Sitime (SITM) FY2022 results: revenue $284 million, up 29.6% on the year

Sitime Corp. (SITM) reported revenue of $284 million for fiscal 2022, the year ended 31 December 2022, up 29.6% on the year before. Net income was $23 million, down 28.0%, and diluted earnings per share $1.03. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$284 million

+29.6% on the year

FY2018FY2022

Operating margin

5.7%

15.0% a year earlier

FY2018FY2022

Net income

$23 million

-28.0% on the year

FY2018FY2022

Diluted EPS

$1.03

-32.7% on the year

FY2018FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	284	219	116	+29.6%
Cost of revenue	101	79.3	58.2	+26.8%
Gross profit	183	139	57.9	+31.2%
Gross margin	64.5%	63.7%	49.9%
Research and development	90.3	52.1	31.7	+73.3%
Selling, general and administrative	76.5	54.5	34.9	+40.4%
Operating income	16.1	32.8	-8.6	-50.9%
Operating margin	5.7%	15.0%	-7.4%
Interest expense	n/a	n/a	0.7
Pre-tax income	23.3	32.4	-9.4	-27.9%
Income tax	0.1	0.1	0.0	+5.1%
Effective tax rate	0.4%	0.2%	n/a
Net income	23.3	32.3	-9.4	-28.0%
Net margin	8.2%	14.8%	-8.1%
Diluted EPS	$1.03	$1.53	-$0.58	-32.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	39.8	59.1	16.6	-32.7%
Capital expenditure	31.8	30.9	6.1	+3.0%
Free cash flow	8.0	28.2	10.5	-71.8%
Free cash flow margin	2.8%	12.9%	9.0%
Cash from investing	-560	-33.8	-7.8
Cash from financing	-4.5	461	1.3
Depreciation and amortisation	11.8	7.9	6.4	+49.4%
Share-based compensation	57.4	30.0	16.0	+91.4%
Diluted shares, weighted	23m	21m	16m	+7.2%
Shares outstanding at period end	22m	21m	17m	+4.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	708	632	110	+12.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	8.1	6.4	7.0	+27.4%
Other liabilities	34.0	39.3	19.1	-13.5%
Total liabilities and equity	751	678	136	+10.7%
Fixed assets	58.8	37.9	11.7	+55.1%
Goodwill	0.0	n/a	n/a
Intangible assets	5.2	6.0	2.1	-12.9%
Cash and equivalents	34.6	559	73.5	-93.8%
Receivables	41.2	38.4	23.9	+7.4%
Inventory	57.6	23.6	12.3	+144.0%
Other assets	553	12.9	12.4	+4,200.4%
Total assets	751	678	136	+10.7%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.