Sitime (SITM) FY2023 results: revenue $144 million, down 49.2% on the year

Sitime Corp. (SITM) reported revenue of $144 million for fiscal 2023, the year ended 31 December 2023, down 49.2% on the year before. Net income was -$81 million, and diluted earnings per share $-3.63. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue

$144 million

-49.2% on the year

FY2018FY2023

Operating margin

-74.4%

5.7% a year earlier

FY2018FY2023

Net income

-$81 million

FY2018FY2023

Diluted EPS

-$3.63

FY2018FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	144	284	219	-49.2%
Cost of revenue	61.9	101	79.3	-38.5%
Gross profit	82.1	183	139	-55.1%
Gross margin	57.0%	64.5%	63.7%
Research and development	97.6	90.3	52.1	+8.1%
Selling, general and administrative	84.0	76.5	54.5	+9.7%
Operating income	-107	16.1	32.8
Operating margin	-74.4%	5.7%	15.0%
Pre-tax income	-80.4	23.3	32.4
Income tax	0.2	0.1	0.1	+85.4%
Effective tax rate	n/a	0.4%	0.2%
Net income	-80.5	23.3	32.3
Net margin	-55.9%	8.2%	14.8%
Diluted EPS	-$3.63	$1.03	$1.53

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	8.1	39.8	59.1	-79.7%
Capital expenditure	8.9	31.8	30.9	-71.9%
Free cash flow	-0.9	8.0	28.2
Free cash flow margin	-0.6%	2.8%	12.9%
Cash from investing	-36.7	-560	-33.8
Cash from financing	3.5	-4.5	461
Depreciation and amortisation	16.1	11.8	7.9	+36.2%
Share-based compensation	76.8	57.4	30.0	+33.7%
Diluted shares, weighted	22m	23m	21m	-2.1%
Shares outstanding at period end	23m	22m	21m	+4.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	708	708	632	-0.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	5.4	8.1	6.4	-33.5%
Other liabilities	238	34.0	39.3	+600.9%
Total liabilities and equity	952	751	678	+26.8%
Fixed assets	54.7	58.8	37.9	-7.0%
Goodwill	87.1	0.0	n/a
Intangible assets	177	5.2	6.0	+3,302.1%
Cash and equivalents	9.5	34.6	559	-72.6%
Receivables	21.9	41.2	38.4	-47.0%
Inventory	65.5	57.6	23.6	+13.7%
Other assets	536	553	12.9	-3.1%
Total assets	952	751	678	+26.8%

10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.