$SITM
SITIME Corp

2020 Q2 Form 10-Q Financial Statement

#000156459020037732 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $21.47M $28.09M $15.84M
YoY Change 35.54% 22.92% 6.25%
Cost Of Revenue $11.49M $14.64M $9.469M
YoY Change 21.34% 60.88%
Gross Profit $9.983M $13.45M $6.374M
YoY Change 56.62% -2.2% -8.88%
Gross Profit Margin 46.49% 47.88% 40.23%
Selling, General & Admin $7.856M $6.470M $5.106M
YoY Change 53.86% 19.15%
% of Gross Profit 78.69% 48.11% 80.11%
Research & Development $7.398M $5.950M $6.249M
YoY Change 18.39% -4.49%
% of Gross Profit 74.11% 44.24% 98.04%
Depreciation & Amortization $2.500M $2.110M $1.700M
YoY Change 47.06% -1.4% -43.14%
% of Gross Profit 25.04% 15.69% 26.67%
Operating Expenses $15.25M $12.42M $11.36M
YoY Change 34.34% 6.49% 3.47%
Operating Profit -$5.271M $1.030M -$4.981M
YoY Change 5.82% -50.72% 25.18%
Interest Expense $313.0K -$390.0K $456.0K
YoY Change -31.36% -11.36%
% of Operating Profit -37.86%
Other Income/Expense, Net -$20.00K -$10.00K -$11.00K
YoY Change 81.82% -66.67%
Pretax Income -$5.604M $620.0K -$5.448M
YoY Change 2.86% -61.73%
Income Tax -$1.000K -$10.00K $1.000K
% Of Pretax Income -1.61%
Net Earnings -$5.603M $633.0K -$5.449M
YoY Change 2.83% -61.64% 26.16%
Net Earnings / Revenue -26.09% 2.25% -34.39%
Basic Earnings Per Share -$0.36
Diluted Earnings Per Share -$0.36 $59.66K -$356.7K
COMMON SHARES
Basic Shares Outstanding 15.37M
Diluted Shares Outstanding 15.37M

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.5M $63.40M $11.70M
YoY Change 776.07%
Cash & Equivalents $102.5M $63.42M $11.66M
Short-Term Investments
Other Short-Term Assets $715.0K $984.0K $3.000M
YoY Change -76.17% -65.46%
Inventory $14.78M $11.91M $16.90M
Prepaid Expenses $853.0K $1.279M
Receivables $13.00M $17.66M $11.50M
Other Receivables $600.0K $1.000M $600.0K
Total Short-Term Assets $132.4M $99.66M $43.70M
YoY Change 203.04% 87.67%
LONG-TERM ASSETS
Property, Plant & Equipment $10.42M $9.288M $17.30M
YoY Change -39.8% -17.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $162.0K $162.0K $1.400M
YoY Change -88.43% 0.0%
Total Long-Term Assets $23.05M $23.73M $24.80M
YoY Change -7.07% 21.16%
TOTAL ASSETS
Total Short-Term Assets $132.4M $99.66M $43.70M
Total Long-Term Assets $23.05M $23.73M $24.80M
Total Assets $155.5M $123.4M $68.50M
YoY Change 126.97% 69.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.004M $3.869M $3.500M
YoY Change 42.97% -23.0%
Accrued Expenses $8.300M $8.400M $7.800M
YoY Change 6.41%
Deferred Revenue
YoY Change
Short-Term Debt $35.00M $41.00M $46.00M
YoY Change -23.91% -4.65%
Long-Term Debt Due $35.00M $41.00M
YoY Change -10.87%
Total Short-Term Liabilities $48.34M $53.31M $57.30M
YoY Change -15.64% -9.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.600M $7.900M $8.500M
YoY Change -10.59% 1315.77%
Total Long-Term Liabilities $7.600M $7.900M $8.500M
YoY Change -10.59% 1315.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.34M $53.31M $57.30M
Total Long-Term Liabilities $7.600M $7.900M $8.500M
Total Liabilities $55.91M $61.25M $65.80M
YoY Change -15.03% -0.69%
SHAREHOLDERS EQUITY
Retained Earnings -$64.72M -$54.02M
YoY Change 13.93%
Common Stock $164.3M $116.2M
YoY Change 98.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.57M $62.14M $2.696M
YoY Change
Total Liabilities & Shareholders Equity $155.5M $123.4M $68.50M
YoY Change 126.97% 69.75%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income -$5.603M $633.0K -$5.449M
YoY Change 2.83% -61.64% 26.16%
Depreciation, Depletion And Amortization $2.500M $2.110M $1.700M
YoY Change 47.06% -1.4% -43.14%
Cash From Operating Activities $3.620M $2.500M $150.0K
YoY Change 2313.33% -3.1% -119.48%
INVESTING ACTIVITIES
Capital Expenditures -$1.460M -$990.0K -$960.0K
YoY Change 52.08% 110.64% -67.24%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.460M -$990.0K -$960.0K
YoY Change 52.08% 110.64% -67.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.08M 52.68M -60.00K
YoY Change -48566.67% -103.24%
NET CHANGE
Cash From Operating Activities 3.620M 2.500M 150.0K
Cash From Investing Activities -1.460M -990.0K -960.0K
Cash From Financing Activities 29.08M 52.68M -60.00K
Net Change In Cash 31.24M 54.19M -870.0K
YoY Change -3690.8% 2468.25% -52.97%
FREE CASH FLOW
Cash From Operating Activities $3.620M $2.500M $150.0K
Capital Expenditures -$1.460M -$990.0K -$960.0K
Free Cash Flow $5.080M $3.490M $1.110M
YoY Change 357.66% 14.43% -48.61%

