GlobeNewswire Inc | May 4, 2021 04:05PM EDT

May 04, 2021

SANTA CLARA, Calif., May 04, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM),a market leader in MEMS timing, todayannounced financial results for the first quarter ended March31, 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 March31, 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 SiTimes financial condition and results of operations. SiTime believes that these non-GAAP financial measures provide additional insight into SiTimes 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 SiTimes 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 marginswere $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 March31, December31, 2021 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 commonstockholder and comprehensive $ (3,565 ) $ 1,991 (loss) incomeNet (loss) income per share attributable $ (0.20 ) $ 0.12 to common stockholder, basicWeighted-average shares used to compute 17,868 17,036 basic net (loss) income per shareNet (loss) income per share attributable $ (0.20 ) $ 0.10 to common stockholder, dilutedWeighted-average shares used to compute 17,868 19,263 diluted net (loss) income per share

SiTime Corporation Unaudited Reconciliation of Non-GAAP Adjustments Three Months Ended March31, December31, 2021 2020 (in thousands, except per share data)Reconciliation of GAAP gross profit and margin to non-GAAPRevenue $ 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-GAAPGAAP 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 11,123 10,250 expensesStock-based compensation (4,000 ) (3,542 )Non-GAAP sales, general and administrative $ 7,123 $ 6,708 expensesTotal Non-GAAP operating expenses $ 15,305 $ 13,313 Reconciliation of GAAP (loss) income fromoperations to non-GAAP income from operationsGAAP (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 11.0 % 20.5 %percentage of revenue Reconciliation of GAAP net (loss) income to non-GAAP net incomeGAAP 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 computediluted net (loss) income 20,070 19,263 per share 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 March31, December31, 2021 2020 (inthousands) 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 12,716 12,963 liabilitiesTotal 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? $ 324,076 $ 136,011 equity

Investor Relations Contacts:

Shelton GroupLeanne Sievers | Brett Perry949-224-3874 | 214-272-0070sheltonir@sheltongroup.com

SiTime CorporationArt ChadwickChief Financial Officerinvestor.relations@sitime.com