$SITM
SITIME Corp

2022 Q1 Form 10-Q Financial Statement

#000095017022007804 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $70.25M $35.54M
YoY Change 97.66% 63.49%
Cost Of Revenue $25.02M $16.73M
YoY Change 49.6% 42.15%
Gross Profit $45.23M $18.82M
YoY Change 140.38% 88.62%
Gross Profit Margin 64.39% 52.94%
Selling, General & Admin $18.58M $11.12M
YoY Change 67.02% 42.46%
% of Gross Profit 41.07% 59.11%
Research & Development $20.60M $11.18M
YoY Change 84.21% 59.17%
% of Gross Profit 45.53% 59.41%
Depreciation & Amortization $2.544M $1.617M
YoY Change 57.33% -17.67%
% of Gross Profit 5.62% 8.59%
Operating Expenses $39.17M $22.30M
YoY Change 75.64% 50.37%
Operating Profit $6.060M -$3.486M
YoY Change -273.84% -28.21%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $148.0K -$39.00K
YoY Change -479.49% -157.35%
Pretax Income $6.208M -$3.525M
YoY Change -276.11% -30.76%
Income Tax $68.00K $40.00K
% Of Pretax Income 1.1%
Net Earnings $6.140M -$3.565M
YoY Change -272.23% -30.0%
Net Earnings / Revenue 8.74% -10.03%
Basic Earnings Per Share $0.29 -$0.20
Diluted Earnings Per Share $0.27 -$0.20
COMMON SHARES
Basic Shares Outstanding 20.92M 17.87M
Diluted Shares Outstanding 22.70M 17.87M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $571.5M $257.0M
YoY Change 122.36% 260.96%
Cash & Equivalents $571.5M $257.0M
Short-Term Investments
Other Short-Term Assets $1.812M $885.0K
YoY Change 104.75% 11.32%
Inventory $30.75M $14.98M
Prepaid Expenses $3.078M $1.105M
Receivables $30.65M $22.21M
Other Receivables $0.00 $1.000M
Total Short-Term Assets $637.7M $297.7M
YoY Change 114.23% 183.52%
LONG-TERM ASSETS
Property, Plant & Equipment $44.21M $14.93M
YoY Change 196.18% -23.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $218.0K $200.0K
YoY Change 9.0% 0.0%
Total Long-Term Assets $60.30M $26.40M
YoY Change 128.41% 13.79%
TOTAL ASSETS
Total Short-Term Assets $637.7M $297.7M
Total Long-Term Assets $60.30M $26.40M
Total Assets $698.0M $324.1M
YoY Change 115.38% 152.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.51M $9.000M
YoY Change 38.98% 109.3%
Accrued Expenses $21.57M $12.70M
YoY Change 69.8% 58.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.07M $21.70M
YoY Change 57.02% -65.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.160M $7.100M
YoY Change -83.66% -10.13%
Total Long-Term Liabilities $1.160M $7.100M
YoY Change -83.66% -10.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.07M $21.70M
Total Long-Term Liabilities $1.160M $7.100M
Total Liabilities $44.17M $28.80M
YoY Change 53.38% -58.97%
SHAREHOLDERS EQUITY
Retained Earnings -$24.98M
YoY Change
Common Stock $678.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $653.9M $295.3M
YoY Change
Total Liabilities & Shareholders Equity $698.0M $324.1M
YoY Change 115.38% 152.81%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $6.140M -$3.565M
YoY Change -272.23% -30.0%
Depreciation, Depletion And Amortization $2.544M $1.617M
YoY Change 57.33% -17.67%
Cash From Operating Activities $20.03M $6.075M
YoY Change 229.68% 198.53%
INVESTING ACTIVITIES
Capital Expenditures $7.452M $3.866M
YoY Change 92.76% 239.72%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$8.035M -$4.236M
YoY Change 89.68% 198.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $181.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 181.6M
YoY Change -100.0% 2417.86%
NET CHANGE
Cash From Operating Activities 20.03M 6.075M
Cash From Investing Activities -8.035M -4.236M
Cash From Financing Activities 0.000 181.6M
Net Change In Cash 11.99M 183.4M
YoY Change -93.46% 2242.62%
FREE CASH FLOW
Cash From Operating Activities $20.03M $6.075M
Capital Expenditures $7.452M $3.866M
Free Cash Flow $12.58M $2.209M
YoY Change 469.31% 146.27%

Facts In Submission

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30753000
CY2021Q4 us-gaap Inventory Net
InventoryNet
23630000
CY2022Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3078000
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2398000
CY2022Q1 us-gaap Other Assets Current
OtherAssetsCurrent
1812000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
2078000
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4890000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4476000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
67376000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
59004000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
23165000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21102000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
44211000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37902000
CY2022Q1 us-gaap Depreciation
Depreciation
2100000
CY2021Q1 us-gaap Depreciation
Depreciation
1100000
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
19872000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15479000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4393000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
21137000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15160000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5977000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
CY2022Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
800000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1359000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1786000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1025000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
195000
CY2022Q1 sitm Finite Lived Intangible Assets Amortization Expense Year Four And After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFourAndAfterYearFour
28000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4393000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3711000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7237000
CY2022Q1 sitm Revenue Reserves
RevenueReserves
5424000
CY2021Q4 sitm Revenue Reserves
RevenueReserves
4517000
CY2022Q1 sitm Deferred Non Recurring Engineering Services
DeferredNonRecurringEngineeringServices
4739000
CY2021Q4 sitm Deferred Non Recurring Engineering Services
DeferredNonRecurringEngineeringServices
5666000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2109000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1336000
CY2021Q4 sitm Accrued Customer Rebates Current
AccruedCustomerRebatesCurrent
784000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5582000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4742000
CY2022Q1 sitm Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
21565000
CY2021Q4 sitm Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
24282000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11478000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8194000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2109000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1336000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8941000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6398000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11050000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
7734000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
558000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
315000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
534000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
78000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
94000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
83000
CY2022Q1 us-gaap Lease Cost
LeaseCost
1186000
CY2021Q1 us-gaap Lease Cost
LeaseCost
476000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
500000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
400000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1879000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2655000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2595000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2479000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2062000
CY2022Q1 sitm Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
584000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12254000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1204000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11050000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2109000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8941000
CY2022Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
Company entered into an operating lease that commences in May 2022 with a 7 year term, for which the Company expects to record right-of use asset of approximately $0.6 million and a lease liability of approximately $0.7 million at the commencement of this lease.
CY2022Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P7Y
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14280000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6976000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6208000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3525000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
68000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.01
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.01
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2400000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2400000
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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