Facts In Submission

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NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
94000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
1187000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
300000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7585000
us-gaap Fiscal Period
FiscalPeriod
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Reporting Calendar</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The Company&#8217;s fiscal year begins on January&#160;1 of the year stated and ends on December&#160;31 of the same year. The Company reports its results on a calendar year basis.</font></p>
CY2020Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
13051000
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
17788000
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
50000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
129000
CY2020Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
1131000
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
304000
CY2020Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
9567000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
8160000
CY2020Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4083000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3447000
CY2020Q2 us-gaap Supplies
Supplies
13000
CY2019Q4 us-gaap Supplies
Supplies
3338000
CY2020Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
853000
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1279000
CY2020Q2 us-gaap Other Assets Current
OtherAssetsCurrent
715000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
984000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25581000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22712000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
15166000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13424000
CY2020Q2 us-gaap Depreciation
Depreciation
800000
CY2019Q2 us-gaap Depreciation
Depreciation
1700000
us-gaap Depreciation
Depreciation
900000
us-gaap Depreciation
Depreciation
1500000
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
15263000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
14815000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12261000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10326000
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
900000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1200000
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
426000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
347000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2500000
CY2020Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1500000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
724000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1156000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
603000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
421000
CY2020Q2 sitm Finite Lived Intangible Assets Amortization Expense Year Five And After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFiveAndAfterYearFive
98000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2677000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1880000
CY2020Q2 sitm Price Changes And Other Revenue Reserves Current
PriceChangesAndOtherRevenueReservesCurrent
986000
CY2019Q4 sitm Price Changes And Other Revenue Reserves Current
PriceChangesAndOtherRevenueReservesCurrent
1222000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1195000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1874000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3475000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3466000
us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
Company did not have any leases that had not yet commenced.
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8765000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9814000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M24D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y1M6D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.042
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.041
us-gaap Operating Lease Cost
OperatingLeaseCost
851000
us-gaap Operating Lease Cost
OperatingLeaseCost
654000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
80000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
121000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
165000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
128000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
56000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
71000
us-gaap Variable Lease Cost
VariableLeaseCost
156000
us-gaap Variable Lease Cost
VariableLeaseCost
165000
CY2020Q2 us-gaap Lease Cost
LeaseCost
562000
CY2019Q2 us-gaap Lease Cost
LeaseCost
539000
us-gaap Lease Cost
LeaseCost
1172000
us-gaap Lease Cost
LeaseCost
947000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
400000
us-gaap Operating Lease Payments
OperatingLeasePayments
1600000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
300000
us-gaap Operating Lease Payments
OperatingLeasePayments
700000
us-gaap Sublease Income
SubleaseIncome
100000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
646000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1530000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1573000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1489000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1532000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3210000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9980000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1215000
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
222918
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3268000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6023000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2020Q2 sitm Percentage Of Long Lived Assets
PercentageOfLongLivedAssets
0.97
CY2019Q4 sitm Percentage Of Long Lived Assets
PercentageOfLongLivedAssets
0.97
us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.0079
CY2019 us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.0142
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2200000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2200000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q2 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
35000000
CY2019Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
41000000
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
35000000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
41000000
sitm Line Of Credit Guarantee Termination Date
LineOfCreditGuaranteeTerminationDate
2020-06-30

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