quarter ended June 30, 2021.
Net revenue in the second quarter of 2021 was $44.5 million, a 107.2% increase from the $21.5 million in the second quarter of 2020 and a 25.2% increase from the $35.5 million in the first quarter of 2021.
Generally Accepted Accounting Principles (GAAP) Results
In the second quarter of 2021 gross margins were $26.8 million, or 60.3% of revenue, operating expenses were $24.8 million, or 55.6% of revenue, GAAP income from operations was $2.1 million, or 4.7% of revenue and net income was $2.0 million, or $0.10 per diluted share.
Total cash and cash equivalents were $253.5 million on June 30, 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.
In the second quarter of 2021, non-GAAP gross margins were $27.3 million, or 61.3% of revenue, non-GAAP operating expenses were $17.6 million, or 39.6% of revenue, non-GAAP income from operations was $9.7 million, or 21.7% of revenue and non-GAAP net income was $9.6 million, or $0.46 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.
Conference Call
SiTime will broadcast its second quarter of 2021 financial results conference call today, August 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 9949706. 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
June 30, 2021
March 31, 2021
(in thousands, except per share data)
Revenue
$
44,496
$
35,542
Cost of revenue
17,669
16,725
Gross profit
26,827
18,817
Operating expenses:
Research and development
12,067
11,180
Sales, general and administrative
12,686
11,123
Total operating expenses
24,753
22,303
Income (loss) from operations
2,074
(3,486
)
Other expense, net
(28
)
(39
)
Income (loss) before income taxes
2,046
(3,525
)
Income tax expense
(23
)
(40
)
Net income (loss)
$
2,023
$
(3,565
)
Net income (loss) income attributable to common stockholder and comprehensive income (loss)
$
2,023
$
(3,565
)
Net income (loss) per share attributable to common stockholder, basic
$
0.11
$
(0.20
)
Weighted-average shares used to compute basic net income (loss) per share
18,942
17,868
Net income (loss) per share attributable to common stockholder, diluted
$
0.10
$
(0.20
)
Weighted-average shares used to compute diluted net income (loss) per share
20,893
17,868
SiTime Corporation Unaudited Reconciliation of Non-GAAP Adjustments
Three Months Ended
June 30, 2021
March 31, 2021
(in thousands, except per share data)
Reconciliation of GAAP gross profit and margin to non-GAAP
Revenue
$
44,496
$
35,542
GAAP gross profit
26,827
18,817
GAAP gross margin
60.3
%
52.9
%
Stock-based compensation
461
402
Non-GAAP gross profit
$
27,288
$
19,219
Non-GAAP gross margin
61.3
%
54.1
%
Reconciliation of GAAP operating expenses to non-GAAP
GAAP research and development expenses
12,067
11,180
Stock-based compensation
(2,967
)
(2,998
)
Non-GAAP research and development expenses
$
9,100
$
8,182
GAAP sales, general and administrative expenses
12,686
11,123
Stock-based compensation
(4,173
)
(4,000
)
Non-GAAP sales, general and administrative expenses
$
8,513
$
7,123
Total Non-GAAP operating expenses
$
17,613
$
15,305
Reconciliation of GAAP income (loss) from operations to non-GAAP income from operations
GAAP income (loss) from operations
$
2,074
$
(3,486
)
Stock-based compensation
7,601
7,400
Non-GAAP income from operations
$
9,675
$
3,914
Non-GAAP income from operations as a percentage of revenue
21.7
%
11.0
%
Reconciliation of GAAP net income (loss) to non-GAAP net income
GAAP net income (loss)
$
2,023
$
(3,565
)
Stock-based compensation
7,601
7,400
Non-GAAP net income
$
9,624
$
3,835
Weighted-average shares used to compute diluted net 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.
SITIME CORPORATION 
