SITIME Corp Files 10-Q/A for Period Ending March 31, 2023

TL;DR

<b>SITIME Corp filed an amended 10-Q for Q1 2023, providing updated financial details and historical data.</b>

AI Summary

SITIME Corp (SITM) filed a Amended Quarterly Report (10-Q/A) with the SEC on January 29, 2024. SITIME Corp filed a 10-Q/A for the period ending March 31, 2023. The filing includes data for fiscal year end December 31. Key dates include 2023-01-01 to 2023-03-31 for Q1 2023 reporting. Financial data points from 2021-12-31, 2022-12-31, and 2023-03-31 are referenced. The company is in the Semiconductors & Related Devices industry (SIC 3674).

Why It Matters

For investors and stakeholders tracking SITIME Corp, this filing contains several important signals. This amended filing may contain corrections or additions to previously reported financial information, crucial for investors assessing the company's performance. The inclusion of detailed financial data across multiple periods allows for trend analysis and comparison, aiding investment decisions.

Risk Assessment

Risk Level: low — SITIME Corp shows low risk based on this filing. The filing is an amendment (10-Q/A), which typically indicates corrections or updates to previously filed information, but does not inherently signal significant negative developments.

Analyst Insight

Review the specific changes and restatements in this 10-Q/A filing to understand any impact on SITIME Corp's financial position and performance.

Key Numbers

• 2023-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-01-29 — Filing Date (Conformed submission filing date)
• 2023-01-01 — Q1 2023 Start Date (Reporting period start date)
• 2022-12-31 — Previous Fiscal Year End (Reference date for financial data)

Key Players & Entities

• SITIME Corp (company) — Filer name and company name
• 2024-01-29 (date) — Filed as of date
• 2023-03-31 (date) — Conformed period of report
• 2023-01-01 (date) — Reporting period start date
• 2022-12-31 (date) — Fiscal year end date
• 2021-12-31 (date) — Historical financial data reference
• 3674 (industry) — Standard Industrial Classification for Semiconductors & Related Devices
• 5451 PATRICK HENRY DRIVE (address) — Business and mail address

FAQ

Industry Context

SITIME Corp operates in the Semiconductors & Related Devices sector, a critical component of the technology industry.

Regulatory Implications

The filing is a 10-Q/A, an amended quarterly report, subject to SEC regulations for public companies.

What Investors Should Do

1. Analyze the specific financial data presented in the 10-Q/A for Q1 2023.
2. Compare the Q1 2023 data with historical data from 2022 and 2021.
3. Identify any restatements or significant changes from previous filings.

Key Dates

• 2023-03-31: Quarterly Period End — End of the reporting period for the 10-Q/A filing.
• 2024-01-29: Filing Date — Date the amended filing was submitted to the SEC.

Year-Over-Year Comparison

This is an amended filing (10-Q/A), indicating potential revisions to previously submitted financial information for the period ending March 31, 2023.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share SITM The Nasdaq Sto

Filing Documents

• sitm-20230331.htm (10-Q/A) — 947KB
• sitm-20230331xex3111.htm (EX-31.1) — 10KB
• sitm-20230331xex3121.htm (EX-31.2) — 10KB
• sitm-20230331xex3211.htm (EX-32.1) — 5KB
• sitm-20230331xex3221.htm (EX-32.2) — 4KB
• 0001451809-24-000013.txt (&nbsp;) — 4959KB
• sitm-20230331.xsd (EX-101.SCH) — 41KB
• sitm-20230331_cal.xml (EX-101.CAL) — 61KB
• sitm-20230331_def.xml (EX-101.DEF) — 175KB
• sitm-20230331_lab.xml (EX-101.LAB) — 463KB
• sitm-20230331_pre.xml (EX-101.PRE) — 318KB
• sitm-20230331_htm.xml (XML) — 615KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 25 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 5 Other Information 49 Item 6. Exhibits 50

