SiTime Reports First Quarter 2023 Financial Results

About this update from Sitime Corporation

[{"type":"text","content":"SANTA CLARA, Calif., May 03, 2023 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced financial results for the first quarter ended March 31, 2023. Net revenue in the first quarter of 2023 was $38.3 million, a 37.0% decrease from the $60.8 million in the fourth quarter of 2022. Generally Accepted Accounting Principles (GAAP) Results In the first quarter of 2023, GAAP gross margins were $23.0 million, or 60.1% of revenue, GAAP operating expenses were $45.2 million, GAAP loss from operations was $22.1 million, and GAAP net loss was $16.5 million, or $(0.76) per basic share. Total cash and cash equivalents were $38.3 million and short-term investments were $537.8 million on March 31, 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 first quarter of 2023, non-GAAP gross margins were $23.7 million, or 61.8% of revenue, non-GAAP operating expenses were $27.3 million, or 71.2% of revenue, non-GAAP loss from operations was $3.6 million, or 9.4% of revenue, and non-GAAP net income was $2.0 million, or $0.09 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, however prior to the first quarter of 2023, the Company also excluded stock-based compensation related payroll taxes from its Non-GAAP financial measures as well. No changes have been made to...

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