Daily Tech News, Interviews, Reviews and Updates

SiTime Reports Second Quarter 2023 Financial Results

SANTA CLARA, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) — SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced financial results for the second quarter ended June 30, 2023.

Net revenue in the second quarter of 2023 was $27.7 million, a 27.7% decrease from the $38.3 million in the first quarter of 2023.

Generally Accepted Accounting Principles (GAAP) Results

In the second quarter of 2023, GAAP gross margins were $15.4 million, or 55.7% of revenue, GAAP operating expenses were $47.8 million, GAAP loss from operations was $32.4 million, and GAAP net loss was $25.9 million, or $1.17 per basic share.

Total cash and cash equivalents were $30.4 million and short-term investments were $544.3 million on June 30, 2023.

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 2023, non-GAAP gross margins were $16.2 million, or 58.2% of revenue, non-GAAP operating expenses were $27.4 million, non-GAAP loss from operations was $11.2 million and non-GAAP net loss was $4.8 million, or $0.22 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 financial measures exclude stock-based compensation.

Inducement Plan Grants

SiTime granted restricted stock unit awards (“RSUs”) on August 1, 2023 that were approved by the Compensation Committee of its Board of Directors under SiTime’s 2022 Inducement Award Plan, as a material inducement to employment to 6 newly hired non-executive individuals globally. The RSUs were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants consisted of an aggregate of 32,597 RSUs. One-fourth of the RSUs will vest on the first February 20, May 20, August 20, or November 20 falling in the one-year anniversary quarter of the applicable vesting start date, and then 1/16th of the RSUs vest in equal quarterly installments on each February 20, May 20, August 20, and November 20, thereafter, subject to each such employee’s continued service on each vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and SiTime’s 2022 Inducement Award Plan.

Conference Call

SiTime will broadcast the financial results for its second quarter of 2023 via conference call today, August 2, 2023, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). To join the conference call via phone, participants are required to complete the following registration form to receive a dial-in number and dedicated PIN for accessing the conference call. The conference call will also be available via a live audio 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.

About SiTime

SiTime Corporation is the precision timing company. 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 3 billion devices shipped, SiTime is changing the timing industry. For more information, visit www.sitime.com.

   
   
SiTime Corporation  
Unaudited GAAP Condensed Consolidated Statements of Operations  
           
  Three Months Ended  
  June 30, 2023     March 31, 2023  
  (in thousands, except per share data)  
Revenue $ 27,728     $ 38,343  
Cost of revenue   12,290       15,302  
Gross profit   15,438       23,041  
Operating expenses:          
Research and development   26,567       24,457  
Selling, general and administrative   21,276       20,733  
Total operating expenses   47,843       45,190  
Loss from operations   (32,405 )     (22,149 )
Interest income   6,667       5,629  
Other income (expense), net   (161 )     100  
Loss before income taxes   (25,899 )     (16,420 )
Income tax benefit   (23 )     (70 )
Net loss $ (25,922 )   $ (16,490 )
Net loss attributable to common stockholders and comprehensive loss $ (25,922 )   $ (16,490 )
Net loss per share attributable to common stockholders, basic $ (1.17 )   $ (0.76 )
Net loss per share attributable to common stockholders, diluted $ (1.17 )   $ (0.76 )
Weighted-average shares used to compute basic net loss per share   22,074       21,794  
Weighted-average shares used to compute diluted net loss per share   22,074       21,794  
               

   
SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 
   
  Three Months Ended  
  June 30, 2023     March 31, 2023  
  (in thousands, except per share data)  
Reconciliation of GAAP gross profit and margin to non-GAAP          
Revenue $ 27,728     $ 38,343  
GAAP gross profit   15,438       23,041  
GAAP gross margin   55.7 %     60.1 %
Stock-based compensation   713       639  
Non-GAAP gross profit $ 16,151     $ 23,680  
Non-GAAP gross margin   58.2 %     61.8 %
           
Reconciliation of GAAP operating expenses to non-GAAP          
GAAP research and development expenses   26,567       24,457  
Stock-based compensation   (9,983 )     (8,031 )
Non-GAAP research and development expenses $ 16,584     $ 16,426  
           
GAAP sales, general and administrative expenses   21,276       20,733  
Stock-based compensation   (10,464 )     (9,866 )
Non-GAAP sales, general and administrative expenses $ 10,812     $ 10,867  
Total Non-GAAP operating expenses $ 27,396     $ 27,293  
           
Reconciliation of GAAP loss from operations to non-GAAP loss from operations          
GAAP loss from operations $ (32,405 )   $ (22,149 )
Stock-based compensation   21,160       18,536  
Non-GAAP loss from operations $ (11,245 )   $ (3,613 )
Non-GAAP loss from operations as a percentage of revenue   (40.6 %)     (9.4 %)
           
Reconciliation of GAAP net loss to non-GAAP net income (loss)          
GAAP net loss $ (25,922 )   $ (16,490 )
Stock-based compensation   21,160       18,536  
Non-GAAP net income (loss) $ (4,762 )   $ 2,046  
Weighted-average shares used to compute diluted net income (loss) per share   22,074       21,794  
           
GAAP net loss per share diluted $ (1.17 )   $ (0.76 )
Non-GAAP adjustments detailed above   0.95       0.85  
Non-GAAP net income (loss) per share diluted $ (0.22 )   $ 0.09  
               
               

   
SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 
           
  As of
  June 30, 2023     December 31, 2022  
  (in thousands)  
Assets:          
Current assets:          
Cash and cash equivalents $ 30,375     $ 34,603  
Short-term investments in held-to-maturity securities   544,299       529,494  
Accounts receivable, net   15,769       41,229  
Inventories   64,252       57,650  
Prepaid expenses and other current assets   8,282       6,091  
Total current assets   662,977       669,067  
Property and equipment, net   56,295       58,772  
Intangible assets, net   6,206       5,205  
Right-of-use assets, net   9,549       10,848  
Other assets   10,477       6,724  
Total assets $ 745,504     $ 750,616  
Liabilities and Stockholders’ Equity:          
Current liabilities:          
Accounts payable $ 9,762     $ 14,881  
Accrued expenses and other current liabilities   20,700       18,913  
Total current liabilities   30,462       33,794  
Lease liabilities   6,773       8,149  
Other non-current liabilities   2       193  
Total liabilities   37,237       42,136  
Commitments and contingencies          
Stockholders’ equity:          
Common stock   2       2  
Additional paid-in capital   758,542       716,343  
Accumulated deficit   (50,277 )     (7,865 )
Total stockholders’ equity   708,267       708,480  
Total liabilities and stockholders’ equity $ 745,504     $ 750,616  
               
               

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
1-949-224-3874 | 1-214-272-0070
[email protected]

SiTime Corporation
Art Chadwick
Chief Financial Officer
[email protected]

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.



Readers like you help support The Tech Outlook. When you make a purchase using links on our site, we may earn an affiliate commission. We cannot guarantee the Product information shown is 100% accurate and we advise you to check the product listing on the original manufacturer website. Thetechoutlook is not responsible for price changes carried out by retailers. The discounted price or deal mentioned in this item was available at the time of writing and may be subject to time restrictions and/or limited unit availability. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates Read More
You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More