Signatures

Signatures 51 i Table of Contents EXPLANATORY NOTE SiTime Corporation (the "Company," "we," "us" or "our") is filing this Amendment No. 1 to the Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2023 (this " Amended Quarterly Report") to amend and restate certain items noted below in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, originally filed with the Securities and Exchange Commission (the "SEC") on May 4, 2023. Background and Effect of Restatement On January 25, 2024 the Company filed a Current Report on Form 8-K disclosing the non-reliance on the financial statements included in the Company's Quarterly Reports on Form 10-Q for the periods ended March 31, June 30, and September 30, 2023, filed with the SEC on May 4, August 3, and November 2, 2023, respectively (the "Original Quarterly Reports"). Subsequent to filing its Original Quarterly Reports, the Company identified a correction required to be made in its historical condensed consolidated statements of cash flows in each of the Original Quarterly Reports. The correction relates solely to the misclassification of "interest received upon maturity of held-to-maturity securities" as an investing activity instead of as an operating activity in the respective condensed consolidated statements of cash flows for periods ended March 31, 2023, June 30, 2023 and September 30, 2023 (the "Misclassification"). Therefore, on January 22, 2024, the Company's management and the audit committee of the board of directors of the Company concluded that, as a result of the Misclassification, the consolidated statements of cash flows in the Original Quarterly Reports were materially misstated and that the Company's previously issued unaudited financial statements included in the Original Quarterly Reports should be restated and should no longer be relied upon. As such, the Company's unaudited financial statements for the period ended March 31, 2023 are bein

, Item 1. Financial Information

Part I, Item 1. Financial Information

, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

, Item 4. Controls and Procedures

Part I, Item 4. Controls and Procedures The Company has also updated the signature page, the certifications of its Chief Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, 32.1, and 32.2, and its financial statements formatted in Extensible Business Reporting Language (XBRL). No other sections were affected, but for the convenience of the reader, this Amended Quarterly Report restates in its entirety, as amended, the Company's Original Quarterly Report for the period ended March 31, 2023. Except for the amended items and exhibits, this Amended Quarterly Report is presented as of the date of the Original Quarterly Report for the period ended March 31, 2023, and has not been updated to reflect events occurring subsequent to the filing of the Original Quarterly Report for the period ended March 31, 2023. Among other things, forward-looking statements made in the Original Quarterly Report for the period ended March 31, 2023 have not been revised to reflect events, results ii Table of Contents or developments that occurred or facts that became known to us after the date of the Original Quarterly Report for the period ended March 31, 2023, other than the amended items and exhibits, and such forward-looking statements should be read in conjunction with our filings with the SEC, including those subsequent to the filing of the Original Quarterly Report for the period ended March 31, 2023. iii Table of Contents RISK FACTORS SUMMARY Our business is subject to numerous risks, as more fully described in "Part II, Item 1A: Risk Factors" below. You should read these risks before you invest in our common stock. We may be unable, for many reasons, including those that are beyond our control, to implement or execute our business strategy. In particular, risks associated with our business include, among others: Global macroeconomic conditions have harmed and may continue to harm our business; We are subject to the cyclical nature of the semiconducto

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. SiTime Corporation Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) As of March 31, 2023 December 31, 2022 Assets: Current assets: Cash and cash equivalents $ 38,265 $ 34,603 Short-term investments in held-to-maturity securities 537,818 529,494 Accounts receivable, net 21,464 41,229 Inventories 60,011 57,650 Prepaid expenses and other current assets 8,986 6,091 Total current assets 666,544 669,067 Property and equipment, net 57,487 58,772 Intangible assets, net 4,800 5,205 Right-of-use assets, net 10,227 10,848 Other assets 7,370 6,724 Total assets $ 746,428 $ 750,616 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable $ 8,186 $ 14,881 Accrued expenses and other current liabilities 17,020 18,913 Total current liabilities 25,206 33,794 Lease liabilities 7,471 8,149 Other non-current liabilities 91 193 Total liabilities 32,768 42,136 Commitments and contingencies (Note 9) Stockholders' equity: Common stock, $ 0.0001 par value - 200,000 shares authorized; 21,952 and 21,702 shares issued and outstanding at March 31, 2023 and December 31, 2022 2 2 Additional paid-in capital 738,013 716,343 Accumulated deficit ( 24,355 ) ( 7,865 ) Total stockholders' equity 713,660 708,480 Total liabilities and stockholders' equity $ 746,428 $ 750,616 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents SiTime Corporation Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2023 2022 Revenue $ 38,343 $ 70,253 Cost of revenue 15,302 25,020 Gross profit 23,041 45,233 Operating expenses: Research and development 24,457 20,595 Selling, general and administrative 20,733 18,578 Total operating expenses 45,190 39,173 Income (loss) from operations ( 22,149 ) 6,060 Intere

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